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1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (12.5%)
*Entertainment (1.2%)*
Netflix, Inc.*		1,922	$	2,228,367

*Interactive Media & Services (11.3%)*
Alphabet, Inc., Class A		33,977		6,520,186
Alphabet, Inc., Class C		27,917		5,384,073
Meta Platforms, Inc., Class A		13,054		10,096,486

				22,000,745

Total Communication Services				24,229,112

Consumer Discretionary (15.7%)
*Automobiles (0.8%)*
Tesla, Inc.*		4,904		1,511,756

*Broadline Retail (7.2%)*
Amazon.com, Inc.*		56,220		13,161,664
Coupang, Inc., Class A*		26,592		782,603
Etsy, Inc.*		328		19,113

				13,963,380

*Distributors (0.2%)*
Pool Corp.		1,166		359,291

*Hotels, Restaurants & Leisure (2.4%)*
Airbnb, Inc., Class A*		2,379		315,003
Booking Holdings, Inc.		69		379,780
Chipotle Mexican Grill, Inc.*		24,500		1,050,560
Choice Hotels International, Inc.(x)		896		114,428
Darden Restaurants, Inc.		1,320		266,205
Domino’s Pizza, Inc.		159		73,650
Expedia Group, Inc.		867		156,251
Hilton Worldwide Holdings, Inc.		292		78,279
Las Vegas Sands Corp.		9,740		510,376
McDonald’s Corp.		334		100,223
Norwegian Cruise Line Holdings Ltd.*		3,780		96,617
Planet Fitness, Inc., Class A*		114		12,448
Royal Caribbean Cruises Ltd.		1,928		612,853
Starbucks Corp.		1,335		119,029
Texas Roadhouse, Inc., Class A		2,941		544,467
Wingstop, Inc.		143		53,960
Wynn Resorts Ltd.		130		14,174
Yum! Brands, Inc.		812		117,050

				4,615,353

*Specialty Retail (4.0%)*
AutoZone, Inc.*		42		158,272
Burlington Stores, Inc.*		2,488		679,124
CarMax, Inc.*		321		18,172
Dick’s Sporting Goods, Inc.		162		34,265
Floor & Decor Holdings, Inc., Class A*		2,436		186,695
Home Depot, Inc. (The)		5,467		2,009,177
Murphy USA, Inc.		770		279,109
O’Reilly Automotive, Inc.*		2,040		200,573
Ross Stores, Inc.		5,194		709,189
TJX Cos., Inc. (The)		11,198		1,394,487
Tractor Supply Co.		20,365		1,159,787
Ulta Beauty, Inc.*		1,175		605,137
Williams-Sonoma, Inc.		2,450		458,272

				7,892,259

*Textiles, Apparel & Luxury Goods (1.1%)*
Crocs, Inc.*		1,798		179,314
Deckers Outdoor Corp.*		5,694		604,532
Lululemon Athletica, Inc.*		2,871		575,722
NIKE, Inc., Class B		10,616		792,909

				2,152,477

Total Consumer Discretionary				30,494,516

Consumer Staples (2.9%)
*Beverages (0.9%)*
Boston Beer Co., Inc. (The), Class A*		42		8,698
Celsius Holdings, Inc.*		7,385		334,836
Coca-Cola Co. (The)		8,261		560,839
Monster Beverage Corp.*		3,180		186,825
PepsiCo, Inc.		4,776		658,706

				1,749,904

*Consumer Staples Distribution & Retail (1.3%)*
Casey’s General Stores, Inc.		169		87,902
Costco Wholesale Corp.		2,113		1,985,459
Sysco Corp.		4,415		351,434

				2,424,795

*Food Products (0.2%)*
Hershey Co. (The)		1,346		250,531
Lamb Weston Holdings, Inc.		1,043		59,524

				310,055

*Household Products (0.5%)*
Clorox Co. (The)		2,026		254,385
Colgate-Palmolive Co.		2,284		191,513
Kimberly-Clark Corp.		4,725		588,829

				1,034,727

*Personal Care Products (0.0%)†*
Estee Lauder Cos., Inc. (The), Class A		527		49,190

Total Consumer Staples				5,568,671

Energy (1.9%)
*Energy Equipment & Services (0.1%)*
Weatherford International plc		2,064		116,719

*Oil, Gas & Consumable Fuels (1.8%)*
Antero Midstream Corp.		3,947		72,427
Cheniere Energy, Inc.		4,268		1,006,736
Chevron Corp.		4,600		697,544
Permian Resources Corp.		3,356		47,521
Targa Resources Corp.		8,116		1,350,584
Texas Pacific Land Corp.		469		454,053

				3,628,865

Total Energy				3,745,584

Financials (6.7%)
*Capital Markets (2.0%)*
Ameriprise Financial, Inc.		2,751		1,425,540
Blackstone, Inc.		1,949		337,099
Charles Schwab Corp. (The)		930		90,889
FactSet Research Systems, Inc.		468		188,557
Goldman Sachs Group, Inc. (The)		542		392,186
KKR & Co., Inc.		1,243		182,199
LPL Financial Holdings, Inc.		1,933		764,946
Moody’s Corp.		804		414,647
MSCI, Inc.		91		51,084

				3,847,147

*Consumer Finance (0.4%)*
Ally Financial, Inc.		843		31,908
American Express Co.		2,507		750,370

				782,278

*Financial Services (3.3%)*
Apollo Global Management, Inc.		5,617		816,262
Mastercard, Inc., Class A		5,400		3,058,938

See Notes to Portfolio of Investments.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Visa, Inc., Class A		7,289	$	2,518,131

				6,393,331

*Insurance (1.0%)*
Allstate Corp. (The)		311		63,211
Everest Group Ltd.		193		64,810
Kinsale Capital Group, Inc.		299		131,766
Markel Group, Inc.*		59		118,489
Progressive Corp. (The)		6,907		1,671,770

				2,050,046

Total Financials				13,072,802

Health Care (5.3%)
*Biotechnology (1.6%)*
AbbVie, Inc.		6,851		1,294,976
Amgen, Inc.		1,588		468,619
Exelixis, Inc.*		9,528		345,104
Regeneron Pharmaceuticals, Inc.		57		31,091
Vertex Pharmaceuticals, Inc.*		2,016		921,050

				3,060,840

*Health Care Equipment & Supplies (1.5%)*
Align Technology, Inc.*		931		120,108
Dexcom, Inc.*		7,849		633,964
Edwards Lifesciences Corp.*		3,762		298,364
IDEXX Laboratories, Inc.*		1,750		935,043
Intuitive Surgical, Inc.*		880		423,359
Masimo Corp.*		1,186		182,395
ResMed, Inc.		974		264,870
Stryker Corp.		170		66,764

				2,924,867

*Health Care Providers & Services (0.4%)*
Cardinal Health, Inc.		306		47,497
Cencora, Inc.		1,690		483,475
Elevance Health, Inc.		180		50,954
HCA Healthcare, Inc.		104		36,815
McKesson Corp.		118		81,838
Molina Healthcare, Inc.*		588		92,828

				793,407

*Health Care Technology (0.2%)*
Veeva Systems, Inc., Class A*		1,241		352,692

*Life Sciences Tools & Services (0.1%)*
Waters Corp.*		645		186,250

*Pharmaceuticals (1.5%)*
Eli Lilly & Co.		2,806		2,076,637
Merck & Co., Inc.		5,885		459,736
Zoetis, Inc.		2,732		398,298

				2,934,671

Total Health Care				10,252,727

Industrials (7.1%)
*Aerospace & Defense (0.5%)*
Boeing Co. (The)*		154		34,164
BWX Technologies, Inc.		513		77,940
GE Aerospace		747		202,497
Lockheed Martin Corp.		1,443		607,474
TransDigm Group, Inc.		20		32,169

				954,244

*Air Freight & Logistics (0.0%)†*
Expeditors International of Washington, Inc.		414		48,123

*Building Products (0.5%)*
Advanced Drainage Systems, Inc.		2,211		253,712
Lennox International, Inc.		952		579,768
Trane Technologies plc		498		218,164

				1,051,644

*Commercial Services & Supplies (0.8%)*
Cintas Corp.		2,048		455,782
Copart, Inc.*		7,396		335,261
Rollins, Inc.		2,737		156,748
Waste Management, Inc.		2,566		588,025

				1,535,816

*Construction & Engineering (0.5%)*
Comfort Systems USA, Inc.		818		575,299
EMCOR Group, Inc.		528		331,315

				906,614

*Electrical Equipment (0.3%)*
Vertiv Holdings Co., Class A		3,558		518,045

*Ground Transportation (0.8%)*
Old Dominion Freight Line, Inc.		2,648		395,214
Saia, Inc.*		67		20,250
Uber Technologies, Inc.*		1,999		175,412
U-Haul Holding Co. (Nasdaq Stock Exchange)(x)*		89		5,150
U-Haul Holding Co. (New York Stock exchange)		1,153		59,956
Union Pacific Corp.		3,816		847,037

				1,503,019

*Machinery (1.0%)*
Caterpillar, Inc.		2,676		1,172,142
Illinois Tool Works, Inc.		1,690		432,589
Lincoln Electric Holdings, Inc.		1,302		317,037

				1,921,768

*Passenger Airlines (0.0%)†*
American Airlines Group, Inc.*		1,490		17,120

*Professional Services (1.5%)*
Automatic Data Processing, Inc.		4,566		1,413,177
Paychex, Inc.		3,227		465,753
Paycom Software, Inc.		1,606		371,853
Verisk Analytics, Inc.		2,160		602,014

				2,852,797

*Trading Companies & Distributors (1.2%)*
Fastenal Co.		22,838		1,053,517
United Rentals, Inc.		283		249,872
W.W. Grainger, Inc.		1,101		1,144,533

				2,447,922

Total Industrials				13,757,112

Information Technology (46.3%)
*Communications Equipment (0.9%)*
Arista Networks, Inc.*		8,520		1,049,835
Motorola Solutions, Inc.		1,643		721,244
Ubiquiti, Inc.(x)		128		55,740

				1,826,819

Electronic Equipment, Instruments & Components (0.3%)
CDW Corp.		1,289		224,776
Jabil, Inc.		1,529		341,227

				566,003

*IT Services (0.3%)*
Gartner, Inc.*		765		259,067
GoDaddy, Inc., Class A*		1,952		315,404
VeriSign, Inc.		12		3,227

				577,698

*Semiconductors & Semiconductor Equipment (19.5%)*
Advanced Micro Devices, Inc.*		5,610		989,099
Applied Materials, Inc.		7,258		1,306,875
Broadcom, Inc.		26,227		7,702,870

See Notes to Portfolio of Investments.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
KLA Corp.		1,698	$	1,492,593
Lam Research Corp.		20,460		1,940,426
NVIDIA Corp.		124,809		22,199,777
QUALCOMM, Inc.		11,105		1,629,770
Teradyne, Inc.		2,097		225,281
Texas Instruments, Inc.		1,506		272,676

				37,759,367

*Software (16.5%)*
Adobe, Inc.*		1,230		439,959
AppLovin Corp., Class A*		2,746		1,072,862
Crowdstrike Holdings, Inc., Class A*		943		428,660
Dropbox, Inc., Class A*		875		23,774
Fair Isaac Corp.*		128		183,900
Fortinet, Inc.*		8,787		877,821
Intuit, Inc.		1,609		1,263,274
Microsoft Corp.		40,331		21,516,588
Nutanix, Inc., Class A*		445		33,451
Oracle Corp.		6,696		1,699,244
Palantir Technologies, Inc., Class A*		11,588		1,834,960
Palo Alto Networks, Inc.*		3,872		672,179
RingCentral, Inc., Class A*		470		11,980
Salesforce, Inc.		4,232		1,093,253
ServiceNow, Inc.*		993		936,518

				32,088,423

*Technology Hardware, Storage & Peripherals (8.8%)*
Apple, Inc.		81,350		16,885,819
HP, Inc.		670		16,616
NetApp, Inc.		932		97,049
				16,999,484

Total Information Technology				89,817,794

Materials (0.5%)
*Chemicals (0.3%)*
RPM International, Inc.		1,043		122,459
Sherwin-Williams Co. (The)		1,340		443,379

				565,838

*Construction Materials (0.1%)*
Eagle Materials, Inc.		1,181		264,887

*Paper & Forest Products (0.1%)*
Louisiana-Pacific Corp.		1,657		149,809

Total Materials				980,534

Utilities (0.8%)
*Electric Utilities (0.1%)*
Constellation Energy Corp.		142		49,393
NRG Energy, Inc.		584		97,645

				147,038

*Independent Power and Renewable Electricity Producers (0.7%)*
Vistra Corp.		7,013		1,462,491

Total Utilities				1,609,529

Total Common Stocks (99.7%) (Cost $151,129,141)				193,528,381

SHORT-TERM INVESTMENTS:
Investment Companies (0.1%)
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield) (xx)		108,081		108,081

Total Short-Term Investments (0.1%) (Cost $108,081)				108,081

Total Investments in Securities (99.8%) (Cost $151,237,222)				193,636,462
Other Assets Less Liabilities (0.2%)				293,358

Net Assets (100%)			$	193,929,820

*	Non-income producing.

†	Percent shown is less than 0.05%.

(x)

All or a portion of security is on loan at July 31, 2025.

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $153,476. This was collateralized by $50,310 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.875%, maturing 8/31/25 – 11/15/40 and by cash of $108,081 which was subsequently invested in investment companies.

See Notes to Portfolio of Investments.

1290 FUNDS

1290 AVANTIS^® U.S. LARGE CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	24,229,112	$	—	$	—	$	24,229,112
Consumer Discretionary		30,494,516		—		—		30,494,516
Consumer Staples		5,568,671		—		—		5,568,671
Energy		3,745,584		—		—		3,745,584
Financials		13,072,802		—		—		13,072,802
Health Care		10,252,727		—		—		10,252,727
Industrials		13,757,112		—		—		13,757,112
Information Technology		89,817,794		—		—		89,817,794
Materials		980,534		—		—		980,534
Utilities		1,609,529		—		—		1,609,529
Short-Term Investments
Investment Companies		108,081		—		—		108,081

Total Assets	$	193,636,462	$	—	$	—	$	193,636,462

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	193,636,462	$	—	$	—	$	193,636,462

As of July 31, 2025, 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	$	46,376,662
Aggregate gross unrealized depreciation		(3,979,902	)

Net unrealized appreciation	$	42,396,760

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	151,239,702

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (7.1%)
Consolidated Communications LLC,
Series 2025-1A B
6.506%, 5/20/55§	$	3,000,000	$	3,057,048
Frontier Issuer LLC,
Series 2024-1 B
7.020%, 6/20/54§		2,470,000		2,565,157
MetroNet Infrastructure Issuer LLC,
Series 2025-2A B
5.590%, 8/20/55§		2,670,000		2,669,140
OHA Credit Funding 2 Ltd.,
Series 2019-2A D1R2
7.025%, 1/21/38(l)§		4,650,000		4,665,596
Point Broadband Funding LLC,
Series 2025-1A B
5.727%, 7/20/55§		7,890,000		7,877,582
TRTX Issuer Ltd.,
Series 2025-FL6 C
6.746%, 9/18/42(l)§		6,760,000		6,692,443
Zayo Issuer LLC,
Series 2025-2A A2
5.953%, 6/20/55§		10,120,000		10,309,915
Ziply Fiber Issuer LLC,
Series 2024-1A B
7.810%, 4/20/54§		3,040,000		3,139,597

Total Asset- Backed Securities				40,976,478

Collateralized Mortgage Obligation (1.7%)
FHLMC STACR REMIC Trust,
Series 2022-DNA2 B1
9.100%, 2/25/42(l)§		2,430,000		2,550,178
Series 2022-DNA6 M2
10.100%, 9/25/42(l)§		6,300,000		6,885,465

Total Collateralized Mortgage Obligation				9,435,643

Commercial Mortgage-Backed Securities (6.3%)
CFCRE Commercial Mortgage Trust,
Series 2016-C4 D
4.842%, 5/10/58(l)§		2,200,000		2,114,552
FHLMC MSCR Trust,
Series 2025-MN10 M2
7.169%, 2/25/45(l)§		3,290,000		3,257,089
Multifamily Connecticut Avenue Securities Trust,
Series 2019-01 M10
7.714%, 10/25/49(l)§		5,613,844		5,698,020
Series 2023-01 M10
10.850%, 11/25/53(l)§		10,480,000		11,833,309
Series 2024-01 M7
7.100%, 7/25/54(l)§		8,451,548		8,567,358
Wells Fargo Commercial Mortgage Trust,
Series 2015-C31 B
4.482%, 11/15/48(l)		5,030,000		4,962,332

Total Commercial Mortgage- Backed Securities				36,432,660

Corporate Bonds (7.5%)
Consumer Discretionary (0.4%)
*Broadline Retail (0.3%)*
SGUS LLC
11.000%, 12/15/29§		1,500,000		1,425,000

*Specialty Retail (0.1%)*
Saks Global Enterprises LLC
11.000%, 12/15/29§		3,130,000		713,640

Total Consumer Discretionary				2,138,640

Energy (2.5%)
*Oil, Gas & Consumable Fuels (2.5%)*
NFE Financing LLC
12.000%, 11/15/29§		4,906,200		1,729,435
Petroleos Mexicanos
5.350%, 2/12/28		13,080,000		12,726,840

Total Energy				14,456,275

Financials (4.0%)
*Banks (1.0%)*
NatWest Group plc
(USD Swap Semi 5 Year + 5.72%), 8.000%, 8/10/25(k)(y)		3,060,000		3,060,000
Wells Fargo & Co.
Series BB
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.45%), 3.900%, 3/15/26(k)(y)		2,770,000		2,737,478

				5,797,478

*Capital Markets (2.3%)*
Charles Schwab Corp. (The)
Series I
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.17%), 4.000%, 6/1/26(k)(y)		5,140,000		5,050,050
Golub Capital BDC, Inc.
2.500%, 8/24/26		4,705,000		4,582,922
UBS Group AG
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.10%), 3.875%, 6/2/26(k)(y)§		3,830,000		3,758,724

				13,391,696

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
*Consumer Finance (0.2%)*
American Express Co.
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.85%), 3.550%, 9/15/26(k)(y)	$	865,000	$	840,670

*Financial Services (0.5%)*
Freedom Mortgage Corp.
6.625%, 1/15/27§		2,870,000		2,869,856

Total Financials				22,899,700

Real Estate (0.3%)
*Diversified REITs (0.3%)*
Trust Fibra Uno (REIT)
7.700%, 1/23/32§		1,720,000		1,814,084

Total Real Estate				1,814,084

Utilities (0.3%)
*Independent Power and Renewable Electricity Producers (0.3%)*
FIEMEX Energia - Banco Actinver SA Institucionde Banca Multiple 7.250%, 1/31/41§		1,541,088		1,575,763

Total Utilities				1,575,763

Total Corporate Bonds				42,884,462

Foreign Government Securities (20.8%)
Japan Government Bond
2.400%, 3/20/55	JPY	4,377,000,000		25,415,556
Mex Bonos Desarr Fix Rt Series M
8.000%, 7/31/53	MXN	806,500,000		34,902,507
Notas do Tesouro Nacional
10.000%, 1/1/35	BRL	151,480,000		21,705,826
Republic of Panama
3.870%, 7/23/60	$	4,610,000		2,696,850
4.500%, 1/19/63		4,770,000		3,126,735
U.K. Treasury Bonds
4.375%, 7/31/54(m)	GBP	28,030,000		31,588,786

Total Foreign Government Securities				119,436,260

Mortgage-Backed Securities (30.1%)
GNMA
6.000%, 10/20/53	$	11,524,787		11,751,903
6.000%, 11/20/53		13,349,299		13,599,856
6.000%, 12/20/53		6,195,584		6,311,386
6.000%, 2/20/54		4,339,958		4,419,720
6.000%, 4/20/54		5,340,580		5,430,805
6.000%, 5/20/54		9,037,266		9,195,593
6.000%, 6/20/54		8,114,278		8,251,363
6.000%, 7/20/54		16,119,385		16,366,524
6.000%, 8/20/54		15,408,501		15,639,926
6.000%, 9/20/54		15,379,109		15,600,480
6.000%, 10/20/54		15,564,481		15,782,440
6.000%, 11/20/54		13,259,785		13,441,326
6.000%, 12/20/54		8,005,421		8,118,152
6.000%, 1/20/55		14,293,861		14,498,494
6.000%, 2/20/55		14,286,818		14,491,350

Total Mortgage-Backed Securities				172,899,318

U.S. Treasury Obligations (12.5%)
U.S. Treasury Bonds
4.750%, 5/15/55		45,430,000		44,441,629
U.S. Treasury Inflation Linked Bonds
2.375%, 2/15/55 TIPS		29,258,500		27,771,829

Total U.S. Treasury Obligations				72,213,458

Total Long-Term Debt Securities (86.0%) (Cost $502,683,231)				494,278,279

SHORT-TERM INVESTMENTS:
Foreign Government Treasury Bills (6.1%)
Arab Republic of Egypt
29.28%, 10/14/25(p)	EGP	1,008,000,000		19,575,788
25.99%, 2/3/26(p)		841,200,000		15,284,138

Total Foreign Government Treasury Bills				34,859,926


	Number of Shares		Value (Note 1)
Investment Companies (1.6%)
JPMorgan Prime Money Market Fund, IM Shares 4.46% (7 day yield)		9,385,680		9,386,618

Total Short-Term Investments (7.7%) (Cost $43,338,334)				44,246,544

Total Investments in Securities (93.7%) (Cost $546,021,565)				538,524,823
Other Assets Less Liabilities (6.3%)				35,966,964

Net Assets (100%)			$	574,491,787

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2025, the market value of these securities amounted to $95,768,951 or 16.7% of net assets.

(k)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2025.

(l)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2025.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At July 31, 2025, the market value or fair value, as applicable, of these securities amounted to $31,588,786 or 5.5% of net assets.

(p)

Yield to maturity.

(y)

Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of July 31, 2025.

Glossary:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

EGP — Egyptian Pound

EUR — European Currency Unit

FHLMC — Federal Home Loan Mortgage Corp.

GBP — British Pound

GNMA — Government National Mortgage Association

JPY — Japanese Yen

MXN — Mexican Peso

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

SEK — Swedish Krona

STACR — Structured Agency Credit Risk

TIPS — Treasury Inflation Protected Security

USD — United States Dollar

ZAR — South African Rand

Futures contracts outstanding as of July 31, 2025 (Note 1):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Long Gilt		348			9/2025		GBP		42,355,464			450,191
U.S. Treasury 10 Year Note		860			9/2025		USD		95,513,750			(440,145	)
U.S. Treasury 10 Year Ultra Note		657			9/2025		USD		74,292,328			381,106
U.S. Treasury Ultra Bond		1,294			9/2025		USD		151,802,375			2,226,229

												2,617,381

Short Contracts
Canada 10 Year Bond		(448	)		9/2025		CAD		(38,967,205	)		466,960
Euro-Bund		(1,185	)		9/2025		EUR		(175,396,163	)		1,700,728

												2,167,688

												4,785,069

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

Forward Foreign Currency Contracts outstanding as of July 31, 2025 (Note 1):


Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation) ($)
EUR	1,000,000	USD	1,137,612	Citibank NA	8/5/2025		3,663
USD	28,776,384	EUR	24,570,000	Goldman Sachs Bank USA	8/5/2025		735,254
USD	29,007,899	EUR	24,770,000	JPMorgan Chase Bank	8/5/2025		738,514
USD	570,163	EUR	490,000	Morgan Stanley	8/5/2025		10,938
USD	453,204	ZAR	8,100,000	Goldman Sachs Bank USA	8/7/2025		8,638
USD	17,468,788	ZAR	312,300,000	HSBC Bank plc	8/7/2025		328,302
ZAR	118,900,000	USD	6,478,470	HSBC Bank plc	8/7/2025		47,319
USD	57,179,722	AUD	88,430,000	Barclays Bank plc	9/12/2025		307,188
USD	75,826,448	SEK	722,300,000	HSBC Bank plc	9/12/2025		1,848,282
USD	51,130,896	CHF	40,390,000	UBS AG	9/22/2025		1,088,355
USD	28,015,128	JPY	4,060,000,000	Citibank NA	9/26/2025		924,961
USD	31,151,535	GBP	22,920,000	HSBC Bank plc	9/30/2025		864,593
USD	28,170,543	GBP	20,950,000	Standard Chartered Bank	9/30/2025		486,798
USD	51,786,890	MXN	971,100,000	Citibank NA	10/29/2025		793,485
USD	74,839,797	EUR	64,830,000	JPMorgan Chase Bank	11/5/2025		391,761

Total unrealized appreciation							8,578,051

EUR	83,020,000	USD	95,212,790	JPMorgan Chase Bank	8/5/2025		(464,127	)
USD	20,617,637	EUR	18,190,000	JPMorgan Chase Bank	8/5/2025		(142,157	)
USD	18,188,696	EUR	16,000,000	Standard Chartered Bank	8/5/2025		(71,706	)
ZAR	201,500,000	USD	11,330,030	HSBC Bank plc	8/7/2025		(270,767	)
AUD	42,300,000	USD	27,893,466	Goldman Sachs Bank USA	9/12/2025		(688,805	)
AUD	43,130,000	USD	28,282,226	JPMorgan Chase Bank	9/12/2025		(543,761	)
AUD	87,920,000	USD	57,664,245	Morgan Stanley	9/12/2025		(1,119,710	)
AUD	1,200,000	USD	781,625	Standard Chartered Bank	9/12/2025		(9,861	)
SEK	6,500,000	USD	683,950	Goldman Sachs Bank USA	9/12/2025		(18,218	)
SEK	501,400,000	USD	52,837,159	HSBC Bank plc	9/12/2025		(1,483,633	)
SEK	483,700,000	USD	51,168,292	UBS AG	9/12/2025		(1,627,604	)
USD	28,136,770	CHF	22,860,000	UBS AG	9/22/2025		(186,391	)
JPY	4,060,000,000	USD	28,411,477	Citibank NA	9/26/2025		(1,321,309	)
JPY	4,236,000,000	USD	28,641,787	Morgan Stanley	9/26/2025		(377,268	)
JPY	4,177,000,000	USD	28,509,789	Standard Chartered Bank	9/26/2025		(638,944	)
GBP	20,260,000	USD	27,002,832	HSBC Bank plc	9/30/2025		(230,867	)
GBP	380,000	USD	514,299	Standard Chartered Bank	9/30/2025		(12,159	)
MXN	319,200,000	USD	17,039,790	Standard Chartered Bank	10/29/2025		(278,288	)

Total unrealized depreciation							(9,485,575	)

Net unrealized depreciation							(907,524	)

Centrally Cleared Credit default swap contracts outstanding - buy protection as of July 31, 2025 (Note 1):


Reference Obligation/Index	Financing Rate (Paid) / Received by the Fund (%)		Frequency of Payments Made/Received		Maturity Date		Implied Credit Spread (%)		Notional Amount		Upfront (Payments) Receipts ($)			Unrealized Appreciation (Depreciation) ($)			Value ($)
CDX North American
High Yield 44-V1		5.00		Quarterly		6/20/2030		3.22		USD 53,400,000		(3,976,512	)		(199,208	)		(4,175,720	)

Total Centrally Cleared Credit default swap contracts outstanding												(3,976,512	)		(199,208	)		(4,175,720	)

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	—		$	40,976,478		$	—	$	40,976,478
Collateralized Mortgage Obligations		—			9,435,643			—		9,435,643
Commercial Mortgage-Backed Securities		—			36,432,660			—		36,432,660
Corporate Bonds
Consumer Discretionary		—			2,138,640			—		2,138,640
Energy		—			14,456,275			—		14,456,275
Financials		—			22,899,700			—		22,899,700
Real Estate		—			1,814,084			—		1,814,084
Utilities		—			1,575,763			—		1,575,763
Foreign Government Securities		—			119,436,260			—		119,436,260
Forward Currency Contracts		—			8,578,051			—		8,578,051
Futures		5,225,214			—			—		5,225,214
Mortgage-Backed Securities		—			172,899,318			—		172,899,318
Short-Term Investments
Foreign Government Treasury Bills		—			34,859,926			—		34,859,926
Investment Companies		9,386,618			—			—		9,386,618
U.S. Treasury Obligations		—			72,213,458			—		72,213,458

Total Assets	$	14,611,832		$	537,716,256		$	—	$	552,328,088

Liabilities:
Centrally Cleared Credit Default Swaps	$	—		$	(199,208	)	$	—	$	(199,208	)
Forward Currency Contracts		—			(9,485,575	)		—		(9,485,575	)
Futures		(440,145	)		—			—		(440,145	)

Total Liabilities	$	(440,145	)	$	(9,684,783	)	$	—	$	(10,124,928	)

Total	$	14,171,687		$	528,031,473		$	—	$	542,203,160


Aggregate gross unrealized appreciation	$	19,551,091
Aggregate gross unrealized depreciation		(17,264,259	)

Net unrealized appreciation	$	2,286,832

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	535,939,816

See Notes to Portfolio of Investments.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (0.7%)
*Interactive Media & Services (0.7%)*
EverQuote, Inc., Class A*		23,574	$	579,685

Total Communication Services				579,685

Consumer Discretionary (5.0%)
*Automobile Components (1.1%)*
Patrick Industries, Inc.		9,101		884,981

*Diversified Consumer Services (2.5%)*
Lincoln Educational Services Corp.*		86,515		1,978,598

*Hotels, Restaurants & Leisure (1.0%)*
Potbelly Corp.*		49,946		600,851
Sweetgreen, Inc., Class A*		18,148		233,746

				834,597

*Specialty Retail (0.4%)*
Haverty Furniture Cos., Inc.		16,612		342,706

Total Consumer Discretionary				4,040,882

Consumer Staples (1.5%)
*Food Products (1.5%)*
Mama’s Creations, Inc.*		75,275		621,771
SunOpta, Inc.*		103,619		604,099

Total Consumer Staples				1,225,870

Energy (2.6%)
*Energy Equipment & Services (2.0%)*
Expro Group Holdings NV*		34,814		375,295
Oceaneering International, Inc.*		23,959		519,910
TETRA Technologies, Inc.*		170,506		699,075

				1,594,280

*Oil, Gas & Consumable Fuels (0.6%)*
Matador Resources Co.		9,978		497,702

Total Energy				2,091,982

Financials (5.3%)
*Banks (0.5%)*
Riverview Bancorp, Inc.		86,020		424,079

Capital Markets (1.8%)
BGC Group, Inc., Class A		78,016		723,208
Evercore, Inc., Class A		2,522		759,475

				1,482,683

*Financial Services (0.8%)*
Paymentus Holdings, Inc., Class A*		21,985		612,942

*Insurance (2.2%)*
HCI Group, Inc.		6,195		867,548
Universal Insurance Holdings, Inc.		39,858		942,243

				1,809,791

Total Financials				4,329,495

Health Care (20.3%)
*Biotechnology (5.9%)*
Arcutis Biotherapeutics, Inc.*		45,095		657,485
Insmed, Inc.*		15,845		1,699,852
Kamada Ltd.		86,620		640,122
Kiniksa Pharmaceuticals International plc, Class A*		38,542		1,166,281
Mirum Pharmaceuticals, Inc.*		12,186		629,772

				4,793,512

*Health Care Equipment & Supplies (6.2%)*
AngioDynamics, Inc.*		71,932		637,317
Beta Bionics, Inc.(x)*		38,514		646,650
Brainsway Ltd. (ADR)*		65,681		767,154
ClearPoint Neuro, Inc.*		73,542		764,837
NeuroPace, Inc.*		16,307		138,773
PROCEPT BioRobotics Corp.*		9,586		465,017
SI-BONE, Inc.*		46,875		798,281
Stereotaxis, Inc.*		350,059		794,634

				5,012,663

*Health Care Providers & Services (0.6%)*
InfuSystem Holdings, Inc.*		85,833		480,665

*Health Care Technology (0.8%)*
Phreesia, Inc.*		24,178		651,839

*Life Sciences Tools & Services (1.7%)*
Adaptive Biotechnologies Corp.*		138,873		1,422,059

*Pharmaceuticals (5.1%)*
EyePoint Pharmaceuticals, Inc.*		28,071		275,657
Journey Medical Corp.*		77,661		570,809
Ligand Pharmaceuticals, Inc.*		6,415		844,086
MediWound Ltd.(x)*		33,333		621,327
Ocular Therapeutix, Inc.*		85,747		992,950
Xeris Biopharma Holdings, Inc.*		164,136		835,452

				4,140,281

Total Health Care				16,501,019

Industrials (35.2%)
*Aerospace & Defense (6.2%)*
Kratos Defense & Security Solutions, Inc.*		42,450		2,491,815
Leonardo DRS, Inc.		57,128		2,376,525
Park Aerospace Corp.		6,829		123,058

				4,991,398

*Building Products (1.6%)*
Builders FirstSource, Inc.*		3,183		404,655
Griffon Corp.		10,911		886,737

				1,291,392

*Commercial Services & Supplies (5.3%)*
ACV Auctions, Inc., Class A*		29,441		418,356
CECO Environmental Corp.*		34,704		1,559,945
Enviri Corp.*		77,303		695,727
Liquidity Services, Inc.*		23,849		569,514
Montrose Environmental Group, Inc.*		24,398		553,591
Perma-Fix Environmental Services, Inc.*		42,984		495,176

				4,292,309

*Construction & Engineering (6.8%)*
Argan, Inc.		6,195		1,517,651
Everus Construction Group, Inc.*		8,795		653,117
Great Lakes Dredge & Dock Corp.*		66,996		742,316
Matrix Service Co.*		46,601		712,063
Orion Group Holdings, Inc.*		68,093		504,569
Sterling Infrastructure, Inc.*		5,292		1,416,086

				5,545,802

*Electrical Equipment (5.3%)*
American Superconductor Corp.*		28,380		1,613,403
Amprius Technologies, Inc.*		171,273		1,186,922
LSI Industries, Inc.		60,144		1,100,635
Ultralife Corp.*		54,222		432,149

				4,333,109

*Ground Transportation (0.9%)*
Covenant Logistics Group, Inc., Class A		29,167		704,383

*Machinery (2.9%)*
Graham Corp.*		31,449		1,797,311

See Notes to Portfolio of Investments.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Worthington Enterprises, Inc.		9,261	$	573,904

				2,371,215

*Professional Services (5.0%)*
BlackSky Technology, Inc., Class A(x)*		30,017		577,527
Fiverr International Ltd.*		17,434		384,943
IBEX Holdings Ltd.*		12,718		376,071
Kelly Services, Inc., Class A		26,307		322,261
Legalzoom.com, Inc.*		63,362		569,624
Upwork, Inc.*		31,963		382,278
Willdan Group, Inc.*		17,277		1,473,728

				4,086,432

*Trading Companies & Distributors (1.2%)*
MRC Global, Inc.*		24,044		352,966
Transcat, Inc.*		8,552		653,629

				1,006,595

Total Industrials				28,622,635

Information Technology (23.9%)
*Communications Equipment (1.4%)*
Ceragon Networks Ltd.*		234,268		517,732
Extreme Networks, Inc.*		36,623		646,762

				1,164,494

*Electronic Equipment, Instruments & Components (6.9%)*
908 Devices, Inc.*		107,348		703,129
Arlo Technologies, Inc.*		44,627		722,957
Frequency Electronics, Inc.		20,505		545,433
Identiv, Inc.*		90,407		328,178
Mirion Technologies, Inc., Class A*		71,657		1,601,534
Novanta, Inc.*		4,550		559,741
Ouster, Inc.*		49,233		1,151,068

				5,612,040

*IT Services (2.1%)*
Castellum, Inc.(x)*		469,157		558,297
Crexendo, Inc.*		163,104		908,489
Research Solutions, Inc.*		104,364		278,130

				1,744,916

*Semiconductors & Semiconductor Equipment (4.6%)*
Ambarella, Inc.*		11,403		753,625
Cohu, Inc.*		32,963		588,719
Penguin Solutions, Inc.(x)*		36,801		867,400
Semtech Corp.*		11,732		599,505
Tower Semiconductor Ltd.*		19,807		906,170

				3,715,419

*Software (8.9%)*
Airship AI Holdings, Inc.(x)*		70,013		363,368
Arteris, Inc.*		64,090		631,927
AvePoint, Inc.*		64,365		1,228,084
Blend Labs, Inc., Class A*		92,928		307,592
Cognyte Software Ltd.*		77,084		713,798
Docebo, Inc.*		16,667		505,010
OneSpan, Inc.		49,891		735,892
RADCOM Ltd.*		51,206		694,353
Red Violet, Inc.		13,433		595,485
SimilarWeb Ltd.*		59,048		493,641
Viant Technology, Inc., Class A*		35,655		516,998
Zeta Global Holdings Corp., Class A*		28,533		446,541

				7,232,689

Total Information Technology				19,469,558

Materials (0.6%)
*Chemicals (0.6%)*
Aspen Aerogels, Inc.*		59,551		456,161

Total Materials				456,161

Total Common Stocks (95.1%) (Cost $52,659,292)				77,317,287

EXCHANGE TRADED FUNDS (ETF):
Equity (0.4%)
iShares Russell 2000 Growth ETF(x)		1,120		324,968

Total Exchange Traded Funds (0.4%) (Cost 327,153)				324,968

SHORT-TERM INVESTMENTS:
Investment Companies (5.7%)
Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 dayyield) (xx)		200,000		200,000
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield) (xx)		2,038,565		2,038,565
JPMorgan Prime Money Market Fund, IM Shares 4.46% (7 dayyield)		2,375,360		2,375,598

Total Investment Companies				4,614,163

Total Short-Term Investments (5.7%) (Cost $4,614,401)				4,614,163

Total Investments in Securities (101.2%) (Cost $57,600,846)				82,256,418
Other Assets Less Liabilities (-1.2%)				(996,136	)

Net Assets (100%)			$	81,260,282

*	Non-income producing.

(x)

All or a portion of security is on loan at July 31, 2025.

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $3,027,103. This was collateralized by $1,009,640 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.625%, maturing 8/7/25 – 2/15/51 and by cash of $2,238,565 which was subsequently invested in investment companies.

Glossary:

ADR — American Depositary Receipt

See Notes to Portfolio of Investments.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	579,685	$	—	$	—	$	579,685
Consumer Discretionary		4,040,882		—		—		4,040,882
Consumer Staples		1,225,870		—		—		1,225,870
Energy		2,091,982		—		—		2,091,982
Financials		4,329,495		—		—		4,329,495
Health Care		16,501,019		—		—		16,501,019
Industrials		28,622,635		—		—		28,622,635
Information Technology		19,469,558		—		—		19,469,558
Materials		456,161		—		—		456,161
Exchange Traded Funds		324,968		—		—		324,968
Short-Term Investments
Investment Companies		4,614,163		—		—		4,614,163

Total Assets	$	82,256,418	$	—	$	—	$	82,256,418

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	82,256,418	$	—	$	—	$	82,256,418


Aggregate gross unrealized appreciation	$	27,026,934
Aggregate gross unrealized depreciation		(2,620,093	)

Net unrealized appreciation	$	24,406,841

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	57,849,577

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (19.0%)
*Diversified Telecommunication Services (1.8%)*
Anterix, Inc.*		2,500	$	55,525
Liberty Global Ltd., Class A*		25,000		250,500
Telesat Corp.*		114,000		2,722,320

				3,028,345

*Entertainment (5.4%)*
Atlanta Braves Holdings, Inc., Class A*		40,500		1,907,550
Atlanta Braves Holdings, Inc., Class C*		33,000		1,470,480
Liberty Media Corp.-Liberty Live, Class A*		1,000		81,800
Lionsgate Studios Corp.*		65,100		385,392
Madison Square Garden Entertainment Corp., Class A*		19,000		718,010
Madison Square Garden Sports Corp.*		15,500		3,132,550
Sphere Entertainment Co.(x)*		30,000		1,291,500
Starz Entertainment Corp.		4,228		61,517
Vivendi SE		50,000		189,725

				9,238,524

*Media (8.9%)*
Altice USA, Inc., Class A*		3,000		7,800
AMC Networks, Inc., Class A(x)*		27,000		161,730
Clear Channel Outdoor Holdings, Inc.*		560,000		593,600
Corus Entertainment, Inc., Class B*		75,000		5,142
EchoStar Corp., Class A(x)*		32,500		1,059,175
EW Scripps Co. (The), Class A*		60,000		179,400
Fox Corp., Class B		12,000		613,680
Grupo Televisa SAB (ADR)(x)		700,000		1,960,000
JCDecaux SE		38,500		634,878
News Corp., Class B		20,000		668,400
Nexstar Media Group, Inc., Class A		10,200		1,908,522
Paramount Global, Class A		124,500		2,376,705
Paramount Global, Class B		10,000		125,700
Sinclair, Inc.		189,000		2,732,940
Sirius XM Holdings, Inc.		38,000		802,560
TEGNA, Inc.		75,000		1,252,500
WideOpenWest, Inc.*		31,000		104,470

				15,187,202

*Wireless Telecommunication Services (2.9%)*
Gogo, Inc.*		12,900		204,594
Millicom International Cellular SA		37,500		1,505,625
Telephone and Data Systems, Inc.		30,000		1,171,200
United States Cellular Corp.*		30,000		2,187,900

				5,069,319

Total Communication Services				32,523,390

Consumer Discretionary (17.3%)
*Automobile Components (6.1%)*
Dana, Inc.		115,000		1,830,800
Garrett Motion, Inc.		20,000		260,800
Gentex Corp.		31,500		832,230
Gentherm, Inc.*		6,000		192,240
Goodyear Tire & Rubber Co. (The)*		136,000		1,398,080
Modine Manufacturing Co.*		23,500		3,162,160
Strattec Security Corp.*		42,000		2,665,320

				10,341,630

*Automobiles (0.1%)*
Winnebago Industries, Inc.		7,000		208,040

*Diversified Consumer Services (1.2%)*
Graham Holdings Co., Class B		800		763,344
Matthews International Corp., Class A		55,000		1,291,950

				2,055,294

*Hotels, Restaurants & Leisure (3.5%)*
Caesars Entertainment, Inc.*		70,000		1,867,600
Churchill Downs, Inc.		4,000		428,160
Golden Entertainment, Inc.		26,000		731,120
Krispy Kreme, Inc.(x)		28,000		101,360
Nathan’s Famous, Inc.		19,300		1,833,500
Ollamani SAB*		130,000		324,018
Wynn Resorts Ltd.		6,800		741,404

				6,027,162

*Household Durables (0.8%)*
Bassett Furniture Industries, Inc.		24,000		379,680
Lennar Corp., Class B		8,700		932,466

				1,312,146

*Leisure Products (1.8%)*
Brunswick Corp.		20,000		1,165,800
Johnson Outdoors, Inc., Class A		48,500		1,610,200
Mattel, Inc.*		12,900		219,429

				2,995,429

*Specialty Retail (3.8%)*
Advance Auto Parts, Inc.		68,500		3,635,295
AutoNation, Inc.*		6,500		1,252,160
Lands’ End, Inc.(x)*		12,000		140,760
Monro, Inc.		90,000		1,268,550
Valvoline, Inc.*		7,500		264,375

				6,561,140

Total Consumer Discretionary				29,500,841

Consumer Staples (7.0%)
*Beverages (1.2%)*
Boston Beer Co., Inc. (The), Class A*		2,800		579,824
National Beverage Corp.*		20,000		916,400
Remy Cointreau SA(x)		10,000		596,277

				2,092,501

*Consumer Staples Distribution & Retail (0.2%)*
Ingles Markets, Inc., Class A		2,000		125,860
Village Super Market, Inc., Class A		8,400		288,960

				414,820

*Food Products (2.8%)*
Bunge Global SA		3,500		279,160
Calavo Growers, Inc.		41,000		1,078,300
Farmer Bros Co.*		95,000		156,750
Hain Celestial Group, Inc. (The)*		30,000		47,100
J M Smucker Co. (The)		12,500		1,341,750
John B Sanfilippo & Son, Inc.		7,300		462,163
Maple Leaf Foods, Inc.		55,000		1,160,653
McCormick & Co., Inc. (Non- Voting)		2,900		205,146

				4,731,022

*Household Products (2.3%)*
Energizer Holdings, Inc.		90,000		2,026,800
Spectrum Brands Holdings, Inc.		34,500		1,846,095

				3,872,895

*Personal Care Products (0.5%)*
Edgewell Personal Care Co.		34,200		862,866

Total Consumer Staples				11,974,104

Energy (0.9%)
*Energy Equipment & Services (0.9%)*
Innovex International, Inc.*		59,500		976,990

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
RPC, Inc.		104,000	$	483,600

Total Energy				1,460,590

Financials (2.2%)
*Banks (1.7%)*
Cadence Bank		10,000		348,500
Flushing Financial Corp.		27,000		323,730
SouthState Corp.		6,000		565,020
Synovus Financial Corp.		36,000		1,700,640

				2,937,890

*Capital Markets (0.4%)*
Affiliated Managers Group, Inc.		1,000		209,870
Janus Henderson Group plc		10,000		433,000

				642,870

*Financial Services (0.1%)*
NCR Atleos Corp.*		6,000		183,600

Total Financials				3,764,360

Health Care (2.2%)
*Health Care Equipment & Supplies (0.4%)*
Align Technology, Inc.*		100		12,901
Bausch + Lomb Corp.(x)*		15,000		204,450
Dentsply Sirona, Inc.		7,500		107,325
QuidelOrtho Corp.*		12,000		276,240

				600,916

*Health Care Providers & Services (0.6%)*
Henry Schein, Inc.*		7,000		473,550
Option Care Health, Inc.*		17,504		513,742

				987,292

*Health Care Technology (0.2%)*
Evolent Health, Inc., Class A*		35,000		351,750

*Life Sciences Tools & Services (0.0%)†*
Bio-Rad Laboratories, Inc., Class A*		300		72,585

*Pharmaceuticals (1.0%)*
Perrigo Co. plc		40,000		1,066,800
Teva Pharmaceutical Industries Ltd. (ADR)*		40,000		618,000

				1,684,800

Total Health Care				3,697,343

Industrials (32.6%)
*Aerospace & Defense (6.1%)*
AAR Corp.*		21,500		1,606,265
Ducommun, Inc.*		4,000		363,920
Embraer SA (ADR)		2,000		115,160
Hexcel Corp.		14,500		868,695
Moog, Inc., Class A		9,500		1,839,010
Moog, Inc., Class B		12,800		2,496,000
National Presto Industries, Inc.		2,000		192,900
Park Aerospace Corp.		3,000		54,060
Spirit AeroSystems Holdings, Inc., Class A*		12,000		472,800
Textron, Inc.		30,000		2,333,100

				10,341,910

*Building Products (2.1%)*
AZZ, Inc.		26,800		2,934,600
Griffon Corp.		9,100		739,557

				3,674,157

*Commercial Services & Supplies (0.3%)*
OPENLANE, Inc.*		20,000		492,800

*Construction & Engineering (1.3%)*
Arcosa, Inc.		9,200		790,096
Everus Construction Group, Inc.*		600		44,556
Valmont Industries, Inc.		3,600		1,310,220

				2,144,872

*Machinery (20.3%)*
Astec Industries, Inc.		64,400		2,554,104
CNH Industrial NV		31,000		401,760
Commercial Vehicle Group, Inc.*		78,500		132,665
Crane Co.		18,000		3,523,860
Donaldson Co., Inc.		1,000		71,970
Eastern Co. (The)		27,000		622,350
Enerpac Tool Group Corp., Class A		22,000		847,220
Enpro, Inc.		5,800		1,231,978
Flowserve Corp.		45,000		2,521,800
Gorman-Rupp Co. (The)		15,000		617,400
Graco, Inc.		2,500		209,950
Hyster-Yale, Inc.		35,600		1,495,556
Ingersoll Rand, Inc.		15,200		1,286,376
ITT, Inc.		12,000		2,039,520
Iveco Group NV		165,000		3,418,550
Kennametal, Inc.		19,000		470,440
L B Foster Co., Class A*		42,000		987,000
Manitowoc Co., Inc. (The)*		24,000		306,000
Mueller Industries, Inc.		50,200		4,285,574
Mueller Water Products, Inc., Class A		13,700		339,212
Park-Ohio Holdings Corp.		72,000		1,180,800
Snap-on, Inc.		1,300		417,547
Tennant Co.		9,300		767,622
Terex Corp.		13,000		661,180
Timken Co. (The)		1,000		76,090
Toro Co. (The)		7,500		556,875
Trinity Industries, Inc.		65,400		1,523,820
Twin Disc, Inc.		113,000		977,450
Watts Water Technologies, Inc., Class A		4,500		1,180,440

				34,705,109

*Trading Companies & Distributors (2.5%)*
Ashtead Group plc		2,300		154,244
GATX Corp.		12,900		1,969,701
Herc Holdings, Inc.		18,000		2,102,580
MSC Industrial Direct Co., Inc., Class A		1,000		86,620

				4,313,145

Total Industrials				55,671,993

Information Technology (2.3%)
*Communications Equipment (0.1%)*
Viasat, Inc.*		14,000		230,020

*Electronic Equipment, Instruments & Components (0.6%)*
Crane NXT Co.		500		29,670
Landis+Gyr Group AG		9,500		782,456
Mirion Technologies, Inc., Class A*		5,000		111,750

				923,876

*IT Services (1.4%)*
Kyndryl Holdings, Inc.*		62,000		2,341,740

*Software (0.2%)*
A10 Networks, Inc.		12,000		221,040
NCR Voyix Corp.*		10,000		136,200

				357,240

Total Information Technology				3,852,876

Materials (6.8%)
*Chemicals (4.1%)*
Axalta Coating Systems Ltd.*		22,000		623,040

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Core Molding Technologies, Inc.*		66,000	$	1,098,240
Element Solutions, Inc.		65,900		1,555,240
HB Fuller Co.		10,000		562,000
Huntsman Corp.		30,000		291,000
Olin Corp.		10,000		189,400
Scotts Miracle-Gro Co. (The)		44,000		2,757,040

				7,075,960

*Construction Materials (0.0%)†*
Knife River Corp.*		600		49,488

*Containers & Packaging (1.4%)*
Ardagh Metal Packaging SA		60,000		237,600
Greif, Inc., Class A		19,000		1,205,170
Myers Industries, Inc.		60,000		879,000

				2,321,770

*Metals & Mining (1.3%)*
Ampco-Pittsburgh Corp.*		90,000		290,700
Freeport-McMoRan, Inc.		20,000		804,800
Tredegar Corp.*		130,000		1,132,300

				2,227,800

Total Materials				11,675,018

Real Estate (0.7%)
*Hotel & Resort REITs (0.3%)*
Ryman Hospitality Properties, Inc. (REIT)		5,000		475,300

*Real Estate Management & Development (0.3%)*
Seritage Growth Properties, Class A*		13,500		43,065
St Joe Co. (The)		10,000		505,000

				548,065

*Specialized REITs (0.1%)*
Millrose Properties, Inc. (REIT)		4,350		130,457

Total Real Estate				1,153,822

Utilities (5.2%)
*Electric Utilities (0.3%)*
ALLETE, Inc.		8,700		573,591

*Gas Utilities (3.2%)*
MDU Resources Group, Inc.		2,400		41,400
National Fuel Gas Co.		42,000		3,645,180
Southwest Gas Holdings, Inc.		23,500		1,836,290

				5,522,870

*Independent Power and Renewable Electricity Producers (0.6%)*
AES Corp. (The)		54,000		710,100
XPLR Infrastructure LP		22,000		209,660

				919,760

*Multi-Utilities (1.1%)*
Algonquin Power & Utilities Corp.		323,000		1,905,700

Total Utilities				8,921,921

Total Common Stocks (96.2%) (Cost $ 129,656,026)				164,196,258

	Number of Rights
RIGHTS:
Industrials (0.0%)†
*Electrical Equipment (0.0%)†*
Pineapple Energy, Inc., CVR(r)* (Cost $—)		6,250		4,945

	Number of Warrants
WARRANTS:
Materials (0.0%)
*Metals & Mining (0.0%)*
Ampco-Pittsburgh Corp., expiring 8/1/25(r)* (Cost $—)		30,000		—

	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (3.8%)
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield) (xx)		573,930		573,930
JPMorgan Prime Money Market Fund, IM Shares 4.46% (7 day yield)		5,994,146		5,994,745

Total Investment Companies				6,568,675

Total Short-Term Investments (3.8%) (Cost $6,569,208)				6,568,675

Total Investments in Securities (100.0%) (Cost $136,225,234)				170,769,878

Other Assets Less Liabilities (0.0%)†				(38,849	)

Net Assets (100%)			$	170,731,029

*	Non-income producing.

†	Percent shown is less than 0.05%.

(r)

Fair value determined using significant unobservable inputs.

(x)

All or a portion of security is on loan at July 31, 2025.

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $1,862,520. This was collateralized by $1,412,478 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 8/7/25 – 5/15/54 and by cash of $573,930 which was subsequently invested in investment companies.

Glossary:

ADR — American Depositary Receipt

CVR — Contingent Value Right

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	31,698,787	$	824,603	$	—		$	32,523,390
Consumer Discretionary		29,500,841		—		—			29,500,841
Consumer Staples		11,377,827		596,277		—			11,974,104
Energy		1,460,590		—		—			1,460,590
Financials		3,764,360		—		—			3,764,360
Health Care		3,697,343		—		—			3,697,343
Industrials		49,603,199		6,068,794		—			55,671,993
Information Technology		3,070,420		782,456		—			3,852,876
Materials		11,675,018		—		—			11,675,018
Real Estate		1,153,822		—		—			1,153,822
Utilities		8,921,921		—		—			8,921,921
Rights
Industrials		—		—		4,945			4,945
Short-Term Investments
Investment Companies		6,568,675		—		—			6,568,675
Warrants
Materials		—		—		—	(a)		—	(a)

Total Assets	$	162,492,803	$	8,272,130	$	4,945		$	170,769,878

Total Liabilities	$	—	$	—	$	—		$	—

Total	$	162,492,803	$	8,272,130	$	4,945		$	170,769,878

(a)	Value is zero.


Aggregate gross unrealized appreciation	$	46,189,717
Aggregate gross unrealized depreciation		(15,162,601	)

Net unrealized appreciation	$	31,027,116

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	139,742,762

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (95.8%)
Communication Services (9.9%)
*Diversified Telecommunication Services (3.8%)*
CCO Holdings LLC
5.500%, 5/1/26§	$	187,000	$	186,458
6.375%, 9/1/29§		290,000		292,685
4.750%, 2/1/32(x)§		386,000		354,977
4.500%, 5/1/32		426,000		386,595
4.500%, 6/1/33(x)§		468,000		415,472
Level 3 Financing, Inc.
4.500%, 4/1/30§		188,000		168,730
6.875%, 6/30/33§		416,500		420,499
Windstream Escrow LLC
7.750%, 8/15/28		250		3
Windstream Services LLC
8.250%, 10/1/31§		185,000		193,094
Zayo Group Holdings, Inc.
4.000%, 3/1/27(x)§		436,000		414,025
6.125%, 3/1/28§		212,000		191,290

				3,023,828

*Entertainment (0.2%)*
Live Nation Entertainment, Inc.
6.500%, 5/15/27§		186,000		188,092

*Media (5.9%)*
CSC Holdings LLC
11.750%, 1/31/29§		400,000		375,000
Gray Media, Inc.
10.500%, 7/15/29§		143,000		154,619
4.750%, 10/15/30§		414,000		308,947
9.625%, 7/15/32§		158,000		159,417
McGraw-Hill Education, Inc.
8.000%, 8/1/29§		440,000		447,150
Neptune Bidco US, Inc.
9.290%, 4/15/29§		520,000		503,152
Nexstar Media, Inc.
5.625%, 7/15/27§		224,000		223,384
Outfront Media Capital LLC
5.000%, 8/15/27§		362,000		357,772
Sinclair Television Group, Inc.
5.500%, 3/1/30§		161,000		133,751
Sirius XM Radio LLC
3.125%, 9/1/26§		374,000		365,383
3.875%, 9/1/31(x)§		563,000		496,087
Stagwell Global LLC
5.625%, 8/15/29§		395,000		379,694
TEGNA, Inc.
4.750%, 3/15/26§		137,000		136,657
Univision Communications, Inc.
8.500%, 7/31/31§		444,000		450,807
VZ Secured Financing BV
5.000%, 1/15/32§		270,000		236,701

				4,728,521

Total Communication Services				7,940,441

Consumer Discretionary (18.0%)
*Automobile Components (1.4%)*
Clarios Global LP
8.500%, 5/15/27§		228,000		229,213
6.750%, 5/15/28§		467,000		476,840
6.750%, 2/15/30§		145,000		148,955
Forvia SE
8.000%, 6/15/30§		250,000		260,150

				1,115,158

*Broadline Retail (0.7%)*
Getty Images, Inc.
9.750%, 3/1/27§		604,000		586,351

*Distributors (1.6%)*
RB Global Holdings, Inc.
6.750%, 3/15/28§		196,000		200,206
7.750%, 3/15/31§		305,000		319,649
Resideo Funding, Inc.
6.500%, 7/15/32§		239,000		241,589
Velocity Vehicle Group LLC
8.000%, 6/1/29§		135,000		136,350
Windsor Holdings III LLC
8.500%, 6/15/30§		336,000		356,355

				1,254,149

*Diversified Consumer Services (0.9%)*
Matthews International Corp.
8.625%, 10/1/27§		254,000		263,929
Service Corp. International
5.750%, 10/15/32		182,000		182,417
Wand NewCo 3, Inc.
7.625%, 1/30/32§		283,000		297,634

				743,980

*Hotels, Restaurants & Leisure (9.4%)*
1011778 BC ULC
3.875%, 1/15/28§		261,000		251,865
5.625%, 9/15/29§		276,000		277,885
Caesars Entertainment, Inc.
7.000%, 2/15/30§		737,000		757,958
Carnival Corp.
7.000%, 8/15/29§		612,000		643,211
5.750%, 8/1/32§		345,000		347,419
CEC Entertainment LLC
6.750%, 5/1/26§		166,000		165,017
Churchill Downs, Inc.
5.750%, 4/1/30§		397,000		394,622
Flutter Treasury DAC
6.375%, 4/29/29§		200,000		205,206
5.875%, 6/4/31§		215,000		216,505
Great Canadian Gaming Corp.
8.750%, 11/15/29§		326,000		318,173
Hilton Domestic Operating Co., Inc.
5.750%, 5/1/28§		112,000		111,944
3.625%, 2/15/32§		282,000		254,308
5.875%, 3/15/33§		167,000		168,063
5.750%, 9/15/33§		128,000		128,153
Marriott International, Inc.
5.350%, 3/15/35		398,000		398,849
NCL Corp. Ltd.
8.125%, 1/15/29§		34,000		35,648
6.750%, 2/1/32§		240,000		245,400
Ontario Gaming GTA LP
8.000%, 8/1/30(x)§		361,000		366,000
Royal Caribbean Cruises Ltd.
5.375%, 7/15/27§		286,000		287,315
6.000%, 2/1/33§		522,000		529,447

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Sabre GLBL, Inc.
11.125%, 7/15/30§	$	168,000	$	177,058
Scientific Games Holdings LP
6.625%, 3/1/30§		269,000		259,203
Six Flags Entertainment Corp.
6.625%, 5/1/32§		314,000		319,759
Station Casinos LLC
4.500%, 2/15/28§		188,000		183,946
4.625%, 12/1/31(x)§		150,000		139,778
Voyager Parent LLC
9.250%, 7/1/32§		176,000		186,173
Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§		203,000		196,327

				7,565,232

*Household Durables (0.8%)*
Newell Brands, Inc.
8.500%, 6/1/28§		189,000		198,214
6.625%, 5/15/32		281,000		268,706
Whirlpool Corp.
6.500%, 6/15/33		156,000		153,660

				620,580

*Specialty Retail (1.8%)*
Cougar JV Subsidiary LLC
8.000%, 5/15/32§		105,000		111,192
eG Global Finance plc
12.000%, 11/30/28§		400,000		441,500
Global Auto Holdings Ltd.
8.375%, 1/15/29§		200,000		185,562
LBM Acquisition LLC
6.250%, 1/15/29§		256,000		223,959
LCM Investments Holdings II LLC
4.875%, 5/1/29§		218,000		211,329
White Cap Buyer LLC
6.875%, 10/15/28§		271,000		270,323

				1,443,865

*Textiles, Apparel & Luxury Goods (1.4%)*
Champ Acquisition Corp.
8.375%, 12/1/31§		222,000		234,849
Crocs, Inc.
4.125%, 8/15/31(x)§		192,000		173,345
Hanesbrands, Inc.
9.000%, 2/15/31§		326,000		343,112
S&S Holdings LLC
8.375%, 10/1/31§		402,000		384,915

				1,136,221

Total Consumer Discretionary				14,465,536

Consumer Staples (5.0%)
*Beverages (0.3%)*
Primo Water Holdings, Inc.
4.375%, 4/30/29(x)§		222,000		213,675

*Consumer Staples Distribution & Retail (0.6%)*
Performance Food Group, Inc.
6.125%, 9/15/32§		143,000		145,332
US Foods, Inc.
4.625%, 6/1/30§		176,000		169,647
7.250%, 1/15/32(x)§		185,000		192,757

				507,736

*Food Products (3.2%)*
Darling Ingredients, Inc.
6.000%, 6/15/30§		366,000		368,335
Fiesta Purchaser, Inc.
7.875%, 3/1/31§		153,000		161,329
9.625%, 9/15/32§		265,000		280,648
Froneri Lux FinCo. Sarl
6.000%, 8/1/32§		664,000		661,351
Post Holdings, Inc.
5.500%, 12/15/29§		74,000		73,352
6.250%, 2/15/32§		131,000		132,965
6.250%, 10/15/34(x)§		207,000		207,259
Simmons Foods, Inc.
4.625%, 3/1/29§		158,000		149,261
Viking Baked Goods Acquisition Corp.
8.625%, 11/1/31§		533,000		522,644

				2,557,144

*Household Products (0.3%)*
Energizer Holdings, Inc.
4.750%, 6/15/28§		272,000		263,914

*Personal Care Products (0.6%)*
Herbalife Nutrition Ltd.
7.875%, 9/1/25§		56,000		55,990
Opal Bidco SAS
6.500%, 3/31/32§		200,000		201,500
Prestige Brands, Inc.
3.750%, 4/1/31§		212,000		193,820

				451,310

Total Consumer Staples				3,993,779

Energy (8.5%)
*Energy Equipment & Services (0.9%)*
Aris Water Holdings LLC
7.250%, 4/1/30§		384,000		392,640
Transocean, Inc.
8.750%, 2/15/30§		185,600		191,873
8.500%, 5/15/31§		156,000		143,258

				727,771

*Oil, Gas & Consumable Fuels (7.6%)*
Antero Resources Corp.
7.625%, 2/1/29(x)§		120,000		122,496
Ascent Resources Utica Holdings LLC
6.625%, 10/15/32§		158,000		160,173
Blue Racer Midstream LLC
6.625%, 7/15/26§		230,000		230,094
7.250%, 7/15/32§		193,000		203,592
Chord Energy Corp.
6.750%, 3/15/33§		319,000		324,583
Crescent Energy Finance LLC
7.625%, 4/1/32§		452,000		440,293
Delek Logistics Partners LP
8.625%, 3/15/29§		412,000		427,096
7.375%, 6/30/33§		157,000		155,351
Encino Acquisition Partners Holdings LLC
8.500%, 5/1/28§		205,000		209,325
Genesis Energy LP
7.750%, 2/1/28		382,000		385,350
7.875%, 5/15/32		475,000		489,844
Kinder Morgan, Inc.
4.800%, 2/1/33		284,000		279,552

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Kinetik Holdings LP
5.875%, 6/15/30§	$	479,000	$	477,803
NGL Energy Operating LLC
8.375%, 2/15/32(x)§		547,000		535,376
NuStar Logistics LP
6.000%, 6/1/26		175,000		175,613
Permian Resources Operating LLC
5.875%, 7/1/29§		151,000		150,569
6.250%, 2/1/33§		233,000		234,312
Summit Midstream Holdings LLC
8.625%, 10/31/29§		656,000		667,480
Sunoco LP
7.250%, 5/1/32§		204,000		213,039
6.250%, 7/1/33§		227,000		229,926

				6,111,867

Total Energy				6,839,638

Financials (6.4%)
*Capital Markets (0.9%)*
Aretec Group, Inc.
10.000%, 8/15/30§		150,000		163,560
MSCI, Inc.
3.250%, 8/15/33§		554,000		484,479
Osaic Holdings, Inc.
6.750%, 8/1/32§		107,000		108,204

				756,243

*Consumer Finance (1.1%)*
Bread Financial Holdings, Inc.
9.750%, 3/15/29(x)§		45,000		48,262
Enova International, Inc.
9.125%, 8/1/29§		309,000		323,202
GGAM Finance Ltd.
8.000%, 2/15/27§		199,000		205,123
8.000%, 6/15/28§		260,000		274,077

				850,664

*Financial Services (2.2%)*
Armor Holdco, Inc.
8.500%, 11/15/29§		409,000		392,824
Freedom Mortgage Corp.
12.000%, 10/1/28§		186,000		198,206
Freedom Mortgage Holdings LLC
9.250%, 2/1/29§		232,000		242,403
8.375%, 4/1/32§		166,000		169,527
Rocket Cos., Inc.
6.375%, 8/1/33§		206,000		209,605
Shift4 Payments LLC
6.750%, 8/15/32§		564,000		580,744

				1,793,309

*Insurance (2.0%)*
Acrisure LLC
8.250%, 2/1/29§		453,000		467,713
Alliant Holdings Intermediate LLC
6.750%, 10/15/27(x)§		196,000		196,063
Ardonagh Group Finance Ltd.
8.875%, 2/15/32§		200,000		210,256
BroadStreet Partners, Inc.
5.875%, 4/15/29§		222,000		219,942
HUB International Ltd.
7.250%, 6/15/30§		304,000		315,780
Panther Escrow Issuer LLC
7.125%, 6/1/31§		189,000		195,413

				1,605,167

*Mortgage Real Estate Investment Trusts (REITs) (0.2%)*
Starwood Property Trust, Inc. (REIT)
6.500%, 7/1/30§		135,000		138,628

Total Financials				5,144,011

Health Care (6.0%)
*Health Care Equipment & Supplies (1.0%)*
Medline Borrower LP
5.250%, 10/1/29§		232,000		227,350
Neogen Food Safety Corp.
8.625%, 7/20/30§		399,000		402,990
Varex Imaging Corp.
7.875%, 10/15/27§		204,000		206,540

				836,880

*Health Care Providers & Services (3.3%)*
AdaptHealth LLC
5.125%, 3/1/30§		229,000		215,317
HealthEquity, Inc.
4.500%, 10/1/29§		448,000		431,827
Heartland Dental LLC
10.500%, 4/30/28(x)§		448,000		471,493
Star Parent, Inc.
9.000%, 10/1/30§		269,000		282,114
Surgery Center Holdings, Inc.
7.250%, 4/15/32§		380,000		390,842
Tenet Healthcare Corp.
6.250%, 2/1/27		334,000		332,854
US Acute Care Solutions LLC
9.750%, 5/15/29§		524,000		535,004

				2,659,451

*Health Care Technology (1.4%)*
IQVIA, Inc.
5.000%, 5/15/27§		260,000		258,066
5.700%, 5/15/28		200,000		204,656
6.250%, 2/1/29		219,000		228,585
6.250%, 6/1/32§		402,000		412,372

				1,103,679

*Pharmaceuticals (0.3%)*
1261229 BC Ltd.
10.000%, 4/15/32§		200,000		203,000

Total Health Care				4,803,010

Industrials (16.7%)
*Aerospace & Defense (0.6%)*
Goat Holdco LLC
6.750%, 2/1/32§		305,000		308,471
Rolls-Royce plc
5.750%, 10/15/27§		200,000		204,444

				512,915

*Building Products (2.4%)*
Advanced Drainage Systems, Inc.
6.375%, 6/15/30§		164,000		166,302
AmeriTex HoldCo Intermediate LLC
10.250%, 10/15/28§		473,000		501,569
7.625%, 8/15/33§		223,000		227,233

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Camelot Return Merger Sub, Inc.
8.750%, 8/1/28§	$	270,000	$	247,393
EMRLD Borrower LP
6.625%, 12/15/30§		363,000		370,082
New Enterprise Stone & Lime Co., Inc.
5.250%, 7/15/28§		158,000		156,488
Standard Industries, Inc.
4.375%, 7/15/30§		274,000		259,722

				1,928,789

*Commercial Services & Supplies (5.5%)*
ACCO Brands Corp.
4.250%, 3/15/29§		152,000		134,707
ADT Security Corp. (The)
4.875%, 7/15/32§		218,000		207,645
Allied Universal Holdco LLC
6.000%, 6/1/29(x)§		248,000		240,560
6.875%, 6/15/30§		193,000		197,825
7.875%, 2/15/31§		256,000		267,520
Aramark Services, Inc.
5.000%, 2/1/28§		268,000		265,666
Clarivate Science Holdings Corp.
4.875%, 7/1/29§		413,000		386,671
Garda World Security Corp.
6.000%, 6/1/29(x)§		409,000		400,832
8.250%, 8/1/32§		153,000		157,293
8.375%, 11/15/32§		503,000		516,506
Madison IAQ LLC
5.875%, 6/30/29(x)§		256,000		249,511
Raven Acquisition Holdings LLC
6.875%, 11/15/31§		344,000		346,614
Veritiv Operating Co.
10.500%, 11/30/30§		409,000		443,037
Waste Pro USA, Inc.
7.000%, 2/1/33§		147,000		152,607
Williams Scotsman, Inc.
7.375%, 10/1/31§		391,000		408,106

				4,375,100

*Construction & Engineering (1.7%)*
AECOM
6.000%, 8/1/33§		278,000		280,254
Arcosa, Inc.
6.875%, 8/15/32§		213,000		219,390
Brand Industrial Services, Inc.
10.375%, 8/1/30§		260,000		235,950
Dycom Industries, Inc.
4.500%, 4/15/29§		243,000		234,799
Pike Corp.
8.625%, 1/31/31§		230,000		247,450
Weekley Homes LLC
4.875%, 9/15/28§		172,000		166,025

				1,383,868

*Electrical Equipment (0.2%)*
EnerSys
6.625%, 1/15/32§		164,000		168,515

*Ground Transportation (2.1%)*
Beacon Mobility Corp.
7.250%, 8/1/30§		95,000		96,752
EquipmentShare.com, Inc.
9.000%, 5/15/28§		200,000		210,514
Genesee & Wyoming, Inc.
6.250%, 4/15/32§		211,000		213,370
NESCO Holdings II, Inc.
5.500%, 4/15/29§		417,000		405,499
RXO, Inc.
7.500%, 11/15/27§		198,000		202,760
Watco Cos. LLC
7.125%, 8/1/32§		325,000		336,781
XPO, Inc.
7.125%, 6/1/31§		228,000		236,187

				1,701,863

*Machinery (2.3%)*
ATS Corp.
4.125%, 12/15/28§		305,000		290,204
Chart Industries, Inc.
7.500%, 1/1/30§		503,000		526,893
Enpro, Inc.
6.125%, 6/1/33§		155,000		156,838
Hillenbrand, Inc.
6.250%, 2/15/29		241,000		244,314
3.750%, 3/1/31		84,000		75,128
Husky Injection Molding Systems Ltd.
9.000%, 2/15/29§		264,000		272,374
Terex Corp.
6.250%, 10/15/32§		241,000		241,603

				1,807,354

*Professional Services (0.5%)*
CACI International, Inc.
6.375%, 6/15/33§		205,000		208,735
VT Topco, Inc.
8.500%, 8/15/30(x)§		212,000		225,687

				434,422

*Trading Companies & Distributors (1.4%)*
QXO Building Products, Inc.
6.750%, 4/30/32§		169,000		174,070
United Rentals North America, Inc.
6.000%, 12/15/29§		252,000		256,271
6.125%, 3/15/34§		166,000		169,735
WESCO Distribution, Inc.
7.250%, 6/15/28(x)§		141,000		142,875
6.625%, 3/15/32(x)§		182,000		187,790
6.375%, 3/15/33§		199,000		203,726

				1,134,467

Total Industrials				13,447,293

Information Technology (11.0%)
*Communications Equipment (0.5%)*
CommScope LLC
8.250%, 3/1/27§		206,000		205,798
4.750%, 9/1/29(x)§		214,000		207,805

				413,603

*Electronic Equipment, Instruments & Components (0.2%)*
Zebra Technologies Corp.
6.500%, 6/1/32§		162,000		165,451

*IT Services (1.7%)*
Ahead DB Holdings LLC
6.625%, 5/1/28§		414,000		414,832
Fortress Intermediate 3, Inc.
7.500%, 6/1/31§		193,000		202,650

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
ION Trading Technologies Sarl
5.750%, 5/15/28(x)§	$	400,000	$	386,392
Unisys Corp.
10.625%, 1/15/31§		384,000		403,123

				1,406,997

*Software (8.0%)*
AthenaHealth Group, Inc.
6.500%, 2/15/30§		512,000		501,514
Camelot Finance SA
4.500%, 11/1/26§		66,000		65,025
Capstone Borrower, Inc.
8.000%, 6/15/30§		448,000		465,956
Central Parent, Inc.
7.250%, 6/15/29§		164,000		135,402
Cloud Software Group, Inc.
6.500%, 3/31/29§		163,000		164,223
9.000%, 9/30/29§		670,000		689,832
Ellucian Holdings, Inc.
6.500%, 12/1/29§		180,000		182,466
Gen Digital, Inc.
7.125%, 9/30/30§		251,000		259,491
6.250%, 4/1/33§		281,000		286,620
Helios Software Holdings, Inc.
4.625%, 5/1/28§		200,000		188,532
8.750%, 5/1/29§		200,000		203,876
McAfee Corp.
7.375%, 2/15/30§		584,000		539,692
NCR Voyix Corp.
5.000%, 10/1/28§		225,000		221,294
5.125%, 4/15/29§		101,000		98,870
Open Text Corp.
6.900%, 12/1/27§		258,000		266,364
Open Text Holdings, Inc.
4.125%, 12/1/31§		334,000		302,918
Rocket Software, Inc.
9.000%, 11/28/28§		176,000		181,291
6.500%, 2/15/29§		234,000		227,415
SS&C Technologies, Inc.
5.500%, 9/30/27§		306,000		306,184
6.500%, 6/1/32§		242,000		248,001
UKG, Inc.
6.875%, 2/1/31§		234,000		240,143
ZoomInfo Technologies LLC
3.875%, 2/1/29§		698,000		656,546

				6,431,655

*Technology Hardware, Storage & Peripherals (0.6%)*
Dell International LLC
4.850%, 2/1/35		472,000		456,343

Total Information Technology				8,874,049

Materials (12.6%)
*Chemicals (6.2%)*
Avient Corp.
7.125%, 8/1/30§		248,000		254,646
Axalta Coating Systems LLC
4.750%, 6/15/27§		178,000		176,220
Celanese US Holdings LLC
6.750%, 4/15/33(x)		450,000		453,667
7.200%, 11/15/33(e)		76,000		79,102
HB Fuller Co.
4.250%, 10/15/28(x)		226,000		217,681
Illuminate Buyer LLC
9.000%, 7/1/28§		722,000		723,480
INEOS Quattro Finance 2 plc
9.625%, 3/15/29(x)§		400,000		405,712
Maxam Prill Sarl
7.750%, 7/15/30(x)§		200,000		195,000
Minerals Technologies, Inc.
5.000%, 7/1/28§		508,000		498,475
NOVA Chemicals Corp.
8.500%, 11/15/28§		375,000		393,836
9.000%, 2/15/30§		100,000		107,469
Nufarm Australia Ltd.
5.000%, 1/27/30(x)§		360,000		332,417
Olympus Water US Holding Corp.
6.250%, 10/1/29(x)§		200,000		191,568
7.250%, 6/15/31§		354,000		360,985
WR Grace Holdings LLC
5.625%, 8/15/29§		684,000		631,209

				5,021,467

*Containers & Packaging (5.6%)*
Ardagh Metal Packaging Finance USA LLC
4.000%, 9/1/29§		400,000		362,980
Clydesdale Acquisition Holdings, Inc.
8.750%, 4/15/30§		579,000		592,566
6.750%, 4/15/32§		166,000		169,239
Graphic Packaging International LLC
6.375%, 7/15/32§		156,000		157,819
LABL, Inc.
5.875%, 11/1/28§		464,000		407,731
8.625%, 10/1/31§		270,000		223,565
Mauser Packaging Solutions Holding Co.
7.875%, 4/15/27§		285,000		286,907
9.250%, 4/15/27§		750,000		742,297
Owens-Brockway Glass Container, Inc.
6.625%, 5/13/27§		270,000		270,238
7.250%, 5/15/31§		250,000		252,850
Sealed Air Corp.
6.125%, 2/1/28§		153,000		154,530
Toucan FinCo Ltd.
9.500%, 5/15/30§		322,000		329,532
Trivium Packaging Finance BV
8.250%, 7/15/30(x)§		308,000		324,114
12.250%, 1/15/31§		200,000		209,752

				4,484,120

*Metals & Mining (0.4%)*
Kaiser Aluminum Corp.
4.500%, 6/1/31(x)§		212,000		196,977
Novelis Corp.
6.875%, 1/30/30(x)§		118,000		121,605

				318,582

*Paper & Forest Products (0.4%)*
Magnera Corp.
7.250%, 11/15/31§		344,000		324,378

Total Materials				10,148,547

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Real Estate (1.7%)
*Diversified REITs (0.2%)*
VICI Properties LP (REIT)
4.250%, 12/1/26§	$	204,000	$	202,351

*Hotel & Resort REITs (0.5%)*
Park Intermediate Holdings LLC (REIT)
5.875%, 10/1/28§		204,000		203,405
Pebblebrook Hotel LP (REIT)
6.375%, 10/15/29§		198,000		197,877

				401,282

*Real Estate Management & Development (0.6%)*
Cushman & Wakefield US Borrower LLC
6.750%, 5/15/28§		280,000		282,727
Greystar Real Estate Partners LLC
7.750%, 9/1/30§		202,000		213,326

				496,053

*Specialized REITs (0.4%)*
Iron Mountain, Inc. (REIT)
5.000%, 7/15/28§		300,000		296,118

Total Real Estate				1,395,804

Total Corporate Bonds				77,052,108

Total Long-Term Debt Securities (95.8%) (Cost $76,184,201)				77,052,108


	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (9.4%)
BlackRock Liquidity FedFund, Institutional Shares 4.21% (7 day yield)(xx)		900,000		900,000
Dreyfus Treasury Obligations Cash Management Fund 4.19% (7 day yield)(xx)		900,000		900,000
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield)(xx)		3,452,015		3,452,015
JPMorgan Prime Money Market Fund, IM Shares 4.46% (7 day yield)		2,277,865		2,278,093

Total Investment Companies				7,530,108

Total Short-Term Investments (9.4%) (Cost $7,530,336)				7,530,108

Total Investments in Securities (105.2%) (Cost $83,714,537)				84,582,216
Other Assets Less Liabilities (-5.2%)				(4,189,831	)

Net Assets (100%)			$	80,392,385

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2025, the market value of these securities amounted to $72,039,189 or 89.6% of net assets.

(e)

Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2025. Maturity date disclosed is the ultimate maturity date.

(x)

All or a portion of security is on loan at July 31, 2025.

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $5,133,491. This was collateralized by cash of $5,252,015 which was subsequently invested in investment companies.

Glossary:

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	—	$	7,940,441	$	—	$	7,940,441
Consumer Discretionary		—		14,465,536		—		14,465,536
Consumer Staples		—		3,993,779		—		3,993,779
Energy		—		6,839,638		—		6,839,638
Financials		—		5,144,011		—		5,144,011
Health Care		—		4,803,010		—		4,803,010
Industrials		—		13,447,293		—		13,447,293
Information Technology		—		8,874,049		—		8,874,049
Materials		—		10,148,547		—		10,148,547
Real Estate		—		1,395,804		—		1,395,804
Short-Term Investments
Investment Companies		7,530,108		—		—		7,530,108

Total Assets	$	7,530,108	$	77,052,108	$	—	$	84,582,216

Total	$	7,530,108	$	77,052,108	$	—	$	84,582,216


Aggregate gross unrealized appreciation	$	1,553,777
Aggregate gross unrealized depreciation		(1,291,512	)

Net unrealized appreciation	$	262,265

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	84,319,951

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (2.0%)
Battalion CLO XVI Ltd.,
Series 2019-16A BR2
6.075%, 1/20/38(l)§	$	390,000	$	390,635
Magnetite XXVII Ltd.,
Series 2020-27A AR
5.727%, 10/20/34(l)§		335,000		335,742
OHA Credit Funding 8 Ltd.,
Series 2021-8A CR
6.075%, 1/20/38(l)§		320,000		320,825
RFS Asset Securitization V LLC,
Series 2025-1 B
6.195%, 5/15/32§		295,000		295,843
Sound Point CLO XXVII Ltd.,
Series 2020-2A AR
5.760%, 10/25/34(l)§		340,000		340,285

Total Asset- Backed Securities				1,683,330

Convertible Bond (0.1%)
Industrials (0.1%)
*Electrical Equipment (0.1%)*
Stem, Inc.
0.500%, 12/1/28§		245,000		53,802

Total Industrials				53,802

Total Convertible Bond				53,802

Corporate Bonds (41.7%)
Communication Services (4.1%)
*Diversified Telecommunication Services (0.7%)*
Frontier Communications Holdings LLC
6.750%, 5/1/29§		269,000		270,463
Level 3 Financing, Inc.
4.875%, 6/15/29§		200,864		188,611
Telecom Italia Capital SA
7.200%, 7/18/36		16,000		16,774
7.721%, 6/4/38		103,000		110,825

				586,673

*Entertainment (0.7%)*
Live Nation Entertainment, Inc.
3.750%, 1/15/28§		216,000		209,887
ROBLOX Corp.
3.875%, 5/1/30§		195,000		182,569
Warnermedia Holdings, Inc.
3.755%, 3/15/27		18,000		17,622
4.279%, 3/15/32		190,000		160,075

				570,153

*Interactive Media & Services (0.5%)*
Alphabet, Inc.
5.250%, 5/15/55		425,000		415,815

*Media (1.6%)*
Comcast Corp.
4.950%, 5/15/32		385,000		389,754
Directv Financing LLC
8.875%, 2/1/30§		110,000		107,250
Discovery Communications LLC
3.950%, 3/20/28		18,000		17,302
DISH Network Corp.
11.750%, 11/15/27§		183,000		190,459
Dotdash Meredith, Inc.
7.625%, 6/15/32§		91,000		88,582
EchoStar Corp.
10.750%, 11/30/29		109,438		115,047
iHeartCommunications, Inc.
7.750%, 8/15/30§		96,103		74,649
Scripps Escrow II, Inc.
3.875%, 1/15/29(x)§		103,000		91,412
TEGNA, Inc.
5.000%, 9/15/29		147,000		140,753
Univision Communications, Inc.
8.500%, 7/31/31§		68,000		69,042
9.375%, 8/1/32§		90,000		93,402

				1,377,652

*Wireless Telecommunication Services (0.6%)*
Hughes Satellite Systems Corp.
5.250%, 8/1/26		19,000		17,393
Millicom International Cellular SA
4.500%, 4/27/31(m)		245,000		225,125
T-Mobile USA, Inc.
5.150%, 4/15/34		155,000		156,073
4.700%, 1/15/35		170,000		164,351

				562,942

Total Communication Services				3,513,235

Consumer Discretionary (4.2%)
*Automobile Components (0.4%)*
Garrett Motion Holdings, Inc.
7.750%, 5/31/32§		80,000		82,919
Magna International, Inc.
5.875%, 6/1/35		70,000		71,787
Patrick Industries, Inc.
4.750%, 5/1/29§		198,000		191,173

				345,879

*Automobiles (0.5%)*
Nissan Motor Co. Ltd.
7.500%, 7/17/30§		200,000		206,600
Stellantis Finance US, Inc.
6.450%, 3/18/35§		200,000		199,814

				406,414

*Broadline Retail (0.7%)*
Nordstrom, Inc.
4.000%, 3/15/27		139,000		135,683
5.000%, 1/15/44		71,000		47,871
Rakuten Group, Inc.
9.750%, 4/15/29§		200,000		219,696
SGUS LLC
11.000%, 12/15/29§		19,909		18,914
Wayfair LLC
7.750%, 9/15/30§		149,000		153,193

				575,357

*Distributors (0.2%)*
RB Global Holdings, Inc.
6.750%, 3/15/28§		179,000		182,841

*Diversified Consumer Services (0.2%)*
Adtalem Global Education, Inc.
5.500%, 3/1/28§		173,000		170,881

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
StoneMor, Inc.
8.500%, 5/15/29§	$	44,000	$	41,722

				212,603

*Hotels, Restaurants & Leisure (1.3%)*
Brinker International, Inc.
8.250%, 7/15/30§		81,000		85,961
Carnival Corp.
5.875%, 6/15/31§		245,000		248,675
Hilton Domestic Operating Co., Inc.
5.875%, 4/1/29§		246,000		249,525
Hilton Grand Vacations Borrower LLC
4.875%, 7/1/31§		152,000		138,995
Hyatt Hotels Corp.
5.750%, 3/30/32		70,000		71,830
Life Time, Inc.
6.000%, 11/15/31§		30,000		30,105
Sabre GLBL, Inc.
11.125%, 7/15/30§		105,000		110,661
VOC Escrow Ltd.
5.000%, 2/15/28§		208,000		205,523

				1,141,275

*Household Durables (0.6%)*
Somnigroup International, Inc.
4.000%, 4/15/29§		199,000		189,050
Taylor Morrison Communities, Inc.
5.875%, 6/15/27§		178,000		179,449
Toll Brothers Finance Corp.
5.600%, 6/15/35		130,000		130,591

				499,090

*Leisure Products (0.1%)*
Amer Sports Co.
6.750%, 2/16/31§		45,000		46,762

*Specialty Retail (0.2%)*
Advance Auto Parts, Inc.
7.000%, 8/1/30§		30,000		30,156
Michaels Cos., Inc. (The)
5.250%, 5/1/28§		115,000		91,722
Saks Global Enterprises LLC
11.000%, 12/15/29§		73,000		16,644

				138,522

*Textiles, Apparel & Luxury Goods (0.0%)†*
Under Armour, Inc.
7.250%, 7/15/30§		15,000		15,300

Total Consumer Discretionary				3,564,043

Consumer Staples (0.3%)
*Food Products (0.1%)*
JBS USA LUX Sarl
5.950%, 4/20/35§		75,000		77,349

*Personal Care Products (0.2%)*
L’Oreal SA
5.000%, 5/20/35§		215,000		216,979

Total Consumer Staples				294,328

Energy (3.1%)
*Energy Equipment & Services (0.0%)†*
USA Compression Partners LP
7.125%, 3/15/29§		16,000		16,349

*Oil, Gas & Consumable Fuels (3.1%)*
CVR Energy, Inc.
8.500%, 1/15/29§		102,000		99,620
DT Midstream, Inc.
4.375%, 6/15/31§		58,000		55,129
Energy Transfer LP
5.700%, 4/1/35		120,000		121,519
Excelerate Energy LP
8.000%, 5/15/30§		175,000		183,313
Exxon Mobil Corp.
3.095%, 8/16/49		225,000		148,736
Florida Gas Transmission Co. LLC
5.750%, 7/15/35§		100,000		101,563
Genesis Energy LP
8.000%, 5/15/33		120,000		124,351
Gulfport Energy Operating Corp.
6.750%, 9/1/29§		167,000		169,557
Hess Midstream Operations LP
5.875%, 3/1/28§		192,000		195,241
4.250%, 2/15/30§		300,000		289,500
NGL Energy Operating LLC
8.125%, 2/15/29§		137,000		135,457
PBF Holding Co. LLC
6.000%, 2/15/28		171,000		164,587
9.875%, 3/15/30§		43,000		42,624
Raizen Fuels Finance SA
6.700%, 2/25/37§		375,000		364,800
Saudi Arabian Oil Co.
5.750%, 7/17/54§		275,000		257,980
TGNR Intermediate Holdings LLC
5.500%, 10/15/29§		99,000		96,348
TransMontaigne Partners LLC
8.500%, 6/15/30§		43,000		44,801
W&T Offshore, Inc.
10.750%, 2/1/29§		58,000		52,855
Western Midstream Operating LP
6.150%, 4/1/33		20,000		20,822

				2,668,803

Total Energy				2,685,152

Financials (15.2%)
*Banks (6.6%)*
Banco Bilbao Vizcaya Argentaria SA
5.381%, 3/13/29		200,000		205,219
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 7.750%, 1/14/32(k)(y)		400,000		412,500

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Banco Santander SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.91%), 8.000%, 2/1/34(k)(y)	$	200,000	$	213,500
Bank of America Corp.
(SOFR + 1.91%), 5.425%, 8/15/35(k)		350,000		350,652
Barclays plc
(SOFR + 3.57%), 7.119%, 6/27/34(k)(x)		265,000		290,534
BBVA Mexico SA
Institucion De Banca Multiple Grupo Financiero BBVA Mexico (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.38%), 7.625%, 2/11/35(k)§		200,000		205,750
BNP Paribas SA
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.94%), 4.500%, 2/25/30(k)(y)§		315,000		283,500
(SOFR + 1.88%), 5.738%, 2/20/35(k)§		220,000		227,665
Credit Agricole SA
(SOFR + 1.46%), 5.222%, 5/27/31(k)§		250,000		254,067
(ICE IBA - USD SOFR ICE Swap Rate 5 Year + 3.60%), 6.700%, 9/23/34(k)(x)(y)§		365,000		363,175
HSBC Holdings plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.99%), 7.050%, 6/5/30(k)(y)		585,000		595,237
(SOFR + 3.02%), 7.399%, 11/13/34(k)		270,000		301,518
Intesa Sanpaolo SpA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%), 7.778%, 6/20/54(k)§		265,000		302,528
JPMorgan Chase & Co.
(SOFR + 1.32%), 5.502%, 1/24/36(k)		90,000		92,080
(SOFR + 1.68%), 5.572%, 4/22/36(k)		200,000		206,732
(SOFR + 1.64%), 5.576%, 7/23/36(k)		210,000		212,752
Lloyds Banking Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.60%), 6.068%, 6/13/36(k)		245,000		250,971
Morgan Stanley Private
Bank NA (SOFR + 1.08%), 4.734%, 7/18/31(k)		250,000		251,111
NatWest Group plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.75%), 8.125%, 11/10/33(k)(y)		200,000		218,735
Societe Generale SA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 7.132%, 1/19/55(k)§		200,000		206,403
UniCredit SpA
(USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§		240,000		254,100

				5,698,729

*Capital Markets (5.3%)*
Antares Holdings LP
6.350%, 10/23/29§		250,000		251,988
Aretec Group, Inc.
7.500%, 4/1/29§		86,000		85,785
Bain Capital Specialty Finance, Inc.
5.950%, 3/15/30		90,000		89,387
BGC Group, Inc.
4.375%, 12/15/25		345,000		344,105
Blue Owl Capital Corp.
5.950%, 3/15/29		180,000		180,403
Blue Owl Capital Corp. II
8.450%, 11/15/26		70,000		72,464
Citadel LP
6.375%, 1/23/32§		55,000		57,007
Citadel Securities Global Holdings LLC
6.200%, 6/18/35§		250,000		255,037
Deutsche Bank AG
(SOFR + 3.65%), 7.079%, 2/10/34(k)		200,000		215,725
Series USTR (USD SOFR Spread- Adjusted ICE Swap Rate 5 Year + 4.36%), 8.130%, 4/30/30(k)(m)(y)		200,000		208,750
Goldman Sachs Group, Inc.
(The) (SOFR + 1.21%), 5.049%, 7/23/30(k)		270,000		274,414
Series X (US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.500%, 5/10/29(k)(y)		300,000		313,890
HPS Corporate Lending
Fund 5.850%, 6/5/30§		390,000		391,137
LPL Holdings, Inc.
5.150%, 6/15/30		225,000		227,665
Marex Group plc
6.404%, 11/4/29		115,000		117,972
Morgan Stanley
(SOFR + 1.56%), 5.320%, 7/19/35(k)		160,000		162,027

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Oaktree Strategic Credit Fund
6.190%, 7/15/30§	$	135,000	$	135,844
Osaic Holdings, Inc.
6.750%, 8/1/32§		50,000		50,562
Sixth Street Lending Partners
6.125%, 7/15/30§		105,000		106,609
Stonex Escrow Issuer LLC
6.875%, 7/15/32§		18,000		18,322
UBS Group AG
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.250%, 11/13/33(k)(y)§		270,000		316,342
(ICE IBA - USD SOFR ICE Swap Rate 5 Year + 3.30%), 7.000%, 2/5/35(k)(y)§		535,000		535,000
VFH Parent LLC
7.500%, 6/15/31§		92,000		95,383

				4,505,818

*Consumer Finance (1.3%)*
AerCap Ireland Capital DAC
4.625%, 9/10/29		150,000		149,478
Enova International, Inc.
11.250%, 12/15/28§		93,000		99,087
EZCORP, Inc.
7.375%, 4/1/32§		163,000		169,733
Global Aircraft Leasing Co. Ltd.
8.750%, 9/1/27§		174,000		179,664
goeasy Ltd.
7.375%, 10/1/30(x)§		163,000		165,724
Navient Corp.
7.875%, 6/15/32		112,000		116,200
Synchrony Financial
(United States SOFR Compounded Index + 2.13%), 5.935%, 8/2/30(k)		65,000		66,705
(SOFR + 1.68%), 5.450%, 3/6/31(k)		65,000		65,448
7.250%, 2/2/33		122,000		128,069

				1,140,108

*Financial Services (0.5%)*
Armor Holdco, Inc.
8.500%, 11/15/29§		34,000		32,655
Planet Financial Group LLC
10.500%, 12/15/29§		92,000		93,695
Turkiye Sinai Kalkinma Bankasi A/S
7.375%, 7/2/30§		320,000		322,400

				448,750

*Insurance (1.0%)*
200 Park Funding Trust
5.740%, 2/15/55§		210,000		205,579
Allianz SE
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.350%, 9/6/53(k)§		200,000		209,855
APH Somerset Investor 2 LLC
7.875%, 11/1/29§		180,000		185,404
HUB International Ltd.
7.375%, 1/31/32§		141,000		146,601
Nassau Cos. of New York (The)
7.875%, 7/15/30§		25,000		25,281
USI, Inc.
7.500%, 1/15/32§		36,000		38,034

				810,754

*Mortgage Real Estate Investment Trusts (REITs) (0.5%)*
Apollo Commercial Real Estate Finance, Inc. (REIT)
4.625%, 6/15/29§		104,000		98,786
Blackstone Mortgage Trust, Inc. (REIT)
7.750%, 12/1/29§		91,000		96,005
Rithm Capital Corp. (REIT)
8.000%, 7/15/30§		86,000		87,256
Starwood Property Trust, Inc. (REIT)
6.500%, 7/1/30§		148,000		151,977
6.500%, 10/15/30§		19,000		19,550

				453,574

Total Financials				13,057,733

Health Care (0.8%)
*Biotechnology (0.1%)*
Biogen, Inc.
5.050%, 1/15/31		95,000		96,074
Emergent BioSolutions, Inc.
3.875%, 8/15/28(x)§		52,000		39,910

				135,984

*Health Care Providers & Services (0.5%)*
Community Health Systems, Inc.
10.875%, 1/15/32§		180,000		188,850
Encompass Health Corp.
4.625%, 4/1/31		46,000		43,930
MPH Acquisition Holdings LLC
5.750%, 12/31/30§		64,006		52,581
UnitedHealth Group, Inc.
5.300%, 6/15/35		110,000		111,269

				396,630

*Pharmaceuticals (0.2%)*
Amneal Pharmaceuticals LLC
6.875%, 8/1/32§		78,000		79,170
HLF Financing Sarl LLC
4.875%, 6/1/29§		102,000		85,508

				164,678

Total Health Care				697,292

Industrials (4.8%)
*Aerospace & Defense (0.9%)*
Axon Enterprise, Inc.
6.125%, 3/15/30§		175,000		178,500
Boeing Co. (The)
6.388%, 5/1/31		25,000		26,877
Bombardier, Inc.
7.450%, 5/1/34§		100,000		108,375

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
General Dynamics Corp.
4.950%, 8/15/35	$	55,000	$	55,052
Moog, Inc.
4.250%, 12/15/27§		184,000		180,061
Spirit AeroSystems, Inc.
3.850%, 6/15/26		76,000		74,757
4.600%, 6/15/28(x)		134,000		131,822

				755,444

*Air Freight & Logistics (0.2%)*
Rand Parent LLC
8.500%, 2/15/30§		140,000		140,798
United Parcel Service, Inc.
5.250%, 5/14/35		60,000		61,024

				201,822

*Commercial Services & Supplies (0.5%)*
Enviri Corp.
5.750%, 7/31/27§		77,000		75,662
Garda World Security Corp.
8.250%, 8/1/32§		38,000		39,066
Interface, Inc.
5.500%, 12/1/28(x)§		81,000		79,902
Madison IAQ LLC
5.875%, 6/30/29(x)§		100,000		97,465
Pitney Bowes, Inc.
6.875%, 3/15/27§		79,000		79,126
Republic Services, Inc.
5.000%, 4/1/34		50,000		50,451
Rollins, Inc.
5.250%, 2/24/35		35,000		34,878

				456,550

*Construction & Engineering (0.3%)*
Artera Services LLC
8.500%, 2/15/31§		67,000		55,442
Brundage-Bone Concrete Pumping Holdings, Inc.
7.500%, 2/1/32§		91,000		90,482
Great Lakes Dredge & Dock Corp.
5.250%, 6/1/29§		49,000		46,365
Tutor Perini Corp.
11.875%, 4/30/29§		42,000		47,113

				239,402

*Ground Transportation (0.2%)*
Avis Budget Car Rental LLC
5.375%, 3/1/29§		93,000		88,699
8.375%, 6/15/32§		38,000		39,045
Carriage Purchaser, Inc.
7.875%, 10/15/29§		53,000		48,892

				176,636

*Machinery (1.1%)*
Caterpillar, Inc.
5.200%, 5/15/35		170,000		172,732
Deere & Co.
5.700%, 1/19/55		85,000		87,423
Enpro, Inc.
6.125%, 6/1/33§		55,000		55,652
Husky Injection Molding Systems Ltd.
9.000%, 2/15/29§		93,000		95,950
Manitowoc Co., Inc. (The)
9.250%, 10/1/31§		87,000		92,438
Maxim Crane Works Holdings Capital LLC
11.500%, 9/1/28§		47,000		49,851
Mueller Water Products, Inc.
4.000%, 6/15/29§		186,000		177,472
New Flyer Holdings, Inc.
9.250%, 7/1/30§		90,000		95,850
SPX FLOW, Inc.
8.750%, 4/1/30§		40,000		41,350
Titan International, Inc.
7.000%, 4/30/28		94,000		94,000

				962,718

*Passenger Airlines (1.1%)*
Allegiant Travel Co.
7.250%, 8/15/27§		170,000		169,303
Avianca Midco 2 plc
9.000%, 12/1/28§		112,228		106,476
Delta Air Lines, Inc.
5.250%, 7/10/30		55,000		55,522
JetBlue Airways Corp.
9.875%, 9/20/31(x)§		93,000		89,629
Latam Airlines Group SA
7.625%, 1/7/31§		240,000		246,300
United Airlines, Inc.
4.625%, 4/15/29§		228,000		222,870
VistaJet Malta Finance plc
7.875%, 5/1/27§		11,000		11,045

				901,145

*Professional Services (0.4%)*
Paychex, Inc.
5.350%, 4/15/32		350,000		358,141

*Trading Companies & Distributors (0.1%)*
Alta Equipment Group, Inc.
9.000%, 6/1/29§		75,000		70,966

Total Industrials				4,122,824

Information Technology (3.3%)
*Communications Equipment (0.6%)*
Ciena Corp.
4.000%, 1/31/30(x)§		179,000		168,811
CommScope LLC
4.750%, 9/1/29§		144,000		139,831
Viasat, Inc.
7.500%, 5/30/31§		53,000		45,978
Viavi Solutions, Inc.
3.750%, 10/1/29(x)§		188,000		173,778

				528,398

*Electronic Equipment, Instruments & Components (0.2%)*
Jabil, Inc.
5.450%, 2/1/29		25,000		25,470
TTM Technologies, Inc.
4.000%, 3/1/29§		175,000		166,115

				191,585

*IT Services (0.6%)*
Arches Buyer, Inc.
6.125%, 12/1/28§		98,000		93,576
CoreWeave, Inc.
9.250%, 6/1/30§		96,000		96,456
9.000%, 2/1/31(x)§		60,000		59,692
Twilio, Inc.
3.625%, 3/15/29		198,000		186,922
Unisys Corp.
10.625%, 1/15/31§		88,000		92,382

				529,028

*Semiconductors & Semiconductor Equipment (0.9%)*
Broadcom, Inc.
4.150%, 4/15/32§		240,000		230,758
4.900%, 7/15/32		420,000		422,215

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
Micron Technology, Inc.
6.050%, 11/1/35	$	125,000	$	129,855

				782,828

*Software (0.3%)*
Crowdstrike Holdings, Inc.
3.000%, 2/15/29		182,000		170,279
Synopsys, Inc.
5.150%, 4/1/35		50,000		50,154

				220,433

*Technology Hardware, Storage & Peripherals (0.7%)*
Dell International LLC
5.750%, 2/1/33		155,000		162,506
NetApp, Inc.
5.700%, 3/17/35		55,000		56,089
Seagate Data Storage Technology Pte. Ltd.
5.875%, 7/15/30§		219,000		221,398
Xerox Holdings Corp.
5.000%, 8/15/25(x)§		124,000		123,380

				563,373

Total Information Technology				2,815,645

Materials (2.5%)
*Chemicals (0.2%)*
Rain Carbon, Inc.
12.250%, 9/1/29§		80,000		86,124
SK Invictus Intermediate II Sarl
5.000%, 10/30/29§		97,000		94,386

				180,510

*Containers & Packaging (0.6%)*
Crown Americas LLC
4.250%, 9/30/26		186,000		184,064
Owens-Brockway Glass Container, Inc.
7.375%, 6/1/32(x)§		177,000		178,184
TriMas Corp.
4.125%, 4/15/29§		179,000		171,840

				534,088

*Metals & Mining (1.7%)*
Algoma Steel, Inc.
9.125%, 4/15/29§		87,000		78,642
Carpenter Technology Corp.
7.625%, 3/15/30		169,000		174,163
Compass Minerals International, Inc.
8.000%, 7/1/30§		99,000		102,465
JW Aluminum Continuous Cast Co.
10.250%, 4/1/30§		82,000		84,851
Mineral Resources Ltd.
9.250%, 10/1/28§		242,000		253,108
Novelis Corp.
4.750%, 1/30/30§		105,000		100,528
Rio Tinto Finance USA plc
5.250%, 3/14/35		115,000		116,490
SunCoke Energy, Inc.
4.875%, 6/30/29§		91,000		83,154
TMS International Corp.
6.250%, 4/15/29§		43,000		40,957
Windfall Mining Group, Inc.
5.854%, 5/13/32§		425,000		434,562

				1,468,920

Total Materials				2,183,518

Real Estate (0.4%)
*Health Care REITs (0.0%)†*
MPT Operating Partnership LP (REIT)
5.000%, 10/15/27(x)		46,000		42,205

*Office REITs (0.2%)*
Brandywine Operating Partnership LP (REIT)
8.875%, 4/12/29		165,000		176,831

*Real Estate Management & Development (0.2%)*
Anywhere Real Estate Group LLC
9.750%, 4/15/30§		105,000		109,031
Five Point Operating Co. LP
10.500%, 1/15/28(e)§		92,103		92,670

				201,701

Total Real Estate				420,737

Utilities (3.0%)
*Electric Utilities (2.2%)*
DTE Electric Co.
5.250%, 5/15/35		85,000		86,210
Edison International
6.250%, 3/15/30		10,000		10,154
Electricite de France SA
5.750%, 1/13/35§		290,000		294,512
Long Ridge Energy LLC
8.750%, 2/15/32§		77,000		79,870
NRG Energy, Inc.
3.375%, 2/15/29§		260,000		243,539
Pacific Gas and Electric Co.
5.700%, 3/1/35		145,000		145,547
6.000%, 8/15/35		240,000		244,299
PPL Capital Funding, Inc.
5.250%, 9/1/34		40,000		40,287
Southwestern Public Service Co.
6.000%, 6/1/54		130,000		130,446
Virginia Electric and Power Co.
5.050%, 8/15/34		60,000		60,007
Vistra Operations Co. LLC
4.375%, 5/1/29§		272,000		263,500
7.750%, 10/15/31§		52,000		54,876
XPLR Infrastructure Operating Partners LP
7.250%, 1/15/29§		195,000		198,338

				1,851,585

*Gas Utilities (0.2%)*
AmeriGas Partners LP
9.375%, 6/1/28(x)§		126,000		129,742

*Independent Power and Renewable Electricity Producers (0.1%)*
TransAlta Corp.
6.500%, 3/15/40		103,000		99,834

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Principal Amount		Value (Note 1)
*Multi-Utilities (0.5%)*
Dominion Energy, Inc.
Series A
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.39%), 6.875%, 2/1/55(k)	$	185,000	$	192,966
Public Service Enterprise Group, Inc.
5.450%, 4/1/34		255,000		259,679

				452,645

Total Utilities				2,533,806

Total Corporate Bonds				35,888,313


	Number of Shares
Equity-Linked Note (2.0%)
Barclays Bank plc, ELN, 24.000%, 8/19/25, (linked to S&P 500 Index)§		267		1,685,798

Total Equity- Linked Note				1,685,798


	Principal Amount
Foreign Government Securities (4.1%)
Argentine Republic
4.125%, 7/9/35(e)	$	755,000		496,035
Commonwealth of Australia
2.750%, 6/21/35(m)	AUD	710,000		401,108
Federative Republic of Brazil
5.500%, 11/6/30	$	605,000		606,815
6.625%, 3/15/35		380,000		381,900
Hazine Mustesarligi Varlik Kiralama A/S
6.750%, 9/1/30(x)§		400,000		401,600
Mex Bonos Desarr Fix Rt
Series M
8.500%, 2/28/30	MXN	7,817,200		410,793
7.750%, 11/23/34		8,270,800		397,652
Oriental Republic of Uruguay
9.750%, 7/20/33	UYU	7,685,000		205,556
Republic of Turkiye
36.000%, 8/12/26	TRY	8,695,000		210,892

Total Foreign Government Securities				3,512,351

U.S. Treasury Obligations (3.5%)
U.S. Treasury Notes
4.000%, 2/28/30		1,520,000		1,523,765
4.625%, 2/15/35		1,475,000		1,506,833

Total U.S. Treasury Obligations				3,030,598

Total Long-Term Debt Securities (53.4%) (Cost $45,057,187)				45,854,192


	Number of Shares
COMMON STOCKS:
Communication Services (2.2%)
*Diversified Telecommunication Services (0.5%)*
AT&T, Inc.		1,886		51,695
Elisa OYJ		1,027		52,928
Magyar Telekom Telecommunications plc		8,391		41,705
Verizon Communications, Inc.		5,547		237,190

				383,518

*Entertainment (0.3%)*
HUYA, Inc. (ADR)		9,532		32,028
International Games System Co. Ltd.		863		22,726
Netflix, Inc.(s)*		116		134,490
Walt Disney Co. (The)		451		53,719
XD, Inc.(m)		3,373		22,515

				265,478

*Interactive Media & Services (1.0%)*
Alphabet, Inc., Class A(s)		1,263		242,369
Alphabet, Inc., Class C(s)		1,159		223,525
Hello Group, Inc. (ADR)		4,937		40,632
Meta Platforms, Inc., Class A		490		378,986
Weibo Corp. (ADR)		1,010		9,736

				895,248

*Media (0.3%)*
Comcast Corp., Class A		5,549		184,393
Publicis Groupe SA		666		60,955

				245,348

*Wireless Telecommunication Services (0.1%)*
KDDI Corp.		5,100		84,059

Total Communication Services				1,873,651

Consumer Discretionary (3.8%)
*Automobile Components (0.2%)*
Bridgestone Corp.		2,100		85,379
Denso Corp.		5,700		77,713
Tong Yang Industry Co. Ltd.		9,871		34,725

				197,817

*Automobiles (0.6%)*
Honda Motor Co. Ltd.(x)		7,400		76,994
Tesla, Inc.(s)*		626		192,977
Toyota Motor Corp.		10,900		194,906

				464,877

*Broadline Retail (0.7%)*
Amazon.com, Inc.(s)*		1,960		458,856
Wesfarmers Ltd.		1,763		97,154

				556,010

*Hotels, Restaurants & Leisure (0.8%)*
Atour Lifestyle Holdings Ltd. (ADR)		1,332		45,048
Booking Holdings, Inc.		11		60,545
DigiPlus Interactive Corp.		70,900		30,629
DoorDash, Inc., Class A*		133		33,283
Kangwon Land, Inc.		3,567		48,073
McDonald’s Corp.		885		265,562
Royal Caribbean Cruises Ltd.		132		41,959
Starbucks Corp.		1,666		148,541
Yum! Brands, Inc.		215		30,992

				704,632

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
*Household Durables (0.1%)*
Cury Construtora e Incorporadora SA		8,262	$	43,364
Merry Electronics Co. Ltd.		9,871		37,701
PulteGroup, Inc.		205		23,149
TCL Electronics Holdings Ltd.		12,000		15,531

				119,745

*Specialty Retail (0.9%)*
AutoZone, Inc.*		10		37,684
CCC SA*		781		40,399
Foschini Group Ltd.		4,194		28,321
Home Depot, Inc. (The)(s)		1,211		445,055
Industria de Diseno Textil SA		1,280		61,219
Lojas Renner SA		12,641		36,571
Mr Price Group Ltd.		2,672		30,994
O’Reilly Automotive, Inc.*		438		43,064
TJX Cos., Inc. (The)		405		50,435
Truworths International Ltd.		5,524		21,449

				795,191

*Textiles, Apparel & Luxury Goods (0.5%)*
LVMH Moet Hennessy Louis Vuitton SE		304		163,870
Makalot Industrial Co. Ltd.		3,655		32,389
Mavi Giyim Sanayi ve Ticaret A/S, Class B(m)		34,297		35,738
NIKE, Inc., Class B		1,644		122,790
Xtep International Holdings Ltd.		52,099		37,299

				392,086

Total Consumer Discretionary				3,230,358

Consumer Staples (4.0%)
*Beverages (0.9%)*
Anadolu Efes Biracilik ve Malt Sanayii A/S, Class B		34,171		12,761
Coca-Cola Co. (The)		4,897		332,457
Diageo plc		3,222		78,848
Keurig Dr Pepper, Inc.		2,250		73,463
PepsiCo, Inc.		1,959		270,185

				767,714

*Consumer Staples Distribution & Retail (0.5%)*
Costco Wholesale Corp.(s)		109		102,421
Koninklijke Ahold Delhaize NV		2,086		82,367
Kroger Co. (The)		801		56,150
Target Corp.		615		61,807
Tesco plc		12,180		68,428
Walmart, Inc.(s)		1,042		102,095

				473,268

*Food Products (0.7%)*
AVI Ltd.		5,665		29,202
Danone SA		1,262		103,521
General Mills, Inc.		847		41,486
Mondelez International, Inc., Class A		1,627		105,251
Nestle SA (Registered)		2,862		250,524
Samyang Foods Co. Ltd.		40		41,592
Tiger Brands Ltd.		1,327		22,109

				593,685

*Household Products (0.8%)*
Colgate-Palmolive Co.		1,010		84,688
Kimberly-Clark Corp.		740		92,219
Procter & Gamble Co. (The)(s)		2,711		407,924
Reckitt Benckiser Group plc		1,137		85,170

				670,001

*Personal Care Products (0.3%)*
Kenvue, Inc.		2,561		54,908
Unilever plc		2,706		157,528
VT Co. Ltd.*		932		24,261

				236,697

*Tobacco (0.8%)*
Altria Group, Inc.		2,573		159,371
British American Tobacco plc		2,458		131,145
Imperial Brands plc		1,656		64,604
Philip Morris International, Inc.		1,964		322,194

				677,314

Total Consumer Staples				3,418,679

Energy (2.1%)
*Energy Equipment & Services (0.1%)*
Schlumberger NV		3,611		122,052

*Oil, Gas & Consumable Fuels (2.0%)*
Chevron Corp.		2,084		316,018
ConocoPhillips		2,289		218,233
Coterra Energy, Inc.		3,098		75,560
EOG Resources, Inc.		281		33,725
Exxon Mobil Corp.(s)		5,142		574,053
Kinder Morgan, Inc.		2,531		71,020
Occidental Petroleum Corp.		1,236		54,310
ONEOK, Inc.		901		73,981
Repsol SA		4,459		67,577
Suncor Energy, Inc.		2,100		82,827
TotalEnergies SE		2,402		142,595

				1,709,899

Total Energy				1,831,951

Financials (5.5%)
*Banks (1.7%)*
Alior Bank SA		1,566		42,310
Banco del Bajio SA(m)		9,909		22,271
Bank of America Corp.		1,341		63,389
Barclays plc		89,547		439,100
BNK Financial Group, Inc.		4,130		43,450
Citigroup, Inc.		537		50,317
DBS Group Holdings Ltd.		2,800		103,318
JB Financial Group Co. Ltd.		2,494		41,543
JPMorgan Chase & Co.(s)		545		161,451
Oversea-Chinese Banking Corp. Ltd.		6,600		85,753
PNC Financial Services Group, Inc. (The)		805		153,167
Truist Financial Corp.		676		29,548
United Overseas Bank Ltd.		2,800		78,044
US Bancorp		3,042		136,768
Wells Fargo & Co.		692		55,796

				1,506,225

*Capital Markets (1.5%)*
Bank of New York Mellon Corp. (The)		1,079		109,465
BlackRock, Inc.		204		225,626
Blackstone, Inc.		1,114		192,677

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Charles Schwab Corp. (The)		433	$	42,317
CME Group, Inc.		501		139,418
Goldman Sachs Group, Inc. (The)		95		68,741
Hong Kong Exchanges & Clearing Ltd.		1,600		87,032
Intercontinental Exchange, Inc.		209		38,630
KIWOOM Securities Co. Ltd.		261		40,558
KKR & Co., Inc.		293		42,948
Morgan Stanley		344		49,006
Northern Trust Corp.		638		82,940
S&P Global, Inc.		89		49,048
Samsung Securities Co. Ltd.		929		47,428
Up Fintech Holding Ltd. (ADR)*		1,541		15,086
XTB SA(m)		2,259		45,246

				1,276,166

*Consumer Finance (0.2%)*
American Express Co.		155		46,393
Capital One Financial Corp.		230		49,450
FinVolution Group (ADR)(x)		4,277		36,740
Synchrony Financial		615		42,847

				175,430

*Financial Services (0.5%)*
Berkshire Hathaway, Inc., Class B(s)*		377		177,899
Mastercard, Inc., Class A(s)		163		92,334
Visa, Inc., Class A(s)		353		121,951

				392,184

*Insurance (1.6%)*
Aflac, Inc.		1,013		100,652
Allianz SE (Registered)		484		191,773
Anadolu Anonim Turk Sigorta Sirketi		17,910		43,854
AXA SA		2,314		112,707
Chubb Ltd.		188		50,016
Loews Corp.		625		56,587
Manulife Financial Corp.		2,900		89,725
Marsh & McLennan Cos., Inc.		227		45,218
Momentum Group Ltd.		25,124		47,555
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		178		116,924
Progressive Corp. (The)		180		43,567
QBE Insurance Group Ltd.		3,625		54,047
Sun Life Financial, Inc.		1,200		73,164
Suncorp Group Ltd.		4,373		58,904
Swiss Re AG		459		82,645
Tokio Marine Holdings, Inc.		2,400		97,464
Zurich Insurance Group AG		186		127,458

				1,392,260

Total Financials				4,742,265

Health Care (4.4%)
*Biotechnology (0.9%)*
3SBio, Inc.(m)*		13,811		56,476
AbbVie, Inc.		2,122		401,100
Amgen, Inc.		703		207,455
Gilead Sciences, Inc.		330		37,056
Hugel, Inc.*		56		13,608
Seegene, Inc.		1,764		37,778
Vertex Pharmaceuticals, Inc.*		70		31,981

				785,454

*Health Care Equipment & Supplies (0.5%)*
Abbott Laboratories		450		56,785
Becton Dickinson & Co.		378		67,379
Boston Scientific Corp.*		707		74,178
Hologic, Inc.*		552		36,885
Intuitive Surgical, Inc.*		105		50,514
Medtronic plc		1,358		122,546
MicroPort NeuroScientific Corp.		6,000		10,930
Zimmer Biomet Holdings, Inc.		355		32,536

				451,753

*Health Care Providers & Services (0.6%)*
Cigna Group (The)		110		29,412
CVS Health Corp.		1,344		83,462
Elevance Health, Inc.		88		24,911
KPJ Healthcare Bhd.		66,400		40,323
McKesson Corp.		58		40,225
MLP Saglik Hizmetleri A/S, Class B(m)*		2,443		23,064
UnitedHealth Group, Inc.(s)		1,134		283,001

				524,398

*Life Sciences Tools & Services (0.1%)*
Danaher Corp.		190		37,460
Thermo Fisher Scientific, Inc.		108		50,510

				87,970

*Pharmaceuticals (2.3%)*
AstraZeneca plc		1,600		239,281
Bristol-Myers Squibb Co.		576		24,947
Eli Lilly & Co.(s)		162		119,891
Genomma Lab Internacional SAB de CV, Class B		25,723		29,698
Johnson & Johnson		2,753		453,529
Merck & Co., Inc.		3,146		245,765
Novartis AG (Registered)		2,021		234,359
Pfizer, Inc.		7,758		180,684
Roche Holding AG		770		243,727
Sanofi SA		1,353		121,732
Simcere Pharmaceutical Group Ltd.(m)(x)		24,406		41,164
Zoetis, Inc.		166		24,201

				1,958,978

Total Health Care				3,808,553

Industrials (3.7%)
*Aerospace & Defense (0.6%)*
BAE Systems plc		3,440		81,956
Boeing Co. (The)*		200		44,368
Embraer SA		3,442		49,470
GE Aerospace(s)		260		70,481
General Dynamics Corp.		132		41,133
Lockheed Martin Corp.		310		130,504
RTX Corp.		387		60,980

				478,892

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
*Air Freight & Logistics (0.2%)*
CH Robinson Worldwide, Inc.		271	$	31,252
Deutsche Post AG		1,762		79,326
United Parcel Service, Inc., Class B		866		74,614

				185,192

*Building Products (0.2%)*
A.O. Smith Corp.		511		36,174
Cie de Saint-Gobain SA		809		92,600

				128,774

*Commercial Services & Supplies (0.1%)*
KEPCO Plant Service & Engineering Co. Ltd.		1,072		40,351
Veralto Corp.		302		31,659
Waste Management, Inc.		195		44,686

				116,696

*Construction & Engineering (0.3%)*
Acter Group Corp. Ltd.		2,701		44,342
IJM Corp. Bhd.		46,400		31,115
Quanta Services, Inc.		87		35,333
Samsung E&A Co. Ltd.		1,010		19,300
Sunway Construction Group Bhd.		31,900		39,192
Vinci SA		737		102,273

				271,555

*Electrical Equipment (0.1%)*
Cheryong Electric Co. Ltd.		425		12,427
Eaton Corp. plc		93		35,779
GE Vernova, Inc.		83		54,804

				103,010

*Ground Transportation (0.5%)*
Canadian National Railway Co.		900		84,037
Norfolk Southern Corp.		299		83,122
Uber Technologies, Inc.*		537		47,122
Union Pacific Corp.		852		189,118

				403,399

*Industrial Conglomerates (0.4%)*
3M Co.		213		31,784
CJ Corp.		373		41,743
Honeywell International, Inc.		197		43,803
Siemens AG (Registered)		877		225,087

				342,417

*Machinery (0.8%)*
Caterpillar, Inc.		130		56,943
Cummins, Inc.		238		87,493
Deere & Co.		88		46,145
FANUC Corp.		2,200		62,309
First Tractor Co. Ltd., Class H(x)		14,000		12,680
HD Hyundai MIPO		203		31,033
Hyundai Rotem Co. Ltd.		368		53,602
IDEX Corp.		209		34,174
Illinois Tool Works, Inc.		430		110,067
Marcopolo SA (Preference)(q)		30,279		44,611
Otis Worldwide Corp.		365		31,277
PACCAR, Inc.		807		79,699
Randon SA Implementos e Participacoes (Preference)(q)		11,618		14,793
Sunonwealth Electric Machine Industry Co. Ltd.		12,537		47,674

				712,500

*Professional Services (0.1%)*
Benefit Systems SA		50		45,363
Paychex, Inc.		496		71,588

				116,951

*Trading Companies & Distributors (0.4%)*
Fastenal Co.		1,670		77,037
ITOCHU Corp.		1,800		94,691
Mitsui & Co. Ltd.		4,400		90,451
United Rentals, Inc.		40		35,318
W.W. Grainger, Inc.		28		29,107

				326,604

*Transportation Infrastructure (0.0%)†*
TAV Havalimanlari Holding A/S*		2,662		16,118

Total Industrials				3,202,108

Information Technology (6.4%)
*Communications Equipment (0.5%)*
Arcadyan Technology Corp.		5,286		39,405
Arista Networks, Inc.*		369		45,468
Cisco Systems, Inc.		5,132		349,387

				434,260

*Electronic Equipment, Instruments & Components (0.5%)*
Amphenol Corp., Class A		528		56,237
Asia Optical Co., Inc.		3,711		16,225
Channel Well Technology Co. Ltd.		15,000		44,979
Corning, Inc.		1,810		114,464
Dynapack International Technology Corp.		6,300		48,758
Primax Electronics Ltd.		14,808		36,118
Taiwan Surface Mounting Technology Corp.		10,340		36,721
Tripod Technology Corp.		5,181		48,603
TXC Corp.		13,697		38,548

				440,653

*IT Services (0.4%)*
Accenture plc, Class A(s)		188		50,215
International Business Machines Corp.		1,170		296,185

				346,400

*Semiconductors & Semiconductor Equipment (2.7%)*
Advanced Micro Devices, Inc.*		453		79,869
Applied Materials, Inc.(s)		206		37,092
Broadcom, Inc.(s)		1,008		296,050
DB HiTek Co. Ltd.		337		11,105
Elan Microelectronics Corp.		9,578		39,952
Everlight Electronics Co. Ltd.		15,895		36,905
Foxsemicon Integrated Technology, Inc.		3,946		40,389
KLA Corp.		39		34,282
Lam Research Corp.		456		43,247
NVIDIA Corp.(s)		5,445		968,502
Pixart Imaging, Inc.		5,005		32,866
QUALCOMM, Inc.		1,498		219,847
Radiant Opto-Electronics Corp.		7,405		34,237

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Raydium Semiconductor Corp.		2,474	$	28,928
Sigurd Microelectronics Corp.		16,106		41,982
Sitronix Technology Corp.		3,937		26,315
Texas Instruments, Inc.		1,235		223,609
Tokyo Electron Ltd.		700		126,863

				2,322,040

*Software (1.6%)*
Adobe, Inc.*		108		38,631
Crowdstrike Holdings, Inc., Class A*		78		35,456
Intuit, Inc.		67		52,604
Microsoft Corp.(s)		1,593		849,866
Oracle Corp.(s)		354		89,835
Palantir Technologies, Inc., Class A*		498		78,858
Palo Alto Networks, Inc.*		195		33,852
Roper Technologies, Inc.		66		36,326
Salesforce, Inc.		237		61,224
ServiceNow, Inc.*		56		52,815
Synopsys, Inc.*		69		43,709
Tuya, Inc. (ADR)		6,014		14,373

				1,387,549

*Technology Hardware, Storage & Peripherals (0.7%)*
Apple, Inc.(s)		2,310		479,487
Chicony Electronics Co. Ltd.		7,918		34,752
Getac Holdings Corp.		7,405		29,275

				543,514

Total Information Technology				5,474,416

Materials (1.0%)
*Chemicals (0.6%)*
Air Products and Chemicals, Inc.		401		115,440
Eastman Chemical Co.		493		35,797
Han Kuk Carbon Co. Ltd.		2,545		55,055
KCC Corp.		158		42,155
Linde plc		129		59,373
Nutrien Ltd.		900		53,398
Shin-Etsu Chemical Co. Ltd.		3,000		87,434
Sinofert Holdings Ltd.(x)		238,528		43,148

				491,800

*Construction Materials (0.1%)*
Holcim AG		890		71,200
Titan SA		438		18,169

				89,369

*Containers & Packaging (0.1%)*
Avery Dennison Corp.		292		48,989

*Metals & Mining (0.1%)*
Bradespar SA (Preference)(q)		14,300		40,017
Northern Star Resources Ltd.		3,923		39,254

				79,271

*Paper & Forest Products (0.1%)*
Holmen AB, Class B		1,996		74,219
UPM-Kymmene OYJ		2,250		58,415

				132,634

Total Materials				842,063

Real Estate (1.9%)
*Diversified REITs (0.0%)†*
Gladstone Commercial Corp. (REIT)		1,670		21,961

*Health Care REITs (0.3%)*
Alexandria Real Estate Equities, Inc. (REIT)		416		31,795
American Healthcare REIT, Inc. (REIT)		761		29,405
CareTrust REIT, Inc. (REIT)		944		30,019
Healthpeak Properties, Inc. (REIT)		3,757		63,644
National Health Investors, Inc. (REIT)		340		23,752
Omega Healthcare Investors, Inc. (REIT)		837		32,559
Ventas, Inc. (REIT)		338		22,707
Welltower, Inc. (REIT)		58		9,574

				243,455

*Hotel & Resort REITs (0.1%)*
Host Hotels & Resorts, Inc. (REIT)		1,735		27,274
Invincible Investment Corp. (REIT)		58		25,846
Summit Hotel Properties, Inc. (REIT)		4,544		23,720

				76,840

*Industrial REITs (0.2%)*
First Industrial Realty Trust, Inc. (REIT)		566		27,576
GLP J-REIT (REIT)		8		7,024
Goodman Group (REIT)		254		5,743
Mitsubishi Estate Logistics REIT Investment Corp. (REIT)		29		23,154
Montea NV (REIT)		90		6,727
Prologis, Inc. (REIT)		377		40,256
Warehouses De Pauw CVA (REIT)		1,110		25,993

				136,473

*Office REITs (0.1%)*
BXP, Inc. (REIT)		402		26,303
COPT Defense Properties (REIT)		928		25,316
Global One Real Estate Investment Corp. (REIT)		26		24,621
Nippon Building Fund, Inc. (REIT)		19		17,475
Orix JREIT, Inc. (REIT)		19		24,922

				118,637

*Real Estate Management & Development (0.5%)*
Azrieli Group Ltd.		276		27,256
CK Asset Holdings Ltd.		6,600		30,310
Daiwa House Industry Co. Ltd.		2,800		92,912
Greentown China Holdings Ltd.		16,000		20,117
Henderson Land Development Co. Ltd.		5,000		17,516
Hulic Co. Ltd.		1,900		18,212
International Workplace Group plc		8,821		25,792
Multiplan Empreendimentos Imobiliarios SA*		9,179		41,276

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Onewo, Inc., Class H(x)		12,391	$	35,516
Poly Property Services Co. Ltd., Class H(m)		10,386		46,109
PSP Swiss Property AG (Registered)		147		24,993
Sirius Real Estate Ltd. (REIT)(x)		19,998		27,493
Sun Hung Kai Properties Ltd.		3,000		35,732
UOL Group Ltd.		5,300		28,084

				471,318

*Residential REITs (0.1%)*
American Homes 4 Rent (REIT), Class A		860		29,833
Boardwalk REIT (REIT)		50		2,578
Camden Property Trust (REIT)		309		33,743
Centerspace (REIT)		407		22,153
Ingenia Communities Group (REIT)		2,550		8,620
UMH Properties, Inc. (REIT)		1,485		24,176

				121,103

*Retail REITs (0.3%)*
Brixmor Property Group, Inc. (REIT)		93		2,430
Federal Realty Investment Trust (REIT)		478		44,053
Frontier Real Estate Investment Corp. (REIT)		39		22,267
Getty Realty Corp. (REIT)		829		23,038
InvenTrust Properties Corp. (REIT)		902		24,868
NNN REIT, Inc. (REIT)		701		28,923
Phillips Edison & Co., Inc. (REIT)		734		24,802
Regency Centers Corp. (REIT)		651		46,481
Tanger, Inc. (REIT)		796		23,896

				240,758

*Specialized REITs (0.3%)*
EPR Properties (REIT)		459		25,264
Equinix, Inc. (REIT)		78		61,243
Iron Mountain, Inc. (REIT)		425		41,378
Lamar Advertising Co. (REIT), Class A		252		30,807
National Storage REIT (REIT)		16,292		25,128
Outfront Media, Inc. (REIT)		1,478		25,909
Safestore Holdings plc (REIT)		2,238		19,906

				229,635

Total Real Estate				1,660,180

Utilities (1.5%)
*Electric Utilities (1.0%)*
Alliant Energy Corp.		906		58,899
American Electric Power Co., Inc.		749		84,742
Constellation Energy Corp.		90		31,306
Duke Energy Corp.		1,206		146,698
Iberdrola SA(x)		6,743		118,158
NextEra Energy, Inc.		2,746		195,131
Southern Co. (The)		451		42,610
Xcel Energy, Inc.		905		66,463

				744,007

*Gas Utilities (0.0%)†*
Perusahaan Gas Negara Tbk. PT		322,400		31,936

*Independent Power and Renewable Electricity Producers (0.0%)†*
Vistra Corp.		156		32,532

*Multi-Utilities (0.5%)*
Ameren Corp.		683		69,072
Consolidated Edison, Inc.		671		69,448
National Grid plc		6,510		91,133
Public Service Enterprise Group, Inc.		760		68,240
Sempra		932		76,126
WEC Energy Group, Inc.		658		71,775

				445,794

*Water Utilities (0.0%)†*
Cia de Saneamento de Minas Gerais Copasa MG		5,051		23,282

Total Utilities				1,277,551

Total Common Stocks (36.5%) (Cost $30,054,734)				31,361,775

EXCHANGE TRADED FUNDS (ETF):
Equity (5.3%)
Invesco Nasdaq 100 ETF		15,155		3,524,598
iShares MSCI India Small-Cap ETF(x)		14,715		1,078,315

Total Exchange Traded Funds (5.3%) (Cost 4,346,782)				4,602,913


	Number of Rights
RIGHTS:
Industrials (0.0%)†
*Machinery (0.0%)†*
Randon SA Implementos e Participacoes, expiring 8/19/25* (Cost $—)		929		13


	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (3.2%)
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield)(xx)		2,725,058		2,725,058

Total Short-Term Investments (3.2%) (Cost $2,725,058)				2,725,058

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Contracts		Value (Note 1)
OPTIONS PURCHASED:
Put Options Purchased (0.1%)
*Index Funds (0.1%)*
S&P 500 Index 11/21/2025 at USD 6,225.00, European Style Notional Amount: USD 600 Exchange Traded*		6	$	78,060

Total Options Purchased (0.1%) (Cost $79,056)				78,060

Total Investments in Securities (98.5%) (Cost $82,262,817)				84,622,011
Other Assets Less Liabilities (1.5%)				1,310,673

Net Assets (100%)			$	85,932,684

*	Non-income producing.

†	Percent shown is less than 0.05%.

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2025, the market value of these securities amounted to $25,773,290 or 30.0% of net assets.

(e)

Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2025. Maturity date disclosed is the ultimate maturity date.

(k)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2025.

(l)

(m)

(q)

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

(s)

All, or a portion of security held by broker as collateral for option contracts, with a total collateral value of $4,302,514.

(x)

All or a portion of security is on loan at July 31, 2025.

(y)

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $2,757,298. This was collateralized by $112,916 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.625%, maturing 8/7/25 – 8/15/52 and by cash of $2,725,058 which was subsequently invested in investment companies.

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

Glossary:

ADR — American Depositary Receipt

AUD — Australian Dollar

CLO — Collateralized Loan Obligation

CVA — Dutch Certification

ELN — Equity-Linked Note

ICE — Intercontinental Exchange

ICE IBA — ICE Benchmark Administration Limited

MXN — Mexican Peso

REIT — Real Estate Investment Trust

SOFR — Secured Overnight Financing Rate

TRY — Turkish Lira

USD — United States Dollar

UYU — Uruguayan Peso

Written Call Options Contracts as of July 31, 2025 (Note 1):

Description

Counterparty

Number of
Contracts

Notional
Amount

Exercise Price

Expiration
Date

Value ($)

S&P 500 Index

Exchange Traded

USD

(1,700

)

USD 6,300.00

8/15/2025

(168,640

)

Written Put Options Contracts as of July 31, 2025 (Note 1):

Description

Counterparty

Number of
Contracts

Notional
Amount

Exercise Price

Expiration
Date

Value ($)

S&P 500 Index

Exchange Traded

USD

(600

)

USD 5,740.00

11/21/2025

(34,146

)

Total Written Options Contracts (Premiums Received ($206,197))

(202,786

)

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities			Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)		Total
Assets:
Asset-Backed Securities	$	—		$	1,683,330	$	—	$	1,683,330
Common Stocks
Communication Services		1,588,763			284,888		—		1,873,651
Consumer Discretionary		2,079,875			1,150,483		—		3,230,358
Consumer Staples		2,266,619			1,152,060		—		3,418,679
Energy		1,621,779			210,172		—		1,831,951
Financials		2,755,152			1,987,113		—		4,742,265
Health Care		2,746,111			1,062,442		—		3,808,553
Industrials		1,938,475			1,263,633		—		3,202,108
Information Technology		4,681,490			792,926		—		5,474,416
Materials		353,014			489,049		—		842,063
Real Estate		992,712			667,468		—		1,660,180
Utilities		1,036,324			241,227		—		1,277,551
Convertible Bonds
Industrials		—			53,802		—		53,802
Corporate Bonds
Communication Services		—			3,513,235		—		3,513,235
Consumer Discretionary		—			3,564,043		—		3,564,043
Consumer Staples		—			294,328		—		294,328
Energy		—			2,685,152		—		2,685,152
Financials		—			13,057,733		—		13,057,733
Health Care		—			697,292		—		697,292
Industrials		—			4,122,824		—		4,122,824
Information Technology		—			2,815,645		—		2,815,645
Materials		—			2,183,518		—		2,183,518
Real Estate		—			420,737		—		420,737
Utilities		—			2,533,806		—		2,533,806
Equity-Linked Note		—			1,685,798		—		1,685,798
Exchange Traded Funds		4,602,913			—		—		4,602,913
Foreign Government Securities		—			3,512,351		—		3,512,351
Options Purchased
Put Options Purchased		78,060			—		—		78,060
Rights
Industrials		13			—		—		13
Short-Term Investment
Investment Company		2,725,058			—		—		2,725,058
U.S. Treasury Obligations		—			3,030,598		—		3,030,598

Total Assets	$	29,466,358		$	55,155,653	$	—	$	84,622,011

Liabilities:
Options Written
Call Options Written	$	(168,640	)	$	—	$	—	$	(168,640	)
Put Options Written		(34,146	)		—		—		(34,146	)

Total Liabilities	$	(202,786	)	$	—	$	—	$	(202,786	)

Total	$	29,263,572		$	55,155,653	$	—	$	84,419,225


Aggregate gross unrealized appreciation	$	3,748,929
Aggregate gross unrealized depreciation		(1,983,935	)

Net unrealized appreciation	$	1,764,994

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	82,654,231

See Notes to Portfolio of Investments.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
*Alternatives (25.7%)*
iMGP DBi Managed Futures Strategy ETF		93,600	$	2,397,096
NYLI Merger Arbitrage ETF*		88,930		3,144,565

Total Alternatives				5,541,661

Commodity (16.7%)
Invesco DB Agriculture Fund		34,960		905,464
Invesco DB Energy Fund		46,810		927,634
Invesco DB Precious Metals Fund		23,630		1,771,068

Total Commodity				3,604,166

Equity (26.9%)
iShares Core U.S. REIT ETF		26,760		1,498,828
JPMorgan Equity Premium Income ETF		32,150		1,815,832
JPMorgan Nasdaq Equity Premium Income ETF(x)		18,250		1,005,575
Vanguard Global ex-U.S. Real Estate ETF		33,070		1,495,425

Total Equity				5,815,660

Fixed Income (29.3%)
iShares Convertible Bond ETF		38,300		3,546,963
Vanguard Short-Term Inflation-Protected Securities ETF		55,390		2,769,500

Total Fixed Income				6,316,463

Total Exchange Traded Funds (98.6%) (Cost $19,752,656)				21,277,950

SHORT-TERM INVESTMENTS:
Investment Companies (4.2%)
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield)(xx)		902,814		902,814

Total Short-Term Investments (4.2%) (Cost $902,814)				902,814

Total Investments in Securities (102.8%) (Cost $20,655,470)				22,180,764
Other Assets Less Liabilities (-2.8%)				(596,845	)

Net Assets (100%)			$	21,583,919

See Notes to Portfolio of Investments.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

*	Non-income producing.

(x)

All or a portion of security is on loan at July 31, 2025.

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $880,443. This was collateralized by cash of $902,814 which was subsequently invested in investment companies.

Glossary:

REIT — Real Estate Investment Trust

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	21,277,950	$	—	$	—	$	21,277,950
Short-Term Investments
Investment Companies		902,814		—		—		902,814

Total Assets	$	22,180,764	$	—	$	—	$	22,180,764

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	22,180,764	$	—	$	—	$	22,180,764


Aggregate gross unrealized appreciation	$	1,669,477
Aggregate gross unrealized depreciation		(480,567	)

Net unrealized appreciation	$	1,188,910

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	20,991,854

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (6.5%)
*Diversified Telecommunication Services (1.7%)*
AT&T, Inc.		14,981	$	410,629
Deutsche Telekom AG (Registered)		16,051		576,632
Koninklijke KPN NV		113,411		507,345
NTT, Inc.		262,500		265,807
Quebecor, Inc., Class B		11,538		324,589
Swisscom AG (Registered)		387		269,435
Telstra Group Ltd.		133,153		425,287
Verizon Communications, Inc.		29,361		1,255,476

				4,035,200

*Entertainment (0.3%)*
Electronic Arts, Inc.		3,753		572,295

*Interactive Media & Services (3.6%)*
Alphabet, Inc., Class A		26,897		5,161,534
Meta Platforms, Inc., Class A		4,230		3,271,651

				8,433,185

*Media (0.3%)*
Comcast Corp., Class A		21,804		724,547

*Wireless Telecommunication Services (0.6%)*
KDDI Corp.		20,600		339,531
SoftBank Corp.		391,000		566,795
T-Mobile US, Inc.		2,456		585,535

				1,491,861

Total Communication Services				15,257,088

Consumer Discretionary (10.4%)
*Automobile Components (0.2%)*
Bridgestone Corp.		9,000		365,908

*Automobiles (0.9%)*
Ferrari NV		558		245,355
Tesla, Inc.*		5,899		1,818,485

				2,063,840

*Broadline Retail (3.0%)*
Amazon.com, Inc.*		21,886		5,123,731
Dollarama, Inc.		5,463		746,668
eBay, Inc.		3,013		276,443
Wesfarmers Ltd.		15,570		858,020

				7,004,862

*Hotels, Restaurants & Leisure (2.8%)*
Aristocrat Leisure Ltd.		8,814		396,729
Booking Holdings, Inc.		214		1,177,869
Chipotle Mexican Grill, Inc.*		10,000		428,800
Darden Restaurants, Inc.		1,421		286,573
Hilton Worldwide Holdings, Inc.		904		242,344
Lottery Corp. Ltd. (The)		111,916		389,822
McDonald’s Corp.		8,291		2,487,880
Oriental Land Co. Ltd.		10,200		210,696
Restaurant Brands International, Inc.		3,652		247,807
Yum! Brands, Inc.		5,011		722,336

				6,590,856

*Household Durables (0.1%)*
Garmin Ltd.		1,213		265,356

*Leisure Products (0.1%)*
Bandai Namco Holdings, Inc.		6,700		218,061

*Specialty Retail (3.1%)*
AutoZone, Inc.*		200		753,676
Fast Retailing Co. Ltd.		800		246,048
Home Depot, Inc. (The)		4,828		1,774,338
Industria de Diseno Textil SA		5,279		252,482
Lowe’s Cos., Inc.		4,100		916,637
O’Reilly Automotive, Inc.*		11,177		1,098,923
Ross Stores, Inc.		1,704		232,664
TJX Cos., Inc. (The)		13,176		1,640,807
Tractor Supply Co.		7,000		398,650

				7,314,225

*Textiles, Apparel & Luxury Goods (0.2%)*
adidas AG		1,662		318,736
Hermes International SCA		84		206,197

				524,933

Total Consumer Discretionary				24,348,041

Consumer Staples (10.1%)
*Beverages (2.3%)*
Anheuser-Busch InBev SA/NV		7,233		424,271
Coca-Cola Co. (The)		25,766		1,749,254
Keurig Dr Pepper, Inc.		11,401		372,242
Kirin Holdings Co. Ltd.		15,700		208,119
Monster Beverage Corp.*		4,641		272,659
PepsiCo, Inc.		17,114		2,360,363

				5,386,908

*Consumer Staples Distribution & Retail (3.0%)*
Coles Group Ltd.		16,046		213,870
Costco Wholesale Corp.		2,721		2,556,760
Empire Co. Ltd., Class A		9,205		366,579
George Weston Ltd.		2,100		399,039
Koninklijke Ahold Delhaize NV		14,652		578,542
Kroger Co. (The)		4,778		334,938
Loblaw Cos. Ltd.		2,300		371,941
Seven & i Holdings Co. Ltd.		18,500		244,990
Sysco Corp.		2,990		238,004
Walmart, Inc.		12,975		1,271,291
Woolworths Group Ltd.		18,481		374,238

				6,950,192

*Food Products (1.4%)*
Chocoladefabriken Lindt & Spruengli AG		24		353,980
Danone SA		5,704		467,896
Hershey Co. (The)		3,500		651,455
McCormick & Co., Inc. (Non-Voting)		3,756		265,286
Mondelez International, Inc., Class A		15,006		970,738
Nestle SA (Registered)		6,870		601,363

				3,310,718

*Household Products (2.4%)*
Church & Dwight Co., Inc.		4,952		464,349
Colgate-Palmolive Co.		18,509		1,551,979
Essity AB, Class B		9,638		237,769
Henkel AG & Co. KGaA (Preference)(q)		7,013		540,859
Kimberly-Clark Corp.		7,964		992,474
Procter & Gamble Co. (The)		12,315		1,853,038

				5,640,468

*Personal Care Products (1.0%)*
Beiersdorf AG		5,232		650,813
Kao Corp.		14,300		645,776
L’Oreal SA		776		344,797
Unilever plc		5,289		307,895
Unilever plc (Cboe Europe)		4,078		238,275

				2,187,556

Total Consumer Staples				23,475,842

Energy (1.5%)
*Energy Equipment & Services (0.1%)*
Baker Hughes Co.		6,002		270,390

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
*Oil, Gas & Consumable Fuels (1.4%)*
Cheniere Energy, Inc.		1,250	$	294,850
Enbridge, Inc.		23,766		1,076,297
Equinor ASA		26,389		683,291
Idemitsu Kosan Co. Ltd.		47,300		303,874
TC Energy Corp.		9,944		474,809
TotalEnergies SE		4,294		254,914

				3,088,035

Total Energy				3,358,425

Financials (20.3%)
*Banks (4.6%)*
Bank of Montreal		2,662		293,827
Bank of Nova Scotia (The)		19,316		1,074,676
Canadian Imperial Bank of Commerce		14,014		1,001,592
DBS Group Holdings Ltd.		12,100		446,481
DNB Bank ASA		18,395		466,694
Intesa Sanpaolo SpA		49,447		298,791
JPMorgan Chase & Co.		4,341		1,285,978
National Bank of Canada		4,142		430,850
Nordea Bank Abp (Aquis Stock Exchange)		23,265		339,840
Nordea Bank Abp (Turquoise Stock Exchange)		13,972		204,101
Oversea-Chinese Banking Corp. Ltd.		22,500		292,341
Royal Bank of Canada(x)		16,594		2,129,220
Sumitomo Mitsui Financial Group, Inc.		9,000		230,073
Toronto-Dominion Bank (The)		18,501		1,347,518
United Overseas Bank Ltd.		27,600		769,288

				10,611,270

*Capital Markets (3.8%)*
Ameriprise Financial, Inc.		1,500		777,285
Bank of New York Mellon Corp. (The)		7,700		781,165
Cboe Global Markets, Inc.		3,189		768,677
CME Group, Inc.		5,581		1,553,081
Daiwa Securities Group, Inc.		33,000		231,306
Deutsche Boerse AG		3,831		1,110,909
FactSet Research Systems, Inc.		567		228,444
Intercontinental Exchange, Inc.		6,366		1,176,628
Moody’s Corp.		1,075		554,410
MSCI, Inc.		459		257,664
Nasdaq, Inc.		2,598		249,980
S&P Global, Inc.		1,468		809,015
TMX Group Ltd.		9,500		386,280

				8,884,844

*Consumer Finance (0.2%)*
American Express Co.		1,685		504,337

*Financial Services (3.7%)*
Berkshire Hathaway, Inc., Class B*		3,523		1,662,433
Fiserv, Inc.*		3,739		519,497
Jack Henry & Associates, Inc.		1,472		249,968
Mastercard, Inc., Class A		5,279		2,990,395
Visa, Inc., Class A		9,578		3,308,912

				8,731,205

*Insurance (8.0%)*
Aflac, Inc.		5,945		590,695
Allianz SE (Registered)		3,381		1,339,635
Allstate Corp. (The)		2,843		577,840
Aon plc, Class A		2,200		782,562
Chubb Ltd.		4,653		1,237,884
Dai-ichi Life Holdings, Inc.		29,900		238,625
Generali		20,746		774,657
Great-West Lifeco, Inc.		7,112		267,059
Hannover Rueck SE		1,052		319,824
Hartford Insurance Group, Inc. (The)		2,600		323,414
Insurance Australia Group Ltd.		58,770		331,230
Intact Financial Corp.		4,371		903,475
Loews Corp.		5,300		479,862
Marsh & McLennan Cos., Inc.		7,000		1,394,400
MS&AD Insurance Group Holdings, Inc.		10,300		221,573
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered)		1,758		1,154,786
NN Group NV		7,846		529,710
Progressive Corp. (The)		5,411		1,309,678
QBE Insurance Group Ltd.		33,610		501,108
Sampo OYJ, Class A		52,575		564,947
Sompo Holdings, Inc.		10,600		314,345
Sun Life Financial, Inc.		10,300		627,991
Suncorp Group Ltd.		15,936		214,657
Swiss Life Holding AG (Registered)		226		235,335
Swiss Re AG		2,453		441,676
Tokio Marine Holdings, Inc.		9,600		389,857
Travelers Cos., Inc. (The)		3,552		924,372
W.R. Berkley Corp.		5,400		371,574
Willis Towers Watson plc		818		258,333
Zurich Insurance Group AG		1,542		1,056,666

				18,677,770

Total Financials				47,409,426

Health Care (7.8%)
*Biotechnology (0.5%)*
AbbVie, Inc.		1,312		247,994
Amgen, Inc.		1,023		301,887
Gilead Sciences, Inc.		6,013		675,200

				1,225,081

*Health Care Equipment & Supplies (2.6%)*
Abbott Laboratories		13,267		1,674,163
Becton Dickinson & Co.		3,000		534,750
Boston Scientific Corp.*		13,634		1,430,479
Hoya Corp.		2,000		254,377
IDEXX Laboratories, Inc.*		562		300,282
Medtronic plc		9,934		896,444
ResMed, Inc.		1,085		295,055
Stryker Corp.		2,001		785,853

				6,171,403

*Health Care Providers & Services (0.9%)*
Cardinal Health, Inc.		2,372		368,182
Cencora, Inc.		2,200		629,376
Cigna Group (The)		1,732		463,102
Fresenius SE & Co. KGaA		4,412		211,368
HCA Healthcare, Inc.		1,091		386,203

				2,058,231

*Health Care Technology (0.3%)*
Veeva Systems, Inc., Class A*		2,262		642,860

*Life Sciences Tools & Services (0.4%)*
Agilent Technologies, Inc.		2,904		333,408
Mettler-Toledo International, Inc.*		231		284,980
Thermo Fisher Scientific, Inc.		651		304,460

				922,848

*Pharmaceuticals (3.1%)*
Bristol-Myers Squibb Co.		11,794		510,798
Eli Lilly & Co.		990		732,669
Johnson & Johnson		12,263		2,020,207
Merck & Co., Inc.		3,006		234,829
Novartis AG (Registered)		10,826		1,255,403

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
Novo Nordisk A/S (ADR)		3,753	$	176,654
Otsuka Holdings Co. Ltd.		4,600		222,770
Roche Holding AG		1,660		525,437
Sanofi SA		4,752		427,548
Shionogi & Co. Ltd.		12,900		217,794
Zoetis, Inc.		5,625		820,069

				7,144,178

Total Health Care				18,164,601

Industrials (14.4%)
*Aerospace & Defense (2.5%)*
GE Aerospace		6,651		1,802,953
General Dynamics Corp.		3,307		1,030,494
Howmet Aerospace, Inc.		2,520		453,021
L3Harris Technologies, Inc.		1,095		300,928
Lockheed Martin Corp.		1,158		487,495
Northrop Grumman Corp.		894		515,489
RTX Corp.		3,453		544,089
Singapore Technologies Engineering Ltd.		69,900		472,137
Thales SA		847		227,924

				5,834,530

*Air Freight & Logistics (0.3%)*
Expeditors International of Washington, Inc.		4,800		557,952
United Parcel Service, Inc., Class B		2,762		237,974

				795,926

*Building Products (1.1%)*
Allegion plc		5,500		912,560
Geberit AG (Registered)		619		475,538
Trane Technologies plc		2,751		1,205,158

				2,593,256

*Commercial Services & Supplies (1.4%)*
Brambles Ltd.		40,979		629,673
Cintas Corp.		4,715		1,049,323
Copart, Inc.*		10,314		467,534
Republic Services, Inc.		3,877		894,230
Secom Co. Ltd.		7,600		272,955

				3,313,715

*Construction & Engineering (0.5%)*
EMCOR Group, Inc.		366		229,662
Stantec, Inc.		3,784		413,629
WSP Global, Inc.		2,894		595,885

				1,239,176

*Electrical Equipment (0.8%)*
ABB Ltd. (Registered)		10,619		699,697
Eaton Corp. plc		3,080		1,184,938

				1,884,635

*Ground Transportation (0.5%)*
Central Japan Railway Co.		10,500		244,466
Union Pacific Corp.		3,424		760,025
West Japan Railway Co.		10,100		222,428

				1,226,919

*Industrial Conglomerates (0.5%)*
Honeywell International, Inc.		2,051		456,040
Siemens AG (Registered)		2,531		649,596

				1,105,636

*Machinery (3.2%)*
Atlas Copco AB, Class A		35,680		544,535
Caterpillar, Inc.		2,584		1,131,844
Epiroc AB, Class A		13,403		273,215
FANUC Corp.		9,600		271,894
GEA Group AG		5,420		390,293
Illinois Tool Works, Inc.		4,800		1,228,656
Komatsu Ltd.		9,600		309,708
Kone OYJ, Class B		4,544		279,712
Otis Worldwide Corp.		7,848		672,495
Parker-Hannifin Corp.		898		657,246
Pentair plc		5,900		602,980
Snap-on, Inc.		1,600		513,904
Volvo AB, Class B		22,816		655,398

				7,531,880

*Marine Transportation (0.1%)*
Kuehne + Nagel International AG (Registered)(x)		1,085		222,076

*Passenger Airlines (0.1%)*
ANA Holdings, Inc.		11,800		219,724

*Professional Services (2.3%)*
Automatic Data Processing, Inc.		3,643		1,127,508
Broadridge Financial Solutions, Inc.		2,400		594,024
Leidos Holdings, Inc.		2,034		324,728
Paychex, Inc.		4,091		590,454
RELX plc		5,697		296,135
Thomson Reuters Corp.		4,474		897,900
Verisk Analytics, Inc.		2,496		695,660
Wolters Kluwer NV		4,833		753,958

				5,280,367

*Trading Companies & Distributors (1.1%)*
Fastenal Co.		24,884		1,147,899
ITOCHU Corp.		9,500		499,758
W.W. Grainger, Inc.		800		831,632

				2,479,289

Total Industrials				33,727,129

Information Technology (21.0%)
*Communications Equipment (1.2%)*
Cisco Systems, Inc.		24,114		1,641,681
Motorola Solutions, Inc.		2,700		1,185,246

				2,826,927

*Electronic Equipment, Instruments & Components (0.8%)*
Amphenol Corp., Class A		9,437		1,005,135
CDW Corp.		1,993		347,539
TE Connectivity plc		2,800		576,100

				1,928,774

*IT Services (1.4%)*
Accenture plc, Class A		4,060		1,084,426
CGI, Inc.		7,409		714,271
Fujitsu Ltd.		15,600		341,896
Gartner, Inc.*		900		304,785
International Business Machines Corp.		1,747		442,253
VeriSign, Inc.		1,395		375,074

				3,262,705

*Semiconductors & Semiconductor Equipment (6.1%)*
Broadcom, Inc.		9,290		2,728,473
NVIDIA Corp.		58,711		10,442,926
QUALCOMM, Inc.		7,120		1,044,931

				14,216,330

*Software (7.4%)*
Autodesk, Inc.*		1,948		590,458
Constellation Software, Inc.		238		821,093
Dassault Systemes SE		7,350		242,324
Fair Isaac Corp.*		200		287,344
Intuit, Inc.		591		464,012
Microsoft Corp.		20,945		11,174,158
Oracle Corp.		6,669		1,692,392
Palo Alto Networks, Inc.*		3,360		583,296
Roper Technologies, Inc.		1,600		880,640
Salesforce, Inc.		1,950		503,744

				17,239,461

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)


	Number of Shares		Value (Note 1)
*Technology Hardware, Storage & Peripherals (4.1%)*
Apple, Inc.		44,981	$	9,336,706
NetApp, Inc.		2,900		301,977

				9,638,683

Total Information Technology				49,112,880

Materials (2.3%)
*Chemicals (2.1%)*
Air Liquide SA		1,500		295,799
Ecolab, Inc.		4,554		1,192,055
Givaudan SA (Registered)		154		646,715
Linde plc		3,351		1,542,331
Sherwin-Williams Co. (The)		2,900		959,552
Symrise AG, Class A		2,583		234,344

				4,870,796

*Metals & Mining (0.2%)*
Franco-Nevada Corp.		1,300		207,084
Rio Tinto Ltd.		4,282		307,379

				514,463

Total Materials				5,385,259

Real Estate (0.5%)
*Real Estate Management & Development (0.1%)*
Swiss Prime Site AG (Registered)		2,427		336,448

*Residential REITs (0.3%)*
AvalonBay Communities, Inc. (REIT)		2,200		409,816
Equity Residential (REIT)		3,400		214,880

				624,696

*Specialized REITs (0.1%)*
SBA Communications Corp. (REIT)		1,037		233,035

Total Real Estate				1,194,179

Utilities (4.2%)
*Electric Utilities (2.0%)*
Duke Energy Corp.		6,042		734,949
Enel SpA		64,680		570,795
Eversource Energy		5,043		333,342
Exelon Corp.		8,780		394,573
Hydro One Ltd.(m)		13,760		486,605
Iberdrola SA		47,505		832,436
Southern Co. (The)		7,103		671,092
Terna - Rete Elettrica Nazionale		58,178		561,151

				4,584,943

*Gas Utilities (0.6%)*
Atmos Energy Corp.		5,688		886,873
Hong Kong & China Gas Co. Ltd.		308,000		275,042
Osaka Gas Co. Ltd.		8,900		224,861

				1,386,776

*Multi-Utilities (1.6%)*
Consolidated Edison, Inc.		7,600		786,600
E.ON SE		37,794		688,147
National Grid plc		26,197		366,729
Public Service Enterprise Group, Inc.		12,100		1,086,459
Sempra		10,912		891,292

				3,819,227

Total Utilities				9,790,946

Total Common Stocks (99.0%) (Cost $178,199,696)				231,223,816


	Number of Warrants
WARRANTS:
Information Technology (0.0%)
*Software (0.0%)*
Constellation Software, Inc., expiring 3/31/40(r)* (Cost $—)		100		—


	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (2.1%)
Invesco Government & Agency Portfolio, Institutional Shares 4.25% (7 day yield) (xx)		2,234,701		2,234,701
JPMorgan Prime Money Market Fund, IM Shares 4.46% (7 day yield)		2,676,096		2,676,364

Total Investment Companies				4,911,065

Total Short-Term Investments (2.1%) (Cost $4,911,312)				4,911,065

Total Investments in Securities (101.1%) (Cost $183,111,008)				236,134,881
Other Assets Less Liabilities (-1.1%)				(2,479,356	)

Net Assets (100%)			$	233,655,525

*	Non-income producing.

(m)

(q)

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

(r)

Fair value determined using significant unobservable inputs.

(x)

All or a portion of security is on loan at July 31, 2025.

(xx)

At July 31, 2025, the Fund had loaned securities with a total value of $2,110,234. This was collateralized by cash of $2,234,701 which was subsequently invested in investment companies.

Glossary:

ADR — American Depositary Receipt

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

July 31, 2025 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2025:

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	$	12,306,256	$	2,950,832	$	—		$	15,257,088
Consumer Discretionary		20,639,987		3,708,054		—			24,348,041
Consumer Staples		17,042,389		6,433,453		—			23,475,842
Energy		2,116,346		1,242,079		—			3,358,425
Financials		34,390,971		13,018,455		—			47,409,426
Health Care		15,049,904		3,114,697		—			18,164,601
Industrials		25,116,309		8,610,820		—			33,727,129
Information Technology		48,528,660		584,220		—			49,112,880
Materials		3,901,022		1,484,237		—			5,385,259
Real Estate		857,731		336,448		—			1,194,179
Utilities		6,271,785		3,519,161		—			9,790,946
Short-Term Investments
Investment Companies		4,911,065		—		—			4,911,065
Warrants
Information Technology		—		—		—	(a)		—	(a)

Total Assets	$	191,132,425	$	45,002,456	$	—		$	236,134,881

Total Liabilities	$	—	$	—	$	—		$	—

Total	$	191,132,425	$	45,002,456	$	—		$	236,134,881

(a)

Value is zero.


Aggregate gross unrealized appreciation	$	56,683,694
Aggregate gross unrealized depreciation		(4,033,604	)

Net unrealized appreciation	$	52,650,090

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	183,484,791

See Notes to Portfolio of Investments.

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

July 31, 2025 (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 the 1940 Act (“Rule 2a-5”) permits the Board to designate a “valuation designee” to perform the fair value determinations for any and all Fund investments, subject to Board oversight and certain other requirements designed to facilitate the Board’s ability to effectively oversee fair value determinations. Pursuant to Rule 2a-5, the Board designated Equitable Investment Management, LLC, the Trust’s investment adviser (the “Adviser”), as the Funds’ valuation designee. As the Funds’ valuation designee, the Adviser is responsible for determining fair value in good faith for any and all Fund investments. The Adviser has adopted pricing procedures (“Pricing Procedures”) to establish methods for valuing portfolio securities and other investments held by the Trust and its respective Funds, in accordance with Section 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 valuation of securities for which market quotations are not readily available, the fair value of such securities may differ significantly from the values that would have been used had a ready market for such securities existed.

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

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Level 1 - quoted prices in active markets for identical assets

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

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

A summary of inputs used to value each Fund’s assets and liabilities carried at fair value as of July 31, 2025, is included in the Portfolio of Investments for each Fund. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level.

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

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

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

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

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

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