1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Collateralized Mortgage Obligations (0.1%)
Residential Mortgage Loan Trust,
Series 2019-3 A1
2.633%, 9/25/59(l)§	$	146,092	$	143,049
TDA CAM FTA,
Series 9 B
2.868%, 4/28/50(l)(m)	EUR	800,000		719,148
Total Collateralized Mortgage Obligations				862,197
Commercial Mortgage-Backed Securities (2.7%)
JPMDB Commercial Mortgage Securities Trust,
Series 2018-C8 C
4.811%, 6/15/51(l)	$	12,000,000		10,316,790
Wells Fargo Commercial Mortgage Trust,
Series 2019-C49 D
3.000%, 3/15/52§		11,154,000		7,862,974
Total Commercial Mortgage-Backed Securities				18,179,764
Convertible Bond (0.5%)
Information Technology (0.5%)
Technology Hardware, Storage & Peripherals (0.5%)
Western Digital Corp.
1.500%, 2/1/24(e)		3,450,000		3,312,000
Total Information Technology				3,312,000
Total Convertible Bond				3,312,000
Corporate Bonds (12.8%)
Communication Services (2.3%)
Interactive Media & Services (1.6%)
Meta Platforms, Inc.
4.450%, 8/15/52		12,205,000		10,586,965
Wireless Telecommunication Services (0.7%)
T-Mobile USA, Inc.
5.650%, 1/15/53		4,675,000		4,834,209
Total Communication Services				15,421,174
Consumer Discretionary (2.9%)
Automobiles (1.3%)
General Motors Co.
5.600%, 10/15/32		5,836,000		5,729,765
5.200%, 4/1/45		3,540,000		3,084,444
				8,814,209
Hotels, Restaurants & Leisure (0.2%)
Starbucks Corp.
2.550%, 11/15/30		1,448,000		1,257,685
Specialty Retail (1.4%)
Lowe’s Cos., Inc.
5.625%, 4/15/53		8,891,000		9,139,108
Total Consumer Discretionary				19,211,002
Energy (3.4%)
Oil, Gas & Consumable Fuels (3.4%)
Devon Energy Corp.
7.875%, 9/30/31		1,190,000		1,391,932
Diamondback Energy, Inc.
6.250%, 3/15/33		5,880,000		6,238,825
Energean Israel Finance Ltd.
5.875%, 3/30/31(m)(x)		7,380,000		6,618,015
Hess Corp.
7.875%, 10/1/29		410,000		465,375
7.300%, 8/15/31		750,000		835,147
New Fortress Energy, Inc.
6.750%, 9/15/25§		7,060,000		6,777,388
Total Energy				22,326,682
Financials (2.7%)
Banks (1.7%)
Citigroup, Inc.
(SOFR + 1.94%), 3.785%, 3/17/33(k)		5,100,000		4,586,114
JPMorgan Chase & Co.
(SOFR + 2.08%), 4.912%, 7/25/33(k)		6,470,000		6,415,401
				11,001,515
Capital Markets (0.8%)
Ares Capital Corp.
4.250%, 3/1/25		1,070,000		1,034,745
Golub Capital BDC, Inc.
2.500%, 8/24/26		5,275,000		4,611,937
				5,646,682
Thrifts & Mortgage Finance (0.2%)
United Wholesale Mortgage LLC
5.500%, 4/15/29§		1,271,000		1,090,010
Total Financials				17,738,207
Information Technology (0.5%)
Technology Hardware, Storage & Peripherals (0.5%)
Dell International LLC
3.375%, 12/15/41§		4,790,000		3,435,435
Total Information Technology				3,435,435
Materials (0.2%)
Metals & Mining (0.2%)
First Quantum Minerals Ltd.
7.500%, 4/1/25§		1,580,000		1,556,379
Total Materials				1,556,379
Real Estate (0.8%)
Equity Real Estate Investment Trusts (REITs) (0.8%)
Equinix, Inc. (REIT)
2.500%, 5/15/31		5,925,000		4,931,684
Total Real Estate				4,931,684
Total Corporate Bonds				84,620,563
Foreign Government Securities (28.2%)
Bonos de la Tesoreria
6.150%, 8/12/32	PEN	213,420,000		48,504,732
Notas do Tesouro Nacional
10.000%, 1/1/33	BRL	311,920,000		51,505,257

See Notes to Portfolio of Investments.

1

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Republic of South Africa
Series 2048
8.750%, 2/28/48	ZAR	691,400,000	$	31,380,433
Titulos de Tesoreria
Series B
7.000%, 3/26/31	COP	220,670,000,000		35,016,857
7.250%, 10/26/50		159,800,000,000		20,824,137
Total Foreign Government Securities				187,231,416
Mortgage-Backed Securities (24.2%)
FHLMC UMBS
4.000%, 7/1/52	$	31,132,095		30,007,529
FNMA UMBS
4.000%, 6/1/52		31,649,930		30,526,440
5.000%, 10/1/52		5,821,276		5,840,485
5.000%, 11/1/52		32,143,731		32,239,751
5.500%, 1/1/53		29,881,302		30,329,829
GNMA
5.000%, 10/20/52		3,456,226		3,476,469
5.500%, 10/20/52		27,370,096		27,793,938
Total Mortgage-Backed Securities				160,214,441
U.S. Treasury Obligations (25.5%)
U.S. Treasury Bonds
2.250%, 2/15/52		64,530,000		48,079,367
2.875%, 5/15/52		104,930,000		89,726,504
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.04%), 4.666%, 7/31/24(k)		31,340,000		31,304,385
Total U.S. Treasury Obligations				169,110,256
Total Long-Term Debt Securities (94.0%) (Cost $646,439,491)				623,530,637
	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Company (1.5%)
JPMorgan Prime Money Market Fund, IM Shares		9,566,031		9,571,770
	Principal Amount
Repurchase Agreement (0.2%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $1,642,816,collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $1,675,473. (xx)	$	1,642,621		1,642,621
Total Short-Term Investments (1.7%) (Cost $11,214,391)				11,214,391
Total Investments in Securities (95.7%) (Cost $657,653,882)				634,745,028
Other Assets Less Liabilities (4.3%)				28,652,483
Net Assets (100%)			$	663,397,511

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

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

(k) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2023.

(l) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2023.

(m) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At January 31, 2023, the market value or fair value, as applicable, of these securities amounted to $7,337,163 or 1.1% of net assets.

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

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

See Notes to Portfolio of Investments.

2

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

Glossary:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

CLP — Chilean Peso

COP — Colombian Peso

EUR — European Currency Unit

FHLMC — Federal Home Loan Mortgage Corp.

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

HUF — Hungarian Forint

JPY — Japanese Yen

KRW — Korean (South) Won

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

PEN — Peruvian Sol

PLN — Polish Zloty

SEK — Swedish Krona

SOFR — Secured Overnight Financing Rate

THB — Thailand Baht

UMBS — Uniform Mortgage-Backed Securities

USD — United States Dollar

ZAR — South African Rand

Country Diversification

As a Percentage of Total Net Assets

Brazil	7.8	%
Colombia	8.4
Israel	1.0
Peru	7.3
South Africa	4.7
Spain	0.1
United States	66.1
Zambia	0.3
Cash and Other	4.3
	100.0	%

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

Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
U.S. Treasury 10 Year Note		493			3/2023		USD		56,456,203			(192,299	)
U.S. Treasury Ultra Bond		1,033			3/2023		USD		146,427,750			3,410,022
												3,217,723
Short Contracts
Japan 10 Year Bond		(333	)		3/2023		JPY		(374,943,187	)		2,774,442
												2,774,442
												5,992,165

See Notes to Portfolio of Investments.

3

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

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

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
EUR	6,430,000	USD	6,808,872	Morgan Stanley	2/3/2023		182,008
SEK	330,900,000	USD	30,194,361	HSBC Bank plc	2/6/2023		1,455,699
USD	18,654,081	ZAR	324,900,000	HSBC Bank plc	2/15/2023		2,337
USD	27,256,039	ZAR	467,700,000	Morgan Stanley	2/15/2023		406,483
HUF	5,310,000,000	USD	13,208,955	Goldman Sachs Bank USA	2/23/2023		1,448,238
HUF	5,320,000,000	USD	13,576,624	Morgan Stanley	2/23/2023		1,108,172
HUF	4,860,000,000	USD	11,882,777	National Australia Bank Ltd.	2/23/2023		1,532,281
CLP	24,320,000,000	USD	26,761,889	HSBC Bank plc**	3/6/2023		3,645,043
KRW	42,770,000,000	USD	32,896,204	Citibank NA**	3/8/2023		1,866,482
THB	1,368,500,000	USD	39,666,667	HSBC Bank plc	3/10/2023		1,938,250
JPY	3,474,000,000	USD	26,563,492	JPMorgan Chase Bank	3/14/2023		267,628
NZD	50,830,000	USD	32,383,341	Goldman Sachs Bank USA	3/20/2023		485,001
PLN	125,400,000	USD	28,758,144	HSBC Bank plc	4/20/2023		23,691
CAD	26,500,000	USD	19,682,700	Citibank NA	4/25/2023		247,327
USD	26,892,272	COP	126,750,000,000	JPMorgan Chase Bank**	4/27/2023		190,356
MXN	258,200,000	USD	13,454,784	Citibank NA	4/28/2023		47,690
EUR	30,420,000	USD	33,199,019	HSBC Bank plc	5/5/2023		56,602
USD	50,615,843	PEN	195,200,000	HSBC Bank plc**	5/9/2023		214,987
Total unrealized appreciation							15,118,275
USD	40,274,286	EUR	37,810,000	Barclays Bank plc	2/3/2023		(833,833	)
USD	33,592,406	EUR	31,340,000	Morgan Stanley	2/3/2023		(481,342	)
USD	31,319,449	SEK	330,900,000	Morgan Stanley	2/6/2023		(330,611	)
PEN	195,200,000	USD	50,966,057	HSBC Bank plc**	2/7/2023		(221,448	)
USD	49,475,626	PEN	195,200,000	HSBC Bank plc**	2/7/2023		(1,268,984	)
ZAR	227,700,000	USD	13,133,533	HSBC Bank plc	2/15/2023		(61,812	)
USD	13,621,150	HUF	5,250,000,000	Goldman Sachs Bank USA	2/23/2023		(870,425	)
USD	28,730,573	CLP	24,320,000,000	HSBC Bank plc**	3/6/2023		(1,676,357	)
AUD	48,590,000	USD	34,591,160	Barclays Bank plc	3/7/2023		(251,208	)
USD	33,543,621	AUD	48,590,000	Morgan Stanley	3/7/2023		(796,332	)
USD	33,543,476	KRW	42,770,000,000	Citibank NA**	3/8/2023		(1,219,210	)
USD	39,686,829	THB	1,368,500,000	HSBC Bank plc	3/10/2023		(1,918,088	)
USD	27,053,088	CHF	24,970,000	Goldman Sachs Bank USA	3/13/2023		(332,768	)
JPY	1,761,000,000	USD	13,915,740	Morgan Stanley	3/14/2023		(314,818	)
USD	19,838,741	JPY	2,677,000,000	JPMorgan Chase Bank	3/14/2023		(836,822	)
USD	5,911,794	JPY	797,000,000	Morgan Stanley	3/14/2023		(243,762	)
NOK	264,800,000	USD	26,865,520	Goldman Sachs Bank USA	3/20/2023		(280,687	)
NOK	325,500,000	USD	33,548,584	Morgan Stanley	3/20/2023		(869,720	)
USD	65,750,737	NZD	103,160,000	Goldman Sachs Bank USA	3/20/2023		(955,896	)
SEK	346,200,000	USD	33,556,592	Barclays Bank plc	4/14/2023		(323,728	)
USD	33,143,459	SEK	346,200,000	HSBC Bank plc	4/14/2023		(89,404	)
USD	28,664,168	PLN	125,400,000	HSBC Bank plc	4/20/2023		(117,667	)
COP	151,660,000,000	USD	32,961,749	JPMorgan Chase Bank**	4/27/2023		(1,012,144	)
USD	13,301,531	MXN	258,200,000	JPMorgan Chase Bank	4/28/2023		(200,944	)
Total unrealized depreciation							(15,508,010	)
Net unrealized depreciation							(389,735	)

** Non-deliverable forward.

See Notes to Portfolio of Investments.

4

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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:
Collateralized Mortgage Obligations	$	—		$	862,197		$	—	$	862,197
Commercial Mortgage-Backed Securities		—			18,179,764			—		18,179,764
Convertible Bonds
Information Technology		—			3,312,000			—		3,312,000
Corporate Bonds
Communication Services		—			15,421,174			—		15,421,174
Consumer Discretionary		—			19,211,002			—		19,211,002
Energy		—			22,326,682			—		22,326,682
Financials		—			17,738,207			—		17,738,207
Information Technology		—			3,435,435			—		3,435,435
Materials		—			1,556,379			—		1,556,379
Real Estate		—			4,931,684			—		4,931,684
Foreign Government Securities		—			187,231,416			—		187,231,416
Forward Currency Contracts		—			15,118,275			—		15,118,275
Futures		6,184,464			—			—		6,184,464
Mortgage-Backed Securities		—			160,214,441			—		160,214,441
Short-Term Investments
Investment Company		9,571,770			—			—		9,571,770
Repurchase Agreement		—			1,642,621			—		1,642,621
U.S. Treasury Obligations		—			169,110,256			—		169,110,256
Total Assets	$	15,756,234		$	640,291,533		$	—	$	656,047,767
Liabilities:
Forward Currency Contracts	$	—		$	(15,508,010	)	$	—	$	(15,508,010	)
Futures		(192,299	)		—			—		(192,299	)
Total Liabilities	$	(192,299	)	$	(15,508,010	)	$	—	$	(15,700,309	)
Total	$	15,563,935		$	624,783,523		$	—	$	640,347,458

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	28,679,008
Aggregate gross unrealized depreciation		(41,612,436	)
Net unrealized depreciation	$	(12,933,428	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	653,280,886

See Notes to Portfolio of Investments.

5

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Consumer Discretionary (10.9%)
Auto Components (3.0%)
Patrick Industries, Inc.		4,965	$	352,366
Superior Industries International, Inc.*		75,473		426,423
				778,789
Diversified Consumer Services (0.6%)
Chegg, Inc.*		7,760		161,098
Hotels, Restaurants & Leisure (1.1%)
Kura Sushi USA, Inc., Class A*		4,596		285,595
Household Durables (3.1%)
Century Communities, Inc.		5,219		319,403
Skyline Champion Corp.*		6,813		401,626
Vuzix Corp.(x)*		21,201		110,457
				831,486
Internet & Direct Marketing Retail (2.1%)
CarParts.com, Inc.*		29,492		201,135
Porch Group, Inc.*		60,346		178,021
Revolve Group, Inc.*		6,490		185,225
				564,381
Specialty Retail (1.0%)
Five Below, Inc.*		1,339		263,957
Total Consumer Discretionary				2,885,306
Consumer Staples (4.3%)
Food & Staples Retailing (0.4%)
Grocery Outlet Holding Corp.*		3,903		118,612
Food Products (2.2%)
SunOpta, Inc.*		43,649		356,612
Vital Farms, Inc.*		12,517		220,049
				576,661
Personal Products (1.7%)
e.l.f. Beauty, Inc.*		7,714		443,941
Total Consumer Staples				1,139,214
Energy (2.5%)
Energy Equipment & Services (0.9%)
TETRA Technologies, Inc.*		57,482		227,629
Oil, Gas & Consumable Fuels (1.6%)
American Resources Corp.(x)*		95,519		148,054
Matador Resources Co.		4,203		278,071
				426,125
Total Energy				653,754
Financials (4.9%)
Banks (2.0%)
Bancorp, Inc. (The)*		9,353		317,347
Brookline Bancorp, Inc.		16,628		217,494
				534,841
Capital Markets (1.2%)
Evercore, Inc., Class A		2,425		314,789
Insurance (1.0%)
HCI Group, Inc.(x)		5,427		272,490
Thrifts & Mortgage Finance (0.7%)
OP Bancorp		15,035		170,497
Total Financials				1,292,617
Health Care (23.5%)
Biotechnology (3.5%)
Avid Bioservices, Inc.*		18,106		286,618
Insmed, Inc.*		12,679		272,979
Kiniksa Pharmaceuticals Ltd., Class A*		11,524		166,637
Veracyte, Inc.*		8,083		203,126
				929,360
Health Care Equipment & Supplies (10.3%)
Alphatec Holdings, Inc.*		26,028		338,885
Axogen, Inc.*		26,951		255,226
Cardiovascular Systems, Inc.*		16,975		236,632
ClearPoint Neuro, Inc.(x)*		19,723		187,566
Cutera, Inc.*		9,423		328,203
Orthofix Medical, Inc.*		10,854		234,772
Stereotaxis, Inc.*		81,824		178,376
Tandem Diabetes Care, Inc.*		3,395		138,312
TransMedics Group, Inc.*		7,113		448,261
ViewRay, Inc.*		87,251		400,482
				2,746,715
Health Care Providers & Services (1.9%)
Biodesix, Inc.*		53,926		129,422
Castle Biosciences, Inc.*		5,843		158,229
Viemed Healthcare, Inc.*		23,972		203,522
				491,173
Health Care Technology (2.4%)
Evolent Health, Inc., Class A*		7,667		247,030
iCAD, Inc.*		55,127		126,241
Phreesia, Inc.*		6,975		261,493
				634,764
Life Sciences Tools & Services (2.6%)
Akoya Biosciences, Inc.*		24,088		270,990
Codexis, Inc.*		35,681		219,438
NanoString Technologies, Inc.*		19,076		201,824
				692,252
Pharmaceuticals (2.8%)
Evolus, Inc.*		23,811		247,396
EyePoint Pharmaceuticals, Inc.(x)*		23,949		111,602
Revance Therapeutics, Inc.*		11,455		397,260
				756,258
Total Health Care				6,250,522
Industrials (25.8%)
Aerospace & Defense (2.8%)
Kratos Defense & Security Solutions, Inc.*		22,956		262,846
Leonardo DRS, Inc.*		36,282		484,365
				747,211
Building Products (2.7%)
Builders FirstSource, Inc.*		5,704		454,609
Caesarstone Ltd.		16,928		105,631
Griffon Corp.		4,065		166,177
				726,417
Commercial Services & Supplies (3.4%)
CECO Environmental Corp.*		24,619		354,267
Heritage-Crystal Clean, Inc.*		9,884		367,685
Performant Financial Corp.*		55,404		179,509
				901,461
Construction & Engineering (3.6%)
iSun, Inc.(x)*		59,931		121,660
Matrix Service Co.*		28,245		227,937
Sterling Infrastructure, Inc.*		16,674		606,767
				956,364

See Notes to Portfolio of Investments.

6

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Electrical Equipment (3.7%)
Babcock & Wilcox Enterprises, Inc.*		46,004	$	305,467
Beam Global(x)*		7,044		122,636
LSI Industries, Inc.		25,335		347,849
SunPower Corp.(x)*		12,333		214,964
				990,916
Machinery (2.8%)
3D Systems Corp.*		11,617		126,161
Evoqua Water Technologies Corp.*		5,658		274,470
Luxfer Holdings plc		12,979		214,802
Manitex International, Inc.*		29,538		120,515
				735,948
Professional Services (3.5%)
Atlas Technical Consultants, Inc.*		26,212		317,952
BlackSky Technology, Inc.(x)*		70,554		128,408
Resources Connection, Inc.		19,238		332,240
Willdan Group, Inc.*		8,175		155,652
				934,252
Trading Companies & Distributors (3.3%)
Alta Equipment Group, Inc.		15,935		270,098
MRC Global, Inc.*		21,824		296,806
Transcat, Inc.*		3,603		300,923
				867,827
Total Industrials				6,860,396
Information Technology (22.5%)
Communications Equipment (4.6%)
CalAmp Corp.*		37,395		173,139
Cambium Networks Corp.*		10,485		224,693
Digi International, Inc.*		11,524		391,701
DZS, Inc.*		18,337		232,880
Lantronix, Inc.*		41,039		207,247
				1,229,660
Electronic Equipment, Instruments & Components (4.6%)
Benchmark Electronics, Inc.		10,185		285,078
Identiv, Inc.*		38,083		332,084
Luna Innovations, Inc.*		34,365		303,787
Novanta, Inc.*		1,941		313,413
				1,234,362
IT Services (1.1%)
Endava plc (ADR)*		3,349		294,277
Semiconductors & Semiconductor Equipment (6.5%)
Aehr Test Systems(x)*		11,617		406,130
Amtech Systems, Inc.*		31,524		341,405
Ichor Holdings Ltd.*		7,483		252,925
Impinj, Inc.*		2,956		383,630
Kopin Corp.*		102,656		123,187
SkyWater Technology, Inc.(x)*		18,984		205,407
				1,712,684
Software (5.1%)
Docebo, Inc.(x)*		6,998		266,554
Domo, Inc., Class B*		5,958		92,408
EverCommerce, Inc.(x)*		21,617		223,304
Instructure Holdings, Inc.(x)*		12,679		342,713
ShotSpotter, Inc.*		7,436		286,658
Zuora, Inc., Class A*		18,753		148,524
				1,360,161
Technology Hardware, Storage & Peripherals (0.6%)
Stratasys Ltd.*		11,062		158,518
Total Information Technology				5,989,662
Materials (3.2%)
Chemicals (1.9%)
AdvanSix, Inc.		8,083		349,509
Aspen Aerogels, Inc.*		16,212		170,226
				519,735
Containers & Packaging (1.3%)
O-I Glass, Inc.*		17,552		337,876
Total Materials				857,611
Total Common Stocks (97.6%) (Cost $23,750,505)				25,929,082
SHORT-TERM INVESTMENTS:
Investment Companies (0.8%)
Dreyfus Treasury Obligations Cash Management Fund (xx)		100,000		100,000
JPMorgan Prime Money Market Fund, IM Shares		97,343		97,401
Total Investment Companies				197,401
	Principal Amount
Repurchase Agreement (4.0%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23,repurchase price $1,067,812, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26- 11/15/50; total market value $1,089,039. (xx)	$	1,067,685		1,067,685
Total Short-Term Investments (4.8%) (Cost $1,265,086)				1,265,086
Total Investments in Securities (102.4%) (Cost $25,015,591)				27,194,168
Other Assets Less Liabilities (-2.4%)				(643,106	)
Net Assets (100%)			$	26,551,062

* Non-income producing.

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

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

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

7

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Consumer Discretionary	$	2,885,306	$	—	$	—	$	2,885,306
Consumer Staples		1,139,214		—		—		1,139,214
Energy		653,754		—		—		653,754
Financials		1,292,617		—		—		1,292,617
Health Care		6,250,522		—		—		6,250,522
Industrials		6,860,396		—		—		6,860,396
Information Technology		5,989,662		—		—		5,989,662
Materials		857,611		—		—		857,611
Short-Term Investments
Investment Companies		197,401		—		—		197,401
Repurchase Agreement		—		1,067,685		—		1,067,685
Total Assets	$	26,126,483	$	1,067,685	$	—	$	27,194,168
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	26,126,483	$	1,067,685	$	—	$	27,194,168

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	2,820,329
Aggregate gross unrealized depreciation		(641,752	)
Net unrealized appreciation	$	2,178,577
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	25,015,591

See Notes to Portfolio of Investments.

8

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (13.5%)
Diversified Telecommunication Services (0.5%)
EchoStar Corp., Class A*		3,700	$	69,227
Telesat Corp.*		62,000		572,880
				642,107
Entertainment (3.7%)
Liberty Media Corp.-Liberty Braves, Class A(x)*		41,000		1,440,330
Liberty Media Corp.-Liberty Braves, Class C*		12,100		419,628
Madison Square Garden Entertainment Corp.*		17,000		888,930
Madison Square Garden Sports Corp., Class A		10,500		1,909,320
				4,658,208
Media (7.9%)
Altice USA, Inc., Class A*		12,000		58,800
AMC Networks, Inc., Class A*		22,000		407,220
Clear Channel Outdoor Holdings, Inc.*		313,000		597,830
Corus Entertainment, Inc., Class B(x)		128,000		216,452
EW Scripps Co. (The), Class A*		26,500		396,175
Grupo Televisa SAB (ADR)		240,000		1,476,000
JCDecaux SE*		25,000		565,283
Liberty Media Corp.-Liberty SiriusXM, Class A*		4,000		162,480
Nexstar Media Group, Inc., Class A		10,200		2,088,654
Paramount Global, Class A(x)		42,000		1,119,300
Sinclair Broadcast Group, Inc., Class A		91,000		1,877,330
Sirius XM Holdings, Inc.(x)		27,760		160,730
TEGNA, Inc.		19,000		378,670
Telenet Group Holding NV		10,000		172,419
WideOpenWest, Inc.*		25,000		287,250
				9,964,593
Wireless Telecommunication Services (1.4%)
Gogo, Inc.*		12,900		216,333
Millicom International Cellular SA(x)*		42,000		713,580
Telephone and Data Systems, Inc.		22,000		294,140
United States Cellular Corp.*		18,500		452,510
				1,676,563
Total Communication Services				16,941,471
Consumer Discretionary (12.2%)
Auto Components (4.5%)
Dana, Inc.		90,000		1,632,600
Gentex Corp.		22,600		666,926
Gentherm, Inc.*		2,000		148,860
Goodyear Tire & Rubber Co. (The)*		80,000		900,000
Modine Manufacturing Co.*		60,000		1,433,400
Strattec Security Corp.*		36,300		904,233
				5,686,019
Diversified Consumer Services (0.1%)
H&R Block, Inc.		4,200		163,716
Hotels, Restaurants & Leisure (3.3%)
Bally’s Corp.(x)*		10,000		198,700
Caesars Entertainment, Inc.*		25,700		1,337,942
Churchill Downs, Inc.		2,100		521,010
GAN Ltd.*		20,000		45,600
Golden Entertainment, Inc.*		14,500		572,750
Nathan’s Famous, Inc.		18,900		1,396,332
Wynn Resorts Ltd.*		800		82,912
				4,155,246
Household Durables (1.0%)
Bassett Furniture Industries, Inc.		22,500		435,600
Lennar Corp., Class B		9,300		803,148
				1,238,748
Internet & Direct Marketing Retail (0.0%)†
Lands’ End, Inc.*		7,500		67,725
Leisure Products (1.8%)
Brunswick Corp.		14,900		1,256,517
Johnson Outdoors, Inc., Class A		9,700		664,062
Mattel, Inc.*		12,900		263,934
Peloton Interactive, Inc., Class A(x)*		3,300		42,669
				2,227,182
Specialty Retail (1.5%)
AutoNation, Inc.*		8,200		1,039,104
Monro, Inc.		16,000		814,400
				1,853,504
Total Consumer Discretionary				15,392,140
Consumer Staples (10.8%)
Beverages (2.1%)
National Beverage Corp.*		18,500		817,700
Remy Cointreau SA		9,400		1,766,857
				2,584,557
Food & Staples Retailing (0.3%)
Ingles Markets, Inc., Class A		1,300		123,500
Village Super Market, Inc., Class A		8,900		207,014
				330,514
Food Products (4.0%)
Bunge Ltd.		3,700		366,670
Calavo Growers, Inc.		26,500		849,325
Farmer Bros Co.*		92,300		450,424
Hain Celestial Group, Inc. (The)*		26,500		543,780
J M Smucker Co. (The)		11,500		1,757,200
Maple Leaf Foods, Inc.(x)		47,000		893,337
McCormick & Co., Inc. (Non- Voting)		2,900		215,818
				5,076,554
Household Products (3.5%)
Energizer Holdings, Inc.		62,000		2,300,200
Spectrum Brands Holdings, Inc.		31,000		2,104,280
				4,404,480
Personal Products (0.9%)
Edgewell Personal Care Co.		27,300		1,170,078
Total Consumer Staples				13,566,183
Energy (2.1%)
Energy Equipment & Services (2.1%)
Dril-Quip, Inc.*		54,000		1,658,340
RPC, Inc.		104,000		1,031,680
Total Energy				2,690,020
Financials (1.8%)
Banks (1.5%)
Cadence Bank		8,100		207,198
Flushing Financial Corp.		20,900		401,071
SouthState Corp.		5,400		429,840
Synovus Financial Corp.		20,100		843,195
				1,881,304
Capital Markets (0.3%)
Affiliated Managers Group, Inc.		1,000		172,740
Janus Henderson Group plc		8,000		207,360
				380,100
Total Financials				2,261,404

See Notes to Portfolio of Investments.

9

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Health Care (3.7%)
Health Care Equipment & Supplies (0.9%)
Cutera, Inc.*		23,000	$	801,090
QuidelOrtho Corp.*		4,400		376,684
				1,177,774
Health Care Providers & Services (0.9%)
Option Care Health, Inc.*		18,100		522,547
Patterson Cos., Inc.		21,600		652,104
				1,174,651
Health Care Technology (0.6%)
Evolent Health, Inc., Class A*		16,500		531,630
Teladoc Health, Inc.*		7,000		205,800
				737,430
Life Sciences Tools & Services (0.1%)
Bio-Rad Laboratories, Inc., Class A*		300		140,238
Pharmaceuticals (1.2%)
Harmony Biosciences Holdings, Inc.*		3,000		144,510
Perrigo Co. plc		22,000		823,240
Teva Pharmaceutical Industries Ltd. (ADR)*		48,000		505,920
				1,473,670
Total Health Care				4,703,763
Industrials (41.1%)
Aerospace & Defense (6.8%)
AAR Corp.*		18,100		931,064
Aerojet Rocketdyne Holdings, Inc.*		35,500		1,985,160
Kaman Corp.		58,500		1,475,370
Moog, Inc., Class A		10,500		1,000,860
Moog, Inc., Class B		12,500		1,191,500
Textron, Inc.		27,300		1,988,805
				8,572,759
Building Products (1.7%)
Griffon Corp.		52,500		2,146,200
Commercial Services & Supplies (2.2%)
IAA, Inc.*		6,500		271,245
KAR Auction Services, Inc.*		20,000		291,200
Matthews International Corp., Class A		57,500		2,129,800
				2,692,245
Construction & Engineering (1.8%)
Arcosa, Inc.		14,500		859,415
Valmont Industries, Inc.		4,200		1,384,866
				2,244,281
Electrical Equipment (1.0%)
AZZ, Inc.		30,500		1,295,640
Pineapple Energy, Inc.(x)*		5,000		11,050
				1,306,690
Machinery (23.7%)
Astec Industries, Inc.		48,000		2,118,720
CIRCOR International, Inc.*		74,000		2,046,100
CNH Industrial NV		31,300		554,636
Commercial Vehicle Group, Inc.*		91,100		763,418
Crane Holdings Co.		17,700		2,051,607
Donaldson Co., Inc.		800		49,880
Eastern Co. (The)		24,100		522,970
Enerpac Tool Group Corp.		21,500		570,610
EnPro Industries, Inc.		25,500		3,087,285
Flowserve Corp.		43,000		1,480,060
Gorman-Rupp Co. (The)		8,000		229,840
Graco, Inc.		3,000		204,960
Hyster-Yale Materials Handling, Inc.		40,000		1,297,200
Ingersoll Rand, Inc.		16,000		896,000
ITT, Inc.		8,300		760,197
Iveco Group NV (Borsa Italiana Exchange)*		47,200		386,223
Iveco Group NV (OTC Exchange)*		7,800		63,453
Kennametal, Inc.		18,500		527,250
L B Foster Co., Class A*		38,100		450,723
Manitowoc Co., Inc. (The)*		17,500		239,750
Mueller Industries, Inc.		36,500		2,392,575
Mueller Water Products, Inc., Class A		13,700		173,305
Park-Ohio Holdings Corp.		71,000		940,750
Shyft Group, Inc. (The)		4,000		133,160
Snap-on, Inc.		7,000		1,741,110
Tennant Co.		12,601		883,708
Terex Corp.		11,300		575,961
Timken Co. (The)		1,000		82,350
Toro Co. (The)		5,300		591,056
Trinity Industries, Inc.		72,000		2,071,440
Twin Disc, Inc.*		111,000		1,121,100
Watts Water Technologies, Inc., Class A		5,300		866,656
				29,874,053
Trading Companies & Distributors (3.9%)
Ashtead Group plc		2,300		151,418
GATX Corp.		12,900		1,476,405
Herc Holdings, Inc.		21,200		3,292,784
				4,920,607
Total Industrials				51,756,835
Information Technology (2.2%)
Electronic Equipment, Instruments & Components (0.6%)
Landis+Gyr Group AG*		8,900		657,099
Rogers Corp.*		500		69,795
				726,894
IT Services (0.9%)
Kyndryl Holdings, Inc.*		74,000		990,860
MoneyGram International, Inc.*		16,000		172,320
				1,163,180
Software (0.5%)
A10 Networks, Inc.		12,000		185,760
NCR Corp.*		18,000		493,560
				679,320
Technology Hardware, Storage & Peripherals (0.2%)
Diebold Nixdorf, Inc.(x)*		78,000		186,420
Total Information Technology				2,755,814
Materials (8.4%)
Chemicals (5.6%)
Axalta Coating Systems Ltd.*		24,500		737,450
Chr Hansen Holding A/S		2,500		184,347
Core Molding Technologies, Inc.*		80,400		1,254,240
Element Solutions, Inc.		65,900		1,349,632
HB Fuller Co.		9,700		670,270
Huntsman Corp.		9,000		285,210
Scotts Miracle-Gro Co. (The)(x)		19,000		1,371,610
Tredegar Corp.		51,100		619,843
Valvoline, Inc.		15,000		549,900
				7,022,502
Containers & Packaging (1.9%)
Greif, Inc., Class A		19,800		1,414,314
Myers Industries, Inc.		40,900		984,872
				2,399,186
Metals & Mining (0.9%)
Ampco-Pittsburgh Corp.*		85,000		278,800

See Notes to Portfolio of Investments.

10

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Freeport-McMoRan, Inc.		18,500	$	825,470
				1,104,270
Total Materials				10,525,958
Real Estate (1.0%)
Equity Real Estate Investment Trusts (REITs) (0.2%)
Ryman Hospitality Properties, Inc. (REIT)		2,500		232,225
Real Estate Management & Development (0.8%)
Seritage Growth Properties (REIT), Class A(x)*		16,000		194,400
St Joe Co. (The)		16,100		758,310
				952,710
Total Real Estate				1,184,935
Utilities (2.4%)
Gas Utilities (1.3%)
National Fuel Gas Co.		20,000		1,161,200
Southwest Gas Holdings, Inc.		8,000		535,440
				1,696,640
Independent Power and Renewable Electricity Producers (1.1%)
AES Corp. (The)		50,000		1,370,500
Total Utilities				3,067,140
Total Common Stocks (99.2%) (Cost $103,875,846)				124,845,663
	Number of Rights
RIGHTS:
Industrials (0.0%)†
Electrical Equipment (0.0%)†
Pineapple Energy, Inc., CVR(r)*
(Cost $—)		6,250		18,391
	Number of Warrants
WARRANTS:
Energy (0.0%)†
Energy Equipment & Services (0.0%)†
Weatherford International plc, expiring 12/13/23*		1,117		364
Total Energy				364
Health Care (0.0%)†
Health Care Providers & Services (0.0%)†
Option Care Health, Inc.,expiring 6/30/25*		22		8
Total Health Care				8
Materials (0.0%)†
Metals & Mining (0.0%)†
Ampco-Pittsburgh Corp., expiring 8/1/25*		30,000		8,970
Total Materials				8,970
Total Warrants (0.0%)† (Cost $—)				9,342
	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Company (0.8%)
Dreyfus Treasury Obligations Cash Management Fund (xx)		1,000,000		1,000,000
	Principal Amount
Repurchase Agreement (0.8%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $1,015,072, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $1,035,251. (xx)	$	1,014,952		1,014,952
Total Short-Term Investments (1.6%) (Cost $2,014,952)				2,014,952
Total Investments in Securities (100.8%) (Cost $105,890,798)				126,888,348
Other Assets Less Liabilities (-0.8%)				(1,015,921	)
Net Assets (100%)			$	125,872,427

* Non-income producing.

† Percent shown is less than 0.05%.

(r) Fair value determined using significant unobservable inputs.

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

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

Glossary:

ADR — American Depositary Receipt

CVR — Contingent Value Right

See Notes to Portfolio of Investments.

11

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Common Stocks
Communication Services	$	16,203,769	$	737,702	$	—	$	16,941,471
Consumer Discretionary		15,392,140		—		—		15,392,140
Consumer Staples		11,799,326		1,766,857		—		13,566,183
Energy		2,690,020		—		—		2,690,020
Financials		2,261,404		—		—		2,261,404
Health Care		4,703,763		—		—		4,703,763
Industrials		49,964,241		1,792,594		—		51,756,835
Information Technology		2,098,715		657,099		—		2,755,814
Materials		10,341,611		184,347		—		10,525,958
Real Estate		1,184,935		—		—		1,184,935
Utilities		3,067,140		—		—		3,067,140
Rights
Industrials		—		—		18,391		18,391
Short-Term Investments
Investment Company		1,000,000		—		—		1,000,000
Repurchase Agreement		—		1,014,952		—		1,014,952
Warrants
Energy		364		—		—		364
Health Care		—		8		—		8
Materials		8,970		—		—		8,970
Total Assets	$	120,716,398	$	6,153,559	$	18,391	$	126,888,348
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	120,716,398	$	6,153,559	$	18,391	$	126,888,348

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	27,464,991
Aggregate gross unrealized depreciation		(9,642,408	)
Net unrealized appreciation	$	17,822,583
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	109,065,765

See Notes to Portfolio of Investments.

12

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (96.4%)
Communication Services (12.6%)
Diversified Telecommunication Services (4.6%)
CCO Holdings LLC
5.500%, 5/1/26§	$	147,000	$	144,060
6.375%, 9/1/29§		290,000		278,944
4.750%, 3/1/30§		135,000		118,739
4.750%, 2/1/32§		165,000		139,837
4.500%, 5/1/32		346,000		285,450
4.500%, 6/1/33§		352,000		285,120
Level 3 Financing, Inc.
4.250%, 7/1/28§		191,000		151,366
Lumen Technologies, Inc.
5.125%, 12/15/26§		235,000		200,925
5.375%, 6/15/29§		263,000		182,127
Sprint Capital Corp.
8.750%, 3/15/32		161,000		196,862
Windstream Escrow LLC
7.750%, 8/15/28§		154,000		124,668
Zayo Group Holdings, Inc.
4.000%, 3/1/27§		330,000		261,525
6.125%, 3/1/28(x)§		364,000		250,250
				2,619,873
Entertainment (1.1%)
Lions Gate Capital Holdings LLC
5.500%, 4/15/29§		459,000		296,629
Live Nation Entertainment, Inc.
4.875%, 11/1/24§		169,000		163,930
6.500%, 5/15/27§		186,000		186,818
				647,377
Interactive Media & Services (0.1%)
Rackspace Technology Global, Inc.
5.375%, 12/1/28§		187,000		68,805
Media (6.3%)
CSC Holdings LLC
5.750%, 1/15/30§		200,000		126,500
Gray Television, Inc.
4.750%, 10/15/30§		282,000		209,822
McGraw-Hill Education, Inc.
8.000%, 8/1/29§		339,000		289,075
Nexstar Media, Inc.
5.625%, 7/15/27§		351,000		335,247
Outfront Media Capital LLC
5.000%, 8/15/27§		472,000		433,376
Sinclair Television Group, Inc.
5.500%, 3/1/30§		161,000		127,995
Sirius XM Radio, Inc.
3.125%, 9/1/26§		304,000		273,220
3.875%, 9/1/31§		259,000		212,380
Stagwell Global LLC
5.625%, 8/15/29§		315,000		276,019
TEGNA, Inc.
4.750%, 3/15/26§		253,000		244,778
5.000%, 9/15/29		174,000		163,560
Univision Communications, Inc.
7.375%, 6/30/30§		250,000		245,000
Videotron Ltd.
3.625%, 6/15/29§		118,000		102,843
VZ Secured Financing BV
5.000%, 1/15/32(x)§		270,000		229,487
Ziggo Bond Co. BV
6.000%, 1/15/27§		350,000		331,023
				3,600,325
Wireless Telecommunication Services (0.5%)
Sprint LLC
7.625%, 3/1/26		114,000		120,531
Vmed O2 UK Financing I plc
4.750%, 7/15/31§		200,000		170,000
				290,531
Total Communication Services				7,226,911
Consumer Discretionary (14.2%)
Automobiles (0.5%)
Ford Motor Co.
6.625%, 10/1/28		271,000		281,583
Distributors (0.2%)
Univar Solutions USA, Inc.
5.125%, 12/1/27§		130,000		125,612
Hotels, Restaurants & Leisure (8.1%)
1011778 BC ULC
5.750%, 4/15/25§		164,000		163,484
3.875%, 1/15/28§		96,000		87,742
Caesars Entertainment, Inc.
6.250%, 7/1/25§		372,000		369,210
4.625%, 10/15/29(x)§		164,000		139,554
7.000%, 2/15/30§		62,000		63,204
Carnival Corp.
6.000%, 5/1/29§		257,000		203,030
CDI Escrow Issuer, Inc.
5.750%, 4/1/30§		291,000		275,086
CEC Entertainment LLC
6.750%, 5/1/26§		141,000		130,425
Churchill Downs, Inc.
5.500%, 4/1/27§		175,000		169,293
Dave & Buster’s, Inc.
7.625%, 11/1/25§		276,000		279,795
Hilton Domestic Operating Co., Inc.
5.750%, 5/1/28§		267,000		263,866
3.625%, 2/15/32§		228,000		190,095
Life Time, Inc.
5.750%, 1/15/26§		346,000		331,696
MajorDrive Holdings IV LLC
6.375%, 6/1/29§		304,000		240,160
NCL Corp. Ltd.
8.375%, 2/1/28§		82,000		83,128
Royal Caribbean Cruises Ltd.
5.375%, 7/15/27§		368,000		318,504
11.625%, 8/15/27§		156,000		165,165
Scientific Games Holdings LP
6.625%, 3/1/30§		219,000		194,910
Station Casinos LLC
4.500%, 2/15/28§		253,000		227,763
4.625%, 12/1/31§		214,000		179,715
Vail Resorts, Inc.
6.250%, 5/15/25§		58,000		58,127

See Notes to Portfolio of Investments.

13

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§	$	170,000	$	155,975
Yum! Brands, Inc.
5.375%, 4/1/32		363,000		344,033
				4,633,960
Household Durables (0.9%)
CD&R Smokey Buyer, Inc.
6.750%, 7/15/25§		431,000		390,163
Newell Brands, Inc.
6.625%, 9/15/29(x)		110,000		111,512
				501,675
Internet & Direct Marketing Retail (0.8%)
Getty Images, Inc.
9.750%, 3/1/27§		448,000		442,678
Specialty Retail (3.5%)
Asbury Automotive Group, Inc.
5.000%, 2/15/32§		204,000		174,842
eG Global Finance plc
8.500%, 10/30/25§		200,000		188,000
LBM Acquisition LLC
6.250%, 1/15/29§		256,000		192,640
LCM Investments Holdings II LLC
4.875%, 5/1/29§		218,000		179,905
Sonic Automotive, Inc.
4.875%, 11/15/31§		245,000		194,498
Specialty Building Products Holdings LLC
6.375%, 9/30/26§		595,000		534,012
SRS Distribution, Inc.
4.625%, 7/1/28§		161,000		148,102
6.000%, 12/1/29§		209,000		179,218
White Cap Buyer LLC
6.875%, 10/15/28§		271,000		248,293
				2,039,510
Textiles, Apparel & Luxury Goods (0.2%)
Crocs, Inc.
4.125%, 8/15/31§		174,000		143,550
Total Consumer Discretionary				8,168,568
Consumer Staples (4.9%)
Beverages (0.2%)
Primo Water Holdings, Inc.
4.375%, 4/30/29§		170,000		147,951
Food & Staples Retailing (1.3%)
Performance Food Group, Inc.
6.875%, 5/1/25§		193,000		193,820
5.500%, 10/15/27§		80,000		77,200
United Natural Foods, Inc.
6.750%, 10/15/28§		240,000		231,600
US Foods, Inc.
4.625%, 6/1/30§		251,000		224,018
				726,638
Food Products (1.8%)
Post Holdings, Inc.
5.750%, 3/1/27§		118,000		115,935
4.625%, 4/15/30§		100,000		88,000
4.500%, 9/15/31§		389,000		334,054
Sigma Holdco BV
7.875%, 5/15/26§		200,000		153,500
Simmons Foods, Inc.
4.625%, 3/1/29§		436,000		367,875
				1,059,364
Household Products (1.0%)
Energizer Holdings, Inc.
4.750%, 6/15/28§		272,000		242,823
Kronos Acquisition Holdings, Inc.
7.000%, 12/31/27§		179,000		155,998
Spectrum Brands, Inc.
5.750%, 7/15/25		70,000		69,300
5.500%, 7/15/30§		21,000		19,066
3.875%, 3/15/31§		88,000		70,948
				558,135
Personal Products (0.6%)
Herbalife Nutrition Ltd.
7.875%, 9/1/25§		108,000		101,868
Prestige Brands, Inc.
3.750%, 4/1/31§		279,000		236,899
				338,767
Total Consumer Staples				2,830,855
Energy (10.1%)
Energy Equipment & Services (0.5%)
Precision Drilling Corp.
7.125%, 1/15/26§		154,000		152,460
Transocean, Inc.
8.750%, 2/15/30§		128,000		132,160
				284,620
Oil, Gas & Consumable Fuels (9.6%)
Aethon United BR LP
8.250%, 2/15/26§		222,000		220,335
Antero Resources Corp.
7.625%, 2/1/29§		42,000		42,925
Ascent Resources Utica Holdings LLC
7.000%, 11/1/26§		234,000		223,821
Blue Racer Midstream LLC
7.625%, 12/15/25§		168,000		170,625
6.625%, 7/15/26§		198,000		196,268
Crescent Energy Finance LLC
7.250%, 5/1/26§		255,000		244,800
Crestwood Midstream Partners LP
5.625%, 5/1/27§		54,000		51,478
6.000%, 2/1/29§		369,000		349,366
7.375%, 2/1/31§		142,000		142,888
CrownRock LP
5.625%, 10/15/25§		393,000		383,261
Delek Logistics Partners LP
6.750%, 5/15/25		295,000		287,625
Encino Acquisition Partners Holdings LLC
8.500%, 5/1/28§		169,000		158,226
Genesis Energy LP
8.000%, 1/15/27		160,000		157,600
7.750%, 2/1/28		412,000		397,580
Holly Energy Partners LP
6.375%, 4/15/27§		123,000		121,801
5.000%, 2/1/28§		181,000		168,104
Kinetik Holdings LP
5.875%, 6/15/30§		292,000		278,042

See Notes to Portfolio of Investments.

14

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
NuStar Logistics LP
5.750%, 10/1/25	$	125,000	$	123,689
6.000%, 6/1/26		175,000		171,633
Occidental Petroleum Corp.
6.625%, 9/1/30		100,000		105,906
6.125%, 1/1/31		55,000		57,337
6.450%, 9/15/36		396,000		416,675
Permian Resources Operating LLC
5.875%, 7/1/29§		77,000		72,126
Southwestern Energy Co.
7.750%, 10/1/27		97,000		100,909
4.750%, 2/1/32		157,000		138,392
Summit Midstream Holdings LLC
8.500%, 10/15/26§		390,000		378,788
Sunoco LP
4.500%, 4/30/30		363,000		323,524
				5,483,724
Total Energy				5,768,344
Financials (6.6%)
Capital Markets (0.2%)
Aretec Escrow Issuer, Inc.
7.500%, 4/1/29§		111,000		97,680
Consumer Finance (1.9%)
Bread Financial Holdings, Inc.
4.750%, 12/15/24§		349,000		316,718
7.000%, 1/15/26§		167,000		153,222
Curo Group Holdings Corp.
7.500%, 8/1/28§		352,000		160,160
Ford Motor Credit Co. LLC
7.350%, 3/6/30		200,000		210,118
4.000%, 11/13/30		322,000		280,575
				1,120,793
Diversified Financial Services (1.5%)
Armor Holdco, Inc.
8.500%, 11/15/29§		145,000		123,613
Shift4 Payments LLC
4.625%, 11/1/26§		335,000		317,258
Verscend Escrow Corp.
9.750%, 8/15/26§		435,000		435,408
				876,279
Insurance (1.7%)
Alliant Holdings Intermediate LLC
6.750%, 10/15/27§		296,000		276,390
AmWINS Group, Inc.
4.875%, 6/30/29§		128,000		112,960
BroadStreet Partners, Inc.
5.875%, 4/15/29§		128,000		113,064
HUB International Ltd.
7.000%, 5/1/26§		452,000		447,493
				949,907
Thrifts & Mortgage Finance (1.3%)
Freedom Mortgage Corp.
8.250%, 4/15/25§		310,000		295,275
6.625%, 1/15/27§		242,000		200,860
PHH Mortgage Corp.
7.875%, 3/15/26§		104,000		94,640
Rocket Mortgage LLC
2.875%, 10/15/26§		169,000		150,568
				741,343
Total Financials				3,786,002
Health Care (7.6%)
Biotechnology (0.3%)
Grifols Escrow Issuer SA
4.750%, 10/15/28§		200,000		173,480
Health Care Equipment & Supplies (1.4%)
Garden Spinco Corp.
8.625%, 7/20/30§		172,000		184,900
Medline Borrower LP
3.875%, 4/1/29§		269,000		227,641
5.250%, 10/1/29§		200,000		167,362
Varex Imaging Corp.
7.875%, 10/15/27§		200,000		198,442
				778,345
Health Care Providers & Services (2.4%)
AdaptHealth LLC
6.125%, 8/1/28§		178,000		169,100
5.125%, 3/1/30§		229,000		203,524
HealthEquity, Inc.
4.500%, 10/1/29§		368,000		329,470
Tenet Healthcare Corp.
4.875%, 1/1/26		304,000		296,087
6.125%, 6/15/30§		184,000		178,526
US Acute Care Solutions LLC
6.375%, 3/1/26§		256,000		232,069
				1,408,776
Health Care Technology (0.8%)
IQVIA, Inc.
5.000%, 10/15/26§		200,000		195,000
5.000%, 5/15/27§		260,000		251,784
				446,784
Pharmaceuticals (2.7%)
1375209 BC Ltd.
9.000%, 1/30/28§		91,000		90,431
Bausch Health Cos., Inc.
5.500%, 11/1/25(x)§		310,000		262,663
11.000%, 9/30/28(x)§		151,000		118,143
Catalent Pharma Solutions, Inc.
5.000%, 7/15/27§		362,000		342,090
3.500%, 4/1/30(x)§		245,000		202,125
Cheplapharm Arzneimittel GmbH
5.500%, 1/15/28§		200,000		178,024
Organon & Co.
5.125%, 4/30/31§		200,000		180,160
P&L Development LLC
7.750%, 11/15/25§		196,000		159,495
				1,533,131
Total Health Care				4,340,516
Industrials (12.9%)
Aerospace & Defense (0.3%)
Rolls-Royce plc
5.750%, 10/15/27§		200,000		192,000
Building Products (1.7%)
Advanced Drainage Systems, Inc.
6.375%, 6/15/30§		43,000		42,630

See Notes to Portfolio of Investments.

15

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Camelot Return Merger Sub, Inc.
8.750%, 8/1/28§	$	116,000	$	109,069
CP Atlas Buyer, Inc.
7.000%, 12/1/28§		190,000		146,775
JELD-WEN, Inc.
6.250%, 5/15/25§		111,000		106,005
New Enterprise Stone & Lime Co., Inc.
5.250%, 7/15/28§		188,000		172,960
Standard Industries, Inc.
4.375%, 7/15/30§		239,000		204,345
Summit Materials LLC
5.250%, 1/15/29§		227,000		213,150
				994,934
Commercial Services & Supplies (5.7%)
ACCO Brands Corp.
4.250%, 3/15/29§		220,000		188,589
ADT Security Corp. (The)
4.875%, 7/15/32§		218,000		193,475
Allied Universal Holdco LLC
6.625%, 7/15/26§		354,000		340,813
9.750%, 7/15/27§		384,000		365,760
6.000%, 6/1/29§		48,000		38,441
Aramark Services, Inc.
5.000%, 4/1/25§		259,000		253,820
6.375%, 5/1/25§		224,000		224,056
Cimpress plc
7.000%, 6/15/26§		150,000		105,033
Garda World Security Corp.
9.500%, 11/1/27(x)§		371,000		368,218
6.000%, 6/1/29§		299,000		249,575
GFL Environmental, Inc.
5.125%, 12/15/26§		220,000		214,005
KAR Auction Services, Inc.
5.125%, 6/1/25§		113,000		110,676
Madison IAQ LLC
5.875%, 6/30/29§		94,000		74,427
Matthews International Corp.
5.250%, 12/1/25§		481,000		456,950
Neptune Bidco US, Inc.
9.290%, 4/15/29§		94,000		91,052
				3,274,890
Construction & Engineering (1.2%)
Dycom Industries, Inc.
4.500%, 4/15/29§		298,000		266,784
Pike Corp.
5.500%, 9/1/28§		350,000		308,000
Weekley Homes LLC
4.875%, 9/15/28§		111,000		96,598
				671,382
Machinery (0.5%)
ATS Corp.
4.125%, 12/15/28§		129,000		115,661
Chart Industries, Inc.
7.500%, 1/1/30§		169,000		172,169
				287,830
Professional Services (0.7%)
Dun & Bradstreet Corp. (The)
5.000%, 12/15/29§		244,000		215,635
Science Applications International Corp.
4.875%, 4/1/28§		178,000		166,875
				382,510
Road & Rail (2.1%)
NESCO Holdings II, Inc.
5.500%, 4/15/29§		376,000		337,460
Watco Cos. LLC
6.500%, 6/15/27(x)§		606,000		569,640
Williams Scotsman International, Inc.
6.125%, 6/15/25§		34,000		34,136
XPO Escrow Sub LLC
7.500%, 11/15/27§		222,000		227,721
				1,168,957
Trading Companies & Distributors (0.7%)
WESCO Distribution, Inc.
7.250%, 6/15/28§		386,000		396,901
Total Industrials				7,369,404
Information Technology (12.2%)
Communications Equipment (1.6%)
CommScope, Inc.
6.000%, 3/1/26§		394,000		378,398
8.250%, 3/1/27§		242,000		205,833
4.750%, 9/1/29§		412,000		341,960
				926,191
Electronic Equipment, Instruments & Components (0.8%)
Coherent Corp.
5.000%, 12/15/29§		156,000		141,570
Likewize Corp.
9.750%, 10/15/25§		194,000		183,815
Sensata Technologies, Inc.
3.750%, 2/15/31(x)§		130,000		110,210
				435,595
IT Services (1.7%)
Ahead DB Holdings LLC
6.625%, 5/1/28§		202,000		170,690
Black Knight InfoServ LLC
3.625%, 9/1/28§		70,000		62,269
ION Trading Technologies Sarl
5.750%, 5/15/28§		200,000		171,250
Northwest Fiber LLC
6.000%, 2/15/28§		179,000		147,675
Presidio Holdings, Inc.
8.250%, 2/1/28§		148,000		141,895
Unisys Corp.
6.875%, 11/1/27§		348,000		262,740
				956,519
Software (8.1%)
ACI Worldwide, Inc.
5.750%, 8/15/26§		347,000		343,599
AthenaHealth Group, Inc.
6.500%, 2/15/30(x)§		333,000		275,141
Boxer Parent Co., Inc.
7.125%, 10/2/25§		284,000		281,160
Camelot Finance SA
4.500%, 11/1/26§		296,000		280,830
Central Parent, Inc.
7.250%, 6/15/29§		164,000		163,713
Clarivate Science Holdings Corp.
4.875%, 7/1/29§		499,000		437,259

See Notes to Portfolio of Investments.

16

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Cloud Software Group Holdings, Inc.
6.500%, 3/31/29§	$	128,000	$	112,362
Gen Digital, Inc.
5.000%, 4/15/25§		182,000		178,360
7.125%, 9/30/30§		189,000		191,892
GoTo Group, Inc.
5.500%, 9/1/27§		251,000		128,637
Helios Software Holdings, Inc.
4.625%, 5/1/28(x)§		200,000		160,748
McAfee Corp.
7.375%, 2/15/30§		382,000		318,321
NCR Corp.
5.000%, 10/1/28§		245,000		215,810
5.125%, 4/15/29§		317,000		274,851
Open Text Holdings, Inc.
4.125%, 12/1/31§		303,000		246,348
Rocket Software, Inc.
6.500%, 2/15/29§		326,000		272,210
SS&C Technologies, Inc.
5.500%, 9/30/27§		386,000		370,290
ZoomInfo Technologies LLC
3.875%, 2/1/29§		489,000		420,540
				4,672,071
Total Information Technology				6,990,376
Materials (11.5%)
Chemicals (4.7%)
Avient Corp.
7.125%, 8/1/30§		198,000		199,856
Axalta Coating Systems LLC
4.750%, 6/15/27§		178,000		168,210
Diamond BC BV
4.625%, 10/1/29§		67,000		56,196
HB Fuller Co.
4.250%, 10/15/28		218,000		192,385
Illuminate Buyer LLC
9.000%, 7/1/28§		581,000		517,090
LSF11 A5 HoldCo LLC
6.625%, 10/15/29§		233,000		191,643
Minerals Technologies, Inc.
5.000%, 7/1/28§		320,000		292,640
NOVA Chemicals Corp.
4.875%, 6/1/24§		100,000		98,280
Nufarm Australia Ltd.
5.000%, 1/27/30§		210,000		190,236
Olin Corp.
5.625%, 8/1/29		214,000		207,773
Olympus Water US Holding Corp.
4.250%, 10/1/28§		343,000		285,976
WR Grace Holdings LLC
5.625%, 8/15/29§		366,000		305,061
				2,705,346
Containers & Packaging (6.5%)
ARD Finance SA
6.500%, 6/30/27 PIK(x)§		400,000		312,960
Ardagh Metal Packaging Finance USA LLC
4.000%, 9/1/29§		200,000		165,000
Ardagh Packaging Finance plc
4.125%, 8/15/26§		200,000		182,500
Ball Corp.
6.875%, 3/15/28		204,000		210,636
Clydesdale Acquisition Holdings, Inc.
8.750%, 4/15/30§		269,000		237,339
Crown Americas LLC
5.250%, 4/1/30		163,000		156,223
Intelligent Packaging Ltd. Finco, Inc.
6.000%, 9/15/28§		248,000		220,720
LABL, Inc.
6.750%, 7/15/26§		219,000		211,847
10.500%, 7/15/27§		449,000		427,111
5.875%, 11/1/28§		158,000		142,153
Mauser Packaging Solutions Holding Co.
7.250%, 4/15/25§		670,000		654,087
7.875%, 8/15/26§		210,000		211,313
Owens-Brockway Glass Container, Inc.
6.625%, 5/13/27(x)§		159,000		155,820
Sealed Air Corp.
6.125%, 2/1/28§		62,000		62,543
Trivium Packaging Finance BV
5.500%, 8/15/26(e)§		400,000		382,916
				3,733,168
Metals & Mining (0.3%)
Kaiser Aluminum Corp.
4.500%, 6/1/31§		204,000		172,504
Total Materials				6,611,018
Real Estate (3.2%)
Equity Real Estate Investment Trusts (REITs) (1.8%)
Iron Mountain, Inc. (REIT)
5.000%, 7/15/28§		300,000		276,000
Park Intermediate Holdings LLC (REIT)
5.875%, 10/1/28§		204,000		188,351
4.875%, 5/15/29§		338,000		294,145
XHR LP (REIT)
6.375%, 8/15/25§		181,000		178,285
4.875%, 6/1/29§		86,000		76,325
				1,013,106
Real Estate Management & Development (1.4%)
Cushman & Wakefield US Borrower LLC
6.750%, 5/15/28§		224,000		216,234
Greystar Real Estate Partners LLC
5.750%, 12/1/25§		511,000		503,335
Howard Hughes Corp. (The)
4.375%, 2/1/31§		122,000		101,870
				821,439
Total Real Estate				1,834,545

See Notes to Portfolio of Investments.

17

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PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Utilities (0.6%)
Water Utilities (0.6%)
Solaris Midstream Holdings LLC
7.625%, 4/1/26§	$	354,000	$	353,115
Total Utilities				353,115
Total Corporate Bonds				55,279,654
Total Long-Term Debt Securities (96.4%) (Cost $59,867,465)				55,279,654
	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (2.6%)
Dreyfus Treasury Obligations Cash Management Fund(xx)		1,000,000		1,000,000
JPMorgan Prime Money Market Fund, IM Shares		488,677		488,970
Total Investment Companies				1,488,970
	Principal Amount
Repurchase Agreement (1.5%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $851,786, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $868,719.(xx)	$	851,685		851,685
Total Short-Term Investments (4.1%) (Cost $2,340,655)				2,340,655
Total Investments in Securities (100.5%) (Cost $62,208,120)				57,620,309
Other Assets Less Liabilities (-0.5%)				(294,236	)
Net Assets (100%)			$	57,326,073

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

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

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

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

Glossary:

PIK — Payment-in Kind Security

See Notes to Portfolio of Investments.

18

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PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	—	$	7,226,911	$	—	$	7,226,911
Consumer Discretionary		—		8,168,568		—		8,168,568
Consumer Staples		—		2,830,855		—		2,830,855
Energy		—		5,768,344		—		5,768,344
Financials		—		3,786,002		—		3,786,002
Health Care		—		4,340,516		—		4,340,516
Industrials		—		7,369,404		—		7,369,404
Information Technology		—		6,990,376		—		6,990,376
Materials		—		6,611,018		—		6,611,018
Real Estate		—		1,834,545		—		1,834,545
Utilities		—		353,115		—		353,115
Short-Term Investments
Investment Companies		1,488,970		—		—		1,488,970
Repurchase Agreement		—		851,685		—		851,685
Total Assets	$	1,488,970	$	56,131,339	$	—	$	57,620,309
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	1,488,970	$	56,131,339	$	—	$	57,620,309

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	436,547
Aggregate gross unrealized depreciation		(5,323,444	)
Net unrealized depreciation	$	(4,886,897	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	62,507,206

See Notes to Portfolio of Investments.

19

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PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (1.7%)
Anchorage Capital CLO 17 Ltd.,
Series 2021-17A A1
5.962%, 7/15/34(l)§	$	250,000	$	245,757
Magnetite XXVII Ltd.,
Series 2020-27A AR
5.948%, 10/20/34(l)§		335,000		330,776
Sound Point CLO XXVII Ltd.,
Series 2020-2A AR
5.998%, 10/25/34(l)§		340,000		331,073
Total Asset- Backed Securities				907,606
Collateralized Mortgage Obligations (0.0%)†
CHL Mortgage Pass- Through Trust,
Series 2006-20 1A33
6.000%, 2/25/37		2		1
Series 2006-OA5 2A1
4.906%, 4/25/46(l)		1		1
RALI Trust,
Series 2006-QS4 A10
6.000%, 4/25/36		2		1
Total Collateralized Mortgage Obligations				3
Convertible Bonds (1.1%)
Communication Services (0.1%)
Interactive Media & Services (0.1%)
Ziff Davis, Inc.
1.750%, 11/1/26§		49,000		51,744
Total Communication Services				51,744
Consumer Discretionary (0.2%)
Hotels, Restaurants & Leisure (0.1%)
Carnival Corp.
5.750%, 12/1/27§		53,000		59,042
Internet & Direct Marketing Retail (0.1%)
MercadoLibre, Inc.
2.000%, 8/15/28		22,000		60,060
Total Consumer Discretionary				119,102
Consumer Staples (0.2%)
Personal Products (0.2%)
Beauty Health Co. (The)
1.250%, 10/1/26§		95,000		77,722
Total Consumer Staples				77,722
Industrials (0.5%)
Electrical Equipment (0.5%)
Stem, Inc.
0.500%, 12/1/28§		390,000		262,146
Total Industrials				262,146
Information Technology (0.1%)
IT Services (0.1%)
Block, Inc.
0.125%, 3/1/25		55,000		55,825
Total Information Technology				55,825
Total Convertible Bonds				566,539
Corporate Bonds (41.2%)
Communication Services (2.5%)
Diversified Telecommunication Services (0.1%)
Frontier Communications Holdings LLC
6.000%, 1/15/30§		80,000		65,200
Entertainment (0.0%)†
Allen Media LLC
10.500%, 2/15/28§		25,000		10,187
Interactive Media & Services (0.4%)
Cars.com, Inc.
6.375%, 11/1/28§		55,000		51,081
TripAdvisor, Inc.
7.000%, 7/15/25§		150,000		150,600
				201,681
Media (1.0%)
CMG Media Corp.
8.875%, 12/15/27§		30,000		23,400
Directv Financing LLC
5.875%, 8/15/27§		125,000		112,863
DISH DBS Corp.
5.875%, 11/15/24		375,000		352,500
Urban One, Inc.
7.375%, 2/1/28§		55,000		49,533
				538,296
Wireless Telecommunication Services (1.0%)
Kenbourne Invest SA
6.875%, 11/26/24§		200,000		185,750
Millicom International Cellular SA
4.500%, 4/27/31(m)		245,000		207,393
Sprint LLC
7.625%, 2/15/25		95,000		98,341
United States Cellular Corp.
6.700%, 12/15/33		55,000		51,081
				542,565
Total Communication Services				1,357,929
Consumer Discretionary (5.0%)
Auto Components (0.4%)
Clarios Global LP
8.500%, 5/15/27§		55,000		54,665
Icahn Enterprises LP
4.750%, 9/15/24		155,000		150,931
				205,596
Automobiles (0.8%)
PM General Purchaser LLC
9.500%, 10/1/28§		55,000		42,075
Stellantis Finance US, Inc.
5.625%, 1/12/28§		250,000		256,185
Thor Industries, Inc.
4.000%, 10/15/29(x)§		60,000		49,666
Winnebago Industries, Inc.
6.250%, 7/15/28§		95,000		90,131
				438,057

See Notes to Portfolio of Investments.

20

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1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Diversified Consumer Services (0.2%)
Grand Canyon University
4.125%, 10/1/24	$	105,000	$	99,619
Hotels, Restaurants & Leisure (1.2%)
Affinity Gaming
6.875%, 12/15/27§		60,000		53,715
Expedia Group, Inc.
4.625%, 8/1/27		170,000		166,905
2.950%, 3/15/31		265,000		222,531
Full House Resorts, Inc.
8.250%, 2/15/28§		30,000		27,713
GPS Hospitality Holding Co. LLC
7.000%, 8/15/28§		30,000		18,300
NCL Corp. Ltd.
3.625%, 12/15/24(x)§		15,000		14,081
Royal Caribbean Cruises Ltd.
11.625%, 8/15/27§		110,000		116,462
				619,707
Household Durables (0.5%)
Beazer Homes USA, Inc.
7.250%, 10/15/29		60,000		55,425
M/I Homes, Inc.
4.950%, 2/1/28		105,000		96,533
Meritage Homes Corp.
5.125%, 6/6/27		40,000		38,500
Tempur Sealy International, Inc.
3.875%, 10/15/31§		105,000		86,249
				276,707
Internet & Direct Marketing Retail (0.1%)
GrubHub Holdings, Inc.
5.500%, 7/1/27§		55,000		44,000
Multiline Retail (0.2%)
Nordstrom, Inc.
6.950%, 3/15/28		105,000		101,955
Specialty Retail (1.6%)
Academy Ltd.
6.000%, 11/15/27§		95,000		91,437
Arko Corp.
5.125%, 11/15/29§		20,000		15,930
Asbury Automotive Group, Inc.
4.625%, 11/15/29§		70,000		61,863
Bath & Body Works, Inc.
6.875%, 11/1/35		80,000		73,400
Foot Locker, Inc.
4.000%, 10/1/29§		105,000		88,377
Gap, Inc. (The)
3.625%, 10/1/29§		90,000		69,075
Group 1 Automotive, Inc.
4.000%, 8/15/28§		105,000		92,094
Guitar Center, Inc.
8.500%, 1/15/26§		50,000		43,563
LSF9 Atlantis Holdings LLC
7.750%, 2/15/26§		15,000		13,650
Murphy Oil USA, Inc.
3.750%, 2/15/31§		110,000		91,300
Park River Holdings, Inc.
5.625%, 2/1/29§		30,000		20,925
Rent-A-Center, Inc.
6.375%, 2/15/29§		60,000		50,850
Sonic Automotive, Inc.
4.625%, 11/15/29§		35,000		28,872
4.875%, 11/15/31§		60,000		47,632
Specialty Building Products Holdings LLC
6.375%, 9/30/26§		60,000		53,850
White Cap Buyer LLC
6.875%, 10/15/28§		35,000		32,067
				874,885
Total Consumer Discretionary				2,660,526
Consumer Staples (0.9%)
Beverages (0.0%)†
Triton Water Holdings, Inc.
6.250%, 4/1/29§		35,000		27,694
Food Products (0.5%)
JBS USA LUX SA
5.125%, 2/1/28(x)§		260,000		254,616
TreeHouse Foods, Inc.
4.000%, 9/1/28		30,000		25,115
				279,731
Household Products (0.2%)
Central Garden & Pet Co.
4.125%, 10/15/30		110,000		93,533
Personal Products (0.2%)
Edgewell Personal Care Co.
5.500%, 6/1/28§		105,000		99,251
Total Consumer Staples				500,209
Energy (5.8%)
Energy Equipment & Services (0.7%)
CSI Compressco LP
7.500%, 4/1/25§		50,000		47,125
Enerflex Ltd.
9.000%, 10/15/27§		110,000		112,037
Oceaneering International, Inc.
6.000%, 2/1/28		55,000		52,937
Patterson-UTI Energy, Inc.
5.150%, 11/15/29		105,000		97,730
USA Compression Partners LP
6.875%, 9/1/27		55,000		53,350
				363,179
Oil, Gas & Consumable Fuels (5.1%)
Aethon United BR LP
8.250%, 2/15/26§		45,000		44,663
Alliance Resource Operating Partners LP
7.500%, 5/1/25§		190,000		187,388
Calumet Specialty Products Partners LP
8.125%, 1/15/27§		30,000		29,062
Crescent Energy Finance LLC
7.250%, 5/1/26§		50,000		48,000
CVR Energy, Inc.
5.250%, 2/15/25§		160,000		154,400
5.750%, 2/15/28§		55,000		50,325
Delek Logistics Partners LP
7.125%, 6/1/28§		85,000		78,221
Diamondback Energy, Inc.
6.250%, 3/15/33		245,000		259,951
Encino Acquisition Partners Holdings LLC
8.500%, 5/1/28§		50,000		46,812

See Notes to Portfolio of Investments.

21

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1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
EnLink Midstream LLC
5.625%, 1/15/28§	$	105,000	$	102,637
EnLink Midstream Partners LP
5.050%, 4/1/45		75,000		59,063
EQM Midstream Partners LP
7.500%, 6/1/30§		115,000		114,944
FTAI Infra Escrow Holdings LLC
10.500%, 6/1/27§		45,000		45,138
Global Partners LP
6.875%, 1/15/29		60,000		56,622
Hess Midstream Operations LP
4.250%, 2/15/30§		300,000		262,031
5.500%, 10/15/30§		115,000		106,950
Howard Midstream Energy Partners LLC
6.750%, 1/15/27§		50,000		48,750
ITT Holdings LLC
6.500%, 8/1/29§		60,000		52,200
Moss Creek Resources Holdings, Inc.
10.500%, 5/15/27§		50,000		48,448
New Fortress Energy, Inc.
6.500%, 9/30/26§		115,000		105,802
Northern Oil and Gas, Inc.
8.125%, 3/1/28§		10,000		9,965
NuStar Logistics LP
6.375%, 10/1/30		90,000		86,625
PBF Holding Co. LLC
7.250%, 6/15/25		70,000		69,568
6.000%, 2/15/28		35,000		32,999
Permian Resources Operating LLC
7.750%, 2/15/26§		50,000		50,000
ROCC Holdings LLC
9.250%, 8/15/26§		45,000		45,619
Rockies Express Pipeline LLC
3.600%, 5/15/25§		15,000		14,250
4.800%, 5/15/30§		105,000		94,500
Southwestern Energy Co.
5.700%, 1/23/25(e)		150,000		148,312
Strathcona Resources Ltd.
6.875%, 8/1/26§		55,000		47,397
Sunnova Energy Corp.
5.875%, 9/1/26§		50,000		44,500
Tallgrass Energy Partners LP
6.000%, 3/1/27(x)§		115,000		109,250
Talos Production, Inc.
12.000%, 1/15/26		40,000		42,250
Targa Resources Corp.
6.125%, 3/15/33		70,000		72,633
				2,769,275
Total Energy				3,132,454
Financials (14.5%)
Banks (7.9%)
Banco Bilbao Vizcaya Argentaria SA
(USD Swap Semi 5 Year + 3.87%), 6.125%, 11/16/27(k)(y)		400,000		370,000
Banco Santander SA
(USD ICE Swap Rate 5 Year + 4.99%), 7.500%, 2/8/24(k)(m)(y)		200,000		198,000
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.00%), 4.175%, 3/24/28(k)		200,000		190,123
Bank of Ireland Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26(k)§		200,000		201,652
BNP Paribas SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.20%), 4.625%, 1/12/27(k)(y)§		320,000		275,200
Credit Agricole SA
(USD Swap Semi 5 Year + 4.32%), 6.875%, 9/23/24(k)(y)§		200,000		197,500
DNB Bank ASA
(United States SOFR Compounded Index + 1.95%), 5.896%, 10/9/26(k)§		250,000		252,397
HSBC Holdings plc
4.250%, 3/14/24		250,000		247,865
(USD ICE Swap Rate 5 Year + 3.75%), 6.000%, 5/22/27(k)(y)		280,000		267,400
(USD ICE Swap Rate 5 Year + 3.61%), 6.500%, 3/23/28(k)(y)		230,000		221,087
JPMorgan Chase & Co.
(SOFR + 2.58%), 5.717%, 9/14/33(k)		185,000		189,779
Lloyds Banking Group plc
4.450%, 5/8/25		200,000		197,089
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.75%), 7.953%, 11/15/33(k)		200,000		228,648
Santander Holdings USA, Inc.
3.450%, 6/2/25		170,000		162,689
Societe Generale SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 5.39%), 9.375%, 11/22/27(k)(y)§		250,000		267,188
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.822%, 11/23/25(k)§		270,000		250,603
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.05%), 6.170%, 1/9/27(k)§		260,000		265,500

See Notes to Portfolio of Investments.

22

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1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
UniCredit SpA
(USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§	$	240,000	$	233,184
				4,215,904
Capital Markets (3.6%)
BGC Partners, Inc.
4.375%, 12/15/25		345,000		327,487
Blackstone Holdings Finance Co. LLC
5.900%, 11/3/27§		195,000		202,022
Credit Suisse AG
4.750%, 8/9/24		500,000		484,539
7.950%, 1/9/25		250,000		255,494
Deutsche Bank AG
(SOFR + 1.87%), 2.129%, 11/24/26(k)		230,000		207,140
OWL Rock Core Income Corp.
5.500%, 3/21/25		230,000		224,459
State Street Corp.
(SOFR + 1.57%), 4.821%, 1/26/34(k)		145,000		144,749
StoneX Group, Inc.
8.625%, 6/15/25§		95,000		96,045
				1,941,935
Consumer Finance (1.2%)
General Motors Financial Co., Inc.
2.900%, 2/26/25		345,000		328,952
6.050%, 10/10/25		250,000		254,598
Navient Corp.
5.625%, 8/1/33		70,000		54,075
				637,625
Diversified Financial Services (0.0%)†
Armor Holdco, Inc.
8.500%, 11/15/29§		30,000		25,575
Insurance (0.7%)
Genworth Holdings, Inc.
6.500%, 6/15/34		60,000		53,700
Liberty Mutual Group, Inc.
4.300%, 2/1/61§		330,000		214,912
Prudential Financial, Inc.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.000%, 9/1/52(k)		85,000		84,362
USI, Inc.
6.875%, 5/1/25§		25,000		24,883
				377,857
Mortgage Real Estate Investment Trusts (REITs) (0.7%)
Blackstone Mortgage Trust, Inc. (REIT)
3.750%, 1/15/27§		30,000		26,378
Starwood Property Trust, Inc. (REIT)
3.625%, 7/15/26§		370,000		331,150
				357,528
Thrifts & Mortgage Finance (0.4%)
Enact Holdings, Inc.
6.500%, 8/15/25§		100,000		98,000
NMI Holdings, Inc.
7.375%, 6/1/25§		95,000		96,240
PHH Mortgage Corp.
7.875%, 3/15/26§		55,000		50,050
				244,290
Total Financials				7,800,714
Health Care (0.6%)
Health Care Equipment & Supplies (0.1%)
Embecta Corp.
5.000%, 2/15/30§		65,000		53,300
Health Care Providers & Services (0.5%)
AdaptHealth LLC
6.125%, 8/1/28§		70,000		66,500
Akumin Escrow, Inc.
7.500%, 8/1/28§		15,000		10,163
Akumin, Inc.
7.000%, 11/1/25§		40,000		31,000
Global Medical Response, Inc.
6.500%, 10/1/25§		60,000		42,225
LifePoint Health, Inc.
5.375%, 1/15/29§		55,000		36,300
Prime Healthcare Services, Inc.
7.250%, 11/1/25§		55,000		48,606
US Acute Care Solutions LLC
6.375%, 3/1/26§		50,000		45,326
				280,120
Total Health Care				333,420
Industrials (3.9%)
Aerospace & Defense (1.1%)
Boeing Co. (The)
5.705%, 5/1/40		230,000		234,236
Embraer Netherlands Finance BV
5.050%, 6/15/25		225,000		221,526
Howmet Aerospace, Inc.
6.750%, 1/15/28		110,000		115,255
				571,017
Air Freight & Logistics (0.1%)
Western Global Airlines LLC
10.375%, 8/15/25§		50,000		35,000
Airlines (0.7%)
American Airlines Group, Inc.
3.750%, 3/1/25§		180,000		167,948
Mileage Plus Holdings LLC
6.500%, 6/20/27§		238,500		240,959
				408,907
Building Products (0.5%)
Camelot Return Merger Sub, Inc.
8.750%, 8/1/28§		30,000		28,208
Eco Material Technologies, Inc.
7.875%, 1/31/27§		50,000		48,000
MIWD Holdco II LLC
5.500%, 2/1/30§		60,000		49,950
Oscar AcquisitionCo LLC
9.500%, 4/15/30§		30,000		26,850
Standard Industries, Inc.
3.375%, 1/15/31§		120,000		95,160
				248,168

See Notes to Portfolio of Investments.

23

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Commercial Services & Supplies (0.1%)
Arrow Bidco LLC
9.500%, 3/15/24§	$	45,000	$	45,041
Construction & Engineering (0.9%)
Artera Services LLC
9.033%, 12/4/25§		55,000		47,025
Brundage-Bone Concrete Pumping Holdings, Inc.
6.000%, 2/1/26§		50,000		47,555
Fluor Corp.
4.250%, 9/15/28(x)		100,000		93,011
Global Infrastructure Solutions, Inc.
5.625%, 6/1/29§		50,000		41,000
IHS Netherlands Holdco BV
8.000%, 9/18/27§		235,000		211,103
Pike Corp.
5.500%, 9/1/28§		30,000		26,400
				466,094
Machinery (0.1%)
Granite US Holdings Corp.
11.000%, 10/1/27§		25,000		26,344
Wabash National Corp.
4.500%, 10/15/28§		65,000		57,200
				83,544
Marine (0.1%)
Seaspan Corp.
5.500%, 8/1/29§		60,000		45,093
Road & Rail (0.1%)
Carriage Purchaser, Inc.
7.875%, 10/15/29(x)§		30,000		21,599
Hertz Corp. (The)
5.000%, 12/1/29§		35,000		28,612
Watco Cos. LLC
6.500%, 6/15/27§		25,000		23,500
				73,711
Trading Companies & Distributors (0.2%)
Alta Equipment Group, Inc.
5.625%, 4/15/26§		50,000		45,750
BlueLinx Holdings, Inc.
6.000%, 11/15/29§		55,000		48,538
				94,288
Total Industrials				2,070,863
Information Technology (3.2%)
Communications Equipment (0.5%)
CommScope Technologies LLC
6.000%, 6/15/25§		160,000		151,525
5.000%, 3/15/27§		15,000		11,416
CommScope, Inc.
7.125%, 7/1/28§		65,000		50,944
Viasat, Inc.
6.500%, 7/15/28§		65,000		52,000
				265,885
IT Services (0.4%)
Global Payments, Inc.
5.400%, 8/15/32		225,000		224,250
Semiconductors & Semiconductor Equipment (0.8%)
Broadcom, Inc.
4.150%, 4/15/32§		240,000		218,532
Micron Technology, Inc.
6.750%, 11/1/29		190,000		201,741
				420,273
Software (0.1%)
GoTo Group, Inc.
5.500%, 9/1/27§		50,000		25,625
Veritas US, Inc.
7.500%, 9/1/25§		60,000		39,450
				65,075
Technology Hardware, Storage & Peripherals (1.4%)
Dell International LLC
5.750%, 2/1/33		155,000		154,629
8.100%, 7/15/36		280,000		326,432
3.450%, 12/15/51§		50,000		33,018
Xerox Corp.
6.750%, 12/15/39		50,000		39,251
Xerox Holdings Corp.
5.000%, 8/15/25§		160,000		148,645
5.500%, 8/15/28§		75,000		63,609
				765,584
Total Information Technology				1,741,067
Materials (2.7%)
Chemicals (0.8%)
Braskem Netherlands Finance BV
4.500%, 1/31/30§		255,000		223,686
Chemours Co. (The)
4.625%, 11/15/29§		65,000		54,309
Illuminate Buyer LLC
9.000%, 7/1/28§		30,000		26,700
Koppers, Inc.
6.000%, 2/15/25§		60,000		59,400
LSF11 A5 HoldCo LLC
6.625%, 10/15/29§		30,000		24,675
Rain CII Carbon LLC
7.250%, 4/1/25§		60,000		56,400
				445,170
Construction Materials (0.4%)
Cemex SAB de CV
3.875%, 7/11/31(x)§		260,000		217,750
Containers & Packaging (0.1%)
OI European Group BV
4.750%, 2/15/30(x)§		55,000		49,308
Metals & Mining (1.1%)
Baffinland Iron Mines Corp.
8.750%, 7/15/26§		50,000		48,750
Carpenter Technology Corp.
7.625%, 3/15/30		95,000		97,508
Commercial Metals Co.
3.875%, 2/15/31		110,000		94,600
FMG Resources August 2006 Pty. Ltd.
6.125%, 4/15/32§		100,000		97,500
Infrabuild Australia Pty. Ltd.
12.000%, 10/1/24§		25,000		23,719
Mineral Resources Ltd.
8.500%, 5/1/30§		100,000		103,375
SunCoke Energy, Inc.
4.875%, 6/30/29§		55,000		48,331
Taseko Mines Ltd.
7.000%, 2/15/26§		55,000		51,975
TMS International Corp.
6.250%, 4/15/29§		30,000		22,426
				588,184

See Notes to Portfolio of Investments.

24

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Paper & Forest Products (0.3%)
Domtar Corp.
6.750%, 10/1/28§	$	85,000	$	78,336
Sylvamo Corp.
7.000%, 9/1/29§		50,000		47,717
				126,053
Total Materials				1,426,465
Real Estate (0.5%)
Equity Real Estate Investment Trusts (REITs) (0.3%)
CTR Partnership LP (REIT)
3.875%, 6/30/28§		100,000		89,541
Service Properties Trust (REIT)
4.500%, 3/15/25		85,000		76,713
				166,254
Real Estate Management & Development (0.2%)
Forestar Group, Inc.
5.000%, 3/1/28§		110,000		95,975
Total Real Estate				262,229
Utilities (1.6%)
Electric Utilities (1.0%)
DPL, Inc.
4.125%, 7/1/25		100,000		95,125
4.350%, 4/15/29		15,000		13,669
NextEra Energy Operating Partners LP
4.500%, 9/15/27§		115,000		108,244
NRG Energy, Inc.
3.375%, 2/15/29§		105,000		86,689
3.875%, 2/15/32§		35,000		27,186
PG&E Corp.
5.250%, 7/1/30		115,000		105,225
Vistra Operations Co. LLC
4.375%, 5/1/29§		135,000		118,462
				554,600
Gas Utilities (0.3%)
AmeriGas Partners LP
5.625%, 5/20/24		150,000		147,548
Independent Power and Renewable Electricity Producers (0.3%)
Calpine Corp.
3.750%, 3/1/31§		95,000		79,003
TransAlta Corp.
6.500%, 3/15/40		60,000		57,518
				136,521
Total Utilities				838,669
Total Corporate Bonds				22,124,545
Foreign Government Securities (4.8%)
Federal Republic of Nigeria
8.375%, 3/24/29(m)		525,000		437,062
Mex Bonos Desarr Fix Rt
7.500%, 6/3/27	MXN	10,550,000		532,598
Republic of Angola
8.000%, 11/26/29(m)	$	400,000		371,000
Republic of Costa Rica
7.000%, 4/4/44(m)		200,000		193,475
7.158%, 3/12/45(m)		240,000		234,870
Republic of Indonesia
6.375%, 4/15/32	IDR	4,283,000,000		279,381
Republic of South Africa
8.000%, 1/31/30	ZAR	5,060,000		266,301
5.875%, 4/20/32	$	285,000		263,981
Total Foreign Government Securities				2,578,668
Total Long-Term Debt Securities (48.8%) (Cost $25,893,298)				26,177,361
	Number of Shares
CONVERTIBLE PREFERRED STOCK:
Financials (0.5%)
Banks (0.5%)
Wells Fargo & Co.,
Series L
7.500%		209		262,920
Total Convertible Preferred Stock (0.5%) (Cost $266,266)				262,920
COMMON STOCKS:
Communication Services (3.2%)
Diversified Telecommunication Services (1.5%)
AT&T, Inc.		10,177		207,306
Spark New Zealand Ltd.		14,844		50,055
Telstra Group Ltd.		96,963		279,911
Verizon Communications, Inc.		6,570		273,115
				810,387
Entertainment (0.4%)
Netflix, Inc.*		165		58,387
Nintendo Co. Ltd.		2,300		99,470
Walt Disney Co. (The)*		680		73,773
				231,630
Interactive Media & Services (0.9%)
Alphabet, Inc., Class A*		1,855		183,348
Alphabet, Inc., Class C*		1,572		156,996
Meta Platforms, Inc., Class A*		716		106,663
				447,007
Media (0.2%)
Comcast Corp., Class A		1,663		65,439
Omnicom Group, Inc.		669		57,527
				122,966
Wireless Telecommunication Services (0.2%)
KDDI Corp.		3,000		93,733
Total Communication Services				1,705,723
Consumer Discretionary (3.9%)
Automobiles (0.9%)
Honda Motor Co. Ltd.		3,700		91,774
Tesla, Inc.*		881		152,607
Toyota Motor Corp.		14,700		213,277
				457,658
Distributors (0.1%)
Genuine Parts Co.		433		72,666
Hotels, Restaurants & Leisure (1.3%)
Booking Holdings, Inc.*		19		46,248
Darden Restaurants, Inc.		339		50,162
Hilton Worldwide Holdings, Inc.		456		66,161
McDonald’s Corp.		1,046		279,700
Starbucks Corp.		1,834		200,163
Yum! Brands, Inc.		314		40,980
				683,414

See Notes to Portfolio of Investments.

25

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Household Durables (0.1%)
DR Horton, Inc.		521	$	51,417
Internet & Direct Marketing Retail (0.5%)
Amazon.com, Inc.*		2,744		282,989
Multiline Retail (0.1%)
Dollar General Corp.		193		45,085
Specialty Retail (0.7%)
Home Depot, Inc. (The)		289		93,685
JB Hi-Fi Ltd.		4,166		143,152
Lowe’s Cos., Inc.		265		55,186
O’Reilly Automotive, Inc.*		46		36,448
TJX Cos., Inc. (The)		600		49,116
				377,587
Textiles, Apparel & Luxury Goods (0.2%)
NIKE, Inc., Class B		516		65,703
VF Corp.		996		30,816
				96,519
Total Consumer Discretionary				2,067,335
Consumer Staples (5.1%)
Beverages (1.4%)
Brown-Forman Corp., Class B		587		39,083
Coca-Cola Co. (The)		5,438		333,458
Constellation Brands, Inc., Class A		177		40,979
PepsiCo, Inc.		1,921		328,529
				742,049
Food & Staples Retailing (0.5%)
Costco Wholesale Corp.		158		80,760
Koninklijke Ahold Delhaize NV		2,157		64,281
Tesco plc		16,182		49,156
Walmart, Inc.		492		70,784
				264,981
Food Products (1.4%)
Archer-Daniels-Midland Co.		468		38,774
Danone SA		1,279		69,994
General Mills, Inc.		927		72,640
Mondelez International, Inc., Class A		1,715		112,229
Nestle SA (Registered)		3,107		379,152
Orkla ASA		5,015		37,456
Tyson Foods, Inc., Class A		672		44,184
				754,429
Household Products (1.3%)
Colgate-Palmolive Co.		1,065		79,374
Henkel AG & Co. KGaA (Preference)(q)		674		47,922
Kimberly-Clark Corp.		498		64,745
Procter & Gamble Co. (The)		3,150		448,497
Reckitt Benckiser Group plc		927		66,013
				706,551
Personal Products (0.4%)
Estee Lauder Cos., Inc. (The), Class A		173		47,935
Unilever plc		3,000		153,266
				201,201
Tobacco (0.1%)
Philip Morris International, Inc.		560		58,374
Total Consumer Staples				2,727,585
Energy (1.4%)
Energy Equipment & Services (0.1%)
Schlumberger Ltd.		799		45,527
Oil, Gas & Consumable Fuels (1.3%)
Chevron Corp.		492		85,618
ConocoPhillips		543		66,176
EOG Resources, Inc.		344		45,494
Exxon Mobil Corp.		1,225		142,112
Hess Corp.		289		43,396
Kinder Morgan, Inc.		3,114		56,986
Marathon Petroleum Corp.		1,316		169,132
Valero Energy Corp.		317		44,390
Woodside Energy Group Ltd.		2,147		55,733
				709,037
Total Energy				754,564
Financials (7.9%)
Banks (4.1%)
Banco Santander SA		135,320		472,171
Bank of America Corp.		9,736		345,433
Barclays plc		88,276		202,450
Citigroup, Inc.		842		43,969
Citizens Financial Group, Inc.		1,050		45,486
DBS Group Holdings Ltd.		3,600		98,551
Fifth Third Bancorp		1,301		47,213
JPMorgan Chase & Co.		791		110,708
KeyCorp		2,907		55,785
M&T Bank Corp.		259		40,404
PNC Financial Services Group, Inc. (The)		506		83,708
Societe Generale SA		9,776		290,599
Truist Financial Corp.		2,499		123,426
United Overseas Bank Ltd.		3,400		77,440
US Bancorp		2,457		122,359
Wells Fargo & Co.		1,121		52,541
				2,212,243
Capital Markets (1.6%)
Bank of New York Mellon Corp. (The)		1,168		59,066
BlackRock, Inc.		236		179,173
Blackstone, Inc., Class A		788		75,616
Charles Schwab Corp. (The)		521		40,336
CME Group, Inc.		404		71,371
Goldman Sachs Group, Inc. (The)		142		51,945
Japan Exchange Group, Inc.		2,800		42,900
Moody’s Corp.		161		51,963
Morgan Stanley		512		49,833
MSCI, Inc.		82		43,588
Partners Group Holding AG		52		48,871
S&P Global, Inc.		134		50,242
State Street Corp.		581		53,063
T. Rowe Price Group, Inc.		457		53,227
				871,194

See Notes to Portfolio of Investments.

26

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Diversified Financial Services (0.3%)
Berkshire Hathaway, Inc., Class B*		460	$	143,299
Insurance (1.9%)
Aflac, Inc.		831		61,079
Allianz SE (Registered)		612		146,001
Allstate Corp. (The)		377		48,433
American International Group, Inc.		762		48,174
Arch Capital Group Ltd.*		818		52,638
Arthur J Gallagher & Co.		245		47,951
Assicurazioni Generali SpA		3,690		71,925
AXA SA		3,116		97,136
Everest Re Group Ltd.		121		42,313
Hartford Financial Services Group, Inc. (The)		620		48,118
Marsh & McLennan Cos., Inc.		229		40,054
MetLife, Inc.		908		66,302
Tokio Marine Holdings, Inc.		3,600		75,353
Travelers Cos., Inc. (The)		332		63,452
Zurich Insurance Group AG		227		112,269
				1,021,198
Total Financials				4,247,934
Health Care (7.8%)
Biotechnology (1.2%)
AbbVie, Inc.		2,504		369,966
Amgen, Inc.		836		211,006
Gilead Sciences, Inc.		636		53,386
				634,358
Health Care Equipment & Supplies (0.8%)
Abbott Laboratories		508		56,159
Becton Dickinson and Co.		154		38,842
Boston Scientific Corp.*		906		41,903
Edwards Lifesciences Corp.*		516		39,577
Intuitive Surgical, Inc.*		157		38,573
Medtronic plc		2,056		172,067
Neogen Corp.*		900		19,269
Stryker Corp.		174		44,163
				450,553
Health Care Providers & Services (0.9%)
Centene Corp.*		472		35,985
Cigna Corp.		194		61,434
CVS Health Corp.		2,072		182,792
Elevance Health, Inc.		114		56,999
UnitedHealth Group, Inc.		229		114,314
				451,524
Life Sciences Tools & Services (0.3%)
Agilent Technologies, Inc.		284		43,191
Danaher Corp.		229		60,543
Thermo Fisher Scientific, Inc.		134		76,424
				180,158
Pharmaceuticals (4.6%)
Astellas Pharma, Inc.		3,700		54,611
Bristol-Myers Squibb Co.		3,356		243,813
Eli Lilly and Co.		253		87,070
GSK plc		5,808		101,425
Johnson & Johnson		3,461		565,597
Merck & Co., Inc.		3,532		379,372
Novartis AG (Registered)		2,659		240,482
Pfizer, Inc.		7,968		351,867
Roche Holding AG		833		260,340
Sanofi		1,532		150,545
Zoetis, Inc.		297		49,150
				2,484,272
Total Health Care				4,200,865
Industrials (4.9%)
Aerospace & Defense (1.4%)
Airbus SE		1,234		154,622
BAE Systems plc		29,951		316,538
Boeing Co. (The)*		221		47,073
General Dynamics Corp.		465		108,373
Northrop Grumman Corp.		107		47,940
Raytheon Technologies Corp.		521		52,022
				726,568
Air Freight & Logistics (0.4%)
United Parcel Service, Inc., Class B		1,192		220,794
Building Products (0.3%)
AGC, Inc.		1,000		36,825
Johnson Controls International plc		988		68,735
Trane Technologies plc		242		43,347
				148,907
Commercial Services & Supplies (0.1%)
Cintas Corp.		102		45,261
Electrical Equipment (0.5%)
ABB Ltd. (Registered)		2,680		93,323
Accelleron Industries AG*		132		3,116
Eaton Corp. plc		729		118,251
Emerson Electric Co.		727		65,590
				280,280
Industrial Conglomerates (0.6%)
3M Co.		877		100,925
General Electric Co.		652		52,473
Honeywell International, Inc.		193		40,237
Siemens AG (Registered)		977		151,792
				345,427
Machinery (0.9%)
Atlas Copco AB, Class A		7,103		84,010
Caterpillar, Inc.		188		47,431
Cummins, Inc.		395		98,568
Deere & Co.		102		43,130
Dover Corp.		392		59,517
PACCAR, Inc.		525		57,388
Parker-Hannifin Corp.		146		47,596
Volvo AB, Class A		2,698		56,046
				493,686
Marine (0.1%)
AP Moller - Maersk A/S, Class B		23		50,023
Professional Services (0.1%)
RELX plc		2,703		80,337
Road & Rail (0.2%)
Norfolk Southern Corp.		185		45,475
Union Pacific Corp.		242		49,414
				94,889
Trading Companies & Distributors (0.3%)
Mitsui & Co. Ltd.		3,200		94,556
Toyota Tsusho Corp.		1,100		46,541
				141,097
Total Industrials				2,627,269

See Notes to Portfolio of Investments.

27

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Information Technology (7.1%)
Communications Equipment (0.5%)
Cisco Systems, Inc.		5,769	$	280,777
Electronic Equipment, Instruments & Components (0.4%)
Amphenol Corp., Class A		615		49,059
Corning, Inc.		1,302		45,062
Keysight Technologies, Inc.*		281		50,397
TE Connectivity Ltd.		356		45,266
				189,784
IT Services (1.1%)
Accenture plc, Class A		214		59,716
Automatic Data Processing, Inc.		185		41,775
Fiserv, Inc.*		385		41,072
International Business Machines Corp.		1,260		169,760
Mastercard, Inc., Class A		245		90,797
Paychex, Inc.		445		51,558
PayPal Holdings, Inc.*		508		41,397
Visa, Inc., Class A		472		108,659
				604,734
Semiconductors & Semiconductor Equipment (2.1%)
Advanced Micro Devices, Inc.*		647		48,622
Analog Devices, Inc.		237		40,638
Applied Materials, Inc.		521		58,086
Broadcom, Inc.		576		336,966
Intel Corp.		6,071		171,567
KLA Corp.		107		41,995
NVIDIA Corp.		787		153,756
QUALCOMM, Inc.		392		52,218
Texas Instruments, Inc.		1,364		241,715
				1,145,563
Software (1.7%)
Adobe, Inc.*		165		61,106
Intuit, Inc.		129		54,524
Microsoft Corp.		2,345		581,115
Oracle Corp.		500		44,230
Roper Technologies, Inc.		85		36,274
Salesforce, Inc.*		389		65,340
ServiceNow, Inc.*		102		46,423
				889,012
Technology Hardware, Storage & Peripherals (1.3%)
Apple, Inc.		4,360		629,104
Hewlett Packard Enterprise Co.		2,857		46,084
HP, Inc.		1,414		41,204
				716,392
Total Information Technology				3,826,262
Materials (2.5%)
Chemicals (0.9%)
Air Products and Chemicals, Inc.		278		89,102
BASF SE		1,727		98,420
Dow, Inc.		961		57,035
International Flavors & Fragrances, Inc.		379		42,622
Linde plc		158		52,289
LyondellBasell Industries NV, Class A		472		45,638
Mitsui Chemicals, Inc.		2,800		65,899
Sherwin-Williams Co. (The)		189		44,715
				495,720
Containers & Packaging (0.2%)
Amcor plc		4,090		49,326
International Paper Co.		1,087		45,458
				94,784
Metals & Mining (1.4%)
Anglo American plc		1,523		65,648
BHP Group Ltd.		6,231		218,425
Fortescue Metals Group Ltd.		2,998		47,557
Freeport-McMoRan, Inc.		994		44,352
Rio Tinto Ltd.		915		82,419
Rio Tinto plc		1,209		94,515
South32 Ltd.		60,400		195,173
				748,089
Total Materials				1,338,593
Real Estate (0.6%)
Equity Real Estate Investment Trusts (REITs) (0.5%)
American Tower Corp. (REIT)		173		38,646
AvalonBay Communities, Inc. (REIT)		292		51,813
Camden Property Trust (REIT)		456		56,184
Equity Residential (REIT)		703		44,746
Healthpeak Properties, Inc. (REIT)		1,965		53,998
Prologis, Inc. (REIT)		368		47,575
				292,962
Real Estate Management & Development (0.1%)
Hang Lung Properties Ltd.		29,000		54,587
Total Real Estate				347,549
Utilities (2.0%)
Electric Utilities (1.1%)
Alliant Energy Corp.		930		50,248
American Electric Power Co., Inc.		733		68,873
Duke Energy Corp.		866		88,722
Evergy, Inc.		667		41,787
Eversource Energy		528		43,470
Exelon Corp.		835		35,229
Fortis, Inc.		1,844		75,767
Iberdrola SA		7,965		93,142
NextEra Energy, Inc.		448		33,434
Xcel Energy, Inc.		838		57,629
				588,301
Independent Power and Renewable Electricity Producers (0.1%)
RWE AG		1,109		49,222
Multi-Utilities (0.8%)
CMS Energy Corp.		762		48,151
Consolidated Edison, Inc.		616		58,711
DTE Energy Co.		755		87,859
National Grid plc		5,559		70,710
NiSource, Inc.		1,833		50,866
Public Service Enterprise Group, Inc.		780		48,305
Sempra Energy		410		65,735
				430,337
Total Utilities				1,067,860
Total Common Stocks (46.4%) (Cost $24,099,716)				24,911,539

See Notes to Portfolio of Investments.

28

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS:
Investment Company (0.2%)
Dreyfus Treasury Obligations Cash Management Fund(xx)		100,000	$	100,000
	Principal Amount
Repurchase Agreement (0.7%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23,due 2/1/23, repurchase price $377,535, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $385,040.(xx)	$	377,490		377,490
Total Short-Term Investments (0.9%) (Cost $477,490)				477,490
Total Investments in Securities (96.6%) (Cost $50,736,770)				51,829,310
Other Assets Less Liabilities (3.4%)				1,803,375
Net Assets (100%)			$	53,632,685

* Non-income producing.

† Percent shown is less than 0.05%.

§ Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2023, the market value of these securities amounted to $13,626,531 or 25.4% of net assets.

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

(k) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2023.

(l) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2023.

(m) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At January 31, 2023, the market value or fair value, as applicable, of these securities amounted to $1,641,800 or 3.1% of net assets.

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

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

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

(y) Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of January 31, 2023.

Glossary:

CLO — Collateralized Loan Obligation

ICE — Intercontinental Exchange

IDR — Indonesian Rupiah

MXN — Mexican Peso

SOFR — Secured Overnight Financing Rate

USD — United States Dollar

ZAR — South African Rand

See Notes to Portfolio of Investments.

29

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

Country Diversification

As a Percentage of Total Net Assets

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

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

Description	Counterparty		Number of Contracts		Notional Amount				Exercise Price		Expiration Date		Value ($)
S&P 500 Index		Exchange Traded		18		USD	(1,800	)		USD 3,920.00		2/17/2023		(316,260	)
S&P 500 Index		Exchange Traded		6		USD	(600	)		USD 3,975.00		2/17/2023		(70,662	)
Total Written Options Contracts (Premiums Received ($203,292))														(386,922	)

See Notes to Portfolio of Investments.

30

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	—		$	907,606		$	—	$	907,606
Collateralized Mortgage Obligations		—			3			—		3
Common Stocks
Communication Services		1,182,554			523,169			—		1,705,723
Consumer Discretionary		1,619,132			448,203			—		2,067,335
Consumer Staples		1,860,345			867,240			—		2,727,585
Energy		698,831			55,733			—		754,564
Financials		2,512,268			1,735,666			—		4,247,934
Health Care		3,393,462			807,403			—		4,200,865
Industrials		1,459,540			1,167,729			—		2,627,269
Information Technology		3,826,262			—			—		3,826,262
Materials		470,537			868,056			—		1,338,593
Real Estate		292,962			54,587			—		347,549
Utilities		854,786			213,074			—		1,067,860
Convertible Bonds
Communication Services		—			51,744			—		51,744
Consumer Discretionary		—			119,102			—		119,102
Consumer Staples		—			77,722			—		77,722
Industrials		—			262,146			—		262,146
Information Technology		—			55,825			—		55,825
Convertible Preferred Stock
Financials		262,920			—			—		262,920
Corporate Bonds
Communication Services		—			1,357,929			—		1,357,929
Consumer Discretionary		—			2,660,526			—		2,660,526
Consumer Staples		—			500,209			—		500,209
Energy		—			3,132,454			—		3,132,454
Financials		—			7,800,714			—		7,800,714
Health Care		—			333,420			—		333,420
Industrials		—			2,070,863			—		2,070,863
Information Technology		—			1,741,067			—		1,741,067
Materials		—			1,426,465			—		1,426,465
Real Estate		—			262,229			—		262,229
Utilities		—			838,669			—		838,669
Foreign Government Securities		—			2,578,668			—		2,578,668
Short-Term Investments
Investment Company		100,000			—			—		100,000
Repurchase Agreement		—			377,490			—		377,490
Total Assets	$	18,533,599		$	33,295,711		$	—	$	51,829,310
Liabilities:
Options Written
Call Options Written	$	(70,662	)	$	(316,260	)	$	—	$	(386,922	)
Total Liabilities	$	(70,662	)	$	(316,260	)	$	—	$	(386,922	)
Total	$	18,462,937		$	32,979,451		$	—	$	51,442,388

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,803,805
Aggregate gross unrealized depreciation		(966,746	)
Net unrealized appreciation	$	837,059
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	50,605,329

See Notes to Portfolio of Investments.

31

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Alternatives (36.7%)
IQ Merger Arbitrage ETF*		66,760	$	2,108,281
ProShares Long Online/Short Stores ETF*‡		23,310		851,048
ProShares RAFI Long/Short, Escrow Shares(r)*		19,010		—
WisdomTree Managed Futures Strategy Fund		53,880		1,751,100
Total Alternatives				4,710,429
Commodity (15.5%)
Invesco DB Agriculture Fund		24,790		501,502
Invesco DB Energy Fund		20,730		456,682
Invesco DB Gold Fund		9,260		497,234
Invesco DB Precious Metals Fund		10,790		540,449
Total Commodity				1,995,867
Equity (17.9%)
iShares Core US REIT ETF(x)		15,520		849,565
JPMorgan Equity Premium Income ETF(x)		11,800		654,546
Vanguard Global ex-U.S. Real Estate ETF(x)		17,910		790,816
Total Equity				2,294,927
Fixed Income (29.9%)
iShares Convertible Bond ETF		25,390		1,871,497
Vanguard Short-Term Inflation- Protected Securities ETF		41,760		1,966,061
Total Fixed Income				3,837,558
Total Exchange Traded Funds (100.0%) (Cost $14,053,604)				12,838,781
SHORT-TERM INVESTMENTS:
Investment Company (1.5%)
Dreyfus Treasury Obligations Cash Management Fund (xx)		200,000		200,000
	Principal Amount
Repurchase Agreement (5.2%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $664,643, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $677,855. (xx)	$	664,564		664,564
Total Short-Term Investments (6.7%) (Cost $864,564)				864,564
Total Investments in Securities (106.7%) (Cost $14,918,168)				13,703,345
Other Assets Less Liabilities (-6.7%)				(858,827	)
Net Assets (100%)			$	12,844,518

See Notes to Portfolio of Investments.

32

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

* Non-income producing.

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

(r) Fair value determined using significant unobservable inputs. (x) All or a portion of security is on loan at January 31, 2023.

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

Glossary:

REIT — Real Estate Investment Trust

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

Security Description	Shares at January 31, 2023		Market Value October 31, 2022 ($)		Purchases at Cost ($)		Proceeds from Sales ($)			Net Realized Gain (Loss) ($)			Change in Unrealized Appreciation/ (Depreciation) ($)		Market Value January 31, 2023 ($)		Dividend/Interest Income ($)		Capital Gain Distributions ($)
EXCHANGE TRADED FUNDS (ETF):
Alternatives
ProShares Long Online/Short Stores ETF*		23,310		739,937		—		(63,087	)		(80,924	)		255,122		851,048		—		—

See Notes to Portfolio of Investments.

33

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	12,838,781	$	—	$	—	(a)	$	12,838,781
Short-Term Investments
Investment Company		200,000		—		—			200,000
Repurchase Agreement		—		664,564		—			664,564
Total Assets	$	13,038,781	$	664,564	$	—		$	13,703,345
Total Liabilities	$	—	$	—	$	—		$	—
Total	$	13,038,781	$	664,564	$	—		$	13,703,345

(a) Value is zero.

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	328,146
Aggregate gross unrealized depreciation		(1,682,904	)
Net unrealized depreciation	$	(1,354,758	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	15,058,103

See Notes to Portfolio of Investments.

34

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (46.7%)
Invesco S&P 500 Low Volatility ETF		6,930	$	442,273
Invesco S&P Emerging Markets Low Volatility ETF		1,480		35,491
Invesco S&P International Developed Low Volatility ETF		8,670		242,760
Invesco S&P MidCap Low Volatility ETF		4,430		247,327
Invesco S&P SmallCap Low Volatility ETF		2,100		98,346
iShares Core MSCI EAFE ETF		7,260		486,928
iShares Core MSCI Emerging Markets ETF		1,500		76,305
iShares Core S&P Total US Stock Market ETF		15,190		1,377,277
iShares MSCI EAFE Min Vol Factor ETF		3,640		243,225
iShares MSCI Emerging Markets Min Vol Factor ETF		720		39,456
iShares MSCI USA Min Vol Factor ETF(x)		5,980		437,736
SPDR SSGA US Small Cap Low Volatility Index ETF		870		98,624
Total Equity				3,825,748
Fixed Income (53.2%)
iShares Broad USD High Yield Corporate Bond ETF		9,090		325,331
iShares Core U.S. Aggregate Bond ETF		25,130		2,518,529
iShares TIPS Bond ETF		5,990		650,813
Vanguard Short-Term Bond ETF		6,830		520,514
Vanguard Total International Bond ETF		6,920		335,966
Total Fixed Income				4,351,153
Total Exchange Traded Funds (99.9%) (Cost $8,275,487)				8,176,901
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (4.9%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $398,315, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $406,233. (xx)	$	398,268		398,268
Total Short-Term Investment (4.9%) (Cost $398,268)				398,268
Total Investments in Securities (104.8%) (Cost $8,673,755)				8,575,169
Other Assets Less Liabilities (-4.8%)				(389,397	)
Net Assets (100%)			$	8,185,772

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

35

1290 FUNDS

1290 RETIREMENT 2020 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

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

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

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	8,176,901	$	—	$	—	$	8,176,901
Short-Term Investment
Repurchase Agreement		—		398,268		—		398,268
Total Assets	$	8,176,901	$	398,268	$	—	$	8,575,169
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	8,176,901	$	398,268	$	—	$	8,575,169

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	504,576
Aggregate gross unrealized depreciation		(662,716	)
Net unrealized depreciation	$	(158,140	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	8,733,309

See Notes to Portfolio of Investments.

36

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (56.8%)
Invesco S&P 500 Low Volatility ETF		17,340	$	1,106,639
Invesco S&P Emerging Markets Low Volatility ETF		6,180		148,196
Invesco S&P International Developed Low Volatility ETF		22,610		633,080
Invesco S&P MidCap Low Volatility ETF		11,750		656,002
Invesco S&P SmallCap Low Volatility ETF(x)		6,550		306,747
iShares Core MSCI EAFE ETF		19,770		1,325,974
iShares Core MSCI Emerging Markets ETF		5,810		295,555
iShares Core S&P Total US Stock Market ETF		38,190		3,462,687
iShares MSCI EAFE Min Vol Factor ETF		9,440		630,781
iShares MSCI Emerging Markets Min Vol Factor ETF		2,610		143,028
iShares MSCI USA Min Vol Factor ETF		14,720		1,077,504
SPDR SSGA US Small Cap Low Volatility Index ETF		2,660		301,541
Total Equity				10,087,734
Fixed Income (42.5%)
iShares Broad USD High Yield Corporate Bond ETF		11,880		425,185
iShares Core U.S. Aggregate Bond ETF		49,570		4,967,905
iShares TIPS Bond ETF		10,160		1,103,884
Vanguard Short-Term Bond ETF		7,620		580,720
Vanguard Total International Bond ETF		9,530		462,682
Total Fixed Income				7,540,376
Total Exchange Traded Funds (99.3%) (Cost $17,328,164)				17,628,110
SHORT-TERM INVESTMENTS:
Investment Company (0.3%)
JPMorgan Prime Money Market Fund, IM Shares		63,496		63,534
	Principal Amount
Repurchase Agreement (0.3%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $48,252, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $49,211. (xx)	$	48,246		48,246
Total Short-Term Investments (0.6%) (Cost $111,778)				111,780
Total Investments in Securities (99.9%) (Cost $17,439,942)				17,739,890
Other Assets Less Liabilities (0.1%)				19,142
Net Assets (100%)			$	17,759,032

See Notes to Portfolio of Investments.

37

1290 FUNDS

1290 RETIREMENT 2025 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

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

(xx) At January 31, 2023, the Fund had loaned securities with a total value of $48,331. This was collateralized by cash of $48,246 which was subsequently invested in joint repurchase agreements.

Glossary:

TIPS — Treasury Inflation Protected Security

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	17,628,110	$	—	$	—	$	17,628,110
Short-Term Investments
Investment Company		63,534		—		—		63,534
Repurchase Agreement		—		48,246		—		48,246
Total Assets	$	17,691,644	$	48,246	$	—	$	17,739,890
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	17,691,644	$	48,246	$	—	$	17,739,890

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,406,833
Aggregate gross unrealized depreciation		(1,248,250	)
Net unrealized appreciation	$	158,583
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	17,581,307

See Notes to Portfolio of Investments.

38

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (65.3%)
Invesco S&P 500 Low Volatility ETF		10,920	$	696,914
Invesco S&P Emerging Markets Low Volatility ETF		3,790		90,884
Invesco S&P International Developed Low Volatility ETF		14,180		397,040
Invesco S&P MidCap Low Volatility ETF		7,110		396,951
Invesco S&P SmallCap Low Volatility ETF		3,680		172,340
iShares Core MSCI EAFE ETF		12,290		824,291
iShares Core MSCI Emerging Markets ETF		3,790		192,797
iShares Core S&P Total US Stock Market ETF		24,380		2,210,535
iShares MSCI EAFE Min Vol Factor ETF		5,930		396,243
iShares MSCI Emerging Markets Min Vol Factor ETF		1,690		92,612
iShares MSCI USA Min Vol Factor ETF		9,520		696,864
SPDR SSGA US Small Cap Low Volatility Index ETF		1,560		176,844
Total Equity				6,344,315
Fixed Income (32.4%)
iShares Broad USD High Yield Corporate Bond ETF		2,120		75,875
iShares Core U.S. Aggregate Bond ETF		24,290		2,434,344
iShares TIPS Bond ETF		4,390		476,974
Vanguard Short-Term Bond ETF		1,200		91,452
Vanguard Total International Bond ETF		1,490		72,339
Total Fixed Income				3,150,984
Total Exchange Traded Funds (97.7%) (Cost $9,732,307)				9,495,299
SHORT-TERM INVESTMENT:
Investment Company (0.1%)
JPMorgan Prime Money Market Fund, IM Shares		13,936		13,944
Total Short-Term Investment (0.1%) (Cost $13,945)				13,944
Total Investments in Securities (97.8%) (Cost $9,746,252)				9,509,243
Other Assets Less Liabilities (2.2%)				205,540
Net Assets (100%)			$	9,714,783

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

39

1290 FUNDS

1290 RETIREMENT 2030 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	9,495,299	$	—	$	—	$	9,495,299
Short-Term Investment
Investment Company		13,944		—		—		13,944
Total Assets	$	9,509,243	$	—	$	—	$	9,509,243
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	9,509,243	$	—	$	—	$	9,509,243

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	244,317
Aggregate gross unrealized depreciation		(513,222	)
Net unrealized depreciation	$	(268,905	)
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	9,778,148

See Notes to Portfolio of Investments.

40

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (73.4%)
Invesco S&P 500 Low Volatility ETF		13,650	$	871,143
Invesco S&P Emerging Markets Low Volatility ETF		4,800		115,104
Invesco S&P International Developed Low Volatility ETF		18,760		525,280
Invesco S&P MidCap Low Volatility ETF		9,240		515,869
Invesco S&P SmallCap Low Volatility ETF(x)		4,960		232,285
iShares Core MSCI EAFE ETF		15,680		1,051,658
iShares Core MSCI Emerging Markets ETF		4,890		248,754
iShares Core S&P Total US Stock Market ETF		31,350		2,842,505
iShares MSCI EAFE Min Vol Factor ETF		7,860		525,205
iShares MSCI Emerging Markets Min Vol Factor ETF		2,150		117,820
iShares MSCI USA Min Vol Factor ETF		12,210		893,772
SPDR SSGA US Small Cap Low Volatility Index ETF		2,140		242,593
Total Equity				8,181,988
Fixed Income (26.4%)
iShares Core U.S. Aggregate Bond ETF		24,960		2,501,491
iShares TIPS Bond ETF		4,000		434,600
Total Fixed Income				2,936,091
Total Exchange Traded Funds (99.8%) (Cost $10,469,759)				11,118,079
SHORT-TERM INVESTMENT:
Investment Company (0.2%)
Dreyfus Treasury Obligations Cash Management Fund (xx)		21,879		21,879
Total Short-Term Investment (0.2%) (Cost $21,879)				21,879
Total Investments in Securities (100.0%) (Cost $10,491,638)				11,139,958
Other Assets Less Liabilities (0.0%)†				2,110
Net Assets (100%)			$	11,142,068

† Percent shown is less than 0.05%.

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

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

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

41

1290 FUNDS

1290 RETIREMENT 2035 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	11,118,079	$	—	$	—	$	11,118,079
Short-Term Investment
Investment Company		21,879		—		—		21,879
Total Assets	$	11,139,958	$	—	$	—	$	11,139,958
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	11,139,958	$	—	$	—	$	11,139,958

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,096,043
Aggregate gross unrealized depreciation		(506,364	)
Net unrealized appreciation	$	589,679
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	10,550,279

See Notes to Portfolio of Investments.

42

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (78.5%)
Invesco S&P 500 Low Volatility ETF		8,790	$	560,977
Invesco S&P Emerging Markets Low Volatility ETF		2,940		70,501
Invesco S&P International Developed Low Volatility ETF		11,050		309,400
Invesco S&P MidCap Low Volatility ETF(x)		5,730		319,906
Invesco S&P SmallCap Low Volatility ETF		2,970		139,090
iShares Core MSCI EAFE ETF		9,240		619,727
iShares Core MSCI Emerging Markets ETF		2,740		139,384
iShares Core S&P Total US Stock Market ETF		19,340		1,753,558
iShares MSCI EAFE Min Vol Factor ETF		4,590		306,704
iShares MSCI Emerging Markets Min Vol Factor ETF		1,270		69,596
iShares MSCI USA Min Vol Factor ETF(x)		7,590		555,588
SPDR SSGA US Small Cap Low Volatility Index ETF(x)		1,260		142,835
Total Equity				4,987,266
Fixed Income (21.3%)
iShares Core U.S. Aggregate Bond ETF		11,430		1,145,515
iShares TIPS Bond ETF		1,890		205,348
Total Fixed Income				1,350,863
Total Exchange Traded Funds (99.8%) (Cost $5,805,339)				6,338,129
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (8.2%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $522,481, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $532,867. (xx)	$	522,419		522,419
Total Short-Term Investment (8.2%) (Cost $522,419)				522,419
Total Investments in Securities (108.0%) (Cost $6,327,758)				6,860,548
Other Assets Less Liabilities (-8.0%)				(507,502	)
Net Assets (100%)			$	6,353,046

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

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

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

43

1290 FUNDS

1290 RETIREMENT 2040 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	6,338,129	$	—	$	—	$	6,338,129
Short-Term Investment
Repurchase Agreement		—		522,419		—		522,419
Total Assets	$	6,338,129	$	522,419	$	—	$	6,860,548
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	6,338,129	$	522,419	$	—	$	6,860,548

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	712,201
Aggregate gross unrealized depreciation		(191,968	)
Net unrealized appreciation	$	520,233
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,340,315

See Notes to Portfolio of Investments.

44

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (83.1%)
Invesco S&P 500 Low Volatility ETF		11,320	$	722,442
Invesco S&P Emerging Markets Low Volatility ETF		4,020		96,400
Invesco S&P International Developed Low Volatility ETF		14,240		398,720
Invesco S&P MidCap Low Volatility ETF		7,460		416,492
Invesco S&P SmallCap Low Volatility ETF(x)		3,850		180,302
iShares Core MSCI EAFE ETF		11,910		798,804
iShares Core MSCI Emerging Markets ETF		3,480		177,027
iShares Core S&P Total US Stock Market ETF		25,480		2,310,272
iShares MSCI EAFE Min Vol Factor ETF		5,950		397,579
iShares MSCI Emerging Markets Min Vol Factor ETF		1,580		86,584
iShares MSCI USA Min Vol Factor ETF(x)		10,000		732,000
SPDR SSGA US Small Cap Low Volatility Index ETF		1,640		185,912
Total Equity				6,502,534
Fixed Income (16.6%)
iShares Core U.S. Aggregate Bond ETF		10,960		1,098,411
iShares TIPS Bond ETF		1,830		198,830
Total Fixed Income				1,297,241
Total Exchange Traded Funds (99.7%) (Cost $6,918,454)				7,799,775
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (0.3%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $25,916, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $26,431. (xx)	$	25,913		25,913
Total Short-Term Investment (0.3%) (Cost $25,913)				25,913
Total Investments in Securities (100.0%) (Cost $6,944,367)				7,825,688
Other Assets Less Liabilities (0.0%)†				(370	)
Net Assets (100%)			$	7,825,318

† Percent shown is less than 0.05%.

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

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

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

45

1290 FUNDS

1290 RETIREMENT 2045 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	7,799,775	$	—	$	—	$	7,799,775
Short-Term Investment
Repurchase Agreement		—		25,913		—		25,913
Total Assets	$	7,799,775	$	25,913	$	—	$	7,825,688
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	7,799,775	$	25,913	$	—	$	7,825,688

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,079,674
Aggregate gross unrealized depreciation		(200,836	)
Net unrealized appreciation	$	878,838
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,946,850

See Notes to Portfolio of Investments.

46

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (87.5%)
Invesco S&P 500 Low Volatility ETF		11,630	$	742,227
Invesco S&P Emerging Markets Low Volatility ETF		3,580		85,848
Invesco S&P International Developed Low Volatility ETF		14,630		409,640
Invesco S&P MidCap Low Volatility ETF(x)		7,030		392,485
Invesco S&P SmallCap Low Volatility ETF(x)		3,620		169,530
iShares Core MSCI EAFE ETF		12,270		822,949
iShares Core MSCI Emerging Markets ETF		3,820		194,324
iShares Core S&P Total US Stock Market ETF		25,250		2,289,418
iShares MSCI EAFE Min Vol Factor ETF		6,210		414,952
iShares MSCI Emerging Markets Min Vol Factor ETF		1,600		87,680
iShares MSCI USA Min Vol Factor ETF		9,990		731,268
SPDR SSGA US Small Cap Low Volatility Index ETF		1,490		168,908
Total Equity				6,509,229
Fixed Income (11.7%)
iShares Core U.S. Aggregate Bond ETF		7,350		736,617
iShares TIPS Bond ETF		1,210		131,466
Total Fixed Income				868,083
Total Exchange Traded Funds (99.2%) (Cost $6,479,640)				7,377,312
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (2.4%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $180,180, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $183,762. (xx)	$	180,159		180,159
Total Short-Term Investment (2.4%) (Cost $180,159)				180,159
Total Investments in Securities (101.6%) (Cost $6,659,799)				7,557,471
Other Assets Less Liabilities (-1.6%)				(119,946	)
Net Assets (100%)			$	7,437,525

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

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

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

47

1290 FUNDS

1290 RETIREMENT 2050 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Exchange Traded Funds
Exchange Traded Funds	$	7,377,312	$	—	$	—	$	7,377,312
Short-Term Investment
Repurchase Agreement		—		180,159		—		180,159
Total Assets	$	7,377,312	$	180,159	$	—	$	7,557,471
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	7,377,312	$	180,159	$	—	$	7,557,471

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	989,273
Aggregate gross unrealized depreciation		(133,479	)
Net unrealized appreciation	$	855,794
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	6,701,677

See Notes to Portfolio of Investments.

48

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (92.4%)
Invesco S&P 500 Low Volatility ETF		9,390	$	599,270
Invesco S&P Emerging Markets Low Volatility ETF		2,950		70,741
Invesco S&P International Developed Low Volatility ETF		11,220		314,160
Invesco S&P MidCap Low Volatility ETF		5,610		313,206
Invesco S&P SmallCap Low Volatility ETF(x)		3,050		142,836
iShares Core MSCI EAFE ETF		9,540		639,848
iShares Core MSCI Emerging Markets ETF		2,880		146,506
iShares Core S&P Total US Stock Market ETF		20,160		1,827,908
iShares MSCI EAFE Min Vol Factor ETF		4,690		313,385
iShares MSCI Emerging Markets Min Vol Factor ETF		1,240		67,952
iShares MSCI USA Min Vol Factor ETF		8,090		592,188
SPDR SSGA US Small Cap Low Volatility Index ETF		1,240		140,568
Total Equity				5,168,568
Fixed Income (6.9%)
iShares Core U.S. Aggregate Bond ETF		3,270		327,720
iShares TIPS Bond ETF		540		58,671
Total Fixed Income				386,391
Total Exchange Traded Funds (99.3%) (Cost $4,593,037)				5,554,959
	Principal Amount
SHORT-TERM INVESTMENT:
Repurchase Agreement (2.1%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $118,726, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $121,086. (xx)	$	118,711		118,711
Total Short-Term Investment (2.1%) (Cost $118,711)				118,711
Total Investments in Securities (101.4%) (Cost $4,711,748)				5,673,670
Other Assets Less Liabilities (-1.4%)				(79,136	)
Net Assets (100%)			$	5,594,534

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

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

Glossary:

TIPS — Treasury Inflation Protected Security

See Notes to Portfolio of Investments.

49

1290 FUNDS

1290 RETIREMENT 2055 FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	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	$	5,554,959	$	—	$	—	$	5,554,959
Short-Term Investment
Repurchase Agreement		—		118,711		—		118,711
Total Assets	$	5,554,959	$	118,711	$	—	$	5,673,670
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,554,959	$	118,711	$	—	$	5,673,670

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	1,022,347
Aggregate gross unrealized depreciation		(60,711	)
Net unrealized appreciation	$	961,636
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	4,712,034

See Notes to Portfolio of Investments.

50

1290 FUNDS

1290 RETIREMENT 2060 FUND

PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Equity (97.3%)
Invesco S&P 500 Low Volatility ETF		9,080	$	579,486
Invesco S&P Emerging Markets Low Volatility ETF		3,090		74,098
Invesco S&P International Developed Low Volatility ETF		11,400		319,200
Invesco S&P MidCap Low Volatility ETF		5,790		323,256
Invesco S&P SmallCap Low Volatility ETF		3,120		146,115
iShares Core MSCI EAFE ETF		10,060		674,724
iShares Core MSCI Emerging Markets ETF		3,040		154,645
iShares Core S&P Total US Stock Market ETF		20,830		1,888,656
iShares MSCI EAFE Min Vol Factor ETF		4,870		325,413
iShares MSCI Emerging Markets Min Vol Factor ETF		1,220		66,856
iShares MSCI USA Min Vol Factor ETF		8,190		599,508
SPDR SSGA US Small Cap Low Volatility Index ETF		1,330		150,770
Total Equity				5,302,727
Fixed Income (1.9%)
iShares Core U.S. Aggregate Bond ETF		900		90,198
iShares TIPS Bond ETF		110		11,952
Total Fixed Income				102,150
Total Investments in Securities (99.2%) (Cost $4,544,670)				5,404,877
Other Assets Less Liabilities (0.8%)				40,985
Net Assets (100%)			$	5,445,862

Glossary:

TIPS — Treasury Inflation Protected Security

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	5,404,877	$	—	$	—	$	5,404,877
Total Assets	$	5,404,877	$	—	$	—	$	5,404,877
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	5,404,877	$	—	$	—	$	5,404,877

See Notes to Portfolio of Investments.

51

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PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	885,879
Aggregate gross unrealized depreciation		(36,953	)
Net unrealized appreciation	$	848,926
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	4,555,951

See Notes to Portfolio of Investments.

52

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PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (5.3%)
Diversified Telecommunication Services (2.0%)
AT&T, Inc.		28,500	$	580,545
Deutsche Telekom AG (Registered)		30,359		675,421
Nippon Telegraph & Telephone Corp.		8,500		254,527
Spark New Zealand Ltd.		84,881		286,225
Swisscom AG (Registered)		922		544,847
Telenor ASA		17,872		186,989
Verizon Communications, Inc.		19,800		823,086
				3,351,640
Interactive Media & Services (1.6%)
Alphabet, Inc., Class A*		27,600		2,727,984
Media (1.1%)
Charter Communications, Inc., Class A*		2,563		984,987
Comcast Corp., Class A		18,100		712,235
Quebecor, Inc., Class B		8,300		196,872
				1,894,094
Wireless Telecommunication Services (0.6%)
KDDI Corp.		7,000		218,710
Rogers Communications, Inc., Class B		4,800		233,371
Tele2 AB, Class B		44,504		384,658
T-Mobile US, Inc.*		1,018		151,998
				988,737
Total Communication Services				8,962,455
Consumer Discretionary (5.8%)
Auto Components (0.2%)
Bridgestone Corp.		8,900		333,039
Automobiles (0.9%)
Bayerische Motoren Werke AG		4,953		501,738
Tesla, Inc.*		3,902		675,905
Toyota Motor Corp.(x)		23,300		338,051
				1,515,694
Distributors (0.2%)
Genuine Parts Co.		1,000		167,820
LKQ Corp.		2,700		159,192
				327,012
Hotels, Restaurants & Leisure (0.1%)
Aristocrat Leisure Ltd.		8,814		212,462
Household Durables (0.2%)
Sekisui House Ltd.(x)		17,200		324,829
Internet & Direct Marketing Retail (0.7%)
Amazon.com, Inc.*		11,700		1,206,621
Multiline Retail (0.7%)
Dollar General Corp.		1,700		397,120
Target Corp.		2,700		464,778
Wesfarmers Ltd.		10,269		362,352
				1,224,250
Specialty Retail (2.2%)
AutoZone, Inc.*		200		487,770
Home Depot, Inc. (The)		4,200		1,361,514
Lowe’s Cos., Inc.		4,100		853,825
O’Reilly Automotive, Inc.*		523		414,399
TJX Cos., Inc. (The)		4,500		368,370
Tractor Supply Co.		1,400		319,186
				3,805,064
Textiles, Apparel & Luxury Goods (0.6%)
Kering SA		311		194,156
Lululemon Athletica, Inc.*		497		152,519
LVMH Moet Hennessy Louis Vuitton SE		258		225,385
Pandora A/S		5,266		438,476
				1,010,536
Total Consumer Discretionary				9,959,507
Consumer Staples (10.8%)
Beverages (3.0%)
Brown-Forman Corp., Class B		3,900		259,662
Carlsberg A/S, Class B		1,112		157,330
Coca-Cola Co. (The)		26,300		1,612,716
Diageo plc		7,117		309,217
Heineken NV		4,730		471,372
Keurig Dr Pepper, Inc.		10,132		357,457
Monster Beverage Corp.*		1,657		172,460
PepsiCo, Inc.		9,900		1,693,098
				5,033,312
Food & Staples Retailing (1.8%)
Coles Group Ltd.		17,307		217,611
Costco Wholesale Corp.		2,168		1,108,152
Koninklijke Ahold Delhaize NV		14,652		436,646
Loblaw Cos. Ltd.		2,300		206,050
Walmart, Inc.		7,100		1,021,477
Woolworths Group Ltd.		6,609		169,030
				3,158,966
Food Products (3.1%)
Archer-Daniels-Midland Co.		8,100		671,085
Danone SA		5,704		312,154
General Mills, Inc.		11,700		916,812
Hershey Co. (The)		3,500		786,100
J M Smucker Co. (The)		1,000		152,800
Kellogg Co.		7,700		528,066
Mondelez International, Inc., Class A		11,400		746,016
Nestle SA (Registered)		9,488		1,157,834
				5,270,867
Household Products (2.2%)
Clorox Co. (The)		1,600		231,504
Colgate-Palmolive Co.		12,800		953,984
Henkel AG & Co. KGaA (Preference)(q)		3,969		282,196
Kimberly-Clark Corp.		4,800		624,048
Procter & Gamble Co. (The)		11,800		1,680,084
				3,771,816
Personal Products (0.7%)
Beiersdorf AG		2,994		363,283
L’Oreal SA		776		320,552
Unilever plc (Cboe Europe)		4,078		206,776
Unilever plc (London Stock Exchange)		5,289		270,209
				1,160,820
Total Consumer Staples				18,395,781
Energy (1.7%)
Oil, Gas & Consumable Fuels (1.7%)
Chevron Corp.		1,900		330,638
Enbridge, Inc.		25,900		1,060,488
ENEOS Holdings, Inc.		64,400		229,382
Equinor ASA		16,118		489,650
Exxon Mobil Corp.		3,400		394,434
OMV AG		2,887		144,087
TC Energy Corp.		4,600		198,202
Total Energy				2,846,881

See Notes to Portfolio of Investments.

53

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PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Financials (17.6%)
Banks (6.5%)
Bank Hapoalim BM		42,421	$	381,602
Bank of America Corp.		22,500		798,300
Bank of Montreal(x)		6,400		644,064
Bank of Nova Scotia (The)(x)		17,700		958,198
Canadian Imperial Bank of Commerce		9,000		410,853
Commonwealth Bank of Australia		2,502		195,386
DBS Group Holdings Ltd.		11,000		301,128
Israel Discount Bank Ltd., Class A		31,153		159,177
JPMorgan Chase & Co.		11,100		1,553,556
Mitsubishi UFJ Financial Group, Inc.		48,200		353,785
National Bank of Canada		6,200		465,740
Nordea Bank Abp (Aquis Stock Exchange)		23,265		271,950
Nordea Bank Abp (Turquoise Stock Exchange)		13,972		162,937
Oversea-Chinese Banking Corp. Ltd.		22,500		222,048
PNC Financial Services Group, Inc. (The)		2,700		446,661
Royal Bank of Canada(x)		14,400		1,473,604
Sumitomo Mitsui Financial Group, Inc.		10,000		435,143
Toronto-Dominion Bank (The)		18,700		1,293,842
United Overseas Bank Ltd.		27,600		628,631
				11,156,605
Capital Markets (2.8%)
ASX Ltd.		7,512		367,814
Bank of New York Mellon Corp. (The)		4,300		217,451
BlackRock, Inc.		400		303,684
CME Group, Inc.		1,900		335,654
Deutsche Boerse AG		2,051		366,492
Goldman Sachs Group, Inc. (The)		1,000		365,810
Hong Kong Exchanges & Clearing Ltd.		4,900		220,236
Intercontinental Exchange, Inc.		2,600		279,630
Moody’s Corp.		1,700		548,675
MSCI, Inc.		700		372,092
Northern Trust Corp.		4,200		407,274
S&P Global, Inc.		2,100		787,374
TMX Group Ltd.		1,900		187,265
				4,759,451
Consumer Finance (0.4%)
American Express Co.		3,900		682,227
Diversified Financial Services (0.7%)
Berkshire Hathaway, Inc., Class B*		3,900		1,214,928
Insurance (7.2%)
Admiral Group plc		5,511		149,493
Aflac, Inc.		8,800		646,800
Allianz SE (Registered)		3,356		800,618
American Financial Group, Inc.		1,000		142,590
American International Group, Inc.		5,400		341,388
Arthur J Gallagher & Co.		3,100		606,732
Assicurazioni Generali SpA		20,746		404,380
Chubb Ltd.		2,400		545,976
Dai-ichi Life Holdings, Inc.		9,200		215,952
Hannover Rueck SE		1,052		213,090
Hartford Financial Services Group, Inc. (The)		2,600		201,786
Intact Financial Corp.		3,000		435,226
Loews Corp.		5,300		325,844
Manulife Financial Corp.		23,400		463,058
Marsh & McLennan Cos., Inc.		7,000		1,224,370
MetLife, Inc.		3,300		240,966
MS&AD Insurance Group Holdings, Inc.		8,500		273,289
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		1,959		705,554
NN Group NV		6,875		298,573
Sampo OYJ, Class A		10,515		551,618
Sompo Holdings, Inc.		9,600		414,529
Sun Life Financial, Inc.		12,400		623,099
Tokio Marine Holdings, Inc.		8,400		175,823
Travelers Cos., Inc. (The)		4,400		840,928
W R Berkley Corp.		3,600		252,504
Willis Towers Watson plc		1,300		330,447
Zurich Insurance Group AG		1,542		762,635
				12,187,268
Total Financials				30,000,479
Health Care (13.0%)
Biotechnology (0.8%)
Amgen, Inc.		1,206		304,394
CSL Ltd.		795		167,806
Regeneron Pharmaceuticals, Inc.*		551		417,917
Vertex Pharmaceuticals, Inc.*		1,267		409,368
				1,299,485
Health Care Equipment & Supplies (2.2%)
Abbott Laboratories		13,600		1,503,480
Alcon, Inc.		2,918		218,934
Becton Dickinson and Co.		1,300		327,886
Boston Scientific Corp.*		6,000		277,500
Coloplast A/S, Class B		1,154		139,247
Edwards Lifesciences Corp.*		5,100		391,170
Hologic, Inc.*		2,500		203,425
Hoya Corp.		1,900		209,220
IDEXX Laboratories, Inc.*		562		270,041
ResMed, Inc.		1,200		274,044
				3,814,947
Health Care Providers & Services (2.8%)
AmerisourceBergen Corp.		1,200		202,752
Cigna Corp.		1,800		570,006
CVS Health Corp.		6,200		546,964
Elevance Health, Inc.		1,700		849,983
HCA Healthcare, Inc.		1,100		280,577
Humana, Inc.		300		153,510
Laboratory Corp. of America Holdings		700		176,484
McKesson Corp.		1,200		454,416
UnitedHealth Group, Inc.		2,900		1,447,651
				4,682,343
Life Sciences Tools & Services (2.1%)
Agilent Technologies, Inc.		3,500		532,280
Danaher Corp.		3,200		846,016
Mettler-Toledo International, Inc.*		200		306,584
Thermo Fisher Scientific, Inc.		2,000		1,140,660
Waters Corp.*		900		295,722
West Pharmaceutical Services, Inc.		2,000		531,200
				3,652,462
Pharmaceuticals (5.1%)
Astellas Pharma, Inc.		20,500		302,573
Bristol-Myers Squibb Co.		3,400		247,010
Eli Lilly and Co.		2,500		860,375
GSK plc		11,495		200,737
Johnson & Johnson		9,800		1,601,516
Merck & Co., Inc.		11,100		1,192,251
Merck KGaA		2,813		584,866

See Notes to Portfolio of Investments.

54

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PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Novartis AG (Registered)		8,181	$	739,895
Novo Nordisk A/S, Class B		4,065		562,936
Pfizer, Inc.		13,500		596,160
Roche Holding AG		2,282		713,201
Sanofi		2,958		290,673
Zoetis, Inc.		4,600		761,254
				8,653,447
Total Health Care				22,102,684
Industrials (17.8%)
Aerospace & Defense (1.4%)
Airbus SE		2,956		370,392
General Dynamics Corp.		2,900		675,874
L3Harris Technologies, Inc.		700		150,374
Lockheed Martin Corp.		1,400		648,564
Northrop Grumman Corp.		1,000		448,040
Raytheon Technologies Corp.		1,400		139,790
				2,433,034
Air Freight & Logistics (1.0%)
Deutsche Post AG (Registered)		4,680		200,462
Expeditors International of Washington, Inc.		4,800		519,120
Nippon Express Holdings, Inc.		4,600		266,569
United Parcel Service, Inc., Class B		3,500		648,305
				1,634,456
Building Products (1.2%)
Allegion plc		5,500		646,525
Assa Abloy AB, Class B		13,662		321,992
Daikin Industries Ltd.		1,000		174,116
Geberit AG (Registered)		619		353,858
Trane Technologies plc		2,600		465,712
				1,962,203
Commercial Services & Supplies (1.1%)
Brambles Ltd.		40,979		348,434
Cintas Corp.		844		374,517
Copart, Inc.*		3,014		200,762
Republic Services, Inc.		1,100		137,302
Secom Co. Ltd.		2,500		148,905
Waste Management, Inc.		4,300		665,339
				1,875,259
Electrical Equipment (1.4%)
ABB Ltd. (Registered)		10,619		369,775
Eaton Corp. plc		4,900		794,829
Emerson Electric Co.		9,900		893,178
Schneider Electric SE		2,328		377,502
				2,435,284
Industrial Conglomerates (1.6%)
3M Co.		9,200		1,058,736
Honeywell International, Inc.		7,100		1,480,208
Siemens AG (Registered)		1,414		219,687
				2,758,631
Machinery (4.7%)
Atlas Copco AB, Class A		35,680		422,003
Caterpillar, Inc.		2,900		731,641
CNH Industrial NV		12,477		219,702
Cummins, Inc.		1,000		249,540
Daifuku Co. Ltd.		4,100		226,330
Deere & Co.		1,300		549,692
Dover Corp.		2,600		394,758
Epiroc AB, Class A		10,331		200,975
Fortive Corp.		2,400		163,272
GEA Group AG		3,889		174,954
IDEX Corp.		1,700		407,456
Illinois Tool Works, Inc.		4,800		1,132,992
Knorr-Bremse AG		3,781		247,505
Kone OYJ, Class B		3,952		215,805
MISUMI Group, Inc.		8,300		208,642
PACCAR, Inc.		7,181		784,955
Pentair plc		5,900		326,742
Snap-on, Inc.		1,600		397,968
Stanley Black & Decker, Inc.		6,900		616,239
Volvo AB, Class B		12,291		243,610
				7,914,781
Marine (0.1%)
Kuehne + Nagel International AG (Registered)		850		203,146
Professional Services (0.9%)
Teleperformance		1,451		403,631
Thomson Reuters Corp.		1,700		202,229
Verisk Analytics, Inc.		1,600		290,864
Wolters Kluwer NV		6,349		691,957
				1,588,681
Road & Rail (2.6%)
Canadian National Railway Co.		5,900		702,297
Canadian Pacific Railway Ltd.		4,400		347,291
CSX Corp.		26,701		825,595
JB Hunt Transport Services, Inc.		800		151,240
Norfolk Southern Corp.		3,800		934,078
Old Dominion Freight Line, Inc.		700		233,268
Union Pacific Corp.		6,100		1,245,559
				4,439,328
Trading Companies & Distributors (1.8%)
Brenntag SE		4,227		314,575
Fastenal Co.		12,442		628,943
ITOCHU Corp.		16,000		517,259
Mitsubishi Corp.		8,400		281,224
Mitsui & Co. Ltd.		15,500		458,005
Sumitomo Corp.		16,800		301,574
WW Grainger, Inc.		800		471,584
				2,973,164
Total Industrials				30,217,967
Information Technology (16.9%)
Communications Equipment (0.8%)
Cisco Systems, Inc.		21,694		1,055,847
Motorola Solutions, Inc.		1,400		359,814
				1,415,661
Electronic Equipment, Instruments & Components (1.7%)
Amphenol Corp., Class A		8,700		693,999
CDW Corp.		3,200		627,296
Hexagon AB, Class B		20,718		237,277
Keysight Technologies, Inc.*		1,900		340,765
Murata Manufacturing Co. Ltd.		2,800		160,871
TE Connectivity Ltd.		1,300		165,295
Zebra Technologies Corp., Class A*		2,300		727,214
				2,952,717
IT Services (3.9%)
Accenture plc, Class A		3,000		837,150
Automatic Data Processing, Inc.		4,011		905,724
Bechtle AG		5,404		226,916
CGI, Inc.*		1,600		137,134
Fiserv, Inc.*		2,300		245,364
Gartner, Inc.*		900		304,326
International Business Machines Corp.		2,300		309,879
Mastercard, Inc., Class A		2,800		1,037,680
Nomura Research Institute Ltd.		13,700		328,671
Paychex, Inc.		4,091		473,983
VeriSign, Inc.*		1,395		304,180
Visa, Inc., Class A		5,200		1,197,092

See Notes to Portfolio of Investments.

55

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PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Number of Shares		Value (Note 1)
Western Union Co. (The)		18,100	$	256,477
				6,564,576
Semiconductors & Semiconductor Equipment (1.6%)
ASML Holding NV		1,376		911,274
KLA Corp.		500		196,240
NXP Semiconductors NV		2,814		518,649
Texas Instruments, Inc.		6,400		1,134,144
				2,760,307
Software (4.5%)
Adobe, Inc.*		3,095		1,146,202
Autodesk, Inc.*		1,948		419,132
Cadence Design Systems, Inc.*		2,296		419,778
Microsoft Corp.		18,310		4,537,401
Roper Technologies, Inc.		1,200		512,100
Synopsys, Inc.*		1,445		511,169
				7,545,782
Technology Hardware, Storage & Peripherals (4.4%)
Apple, Inc.		47,200		6,810,488
Canon, Inc.		10,500		233,169
FUJIFILM Holdings Corp.		3,700		196,435
HP, Inc.		7,000		203,980
				7,444,072
Total Information Technology				28,683,115
Materials (3.6%)
Chemicals (2.4%)
Air Products and Chemicals, Inc.		1,700		544,867
BASF SE		6,433		366,612
Corteva, Inc.		10,800		696,060
Givaudan SA (Registered)		154		499,841
Koninklijke DSM NV		1,950		250,728
Mitsubishi Chemical Group Corp.		37,400		209,761
Nutrien Ltd.		3,600		298,000
Sherwin-Williams Co. (The)		2,900		686,111
Sika AG (Registered)		796		226,622
Symrise AG		2,778		294,328
				4,072,930
Containers & Packaging (0.2%)
Avery Dennison Corp.		800		151,552
Ball Corp.		3,800		221,312
				372,864
Metals & Mining (1.0%)
Alcoa Corp.		7,600		397,024
BHP Group Ltd.		7,744		271,463
Franco-Nevada Corp.		1,200		176,020
Rio Tinto Ltd.		2,153		193,932
Rio Tinto plc		3,125		244,301
Wheaton Precious Metals Corp.		9,200		420,674
				1,703,414
Total Materials				6,149,208
Real Estate (2.6%)
Equity Real Estate Investment Trusts (REITs) (2.5%)
American Tower Corp. (REIT)		3,200		714,848
AvalonBay Communities, Inc. (REIT)		2,200		390,368
Crown Castle, Inc. (REIT)		5,300		784,983
Dexus (REIT)		39,018		226,348
Digital Realty Trust, Inc. (REIT)		1,600		183,392
Equity Residential (REIT)		3,400		216,410
Goodman Group (REIT)		23,305		333,252
Japan Real Estate Investment Corp. (REIT)		37		158,713
Mid-America Apartment Communities, Inc. (REIT)		900		150,048
Nippon Building Fund, Inc. (REIT)		41		179,357
Nomura Real Estate Master Fund, Inc. (REIT)		138		161,420
Prologis, Inc. (REIT)		4,500		581,760
Weyerhaeuser Co. (REIT)		4,500		154,935
				4,235,834
Real Estate Management & Development (0.1%)
CBRE Group, Inc., Class A*		2,300		196,673
Total Real Estate				4,432,507
Utilities (3.4%)
Electric Utilities (1.0%)
Eversource Energy		8,600		708,038
Hydro One Ltd.(m)		6,600		180,458
Iberdrola SA		32,488		379,912
Terna - Rete Elettrica Nazionale		58,178		461,644
				1,730,052
Gas Utilities (0.7%)
Atmos Energy Corp.		4,100		481,914
Hong Kong & China Gas Co. Ltd.		308,000		309,918
Snam SpA		93,581		476,952
				1,268,784
Multi-Utilities (1.4%)
CMS Energy Corp.		2,600		164,294
Consolidated Edison, Inc.		7,600		724,356
DTE Energy Co.		1,200		139,644
National Grid plc		11,977		152,346
Public Service Enterprise Group, Inc.		7,300		452,089
Sempra Energy		3,600		577,188
WEC Energy Group, Inc.		1,700		159,783
				2,369,700
Water Utilities (0.3%)
American Water Works Co., Inc.		2,100		328,629
Essential Utilities, Inc.		3,000		140,190
				468,819
Total Utilities				5,837,355
Total Common Stocks (98.5%) (Cost $160,229,251)				167,587,939
SHORT-TERM INVESTMENTS:
Investment Companies (1.0%)
Dreyfus Treasury Obligations Cash Management Fund(xx)		100,000		100,000
JPMorgan Prime Money Market Fund, IM Shares		1,659,828		1,660,824
Total Investment Companies				1,760,824

See Notes to Portfolio of Investments.

56

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

	Principal Amount		Value (Note 1)
Repurchase Agreement (0.5%)
Deutsche Bank Securities, Inc., 4.28%, dated 1/31/23, due 2/1/23, repurchase price $788,963, collateralized by various U.S. Government Treasury Securities, 0.000%, maturing 2/15/26-11/15/50; total market value $804,647.(xx)	$	788,869	$	788,869
Total Short-Term Investments (1.5%) (Cost $2,549,693)				2,549,693
Total Investments in Securities (100.0%) (Cost $162,778,944)				170,137,632
Other Assets Less Liabilities (0.0%)†				(27,051	)
Net Assets (100%)			$	170,110,581

* Non-income producing.

† Percent shown is less than 0.05%.

(m) Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At January 31, 2023, the market value or fair value, as applicable, of these securities amounted to $180,458 or 0.1% of net assets.

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

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

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

Country Diversification

As a Percentage of Total Net Assets

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

See Notes to Portfolio of Investments.

57

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2023 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2023:

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

Investment Type	Level 1 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	$	6,411,078	$	2,551,377	$	—	$	8,962,455
Consumer Discretionary		7,029,019		2,930,488		—		9,959,507
Consumer Staples		13,721,571		4,674,210		—		18,395,781
Energy		1,983,762		863,119		—		2,846,881
Financials		20,968,596		9,031,883		—		30,000,479
Health Care		17,972,596		4,130,088		—		22,102,684
Industrials		21,735,378		8,482,589		—		30,217,967
Information Technology		26,388,502		2,294,613		—		28,683,115
Materials		3,591,620		2,557,588		—		6,149,208
Real Estate		3,373,417		1,059,090		—		4,432,507
Utilities		4,056,583		1,780,772		—		5,837,355
Short-Term Investments
Investment Companies		1,760,824		—		—		1,760,824
Repurchase Agreement		—		788,869		—		788,869
Total Assets	$	128,992,946	$	41,144,686	$	—	$	170,137,632
Total Liabilities	$	—	$	—	$	—	$	—
Total	$	128,992,946	$	41,144,686	$	—	$	170,137,632

As of January 31, 2023, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	13,123,713
Aggregate gross unrealized depreciation		(5,930,956	)
Net unrealized appreciation	$	7,192,757
Federal income tax cost of investments in securities and derivative instruments, if applicable	$	162,944,875

See Notes to Portfolio of Investments.

58

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

January 31, 2023 (Unaudited)

Note 1 Valuation

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

Due to the inherent uncertainty of the fair value process, the value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

Various inputs are used in determining the value of each Fund’s assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:

• 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 January 31, 2023, is included in the Portfolio of Investments for each Fund. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level.

Transfers into and transfers out of Level 3, are included in the Level 3 reconciliation following the Portfolio of Investments for each Fund, if any. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or increase in, available observable market inputs to determine price.

The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.

The Committee has the ability to meet and review reports based on the valuation techniques used to fair value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.

To substantiate unobservable inputs used in a fair valuation, the Committee may perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Fund’s NAV.

59

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (Concluded)

January 31, 2023 (Unaudited)

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

Events or circumstances affecting the values of Fund securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust’s calculation of a NAV for each applicable Fund when the Committee deems that the particular event or circumstance would materially affect such Fund’s NAV.

Accounting for Derivative Instruments:

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

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

60