HTML

1290 FUNDS

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

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (13.9%)
*Diversified Telecommunication Services (0.0%)†*
GCI Liberty, Inc., Class A*		47	$	1,761
GCI Liberty, Inc., Class C*		323		11,948
Iridium Communications, Inc.		201		4,004

				17,713

*Entertainment (1.1%)*
Live Nation Entertainment, Inc.*		1,717		249,738
Netflix, Inc.*		21,540		1,798,374
Take-Two Interactive Software, Inc.*		492		108,388

				2,156,500

*Interactive Media & Services (12.8%)*
Alphabet, Inc., Class A		26,071		8,811,998
Alphabet, Inc., Class C		20,964		7,096,943
Meta Platforms, Inc., Class A		14,106		10,106,949
Pinterest, Inc., Class A*		1,804		39,922

				26,055,812

*Media (0.0%)†*
Trade Desk, Inc. (The), Class A*		1,862		56,475

Total Communication Services				28,286,500

Consumer Discretionary (14.4%)
*Automobiles (1.2%)*
Tesla, Inc.*		5,635		2,425,360

*Broadline Retail (5.7%)*
Amazon.com, Inc.*		46,184		11,051,831
Coupang, Inc., Class A*		25,360		511,258
Etsy, Inc.*		328		17,371

				11,580,460

*Diversified Consumer Services (0.0%)†*
Grand Canyon Education, Inc.*		243		42,243
H&R Block, Inc.		39		1,539

				43,782

*Hotels, Restaurants & Leisure (3.0%)*
Airbnb, Inc., Class A*		2,546		329,376
Booking Holdings, Inc.		69		345,127
Carnival Corp.*		5,098		153,042
Chipotle Mexican Grill, Inc.*		24,500		952,315
Choice Hotels International, Inc.		896		92,109
Darden Restaurants, Inc.		1,432		285,469
Domino’s Pizza, Inc.		159		65,242
Expedia Group, Inc.		1,171		310,128
Hilton Worldwide Holdings, Inc.		421		125,673
Las Vegas Sands Corp.		10,243		540,113
Marriott International, Inc., Class A		179		56,439
McDonald’s Corp.		334		105,210
Norwegian Cruise Line Holdings Ltd.*		14,801		325,030
Planet Fitness, Inc., Class A*		114		10,379
Royal Caribbean Cruises Ltd.		4,131		1,341,129
Starbucks Corp.		1,335		122,753
Texas Roadhouse, Inc., Class A		2,941		528,968
Travel + Leisure Co.		65		4,520
Viking Holdings Ltd.*		2,136		154,112
Wingstop, Inc.		143		37,957
Yum! Brands, Inc.		812		126,266

				6,011,357

*Specialty Retail (3.8%)*
AutoZone, Inc.*		42		155,580
Burlington Stores, Inc.*		2,756		815,390
Chewy, Inc., Class A*		408		11,877
Home Depot, Inc. (The)		5,114		1,915,653
Murphy USA, Inc.		770		325,333
O’Reilly Automotive, Inc.*		2,040		200,756
Ross Stores, Inc.		3,618		682,536
TJX Cos., Inc. (The)		11,061		1,657,048
Tractor Supply Co.		20,502		1,043,142
Ulta Beauty, Inc.*		932		603,340
Williams-Sonoma, Inc.		1,877		384,128

				7,794,783

*Textiles, Apparel & Luxury Goods (0.7%)*
Deckers Outdoor Corp.*		5,694		679,522
Lululemon Athletica, Inc.*		2,871		500,989
Ralph Lauren Corp.		60		21,205
Tapestry, Inc.		2,525		320,448

				1,522,164

Total Consumer Discretionary				29,377,906

Consumer Staples (3.2%)
*Beverages (0.8%)*
Coca-Cola Co. (The)		6,873		514,169
Coca-Cola Consolidated, Inc.		269		40,904
Monster Beverage Corp.*		6,748		544,969
PepsiCo, Inc.		3,183		489,004

				1,589,046

*Consumer Staples Distribution & Retail (2.0%)*
BJ’s Wholesale Club Holdings, Inc.*		397		36,699
Casey’s General Stores, Inc.		169		102,499
Costco Wholesale Corp.		3,605		3,389,601
Sprouts Farmers Market, Inc.*		1,996		141,536
Sysco Corp.		4,415		370,198
Walmart, Inc.		145		17,275

				4,057,808

*Food Products (0.1%)*
Hershey Co. (The)		1,346		262,133

*Household Products (0.3%)*
Colgate-Palmolive Co.		2,284		206,222
Kimberly-Clark Corp.		4,029		402,860

				609,082

Total Consumer Staples				6,518,069

Energy (1.5%)
*Oil, Gas & Consumable Fuels (1.5%)*
Cheniere Energy, Inc.		4,268		902,767
HF Sinclair Corp.		222		11,542
Phillips 66		308		44,216
Targa Resources Corp.		8,116		1,631,154
Texas Pacific Land Corp.		1,407		490,143

Total Energy				3,079,822

Financials (6.4%)
*Banks (0.1%)*
Citigroup, Inc.		321		37,143
Pinnacle Financial Partners, Inc.		41		3,899
Popular, Inc.		148		19,762
Western Alliance Bancorp		443		39,493

				100,297

*Capital Markets (1.9%)*
Ameriprise Financial, Inc.		2,751		1,450,300
Blackstone, Inc.		2,528		360,038
Charles Schwab Corp. (The)		930		96,646
FactSet Research Systems, Inc.		117		29,760
Goldman Sachs Group, Inc. (The)		369		345,166
KKR & Co., Inc.		1,243		142,025
Lazard, Inc.		288		15,471
LPL Financial Holdings, Inc.		2,046		745,767
Moody’s Corp.		1,116		575,365
MSCI, Inc.		125		76,152
Robinhood Markets, Inc., Class A*		718		71,427

				3,908,117

See Notes to Portfolio of Investments.

1290 FUNDS

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

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
*Consumer Finance (0.5%)*
Ally Financial, Inc.		1,338	$	56,571
American Express Co.		2,700		950,859
Credit Acceptance Corp.*		15		7,473
SLM Corp.		719		19,521
SoFi Technologies, Inc.*		1,606		36,633

				1,071,057

*Financial Services (3.6%)*
Apollo Global Management, Inc.		5,138		691,266
Block, Inc., Class A*		1,625		98,199
Mastercard, Inc., Class A		5,400		2,909,466
Visa, Inc., Class A		11,179		3,597,738

				7,296,669

*Insurance (0.3%)*
Kinsale Capital Group, Inc.		464		183,688
Markel Group, Inc.*		59		120,398
Progressive Corp. (The)		1,456		302,848

				606,934

Total Financials				12,983,074

Health Care (5.9%)
*Biotechnology (2.0%)*
AbbVie, Inc.		6,126		1,366,159
Amgen, Inc.		2,003		684,786
Exelixis, Inc.*		9,528		394,078
Gilead Sciences, Inc.		4,934		700,381
Vertex Pharmaceuticals, Inc.*		2,111		991,959

				4,137,363

*Health Care Equipment & Supplies (1.5%)*
Dexcom, Inc.*		7,849		573,291
IDEXX Laboratories, Inc.*		1,724		1,155,873
Insulet Corp.*		180		46,046
Intuitive Surgical, Inc.*		1,436		724,060
Masimo Corp.*		1,422		195,283
ResMed, Inc.		974		251,594

				2,946,147

*Health Care Providers & Services (0.5%)*
Cardinal Health, Inc.		425		91,324
Cencora, Inc.		1,908		685,392
DaVita, Inc.*		19		2,077
HCA Healthcare, Inc.		104		50,780
McKesson Corp.		281		233,570

				1,063,143

*Health Care Technology (0.1%)*
Veeva Systems, Inc., Class A*		1,241		253,065

*Life Sciences Tools & Services (0.2%)*
Medpace Holdings, Inc.*		221		128,728
Waters Corp.*		645		239,115

				367,843

*Pharmaceuticals (1.6%)*
Bristol-Myers Squibb Co.		542		29,837
Eli Lilly & Co.		2,517		2,610,506
Zoetis, Inc.		4,235		528,613

				3,168,956

Total Health Care				11,936,517

Industrials (7.0%)
*Aerospace & Defense (0.9%)*
Boeing Co. (The)*		203		47,445
BWX Technologies, Inc.		540		110,932
Carpenter Technology Corp.		98		31,147
GE Aerospace		2,882		884,169
Lockheed Martin Corp.		1,027		651,344
TransDigm Group, Inc.		24		34,261

				1,759,298

*Building Products (0.4%)*
Armstrong World Industries, Inc.		333		61,185
Carlisle Cos., Inc.		45		15,340
Lennox International, Inc.		952		471,316
Simpson Manufacturing Co., Inc.		74		13,082
Trane Technologies plc		627		263,704

				824,627

*Commercial Services & Supplies (0.7%)*
Cintas Corp.		2,048		391,967
Copart, Inc.*		7,396		300,130
Rollins, Inc.		2,737		173,361
Waste Management, Inc.		2,566		570,268

				1,435,726

*Construction & Engineering (0.7%)*
Comfort Systems USA, Inc.		955		1,090,706
EMCOR Group, Inc.		528		380,545

				1,471,251

*Electrical Equipment (1.0%)*
GE Vernova, Inc.		1,644		1,194,152
Vertiv Holdings Co., Class A		4,605		857,359

				2,051,511

*Ground Transportation (0.9%)*
Avis Budget Group, Inc.(x)*		19		2,185
Lyft, Inc., Class A*		2,004		33,808
Old Dominion Freight Line, Inc.		1,640		284,048
Uber Technologies, Inc.*		10,945		876,147
U-Haul Holding Co. (Nasdaq Stock Exchange)*		89		5,033
U-Haul Holding Co. (New York Stock Exchange)		1,153		59,160
Union Pacific Corp.		2,396		563,300

				1,823,681

*Machinery (0.8%)*
Caterpillar, Inc.		1,669		1,097,134
Illinois Tool Works, Inc.		1,690		441,529

				1,538,663

*Passenger Airlines (0.0%)†*
Alaska Air Group, Inc.*		492		25,009
American Airlines Group, Inc.*		1,490		19,817
Southwest Airlines Co.		389		18,485

				63,311

*Professional Services (0.5%)*
Broadridge Financial Solutions, Inc.		174		34,297
Paychex, Inc.		2,979		307,224
Paycom Software, Inc.		1,606		216,408
Verisk Analytics, Inc.		2,160		469,714

				1,027,643

*Trading Companies & Distributors (1.1%)*
Fastenal Co.		21,791		944,858
W.W. Grainger, Inc.		1,101		1,189,014

				2,133,872

Total Industrials				14,129,583

Information Technology (46.8%)
*Communications Equipment (1.0%)*
Arista Networks, Inc.*		9,010		1,277,077
Motorola Solutions, Inc.		1,414		569,192
Ubiquiti, Inc.		163		89,881

				1,936,150

*Electronic Equipment, Instruments & Components (0.5%)*
Amphenol Corp., Class A		1,640		236,291
CDW Corp.		1,289		162,917
Jabil, Inc.		2,650		628,553

				1,027,761

See Notes to Portfolio of Investments.

1290 FUNDS

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

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
*IT Services (0.0%)†*
Gartner, Inc.*		382	$	80,071
Kyndryl Holdings, Inc.*		378		8,694
Twilio, Inc., Class A*		73		8,794

				97,559

*Semiconductors & Semiconductor Equipment (21.6%)*
Advanced Micro Devices, Inc.*		5,573		1,319,296
Applied Materials, Inc.		5,285		1,703,461
Broadcom, Inc.		24,495		8,115,194
KLA Corp.		2,184		3,118,621
Lam Research Corp.		22,345		5,216,664
Monolithic Power Systems, Inc.		201		225,954
NVIDIA Corp.		120,323		22,997,335
QUALCOMM, Inc.		5,470		829,197
Texas Instruments, Inc.		1,688		363,848

				43,889,570

*Software (12.9%)*
Adobe, Inc.*		1,888		553,656
AppLovin Corp., Class A*		2,746		1,299,160
Autodesk, Inc.*		1,424		360,087
Circle Internet Group, Inc., Class A*		45		2,877
Dropbox, Inc., Class A*		875		22,295
Fair Isaac Corp.*		128		187,286
Fortinet, Inc.*		9,246		751,330
Intuit, Inc.		1,601		798,771
Microsoft Corp.		42,394		18,241,714
Nutanix, Inc., Class A*		445		17,502
Oracle Corp.		8,390		1,380,826
Palantir Technologies, Inc., Class A*		11,588		1,698,685
Pegasystems, Inc.		1,058		46,224
RingCentral, Inc., Class A*		519		13,432
Rubrik, Inc., Class A*		34		1,902
Salesforce, Inc.		1,383		293,597
ServiceNow, Inc.*		4,965		580,955
Strategy, Inc.*		26		3,892

				26,254,191

*Technology Hardware, Storage & Peripherals (10.8%)*
Apple, Inc.		84,166		21,839,394
Dell Technologies, Inc., Class C		29		3,319
NetApp, Inc.		1,222		117,740
Super Micro Computer, Inc.*		2,632		76,617

				22,037,070

Total Information Technology				95,242,301

Materials (0.3%)
*Chemicals (0.2%)*
Sherwin-Williams Co. (The)		1,340		475,217

*Construction Materials (0.1%)*
Eagle Materials, Inc.		1,054		214,816

Total Materials				690,033

Real Estate (0.0%)†
*Real Estate Management & Development (0.0%)†*
Jones Lang LaSalle, Inc.*		209		74,803

Total Real Estate				74,803

Utilities (0.6%)
*Electric Utilities (0.1%)*
NRG Energy, Inc.		905		138,130

*Independent Power and Renewable Electricity Producers (0.5%)*
Vistra Corp.		6,741		1,067,438

Total Utilities				1,205,568

Total Common Stocks (100.0%) (Cost $149,010,955)				203,524,176

SHORT-TERM INVESTMENTS:
Investment Companies (0.0%)†
Invesco Government & Agency Portfolio, Institutional Shares 3.61% (7 day yield) (xx)		2,006		2,006

Total Short-Term Investments (0.0%)† (Cost $2,006)				2,006

Total Investments in Securities (100.0%) (Cost $149,012,961)				203,526,182
Other Assets Less Liabilities (0.0%)†				65,931

Net Assets (100%)			$	203,592,113

*	Non-income producing.

†	Percent shown is less than 0.05%.

(x)

All or a portion of security is on loan at January 31, 2026.

(xx)

At January 31, 2026, the Fund had loaned securities with a total value of $1,955. This was collateralized by cash of $2,006 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)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	28,286,500	$	—	$	—	$	28,286,500
Consumer Discretionary		29,377,906		—		—		29,377,906
Consumer Staples		6,518,069		—		—		6,518,069
Energy		3,079,822		—		—		3,079,822
Financials		12,983,074		—		—		12,983,074
Health Care		11,936,517		—		—		11,936,517
Industrials		14,129,583		—		—		14,129,583
Information Technology		95,242,301		—		—		95,242,301
Materials		690,033		—		—		690,033
Real Estate		74,803		—		—		74,803
Utilities		1,205,568		—		—		1,205,568
Short-Term Investments
Investment Companies		2,006		—		—		2,006

Total Assets	$	203,526,182	$	—	$	—	$	203,526,182

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	203,526,182	$	—	$	—	$	203,526,182

As of January 31, 2026, 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	$	58,338,763
Aggregate gross unrealized depreciation		(3,828,025	)

Net unrealized appreciation	$	54,510,738

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	149,015,444

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (12.0%)
Cloud Capital Holdco LP,
Series 2024-1A A2
5.781%, 11/22/49§	$	4,830,000	$	4,848,557
Consolidated Communications LLC,
Series 2025-1A B
6.506%, 5/20/55§		5,265,000		5,394,515
CPS Auto Receivables Trust,
Series 2022-C E
9.080%, 4/15/30§		2,400,000		2,524,289
Octagon 55 Ltd.,
Series 2021-1A D1R
6.418%, 3/20/38(l)§		2,985,000		3,010,155
OHA Credit Funding 2 Ltd.,
Series 2019-2A D1R2
6.370%, 1/21/38(l)§		4,650,000		4,654,724
Point Broadband Funding LLC,
Series 2025-1A A2
5.336%, 7/20/55§		4,650,000		4,689,220
Series 2025-1A B
5.727%, 7/20/55§		6,070,000		6,149,966
Stack Infrastructure Issuer LLC,
Series 2023-2A A2
5.900%, 7/25/48§		9,675,000		9,713,343
TRTX Issuer Ltd.,
Series 2025-FL6 C
6.071%, 9/18/42(l)§		6,760,000		6,759,340
Series 2025-FL7 A
5.125%, 6/18/43(l)§		4,830,000		4,833,016
Zayo Issuer LLC,
Series 2025-1A A2
5.648%, 3/20/55§		1,700,000		1,729,255
Series 2025-2A A2
5.953%, 6/20/55§		12,440,000		12,770,064
Series 2025-3A A2
5.570%, 10/20/55§		1,200,000		1,208,959

Total Asset-Backed Securities				68,285,403

Collateralized Mortgage Obligations (4.2%)
Connecticut Avenue Securities Trust,
Series 2022-R04 1B1
8.947%, 3/25/42(l)§		4,340,000		4,545,659
FHLMC STACR REMIC Trust,
Series 2022-DNA2 B1
8.447%, 2/25/42(l)§		2,430,000		2,519,058
Series 2022-DNA6 M2
9.447%, 9/25/42(l)§		6,300,000		6,774,237
Series 2022-HQA2 M1B
7.697%, 7/25/42(l)§		1,800,000		1,877,831
JP Morgan Mortgage Trust,
Series 2025-VIS1 A2
5.695%, 8/25/55(e)§		7,869,013		7,941,856

Total Collateralized Mortgage Obligations				23,658,641

Commercial Mortgage-Backed Securities (5.4%)
FHLMC MSCR Trust,
Series 2025-MN10 M2
6.547%, 2/25/45(l)§		3,290,000		3,324,567
Multifamily Connecticut Avenue Securities Trust,
Series 2019-01 M10
7.062%, 10/25/49(l)§		7,065,545		7,176,703
Series 2023-01 M10
10.197%, 11/25/53(l)§		10,480,000		11,987,224
Series 2024-01 M7
6.447%, 7/25/54(l)§		8,304,669		8,401,127

Total Commercial Mortgage-Backed Securities				30,889,621

Convertible Bond (0.3%)
Information Technology (0.3%)
*Software (0.3%)*
IREN Ltd.
(Zero Coupon), 7/1/31§		1,872,000		1,726,920

Total Information Technology				1,726,920

Total Convertible Bond				1,726,920

Corporate Bonds (4.4%)
Consumer Discretionary (0.0%)†
*Broadline Retail (0.0%)†*
SGUS LLC
11.000%, 12/15/29(h)§		1,719,100		51,573

*Specialty Retail (0.0%)†*
Saks Global Enterprises LLC
11.000%, 12/15/29(h)§		2,597,900		3,177

				3,177

Total Consumer Discretionary				54,750

Energy (0.3%)
*Oil, Gas & Consumable Fuels (0.3%)*
NFE Financing LLC
12.000%, 11/15/29§		4,906,200		1,741,701

Total Energy				1,741,701

Financials (3.5%)
*Banks (0.5%)*
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		2,767,751

*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)		4,690,000		4,660,688

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Golub Capital BDC, Inc.
2.500%, 8/24/26	$	4,705,000	$	4,652,491
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		3,810,850

				13,124,029

*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		856,350

*Financial Services (0.5%)*
Freedom Mortgage Corp.
6.625%, 1/15/27§		2,870,000		2,863,686

Total Financials				19,611,816

Real Estate (0.3%)
*Diversified REITs (0.2%)*
Trust Fibra Uno (REIT)
7.700%, 1/23/32§		1,145,000		1,250,798

*Industrial REITs (0.1%)*
Trust 2401 (REIT)
7.700%, 1/23/32§		575,000		631,264

Total Real Estate				1,882,062

Utilities (0.3%)
*Independent Power and Renewable Electricity Producers (0.3%)*
FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple
7.250%, 1/31/41§		1,535,286		1,596,867

Total Utilities				1,596,867

Total Corporate Bonds				24,887,196

Foreign Government Securities (25.9%)
Argentine Republic
0.750%, 7/9/30(e)		3,398,400		2,878,444
4.125%, 7/9/35(e)		8,170,000		6,331,750
Commonwealth of Australia
4.250%, 10/21/36(m)	AUD	34,760,000		23,019,559
Mex Bonos Desarr Fix Rt
Series M
8.000%, 7/31/53	MXN	391,200,000		19,529,892
New Zealand Government Bond
0.500%, 5/15/26	NZD	19,050,000		11,408,411
Notas do Tesouro Nacional
10.000%, 1/1/33	BRL	71,010,000		11,584,232
10.000%, 1/1/35		213,590,000		33,932,459
Oriental Republic of Uruguay
8.000%, 10/29/35	UYU	240,381,000		6,480,263
Republic of Ecuador
8.750%, 1/29/34§	$	3,390,000		3,422,510
Titulos de Tesoreria
13.250%, 2/9/33	COP	6,970,000,000		1,944,814
11.750%, 1/24/35		8,890,000,000		2,309,160
11.500%, 7/25/46	COP	90,300,000,000		22,524,133
12.000%, 3/13/58		8,890,000,000		2,310,772

Total Foreign Government Securities				147,676,399

Mortgage-Backed Securities (7.2%)
GNMA
6.000%, 4/20/54	$	3,036,965		3,116,560
6.000%, 10/20/54		8,149,611		8,353,652
6.000%, 11/20/54		6,151,887		6,303,507
6.000%, 12/20/54		5,534,594		5,672,297
6.000%, 1/20/55		9,522,555		9,746,834
6.000%, 2/20/55		7,447,478		7,622,303

Total Mortgage-Backed Securities				40,815,153

U.S. Treasury Obligations (27.9%)
U.S. Treasury Bonds
4.750%, 5/15/55		61,450,000		60,252,585
U.S. Treasury Notes
(US Treasury 3 Month Bill Money Market Yield + 0.16%),
3.772%, 7/31/27(k)		18,540,000		18,560,567
(US Treasury 3 Month Bill Money Market Yield + 0.19%),
3.803%, 10/31/27(k)		23,870,000		23,911,610
4.250%, 8/15/35(x)		56,420,000		56,541,213

Total U.S. Treasury Obligations				159,265,975

Total Long-Term Debt Securities (87.3%) (Cost $496,155,991)				497,205,308

SHORT-TERM INVESTMENTS:
Foreign Government Treasury Bills (8.1%)
Arab Republic of Egypt
48.86%, 2/3/26(p)	EGP	841,200,000		17,852,870
24.53%, 4/21/26(m)(p)		934,300,000		18,892,748
23.99%, 10/20/26(p)		510,200,000		9,274,595

Total Foreign Government Treasury Bills				46,020,213


	Number of Shares
Investment Companies (1.4%)
JPMorgan Prime Money Market Fund, IM Shares
3.86% (7 day yield)		8,281,888		8,285,201

Total Short-Term Investments (9.5%) (Cost $53,514,054)				54,305,414

Total Investments in Securities (96.8%) (Cost $549,670,045)				551,510,722
Other Assets Less Liabilities (3.2%)				17,978,926

Net Assets (100%)			$	569,489,648

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)

†	Percent shown is less than 0.05%.

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2026, the market value of these securities amounted to $139,933,011 or 24.6% of net assets.

(e)

Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 31, 2026. Maturity date disclosed is the ultimate maturity date.

(h)

Defaulted security. A security is classified as defaulted if the issuer files for bankruptcy or fails to make a scheduled interest or principal payment within the grace period set forth in the security’s governing documents.

(k)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2026.

(l)

Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of January 31, 2026.

(m)

Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At January 31, 2026, the market value or fair value, as applicable, of these securities amounted to $41,912,307 or 7.4% of net assets.

(p)

Yield to maturity.

(x)

All or a portion of security is on loan at January 31, 2026, the Portfolio had loaned securities with a total value of $20,438,773. This was collateralized by $20,862,959 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.500%, maturing 4/15/26 – 2/15/55.

(y)

Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of January 31, 2026.

Glossary:

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

CHF — Swiss Franc

COP — Colombian Peso

CZK — Czech Koruna

EGP — Egyptian Pound

EUR — European Currency Unit

FHLMC — Federal Home Loan Mortgage Corp.

GBP — British Pound

GNMA — Government National Mortgage Association

JPY — Japanese Yen

KRW — Korean (South) Won

MXN — Mexican Peso

NOK — Norwegian Krone

NZD — New Zealand Dollar

REIT — Real Estate Investment Trust

REMIC — Real Estate Mortgage Investment Conduit

STACR — Structured Agency Credit Risk

USD — United States Dollar

UYU — Uruguayan Peso

ZAR — South African Rand

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)

Futures contracts outstanding as of January 31, 2026 (Note 1):


Description	Number of Contracts			Expiration Date		Trading Currency		Notional Amount ($)			Value and Unrealized Appreciation (Depreciation) ($)
Long Contracts
Australia 10 Year Bond		1,181			3/2026		AUD		89,765,319			(524,472	)
Long Gilt		267			3/2026		GBP		33,191,997			(108,828	)

												(633,300	)

Short Contracts
Canada 10 Year Bond		(610	)		3/2026		CAD		(54,242,133	)		728,502
U.S. Treasury 10 Year Ultra
Note		(638	)		3/2026		USD		(72,831,688	)		396,014

												1,124,516

												491,216

Forward Foreign Currency Contracts outstanding as of January 31, 2026 (Note 1):


Currency Purchased		Currency Sold		Counterparty	Settlement Date		Unrealized Appreciation (Depreciation) ($)
MXN	455,400,000	USD	24,734,271	Citibank NA		2/13/2026		1,301,845
MXN	522,700,000	USD	28,563,303	Wells Fargo Bank NA		2/13/2026		1,320,487
NZD	97,050,000	USD	55,760,196	Goldman Sachs Bank USA		2/27/2026		2,722,585
USD	12,630,184	NZD	20,900,000	HSBC Bank plc		2/27/2026		35,746
AUD	24,780,000	USD	17,152,766	Citibank NA		3/13/2026		101,367
AUD	16,280,000	USD	11,098,157	HSBC Bank plc		3/13/2026		237,487
NOK	565,000,000	USD	56,251,133	Citibank NA		3/16/2026		2,405,442
USD	11,395,293	GBP	8,270,000	Wells Fargo Bank NA		4/17/2026		80,242
JPY	2,697,000,000	USD	17,122,153	Morgan Stanley		4/24/2026		426,404
KRW	24,800,000,000	USD	17,241,595	Citibank NA**		4/28/2026		41,475

Total unrealized appreciation								8,673,080

EUR	720,000	USD	860,862	Wells Fargo Bank NA		2/6/2026		(7,290	)
USD	56,530,792	EUR	48,200,000	JPMorgan Chase Bank		2/6/2026		(611,093	)
KRW	120,180,000,000	USD	84,319,091	Citibank NA**		2/10/2026		(802,760	)
USD	50,381,015	KRW	73,840,000,000	Citibank NA**		2/10/2026		(932,396	)
CZK	11,600,000	USD	571,818	HSBC Bank plc		2/12/2026		(6,840	)
USD	28,226,750	CZK	590,800,000	Goldman Sachs Bank USA		2/12/2026		(548,150	)
USD	35,477,219	MXN	660,600,000	Citibank NA		2/13/2026		(2,290,586	)
USD	17,031,915	MXN	317,500,000	Goldman Sachs Bank USA		2/13/2026		(1,120,186	)
USD	27,518,782	NZD	47,860,000	Barclays Bank plc		2/27/2026		(1,321,877	)
USD	5,562,724	AUD	8,320,000	HSBC Bank plc		3/13/2026		(230,431	)
USD	1,368,335	NOK	13,200,000	Wells Fargo Bank NA		3/16/2026		(2,048	)
COP	14,880,000,000	USD	4,028,863	Barclays Bank plc**		3/19/2026		(38,523	)
USD	23,515,642	COP	92,530,000,000	Barclays Bank plc**		3/19/2026		(1,297,943	)
ZAR	182,100,000	USD	11,356,904	Goldman Sachs Bank USA		3/30/2026		(131,201	)
USD	16,884,106	CHF	13,290,000	Morgan Stanley		4/16/2026		(443,995	)
USD	49,059,014	CHF	38,630,000	UBS AG		4/16/2026		(1,308,522	)
USD	28,194,479	CAD	38,830,000	Citibank NA		4/21/2026		(415,314	)
JPY	1,727,000,000	USD	11,389,942	JPMorgan Chase Bank		4/24/2026		(152,880	)
USD	17,212,001	JPY	2,697,000,000	JPMorgan Chase Bank		4/24/2026		(336,556	)

Total unrealized depreciation								(11,998,591	)

Net unrealized depreciation								(3,325,511	)

**	Non-deliverable forward.

See Notes to Portfolio of Investments.

1290 FUNDS

1290 DIVERSIFIED BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	—		$	68,285,403		$	—	$	68,285,403
Collateralized Mortgage Obligations		—			23,658,641			—		23,658,641
Commercial Mortgage-Backed Securities		—			30,889,621			—		30,889,621
Convertible Bonds
Information Technology		—			1,726,920			—		1,726,920
Corporate Bonds
Consumer Discretionary		—			54,750			—		54,750
Energy		—			1,741,701			—		1,741,701
Financials		—			19,611,816			—		19,611,816
Real Estate		—			1,882,062			—		1,882,062
Utilities		—			1,596,867			—		1,596,867
Foreign Government Securities		—			147,676,399			—		147,676,399
Forward Currency Contracts		—			8,673,080			—		8,673,080
Futures		1,124,516			—			—		1,124,516
Mortgage-Backed Securities		—			40,815,153			—		40,815,153
Short-Term Investments
Foreign Government Treasury Bills		—			46,020,213			—		46,020,213
Investment Companies		8,285,201			—			—		8,285,201
U.S. Treasury Obligations		—			159,265,975			—		159,265,975

Total Assets	$	9,409,717		$	551,898,601		$	—	$	561,308,318

Liabilities:
Forward Currency Contracts	$	—		$	(11,998,591	)	$	—	$	(11,998,591	)
Futures		(633,300	)		—			—		(633,300	)

Total Liabilities	$	(633,300	)	$	(11,998,591	)	$	—	$	(12,631,891	)

Total	$	8,776,417		$	539,900,010		$	—	$	548,676,427


Aggregate gross unrealized appreciation	$	20,355,295
Aggregate gross unrealized depreciation		(23,625,659	)

Net unrealized depreciation	$	(3,270,364	)

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	551,946,791

See Notes to Portfolio of Investments.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (2.6%)
*Diversified Telecommunication Services (1.6%)*
Globalstar, Inc.*		25,848	$	1,592,754

*Entertainment (0.5%)*
CuriosityStream, Inc.		138,619		515,663

*Interactive Media & Services (0.5%)*
EverQuote, Inc., Class A*		23,862		541,667

Total Communication Services				2,650,084

Consumer Discretionary (5.5%)
*Automobile Components (2.0%)*
Gentherm, Inc.*		26,676		852,565
Patrick Industries, Inc.		9,211		1,162,152

				2,014,717

*Automobiles (1.2%)*
Winnebago Industries, Inc.		26,354		1,209,912

*Diversified Consumer Services (2.3%)*
Lincoln Educational Services Corp.*		87,567		2,334,536

Total Consumer Discretionary				5,559,165

Consumer Staples (1.2%)
*Food Products (1.2%)*
Mama’s Creations, Inc.*		76,190		1,150,469

Total Consumer Staples				1,150,469

Energy (4.1%)
*Energy Equipment & Services (3.6%)*
Expro Group Holdings NV*		35,236		564,128
Oceaneering International, Inc.*		37,236		1,120,804
TETRA Technologies, Inc.*		172,583		1,967,446

				3,652,378

*Oil, Gas & Consumable Fuels (0.5%)*
Matador Resources Co.		10,099		456,879

Total Energy				4,109,257

Financials (5.7%)
*Banks (1.2%)*
Amerant Bancorp, Inc., Class A		34,434		747,218
Riverview Bancorp, Inc.		87,068		450,141

				1,197,359

*Capital Markets (1.5%)*
BGC Group, Inc., Class A		78,965		719,371
Evercore, Inc., Class A		2,109		745,047

				1,464,418

*Financial Services (0.6%)*
Paymentus Holdings, Inc., Class A*		22,252		594,796

*Insurance (2.4%)*
Exzeo Group, Inc.*		44,437		902,960
HCI Group, Inc.		6,270		994,861
Octave Specialty Group, Inc.*		93,552		530,440

				2,428,261

Total Financials				5,684,834

Health Care (23.8%)
*Biotechnology (6.9%)*
Arcutis Biotherapeutics, Inc.*		33,817		857,938
Insmed, Inc.*		12,315		1,931,854
Kiniksa Pharmaceuticals International plc, Class A*		39,011		1,713,363
Mirum Pharmaceuticals, Inc.*		12,319		1,271,567
Travere Therapeutics, Inc.*		38,013		1,181,824

				6,956,546

*Health Care Equipment & Supplies (8.2%)*
Apyx Medical Corp.*		131,402		528,236
Beta Bionics, Inc.*		48,999		677,656
Bioventus, Inc., Class A*		135,106		1,071,391
Brainsway Ltd. (ADR)*		66,480		1,554,302
NeuroPace, Inc.*		48,612		735,500
Profound Medical Corp.*		70,618		529,635
SI-BONE, Inc.*		47,446		786,655
Sight Sciences, Inc.*		105,887		664,970
Stereotaxis, Inc.*		354,317		775,954
Varex Imaging Corp.*		62,527		871,626

				8,195,925

*Health Care Providers & Services (0.5%)*
InfuSystem Holdings, Inc.*		66,757		551,413

*Health Care Technology (1.3%)*
CareCloud, Inc.*		155,057		420,205
Phreesia, Inc.*		24,472		328,659
Sophia Genetics SA*		98,533		517,298

				1,266,162

*Life Sciences Tools & Services (2.6%)*
Adaptive Biotechnologies Corp.*		140,562		2,600,397

*Pharmaceuticals (4.3%)*
EyePoint, Inc.*		28,412		384,130
Journey Medical Corp.(x)*		78,411		655,516
Ligand Pharmaceuticals, Inc.*		6,493		1,247,305
Ocular Therapeutix, Inc.*		86,791		793,270
Xeris Biopharma Holdings, Inc.*		166,976		1,228,943

				4,309,164

Total Health Care				23,879,607

Industrials (30.9%)
*Aerospace & Defense (5.9%)*
Kratos Defense & Security Solutions, Inc.*		26,390		2,718,434
Leonardo DRS, Inc.		57,825		2,374,295
Park Aerospace Corp.		33,462		819,484

				5,912,213

*Air Freight & Logistics (0.5%)*
Freightos Ltd.*		223,404		473,617

*Building Products (1.3%)*
Builders FirstSource, Inc.*		3,219		368,253
Griffon Corp.		11,044		899,534

				1,267,787

*Commercial Services & Supplies (1.3%)*
Liquidity Services, Inc.*		24,138		772,416
Montrose Environmental Group, Inc.*		24,693		550,160

				1,322,576

*Construction & Engineering (6.0%)*
Argan, Inc.		5,452		1,892,444
Everus Construction Group, Inc.*		8,935		790,658
Orion Group Holdings, Inc.*		102,756		1,255,678
Southland Holdings, Inc.*		108,533		201,871
Sterling Infrastructure, Inc.*		5,327		1,906,587

				6,047,238

*Electrical Equipment (3.6%)*
American Superconductor Corp.*		28,577		855,024
Amprius Technologies, Inc.*		105,160		1,308,191
Dragonfly Energy Holdings Corp.(x)*		45,447		145,430
LSI Industries, Inc.		60,874		1,345,924

				3,654,569

See Notes to Portfolio of Investments.

1290 FUNDS

1290 ESSEX SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
*Machinery (6.9%)*
CECO Environmental Corp.*		35,127	$	2,368,614
Columbus McKinnon Corp.		47,006		990,886
FreightCar America, Inc.*		78,429		902,718
Gencor Industries, Inc.*		28,911		414,584
Graham Corp.*		32,020		2,238,838

				6,915,640

*Professional Services (5.4%)*
BlackSky Technology, Inc., Class A(x)*		30,354		669,913
IBEX Holdings Ltd.*		12,874		478,913
Legalzoom.com, Inc.*		64,039		569,307
Mistras Group, Inc.*		59,954		847,749
Upwork, Inc.*		32,351		647,990
Willdan Group, Inc.*		17,425		2,199,035

				5,412,907

Total Industrials				31,006,547

Information Technology (22.5%)
*Communications Equipment (1.0%)*
Extreme Networks, Inc.*		37,069		540,466
Lantronix, Inc.*		76,718		509,408

				1,049,874

*Electronic Equipment, Instruments & Components (7.1%)*
908 Devices, Inc.(x)*		108,653		685,600
Arlo Technologies, Inc.*		45,170		573,207
Daktronics, Inc.*		40,733		942,969
Frequency Electronics, Inc.*		20,754		1,091,245
Identiv, Inc.*		163,075		541,409
Mirion Technologies, Inc., Class A*		72,528		1,801,596
Novanta, Inc.*		4,605		619,557
Ouster, Inc.*		41,176		857,696

				7,113,279

*IT Services (2.1%)*
Castellum, Inc.(x)*		475,015		435,114
Crexendo, Inc.*		165,090		1,155,630
Information Services Group, Inc.		85,525		476,374

				2,067,118

*Semiconductors & Semiconductor Equipment (6.6%)*
Ambarella, Inc.*		11,544		739,278
Cohu, Inc.*		42,451		1,211,552
MaxLinear, Inc., Class A*		56,436		979,165
Semtech Corp.*		11,874		946,951
Tower Semiconductor Ltd.*		20,087		2,706,321

				6,583,267

*Software (5.7%)*
Allot Ltd.*		50,631		497,703
Arteris, Inc.*		64,872		973,729
AvePoint, Inc.*		65,148		757,671
Blend Labs, Inc., Class A*		168,586		401,235
CS Disco, Inc.*		120,361		752,256
Docebo, Inc.*		24,194		475,654
Intellicheck, Inc.*		119,971		681,435
Red Violet, Inc.*		13,594		618,255
Zeta Global Holdings Corp., Class A*		28,911		537,166

				5,695,104

Total Information Technology				22,508,642

Total Common Stocks (96.3%) (Cost $60,422,767)				96,548,605

EXCHANGE TRADED FUNDS (ETF):
Equity (0.5%)
iShares Russell 2000 Growth ETF(x)		1,456		489,696

Total Exchange Traded Funds (0.5%) (Cost $482,139)				489,696

SHORT-TERM INVESTMENTS:
Investment Companies (4.0%)
Invesco Government & Agency
Portfolio, Institutional Shares 3.61% (7 day yield) (xx)		1,266,567		1,266,567
JPMorgan Prime Money Market Fund, IM Shares 3.86% (7 day yield)		2,738,321		2,739,416

Total Investment Companies				4,005,983

Total Short-Term Investments (4.0%) (Cost $4,005,983)				4,005,983

Total Investments in Securities (100.8%) (Cost $64,910,889)				101,044,284
Other Assets Less Liabilities (-0.8%)				(806,222	)

Net Assets (100%)			$	100,238,062

*	Non-income producing.

(x)

All or a portion of security is on loan at January 31, 2026.

(xx)

At January 31, 2026, the Fund had loaned securities with a total value of $1,437,869. This was collateralized by $314,646 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 2/15/26 – 5/15/55 and by cash of $1,266,567 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)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	2,650,084	$	—	$	—	$	2,650,084
Consumer Discretionary		5,559,165		—		—		5,559,165
Consumer Staples		1,150,469		—		—		1,150,469
Energy		4,109,257		—		—		4,109,257
Financials		5,684,834		—		—		5,684,834
Health Care		23,879,607		—		—		23,879,607
Industrials		31,006,547		—		—		31,006,547
Information Technology		22,508,642		—		—		22,508,642
Exchange Traded Funds		489,696		—		—		489,696
Short-Term Investments
Investment Companies		4,005,983		—		—		4,005,983

Total Assets	$	101,044,284	$	—	$	—	$	101,044,284

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	101,044,284	$	—	$	—	$	101,044,284


Aggregate gross unrealized appreciation	$	39,937,849
Aggregate gross unrealized depreciation		(4,088,013	)

Net unrealized appreciation	$	35,849,836

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	65,194,448

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (19.0%)
*Diversified Telecommunication Services (1.9%)*
Anterix, Inc.*		6,000	$	157,590
Liberty Global Ltd., Class A*		40,000		443,600
Telesat Corp.*		113,200		3,287,328

				3,888,518

*Entertainment (6.4%)*
Atlanta Braves Holdings, Inc., Class A(x)*		48,000		2,112,960
Atlanta Braves Holdings, Inc., Class C*		33,000		1,317,690
Lionsgate Studios Corp.*		72,000		679,680
Madison Square Garden Entertainment Corp., Class A*		19,000		1,175,530
Madison Square Garden Sports Corp.*		16,000		4,536,800
Manchester United plc, Class A*		20,000		354,000
Sphere Entertainment Co.*		30,000		2,865,300
Starz Entertainment Corp.		4,228		42,238
Vivendi SE		70,000		195,322

				13,279,520

*Media (8.3%)*
AMC Networks, Inc., Class A*		35,000		269,850
Clear Channel Outdoor Holdings, Inc.*		560,000		1,170,400
Corus Entertainment, Inc., Class B*		72,000		1,851
EchoStar Corp., Class A*		12,400		1,403,928
EW Scripps Co. (The), Class A*		70,000		234,500
Fox Corp., Class B		12,000		786,840
Grupo Televisa SAB (ADR)		850,000		2,779,500
JCDecaux SE		40,000		790,391
News Corp., Class B		20,000		622,000
Nexstar Media Group, Inc., Class A		10,200		2,166,276
Optimum Communications, Inc., Class A*		3,000		4,590
Paramount Skydance Corp., Class B		1,500		16,815
Sinclair, Inc.		204,000		2,960,040
Sirius XM Holdings, Inc.(x)		40,000		814,000
TEGNA, Inc.		75,000		1,437,000
Versant Media Group, Inc.*		50,000		1,629,000

				17,086,981

*Wireless Telecommunication Services (2.4%)*
Array Digital Infrastructure, Inc.		30,000		1,445,700
Gogo, Inc.*		12,900		59,211
Millicom International Cellular SA		35,000		2,136,050
Telephone and Data Systems, Inc.		30,000		1,353,900

				4,994,861

Total Communication Services				39,249,880

Consumer Discretionary (15.9%)
*Automobile Components (3.6%)*
Dana, Inc.		35,000		1,011,500
Garrett Motion, Inc.		20,000		360,800
Gentex Corp.		35,000		805,350
Gentherm, Inc.*		12,000		383,520
Goodyear Tire & Rubber Co. (The)*		185,000		1,740,850
Strattec Security Corp.*		40,400		3,196,448

				7,498,468

*Automobiles (0.2%)*
Winnebago Industries, Inc.		9,500		436,145

*Distributors (0.3%)*
LKQ Corp.		20,000		657,000

*Diversified Consumer Services (1.5%)*
Graham Holdings Co., Class B		800		933,304
Liberty Live Holdings, Inc., Class A*		1,000		80,440
Matthews International Corp., Class A		80,000		2,103,200

				3,116,944

*Hotels, Restaurants & Leisure (3.4%)*
Caesars Entertainment, Inc.*		118,000		2,442,600
Churchill Downs, Inc.		4,000		393,440
Golden Entertainment, Inc.		30,000		807,600
Krispy Kreme, Inc.(x)		25,000		78,750
Nathan’s Famous, Inc.		20,000		2,022,400
Ollamani SAB*		130,000		559,321
Wynn Resorts Ltd.		6,800		730,660

				7,034,771

*Household Durables (0.6%)*
Bassett Furniture Industries, Inc.		24,000		379,200
Lennar Corp., Class B		9,000		911,340

				1,290,540

*Leisure Products (2.0%)*
Brunswick Corp.		20,000		1,604,400
Johnson Outdoors, Inc., Class A		47,000		2,133,330
Mattel, Inc.*		12,900		269,481

				4,007,211

*Specialty Retail (4.3%)*
Advance Auto Parts, Inc.(x)		96,000		4,608,960
AutoNation, Inc.*		6,500		1,332,370
Lands’ End, Inc.*		12,000		213,120
Monro, Inc.		130,000		2,433,600
Valvoline, Inc.*		8,000		261,760

				8,849,810

Total Consumer Discretionary				32,890,889

Consumer Staples (7.1%)
*Beverages (1.1%)*
Boston Beer Co., Inc. (The), Class A*		3,300		704,946
National Beverage Corp.*		26,000		886,080
Remy Cointreau SA(x)		14,500		688,878

				2,279,904

*Consumer Staples Distribution & Retail (0.3%)*
Albertsons Cos., Inc., Class A		4,000		66,600
Ingles Markets, Inc., Class A		2,000		149,720
Village Super Market, Inc., Class A		8,000		285,280

				501,600

*Food Products (2.6%)*
Bunge Global SA		3,000		341,640
Calavo Growers, Inc.		49,000		1,246,560
Canada Packers, Inc.		11,000		129,013
Farmer Bros Co.*		95,000		156,750
Hain Celestial Group, Inc. (The)*		25,000		30,250
J M Smucker Co. (The)		14,000		1,468,040
John B Sanfilippo & Son, Inc.		11,000		889,900
Maple Leaf Foods, Inc.(x)		51,500		954,243
McCormick & Co., Inc. (Non-Voting)		3,000		185,010

				5,401,406

*Household Products (2.5%)*
Energizer Holdings, Inc.		108,000		2,357,640
Spectrum Brands Holdings, Inc.		45,000		2,866,950

				5,224,590

*Personal Care Products (0.6%)*
BellRing Brands, Inc.*		10,000		248,700

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Edgewell Personal Care Co.		46,000	$	895,160

				1,143,860

Total Consumer Staples				14,551,360

Energy (1.1%)
*Energy Equipment & Services (1.1%)*
Innovex International, Inc.*		59,500		1,478,575
RPC, Inc.		104,000		691,600

Total Energy				2,170,175

Financials (2.0%)
*Banks (1.5%)*
Cadence Bank		10,000		421,100
Flushing Financial Corp.		27,000		426,330
Pinnacle Financial Partners, Inc.		18,853		1,792,732
SouthState Bank Corp.		6,000		613,980

				3,254,142

*Capital Markets (0.4%)*
Affiliated Managers Group, Inc.		1,000		313,090
DigitalBridge Group, Inc.		1,000		15,390
Janus Henderson Group plc		10,000		481,300

				809,780

*Financial Services (0.1%)*
NCR Atleos Corp.*		4,000		149,200

Total Financials				4,213,122

Health Care (2.4%)
*Biotechnology (0.2%)*
Dynavax Technologies Corp.*		30,000		464,550

*Health Care Equipment & Supplies (0.4%)*
Align Technology, Inc.*		100		16,303
Bausch + Lomb Corp.*		15,000		250,500
Dentsply Sirona, Inc.		20,000		249,400
QuidelOrtho Corp.*		14,500		393,965

				910,168

*Health Care Providers & Services (0.6%)*
Henry Schein, Inc.*		9,000		679,320
Option Care Health, Inc.*		17,504		595,136

				1,274,456

*Health Care Technology (0.1%)*
Evolent Health, Inc., Class A*		35,000		112,350

*Life Sciences Tools & Services (0.0%)†*
Bio-Rad Laboratories, Inc., Class A*		300		88,110

*Pharmaceuticals (1.1%)*
Perrigo Co. plc		70,000		994,700
Teva Pharmaceutical Industries Ltd. (ADR)*		34,000		1,158,720

				2,153,420

Total Health Care				5,003,054

Industrials (33.3%)
*Aerospace & Defense (6.9%)*
AAR Corp.*		20,000		2,118,200
Boeing Co. (The)*		2,346		548,307
Ducommun, Inc.*		3,600		408,060
Embraer SA (ADR)		2,000		146,920
Hexcel Corp.		14,500		1,200,745
Moog, Inc., Class A		9,500		2,900,825
Moog, Inc., Class B		12,800		3,908,480
National Presto Industries, Inc.		2,000		254,800
Park Aerospace Corp.		3,000		73,470
Textron, Inc.		30,000		2,641,800

				14,201,607

*Building Products (3.4%)*
AZZ, Inc.		21,200		2,634,948
Griffon Corp.		9,100		741,195
Modine Manufacturing Co.*		20,000		3,693,200

				7,069,343

*Commercial Services & Supplies (0.3%)*
OPENLANE, Inc.*		20,000		600,800

*Construction & Engineering (1.3%)*
Arcosa, Inc.		9,000		1,030,230
Everus Construction Group, Inc.*		600		53,094
Valmont Industries, Inc.		3,600		1,604,016

				2,687,340

*Machinery (18.7%)*
Albany International Corp., Class A		6,000		332,940
Astec Industries, Inc.		63,000		3,069,360
Chart Industries, Inc.*		3,500		725,690
CNH Industrial NV		31,000		333,560
Commercial Vehicle Group, Inc.*		79,500		119,250
Crane Co.		17,800		3,250,992
Donaldson Co., Inc.		1,000		101,940
Eastern Co. (The)		26,500		495,550
Enerpac Tool Group Corp., Class A		22,000		887,920
Enpro, Inc.		4,000		955,120
Flowserve Corp.		40,900		3,196,335
Gorman-Rupp Co. (The)		15,000		817,350
Graco, Inc.		2,500		218,325
Hyster-Yale, Inc.		36,500		1,220,925
Ingersoll Rand, Inc.		15,200		1,308,568
ITT, Inc.		12,000		2,187,600
Iveco Group NV		70,000		1,565,729
Kennametal, Inc.		30,000		1,031,700
L B Foster Co., Class A*		41,500		1,247,075
Manitowoc Co., Inc. (The)*		23,500		303,620
Mueller Industries, Inc.		37,000		5,037,180
Mueller Water Products, Inc., Class A		13,700		370,859
Park-Ohio Holdings Corp.		85,000		1,917,600
Snap-on, Inc.		1,300		475,943
Tennant Co.		9,300		707,637
Terex Corp.		13,000		741,000
Timken Co. (The)		1,000		93,190
Toro Co. (The)		7,500		686,250
Trinity Industries, Inc.		64,000		1,839,360
Twin Disc, Inc.		117,000		2,011,230
Watts Water Technologies, Inc., Class A		4,500		1,346,895

				38,596,693

*Trading Companies & Distributors (2.7%)*
Ashtead Group plc		2,300		147,509
GATX Corp.		12,500		2,273,875
Herc Holdings, Inc.		20,600		2,952,804
MSC Industrial Direct Co., Inc., Class A		1,000		84,340

				5,458,528

Total Industrials				68,614,311

Information Technology (2.2%)
*Communications Equipment (0.3%)*
Viasat, Inc.*		14,000		632,380

*Electronic Equipment, Instruments & Components (0.7%)*
Badger Meter, Inc.		4,500		659,610
Crane NXT Co.		500		25,260
Landis+Gyr Group AG		9,500		667,292
Mirion Technologies, Inc., Class A*		5,000		124,200

				1,476,362

See Notes to Portfolio of Investments.

1290 FUNDS

1290 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
*IT Services (0.7%)*
Kyndryl Holdings, Inc.*		60,000	$	1,380,000

*Software (0.5%)*
A10 Networks, Inc.		12,000		209,280
Confluent, Inc., Class A*		25,000		763,500
NCR Voyix Corp.*		10,000		99,200

				1,071,980

Total Information Technology				4,560,722

Materials (8.0%)
*Chemicals (4.7%)*
Axalta Coating Systems Ltd.*		23,000		772,340
Core Molding Technologies, Inc.*		64,500		1,259,040
Element Solutions, Inc.		65,900		1,917,690
FMC Corp.		5,000		79,000
HB Fuller Co.		13,000		781,300
Huntsman Corp.		60,000		649,200
Olin Corp.		20,000		416,200
Scotts Miracle-Gro Co. (The)		60,000		3,853,200

				9,727,970

*Construction Materials (0.2%)*
Knife River Corp.*		6,000		403,020

*Containers & Packaging (1.5%)*
Ardagh Metal Packaging SA		60,000		263,400
Greif, Inc., Class A		19,000		1,341,780
Myers Industries, Inc.		60,000		1,240,200
Silgan Holdings, Inc.		5,000		215,750

				3,061,130

*Metals & Mining (1.6%)*
Ampco-Pittsburgh Corp.*		120,000		668,400
Freeport-McMoRan, Inc.		19,100		1,150,393
Tredegar Corp.*		170,000		1,453,500

				3,272,293

Total Materials				16,464,413

Real Estate (0.6%)
*Hotel & Resort REITs (0.2%)*
Ryman Hospitality Properties,
Inc. (REIT)		5,000		473,500

*Real Estate Management & Development (0.3%)*
Seritage Growth Properties, Class A*		12,500		41,250
St Joe Co. (The)		9,000		595,710

				636,960

*Specialized REITs (0.1%)*
Millrose Properties, Inc. (REIT)		4,350		129,630

Total Real Estate				1,240,090

Utilities (4.6%)
*Gas Utilities (3.0%)*
MDU Resources Group, Inc.		2,400		49,224
National Fuel Gas Co.		48,500		4,061,875
Southwest Gas Holdings, Inc.		24,000		1,987,680

				6,098,779

*Independent Power and Renewable Electricity Producers (0.5%)*
AES Corp. (The)		54,000		791,100
XPLR Infrastructure LP*		33,000		321,420

				1,112,520

*Multi-Utilities (1.1%)*
Algonquin Power & Utilities Corp.		340,000		2,227,000
Avista Corp.		2,800		115,612

				2,342,612

Total Utilities				9,553,911

Total Common Stocks (96.2%) (Cost $141,511,821)				198,511,927

SHORT-TERM INVESTMENTS:
Investment Companies (4.0%)
Invesco Government & Agency Portfolio, Institutional Shares 3.61% (7 day yield) (xx)		1,496,835		1,496,835
JPMorgan Prime Money Market Fund, IM Shares 3.86% (7 day yield)		6,847,484		6,850,223

Total Investment Companies				8,347,058

Total Short-Term Investments (4.0%) (Cost $8,347,074)				8,347,058

Total Investments in Securities (100.2%) (Cost $149,858,895)				206,858,985
Other Assets Less Liabilities (-0.2%)				(485,396	)

Net Assets (100%)			$	206,373,589

*	Non-income producing.

†	Percent shown is less than 0.05%.

(x)

All or a portion of security is on loan at January 31, 2026.

(xx)

At January 31, 2026, the Fund had loaned securities with a total value of $3,860,345. This was collateralized by $2,511,656 of various U.S. Government Treasury Securities, ranging from 0.000% – 6.250%, maturing 4/30/26 – 2/15/54 and by cash of $1,496,835 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 GAMCO SMALL/MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	38,264,167	$	985,713	$	—	$	39,249,880
Consumer Discretionary		32,890,889		—		—		32,890,889
Consumer Staples		13,862,482		688,878		—		14,551,360
Energy		2,170,175		—		—		2,170,175
Financials		4,213,122		—		—		4,213,122
Health Care		5,003,054		—		—		5,003,054
Industrials		62,992,593		5,621,718		—		68,614,311
Information Technology		3,893,430		667,292		—		4,560,722
Materials		16,464,413		—		—		16,464,413
Real Estate		1,240,090		—		—		1,240,090
Utilities		9,553,911		—		—		9,553,911
Short-Term Investments
Investment Companies		8,347,058		—		—		8,347,058

Total Assets	$	198,895,384	$	7,963,601	$	—	$	206,858,985

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	198,895,384	$	7,963,601	$	—	$	206,858,985


Aggregate gross unrealized appreciation	$	65,262,736
Aggregate gross unrealized depreciation		(11,909,586	)

Net unrealized appreciation	$	53,353,150

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	153,505,835

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Corporate Bonds (93.5%)
Communication Services (9.5%)
*Diversified Telecommunication Services (3.5%)*
CCO Holdings LLC
5.500%, 5/1/26§	$	187,000	$	187,000
6.375%, 9/1/29§		290,000		292,538
4.750%, 2/1/32§		386,000		352,117
4.500%, 5/1/32		426,000		382,335
4.500%, 6/1/33§		568,000		494,528
7.375%, 2/1/36§		228,000		228,816
Level 3 Financing, Inc.
6.875%, 6/30/33§		416,500		428,995
Windstream Services LLC
8.250%, 10/1/31§		351,000		366,935
Zayo Group Holdings, Inc.
5.750%, 3/9/30 PIK§		315,636		307,354

				3,040,618

*Entertainment (0.3%)*
Live Nation Entertainment, Inc.
6.500%, 5/15/27§		186,000		186,986
Warnermedia Holdings, Inc.
5.050%, 3/15/42		166,000		117,238

				304,224

*Media (5.7%)*
CSC Holdings LLC
11.750%, 1/31/29§		400,000		292,000
Gray Media, Inc.
10.500%, 7/15/29§		129,000		138,405
4.750%, 10/15/30§		414,000		319,297
9.625%, 7/15/32§		258,000		266,063
McGraw-Hill Education, Inc.
8.000%, 8/1/29§		440,000		443,604
Neptune Bidco US, Inc.
9.290%, 4/15/29§		685,000		702,406
9.500%, 2/15/33§		104,000		106,003
Nexstar Media, Inc.
5.625%, 7/15/27§		224,000		223,807
Outfront Media Capital LLC
5.000%, 8/15/27§		362,000		361,964
Sinclair Television Group, Inc.
5.500%, 3/1/30§		147,000		127,890
Sirius XM Radio LLC
3.125%, 9/1/26§		274,000		271,726
3.875%, 9/1/31§		563,000		513,737
Stagwell Global LLC
5.625%, 8/15/29§		395,000		382,558
Univision Communications, Inc.
8.500%, 7/31/31§		544,000		567,691
VZ Secured Financing BV
5.000%, 1/15/32§		270,000		243,675

				4,960,826

Total Communication Services				8,305,668

Consumer Discretionary (17.1%)
*Automobile Components (1.8%)*
Clarios Global LP
6.750%, 5/15/28§		467,000		478,231
6.750%, 2/15/30§		145,000		151,482
6.750%, 9/15/32§		394,000		407,317
Forvia SE
8.000%, 6/15/30§		250,000		266,353
ZF North America Capital, Inc.
7.500%, 3/24/31§		215,000		220,218

				1,523,601

*Broadline Retail (0.6%)*
Getty Images, Inc.
14.000%, 3/1/28§		604,000		561,720

*Distributors (2.0%)*
RB Global Holdings, Inc.
6.750%, 3/15/28§		196,000		199,344
7.750%, 3/15/31§		503,000		524,478
Resideo Funding, Inc.
6.500%, 7/15/32§		339,000		344,492
Velocity Vehicle Group LLC
8.000%, 6/1/29§		179,000		174,559
Windsor Holdings III LLC
8.500%, 6/15/30§		502,000		528,982

				1,771,855

*Diversified Consumer Services (0.5%)*
Service Corp. International
5.750%, 10/15/32		182,000		184,845
Wand NewCo 3, Inc.
7.625%, 1/30/32§		242,000		254,402

				439,247

*Hotels, Restaurants & Leisure (8.3%)*
1011778 BC ULC
3.875%, 1/15/28§		261,000		256,863
5.625%, 9/15/29§		276,000		280,709
Caesars Entertainment, Inc.
7.000%, 2/15/30§		1,093,000		1,127,593
Carnival Corp.
7.000%, 8/15/29§		232,000		242,795
5.750%, 8/1/32§		324,000		333,234
Churchill Downs, Inc.
5.750%, 4/1/30§		499,000		501,006
Flutter Treasury DAC
6.375%, 4/29/29§		200,000		206,084
5.875%, 6/4/31§		215,000		218,231
Great Canadian Gaming Corp.
8.750%, 11/15/29§		326,000		330,988
Hilton Domestic Operating Co., Inc.
5.875%, 3/15/33§		167,000		171,342
5.500%, 3/31/34§		284,000		284,795
Kingpin Intermediate Holdings LLC
7.250%, 10/15/32(x)§		363,000		347,572
Lindblad Expeditions LLC
7.000%, 9/15/30§		255,000		266,156
NCL Corp. Ltd.
6.750%, 2/1/32§		240,000		245,916
6.250%, 9/15/33§		199,000		199,523
Ontario Gaming GTA LP
8.000%, 8/1/30§		361,000		346,087

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Royal Caribbean Cruises Ltd.
6.000%, 2/1/33§	$	310,000	$	319,075
Sabre GLBL, Inc.
11.125%, 7/15/30§		323,000		260,823
Scientific Games Holdings LP
6.625%, 3/1/30§		269,000		245,350
Six Flags Entertainment Corp.
8.625%, 1/15/32§		344,000		351,066
Station Casinos LLC
4.500%, 2/15/28§		188,000		187,090
4.625%, 12/1/31§		150,000		143,768
Voyager Parent LLC
9.250%, 7/1/32§		176,000		187,134
Wyndham Hotels & Resorts, Inc.
4.375%, 8/15/28§		203,000		199,701

				7,252,901

*Household Durables (1.4%)*
Century Communities, Inc.
6.625%, 9/15/33§		259,000		260,619
Newell Brands, Inc.
8.500%, 6/1/28§		189,000		197,968
6.625%, 5/15/32(x)		431,000		422,380
Whirlpool Corp.
6.500%, 6/15/33(x)		306,000		301,964

				1,182,931

*Specialty Retail (1.2%)*
EG Global Finance plc
12.000%, 11/30/28§		400,000		433,000
Global Auto Holdings Ltd.
8.375%, 1/15/29(x)§		400,000		397,328
Park River Holdings, Inc.
8.000%, 3/15/31§		233,000		239,699

				1,070,027

*Textiles, Apparel & Luxury Goods (1.3%)*
Champ Acquisition Corp.
8.375%, 12/1/31§		354,000		378,281
S&S Holdings LLC
8.375%, 10/1/31§		442,000		419,900
William Carter Co. (The)
7.375%, 2/15/31§		278,000		287,382

				1,085,563

Total Consumer Discretionary				14,887,845

Consumer Staples (4.1%)
*Beverages (0.4%)*
Primo Water Holdings, Inc.
6.250%, 4/1/29§		104,000		103,986
4.375%, 4/30/29§		222,000		217,054

				321,040

*Consumer Staples Distribution & Retail (0.4%)*
Performance Food Group, Inc.
6.125%, 9/15/32§		143,000		147,007
US Foods, Inc.
7.250%, 1/15/32§		185,000		193,860

				340,867

*Food Products (2.7%)*
Darling Ingredients, Inc.
6.000%, 6/15/30§		366,000		370,647
Fiesta Purchaser, Inc.
9.625%, 9/15/32§		246,000		249,075
Froneri Lux FinCo. Sarl
6.000%, 8/1/32§		464,000		470,204
Post Holdings, Inc.
6.250%, 2/15/32§		217,000		222,696
6.500%, 3/15/36§		299,000		298,845
Simmons Foods, Inc.
4.625%, 3/1/29§		158,000		151,982
Viking Baked Goods Acquisition Corp.
8.625%, 11/1/31§		633,000		627,809

				2,391,258

*Household Products (0.4%)*
Energizer Holdings, Inc.
4.750%, 6/15/28§		272,000		268,913
4.375%, 3/31/29§		42,000		40,313

				309,226

*Personal Care Products (0.2%)*
Opal Bidco SAS
6.500%, 3/31/32§		200,000		203,874

Total Consumer Staples				3,566,265

Energy (8.4%)
*Energy Equipment & Services (0.7%)*
Transocean International Ltd.
8.750%, 2/15/30§		174,000		181,395
WBI Operating LLC
6.500%, 10/15/33§		442,000		445,430

				626,825

*Oil, Gas & Consumable Fuels (7.7%)*
Antero Midstream Partners LP
5.750%, 7/1/34§		484,000		488,235
Antero Resources Corp.
7.625%, 2/1/29§		120,000		121,828
Ascent Resources Utica Holdings LLC
6.625%, 10/15/32§		158,000		163,565
Blue Racer Midstream LLC
6.625%, 7/15/26§		230,000		230,032
7.250%, 7/15/32§		193,000		204,358
Crescent Energy Finance LLC
7.625%, 4/1/32§		528,000		523,274
Delek Logistics Partners LP
8.625%, 3/15/29§		412,000		430,002
7.375%, 6/30/33§		370,000		380,379
Genesis Energy LP
7.750%, 2/1/28		332,000		332,943
7.875%, 5/15/32		426,000		444,045
Kinetik Holdings LP
6.625%, 12/15/28(x)§		84,000		86,475
5.875%, 6/15/30§		479,000		485,093
NGL Energy Operating LLC
8.375%, 2/15/32§		667,000		697,215
Northern Oil & Gas, Inc.
7.875%, 10/15/33§		278,000		280,502
NuStar Logistics LP
6.000%, 6/1/26		175,000		175,086

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Permian Resources Operating LLC
5.875%, 7/1/29§	$	151,000	$	151,317
6.250%, 2/1/33§		233,000		240,097
Summit Midstream Holdings LLC
8.625%, 10/31/29§		737,000		769,281
Sunoco LP
7.250%, 5/1/32§		204,000		215,695
6.250%, 7/1/33§		227,000		233,438

				6,652,860

Total Energy				7,279,685

Financials (6.4%)
*Banks (0.5%)*
Armor Holdco, Inc.
8.500%, 11/15/29§		459,000		462,034

*Capital Markets (0.2%)*
Aretec Group, Inc.
10.000%, 8/15/30§		134,000		144,383

*Consumer Finance (0.6%)*
GGAM Finance Ltd.
8.000%, 2/15/27§		199,000		202,045
8.000%, 6/15/28§		260,000		273,650

				475,695

*Financial Services (2.0%)*
Block, Inc.
6.000%, 8/15/33§		135,000		137,632
Freedom Mortgage Holdings LLC
9.250%, 2/1/29§		232,000		242,730
8.375%, 4/1/32§		344,000		357,760
ION Platform Finance US, Inc.
7.875%, 9/30/32§		250,000		219,375
Rocket Cos., Inc.
6.375%, 8/1/33§		206,000		213,684
Shift4 Payments LLC
6.750%, 8/15/32§		564,000		575,568

				1,746,749

*Insurance (2.8%)*
Acrisure LLC
8.250%, 2/1/29§		575,000		595,367
Alliant Holdings Intermediate LLC
6.750%, 10/15/27§		420,000		421,848
Ardonagh Finco Ltd.
7.750%, 2/15/31§		200,000		206,958
Ardonagh Group Finance Ltd.
8.875%, 2/15/32§		200,000		206,048
Asurion LLC and Asurion Co-Issuer, Inc.
8.000%, 12/31/32§		334,000		348,612
8.375%, 2/1/34§		110,000		111,100
Broadstreet Partners Group LLC
5.875%, 4/15/29§		222,000		220,701
HUB International Ltd.
7.250%, 6/15/30§		304,000		317,577

				2,428,211

*Mortgage Real Estate Investment Trusts (REITs) (0.3%)*
Starwood Property Trust, Inc. (REIT)
6.500%, 7/1/30§		135,000		140,241
5.750%, 1/15/31§		135,000		136,790

				277,031

Total Financials				5,534,103

Health Care (5.5%)
*Biotechnology (0.2%)*
BioMarin Pharmaceutical, Inc.
5.500%, 2/15/34§		200,000		200,750

*Health Care Equipment & Supplies (1.0%)*
Medline Borrower LP
5.250%, 10/1/29§		232,000		232,435
Neogen Food Safety Corp.
8.625%, 7/20/30§		434,000		462,349
Varex Imaging Corp.
7.875%, 10/15/27§		204,000		207,317

				902,101

*Health Care Providers & Services (2.8%)*
AdaptHealth LLC
5.125%, 3/1/30§		314,000		304,018
HealthEquity, Inc.
4.500%, 10/1/29§		448,000		436,598
Heartland Dental LLC
10.500%, 4/30/28§		96,000		99,749
Star Parent, Inc.
9.000%, 10/1/30§		323,000		340,686
Surgery Center Holdings, Inc.
7.250%, 4/15/32§		549,000		551,575
US Acute Care Solutions LLC
9.750%, 5/15/29§		672,000		674,143

				2,406,769

*Health Care Technology (1.3%)*
IQVIA, Inc.
5.000%, 5/15/27§		260,000		259,701
5.700%, 5/15/28		200,000		206,268
6.250%, 2/1/29		219,000		230,355
6.250%, 6/1/32§		402,000		418,418

				1,114,742

*Pharmaceuticals (0.2%)*
1261229 BC Ltd.
10.000%, 4/15/32§		200,000		205,424

Total Health Care				4,829,786

Industrials (18.2%)
*Aerospace & Defense (0.7%)*
Goat Holdco LLC
6.750%, 2/1/32§		383,000		392,870
Rolls-Royce plc
5.750%, 10/15/27§		200,000		204,795

				597,665

*Building Products (2.0%)*
Advanced Drainage Systems, Inc.
6.375%, 6/15/30§		164,000		167,706
AmeriTex HoldCo Intermediate LLC
7.625%, 8/15/33§		323,000		339,541
Camelot Return Merger Sub, Inc.
8.750%, 8/1/28(x)§		270,000		209,682
EMRLD Borrower LP
6.625%, 12/15/30§		443,000		459,378

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
New Enterprise Stone & Lime Co., Inc.
5.250%, 7/15/28§	$	158,000	$	157,506
Standard Building Solutions, Inc.
5.875%, 3/15/34§		422,000		420,945

				1,754,758

*Commercial Services & Supplies (7.5%)*
ACCO Brands Corp.
4.250%, 3/15/29(x)§		276,000		255,537
ADT Security Corp. (The)
5.875%, 10/15/33§		552,000		559,104
Allied Universal Holdco LLC
6.000%, 6/1/29(x)§		248,000		245,835
6.875%, 6/15/30§		293,000		303,779
7.875%, 2/15/31§		306,000		321,043
Aramark Services, Inc.
5.000%, 2/1/28§		669,000		667,662
Clarivate Science Holdings Corp.
4.875%, 7/1/29§		513,000		440,021
Garda World Security Corp.
7.750%, 2/15/28§		170,000		173,358
6.000%, 6/1/29§		409,000		402,693
6.500%, 1/15/31§		178,000		182,450
8.250%, 8/1/32§		247,000		251,562
8.375%, 11/15/32§		503,000		515,771
GFL Environmental Holdings US, Inc.
5.500%, 2/1/34§		286,000		286,715
Madison IAQ LLC
5.875%, 6/30/29§		358,000		357,553
Raven Acquisition Holdings LLC
6.875%, 11/15/31§		494,000		493,926
Veritiv Operating Co.
10.500%, 11/30/30§		529,000		566,083
Waste Pro USA, Inc.
7.000%, 2/1/33§		147,000		151,794
Williams Scotsman, Inc.
7.375%, 10/1/31§		391,000		407,750

				6,582,636

*Construction & Engineering (1.5%)*
AECOM
6.000%, 8/1/33§		278,000		284,697
Arcosa, Inc.
6.875%, 8/15/32§		213,000		224,038
Brand Industrial Services, Inc.
10.375%, 8/1/30§		379,000		363,105
Dycom Industries, Inc.
4.500%, 4/15/29§		243,000		238,920
Weekley Homes LLC
4.875%, 9/15/28§		172,000		169,432

				1,280,192

*Electrical Equipment (0.2%)*
EnerSys
6.625%, 1/15/32§		164,000		169,738

*Ground Transportation (2.4%)*
Beacon Mobility Corp.
7.250%, 8/1/30§		237,000		248,023
Genesee & Wyoming, Inc.
6.250%, 4/15/32§		211,000		217,756
NESCO Holdings II, Inc.
5.500%, 4/15/29§		417,000		410,391
RXO, Inc.
7.500%, 11/15/27§		198,000		201,736
Synergy Infrastructure Holdings LLC
7.875%, 12/1/30§		259,000		270,007
Watco Cos. LLC
7.125%, 8/1/32§		525,000		549,397
XPO, Inc.
7.125%, 6/1/31§		228,000		236,550

				2,133,860

*Machinery (2.1%)*
ATS Corp.
4.125%, 12/15/28§		305,000		297,506
Chart Industries, Inc.
7.500%, 1/1/30§		503,000		524,413
Columbus McKinnon Corp.
7.125%, 2/1/33§		113,000		113,593
Enpro, Inc.
6.125%, 6/1/33§		155,000		159,177
Hillenbrand, Inc.
6.250%, 2/15/29		241,000		243,371
3.750%, 3/1/31		84,000		84,591
Lsf12 Helix Parent LLC
7.125%, 2/1/33§		142,000		142,639
Terex Corp.
6.250%, 10/15/32§		241,000		246,852

				1,812,142

*Professional Services (0.6%)*
CACI International, Inc.
6.375%, 6/15/33§		205,000		213,089
VT Topco, Inc.
8.500%, 8/15/30§		294,000		300,521

				513,610

*Trading Companies & Distributors (1.2%)*
Herc Holdings, Inc.
6.000%, 3/15/34§		170,000		170,797
United Rentals North America, Inc.
6.000%, 12/15/29§		252,000		257,695
WESCO Distribution, Inc.
7.250%, 6/15/28§		141,000		142,773
6.625%, 3/15/32§		182,000		190,168
6.375%, 3/15/33§		299,000		310,951

				1,072,384

Total Industrials				15,916,985

Information Technology (9.8%)
*Electronic Equipment, Instruments & Components (0.2%)*
Zebra Technologies Corp.
6.500%, 6/1/32§		162,000		166,803

*IT Services (1.7%)*
Ahead DB Holdings LLC
6.625%, 5/1/28(x)§		284,000		281,350
ION Platform Finance US, Inc.
4.625%, 5/1/28§		200,000		186,750
5.750%, 5/15/28(x)§		400,000		379,000
8.750%, 5/1/29§		200,000		190,500
Unisys Corp.
10.625%, 1/15/31(x)§		443,000		419,743

				1,457,343

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
*Semiconductors & Semiconductor Equipment (0.6%)*
Amkor Technology, Inc.
5.875%, 10/1/33§	$	297,000	$	302,383
Qnity Electronics, Inc.
6.250%, 8/15/33§		230,000		237,188

				539,571

*Software (7.3%)*
AthenaHealth Group, Inc.
6.500%, 2/15/30§		612,000		593,640
Capstone Borrower, Inc.
8.000%, 6/15/30§		591,000		562,928
Central Parent, Inc.
7.250%, 6/15/29§		164,000		128,330
Cloud Software Group, Inc.
6.500%, 3/31/29§		163,000		162,185
9.000%, 9/30/29§		626,000		632,260
8.250%, 6/30/32§		298,000		303,030
Ellucian Holdings, Inc.
6.500%, 12/1/29§		180,000		177,467
Gen Digital, Inc.
7.125%, 9/30/30§		251,000		257,064
6.250%, 4/1/33§		281,000		281,790
McAfee Corp.
7.375%, 2/15/30§		584,000		461,360
NCR Voyix Corp.
5.000%, 10/1/28§		225,000		222,187
5.125%, 4/15/29§		221,000		217,685
Rocket Software, Inc.
9.000%, 11/28/28§		272,000		271,320
6.500%, 2/15/29§		178,000		157,850
SS&C Technologies, Inc.
5.500%, 9/30/27§		386,000		385,035
6.500%, 6/1/32§		242,000		249,611
UKG, Inc.
6.875%, 2/1/31§		586,000		585,268
ZoomInfo Technologies LLC
3.875%, 2/1/29§		824,000		751,900

				6,400,910

Total Information Technology				8,564,627

Materials (12.7%)
*Chemicals (5.9%)*
Avient Corp.
7.125%, 8/1/30§		348,000		357,205
Axalta Coating Systems LLC
4.750%, 6/15/27§		178,000		177,158
Celanese US Holdings LLC
6.750%, 4/15/33(x)		601,000		607,821
HB Fuller Co.
4.250%, 10/15/28(x)		226,000		221,785
Illuminate Buyer LLC
9.000%, 7/1/28§		156,000		155,805
INEOS Quattro Finance 2 plc
9.625%, 3/15/29§		400,000		317,500
Maxam Prill Sarl
7.750%, 7/15/30§		400,000		415,000
Minerals Technologies, Inc.
5.000%, 7/1/28§		508,000		506,161
NOVA Chemicals Corp.
8.500%, 11/15/28§		375,000		391,920
9.000%, 2/15/30§		100,000		106,470
Nufarm Australia Ltd.
5.000%, 1/27/30§		462,000		421,829
Olympus Water US Holding Corp.
7.250%, 6/15/31§		354,000		362,921
7.250%, 2/15/33§		200,000		198,750
Solstice Advanced Materials, Inc.
5.625%, 9/30/33§		168,000		168,914
WR Grace Holdings LLC
5.625%, 8/15/29§		734,000		700,823
7.000%, 8/1/33§		82,000		82,084

				5,192,146

*Containers & Packaging (5.1%)*
Ardagh Metal Packaging Finance USA LLC
4.000%, 9/1/29§		400,000		380,000
6.250%, 1/30/31§		216,000		222,329
Clydesdale Acquisition Holdings, Inc.
8.750%, 4/15/30(x)§		695,000		693,914
6.750%, 4/15/32§		166,000		166,830
Graphic Packaging International LLC
6.375%, 7/15/32(x)§		156,000		157,560
Mauser Packaging Solutions Holding Co.
7.875%, 4/15/30§		370,000		376,938
9.250%, 4/15/30§		820,000		805,379
Owens-Brockway Glass Container, Inc.
6.625%, 5/13/27§		270,000		270,169
7.250%, 5/15/31(x)§		250,000		253,852
Sealed Air Corp.
6.125%, 2/1/28§		153,000		155,073
Toucan FinCo Ltd.
9.500%, 5/15/30§		322,000		310,730
Trivium Packaging Finance BV
8.250%, 7/15/30§		200,000		213,538
12.250%, 1/15/31§		400,000		437,000

				4,443,312

*Metals & Mining (1.3%)*
Commercial Metals Co.
6.000%, 12/15/35§		187,000		190,740
Kaiser Aluminum Corp.
4.500%, 6/1/31§		370,000		356,932
Novelis Corp.
6.875%, 1/30/30§		218,000		225,543
6.375%, 8/15/33§		319,000		324,582

				1,097,797

*Paper & Forest Products (0.4%)*
Magnera Corp.
7.250%, 11/15/31(x)§		400,000		379,000

Total Materials				11,112,255

Real Estate (1.8%)
*Diversified REITs (0.2%)*
VICI Properties LP (REIT)
4.250%, 12/1/26§		204,000		203,912

*Hotel & Resort REITs (0.5%)*
Park Intermediate Holdings LLC (REIT)
5.875%, 10/1/28§		204,000		203,884

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Pebblebrook Hotel LP (REIT)
6.375%, 10/15/29§	$	198,000	$	202,081

				405,965

*Real Estate Management & Development (0.7%)*
Cushman & Wakefield US Borrower LLC
6.750%, 5/15/28(x)§		332,000		333,587
Greystar Real Estate Partners LLC
7.750%, 9/1/30§		250,000		263,232

				596,819

*Specialized REITs (0.4%)*
Iron Mountain, Inc. (REIT)
5.000%, 7/15/28§		300,000		298,875
SBA Communications Corp. (REIT)
3.875%, 2/15/27		76,000		75,315

				374,190

Total Real Estate				1,580,886

Total Corporate Bonds				81,578,105

Total Long-Term Debt Securities (93.5%) (Cost $81,145,571)				81,578,105


	Number of Shares
SHORT-TERM INVESTMENTS:
Investment Companies (8.9%)
Blackrock Liquidity Fedfund, Institutional Shares 3.57% (7 day yield)(xx)		900,000		900,000
Dreyfus Treasury Obligations Cash Management Fund 3.58% (7 day yield)(xx)		900,000		900,000
Invesco Government & Agency Portfolio, Institutional Shares 3.61% (7 day yield)(xx)		2,246,370		2,246,370
JPMorgan Prime Money Market Fund, IM Shares 3.86% (7 day yield)		3,737,506		3,739,001

Total Investment Companies				7,785,371

Total Short-Term Investments (8.9%) (Cost $7,785,380)				7,785,371

Total Investments in Securities (102.4%) (Cost $88,930,951)				89,363,476
Other Assets Less Liabilities (-2.4%)				(2,085,228	)

Net Assets (100%)			$	87,278,248

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2026, the market value of these securities amounted to $77,547,763 or 88.9% of net assets.

(x)

All or a portion of security is on loan at January 31, 2026.

(xx)

At January 31, 2026, the Fund had loaned securities with a total value of $3,949,257. This was collateralized by cash of $4,046,370 which was subsequently invested in investment companies.

Glossary:

PIK — Payment-in Kind Security

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

1290 FUNDS

1290 HIGH YIELD BOND FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	—	$	8,305,668	$	—	$	8,305,668
Consumer Discretionary		—		14,887,845		—		14,887,845
Consumer Staples		—		3,566,265		—		3,566,265
Energy		—		7,279,685		—		7,279,685
Financials		—		5,534,103		—		5,534,103
Health Care		—		4,829,786		—		4,829,786
Industrials		—		15,916,985		—		15,916,985
Information Technology		—		8,564,627		—		8,564,627
Materials		—		11,112,255		—		11,112,255
Real Estate		—		1,580,886		—		1,580,886
Short-Term Investments
Investment Companies		7,785,371		—		—		7,785,371

Total Assets	$	7,785,371	$	81,578,105	$	—	$	89,363,476

Total	$	7,785,371	$	81,578,105	$	—	$	89,363,476


Aggregate gross unrealized appreciation	$	1,493,211
Aggregate gross unrealized depreciation		(1,453,708	)

Net unrealized appreciation	$	39,503

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	89,323,973

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
LONG-TERM DEBT SECURITIES:
Asset-Backed Securities (0.7%)
RFS Asset Securitization V LLC,
Series 2025-1 B
6.195%, 5/15/32§	$	295,000	$	297,628
Sound Point CLO XXVII Ltd.,
Series 2020-2A AR
5.110%, 10/25/34(l)§		340,000		340,343

Total Asset-Backed Securities				637,971

Convertible Bonds (2.8%)
Communication Services (0.2%)
*Diversified Telecommunication Services (0.1%)*
AST SpaceMobile, Inc.
2.000%, 1/15/36§		83,000		113,063

*Entertainment (0.1%)*
Liberty Media Corp.-Liberty Formula One
2.250%, 8/15/27		94,000		109,886

Total Communication Services				222,949

Health Care (0.6%)
*Biotechnology (0.4%)*
Alnylam Pharmaceuticals, Inc.
1.000%, 9/15/27		83,000		108,193
Ascendis Pharma A/S
2.250%, 4/1/28		73,000		107,821
Ionis Pharmaceuticals, Inc.
1.750%, 6/15/28		69,000		113,144

				329,158

*Health Care Equipment & Supplies (0.1%)*
IRhythm Holdings, Inc.
1.500%, 9/1/29		88,000		111,936

*Pharmaceuticals (0.1%)*
Ligand Pharmaceuticals, Inc.
0.750%, 10/1/30§		61,000		72,752

Total Health Care				513,846

Industrials (0.4%)
*Aerospace & Defense (0.1%)*
BWX Technologies, Inc.
(Zero Coupon), 11/1/30§		108,000		111,348

*Electrical Equipment (0.3%)*
Bloom Energy Corp.
(Zero Coupon), 11/15/30§		100,000		112,900
Stem, Inc.
0.500%, 12/1/28§		245,000		97,975

				210,875

Total Industrials				322,223

Information Technology (1.3%)
*Communications Equipment (0.1%)*
Lumentum Holdings, Inc.
0.375%, 3/15/32§		52,000		117,855

*Electronic Equipment, Instruments & Components (0.1%)*
Advanced Energy Industries, Inc.
2.500%, 9/15/28		57,000		110,779

*IT Services (0.2%)*
Cloudflare, Inc.
(Zero Coupon), 6/15/30§		100,000		105,310
Spotify USA, Inc.
(Zero Coupon), 3/15/26		44,000		44,396

				149,706

*Semiconductors & Semiconductor Equipment (0.2%)*
MKS, Inc.
1.250%, 6/1/30		69,000		116,054
Semtech Corp.
(Zero Coupon), 10/15/30§		101,000		113,609

				229,663

*Software (0.4%)*
CyberArk Software Ltd.
(Zero Coupon), 6/15/30§		100,000		105,250
Guidewire Software, Inc.
1.250%, 11/1/29		53,000		51,251
IREN Ltd.
Series 33
1.000%, 6/1/33§		69,000		84,490
Unity Software, Inc.
(Zero Coupon), 3/15/30§		82,000		92,151

				333,142

*Technology Hardware, Storage & Peripherals (0.3%)*
Seagate HDD Cayman
3.500%, 6/1/28		25,000		123,988
Western Digital Corp.
3.000%, 11/15/28		18,000		119,572

				243,560

Total Information Technology				1,184,705

Materials (0.1%)
*Metals & Mining (0.1%)*
B2Gold Corp.
2.750%, 2/1/30§		45,000		77,380

Total Materials				77,380

Real Estate (0.1%)
*Health Care REITs (0.1%)*
Welltower OP LLC (REIT)
2.750%, 5/15/28§		58,000		115,275

Total Real Estate				115,275

Utilities (0.1%)
*Electric Utilities (0.1%)*
Evergy, Inc.
4.500%, 12/15/27		88,000		111,760

Total Utilities				111,760

Total Convertible Bonds				2,548,138

Corporate Bonds (35.9%)
Communication Services (2.0%)
*Diversified Telecommunication Services (0.4%)*
Level 3 Financing, Inc.
3.750%, 7/15/29§		93,000		85,788
Telecom Italia Capital SA
7.721%, 6/4/38		103,000		115,030
WULF Compute LLC
7.750%, 10/15/30§		195,000		203,897

				404,715

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
*Entertainment (0.2%)*
Warnermedia Holdings, Inc.
4.279%, 3/15/32(x)	$	204,000	$	179,316

*Media (0.9%)*
AMC Networks, Inc.
10.250%, 1/15/29§		19,000		19,793
10.500%, 7/15/32§		71,000		76,325
Directv Financing LLC
8.875%, 2/1/30§		110,000		111,375
10.000%, 2/15/31§		20,000		20,600
Discovery Communications LLC
6.350%, 6/1/40		62,000		50,453
DISH DBS Corp.
5.250%, 12/1/26§		19,000		18,437
5.750%, 12/1/28§		20,000		19,276
Dotdash Meredith, Inc.
7.625%, 6/15/32§		91,000		83,136
EchoStar Corp.
10.750%, 11/30/29		146,622		160,734
iHeartCommunications, Inc.
7.750%, 8/15/30§		96,103		82,168
McGraw-Hill Education, Inc.
8.000%, 8/1/29§		133,000		134,089
Univision Communications, Inc.
9.375%, 8/1/32§		20,000		21,525
Versant Media Group, Inc.
7.250%, 1/30/31§		20,000		20,489

				818,400

*Wireless Telecommunication Services (0.5%)*
Hughes Satellite Systems Corp.
5.250%, 8/1/26		27,000		25,517
Millicom International Cellular SA
4.500%, 4/27/31(m)		245,000		228,156
SES AMERICOM, Inc.
5.300%, 3/25/44§		66,000		52,996
T-Mobile USA, Inc.
5.150%, 4/15/34		155,000		157,459

				464,128

Total Communication Services				1,866,559

Consumer Discretionary (3.8%)
*Automobile Components (0.6%)*
American Axle & Manufacturing, Inc.
7.750%, 10/15/33§		150,000		154,052
Clarios Global LP
6.750%, 9/15/32§		48,000		49,622
Garrett Motion Holdings, Inc.
7.750%, 5/31/32§		80,000		84,698
Magna International, Inc.
5.875%, 6/1/35		70,000		73,803
Patrick Industries, Inc.
4.750%, 5/1/29§		198,000		196,010

				558,185

*Broadline Retail (1.1%)*
Getty Images, Inc.
11.250%, 2/21/30§		63,367		56,493
Kohl’s Corp.
10.000%, 6/1/30(x)§		90,000		98,279
5.125%, 5/1/31(e)		37,000		31,635
5.550%, 7/17/45		85,000		57,400
Macy’s Retail Holdings LLC
4.500%, 12/15/34		146,000		131,400
Match Group Holdings II LLC
6.125%, 9/15/33§		90,000		90,250
Nordstrom, Inc.
4.000%, 3/15/27		89,000		87,756
Rakuten Group, Inc.
9.750%, 4/15/29§		200,000		223,840
Wayfair LLC
7.750%, 9/15/30§		182,000		193,903

				970,956

*Distributors (0.2%)*
RB Global Holdings, Inc.
6.750%, 3/15/28(x)§		179,000		182,054

*Diversified Consumer Services (0.1%)*
StoneMor, Inc.
8.500%, 5/15/29§		93,000		90,667

*Hotels, Restaurants & Leisure (1.1%)*
Carnival Corp.
5.875%, 6/15/31§		270,000		279,056
Great Canadian Gaming Corp.
8.750%, 11/15/29§		90,000		91,377
Hilton Domestic Operating Co., Inc.
5.875%, 4/1/29§		212,000		216,694
Hilton Grand Vacations Borrower LLC
4.875%, 7/1/31(x)§		56,000		52,281
Hyatt Hotels Corp.
5.750%, 3/30/32		70,000		73,307
Travel + Leisure Co.
6.125%, 9/1/33§		105,000		105,987
VOC Escrow Ltd.
5.000%, 2/15/28§		208,000		207,438

				1,026,140

*Household Durables (0.4%)*
Somnigroup International, Inc.
4.000%, 4/15/29§		199,000		193,030
3.875%, 10/15/31§		17,000		15,853
Toll Brothers Finance Corp.
5.600%, 6/15/35		130,000		134,931
TopBuild Corp.
5.625%, 1/31/34§		45,000		45,447

				389,261

*Leisure Products (0.2%)*
Amer Sports Co.
6.750%, 2/16/31§		145,000		150,767

*Textiles, Apparel & Luxury Goods (0.1%)*
Under Armour, Inc.
7.250%, 7/15/30§		119,000		121,826

Total Consumer Discretionary				3,489,856

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Consumer Staples (0.1%)
*Food Products (0.1%)*
JBS NV
5.950%, 4/20/35	$	75,000	$	78,785

Total Consumer Staples				78,785

Energy (5.3%)
*Energy Equipment & Services (0.8%)*
Enerflex, Inc.
6.875%, 1/15/31§		141,000		145,372
Nabors Industries, Inc.
7.625%, 11/15/32§		118,000		120,176
Tidewater, Inc.
9.125%, 7/15/30§		173,000		187,163
Transocean International Ltd.
8.250%, 5/15/29§		135,000		137,363
8.500%, 5/15/31(x)§		16,000		16,268
Weatherford International Ltd.
6.750%, 10/15/33§		92,000		95,249

				701,591

*Oil, Gas & Consumable Fuels (4.5%)*
Antero Midstream Partners LP
5.750%, 10/15/33§		88,000		88,889
Boardwalk Pipelines LP
5.375%, 2/15/36		164,000		164,202
California Resources Corp.
8.250%, 6/15/29§		69,000		72,654
Chord Energy Corp.
6.000%, 10/1/30§		40,000		40,604
CNX Resources Corp.
6.000%, 1/15/29§		134,000		134,359
CVR Energy, Inc.
8.500%, 1/15/29§		84,000		87,655
DT Midstream, Inc.
4.375%, 6/15/31§		58,000		56,861
Energy Transfer LP
5.700%, 4/1/35		120,000		124,386
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.48%), 6.750%, 2/15/56(k)		430,000		431,613
Excelerate Energy LP
8.000%, 5/15/30§		222,000		237,289
Exxon Mobil Corp.
3.095%, 8/16/49		225,000		153,177
Florida Gas Transmission Co. LLC
5.750%, 7/15/35§		100,000		103,328
FS Luxembourg Sarl
8.125%, 2/11/36§		472,000		461,852
Genesis Energy LP
8.000%, 5/15/33		120,000		125,317
Hess Midstream Operations LP
4.250%, 2/15/30§		300,000		292,953
NGL Energy Operating LLC
8.125%, 2/15/29§		118,000		122,278
8.375%, 2/15/32§		41,000		42,857
PBF Holding Co. LLC
6.000%, 2/15/28		75,000		74,865
7.875%, 9/15/30§		159,000		159,199
Petrobras Global Finance BV
6.250%, 1/10/36		435,000		428,475
Saudi Arabian Oil Co.
5.750%, 7/17/54§		275,000		260,158
Talos Production, Inc.
9.375%, 2/1/31§		100,000		105,730
TransMontaigne Partners LLC
8.500%, 6/15/30§		43,000		44,434
Vermilion Energy, Inc.
7.250%, 2/15/33§		85,000		82,237
W&T Offshore, Inc.
10.750%, 2/1/29§		58,000		57,211
Western Midstream Operating LP
6.150%, 4/1/33		20,000		21,104
5.500%, 12/15/35		43,000		42,805
Williams Cos., Inc. (The)
5.150%, 3/15/36		145,000		144,016

				4,160,508

Total Energy				4,862,099

Financials (12.4%)
*Banks (5.9%)*
Banco Bilbao Vizcaya Argentaria SA
5.381%, 3/13/29		200,000		207,184
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.25%), 7.750%, 1/14/32(k)(y)		400,000		429,780
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		220,400
5.127%, 11/6/35		200,000		199,441
Barclays plc
(SOFR + 3.57%), 7.119%, 6/27/34(k)		265,000		295,248
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		211,335
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		295,511
(SOFR + 1.29%), 4.916%, 1/15/34(k)§		250,000		248,894
Citigroup, Inc.
(SOFR + 1.49%), 5.174%, 9/11/36(k)		130,000		130,596
HSBC Holdings plc
(SOFR + 3.02%), 7.399%, 11/13/34(k)		270,000		306,524

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
(SOFR + 1.43%), 5.133%, 11/6/36(k)	$	240,000	$	239,237
Intesa Sanpaolo SpA
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%), 7.778%, 6/20/54(k)§		265,000		319,306
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		256,762
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		225,500
Nordea Bank Abp
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.72%), 6.750%, 11/10/33(k)(y)§		395,000		405,862
Societe Generale SA
(SOFR + 1.73%), 5.439%, 10/3/36(k)§		305,000		305,177
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 7.132%, 1/19/55(k)§		200,000		212,665
Standard Chartered plc
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.87%), 7.000%, 11/14/35(k)(y)§		461,000		474,332
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 1.20%), 5.400%, 8/12/36(k)§		200,000		203,154
UniCredit SpA
(USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§		240,000		256,781

				5,443,689

*Capital Markets (3.6%)*
Antares Holdings LP
6.350%, 10/23/29§		250,000		255,443
Apollo Debt Solutions BDC
5.700%, 1/23/31§		122,000		121,242
Ares Capital Corp.
5.250%, 4/12/31		155,000		152,364
Ares Strategic Income Fund
5.550%, 4/15/31§		461,000		455,478
Blue Owl Capital Corp. II
8.450%, 11/15/26		70,000		71,681
Deutsche Bank AG
(SOFR + 3.65%), 7.079%, 2/10/34(k)		200,000		219,705
Series USTR
(USD SOFR Spread- Adjusted ICE Swap Rate 5 Year + 4.36%), 8.130%, 4/30/30(k)(m)(y)		200,000		215,188
Goldman Sachs Group, Inc. (The)
(SOFR + 1.19%), 5.065%, 1/21/37(k)		136,000		135,536
Series X
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.81%), 7.500%, 5/10/29(k)(x)(y)		300,000		315,933
Jane Street Group
6.750%, 5/1/33§		321,000		333,025
LPL Holdings, Inc.
5.150%, 6/15/30		225,000		229,365
Morgan Stanley
(SOFR + 1.56%), 5.320%, 7/19/35(k)		160,000		163,867
Stonex Escrow Issuer LLC
6.875%, 7/15/32§		162,000		166,957
UBS Group AG
(ICE IBA - USD SOFR
ICE Swap Rate 5 Year + 3.30%), 7.000%, 2/5/35(k)(y)§		200,000		202,718
(ICE IBA - USD SOFR
ICE Swap Rate 5 Year + 3.32%), 7.000%, 1/8/36(k)(y)§		225,000		227,968

				3,266,470

*Consumer Finance (1.5%)*
Atlanticus Holdings Corp.
9.750%, 9/1/30§		77,000		73,350
Cobra AcquisitionCo LLC
6.375%, 11/1/29§		78,000		67,220
Enova International, Inc.
11.250%, 12/15/28§		93,000		98,464
EZCORP, Inc.
7.375%, 4/1/32§		163,000		173,849
Global Aircraft Leasing Co. Ltd.
8.750%, 9/1/27§		174,000		180,690
goeasy Ltd.
7.375%, 10/1/30§		182,000		175,130
LFS Topco LLC
8.750%, 7/15/30§		108,000		108,563
Stellantis Financial Services US Corp.
4.950%, 9/15/28§		200,000		202,799
Synchrony Financial
(United States SOFR Compounded Index + 2.13%), 5.935%, 8/2/30(k)		65,000		67,250
(SOFR + 1.68%), 5.450%, 3/6/31(k)		65,000		66,224
7.250%, 2/2/33		122,000		129,404

				1,342,943

*Financial Services (0.6%)*
Apollo Global Management, Inc.
5.150%, 8/12/35		87,000		86,671

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Mobius Merger Sub, Inc.
9.000%, 6/1/30§	$	55,000	$	32,175
Planet Financial Group LLC
10.500%, 12/15/29§		92,000		95,377
Turkiye Sinai Kalkinma Bankasi A/S
7.375%, 7/2/30§		320,000		332,800
UWM Holdings LLC
6.250%, 3/15/31§		27,000		26,825

				573,848

*Insurance (0.5%)*
APH Somerset Investor 2 LLC
7.875%, 11/1/29§		180,000		182,560
HUB International Ltd.
7.375%, 1/31/32§		141,000		147,697
Nassau Cos. of New York (The)
7.875%, 7/15/30§		139,000		131,702
USI, Inc.
7.500%, 1/15/32§		36,000		37,665

				499,624

*Mortgage Real Estate Investment Trusts (REITs) (0.3%)*
Apollo Commercial Real Estate Finance, Inc. (REIT)
4.625%, 6/15/29§		104,000		103,657
Blackstone Mortgage Trust, Inc. (REIT)
7.750%, 12/1/29§		91,000		97,301
Rithm Capital Corp. (REIT)
8.000%, 7/15/30§		68,000		69,296

				270,254

Total Financials				11,396,828

Health Care (0.9%)
*Biotechnology (0.4%)*
Biogen, Inc.
5.050%, 1/15/31		95,000		97,695
Emergent BioSolutions, Inc.
3.875%, 8/15/28§		52,000		46,298
Genmab A/S
6.250%, 12/15/32§		203,000		208,087

				352,080

*Pharmaceuticals (0.5%)*
Amneal Pharmaceuticals LLC
6.875%, 8/1/32§		78,000		82,076
HLF Financing Sarl LLC
12.250%, 4/15/29§		15,000		16,128
4.875%, 6/1/29§		183,000		173,566
Jazz Securities DAC
4.375%, 1/15/29(x)§		233,000		229,214

				500,984

Total Health Care				853,064

Industrials (3.5%)
*Aerospace & Defense (0.7%)*
ATI, Inc.
5.875%, 12/1/27		113,000		112,995
5.125%, 10/1/31		18,000		18,014
Boeing Co. (The)
6.388%, 5/1/31		25,000		27,123
Bombardier, Inc.
8.750%, 11/15/30§		14,000		14,985
7.450%, 5/1/34§		200,000		224,000
General Dynamics Corp.
4.950%, 8/15/35(x)		55,000		55,989
Moog, Inc.
4.250%, 12/15/27§		197,000		195,726
Spirit AeroSystems, Inc.
4.600%, 6/15/28		38,000		38,257

				687,089

*Air Freight & Logistics (0.3%)*
Rand Parent LLC
8.500%, 2/15/30§		178,000		186,026
United Parcel Service, Inc.
5.250%, 5/14/35		60,000		62,223

				248,249

*Commercial Services & Supplies (0.5%)*
Deluxe Corp.
8.000%, 6/1/29§		237,000		240,448
Garda World Security Corp.
8.250%, 8/1/32§		20,000		20,370
Madison IAQ LLC
5.875%, 6/30/29§		100,000		99,875
Pitney Bowes, Inc.
6.875%, 3/15/27§		25,000		24,988
Republic Services, Inc.
5.000%, 4/1/34		50,000		51,051
Rollins, Inc.
5.250%, 2/24/35		35,000		35,446

				472,178

*Construction & Engineering (0.2%)*
Brundage-Bone Concrete Pumping Holdings, Inc.
7.500%, 2/1/32§		91,000		91,569
Great Lakes Dredge & Dock Corp.
5.250%, 6/1/29§		16,000		15,726
Tutor Perini Corp.
11.875%, 4/30/29§		42,000		46,303

				153,598

*Electrical Equipment (0.2%)*
EnerSys
4.375%, 12/15/27§		183,000		181,876

*Ground Transportation (0.5%)*
Avis Budget Car Rental LLC
5.375%, 3/1/29§		112,000		109,261
8.375%, 6/15/32§		74,000		76,012
Carriage Purchaser, Inc.
7.875%, 10/15/29§		53,000		52,349
Dcli Bidco LLC
7.750%, 11/15/29§		98,000		99,797
Star Leasing Co. LLC
7.625%, 2/15/30§		88,000		84,040

				421,459

*Machinery (0.5%)*
Deere & Co.
5.700%, 1/19/55		85,000		88,166
Enpro, Inc.
6.125%, 6/1/33§		55,000		56,482
Manitowoc Co., Inc. (The)
9.250%, 10/1/31§		87,000		94,513
Mueller Water Products, Inc.
4.000%, 6/15/29§		186,000		180,216

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
SPX FLOW, Inc.
8.750%, 4/1/30§	$	40,000	$	41,036

				460,413

*Marine Transportation (0.1%)*
Danaos Corp.
6.875%, 10/15/32§		87,000		89,860

*Passenger Airlines (0.4%)*
Allegiant Travel Co.
7.250%, 8/15/27§		138,000		139,604
Avianca Midco 2 plc
9.000%, 12/1/28(x)§		107,228		109,177
Delta Air Lines, Inc.
5.250%, 7/10/30		55,000		56,353
JetBlue Airways Corp.
9.875%, 9/20/31§		93,000		93,465
VistaJet Malta Finance plc
7.875%, 5/1/27§		11,000		11,014

				409,613

*Trading Companies & Distributors (0.1%)*
Alta Equipment Group, Inc.
9.000%, 6/1/29(x)§		75,000		71,760

Total Industrials				3,196,095

Information Technology (2.3%)
*Communications Equipment (0.6%)*
Ciena Corp.
4.000%, 1/31/30(x)§		179,000		172,459
Viasat, Inc.
6.500%, 7/15/28§		62,000		61,147
7.500%, 5/30/31§		97,000		94,005
Viavi Solutions, Inc.
3.750%, 10/1/29(x)§		188,000		179,070

				506,681

*Electronic Equipment, Instruments & Components (0.2%)*
Jabil, Inc.
5.450%, 2/1/29		25,000		25,851
TTM Technologies, Inc.
4.000%, 3/1/29§		175,000		169,979

				195,830

*IT Services (0.5%)*
Arches Buyer, Inc.
6.125%, 12/1/28§		98,000		95,669
CoreWeave, Inc.
9.250%, 6/1/30(x)§		139,000		136,651
9.000%, 2/1/31§		60,000		57,600
Twilio, Inc.
3.625%, 3/15/29(x)		198,000		189,838

				479,758

*Semiconductors & Semiconductor Equipment (0.1%)*
Micron Technology, Inc.
6.050%, 11/1/35		125,000		134,361

*Software (0.3%)*
Crowdstrike Holdings, Inc.
3.000%, 2/15/29		182,000		173,823
Roper Technologies, Inc.
4.250%, 9/15/28		65,000		65,334
Synopsys, Inc.
5.150%, 4/1/35		50,000		50,663

				289,820

*Technology Hardware, Storage & Peripherals (0.6%)*
Dell International LLC
5.750%, 2/1/33		155,000		162,555
NetApp, Inc.
5.700%, 3/17/35		55,000		57,256
Seagate Data Storage Technology Pte. Ltd.
8.250%, 12/15/29§		37,000		39,035
5.875%, 7/15/30§		201,000		207,215
9.625%, 12/1/32§		29,000		32,808
5.750%, 12/1/34(x)§		19,000		19,321

				518,190

Total Information Technology				2,124,640

Materials (3.1%)
*Chemicals (0.6%)*
Chemours Co. (The)
8.000%, 1/15/33(x)§		150,000		150,516
Mativ Holdings, Inc.
8.000%, 10/1/29§		50,000		50,346
Rain Carbon, Inc.
12.250%, 9/1/29(x)§		58,000		61,645
SK Invictus Intermediate II Sarl
5.000%, 10/30/29§		97,000		95,588
Tronox, Inc.
4.625%, 3/15/29§		129,000		99,330
Westlake Corp.
5.550%, 11/15/35		107,000		106,513

				563,938

*Containers & Packaging (0.6%)*
Cascades, Inc.
6.750%, 7/15/30§		172,000		177,855
Owens-Brockway Glass Container, Inc.
7.375%, 6/1/32(x)§		177,000		180,257
TriMas Corp.
4.125%, 4/15/29§		179,000		174,501

				532,613

*Metals & Mining (1.9%)*
Alumina Pty. Ltd.
6.125%, 3/15/30§		246,000		253,534
Champion Iron Canada, Inc.
7.875%, 7/15/32§		201,000		215,070
Compass Minerals International, Inc.
8.000%, 7/1/30§		99,000		104,761
Corp. Nacional del Cobre de Chile
5.529%, 1/30/37§		318,000		318,572
Fortescue Treasury Pty. Ltd.
4.500%, 9/15/27§		119,000		118,711
5.875%, 4/15/30§		93,000		95,598
Mineral Resources Ltd.
9.250%, 10/1/28§		242,000		254,040
Novelis Corp.
4.750%, 1/30/30§		144,000		139,502
Rio Tinto Finance USA plc
5.250%, 3/14/35		115,000		117,958
SunCoke Energy, Inc.
4.875%, 6/30/29§		91,000		85,591
TMS International Corp.
6.250%, 4/15/29§		43,000		42,187

				1,745,524

Total Materials				2,842,075

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Principal Amount		Value (Note 1)
Real Estate (0.3%)
*Health Care REITs (0.2%)*
Diversified Healthcare Trust (REIT)
7.250%, 10/15/30§	$	55,000	$	56,375
4.375%, 3/1/31		127,000		113,347

				169,722

*Real Estate Management & Development (0.1%)*
Five Point Operating Co. LP
8.000%, 10/1/30§		74,000		76,943

Total Real Estate				246,665

Utilities (2.2%)
*Electric Utilities (1.7%)*
American Electric Power Co., Inc.
Series C
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.13%), 5.800%, 3/15/56(k)		372,000		371,535
DTE Electric Co.
5.250%, 5/15/35		85,000		86,968
Edison International
6.250%, 3/15/30		10,000		10,494
Long Ridge Energy LLC
8.750%, 2/15/32§		101,000		107,300
NRG Energy, Inc.
3.375%, 2/15/29§		260,000		249,184
5.750%, 1/15/34§		53,000		53,265
Pacific Gas and Electric Co.
5.700%, 3/1/35		145,000		148,501
PPL Capital Funding, Inc.
5.250%, 9/1/34		40,000		40,814
Southwestern Public Service Co.
6.000%, 6/1/54		130,000		132,994
VoltaGrid LLC
7.375%, 11/1/30§		121,000		122,513
XPLR Infrastructure Operating Partners LP
8.375%, 1/15/31(x)§		199,000		208,778

				1,532,346

*Gas Utilities (0.1%)*
AmeriGas Partners LP
9.375%, 6/1/28§		126,000		129,998

*Independent Power and Renewable Electricity Producers (0.2%)*
Talen Energy Supply LLC
6.250%, 2/1/34§		80,000		81,200
TransAlta Corp.
6.500%, 3/15/40		103,000		103,087

				184,287

*Multi-Utilities (0.2%)*
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		191,759

Total Utilities				2,038,390

Total Corporate Bonds				32,995,056


	Number of Shares
Equity-Linked Notes (8.1%)
BNP Paribas Issuance BV, ELN,
21.170%, 2/24/26,
(linked to S&P 500 Index)§		538		3,733,250
Citigroup Global Markets Holdings, Inc., ELN,
20.610%, 2/24/26,
(linked to S&P 500 Index)§		538		3,731,591

Total Equity-Linked Notes				7,464,841


	Principal Amount
Foreign Government Securities (3.1%)
Federative Republic of Brazil
5.500%, 11/6/30	$	605,000		617,100
6.625%, 3/15/35		380,000		391,400
Hazine Mustesarligi Varlik Kiralama A/S
6.750%, 9/1/30§		400,000		417,514
Oriental Republic of Uruguay
9.750%, 7/20/33	UYU	7,685,000		224,458
Republic of Angola
9.244%, 1/15/31§	$	545,000		549,938
Republic of Turkiye
36.000%, 8/12/26	TRY	8,695,000		203,244
6.300%, 3/14/33	$	468,000		463,320

Total Foreign Government Securities				2,866,974

U.S. Treasury Obligations (2.5%)
U.S. Treasury Bonds
4.750%, 8/15/55		1,676,000		1,643,943
U.S. Treasury Notes
4.250%, 8/15/35		637,000		638,368

Total U.S. Treasury Obligations				2,282,311

Total Long-Term Debt Securities (53.1%) (Cost $47,921,630)				48,795,291


	Number of Shares
COMMON STOCKS:
Communication Services (3.8%)
*Diversified Telecommunication Services (0.6%)*
AT&T, Inc.		1,477		38,712
Comcast Corp., Class A		5,935		176,566
Telkom SA SOC Ltd.		14,398		52,677
Verizon Communications, Inc.		5,235		233,062

				501,017

*Entertainment (0.3%)*
NetEase, Inc.		4,600		120,710
Netflix, Inc.(s)*		915		76,393
Walt Disney Co. (The)		352		39,706
XD, Inc.(m)		3,400		37,408
YG Entertainment, Inc.*		337		17,489

				291,706

*Interactive Media & Services (2.7%)*
Alphabet, Inc., Class A(s)		988		333,944
Alphabet, Inc., Class C(s)		4,602		1,557,915
Hello Group, Inc. (ADR)		6,300		42,966
Kuaishou Technology(m)		13,200		135,428

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Meta Platforms, Inc., Class A(s)		385	$	275,853
Tencent Holdings Ltd.		1,600		124,115

				2,470,221

*Media (0.0%)†*
Elang Mahkota Teknologi Tbk. PT		568,300		33,011
Versant Media Group, Inc.*		1		33

				33,044

*Wireless Telecommunication Services (0.2%)*
KDDI Corp.		4,800		80,842
SoftBank Corp.(x)		62,600		84,540

				165,382

Total Communication Services				3,461,370

Consumer Discretionary (3.8%)
*Automobile Components (0.4%)*
Bridgestone Corp.		4,200		94,579
Ceat Ltd.		1,054		43,103
Denso Corp.		5,300		73,391
Minth Group Ltd.		10,000		47,081
Nexteer Automotive Group Ltd.		22,564		19,236
Sumitomo Electric Industries Ltd.		2,700		117,309

				394,699

*Automobiles (0.5%)*
Tesla, Inc.(s)*		488		210,040
Toyota Motor Corp.		10,300		233,207

				443,247

*Broadline Retail (0.8%)*
Alibaba Group Holding Ltd.		7,700		166,772
Amazon.com, Inc.(s)*		1,533		366,847
Hyundai Department Store Co. Ltd.		725		47,195
Wesfarmers Ltd.		2,469		143,320

				724,134

*Distributors (0.0%)†*
China Tobacco International HK Co. Ltd.(m)		10,000		49,385

*Diversified Consumer Services (0.1%)*
Cogna Educacao SA		62,920		54,518

*Hotels, Restaurants & Leisure (0.7%)*
Atour Lifestyle Holdings Ltd. (ADR)		811		28,985
Booking Holdings, Inc.(s)		10		50,018
DoorDash, Inc., Class A*		103		21,076
Kangwon Land, Inc.		3,687		44,672
Le Travenues Technology Ltd.(m)*		10,477		23,577
McDonald’s Corp.		852		268,380
Royal Caribbean Cruises Ltd.		103		33,439
Starbucks Corp.		1,604		147,488
TAB Gida Sanayi ve Ticaret A/S		3,474		21,449
Yum! Brands, Inc.		168		26,124

				665,208

*Household Durables (0.2%)*
Cury Construtora e Incorporadora SA		6,700		44,036
PulteGroup, Inc.		159		19,889
Sekisui House Ltd.(x)		3,900		86,639
TCL Electronics Holdings Ltd.		16,000		24,598

				175,162

*Specialty Retail (0.9%)*
AutoZone, Inc.*		9		33,339
C&A MODAS SA, Class A		17,300		39,381
Cartrade Tech Ltd.*		970		27,937
Home Depot, Inc. (The)(s)		1,107		414,671
Industria de Diseno Textil SA		1,349		87,947
Lowe’s Cos., Inc.		592		158,099
O’Reilly Automotive, Inc.*		341		33,558
TJX Cos., Inc. (The)		317		47,490

				842,422

*Textiles, Apparel & Luxury Goods (0.2%)*
LVMH Moet Hennessy Louis Vuitton SE		122		79,089
NIKE, Inc., Class B		1,488		91,973

				171,062

Total Consumer Discretionary				3,519,837

Consumer Staples (3.4%)
*Beverages (0.8%)*
Coca-Cola Co. (The)		4,604		344,425
Diageo plc		3,467		79,487
Kirin Holdings Co. Ltd.		6,100		94,283
PepsiCo, Inc.		1,719		264,090

				782,285

*Consumer Staples Distribution & Retail (0.4%)*
Costco Wholesale Corp.(s)		86		80,861
Koninklijke Ahold Delhaize NV		2,525		98,650
Tesco plc		12,498		72,716
Walmart, Inc.(s)		814		96,980

				349,207

*Food Products (0.6%)*
Avanti Feeds Ltd.		2,036		17,643
AVI Ltd.		7,356		48,953
Charoen Pokphand Enterprise		10,000		47,188
General Mills, Inc.		663		30,670
Mondelez International, Inc., Class A		1,742		101,855
Nestle SA (Registered)		2,656		252,286
Tiger Brands Ltd.		2,139		44,690

				543,285

*Household Products (0.7%)*
Colgate-Palmolive Co.		1,379		124,510
Kimberly-Clark Corp.		205		20,498
Procter & Gamble Co. (The)(s)		2,603		395,057
Reckitt Benckiser Group plc		1,089		90,779

				630,844

*Personal Care Products (0.2%)*
APR Corp.*		244		45,769
Shanghai Chicmax Cosmetic Co. Ltd., Class H(x)		2,000		17,307
Unilever plc		2,414		163,194

				226,270

*Tobacco (0.7%)*
Altria Group, Inc.		2,345		145,366

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
British American Tobacco plc		2,398	$	143,590
Philip Morris International, Inc.		1,879		337,168

				626,124

Total Consumer Staples				3,158,015

Energy (2.2%)
*Energy Equipment & Services (0.2%)*
SLB Ltd.		3,248		157,138

*Oil, Gas & Consumable Fuels (2.0%)*
Chevron Corp.		2,165		382,989
ConocoPhillips		1,966		204,916
Diamondback Energy, Inc.		561		91,976
EOG Resources, Inc.		221		24,781
Exxon Mobil Corp.(s)		4,754		672,216
Kinder Morgan, Inc.		2,860		87,201
Occidental Petroleum Corp.		967		43,892
ONEOK, Inc.		1,034		81,882
Suncor Energy, Inc.		1,900		100,425
TotalEnergies SE		2,394		173,527

				1,863,805

Total Energy				2,020,943

Financials (5.3%)
*Banks (1.8%)*
Alior Bank SA		1,583		51,727
Banco del Bajio SA(m)		16,600		48,567
Bank Hapoalim BM		3,600		89,278
Bank Leumi Le-Israel BM		3,692		89,011
Bank of America Corp.(s)		1,049		55,807
BNK Financial Group, Inc.		4,219		48,685
Citigroup, Inc.		419		48,483
DBS Group Holdings Ltd.		2,800		130,304
Fifth Third Bancorp		1,997		100,289
iM Financial Group Co. Ltd.		2,398		25,823
Intercorp Financial Services, Inc.		1,085		53,143
JB Financial Group Co. Ltd.		2,489		43,489
JPMorgan Chase & Co.(s)		426		130,309
Karnataka Bank Ltd. (The)		19,685		38,958
Oversea-Chinese Banking Corp. Ltd.		6,000		100,134
PNC Financial Services Group, Inc. (The)		622		138,893
Regional SAB de CV		1,400		12,556
South Indian Bank Ltd. (The)		104,593		42,730
Tamilnad Mercantile Bank Ltd.		7,920		52,456
Tisco Financial Group PCL		13,400		47,910
Truist Financial Corp.		529		27,201
United Overseas Bank Ltd.		3,000		90,252
US Bancorp		2,393		134,271
Wells Fargo & Co.		540		48,865

				1,649,141

*Capital Markets (1.4%)*
Authum Investment & Infrastucture Ltd.		2,160		11,863
Bank of New York Mellon Corp. (The)		902		108,168
BlackRock, Inc.		185		207,004
Blackstone, Inc.		395		56,256
Capital Securities Corp.		56,000		52,850
Charles Schwab Corp. (The)		339		35,229
CME Group, Inc.		504		145,686
Goldman Sachs Group, Inc. (The)(s)		75		70,156
Hong Kong Exchanges & Clearing Ltd.		1,900		105,116
Intercontinental Exchange, Inc.		162		28,152
Is Yatirim Menkul Degerler A/S		45,548		50,338
KIWOOM Securities Co. Ltd.		229		70,558
KKR & Co., Inc.		229		26,166
Morgan Stanley		269		49,173
Nippon Life India Asset Management Ltd.(m)		4,987		47,605
S&P Global, Inc.		69		36,418
Samsung Securities Co. Ltd.		808		50,858
State Street Corp.		658		86,106
T. Rowe Price Group, Inc.		747		78,943

				1,316,645

*Consumer Finance (0.1%)*
American Express Co.		119		41,908
Capital One Financial Corp.		180		39,407
Synchrony Financial		480		34,863

				116,178

*Financial Services (0.4%)*
Berkshire Hathaway, Inc., Class B(s)*		295		141,756
CSSC Hong Kong Shipping Co. Ltd.(m)		84,000		23,011
L&T Finance Ltd.		13,496		42,012
Mastercard, Inc., Class A(s)		129		69,504
Visa, Inc., Class A(s)		275		88,503

				364,786

*Insurance (1.6%)*
Aflac, Inc.		270		29,957
Allianz SE (Registered)		478		210,661
AXA SA		2,592		118,073
Chubb Ltd.		147		45,505
Loews Corp.(s)		488		51,518
Manulife Financial Corp.		2,600		99,043
Marsh & McLennan Cos., Inc.		177		33,310
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Registered)		196		119,045
NN Group NV		1,420		112,404
Phoenix Financial Ltd.		1,916		93,338
Ping An Insurance Group Co. of China Ltd., Class H		17,500		162,856
Power Corp. of Canada		1,500		75,647
Progressive Corp. (The)		140		29,120
Tokio Marine Holdings, Inc.		2,500		92,514
Turkiye Sigorta A/S		156,356		43,865
Zurich Insurance Group AG		188		133,513

				1,450,369

Total Financials				4,897,119

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Health Care (4.8%)
*Biotechnology (1.0%)*
3SBio, Inc.(m)		11,000	$	32,808
Abbisko Cayman Ltd.*		24,000		38,402
AbbVie, Inc.(s)		2,016		449,588
Amgen, Inc.		653		223,248
CSL Ltd.		674		85,148
Gilead Sciences, Inc.		258		36,623
PharmaResearch Co. Ltd.*		117		38,488
Vertex Pharmaceuticals, Inc.*		54		25,374

				929,679

*Health Care Equipment & Supplies (0.4%)*
Abbott Laboratories		352		38,474
AK Medical Holdings Ltd.(m)		60,000		44,853
Boston Scientific Corp.(s)*		553		51,722
Hologic, Inc.*		431		32,295
Intuitive Surgical, Inc.*		81		40,842
Medtronic plc		1,400		144,144
Zimmer Biomet Holdings, Inc.		277		24,118

				376,448

*Health Care Providers & Services (0.6%)*
Cigna Group (The)		417		114,304
CVS Health Corp.		1,361		101,422
Dr Lal PathLabs Ltd.(m)		2,722		41,709
Elevance Health, Inc.		329		113,748
Genertec Universal Medical Group Co. Ltd.(m)		54,500		42,835
Hanmi Science Co. Ltd.*		464		13,700
McKesson Corp.		46		38,236
UnitedHealth Group, Inc.(s)		166		47,630

				513,584

*Life Sciences Tools & Services (0.1%)*
Danaher Corp.		147		32,177
SAI Life Sciences Ltd.(m)*		4,696		42,634
Thermo Fisher Scientific, Inc.		85		49,182

				123,993

*Pharmaceuticals (2.7%)*
AstraZeneca plc		1,565		291,240
Bristol-Myers Squibb Co.		450		24,772
Consun Pharmaceutical Group Ltd.		24,000		55,514
Eli Lilly & Co.(s)		128		132,755
Grand Pharmaceutical Group Ltd.(x)		10,500		10,511
Johnson & Johnson(s)		2,653		602,894
Lotus Pharmaceutical Co. Ltd.		4,000		45,885
Merck & Co., Inc.		3,013		332,243
Novartis AG (Registered)		1,974		292,685
Pfizer, Inc.		7,103		187,803
Roche Holding AG		741		336,160
Sanofi SA		409		38,397
Simcere Pharmaceutical Group Ltd.(m)		24,000		35,914
Strides Pharma Science Ltd.		4,683		44,647
Zoetis, Inc.		129		16,102

				2,447,522

Total Health Care				4,391,226

Industrials (5.9%)
*Aerospace & Defense (1.0%)*
AIRO Group Holdings, Inc.(x)*		27,748		285,527
BAE Systems plc		3,856		104,155
Boeing Co. (The)*		155		36,227
GE Aerospace(s)		203		62,279
General Dynamics Corp.		103		36,162
Lockheed Martin Corp.		301		190,900
RTX Corp.		302		60,681
Singapore Technologies Engineering Ltd.		12,100		93,216

				869,147

*Air Freight & Logistics (0.3%)*
CH Robinson Worldwide, Inc.		211		41,134
Deutsche Post AG		1,474		82,678
FedEx Corp.		288		92,808
United Parcel Service, Inc., Class B		804		85,401

				302,021

*Building Products (0.1%)*
A.O. Smith Corp.		399		29,323
Cie de Saint-Gobain SA		847		83,552

				112,875

*Commercial Services & Supplies (0.1%)*
L&K Engineering Co. Ltd.		2,000		36,543
Veralto Corp.		236		23,359
Waste Management, Inc.		151		33,558

				93,460

*Construction & Engineering (0.7%)*
Engineers India Ltd.		21,277		39,893
Kajima Corp.		2,100		85,487
NBCC India Ltd.		37,409		40,204
Quanta Services, Inc.		67		31,800
Samsung E&A Co. Ltd.		2,586		55,335
Sinopec Engineering Group Co. Ltd., Class H		47,000		44,761
Sunway Construction Group Bhd.		30,800		46,255
Taisei Corp.		800		79,555
United Integrated Services Co. Ltd.		1,000		28,853
Vinci SA		775		111,294
Yankey Engineering Co. Ltd.		3,000		56,530

				619,967

*Electrical Equipment (0.2%)*
Eaton Corp. plc		72		25,302
GE Vernova, Inc.		67		48,667
Harbin Electric Co. Ltd., Class H		24,000		60,921

				134,890

*Ground Transportation (0.4%)*
ANE Cayman, Inc.(r)		30,000		46,581
Canadian National Railway Co.		700		67,340
Norfolk Southern Corp.		270		78,635
Uber Technologies, Inc.*		419		33,541
Union Pacific Corp.		744		174,914

				401,011

*Industrial Conglomerates (1.3%)*
3M Co.		166		25,425

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Hanwha Corp.*		460	$	36,592
Hitachi Ltd.		14,200		491,898
Honeywell International, Inc.		855		194,530
Hyosung Corp.*		232		24,628
Nava Ltd.		7,829		47,993
Siemens AG (Registered)		1,062		322,641

				1,143,707

*Machinery (1.2%)*
Caterpillar, Inc.(s)		102		67,051
China Yuchai International Ltd.		600		27,228
Cummins, Inc.		188		108,818
Deere & Co.		68		35,904
Force Motors Ltd.		100		20,867
HD Hyundai Heavy Industries Co. Ltd.		121		48,336
HD-Hyundai Marine Engine*		214		13,158
Hyundai Elevator Co. Ltd.		704		46,170
Hyundai Rotem Co. Ltd.		204		32,668
IDEX Corp.		162		32,165
Illinois Tool Works, Inc.		414		108,162
Lonking Holdings Ltd.		112,000		45,878
Mega Union Technology, Inc.		2,000		44,360
Metso OYJ		4,464		87,387
Otis Worldwide Corp.		284		24,259
PACCAR, Inc.		791		97,222
Sandvik AB		3,475		137,205
Sunonwealth Electric Machine Industry Co. Ltd.		8,000		36,352
Volvo AB, Class B		2,590		94,208

				1,107,398

*Professional Services (0.0%)†*
Automatic Data Processing, Inc.		165		40,725

*Trading Companies & Distributors (0.5%)*
Fastenal Co.		1,750		75,880
ITOCHU Corp.		8,000		101,887
Marubeni Corp.		2,900		95,848
Mitsui & Co. Ltd.		5,100		165,925
United Rentals, Inc.		32		25,026
W.W. Grainger, Inc.		23		24,838

				489,404

*Transportation Infrastructure (0.1%)*
EcoRodovias Infraestrutura e Logistica SA		23,100		51,706
Gujarat Pipavav Port Ltd.		24,109		43,780

				95,486

Total Industrials				5,410,091

Information Technology (7.8%)
*Communications Equipment (0.5%)*
Arcadyan Technology Corp.		8,000		45,631
Arista Networks, Inc.*		288		40,821
Cisco Systems, Inc.(s)		4,833		378,520

				464,972

*Electronic Equipment, Instruments & Components (0.3%)*
Amphenol Corp., Class A(s)		413		59,505
Channel Well Technology Co. Ltd.		19,000		37,795
Q Technology Group Co. Ltd.(m)		7,000		8,333
Simplo Technology Co. Ltd.		4,000		43,915
Tripod Technology Corp.		3,000		35,700
WT Microelectronics Co. Ltd.		9,000		44,614

				229,862

*IT Services (0.6%)*
Accenture plc, Class A(s)		847		223,303
International Business Machines Corp.		1,107		339,517

				562,820

*Semiconductors & Semiconductor Equipment (4.1%)*
Advanced Micro Devices, Inc.(s)*		354		83,802
AP Memory Technology Corp.		3,000		40,944
Applied Materials, Inc.(s)		160		51,571
Broadcom, Inc.(s)		787		260,733
DB HiTek Co. Ltd.		996		73,209
Grand Process Technology Corp.		1,000		53,066
KLA Corp.		31		44,266
Lam Research Corp.(s)		356		83,112
Marketech International Corp.		5,000		45,122
NVIDIA Corp.(s)		3,922		749,612
QUALCOMM, Inc.		776		117,634
Sigurd Microelectronics Corp.		14,000		57,833
SK hynix, Inc.		911		575,308
Taiwan Semiconductor Manufacturing Co. Ltd.		18,000		1,015,253
Texas Instruments, Inc.		1,143		246,374
Tokyo Electron Ltd.		800		213,544
Topco Scientific Co. Ltd.		5,000		51,319

				3,762,702

*Software (1.0%)*
Adobe, Inc.*		84		24,633
Asseco Poland SA		753		45,905
Crowdstrike Holdings, Inc., Class A*		60		26,484
Intuit, Inc.		53		26,443
Microsoft Corp.(s)		1,248		537,002
Oracle Corp.(s)		112		18,433
Palantir Technologies, Inc.,
Class A(s)*		389		57,024
Palo Alto Networks, Inc.*		151		26,723
Roper Technologies, Inc.		53		19,675
Salesforce, Inc.		184		39,061
ServiceNow, Inc.*		224		26,210
Synopsys, Inc.*		53		24,651

				872,244

*Technology Hardware, Storage & Peripherals (1.3%)*
Apple, Inc.(s)		2,129		552,433
Canon, Inc.(x)		2,600		78,709
Chicony Electronics Co. Ltd.		8,000		29,743
Getac Holdings Corp.		11,000		39,323
Samsung Electronics Co. Ltd.		4,751		529,759

				1,229,967

Total Information Technology				7,122,567

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Materials (3.5%)
*Chemicals (0.5%)*
Air Products and Chemicals, Inc.		427	$	116,358
Castrol India Ltd.		21,806		43,653
Eastman Chemical Co.		384		26,619
Han Kuk Carbon Co. Ltd.*		848		19,942
Hansol Chemical Co. Ltd.		280		54,953
Kumho Petrochemical Co. Ltd.*		541		54,160
Linde plc		99		45,240
Nan Pao Resins Chemical Co. Ltd.		4,000		39,466
Paradeep Phosphates Ltd.(m)		13,143		19,859
Solstice Advanced Materials, Inc.*		37		2,286

				422,536

*Construction Materials (0.2%)*
Holcim AG		1,363		140,241
Titan SA		432		29,034

				169,275

*Containers & Packaging (0.0%)†*
Avery Dennison Corp.		229		42,482

*Metals & Mining (2.7%)*
Aneka Tambang Tbk.		251,600		63,106
Aura Minerals, Inc.		659		41,972
Barrick Mining Corp.		3,500		159,982
BHP Group Ltd.		9,004		317,071
Bradespar SA (Preference)(q)		12,200		54,964
China Gold International Resources Corp. Ltd.		2,100		55,161
DRDGOLD Ltd.		14,238		46,714
Endeavour Mining plc		1,549		89,488
Hyundai Steel Co.		2,110		45,809
National Aluminium Co. Ltd.		12,059		50,530
Newmont Corp.		7,993		898,014
Regis Resources Ltd.		53,513		300,346
Shougang Fushan Resources Group Ltd.		72,000		30,414
South32 Ltd.		99,544		320,247

				2,473,818

*Paper & Forest Products (0.1%)*
UPM-Kymmene OYJ		2,662		73,742

Total Materials				3,181,853

Real Estate (2.0%)
*Health Care REITs (0.3%)*
American Healthcare REIT, Inc. (REIT)		761		35,698
CareTrust REIT, Inc. (REIT)		944		35,249
Healthpeak Properties, Inc. (REIT)		3,324		57,306
National Health Investors, Inc. (REIT)		357		29,317
Omega Healthcare Investors, Inc. (REIT)		786		34,490
Ventas, Inc. (REIT)		623		48,388
Welltower, Inc. (REIT)		58		10,925

				251,373

*Hotel & Resort REITs (0.1%)*
Host Hotels & Resorts, Inc. (REIT)		1,359		25,182
Invincible Investment Corp. (REIT)		28		11,833
Japan Hotel REIT Investment Corp. (REIT)		45		24,163

				61,178

*Industrial REITs (0.2%)*
First Industrial Realty Trust, Inc. (REIT)		566		32,845
Goodman Group (REIT)		254		5,435
Mitsui Fudosan Logistics Park, Inc. (REIT)		43		32,064
Nippon Prologis REIT, Inc. (REIT)		44		25,673
Prologis, Inc. (REIT)		414		54,052
Warehouses De Pauw CVA (REIT)		769		21,786

				171,855

*Office REITs (0.1%)*
Brookfield India Real Estate Trust (REIT)(m)		13,207		50,670
BXP, Inc. (REIT)		314		20,306
Global One Real Estate Investment Corp. (REIT)		26		22,932
Japan Prime Realty Investment Corp. (REIT)		4		2,711
Mindspace Business Parks REIT (REIT)(m)		9,149		49,581

				146,200

*Real Estate Management & Development (0.6%)*
Azrieli Group Ltd.		942		126,880
Capitaland India Trust		28,100		27,391
CK Asset Holdings Ltd.		6,600		38,728
Daito Trust Construction Co. Ltd.		1,500		30,386
Iguatemi SA		9,500		51,374
International Workplace Group plc		8,821		29,837
Leopalace21 Corp.(x)		6,100		27,197
Multiplan Empreendimentos Imobiliarios SA*		8,500		53,364
Poly Property Services Co. Ltd., Class H(m)		5,600		24,315
PSP Swiss Property AG (Registered)		158		31,680
Sirius Real Estate Ltd. (REIT)		19,995		26,881
St Joe Co. (The)		261		17,276
Sun Hung Kai Properties Ltd.		3,000		48,271
UOL Group Ltd.		5,300		45,163

				578,743

*Residential REITs (0.1%)*
Camden Property Trust (REIT)		240		26,172
Centerspace (REIT)		407		26,158
Ingenia Communities Group (REIT)		2,550		8,399
UMH Properties, Inc. (REIT)		1,471		22,992

				83,721

*Retail REITs (0.3%)*
Brixmor Property Group, Inc. (REIT)		1,223		32,764
CBL & Associates Properties, Inc. (REIT)		861		30,824

See Notes to Portfolio of Investments.

1290 FUNDS

1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Federal Realty Investment Trust (REIT)		374	$	37,834
InvenTrust Properties Corp. (REIT)		902		26,510
Klepierre SA (REIT)		63		2,422
NETSTREIT Corp. (REIT)		1,472		27,732
NNN REIT, Inc. (REIT)		701		29,211
Phillips Edison & Co., Inc. (REIT)		734		26,593
Regency Centers Corp. (REIT)		509		37,091
Tanger, Inc. (REIT)		796		26,045

				277,026

*Specialized REITs (0.3%)*
EPR Properties (REIT)		565		30,646
Equinix, Inc. (REIT)		98		80,451
Iron Mountain, Inc. (REIT)		479		44,130
Keppel DC REIT (REIT)		14,600		26,168
Lamar Advertising Co. (REIT), Class A		99		12,703
National Storage REIT (REIT)		15,208		29,229
Outfront Media, Inc. (REIT)		1,360		33,075
Safestore Holdings plc (REIT)		3,207		36,291

				292,693

Total Real Estate				1,862,789

Utilities (1.6%)
*Electric Utilities (1.0%)*
Alliant Energy Corp.		709		46,730
American Electric Power Co., Inc.		780		93,424
Constellation Energy Corp.		69		19,367
Duke Energy Corp.		1,121		136,033
Fortis, Inc.		1,900		101,304
Iberdrola SA*		108		2,423
Iberdrola SA (Sociedad de Bolsas SIBE)		7,953		178,408
NextEra Energy, Inc.		2,543		223,530
Southern Co. (The)		352		31,437
Tauron Polska Energia SA*		19,157		59,256
Xcel Energy, Inc.		1,003		76,288

				968,200

*Gas Utilities (0.1%)*
Atmos Energy Corp.		478		79,511
Enerya Enerji A/S		48,964		11,169

				90,680

*Independent Power and Renewable Electricity Producers (0.1%)*
Global Power Synergy PCL, Class F		39,100		44,114
Vistra Corp.		121		19,160

				63,274

*Multi-Utilities (0.3%)*
National Grid plc		7,262		122,672
Sempra		892		77,613
WEC Energy Group, Inc.		770		85,216

				285,501

Water Utilities (0.1%)
Cia de Saneamento de Minas Gerais Copasa MG		4,900		47,457
Cia De Sanena Do Parana*		6,600		58,265

				105,722

Total Utilities				1,513,377

Total Common Stocks (44.1%) (Cost $35,909,882)				40,539,187

EXCHANGE TRADED FUNDS (ETF):
Equity (1.0%)
Invesco Nasdaq 100 ETF (Cost $925,558)		3,715		951,226

SHORT-TERM INVESTMENTS:
Investment Companies (1.5%)
Invesco Government & Agency Portfolio,
Institutional Shares 3.61% (7 day yield)(xx)		1,369,229		1,369,229

Total Short-Term Investments (1.5%) (Cost $1,369,229)				1,369,229

Total Investments in Securities (99.7%) (Cost $86,126,299)				91,654,933
Other Assets Less Liabilities (0.3%)				237,615

Net Assets (100%)			$	91,892,548

*	Non-income producing.

†	Percent shown is less than 0.05%.

§	Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At January 31, 2026, the market value of these securities amounted to $32,798,213 or 35.7% of net assets.

(e)

Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 31, 2026. Maturity date disclosed is the ultimate maturity date.

(k)

Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of January 31, 2026.

(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.

(r)

Fair value determined using significant unobservable inputs.

(s)

All, or a portion of security held by broker as collateral for option contracts, with a total collateral value of $3,608,179.

(x)

All or a portion of security is on loan at January 31, 2026.

(y)

(xx)

At January 31, 2026, the Fund had loaned securities with a total value of $1,451,849. This was collateralized by $144,172 of various U.S. Government Treasury Securities, ranging from 0.000% – 4.750%, maturing 4/30/26 – 2/15/54 and by cash of $1,369,229 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)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	—		$	637,971	$	—	$	637,971
Common Stocks
Communication Services		2,775,150			686,220		—		3,461,370
Consumer Discretionary		2,089,351			1,430,486		—		3,519,837
Consumer Staples		1,941,480			1,216,535		—		3,158,015
Energy		1,847,416			173,527		—		2,020,943
Financials		2,505,882			2,391,237		—		4,897,119
Health Care		2,859,696			1,531,530		—		4,391,226
Industrials		2,376,497			2,987,013		46,581		5,410,091
Information Technology		4,057,542			3,065,025		—		7,122,567
Materials		1,387,917			1,793,936		—		3,181,853
Real Estate		1,056,703			806,086		—		1,862,789
Utilities		1,095,335			418,042		—		1,513,377
Convertible Bonds
Communication Services		—			222,949		—		222,949
Health Care		—			513,846		—		513,846
Industrials		—			322,223		—		322,223
Information Technology		—			1,184,705		—		1,184,705
Materials		—			77,380		—		77,380
Real Estate		—			115,275		—		115,275
Utilities		—			111,760		—		111,760
Corporate Bonds
Communication Services		—			1,866,559		—		1,866,559
Consumer Discretionary		—			3,489,856		—		3,489,856
Consumer Staples		—			78,785		—		78,785
Energy		—			4,862,099		—		4,862,099
Financials		—			11,396,828		—		11,396,828
Health Care		—			853,064		—		853,064
Industrials		—			3,196,095		—		3,196,095
Information Technology		—			2,124,640		—		2,124,640
Materials		—			2,842,075		—		2,842,075
Real Estate		—			246,665		—		246,665
Utilities		—			2,038,390		—		2,038,390
Equity-Linked Notes		—			7,464,841		—		7,464,841
Exchange Traded Funds		951,226			—		—		951,226
Foreign Government Securities		—			2,866,974		—		2,866,974
Short-Term Investments
Investment Companies		1,369,229			—		—		1,369,229
U.S. Treasury Obligations		—			2,282,311		—		2,282,311

Total Assets	$	26,313,424		$	65,294,928	$	46,581	$	91,654,933

Liabilities:
Options Written
Call Options Written	$	(29,250	)	$	—	$	—	$	(29,250	)

Total Liabilities	$	(29,250	)	$	—	$	—	$	(29,250	)

Total	$	26,284,174		$	65,294,928	$	46,581	$	91,625,683


Aggregate gross unrealized appreciation	$	5,837,490
Aggregate gross unrealized depreciation		(1,042,955	)

Net unrealized appreciation	$	4,794,535

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	86,831,148

See Notes to Portfolio of Investments.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
EXCHANGE TRADED FUNDS (ETF):
Alternatives (24.9%)
iMGP DBi Managed Futures Strategy ETF		117,600	$	3,432,744
NYLI Merger Arbitrage ETF*		100,730		3,643,404

Total Alternatives				7,076,148

Commodity (16.7%)
Invesco DB Agriculture Fund		44,760		1,148,542
Invesco DB Energy Fund		65,610		1,331,883
Invesco DB Precious Metals Fund		19,530		2,264,503

Total Commodity				4,744,928

Equity (28.7%)
iShares Core U.S. REIT ETF		34,260		2,010,034
JPMorgan Equity Premium Income ETF(x)		46,450		2,720,112
JPMorgan Nasdaq Equity Premium Income ETF(x)		24,350		1,447,120
Vanguard Global ex-U.S. Real Estate ETF		41,470		1,988,072

Total Equity				8,165,338

Fixed Income (28.1%)
iShares Convertible Bond ETF(x)		44,600		4,616,992
Vanguard Short-Term Inflation-Protected Securities ETF		67,990		3,381,143

Total Fixed Income				7,998,135

Total Exchange Traded Funds (98.4%) (Cost $24,567,943)				27,984,549

SHORT-TERM INVESTMENTS:
Investment Companies (17.5%)
Invesco Government & Agency Portfolio, Institutional Shares 3.61% (7 day yield)(xx)		4,988,135		4,988,135

Total Short-Term Investments (17.5%) (Cost $4,988,135)				4,988,135

Total Investments in Securities (115.9%) (Cost $29,556,078)				32,972,684
Other Assets Less Liabilities (-15.9%)				(4,536,367	)

Net Assets (100%)			$	28,436,317

*	Non-income producing.

(x)

All or a portion of security is on loan at January 31, 2026.

(xx)

At January 31, 2026, the Fund had loaned securities with a total value of $5,721,533. This was collateralized by $918,624 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 7/31/26 – 5/15/55 and by cash of $4,988,135 which was subsequently invested in investment companies.

Glossary:

REIT — Real Estate Investment Trust

See Notes to Portfolio of Investments.

1290 FUNDS

1290 MULTI-ALTERNATIVE STRATEGIES FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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	$	27,984,549	$	—	$	—	$	27,984,549
Short-Term Investments
Investment Companies		4,988,135		—		—		4,988,135

Total Assets	$	32,972,684	$	—	$	—	$	32,972,684

Total Liabilities	$	—	$	—	$	—	$	—

Total	$	32,972,684	$	—	$	—	$	32,972,684


Aggregate gross unrealized appreciation	$	2,782,237
Aggregate gross unrealized depreciation		—

Net unrealized appreciation	$	2,782,237

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	30,190,447

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
COMMON STOCKS:
Communication Services (7.2%)
*Diversified Telecommunication Services (1.7%)*
AT&T, Inc.		14,981	$	392,652
Deutsche Telekom AG (Registered)		16,051		535,964
Koninklijke KPN NV		164,274		799,919
NTT, Inc.		262,500		262,737
Swisscom AG (Registered)(x)		718		588,387
Telstra Group Ltd.		241,443		820,469
Verizon Communications, Inc.		29,361		1,307,152

				4,707,280

*Interactive Media & Services (5.0%)*
Alphabet, Inc., Class A		33,568		11,345,984
Meta Platforms, Inc., Class A		3,741		2,680,427

				14,026,411

*Wireless Telecommunication Services (0.5%)*
SoftBank Corp.		391,000		528,037
T-Mobile US, Inc.		3,681		725,930

				1,253,967

Total Communication Services				19,987,658

Consumer Discretionary (8.2%)
*Automobile Components (0.1%)*
Bridgestone Corp.		18,000		405,337

*Automobiles (1.0%)*
Tesla, Inc.*		6,634		2,855,340

*Broadline Retail (2.6%)*
Amazon.com, Inc.*		21,886		5,237,320
Dollarama, Inc.		5,463		736,210
eBay, Inc.		3,013		274,846
Wesfarmers Ltd.		15,570		903,803

				7,152,179

*Hotels, Restaurants & Leisure (1.8%)*
Aristocrat Leisure Ltd.		8,814		328,731
Booking Holdings, Inc.		214		1,070,394
Compass Group plc		11,065		331,129
Darden Restaurants, Inc.		2,805		559,177
Lottery Corp. Ltd. (The)		111,916		401,353
McDonald’s Corp.		2,871		904,365
Oriental Land Co. Ltd.(x)		20,400		357,158
Restaurant Brands International, Inc.		4,843		324,433
Yum! Brands, Inc.		5,011		779,211

				5,055,951

*Household Durables (0.2%)*
NVR, Inc.*		39		297,794
Sony Group Corp.		12,600		281,212

				579,006

*Leisure Products (0.1%)*
Bandai Namco Holdings, Inc.		9,600		248,746

*Specialty Retail (2.3%)*
Fast Retailing Co. Ltd.		800		303,954
Home Depot, Inc. (The)		3,711		1,390,103
Industria de Diseno Textil SA		5,279		344,160
O’Reilly Automotive, Inc.*		11,177		1,099,929
Ross Stores, Inc.		1,704		321,460
TJX Cos., Inc. (The)		17,513		2,623,623
Tractor Supply Co.		7,000		356,160

				6,439,389

*Textiles, Apparel & Luxury Goods (0.1%)*
LVMH Moet Hennessy Louis Vuitton SE		477		309,224

Total Consumer Discretionary				23,045,172

Consumer Staples (10.7%)
*Beverages (2.5%)*
Anheuser-Busch InBev SA/NV		7,233		515,104
Coca-Cola Co. (The)		37,911		2,836,122
Keurig Dr Pepper, Inc.		11,401		312,844
Kirin Holdings Co. Ltd.(x)		22,000		340,036
Monster Beverage Corp.*		4,641		374,807
PepsiCo, Inc.		17,114		2,629,224

				7,008,137

*Consumer Staples Distribution & Retail (3.8%)*
Alimentation Couche-Tard, Inc.		6,681		347,580
Coles Group Ltd.		43,938		651,088
Costco Wholesale Corp.		3,501		3,291,815
Empire Co. Ltd., Class A		9,205		300,693
George Weston Ltd.		6,300		439,402
Koninklijke Ahold Delhaize NV		10,620		414,914
Kroger Co. (The)		8,438		530,328
Loblaw Cos. Ltd.		17,046		767,017
Sysco Corp.		3,847		322,571
Tesco plc		99,917		581,340
Walmart, Inc.		20,910		2,491,217
Woolworths Group Ltd.		18,481		398,174

				10,536,139

*Food Products (1.1%)*
Chocoladefabriken Lindt & Spruengli AG		24		343,367
Danone SA		5,704		445,160
Hershey Co. (The)		3,500		681,625
Magnum Ice Cream Co. NV (The)*		1,057		18,766
Mondelez International, Inc., Class A		15,006		877,401
Nestle SA (Registered)		6,870		652,563

				3,018,882

*Household Products (2.7%)*
Church & Dwight Co., Inc.		4,952		476,630
Colgate-Palmolive Co.		18,509		1,671,177
Essity AB, Class B		9,638		284,785
Henkel AG & Co. KGaA (Preference)(q)		7,013		616,482
Kimberly-Clark Corp.		7,964		796,320
Procter & Gamble Co. (The)		23,892		3,626,089

				7,471,483

*Personal Care Products (0.6%)*
Kao Corp.		14,300		571,593
L’Oreal SA		1,418		650,480
Unilever plc		3,624		245,586
Unilever plc (Cboe Europe)		4,701		317,803

				1,785,462

Total Consumer Staples				29,820,103

Energy (1.8%)
*Energy Equipment & Services (0.1%)*
Baker Hughes Co.		6,002		336,352

*Oil, Gas & Consumable Fuels (1.7%)*
Cheniere Energy, Inc.		2,511		531,127
Enbridge, Inc.		23,766		1,160,156
Eni SpA		18,566		379,096
Equinor ASA		26,389		704,218
Kinder Morgan, Inc.		11,611		354,019
Suncor Energy, Inc.		7,883		416,656
TC Energy Corp.		9,944		583,064

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Williams Cos., Inc. (The)		7,561	$	508,553

				4,636,889

Total Energy				4,973,241

Financials (20.0%)
*Banks (5.1%)*
Bank of Montreal		2,662		362,395
Bank of Nova Scotia (The)		19,316		1,444,107
CaixaBank SA		30,066		397,550
Canadian Imperial Bank of Commerce		14,014		1,295,136
DBS Group Holdings Ltd.		12,100		563,100
DNB Bank ASA		18,395		528,518
Intesa Sanpaolo SpA		102,500		724,859
JPMorgan Chase & Co.		4,341		1,327,869
National Bank of Canada		4,142		493,548
Nordea Bank Abp (Aquis Stock Exchange)		13,972		269,636
Nordea Bank Abp (Turquoise Stock Exchange)		23,265		449,922
Oversea-Chinese Banking Corp. Ltd.		22,500		375,501
Royal Bank of Canada		16,594		2,762,965
Sumitomo Mitsui Financial Group, Inc.		9,000		318,222
Svenska Handelsbanken AB, Class A(x)		24,883		392,765
Swedbank AB, Class A		10,721		417,286
Toronto-Dominion Bank (The)		18,501		1,729,106
UniCredit SpA		4,577		398,492

				14,250,977

*Capital Markets (3.6%)*
Ameriprise Financial, Inc.		1,500		790,785
Bank of New York Mellon Corp. (The)		7,700		923,384
Cboe Global Markets, Inc.		3,189		845,276
Charles Schwab Corp. (The)		4,646		482,812
CME Group, Inc.		6,481		1,873,398
Deutsche Boerse AG		3,831		968,612
Intercontinental Exchange, Inc.		6,366		1,106,284
Moody’s Corp.		1,075		554,227
MSCI, Inc.		459		279,632
Nasdaq, Inc.		3,781		366,341
Raymond James Financial, Inc.		1,798		298,216
S&P Global, Inc.		1,468		774,796
Singapore Exchange Ltd.		24,100		334,001
TMX Group Ltd.		9,500		350,725

				9,948,489

*Consumer Finance (0.3%)*
American Express Co.		2,591		912,472

*Financial Services (3.0%)*
Berkshire Hathaway, Inc., Class B*		3,523		1,692,907
Jack Henry & Associates, Inc.		2,161		387,273
Mastercard, Inc., Class A		6,182		3,330,800
Visa, Inc., Class A		9,578		3,082,488

				8,493,468

*Insurance (8.0%)*
Aflac, Inc.		5,945		659,598
AIA Group Ltd.		31,200		360,840
Allianz SE (Registered)		4,423		1,949,274
Allstate Corp. (The)		2,843		565,729
American International Group, Inc.		4,550		340,704
Aon plc, Class A		2,200		769,208
Chubb Ltd.		6,108		1,890,793
Fairfax Financial Holdings Ltd.		301		496,740
Generali		8,764		357,257
Great-West Lifeco, Inc.		14,658		686,154
Hannover Rueck SE		2,056		581,975
Hartford Insurance Group, Inc. (The)		5,178		699,341
Helvetia Baloise Holding AG		1,420		359,477
Insurance Australia Group Ltd.		58,770		311,026
Intact Financial Corp.		4,371		795,810
Loews Corp.		5,300		559,521
Marsh & McLennan Cos., Inc.		2,583		486,095
MS&AD Insurance Group Holdings, Inc.		13,400		340,455
Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Registered)		1,758		1,067,762
Power Corp. of Canada		9,420		475,064
Progressive Corp. (The)		7,665		1,594,320
QBE Insurance Group Ltd.		33,610		462,001
Sampo OYJ, Class A		52,575		585,806
Sompo Holdings, Inc.		10,600		364,110
Sun Life Financial, Inc.		10,300		649,021
Swiss Re AG		2,453		391,725
Tokio Marine Holdings, Inc.		9,600		355,255
Travelers Cos., Inc. (The)		5,330		1,516,438
Tryg A/S		17,644		428,753
W.R. Berkley Corp.		5,400		370,332
Willis Towers Watson plc		818		259,690
Zurich Insurance Group AG		2,143		1,521,903

				22,252,177

Total Financials				55,857,583

Health Care (8.1%)
*Biotechnology (0.7%)*
Amgen, Inc.		2,199		751,794
CSL Ltd.		2,201		278,056
Gilead Sciences, Inc.		6,013		853,546

				1,883,396

*Health Care Equipment & Supplies (2.2%)*
Abbott Laboratories		13,267		1,450,083
Becton Dickinson & Co.		3,000		610,440
Boston Scientific Corp.*		16,292		1,523,791
Hoya Corp.		2,000		334,324
Medtronic plc		9,934		1,022,805
ResMed, Inc.		1,085		280,266
STERIS plc		1,185		311,181
Stryker Corp.		2,001		739,489

				6,272,379

*Health Care Providers & Services (1.2%)*
Cencora, Inc.		3,170		1,138,728
Fresenius SE & Co. KGaA		5,720		320,093
HCA Healthcare, Inc.		1,807		882,304
McKesson Corp.		1,267		1,053,143

				3,394,268

*Health Care Technology (0.2%)*
Veeva Systems, Inc., Class A*		2,262		461,267

*Life Sciences Tools & Services (0.5%)*
Agilent Technologies, Inc.		2,904		388,700
Danaher Corp.		1,547		338,623
Mettler-Toledo International, Inc.*		231		317,219
Thermo Fisher Scientific, Inc.		651		376,675

				1,421,217

*Pharmaceuticals (3.3%)*
Bristol-Myers Squibb Co.		19,327		1,063,951
Eli Lilly & Co.		990		1,026,779
Johnson & Johnson		12,263		2,786,767
Merck & Co., Inc.		4,061		447,806
Novartis AG (Registered)		10,826		1,605,169

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
Otsuka Holdings Co. Ltd.		4,600	$	274,674
Roche Holding AG		1,660		753,072
Sanofi SA		4,752		446,116
Zoetis, Inc.		5,625		702,113

				9,106,447

Total Health Care				22,538,974

Industrials (14.6%)
*Aerospace & Defense (2.8%)*
GE Aerospace		3,235		992,466
General Dynamics Corp.		5,125		1,799,336
Howmet Aerospace, Inc.		2,520		524,362
L3Harris Technologies, Inc.		1,095		375,421
Lockheed Martin Corp.		1,904		1,207,555
MTU Aero Engines AG		840		372,887
Northrop Grumman Corp.		894		618,880
RTX Corp.		6,260		1,257,822
Singapore Technologies Engineering Ltd.		69,900		538,495

				7,687,224

*Air Freight & Logistics (0.4%)*
Expeditors International of Washington, Inc.		4,800		770,592
United Parcel Service, Inc., Class B		3,634		386,003

				1,156,595

*Building Products (1.3%)*
Allegion plc		5,500		909,645
Daikin Industries Ltd.		2,700		324,241
Geberit AG (Registered)		619		472,107
Johnson Controls International plc		7,430		886,102
Trane Technologies plc		2,751		1,157,015

				3,749,110

*Commercial Services & Supplies (1.1%)*
Brambles Ltd.		40,979		639,200
Cintas Corp.		6,185		1,183,747
Republic Services, Inc.		3,877		833,904
Secom Co. Ltd.		7,600		277,904

				2,934,755

*Construction & Engineering (0.7%)*
ACS Actividades de Construccion y Servicios SA		3,575		401,091
EMCOR Group, Inc.		483		348,113
Stantec, Inc.		3,784		374,996
Vinci SA		2,466		354,130
WSP Global, Inc.		2,894		559,459

				2,037,789

*Electrical Equipment (0.8%)*
ABB Ltd. (Registered)		10,619		915,675
Eaton Corp. plc		3,080		1,082,374
Mitsubishi Electric Corp.		11,700		365,152

				2,363,201

*Ground Transportation (0.9%)*
Central Japan Railway Co.		22,900		637,311
East Japan Railway Co.		13,700		344,625
Union Pacific Corp.		6,189		1,455,034

				2,436,970

*Industrial Conglomerates (0.4%)*
Honeywell International, Inc.		5,234		1,190,840

*Machinery (3.4%)*
Atlas Copco AB, Class A		35,680		736,032
Caterpillar, Inc.		2,584		1,698,618
Cummins, Inc.		883		511,098
Epiroc AB, Class A		13,403		375,720
FANUC Corp.		9,600		388,876
GEA Group AG		9,706		694,903
Illinois Tool Works, Inc.		4,800		1,254,048
Komatsu Ltd.		9,600		367,785
Kone OYJ, Class B		4,544		326,513
Otis Worldwide Corp.		7,848		670,376
Parker-Hannifin Corp.		898		840,384
Pentair plc		5,900		621,683
Snap-on, Inc.		1,600		585,776
Xylem, Inc.		2,510		346,054

				9,417,866

*Professional Services (1.8%)*
Automatic Data Processing, Inc.		6,030		1,488,325
Broadridge Financial Solutions, Inc.		3,747		738,571
Leidos Holdings, Inc.		2,034		382,962
Paychex, Inc.		4,091		421,905
SGS SA (Registered)		2,993		359,292
Thomson Reuters Corp.		4,474		494,336
Verisk Analytics, Inc.		2,496		542,780
Wolters Kluwer NV		4,833		451,887

				4,880,058

*Trading Companies & Distributors (1.0%)*
Fastenal Co.		24,884		1,078,970
ITOCHU Corp.		47,500		604,953
Toromont Industries Ltd.		2,937		374,122
W.W. Grainger, Inc.		800		863,952

				2,921,997

Total Industrials				40,776,405

Information Technology (20.0%)
*Communications Equipment (1.0%)*
Cisco Systems, Inc.		19,733		1,545,488
Motorola Solutions, Inc.		3,398		1,367,831

				2,913,319

*Electronic Equipment, Instruments & Components (0.6%)*
Amphenol Corp., Class A		2,931		422,298
CDW Corp.		1,993		251,895
Murata Manufacturing Co. Ltd.		15,900		322,192
TE Connectivity plc		2,800		623,784

				1,620,169

*IT Services (1.1%)*
Accenture plc, Class A		6,629		1,747,669
Fujitsu Ltd.		15,600		431,732
International Business Machines Corp.		1,747		535,805
VeriSign, Inc.		1,395		340,701

				3,055,907

*Semiconductors & Semiconductor Equipment (7.1%)*
Analog Devices, Inc.		1,244		386,735
ASML Holding NV (Registered) (ADR)		310		441,130
Broadcom, Inc.		10,412		3,449,496
KLA Corp.		1,015		1,449,359
NVIDIA Corp.		69,591		13,300,928
QUALCOMM, Inc.		5,299		803,275

				19,830,923

*Software (5.2%)*
Autodesk, Inc.*		1,948		492,591
Constellation Software, Inc.		238		439,235
Intuit, Inc.		1,590		793,283
Microsoft Corp.		22,512		9,686,688
Palo Alto Networks, Inc.*		1,777		314,476
Roper Technologies, Inc.		1,600		593,968
Salesforce, Inc.		4,811		1,021,327
SAP SE		2,331		471,266
ServiceNow, Inc.*		4,065		475,646
Tyler Technologies, Inc.*		601		222,009

				14,510,489

See Notes to Portfolio of Investments.

1290 FUNDS

1290 SMARTBETA EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

January 31, 2026 (Unaudited)


	Number of Shares		Value (Note 1)
*Technology Hardware, Storage & Peripherals (5.0%)*
Apple, Inc.		46,705	$	12,119,013
Dell Technologies, Inc., Class C		2,845		325,582
NetApp, Inc.		2,900		279,415
Seagate Technology Holdings plc		2,705		1,102,802

				13,826,812

Total Information Technology				55,757,619

Materials (3.2%)
*Chemicals (2.2%)*
Air Liquide SA		1,500		280,821
Corteva, Inc.		4,190		305,032
Ecolab, Inc.		5,697		1,606,497
Givaudan SA (Registered)		154		595,242
Linde plc		5,380		2,458,499
Sherwin-Williams Co. (The)		2,900		1,028,456

				6,274,547

*Construction Materials (0.1%)*
Heidelberg Materials AG		1,221		334,763

*Metals & Mining (0.9%)*
Franco-Nevada Corp.		1,300		304,309
Newmont Corp.		8,091		909,024
Wheaton Precious Metals Corp.		8,937		1,177,401

				2,390,734

Total Materials				9,000,044

Real Estate (0.8%)
*Real Estate Management & Development (0.2%)*
Daito Trust Construction Co. Ltd.		18,000		364,629
Mitsui Fudosan Co. Ltd.		26,500		302,654

				667,283

*Residential REITs (0.2%)*
AvalonBay Communities, Inc. (REIT)		2,200		390,874

*Retail REITs (0.1%)*
Realty Income Corp. (REIT)		6,057		370,446

*Specialized REITs (0.3%)*
American Tower Corp. (REIT)		1,895		339,736
Digital Realty Trust, Inc. (REIT)		1,677		278,298
Equinix, Inc. (REIT)		371		304,565

				922,599

Total Real Estate				2,351,202

Utilities (4.2%)
*Electric Utilities (1.8%)*
Duke Energy Corp.		6,042		733,197
Enel SpA		64,680		713,630
Eversource Energy		5,043		348,622
Exelon Corp.		8,780		393,168
Hydro One Ltd.(m)		13,760		543,973
Iberdrola SA		47,505		1,065,668
Southern Co. (The)		7,103		634,369
Terna - Rete Elettrica Nazionale		58,178		629,341

				5,061,968

*Gas Utilities (0.7%)*
AltaGas Ltd.		11,477		346,168
Atmos Energy Corp.		5,688		946,142
Hong Kong & China Gas Co. Ltd.		308,000		290,570
Osaka Gas Co. Ltd.		8,900		333,204

				1,916,084

*Multi-Utilities (1.6%)*
Consolidated Edison, Inc.		7,600		810,388
E.ON SE		37,794		800,336
National Grid plc		26,197		442,527
Public Service Enterprise Group, Inc.		12,100		996,556
Sempra		10,912		949,453
WEC Energy Group, Inc.		2,790		308,770

				4,308,030

*Water Utilities (0.1%)*
American Water Works Co., Inc.		2,732		352,783

Total Utilities				11,638,865

Total Common Stocks (98.8%) (Cost $211,679,285)				275,746,866


	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 (0.8%)
JPMorgan Prime Money Market Fund, IM Shares 3.86% (7 day yield)		2,266,038	$	2,266,944

Total Short-Term Investments (0.8%) (Cost $2,266,944)				2,266,944

Total Investments in Securities (99.6%) (Cost $213,946,229)				278,013,810
Other Assets Less Liabilities (0.4%)				984,999

Net Assets (100%)			$	278,998,809

*	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 January 31, 2026, the Portfolio had loaned securities with a total value of $1,218,512. This was collateralized by $1,307,236 of various U.S. Government Treasury Securities, ranging from 0.125% – 4.750%, maturing 5/15/26 – 8/15/55.

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)

January 31, 2026 (Unaudited)

The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2026:

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


Investment Type	Level 1 Quoted Prices in Active Markets for Identical Securities		Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)		Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments)			Total
Assets:
Common Stocks
Communication Services	$	16,452,145	$	3,535,513	$	—		$	19,987,658
Consumer Discretionary		18,830,365		4,214,807		—			23,045,172
Consumer Staples		22,772,862		7,047,241		—			29,820,103
Energy		3,889,927		1,083,314		—			4,973,241
Financials		40,281,500		15,576,083		—			55,857,583
Health Care		18,527,470		4,011,504		—			22,538,974
Industrials		30,827,626		9,948,779		—			40,776,405
Information Technology		54,532,429		1,225,190		—			55,757,619
Materials		7,789,218		1,210,826		—			9,000,044
Real Estate		1,683,919		667,283		—			2,351,202
Utilities		7,363,589		4,275,276		—			11,638,865
Short-Term Investments
Investment Companies		2,266,944		—		—			2,266,944
Warrants
Information Technology		—		—		—	(a)		—	(a)

Total Assets	$	225,217,994	$	52,795,816	$	—		$	278,013,810

Total Liabilities	$	—	$	—	$	—		$	—

Total	$	225,217,994	$	52,795,816	$	—		$	278,013,810

(a) Value is zero.


Aggregate gross unrealized appreciation	$	67,904,539
Aggregate gross unrealized depreciation		(4,414,536	)

Net unrealized appreciation	$	63,490,003

Federal income tax cost of investments in securities and derivative instruments, if applicable	$	214,523,807

See Notes to Portfolio of Investments.

1290 FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

January 31, 2026 (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:

•

Level 1 - quoted prices in active markets for identical assets

•

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

•

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

A summary of inputs used to value each Fund’s assets and liabilities carried at fair value as of January 31, 2026, 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.