1290 FUNDS
1290 AVANTIS® U.S. LARGE CAP GROWTH FUND (FORMERLY, 1290 RETIREMENT 2060 FUND)
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Communication Services (12.5%) | ||||||||
Diversified Telecommunication Services (0.0%)† | ||||||||
Iridium Communications, Inc. | 386 | $ | 13,996 | |||||
|
| |||||||
Entertainment (0.9%) | ||||||||
Live Nation Entertainment, Inc.* | 65 | 5,775 | ||||||
Netflix, Inc.* | 396 | 223,388 | ||||||
TKO Group Holdings, Inc., Class A | 42 | 3,515 | ||||||
|
| |||||||
232,678 | ||||||||
|
| |||||||
Interactive Media & Services (11.4%) | ||||||||
Alphabet, Inc., Class A* | 6,906 | 967,531 | ||||||
Alphabet, Inc., Class C* | 5,791 | 821,164 | ||||||
Match Group, Inc.* | 224 | 8,597 | ||||||
Meta Platforms, Inc., Class A* | 3,345 | 1,305,018 | ||||||
|
| |||||||
3,102,310 | ||||||||
|
| |||||||
Media (0.2%) | ||||||||
Charter Communications, Inc., Class A* | 142 | 52,641 | ||||||
|
| |||||||
Total Communication Services | 3,401,625 | |||||||
|
| |||||||
Consumer Discretionary (15.2%) | ||||||||
Automobiles (0.6%) | ||||||||
Tesla, Inc.* | 870 | 162,942 | ||||||
|
| |||||||
Broadline Retail (4.3%) | ||||||||
Amazon.com, Inc.* | 7,415 | 1,150,808 | ||||||
Etsy, Inc.* | 32 | 2,130 | ||||||
|
| |||||||
1,152,938 | ||||||||
|
| |||||||
Distributors (0.3%) | ||||||||
Pool Corp. | 213 | 79,076 | ||||||
|
| |||||||
Diversified Consumer Services (0.0%)† | ||||||||
H&R Block, Inc. | 117 | 5,480 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (2.5%) | ||||||||
Airbnb, Inc., Class A* | 539 | 77,691 | ||||||
Booking Holdings, Inc.* | 15 | 52,612 | ||||||
Chipotle Mexican Grill, Inc.* | 70 | 168,614 | ||||||
Choice Hotels International, Inc. | 166 | 20,106 | ||||||
Churchill Downs, Inc. | 230 | 27,823 | ||||||
Darden Restaurants, Inc. | 230 | 37,393 | ||||||
Domino’s Pizza, Inc. | 34 | 14,492 | ||||||
Hilton Worldwide Holdings, Inc. | 72 | 13,749 | ||||||
Las Vegas Sands Corp. | 1,034 | 50,583 | ||||||
Marriott International, Inc., Class A | 131 | 31,405 | ||||||
McDonald’s Corp. | 69 | 20,198 | ||||||
Norwegian Cruise Line Holdings Ltd.* | 696 | 12,389 | ||||||
Planet Fitness, Inc., Class A* | 23 | 1,559 | ||||||
Royal Caribbean Cruises Ltd.* | 420 | 53,550 | ||||||
Starbucks Corp. | 358 | 33,305 | ||||||
Texas Roadhouse, Inc., Class A | 364 | 45,762 | ||||||
Wingstop, Inc. | 20 | 5,622 | ||||||
Wynn Resorts Ltd. | 5 | 472 | ||||||
Yum! Brands, Inc. | 129 | 16,704 | ||||||
|
| |||||||
684,029 | ||||||||
|
| |||||||
Household Durables (0.1%) | ||||||||
NVR, Inc.* | 2 | 14,151 | ||||||
|
| |||||||
Leisure Products (0.0%)† | ||||||||
Brunswick Corp. | 34 | 2,743 | ||||||
Polaris, Inc. | 26 | 2,339 | ||||||
|
| |||||||
5,082 | ||||||||
|
| |||||||
Specialty Retail (5.7%) | ||||||||
AutoZone, Inc.* | 8 | 22,097 | ||||||
Best Buy Co., Inc. | 133 | 9,641 | ||||||
Burlington Stores, Inc.* | 262 | 50,081 | ||||||
CarMax, Inc.* | 39 | 2,776 | ||||||
Dick’s Sporting Goods, Inc. | 21 | 3,131 | ||||||
Five Below, Inc.* | 222 | 39,840 | ||||||
Floor & Decor Holdings, Inc., Class A* | 515 | 51,789 | ||||||
Home Depot, Inc. (The) | 1,275 | 450,024 | ||||||
Lowe’s Cos., Inc. | 118 | 25,115 | ||||||
Murphy USA, Inc. | 186 | 65,569 | ||||||
O’Reilly Automotive, Inc.* | 25 | 25,576 | ||||||
RH(x)* | 2 | 507 | ||||||
Ross Stores, Inc. | 1,611 | 225,991 | ||||||
TJX Cos., Inc. (The) | 3,497 | 331,900 | ||||||
Tractor Supply Co. | 494 | 110,952 | ||||||
Ulta Beauty, Inc.* | 248 | 124,508 | ||||||
Wayfair, Inc., Class A* | 31 | 1,558 | ||||||
Williams-Sonoma, Inc. | 76 | 14,698 | ||||||
|
| |||||||
1,555,753 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (1.7%) | ||||||||
Crocs, Inc.* | 299 | 30,342 | ||||||
Deckers Outdoor Corp.* | 212 | 159,791 | ||||||
Lululemon Athletica, Inc.* | 482 | 218,741 | ||||||
NIKE, Inc., Class B | 494 | 50,156 | ||||||
Skechers USA, Inc., Class A* | 50 | 3,122 | ||||||
Tapestry, Inc. | 64 | 2,483 | ||||||
|
| |||||||
464,635 | ||||||||
|
| |||||||
Total Consumer Discretionary | 4,124,086 | |||||||
|
| |||||||
Consumer Staples (4.2%) | ||||||||
Beverages (0.7%) | ||||||||
Coca-Cola Co. (The) | 1,205 | 71,685 | ||||||
PepsiCo, Inc. | 598 | 100,781 | ||||||
|
| |||||||
172,466 | ||||||||
|
| |||||||
Consumer Staples Distribution & Retail (2.8%) | ||||||||
BJ’s Wholesale Club Holdings, Inc.* | 306 | 19,688 | ||||||
Casey’s General Stores, Inc. | 41 | 11,126 | ||||||
Costco Wholesale Corp. | 819 | 569,107 | ||||||
Target Corp. | 1,044 | 145,199 | ||||||
|
| |||||||
745,120 | ||||||||
|
| |||||||
Food Products (0.2%) | ||||||||
Hershey Co. (The) | 201 | 38,902 | ||||||
Lamb Weston Holdings, Inc. | 198 | 20,283 | ||||||
|
| |||||||
59,185 | ||||||||
|
| |||||||
Household Products (0.5%) | ||||||||
Church & Dwight Co., Inc. | 376 | 37,544 | ||||||
Clorox Co. (The) | 52 | 7,553 | ||||||
Kimberly-Clark Corp. | 556 | 67,259 | ||||||
Procter & Gamble Co. (The) | 201 | 31,585 | ||||||
|
| |||||||
143,941 | ||||||||
|
| |||||||
Personal Care Products (0.0%)† | ||||||||
Kenvue, Inc. | 465 | 9,653 | ||||||
|
| |||||||
Total Consumer Staples | 1,130,365 | |||||||
|
| |||||||
Energy (2.7%) | ||||||||
Energy Equipment & Services (0.1%) | ||||||||
Halliburton Co. | 1,115 | 39,750 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (2.6%) | ||||||||
Antero Midstream Corp. | 925 | 11,322 | ||||||
APA Corp. | 2,490 | 78,012 | ||||||
Cheniere Energy, Inc. | 1,283 | 210,399 | ||||||
Hess Corp. | 864 | 121,418 |
See Notes to Portfolio of Investments.
1
1290 FUNDS
1290 AVANTIS® U.S. LARGE CAP GROWTH FUND (FORMERLY, 1290 RETIREMENT 2060 FUND)
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
New Fortress Energy, Inc. | 623 | $ | 20,702 | |||||
ONEOK, Inc. | 66 | 4,504 | ||||||
Ovintiv, Inc. | 1,036 | 43,947 | ||||||
Targa Resources Corp. | 1,708 | 145,112 | ||||||
Texas Pacific Land Corp. | 42 | 61,376 | ||||||
|
| |||||||
696,792 | ||||||||
|
| |||||||
Total Energy | 736,542 | |||||||
|
| |||||||
Financials (6.5%) | ||||||||
Banks (0.1%) | ||||||||
First Citizens BancShares, Inc., Class A | 5 | 7,550 | ||||||
NU Holdings Ltd., Class A* | 3,100 | 26,691 | ||||||
|
| |||||||
34,241 | ||||||||
|
| |||||||
Capital Markets (1.7%) | ||||||||
Ameriprise Financial, Inc. | 533 | 206,180 | ||||||
Blackstone, Inc. | 234 | 29,121 | ||||||
FactSet Research Systems, Inc. | 101 | 48,068 | ||||||
KKR & Co., Inc. | 205 | 17,749 | ||||||
LPL Financial Holdings, Inc. | 290 | 69,365 | ||||||
Moody’s Corp. | 155 | 60,766 | ||||||
MSCI, Inc. | 22 | 13,170 | ||||||
S&P Global, Inc. | 3 | 1,345 | ||||||
|
| |||||||
445,764 | ||||||||
|
| |||||||
Consumer Finance (0.3%) | ||||||||
American Express Co. | 347 | 69,657 | ||||||
|
| |||||||
Financial Services (3.4%) | ||||||||
Mastercard, Inc., Class A | 976 | 438,449 | ||||||
Visa, Inc., Class A | 1,805 | 493,234 | ||||||
|
| |||||||
931,683 | ||||||||
|
| |||||||
Insurance (1.0%) | ||||||||
Arch Capital Group Ltd.* | 280 | 23,080 | ||||||
Everest Group Ltd. | 36 | 13,859 | ||||||
Marsh & McLennan Cos., Inc. | 183 | 35,473 | ||||||
Primerica, Inc. | 203 | 47,534 | ||||||
Progressive Corp. (The) | 741 | 132,083 | ||||||
RenaissanceRe Holdings Ltd. | 83 | 18,993 | ||||||
|
| |||||||
271,022 | ||||||||
|
| |||||||
Total Financials | 1,752,367 | |||||||
|
| |||||||
Health Care (7.6%) | ||||||||
Biotechnology (2.5%) | ||||||||
AbbVie, Inc. | 1,550 | 254,820 | ||||||
Alnylam Pharmaceuticals, Inc.* | 42 | 7,262 | ||||||
Amgen, Inc. | 396 | 124,447 | ||||||
BioMarin Pharmaceutical, Inc.* | 34 | 2,995 | ||||||
Incyte Corp.* | 233 | 13,694 | ||||||
Regeneron Pharmaceuticals, Inc.* | 12 | 11,313 | ||||||
Vertex Pharmaceuticals, Inc.* | 598 | 259,161 | ||||||
|
| |||||||
673,692 | ||||||||
|
| |||||||
Health Care Equipment & Supplies (0.9%) | ||||||||
Abbott Laboratories | 36 | 4,073 | ||||||
Align Technology, Inc.* | 84 | 22,455 | ||||||
Dexcom, Inc.* | 328 | 39,803 | ||||||
Edwards Lifesciences Corp.* | 446 | 34,997 | ||||||
IDEXX Laboratories, Inc.* | 183 | 94,260 | ||||||
Intuitive Surgical, Inc.* | 126 | 47,656 | ||||||
Stryker Corp. | 32 | 10,735 | ||||||
|
| |||||||
253,979 | ||||||||
|
| |||||||
Health Care Providers & Services (1.5%) | ||||||||
Cardinal Health, Inc. | 102 | 11,137 | ||||||
Cencora, Inc. | 358 | 83,299 | ||||||
Cigna Group (The) | 8 | 2,408 | ||||||
Elevance Health, Inc. | 44 | 21,711 | ||||||
HCA Healthcare, Inc. | 13 | 3,964 | ||||||
Humana, Inc. | 201 | 75,990 | ||||||
McKesson Corp. | 29 | 14,497 | ||||||
Molina Healthcare, Inc.* | 254 | 90,536 | ||||||
UnitedHealth Group, Inc. | 178 | 91,090 | ||||||
|
| |||||||
394,632 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.5%) | ||||||||
Illumina, Inc.* | 164 | 23,454 | ||||||
Mettler-Toledo International, Inc.* | 8 | 9,577 | ||||||
Thermo Fisher Scientific, Inc. | 22 | 11,858 | ||||||
Waters Corp.* | 131 | 41,620 | ||||||
West Pharmaceutical Services, Inc. | 129 | 48,121 | ||||||
|
| |||||||
134,630 | ||||||||
|
| |||||||
Pharmaceuticals (2.2%) | ||||||||
Eli Lilly and Co. | 646 | 417,064 | ||||||
Jazz Pharmaceuticals plc* | 216 | 26,508 | ||||||
Merck & Co., Inc. | 221 | 26,692 | ||||||
Zoetis, Inc. | 735 | 138,040 | ||||||
|
| |||||||
608,304 | ||||||||
|
| |||||||
Total Health Care | 2,065,237 | |||||||
|
| |||||||
Industrials (10.3%) | ||||||||
Aerospace & Defense (0.5%) | ||||||||
Boeing Co. (The)* | 19 | 4,010 | ||||||
Lockheed Martin Corp. | 283 | 121,523 | ||||||
TransDigm Group, Inc. | 5 | 5,463 | ||||||
|
| |||||||
130,996 | ||||||||
|
| |||||||
Air Freight & Logistics (0.2%) | ||||||||
Expeditors International of Washington, Inc. | 130 | 16,423 | ||||||
United Parcel Service, Inc., Class B | 326 | 46,259 | ||||||
|
| |||||||
62,682 | ||||||||
|
| |||||||
Building Products (0.4%) | ||||||||
A.O. Smith Corp. | 83 | 6,442 | ||||||
Advanced Drainage Systems, Inc. | 422 | 55,037 | ||||||
Trex Co., Inc.* | 676 | 55,081 | ||||||
|
| |||||||
116,560 | ||||||||
|
| |||||||
Commercial Services & Supplies (0.7%) | ||||||||
Copart, Inc.* | 1,591 | 76,431 | ||||||
Rollins, Inc. | 512 | 22,175 | ||||||
Waste Management, Inc. | 498 | 92,444 | ||||||
|
| |||||||
191,050 | ||||||||
|
| |||||||
Construction & Engineering (0.1%) | ||||||||
EMCOR Group, Inc. | 103 | 23,495 | ||||||
|
| |||||||
Electrical Equipment (0.0%)† | ||||||||
Vertiv Holdings Co., Class A | 109 | 6,140 | ||||||
|
| |||||||
Ground Transportation (1.7%) | ||||||||
Avis Budget Group, Inc. | 7 | 1,146 | ||||||
CSX Corp. | 920 | 32,844 | ||||||
JB Hunt Transport Services, Inc. | 101 | 20,299 | ||||||
Landstar System, Inc. | 182 | 34,893 | ||||||
Old Dominion Freight Line, Inc. | 400 | 156,408 | ||||||
Saia, Inc.* | 19 | 8,561 | ||||||
Uber Technologies, Inc.* | 250 | 16,317 | ||||||
U-Haul Holding Co. (Nasdaq Stock Exchange)* | 16 | 1,060 | ||||||
U-Haul Holding Co. (New York Stock exchange) | 163 | 10,411 | ||||||
Union Pacific Corp. | 746 | 181,972 | ||||||
|
| |||||||
463,911 | ||||||||
|
| |||||||
Industrial Conglomerates (0.1%) | ||||||||
Honeywell International, Inc. | 57 | 11,529 | ||||||
|
| |||||||
Machinery (3.3%) | ||||||||
Caterpillar, Inc. | 1,154 | 346,558 |
See Notes to Portfolio of Investments.
2
1290 FUNDS
1290 AVANTIS® U.S. LARGE CAP GROWTH FUND (FORMERLY, 1290 RETIREMENT 2060 FUND)
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Deere & Co. | 833 | $ | 327,852 | |||||
Donaldson Co., Inc. | 304 | 19,635 | ||||||
Graco, Inc. | 253 | 21,581 | ||||||
Illinois Tool Works, Inc. | 367 | 95,750 | ||||||
Lincoln Electric Holdings, Inc. | 291 | 64,666 | ||||||
Otis Worldwide Corp. | 15 | 1,327 | ||||||
|
| |||||||
877,369 | ||||||||
|
| |||||||
Passenger Airlines (0.0%)† | ||||||||
American Airlines Group, Inc.* | 126 | 1,793 | ||||||
Delta Air Lines, Inc. | 53 | 2,075 | ||||||
|
| |||||||
3,868 | ||||||||
|
| |||||||
Professional Services (1.7%) | ||||||||
Automatic Data Processing, Inc. | 572 | 140,586 | ||||||
Booz Allen Hamilton Holding Corp. | 331 | 46,595 | ||||||
Broadridge Financial Solutions, Inc. | 209 | 42,678 | ||||||
Paychex, Inc. | 1,114 | 135,607 | ||||||
Verisk Analytics, Inc. | 392 | 94,680 | ||||||
|
| |||||||
460,146 | ||||||||
|
| |||||||
Trading Companies & Distributors (1.6%) | ||||||||
Fastenal Co. | 2,402 | 163,888 | ||||||
United Rentals, Inc. | 79 | 49,407 | ||||||
Watsco, Inc. | 18 | 7,038 | ||||||
WW Grainger, Inc. | 243 | 217,640 | ||||||
|
| |||||||
437,973 | ||||||||
|
| |||||||
Total Industrials | 2,785,719 | |||||||
|
| |||||||
Information Technology (39.7%) | ||||||||
Communications Equipment (0.7%) | ||||||||
Arista Networks, Inc.* | 352 | 91,055 | ||||||
Motorola Solutions, Inc. | 313 | 100,004 | ||||||
Ubiquiti, Inc. | 3 | 377 | ||||||
|
| |||||||
191,436 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.7%) | ||||||||
CDW Corp. | 302 | 68,470 | ||||||
Jabil, Inc. | 891 | 111,633 | ||||||
Keysight Technologies, Inc.* | 69 | 10,575 | ||||||
|
| |||||||
190,678 | ||||||||
|
| |||||||
IT Services (1.2%) | ||||||||
Accenture plc, Class A | 598 | 217,600 | ||||||
EPAM Systems, Inc.* | 89 | 24,752 | ||||||
Gartner, Inc.* | 176 | 80,509 | ||||||
GoDaddy, Inc., Class A* | 89 | 9,493 | ||||||
Twilio, Inc., Class A* | 44 | 3,094 | ||||||
VeriSign, Inc.* | 4 | 796 | ||||||
|
| |||||||
336,244 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (11.9%) | ||||||||
Advanced Micro Devices, Inc.* | 840 | 140,860 | ||||||
Applied Materials, Inc. | 1,939 | 318,578 | ||||||
Broadcom, Inc. | 410 | 483,800 | ||||||
Enphase Energy, Inc.* | 413 | 43,006 | ||||||
KLA Corp. | 252 | 149,698 | ||||||
Lam Research Corp. | 363 | 299,537 | ||||||
Microchip Technology, Inc. | 440 | 37,479 | ||||||
NVIDIA Corp. | 2,242 | 1,379,435 | ||||||
QUALCOMM, Inc. | 1,882 | 279,496 | ||||||
Teradyne, Inc. | 194 | 18,738 | ||||||
Texas Instruments, Inc. | 412 | 65,969 | ||||||
|
| |||||||
3,216,596 | ||||||||
|
| |||||||
Software (15.2%) | ||||||||
Adobe, Inc.* | 440 | 271,823 | ||||||
AppLovin Corp., Class A* | 153 | 6,293 | ||||||
Autodesk, Inc.* | 377 | 95,686 | ||||||
Dropbox, Inc., Class A* | 253 | 8,015 | ||||||
Fair Isaac Corp.* | 23 | 27,573 | ||||||
Fortinet, Inc.* | 1,481 | 95,510 | ||||||
Intuit, Inc. | 254 | 160,358 | ||||||
Manhattan Associates, Inc.* | 219 | 53,121 | ||||||
Microsoft Corp. | 7,143 | 2,839,914 | ||||||
Nutanix, Inc., Class A* | 61 | 3,428 | ||||||
Oracle Corp. | 575 | 64,228 | ||||||
Palo Alto Networks, Inc.* | 475 | 160,792 | ||||||
Salesforce, Inc.* | 657 | 184,676 | ||||||
ServiceNow, Inc.* | 190 | 145,426 | ||||||
|
| |||||||
4,116,843 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (10.0%) | ||||||||
Apple, Inc. | 14,569 | 2,686,524 | ||||||
HP, Inc. | 162 | 4,651 | ||||||
NetApp, Inc. | 171 | 14,911 | ||||||
|
| |||||||
2,706,086 | ||||||||
|
| |||||||
Total Information Technology | 10,757,883 | |||||||
|
| |||||||
Materials (0.7%) | ||||||||
Chemicals (0.4%) | ||||||||
Linde plc | 26 | 10,525 | ||||||
RPM International, Inc. | 176 | 18,772 | ||||||
Sherwin-Williams Co. (The) | 249 | 75,791 | ||||||
|
| |||||||
105,088 | ||||||||
|
| |||||||
Construction Materials (0.2%) | ||||||||
Eagle Materials, Inc. | 143 | 32,358 | ||||||
Vulcan Materials Co. | 57 | 12,883 | ||||||
|
| |||||||
45,241 | ||||||||
|
| |||||||
Containers & Packaging (0.1%) | ||||||||
Avery Dennison Corp. | 54 | 10,770 | ||||||
Graphic Packaging Holding Co. | 803 | 20,485 | ||||||
|
| |||||||
31,255 | ||||||||
|
| |||||||
Total Materials | 181,584 | |||||||
|
| |||||||
Utilities (0.2%) | ||||||||
Independent Power and Renewable Electricity Producers (0.2%) | ||||||||
AES Corp. (The) | 1,692 | 28,222 | ||||||
Vistra Corp. | 991 | 40,661 | ||||||
|
| |||||||
Total Utilities | 68,883 | |||||||
|
| |||||||
Total Common Stocks (99.6%) |
| 27,004,291 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (0.0%)† | ||||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield) (xx) | 269 | 269 | ||||||
|
| |||||||
Total Short-Term Investment (0.0%)† |
| 269 | ||||||
|
| |||||||
Total Investments in Securities (99.6%) |
| 27,004,560 | ||||||
Other Assets Less Liabilities (0.4%) | 112,580 | |||||||
|
| |||||||
Net Assets (100%) | $ | 27,117,140 | ||||||
|
|
* | Non-income producing. |
† | Percent shown is less than 0.05%. |
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $253. This was collateralized by cash of $269 which was subsequently invested in investment companies. |
See Notes to Portfolio of Investments.
3
1290 FUNDS
1290 AVANTIS® U.S. LARGE CAP GROWTH FUND (FORMERLY, 1290 RETIREMENT 2060 FUND)
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
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 | $ | 3,401,625 | $ | — | $ | — | $ | 3,401,625 | ||||||||
Consumer Discretionary | 4,124,086 | — | — | 4,124,086 | ||||||||||||
Consumer Staples | 1,130,365 | — | — | 1,130,365 | ||||||||||||
Energy | 736,542 | — | — | 736,542 | ||||||||||||
Financials | 1,752,367 | — | — | 1,752,367 | ||||||||||||
Health Care | 2,065,237 | — | — | 2,065,237 | ||||||||||||
Industrials | 2,785,719 | — | — | 2,785,719 | ||||||||||||
Information Technology | 10,757,883 | — | — | 10,757,883 | ||||||||||||
Materials | 181,584 | — | — | 181,584 | ||||||||||||
Utilities | 68,883 | — | — | 68,883 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 269 | — | — | 269 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 27,004,560 | $ | — | $ | — | $ | 27,004,560 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 27,004,560 | $ | — | $ | — | $ | 27,004,560 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 2,215,675 | ||
Aggregate gross unrealized depreciation | (235,466 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,980,209 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 25,024,351 | ||
|
|
See Notes to Portfolio of Investments.
4
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
LONG-TERM DEBT SECURITIES: | ||||||||
Commercial Mortgage-Backed Securities (0.8%) | ||||||||
Citigroup Commercial Mortgage Trust, | ||||||||
Series 2015-GC27 D | ||||||||
4.566%, 2/10/48(l)§ | $ | 3,450,000 | $ | 3,056,729 | ||||
Morgan Stanley Bank of America Merrill Lynch Trust, | ||||||||
Series 2015-C24 D | ||||||||
3.257%, 5/15/48§ | 2,520,000 | 2,105,099 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities | 5,161,828 | |||||||
|
| |||||||
Convertible Bond (0.5%) | ||||||||
Information Technology (0.5%) | ||||||||
Technology Hardware, Storage & Peripherals (0.5%) | ||||||||
Western Digital Corp. | ||||||||
1.500%, 2/1/24(e) | 3,450,000 | 3,449,487 | ||||||
|
| |||||||
Total Information Technology | 3,449,487 | |||||||
|
| |||||||
Total Convertible Bond | 3,449,487 | |||||||
|
| |||||||
Corporate Bonds (7.1%) | ||||||||
Communication Services (0.5%) | ||||||||
Diversified Telecommunication Services (0.5%) | ||||||||
Altice France SA | ||||||||
5.500%, 1/15/28§ | 3,800,000 | 2,992,500 | ||||||
|
| |||||||
Total Communication Services | 2,992,500 | |||||||
|
| |||||||
Energy (3.2%) | ||||||||
Oil, Gas & Consumable Fuels (3.2%) | ||||||||
Baytex Energy Corp. | ||||||||
8.500%, 4/30/30§ | 5,720,000 | 5,921,401 | ||||||
Devon Energy Corp. | ||||||||
7.875%, 9/30/31 | 1,190,000 | 1,358,795 | ||||||
Petroleos Mexicanos | ||||||||
5.350%, 2/12/28 | 14,860,000 | 12,982,736 | ||||||
|
| |||||||
Total Energy | 20,262,932 | |||||||
|
| |||||||
Financials (1.4%) | ||||||||
Capital Markets (0.9%) | ||||||||
Ares Capital Corp. | ||||||||
4.250%, 3/1/25 | 1,070,000 | 1,049,498 | ||||||
Golub Capital BDC, Inc. | ||||||||
2.500%, 8/24/26 | 5,275,000 | 4,812,772 | ||||||
|
| |||||||
5,862,270 | ||||||||
|
| |||||||
Financial Services (0.5%) | ||||||||
Freedom Mortgage Corp. | ||||||||
6.625%, 1/15/27§ | 3,210,000 | 3,073,575 | ||||||
|
| |||||||
Total Financials | 8,935,845 | |||||||
|
| |||||||
Information Technology (0.6%) | ||||||||
Technology Hardware, Storage & Peripherals (0.6%) | ||||||||
Dell International LLC | ||||||||
3.375%, 12/15/41 | 4,790,000 | 3,632,853 | ||||||
|
| |||||||
Total Information Technology | 3,632,853 | |||||||
|
| |||||||
Materials (0.6%) | ||||||||
Metals & Mining (0.6%) | ||||||||
Corp. Nacional del Cobre de Chile | ||||||||
6.440%, 1/26/36§ | 1,130,000 | 1,169,550 | ||||||
6.300%, 9/8/53§ | 1,570,000 | 1,541,049 | ||||||
First Quantum Minerals Ltd. | ||||||||
7.500%, 4/1/25§ | 1,380,000 | 1,340,491 | ||||||
|
| |||||||
Total Materials | 4,051,090 | |||||||
|
| |||||||
Real Estate (0.8%) | ||||||||
Specialized REITs (0.8%) | ||||||||
Equinix, Inc. (REIT) | ||||||||
2.500%, 5/15/31 | 5,925,000 | 5,018,374 | ||||||
|
| |||||||
Total Real Estate | 5,018,374 | |||||||
|
| |||||||
Total Corporate Bonds | 44,893,594 | |||||||
|
| |||||||
Foreign Government Securities (14.9%) | ||||||||
Commonwealth of Australia | ||||||||
2.750%, 4/21/24(m) | AUD | 19,100,000 | 12,490,022 | |||||
Notas do Tesouro Nacional | ||||||||
10.000%, 1/1/31 | BRL | 96,000,000 | 18,923,000 | |||||
Republic of South Africa | ||||||||
Series 2048 | ||||||||
8.750%, 2/28/48 | ZAR | 928,000,000 | 36,357,105 | |||||
Titulos de Tesoreria | ||||||||
Series B | ||||||||
7.250%, 10/26/50 | COP | 139,480,000,000 | 26,802,748 | |||||
|
| |||||||
Total Foreign Government Securities | 94,572,875 | |||||||
|
| |||||||
Mortgage-Backed Securities (38.0%) | ||||||||
FHLMC UMBS | ||||||||
4.000%, 7/1/52 | $ | 29,873,119 | 28,158,695 | |||||
FNMA UMBS | ||||||||
5.000%, 10/1/52 | 1,861,863 | 1,842,521 | ||||||
5.000%, 11/1/52 | 30,117,658 | 29,795,371 | ||||||
5.500%, 12/1/52 | 3,734,282 | 3,750,305 | ||||||
5.500%, 1/1/53 | 29,826,236 | 29,954,218 | ||||||
GNMA | ||||||||
5.000%, 10/20/52 | 3,233,412 | 3,217,962 | ||||||
5.500%, 10/20/52 | 26,987,226 | 27,193,385 | ||||||
5.000%, 2/20/53 | 12,338,781 | 12,279,824 | ||||||
5.500%, 2/20/53 | 7,245,249 | 7,307,388 | ||||||
5.000%, 3/20/53 | 13,388,202 | 13,336,782 | ||||||
5.500%, 4/20/53 | 22,385,924 | 22,570,923 | ||||||
5.500%, 5/20/53 | 16,144,158 | 16,267,484 | ||||||
5.000%, 6/20/53 | 10,231,484 | 10,176,201 | ||||||
5.500%, 6/20/53 | 5,929,891 | 5,975,190 | ||||||
5.500%, 9/20/53 | 14,438,011 | 14,548,305 | ||||||
5.500%, 10/20/53 | 14,982,072 | 15,096,522 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 241,471,076 | |||||||
|
| |||||||
U.S. Treasury Obligations (33.1%) | ||||||||
U.S. Treasury Bonds | ||||||||
2.875%, 5/15/52 | 99,550,000 | 76,731,279 | ||||||
U.S. Treasury Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.13%), 5.420%, 7/31/25(k) | 14,790,000 | 14,773,151 |
See Notes to Portfolio of Investments.
5
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
3.875%, 8/15/33 | $ | 119,630,000 | $ | 118,732,775 | ||||
|
| |||||||
Total U.S. Treasury Obligations | 210,237,205 | |||||||
|
| |||||||
Total Long-Term Debt Securities (94.4%) |
| 599,786,065 | ||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (1.7%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | ||||||||
5.62% (7 day yield) | 10,940,060 | 10,947,718 | ||||||
|
| |||||||
Total Short-Term Investment (1.7%) |
| 10,947,718 | ||||||
|
| |||||||
Total Investments in Securities (96.1%) |
| 610,733,783 | ||||||
Other Assets Less Liabilities (3.9%) |
| 24,739,810 | ||||||
|
| |||||||
Net Assets (100%) |
| $ | 635,473,593 | |||||
|
|
§ | 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, 2024, the market value of these securities amounted to $21,200,394 or 3.3% of net assets. |
(e) | Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 31, 2024. 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, 2024. |
(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, 2024. |
(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, 2024, the market value or fair value, as applicable, of these securities amounted to $12,490,022 or 2.0% of net assets. |
Glossary:
AUD — Australian Dollar
BRL — Brazilian Real
CHF — Swiss Franc
CLP — Chilean Peso
COP — Colombian Peso
EUR — European Currency Unit
FHLMC — Federal Home Loan Mortgage Corp.
FNMA — Federal National Mortgage Association
GBP — British Pound
GNMA — Government National Mortgage Association
HUF — Hungarian Forint
JPY — Japanese Yen
KRW — Korean (South) Won
NOK — Norwegian Krone
NZD — New Zealand Dollar
REIT — Real Estate Investment Trust
SEK — Swedish Krona
UMBS — Uniform Mortgage-Backed Securities
USD — United States Dollar
ZAR — South African Rand
See Notes to Portfolio of Investments.
6
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Country Diversification
As a Percentage of Total Net Assets
Australia | 2.0 | % | ||
Brazil | 3.0 | |||
Canada | 0.9 | |||
Chile | 0.4 | |||
Colombia | 4.2 | |||
France | 0.5 | |||
Mexico | 2.1 | |||
South Africa | 5.7 | |||
United States | 77.1 | |||
Zambia | 0.2 | |||
Cash and Other | 3.9 | |||
|
| |||
100.0 | % | |||
|
|
Futures contracts outstanding as of January 31, 2024 (Note 1):
Description | Number of Contracts | Expiration Date | Trading Currency | Notional Amount ($) | Value and Unrealized Appreciation (Depreciation) ($) | |||||||||||||||
Long Contracts | ||||||||||||||||||||
Long Gilt | 544 | 3/2024 | GBP | 68,920,438 | 80,576 | |||||||||||||||
U.S. Treasury 5 Year Note | 3,270 | 3/2024 | USD | 354,437,344 | 6,910,720 | |||||||||||||||
U.S. Treasury 10 Year Ultra Note | 344 | 3/2024 | USD | 40,205,000 | 1,313,513 | |||||||||||||||
|
| |||||||||||||||||||
8,304,809 | ||||||||||||||||||||
|
| |||||||||||||||||||
Short Contracts | ||||||||||||||||||||
Japan 10 Year Bond | (221 | ) | 3/2024 | JPY | (219,603,547 | ) | (1,257,185 | ) | ||||||||||||
|
| |||||||||||||||||||
(1,257,185 | ) | |||||||||||||||||||
|
| |||||||||||||||||||
7,047,624 | ||||||||||||||||||||
|
|
See Notes to Portfolio of Investments.
7
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Forward Foreign Currency Contracts outstanding as of January 31, 2024 (Note 1):
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) ($) | ||||||||||||||
USD | 17,709,786 | EUR | 16,250,000 | HSBC Bank plc | 2/7/2024 | 144,778 | ||||||||||||
USD | 6,425,840 | EUR | 5,880,000 | JPMorgan Chase Bank | 2/7/2024 | 70,010 | ||||||||||||
USD | 12,793,883 | CLP | 11,210,000,000 | HSBC Bank plc** | 2/8/2024 | 745,083 | ||||||||||||
HUF | 14,750,000,000 | USD | 41,065,761 | Morgan Stanley | 2/14/2024 | 416,121 | ||||||||||||
USD | 539,258 | HUF | 190,000,000 | UBS AG | 2/14/2024 | 4,915 | ||||||||||||
USD | 18,456,422 | ZAR | 343,800,000 | Goldman Sachs Bank USA | 2/15/2024 | 113,831 | ||||||||||||
USD | 7,298,091 | ZAR | 135,500,000 | HSBC Bank plc | 2/15/2024 | 68,826 | ||||||||||||
ZAR | 237,100,000 | USD | 12,629,461 | Morgan Stanley | 2/15/2024 | 20,418 | ||||||||||||
USD | 542,257 | AUD | 820,000 | HSBC Bank plc | 3/6/2024 | 3,698 | ||||||||||||
USD | 305,281 | AUD | 450,000 | Morgan Stanley | 3/6/2024 | 9,730 | ||||||||||||
CHF | 400,000 | USD | 465,438 | Citibank NA | 3/12/2024 | 78 | ||||||||||||
USD | 18,933,409 | JPY | 2,684,000,000 | Goldman Sachs Bank USA | 3/15/2024 | 574,594 | ||||||||||||
USD | 31,477,551 | JPY | 4,472,000,000 | JPMorgan Chase Bank | 3/15/2024 | 888,647 | ||||||||||||
SEK | 325,000,000 | USD | 31,122,815 | Goldman Sachs Bank USA | 3/22/2024 | 168,932 | ||||||||||||
USD | 31,670,857 | SEK | 325,000,000 | Barclays Bank plc | 3/22/2024 | 379,109 | ||||||||||||
USD | 62,901,307 | NZD | 101,090,000 | Barclays Bank plc | 4/12/2024 | 1,107,012 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | 4,715,782 | |||||||||||||||||
|
| |||||||||||||||||
EUR | 25,510,000 | USD | 27,690,595 | Goldman Sachs Bank USA | 2/7/2024 | (116,234 | ) | |||||||||||
USD | 3,586,400 | EUR | 3,380,000 | JPMorgan Chase Bank | 2/7/2024 | (67,122 | ) | |||||||||||
CLP | 11,210,000,000 | USD | 12,400,192 | HSBC Bank plc** | 2/8/2024 | (351,393 | ) | |||||||||||
USD | 5,337,396 | ZAR | 101,600,000 | Citibank NA | 2/15/2024 | (83,218 | ) | |||||||||||
USD | 18,461,351 | ZAR | 351,000,000 | UBS AG | 2/15/2024 | (265,378 | ) | |||||||||||
AUD | 49,050,000 | USD | 32,900,288 | Barclays Bank plc | 3/6/2024 | (685,287 | ) | |||||||||||
AUD | 64,760,000 | USD | 43,009,305 | JPMorgan Chase Bank | 3/6/2024 | (476,309 | ) | |||||||||||
CHF | 15,960,000 | USD | 18,618,324 | Barclays Bank plc | 3/12/2024 | (44,244 | ) | |||||||||||
USD | 80,907,307 | CHF | 70,090,000 | Goldman Sachs Bank USA | 3/12/2024 | (662,701 | ) | |||||||||||
KRW | 16,630,000,000 | USD | 12,717,762 | Citibank NA** | 3/13/2024 | (229,646 | ) | |||||||||||
JPY | 7,156,000,000 | USD | 50,222,830 | JPMorgan Chase Bank | 3/15/2024 | (1,275,111 | ) | |||||||||||
JPY | 2,738,000,000 | USD | 18,797,973 | Morgan Stanley | 3/15/2024 | (69,793 | ) | |||||||||||
NOK | 190,600,000 | USD | 18,601,292 | Goldman Sachs Bank USA | 3/19/2024 | (458,600 | ) | |||||||||||
NOK | 226,400,000 | USD | 21,650,362 | JPMorgan Chase Bank | 3/19/2024 | (99,965 | ) | |||||||||||
NOK | 634,500,000 | USD | 61,947,767 | Morgan Stanley | 4/18/2024 | (1,513,511 | ) | |||||||||||
|
| |||||||||||||||||
Total unrealized depreciation | (6,398,512 | ) | ||||||||||||||||
|
| |||||||||||||||||
Net unrealized depreciation | (1,682,730 | ) | ||||||||||||||||
|
|
** | Non-deliverable forward. |
See Notes to Portfolio of Investments.
8
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
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: | ||||||||||||||||
Commercial Mortgage-Backed Securities | $ | — | $ | 5,161,828 | $ | — | $ | 5,161,828 | ||||||||
Convertible Bonds | ||||||||||||||||
Information Technology | — | 3,449,487 | — | 3,449,487 | ||||||||||||
Corporate Bonds | ||||||||||||||||
Communication Services | — | 2,992,500 | — | 2,992,500 | ||||||||||||
Energy | — | 20,262,932 | — | 20,262,932 | ||||||||||||
Financials | — | 8,935,845 | — | 8,935,845 | ||||||||||||
Information Technology | — | 3,632,853 | — | 3,632,853 | ||||||||||||
Materials | — | 4,051,090 | — | 4,051,090 | ||||||||||||
Real Estate | — | 5,018,374 | — | 5,018,374 | ||||||||||||
Foreign Government Securities | — | 94,572,875 | — | 94,572,875 | ||||||||||||
Forward Currency Contracts | — | 4,715,782 | — | 4,715,782 | ||||||||||||
Futures | 8,304,809 | — | — | 8,304,809 | ||||||||||||
Mortgage-Backed Securities | — | 241,471,076 | — | 241,471,076 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 10,947,718 | — | — | 10,947,718 | ||||||||||||
U.S. Treasury Obligations | — | 210,237,205 | — | 210,237,205 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 19,252,527 | $ | 604,501,847 | $ | — | $ | 623,754,374 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (6,398,512 | ) | $ | — | $ | (6,398,512 | ) | ||||||
Futures | (1,257,185 | ) | — | — | (1,257,185 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (1,257,185 | ) | $ | (6,398,512 | ) | $ | — | $ | (7,655,697 | ) | |||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 17,995,342 | $ | 598,103,335 | $ | — | $ | 616,098,677 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 28,852,686 | ||
Aggregate gross unrealized depreciation | (1,821,384 | ) | ||
|
| |||
Net unrealized appreciation | $ | 27,031,302 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 589,067,375 | ||
|
|
See Notes to Portfolio of Investments.
9
1290 FUNDS
1290 ESSEX SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Consumer Discretionary (10.3%) | ||||||||
Automobile Components (2.5%) | ||||||||
Patrick Industries, Inc. | 7,755 | $ | 778,524 | |||||
Superior Industries International, Inc.* | 166,739 | 576,917 | ||||||
|
| |||||||
1,355,441 | ||||||||
|
| |||||||
Diversified Consumer Services (3.0%) | ||||||||
Coursera, Inc.* | 31,327 | 599,599 | ||||||
Frontdoor, Inc.* | 8,691 | 284,717 | ||||||
Lincoln Educational Services Corp.* | 80,512 | 721,387 | ||||||
|
| |||||||
1,605,703 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (1.8%) | ||||||||
Kura Sushi USA, Inc., Class A(x)* | 5,765 | 565,719 | ||||||
Sweetgreen, Inc., Class A* | 38,317 | 409,226 | ||||||
|
| |||||||
974,945 | ||||||||
|
| |||||||
Household Durables (1.8%) | ||||||||
Century Communities, Inc. | 7,245 | 628,142 | ||||||
Lifetime Brands, Inc. | 42,546 | 341,644 | ||||||
|
| |||||||
969,786 | ||||||||
|
| |||||||
Specialty Retail (1.2%) | ||||||||
Revolve Group, Inc., Class A(x)* | 19,082 | 274,972 | ||||||
Stitch Fix, Inc., Class A* | 69,083 | 221,066 | ||||||
ThredUp, Inc., Class A* | 71,379 | 145,256 | ||||||
|
| |||||||
641,294 | ||||||||
|
| |||||||
Total Consumer Discretionary | 5,547,169 | |||||||
|
| |||||||
Consumer Staples (1.0%) | ||||||||
Food Products (1.0%) | ||||||||
SunOpta, Inc.* | 96,431 | 573,764 | ||||||
|
| |||||||
Total Consumer Staples | 573,764 | |||||||
|
| |||||||
Energy (2.9%) | ||||||||
Energy Equipment & Services (2.0%) | ||||||||
Expro Group Holdings NV* | 22,603 | 397,813 | ||||||
TETRA Technologies, Inc.* | 158,677 | 664,856 | ||||||
|
| |||||||
1,062,669 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels (0.9%) | ||||||||
Matador Resources Co. | 9,286 | 509,709 | ||||||
|
| |||||||
Total Energy | 1,572,378 | |||||||
|
| |||||||
Financials (6.7%) | ||||||||
Banks (1.2%) | ||||||||
Bancorp, Inc. (The)* | 14,745 | 643,472 | ||||||
|
| |||||||
Capital Markets (1.8%) | ||||||||
BGC Group, Inc., Class A | 60,612 | 427,920 | ||||||
Evercore, Inc., Class A | 3,238 | 556,062 | ||||||
|
| |||||||
983,982 | ||||||||
|
| |||||||
Financial Services (1.6%) | ||||||||
Paymentus Holdings, Inc., Class A* | 53,216 | 844,006 | ||||||
|
| |||||||
Insurance (2.1%) | ||||||||
HCI Group, Inc.(x) | 7,409 | 664,365 | ||||||
Heritage Insurance Holdings, Inc.* | 80,285 | 483,316 | ||||||
|
| |||||||
1,147,681 | ||||||||
|
| |||||||
Total Financials | 3,619,141 | |||||||
|
| |||||||
Health Care (25.7%) | ||||||||
Biotechnology (5.4%) | ||||||||
Dynavax Technologies Corp.(x)* | 32,234 | 416,463 | ||||||
Insmed, Inc.* | 28,011 | 778,706 | ||||||
Kiniksa Pharmaceuticals Ltd., Class A* | 35,868 | 632,353 | ||||||
UroGen Pharma Ltd.* | 30,122 | 472,915 | ||||||
Veracyte, Inc.* | 23,674 | 592,324 | ||||||
|
| |||||||
2,892,761 | ||||||||
|
| |||||||
Health Care Equipment & Supplies (7.8%) | ||||||||
Accuray, Inc.* | 140,922 | 364,988 | ||||||
Alphatec Holdings, Inc.* | 57,501 | 925,191 | ||||||
Axogen, Inc.* | 59,542 | 575,771 | ||||||
Brainsway Ltd. (ADR)* | 43,183 | 270,326 | ||||||
ClearPoint Neuro, Inc.(x)* | 40,293 | 280,439 | ||||||
Cutera, Inc.(x)* | 74,096 | 195,614 | ||||||
Inari Medical, Inc.* | 6,793 | 386,861 | ||||||
PROCEPT BioRobotics Corp.* | 15,460 | 715,798 | ||||||
Stereotaxis, Inc.(x)* | 252,557 | 510,165 | ||||||
|
| |||||||
4,225,153 | ||||||||
|
| |||||||
Health Care Providers & Services (3.6%) | ||||||||
Biodesix, Inc.(x)* | 174,800 | 349,600 | ||||||
PetIQ, Inc., Class A* | 26,684 | 479,511 | ||||||
Talkspace, Inc.* | 284,548 | 685,761 | ||||||
Viemed Healthcare, Inc.(x)* | 52,960 | 430,035 | ||||||
|
| |||||||
1,944,907 | ||||||||
|
| |||||||
Health Care Technology (3.1%) | ||||||||
Augmedix, Inc.* | 87,145 | 385,181 | ||||||
Health Catalyst, Inc.* | 40,702 | 397,659 | ||||||
OptimizeRx Corp.* | 18,301 | 258,410 | ||||||
Phreesia, Inc.* | 15,409 | 392,621 | ||||||
Sophia Genetics SA* | 55,508 | 254,782 | ||||||
|
| |||||||
1,688,653 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.5%) | ||||||||
Adaptive Biotechnologies Corp.* | 71,325 | 261,763 | ||||||
|
| |||||||
Pharmaceuticals (5.3%) | ||||||||
Aquestive Therapeutics, Inc.* | 182,315 | 435,733 | ||||||
Evolus, Inc.* | 52,603 | 667,532 | ||||||
EyePoint Pharmaceuticals, Inc.* | 31,758 | 855,243 | ||||||
MediWound Ltd.* | 24,889 | 317,833 | ||||||
Ocular Therapeutix, Inc.* | 80,111 | 389,339 | ||||||
Revance Therapeutics, Inc.* | 32,111 | 161,518 | ||||||
|
| |||||||
2,827,198 | ||||||||
|
| |||||||
Total Health Care | 13,840,435 | |||||||
|
| |||||||
Industrials (31.2%) | ||||||||
Aerospace & Defense (4.1%) | ||||||||
Kratos Defense & Security Solutions, Inc.* | 50,716 | 858,622 | ||||||
Leonardo DRS, Inc.* | 67,757 | 1,315,163 | ||||||
|
| |||||||
2,173,785 | ||||||||
|
| |||||||
Building Products (3.6%) | ||||||||
Builders FirstSource, Inc.* | 3,627 | 630,119 | ||||||
Caesarstone Ltd.* | 37,399 | 149,596 | ||||||
Gibraltar Industries, Inc.* | 7,078 | 572,752 | ||||||
Griffon Corp. | 10,164 | 592,154 | ||||||
|
| |||||||
1,944,621 | ||||||||
|
| |||||||
Commercial Services & Supplies (4.7%) | ||||||||
CECO Environmental Corp.* | 43,624 | 843,252 | ||||||
Enviri Corp.* | 71,941 | 619,412 | ||||||
Montrose Environmental Group, Inc.* | 13,676 | 399,476 | ||||||
Performant Financial Corp.* | 122,401 | 345,171 | ||||||
Perma-Fix Environmental Services, Inc.* | 40,001 | 316,008 | ||||||
|
| |||||||
2,523,319 | ||||||||
|
| |||||||
Construction & Engineering (4.9%) | ||||||||
Argan, Inc. | 10,561 | 468,169 | ||||||
Great Lakes Dredge & Dock Corp.* | 62,348 | 476,339 | ||||||
Matrix Service Co.* | 43,445 | 403,170 | ||||||
Orion Group Holdings, Inc.* | 44,950 | 254,417 |
See Notes to Portfolio of Investments.
10
1290 FUNDS
1290 ESSEX SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Sterling Infrastructure, Inc.* | 13,745 | $ | 1,032,249 | |||||
|
| |||||||
2,634,344 | ||||||||
|
| |||||||
Electrical Equipment (2.4%) | ||||||||
American Superconductor Corp.* | 47,858 | 526,438 | ||||||
LSI Industries, Inc. | 55,971 | 764,564 | ||||||
|
| |||||||
1,291,002 | ||||||||
|
| |||||||
Ground Transportation (0.5%) | ||||||||
Covenant Logistics Group, Inc., Class A | 5,901 | 285,254 | ||||||
|
| |||||||
Machinery (3.4%) | ||||||||
3D Systems Corp.* | 46,787 | 224,110 | ||||||
Graham Corp.* | 33,725 | 656,288 | ||||||
Manitex International, Inc.* | 65,257 | 488,122 | ||||||
Stratasys Ltd.* | 34,899 | 461,365 | ||||||
|
| |||||||
1,829,885 | ||||||||
|
| |||||||
Professional Services (4.2%) | ||||||||
DLH Holdings Corp.* | 20,919 | 328,428 | ||||||
Fiverr International Ltd.(x)* | 22,155 | 596,413 | ||||||
Innodata, Inc.(x)* | 34,185 | 354,498 | ||||||
Legalzoom.com, Inc.* | 43,657 | 450,104 | ||||||
Willdan Group, Inc.* | 28,725 | 549,797 | ||||||
|
| |||||||
2,279,240 | ||||||||
|
| |||||||
Trading Companies & Distributors (3.4%) | ||||||||
Alta Equipment Group, Inc. | 35,205 | 376,693 | ||||||
MRC Global, Inc.* | 55,869 | 595,564 | ||||||
Transcat, Inc.* | 7,959 | 875,808 | ||||||
|
| |||||||
1,848,065 | ||||||||
|
| |||||||
Total Industrials | 16,809,515 | |||||||
|
| |||||||
Information Technology (17.2%) | ||||||||
Communications Equipment (3.4%) | ||||||||
AudioCodes Ltd. | 36,901 | 412,922 | ||||||
Ceragon Networks Ltd.* | 229,342 | 564,181 | ||||||
Digi International, Inc.* | 13,623 | 331,175 | ||||||
Lantronix, Inc.* | 86,380 | 525,191 | ||||||
|
| |||||||
1,833,469 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (4.6%) | ||||||||
Identiv, Inc.(x)* | 84,135 | 657,936 | ||||||
Luna Innovations, Inc.(x)* | 75,920 | 544,346 | ||||||
Mirion Technologies, Inc., Class A* | 66,685 | 630,173 | ||||||
Novanta, Inc.* | 4,235 | 654,519 | ||||||
|
| |||||||
2,486,974 | ||||||||
|
| |||||||
IT Services (1.3%) | ||||||||
Endava plc (ADR)* | 9,796 | 693,263 | ||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (2.8%) | ||||||||
Aehr Test Systems* | 17,602 | 261,390 | ||||||
Amtech Systems, Inc.* | 30,433 | 124,167 | ||||||
Ichor Holdings Ltd.* | 16,531 | 598,422 | ||||||
Kopin Corp.* | 283,732 | 507,880 | ||||||
|
| |||||||
1,491,859 | ||||||||
|
| |||||||
Software (4.2%) | ||||||||
Cognyte Software Ltd.* | 71,736 | 507,891 | ||||||
Docebo, Inc.* | 11,380 | 500,151 | ||||||
Domo, Inc., Class B* | 32,383 | 352,003 | ||||||
LiveRamp Holdings, Inc.* | 8,804 | 347,582 | ||||||
Zeta Global Holdings Corp., Class A* | 58,420 | 565,506 | ||||||
|
| |||||||
2,273,133 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (0.9%) | ||||||||
Turtle Beach Corp.* | 42,521 | 483,464 | ||||||
|
| |||||||
Total Information Technology | 9,262,162 | |||||||
|
| |||||||
Materials (1.2%) | ||||||||
Chemicals (1.2%) | ||||||||
Aspen Aerogels, Inc.* | 57,399 | 644,591 | ||||||
|
| |||||||
Total Materials | 644,591 | |||||||
|
| |||||||
Total Common Stocks (96.2%) |
| 51,869,155 | ||||||
|
| |||||||
EXCHANGE TRADED FUND (ETF): | ||||||||
Equity (0.5%) | ||||||||
iShares Russell 2000 Growth ETF | 1,071 | 261,720 | ||||||
|
| |||||||
Total Exchange Traded Fund (0.5%) |
| 261,720 | ||||||
|
| |||||||
SHORT-TERM INVESTMENTS: | ||||||||
Investment Companies (7.1%) | ||||||||
BlackRock Liquidity FedFund, Institutional Shares 5.22% (7 day yield)(xx) | 200,387 | 200,387 | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.22% (7 day yield)(xx) | 64,354 | 64,354 | ||||||
Goldman Sachs Financial Square Government Fund 5.22% (7 day yield)(xx) | 150,000 | 150,000 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 2,309,203 | 2,309,203 | ||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 1,074,685 | 1,075,436 | ||||||
|
| |||||||
Total Investment Companies | 3,799,380 | |||||||
|
| |||||||
Total Short-Term Investments (7.1%) |
| 3,799,380 | ||||||
|
| |||||||
Total Investments in Securities (103.8%) |
| 55,930,255 | ||||||
Other Assets Less Liabilities (-3.8%) | (2,021,867 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 53,908,388 | ||||||
|
|
* | Non-income producing. |
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $2,581,050. This was collateralized by cash of $2,723,944 which was subsequently invested in investment companies. |
Glossary:
ADR — American Depositary Receipt
See Notes to Portfolio of Investments.
11
1290 FUNDS
1290 ESSEX SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $ | 5,547,169 | $ | — | $ | — | $ | 5,547,169 | ||||||||
Consumer Staples | 573,764 | — | — | 573,764 | ||||||||||||
Energy | 1,572,378 | — | — | 1,572,378 | ||||||||||||
Financials | 3,619,141 | — | — | 3,619,141 | ||||||||||||
Health Care | 13,840,435 | — | — | 13,840,435 | ||||||||||||
Industrials | 16,809,515 | — | — | 16,809,515 | ||||||||||||
Information Technology | 9,262,162 | — | — | 9,262,162 | ||||||||||||
Materials | 644,591 | — | — | 644,591 | ||||||||||||
Exchange Traded Fund | 261,720 | — | — | 261,720 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 3,799,380 | — | — | 3,799,380 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 55,930,255 | $ | — | $ | — | $ | 55,930,255 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 55,930,255 | $ | — | $ | — | $ | 55,930,255 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, 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 | $ | 8,450,305 | ||
Aggregate gross unrealized depreciation | (4,762,207 | ) | ||
|
| |||
Net unrealized appreciation | $ | 3,688,098 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 52,242,157 | ||
|
|
See Notes to Portfolio of Investments.
12
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Communication Services (15.8%) | ||||||||
Diversified Telecommunication Services (1.1%) | ||||||||
EchoStar Corp., Class A* | 37,292 | $ | 499,340 | |||||
Telesat Corp.* | 110,000 | 1,084,600 | ||||||
|
| |||||||
1,583,940 | ||||||||
|
| |||||||
Entertainment (4.4%) | ||||||||
Atlanta Braves Holdings, Inc., Class A(x)* | 40,500 | 1,744,335 | ||||||
Atlanta Braves Holdings, Inc., Class C* | 19,000 | 765,890 | ||||||
Liberty Media Corp.-Liberty Live, Class A* | 1,000 | 36,830 | ||||||
Madison Square Garden Entertainment Corp., Class A* | 19,000 | 633,460 | ||||||
Madison Square Garden Sports Corp.* | 12,000 | 2,221,200 | ||||||
Sphere Entertainment Co.* | 26,000 | 919,880 | ||||||
|
| |||||||
6,321,595 | ||||||||
|
| |||||||
Media (8.5%) | ||||||||
Altice USA, Inc., Class A* | 4,500 | 10,980 | ||||||
AMC Networks, Inc., Class A* | 18,000 | 325,620 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 313,000 | 538,360 | ||||||
Corus Entertainment, Inc., Class B | 127,000 | 89,739 | ||||||
EW Scripps Co. (The), Class A* | 28,000 | 223,160 | ||||||
Grupo Televisa SAB (ADR) | 475,000 | 1,429,750 | ||||||
JCDecaux SE* | 31,000 | 642,811 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A* | 4,000 | 121,560 | ||||||
News Corp., Class B | 20,000 | 511,400 | ||||||
Nexstar Media Group, Inc., Class A | 10,200 | 1,812,642 | ||||||
Paramount Global, Class A(x) | 111,000 | 2,589,630 | ||||||
Paramount Global, Class B | 25,000 | 364,750 | ||||||
Sinclair, Inc.(x) | 145,000 | 2,276,500 | ||||||
Sirius XM Holdings, Inc.(x) | 27,760 | 141,298 | ||||||
TEGNA, Inc. | 56,000 | 873,040 | ||||||
WideOpenWest, Inc.* | 32,000 | 118,720 | ||||||
|
| |||||||
12,069,960 | ||||||||
|
| |||||||
Wireless Telecommunication Services (1.8%) | ||||||||
Gogo, Inc.* | 12,900 | 114,165 | ||||||
Millicom International Cellular SA* | 42,000 | 715,680 | ||||||
Telephone and Data Systems, Inc. | 30,000 | 576,300 | ||||||
United States Cellular Corp.* | 27,200 | 1,207,680 | ||||||
|
| |||||||
2,613,825 | ||||||||
|
| |||||||
Total Communication Services | 22,589,320 | |||||||
|
| |||||||
Consumer Discretionary (15.5%) | ||||||||
Automobile Components (6.1%) | ||||||||
Dana, Inc. | 98,000 | 1,328,880 | ||||||
Garrett Motion, Inc.* | 10,000 | 85,900 | ||||||
Gentex Corp. | 24,000 | 795,120 | ||||||
Gentherm, Inc.* | 3,300 | 158,895 | ||||||
Goodyear Tire & Rubber Co. (The)* | 140,000 | 1,951,600 | ||||||
Modine Manufacturing Co.* | 48,000 | 3,316,320 | ||||||
Strattec Security Corp.* | 44,500 | 1,123,625 | ||||||
|
| |||||||
8,760,340 | ||||||||
|
| |||||||
Automobiles (0.1%) | ||||||||
Winnebago Industries, Inc. | 2,000 | 131,440 | ||||||
|
| |||||||
Diversified Consumer Services (0.4%) | ||||||||
Graham Holdings Co., Class B | 600 | 432,240 | ||||||
H&R Block, Inc. | 1,500 | 70,260 | ||||||
|
| |||||||
502,500 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (3.1%) | ||||||||
Bally’s Corp.* | 18,000 | 202,680 | ||||||
Caesars Entertainment, Inc.* | 32,000 | 1,403,840 | ||||||
Churchill Downs, Inc. | 4,000 | 483,880 | ||||||
Golden Entertainment, Inc. | 22,500 | 863,550 | ||||||
Nathan’s Famous, Inc. | 19,500 | 1,391,325 | ||||||
Wynn Resorts Ltd. | 800 | 75,544 | ||||||
|
| |||||||
4,420,819 | ||||||||
|
| |||||||
Household Durables (1.1%) | ||||||||
Bassett Furniture Industries, Inc. | 24,000 | 372,000 | ||||||
Lennar Corp., Class B | 9,000 | 1,248,750 | ||||||
|
| |||||||
1,620,750 | ||||||||
|
| |||||||
Leisure Products (1.7%) | ||||||||
Brunswick Corp. | 14,000 | 1,129,520 | ||||||
Johnson Outdoors, Inc., Class A | 24,500 | 1,096,620 | ||||||
Mattel, Inc.* | 12,900 | 230,781 | ||||||
|
| |||||||
2,456,921 | ||||||||
|
| |||||||
Specialty Retail (3.0%) | ||||||||
Advance Auto Parts, Inc. | 20,500 | 1,370,425 | ||||||
AutoNation, Inc.* | 7,500 | 1,047,450 | ||||||
Lands’ End, Inc.* | 10,000 | 94,700 | ||||||
Monro, Inc. | 44,000 | 1,401,840 | ||||||
Valvoline, Inc.* | 10,000 | 364,900 | ||||||
|
| |||||||
4,279,315 | ||||||||
|
| |||||||
Total Consumer Discretionary | 22,172,085 | |||||||
|
| |||||||
Consumer Staples (8.7%) | ||||||||
Beverages (1.4%) | ||||||||
Boston Beer Co., Inc. (The), Class A* | 500 | 174,635 | ||||||
National Beverage Corp.* | 19,000 | 878,560 | ||||||
Remy Cointreau SA | 9,400 | 951,320 | ||||||
|
| |||||||
2,004,515 | ||||||||
|
| |||||||
Consumer Staples Distribution & Retail (0.3%) | ||||||||
Ingles Markets, Inc., Class A | 2,000 | 168,500 | ||||||
Village Super Market, Inc., Class A | 8,900 | 226,327 | ||||||
|
| |||||||
394,827 | ||||||||
|
| |||||||
Food Products (3.3%) | ||||||||
Bunge Global SA | 3,500 | 308,315 | ||||||
Calavo Growers, Inc. | 29,500 | 769,655 | ||||||
Farmer Bros Co.* | 96,000 | 337,920 | ||||||
Hain Celestial Group, Inc. (The)* | 44,000 | 471,240 | ||||||
J M Smucker Co. (The) | 13,000 | 1,710,150 | ||||||
Maple Leaf Foods, Inc.(x) | 47,000 | 896,337 | ||||||
McCormick & Co., Inc. (Non-Voting) | 2,900 | 197,200 | ||||||
|
| |||||||
4,690,817 | ||||||||
|
| |||||||
Household Products (3.0%) | ||||||||
Energizer Holdings, Inc. | 62,000 | 1,960,440 | ||||||
Spectrum Brands Holdings, Inc. | 31,000 | 2,437,220 | ||||||
|
| |||||||
4,397,660 | ||||||||
|
| |||||||
Personal Care Products (0.7%) | ||||||||
Edgewell Personal Care Co. | 27,300 | 1,011,465 | ||||||
|
| |||||||
Total Consumer Staples | 12,499,284 | |||||||
|
| |||||||
Energy (1.3%) | ||||||||
Energy Equipment & Services (1.3%) | ||||||||
Dril-Quip, Inc.* | 56,500 | 1,133,955 | ||||||
RPC, Inc. | 104,000 | 760,240 | ||||||
|
| |||||||
Total Energy | 1,894,195 | |||||||
|
| |||||||
Financials (2.2%) | ||||||||
Banks (1.7%) | ||||||||
Cadence Bank | 9,000 | 239,580 | ||||||
Flushing Financial Corp. | 27,000 | 432,810 | ||||||
SouthState Corp. | 4,500 | 373,950 |
See Notes to Portfolio of Investments.
13
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Synovus Financial Corp. | 37,000 | $ | 1,393,420 | |||||
|
| |||||||
2,439,760 | ||||||||
|
| |||||||
Capital Markets (0.3%) | ||||||||
Affiliated Managers Group, Inc. | 1,200 | 178,608 | ||||||
Janus Henderson Group plc | 10,000 | 287,600 | ||||||
|
| |||||||
466,208 | ||||||||
|
| |||||||
Financial Services (0.2%) | ||||||||
NCR Atleos Corp.* | 9,000 | 201,510 | ||||||
|
| |||||||
Total Financials | 3,107,478 | |||||||
|
| |||||||
Health Care (2.8%) | ||||||||
Health Care Equipment & Supplies (0.3%) | ||||||||
Cutera, Inc.(x)* | 2,000 | 5,280 | ||||||
QuidelOrtho Corp.* | 5,500 | 376,805 | ||||||
|
| |||||||
382,085 | ||||||||
|
| |||||||
Health Care Providers & Services (0.8%) | ||||||||
Henry Schein, Inc.* | 2,000 | 149,680 | ||||||
Option Care Health, Inc.* | 17,500 | 546,700 | ||||||
Patterson Cos., Inc. | 18,000 | 537,480 | ||||||
|
| |||||||
1,233,860 | ||||||||
|
| |||||||
Health Care Technology (0.4%) | ||||||||
Evolent Health, Inc., Class A* | 17,000 | 499,970 | ||||||
Teladoc Health, Inc.* | 2,900 | 56,347 | ||||||
|
| |||||||
556,317 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.1%) | ||||||||
Bio-Rad Laboratories, Inc., Class A* | 300 | 96,267 | ||||||
|
| |||||||
Pharmaceuticals (1.2%) | ||||||||
Perrigo Co. plc | 35,000 | 1,122,800 | ||||||
Teva Pharmaceutical Industries | ||||||||
Ltd. (ADR)* | 48,000 | 580,800 | ||||||
|
| |||||||
1,703,600 | ||||||||
|
| |||||||
Total Health Care | 3,972,129 | |||||||
|
| |||||||
Industrials (37.8%) | ||||||||
Aerospace & Defense (6.7%) | ||||||||
AAR Corp.* | 18,100 | 1,100,842 | ||||||
Kaman Corp. | 64,000 | 2,883,200 | ||||||
Moog, Inc., Class A | 10,500 | 1,467,900 | ||||||
Moog, Inc., Class B | 12,900 | 1,803,420 | ||||||
Park Aerospace Corp. | 2,000 | 29,500 | ||||||
Textron, Inc. | 27,300 | 2,312,583 | ||||||
|
| |||||||
9,597,445 | ||||||||
|
| |||||||
Building Products (2.4%) | ||||||||
AZZ, Inc. | 31,000 | 1,935,950 | ||||||
Griffon Corp. | 25,000 | 1,456,500 | ||||||
|
| |||||||
3,392,450 | ||||||||
|
| |||||||
Commercial Services & Supplies (1.3%) | ||||||||
Matthews International Corp., Class A | 47,000 | 1,546,300 | ||||||
OPENLANE, Inc.* | 20,000 | 281,600 | ||||||
|
| |||||||
1,827,900 | ||||||||
|
| |||||||
Construction & Engineering (1.3%) | ||||||||
Arcosa, Inc. | 13,000 | 1,017,640 | ||||||
MDU Resources Group, Inc. | 2,400 | 46,824 | ||||||
Valmont Industries, Inc. | 3,600 | 812,556 | ||||||
|
| |||||||
1,877,020 | ||||||||
|
| |||||||
Machinery (22.8%) | ||||||||
Astec Industries, Inc. | 51,000 | 1,815,600 | ||||||
CNH Industrial NV | 31,300 | 375,600 | ||||||
Commercial Vehicle Group, Inc.* | 90,000 | 584,100 | ||||||
Crane Co. | 18,500 | 2,296,035 | ||||||
Donaldson Co., Inc. | 800 | 51,672 | ||||||
Eastern Co. (The)(x) | 28,000 | 688,520 | ||||||
Enerpac Tool Group Corp., Class A | 22,000 | 687,060 | ||||||
Enpro, Inc. | 18,000 | 2,688,840 | ||||||
Flowserve Corp. | 43,000 | 1,716,990 | ||||||
Gorman-Rupp Co. (The) | 11,000 | 367,290 | ||||||
Graco, Inc. | 2,500 | 213,250 | ||||||
Hyster-Yale Materials Handling, Inc. | 40,500 | 2,661,660 | ||||||
Ingersoll Rand, Inc. | 16,000 | 1,277,760 | ||||||
ITT, Inc. | 12,000 | 1,449,360 | ||||||
Iveco Group NV* | 60,000 | 639,859 | ||||||
Kennametal, Inc. | 19,000 | 465,880 | ||||||
L B Foster Co., Class A* | 42,000 | 965,580 | ||||||
LS Starrett Co. (The), Class A* | 12,000 | 160,800 | ||||||
Manitowoc Co., Inc. (The)* | 17,500 | 281,750 | ||||||
Mueller Industries, Inc. | 63,500 | 3,048,000 | ||||||
Mueller Water Products, Inc., Class A | 13,700 | 187,827 | ||||||
Park-Ohio Holdings Corp. | 72,000 | 1,781,280 | ||||||
Shyft Group, Inc. (The) | 2,500 | 27,075 | ||||||
Snap-on, Inc. | 4,500 | 1,304,685 | ||||||
Standex International Corp. | 500 | 73,830 | ||||||
Tennant Co. | 11,500 | 1,086,980 | ||||||
Terex Corp. | 11,500 | 706,445 | ||||||
Timken Co. (The) | 1,000 | 81,910 | ||||||
Toro Co. (The) | 5,300 | 490,144 | ||||||
Trinity Industries, Inc. | 75,000 | 1,885,500 | ||||||
Twin Disc, Inc. | 110,200 | 1,684,958 | ||||||
Watts Water Technologies, Inc., Class A | 4,500 | 891,045 | ||||||
|
| |||||||
32,637,285 | ||||||||
|
| |||||||
Trading Companies & Distributors (3.3%) | ||||||||
Ashtead Group plc | 2,300 | 150,569 | ||||||
GATX Corp. | 12,900 | 1,582,185 | ||||||
Herc Holdings, Inc. | 20,500 | 3,023,545 | ||||||
MSC Industrial Direct Co., Inc., Class A | 200 | 19,736 | ||||||
|
| |||||||
4,776,035 | ||||||||
|
| |||||||
Total Industrials | 54,108,135 | |||||||
|
| |||||||
Information Technology (2.2%) | ||||||||
Communications Equipment (0.3%) | ||||||||
Viasat, Inc.(x)* | 18,000 | 400,140 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.7%) | ||||||||
Crane NXT Co. | 4,500 | 262,260 | ||||||
Landis+Gyr Group AG | 8,900 | 730,682 | ||||||
|
| |||||||
992,942 | ||||||||
|
| |||||||
IT Services (0.9%) | ||||||||
Kyndryl Holdings, Inc.* | 65,000 | 1,333,800 | ||||||
|
| |||||||
Software (0.3%) | ||||||||
A10 Networks, Inc. | 12,000 | 160,440 | ||||||
NCR Voyix Corp.* | 21,000 | 308,700 | ||||||
|
| |||||||
469,140 | ||||||||
|
| |||||||
Total Information Technology | 3,196,022 | |||||||
|
| |||||||
Materials (6.8%) | ||||||||
Chemicals (4.4%) | ||||||||
Axalta Coating Systems Ltd.* | 23,500 | 761,870 | ||||||
Core Molding Technologies, Inc.* | 69,500 | 1,202,350 | ||||||
Element Solutions, Inc. | 65,900 | 1,464,957 | ||||||
HB Fuller Co. | 9,700 | 734,969 | ||||||
Huntsman Corp. | 10,000 | 245,400 | ||||||
Scotts Miracle-Gro Co. (The) | 32,000 | 1,800,320 | ||||||
|
| |||||||
6,209,866 | ||||||||
|
| |||||||
Construction Materials (0.0%)† | ||||||||
Knife River Corp.* | 600 | 39,294 | ||||||
|
|
See Notes to Portfolio of Investments.
14
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Containers & Packaging (1.5%) | ||||||||
Ardagh Metal Packaging SA | 35,000 | $ | 129,150 | |||||
Greif, Inc., Class A | 19,000 | 1,189,590 | ||||||
Myers Industries, Inc. | 43,000 | 806,250 | ||||||
|
| |||||||
2,124,990 | ||||||||
|
| |||||||
Metals & Mining (0.9%) | ||||||||
Ampco-Pittsburgh Corp.* | 85,000 | 215,050 | ||||||
Freeport-McMoRan, Inc. | 18,500 | 734,265 | ||||||
Tredegar Corp. | 80,000 | 378,400 | ||||||
|
| |||||||
1,327,715 | ||||||||
|
| |||||||
Total Materials | 9,701,865 | |||||||
|
| |||||||
Real Estate (0.8%) | ||||||||
Hotel & Resort REITs (0.2%) | ||||||||
Ryman Hospitality Properties, Inc. (REIT) | 2,500 | 274,750 | ||||||
|
| |||||||
Real Estate Management & Development (0.6%) | ||||||||
Seritage Growth Properties, Class A(x)* | 16,000 | 146,400 | ||||||
St Joe Co. (The) | 13,500 | 745,200 | ||||||
|
| |||||||
891,600 | ||||||||
|
| |||||||
Total Real Estate | 1,166,350 | |||||||
|
| |||||||
Utilities (2.7%) | ||||||||
Gas Utilities (1.9%) | ||||||||
National Fuel Gas Co. | 31,000 | 1,461,960 | ||||||
Southwest Gas Holdings, Inc. | 20,500 | 1,202,940 | ||||||
|
| |||||||
2,664,900 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (0.8%) | ||||||||
AES Corp. (The) | 54,000 | 900,720 | ||||||
NextEra Energy Partners LP | 7,000 | 208,950 | ||||||
|
| |||||||
1,109,670 | ||||||||
|
| |||||||
Total Utilities | 3,774,570 | |||||||
|
| |||||||
Total Common Stocks (96.6%) | 138,181,433 | |||||||
|
| |||||||
Number of Rights | ||||||||
RIGHTS: | ||||||||
Industrials (0.0%)† | ||||||||
Electrical Equipment (0.0%)† | ||||||||
Pineapple Energy, Inc., CVR(r)* | 6,250 | 4,945 | ||||||
|
| |||||||
Number of Warrants | ||||||||
WARRANTS: | ||||||||
Health Care (0.0%)† | ||||||||
Health Care Providers & Services (0.0%)† | ||||||||
Option Care Health, Inc.,expiring 6/30/25* | 22 | 7 | ||||||
|
| |||||||
Total Health Care | 7 | |||||||
|
| |||||||
Materials (0.0%)† | ||||||||
Metals & Mining (0.0%)† | ||||||||
Ampco-Pittsburgh Corp.,expiring 8/1/25* | 30,000 | 2,673 | ||||||
|
| |||||||
Total Materials | 2,673 | |||||||
|
| |||||||
Total Warrants (0.0%)† | 2,680 | |||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENTS: | ||||||||
Investment Companies (4.4%) | ||||||||
BlackRock Liquidity FedFund, Institutional Shares 5.22% (7 day yield)(xx) | 394,325 | 394,325 | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.22% (7 day yield)(xx) | 59,115 | 59,115 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 1,524,852 | 1,524,852 | ||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 4,125,232 | 4,128,119 | ||||||
Morgan Stanley Institutional Liquidity Fund - Government Portfolio 5.21% (7 day yield) (xx) | 200,000 | 200,000 | ||||||
|
| |||||||
Total Investment Companies | 6,306,411 | |||||||
|
| |||||||
Total Short-Term Investments (4.4%) | 6,306,411 | |||||||
|
| |||||||
Total Investments in Securities (101.0%) | 144,495,469 | |||||||
Other Assets Less Liabilities (-1.0%) | (1,423,783 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 143,071,686 | ||||||
|
|
* | Non-income producing. |
† | Percent shown is less than 0.05%. |
(r) | Fair value determined using significant unobservable inputs. |
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $3,307,658. This was collateralized by $850,612 of various U.S. Government Treasury Securities, ranging from 0.125% – 6.250%, maturing 3/31/24 – 2/15/51 and by cash of $2,178,292 which was subsequently invested in investment companies. |
Glossary:
ADR — American Depositary Receipt
CVR — Contingent Value Right
REIT — Real Estate Investment Trust
See Notes to Portfolio of Investments.
15
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 21,946,509 | $ | 642,811 | $ | — | $ | 22,589,320 | ||||||||
Consumer Discretionary | 22,172,085 | — | — | 22,172,085 | ||||||||||||
Consumer Staples | 11,350,764 | 1,148,520 | — | 12,499,284 | ||||||||||||
Energy | 1,894,195 | — | — | 1,894,195 | ||||||||||||
Financials | 3,107,478 | — | — | 3,107,478 | ||||||||||||
Health Care | 3,972,129 | — | — | 3,972,129 | ||||||||||||
Industrials | 51,514,287 | 2,593,848 | — | 54,108,135 | ||||||||||||
Information Technology | 2,465,340 | 730,682 | — | 3,196,022 | ||||||||||||
Materials | 9,701,865 | — | — | 9,701,865 | ||||||||||||
Real Estate | 1,166,350 | — | — | 1,166,350 | ||||||||||||
Utilities | 3,774,570 | — | — | 3,774,570 | ||||||||||||
Rights | ||||||||||||||||
Industrials | — | — | 4,945 | 4,945 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 6,306,411 | — | — | 6,306,411 | ||||||||||||
Warrants | ||||||||||||||||
Health Care | — | 7 | — | 7 | ||||||||||||
Materials | — | 2,673 | — | 2,673 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 139,371,983 | $ | 5,118,541 | $ | 4,945 | $ | 144,495,469 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 139,371,983 | $ | 5,118,541 | $ | 4,945 | $ | 144,495,469 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, 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 | $ | 33,416,209 | ||
Aggregate gross unrealized depreciation | (10,268,003 | ) | ||
|
| |||
Net unrealized appreciation | $ | 23,148,206 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 121,347,263 | ||
|
|
See Notes to Portfolio of Investments.
16
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
LONG-TERM DEBT SECURITIES: | ||||||||
Corporate Bonds (96.3%) | ||||||||
Communication Services (10.7%) | ||||||||
Diversified Telecommunication Services (3.6%) | ||||||||
Altice France SA | ||||||||
8.125%, 2/1/27§ | $ | 200,000 | $ | 178,750 | ||||
CCO Holdings LLC | ||||||||
5.500%, 5/1/26§ | 187,000 | 184,672 | ||||||
6.375%, 9/1/29§ | 290,000 | 281,300 | ||||||
4.750%, 3/1/30§ | 175,000 | 155,400 | ||||||
4.500%, 5/1/32 | 426,000 | 355,821 | ||||||
4.500%, 6/1/33§ | 452,000 | 368,380 | ||||||
Level 3 Financing, Inc. | ||||||||
4.250%, 7/1/28§ | 191,000 | 64,940 | ||||||
Lumen Technologies, Inc. | ||||||||
5.125%, 12/15/26§ | 221,000 | 133,705 | ||||||
Windstream Escrow LLC | ||||||||
7.750%, 8/15/28(x)§ | 219,000 | 190,530 | ||||||
Zayo Group Holdings, Inc. | ||||||||
4.000%, 3/1/27§ | 356,000 | 270,560 | ||||||
6.125%, 3/1/28§ | 268,000 | 179,560 | ||||||
|
| |||||||
2,363,618 | ||||||||
|
| |||||||
Entertainment (0.5%) | ||||||||
Live Nation Entertainment, Inc. | ||||||||
4.875%, 11/1/24§ | 169,000 | 167,986 | ||||||
6.500%, 5/15/27§ | 186,000 | 187,200 | ||||||
|
| |||||||
355,186 | ||||||||
|
| |||||||
Interactive Media & Services (0.1%) | ||||||||
Rackspace Technology Global, Inc. | ||||||||
5.375%, 12/1/28§ | 157,000 | 49,062 | ||||||
|
| |||||||
Media (6.5%) | ||||||||
CSC Holdings LLC | ||||||||
11.750%, 1/31/29§ | 400,000 | 405,380 | ||||||
5.750%, 1/15/30§ | 400,000 | 212,000 | ||||||
Gray Television, Inc. | ||||||||
4.750%, 10/15/30§ | 314,000 | 246,490 | ||||||
McGraw-Hill Education, Inc. | ||||||||
8.000%, 8/1/29§ | 339,000 | 316,117 | ||||||
Nexstar Media, Inc. | ||||||||
5.625%, 7/15/27§ | 351,000 | 340,470 | ||||||
Outfront Media Capital LLC | ||||||||
5.000%, 8/15/27§ | 362,000 | 347,520 | ||||||
Sinclair Television Group, Inc. | ||||||||
5.500%, 3/1/30§ | 161,000 | 123,600 | ||||||
Sirius XM Radio, Inc. | ||||||||
3.125%, 9/1/26§ | 304,000 | 283,860 | ||||||
3.875%, 9/1/31(x)§ | 423,000 | 351,090 | ||||||
Stagwell Global LLC | ||||||||
5.625%, 8/15/29§ | 315,000 | 289,012 | ||||||
TEGNA, Inc. | ||||||||
4.750%, 3/15/26§ | 253,000 | 248,573 | ||||||
5.000%, 9/15/29 | 174,000 | 160,628 | ||||||
Univision Communications, Inc. | ||||||||
7.375%, 6/30/30(x)§ | 250,000 | 245,000 | ||||||
Videotron Ltd. | ||||||||
3.625%, 6/15/29§ | 195,000 | 177,928 | ||||||
VZ Secured Financing BV | ||||||||
5.000%, 1/15/32§ | 270,000 | 236,250 | ||||||
Ziggo Bond Co. BV | ||||||||
6.000%, 1/15/27§ | 350,000 | 341,628 | ||||||
|
| |||||||
4,325,546 | ||||||||
|
| |||||||
Total Communication Services | 7,093,412 | |||||||
|
| |||||||
Consumer Discretionary (16.2%) | ||||||||
Automobile Components (0.4%) | ||||||||
Clarios Global LP | ||||||||
6.750%, 5/15/28§ | 231,000 | 233,134 | ||||||
|
| |||||||
Broadline Retail (1.0%) | ||||||||
Getty Images, Inc. | ||||||||
9.750%, 3/1/27§ | 668,000 | 668,835 | ||||||
|
| |||||||
Distributors (1.5%) | ||||||||
Ritchie Bros Holdings, Inc. | ||||||||
6.750%, 3/15/28§ | 155,000 | 159,166 | ||||||
7.750%, 3/15/31§ | 261,000 | 274,050 | ||||||
Verde Purchaser LLC | ||||||||
10.500%, 11/30/30§ | 179,000 | 184,320 | ||||||
Windsor Holdings III LLC | ||||||||
8.500%, 6/15/30(x)§ | 370,000 | 383,294 | ||||||
|
| |||||||
1,000,830 | ||||||||
|
| |||||||
Diversified Consumer Services (0.6%) | ||||||||
GEMS MENASA Cayman Ltd. | ||||||||
7.125%, 7/31/26§ | 200,000 | 196,687 | ||||||
Wand NewCo 3, Inc. | ||||||||
7.625%, 1/30/32§ | 181,000 | 186,204 | ||||||
|
| |||||||
382,891 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (8.9%) | ||||||||
1011778 BC ULC | ||||||||
5.750%, 4/15/25§ | 164,000 | 163,590 | ||||||
3.875%, 1/15/28§ | 96,000 | 90,360 | ||||||
Caesars Entertainment, Inc. | ||||||||
6.250%, 7/1/25§ | 372,000 | 373,116 | ||||||
4.625%, 10/15/29§ | 164,000 | 149,035 | ||||||
7.000%, 2/15/30§ | 214,000 | 219,831 | ||||||
Carnival Corp. | ||||||||
6.000%, 5/1/29§ | 405,000 | 390,825 | ||||||
7.000%, 8/15/29(x)§ | 84,000 | 86,940 | ||||||
Carnival Holdings Bermuda Ltd. | ||||||||
10.375%, 5/1/28§ | 150,000 | 164,278 | ||||||
CEC Entertainment LLC | ||||||||
6.750%, 5/1/26§ | 184,000 | 182,275 | ||||||
Churchill Downs, Inc. | ||||||||
5.500%, 4/1/27§ | 175,000 | 172,156 | ||||||
5.750%, 4/1/30§ | 347,000 | 334,855 | ||||||
Dave & Buster’s, Inc. | ||||||||
7.625%, 11/1/25§ | 319,000 | 320,595 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
5.750%, 5/1/28§ | 267,000 | 266,509 | ||||||
3.625%, 2/15/32§ | 148,000 | 126,643 | ||||||
Life Time, Inc. | ||||||||
5.750%, 1/15/26§ | 370,000 | 365,375 | ||||||
MajorDrive Holdings IV LLC | ||||||||
6.375%, 6/1/29§ | 308,000 | 260,260 | ||||||
NCL Corp. Ltd. | ||||||||
8.375%, 2/1/28§ | 218,000 | 227,906 | ||||||
Ontario Gaming GTA LP | ||||||||
8.000%, 8/1/30§ | 203,000 | 211,628 |
See Notes to Portfolio of Investments.
17
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Royal Caribbean Cruises Ltd. | ||||||||
5.375%, 7/15/27§ | $ | 286,000 | $ | 281,353 | ||||
11.625%, 8/15/27§ | 156,000 | 169,784 | ||||||
7.250%, 1/15/30§ | 134,000 | 139,624 | ||||||
Scientific Games Holdings LP | ||||||||
6.625%, 3/1/30(x)§ | 219,000 | 205,313 | ||||||
Six Flags Entertainment Corp. | ||||||||
7.250%, 5/15/31(x)§ | 190,000 | 193,325 | ||||||
Station Casinos LLC | ||||||||
4.500%, 2/15/28§ | 303,000 | 285,578 | ||||||
4.625%, 12/1/31(x)§ | 150,000 | 134,062 | ||||||
Wyndham Hotels & Resorts, Inc. | ||||||||
4.375%, 8/15/28§ | 203,000 | 189,490 | ||||||
Yum! Brands, Inc. | ||||||||
5.375%, 4/1/32(x) | 226,000 | 219,503 | ||||||
|
| |||||||
5,924,209 | ||||||||
|
| |||||||
Household Durables (0.7%) | ||||||||
CD&R Smokey Buyer, Inc. | ||||||||
6.750%, 7/15/25§ | 266,000 | 261,821 | ||||||
Newell Brands, Inc. | ||||||||
6.625%, 9/15/29(x) | 185,000 | 179,556 | ||||||
|
| |||||||
441,377 | ||||||||
|
| |||||||
Specialty Retail (2.5%) | ||||||||
eG Global Finance plc | ||||||||
12.000%, 11/30/28§ | 200,000 | 210,810 | ||||||
LBM Acquisition LLC | ||||||||
6.250%, 1/15/29§ | 256,000 | 231,993 | ||||||
LCM Investments Holdings II LLC | ||||||||
4.875%, 5/1/29§ | 218,000 | 196,492 | ||||||
Sonic Automotive, Inc. | ||||||||
4.875%, 11/15/31§ | 226,000 | 197,185 | ||||||
Specialty Building Products Holdings LLC | ||||||||
6.375%, 9/30/26§ | 368,000 | 360,640 | ||||||
SRS Distribution, Inc. | ||||||||
6.000%, 12/1/29(x)§ | 209,000 | 195,415 | ||||||
White Cap Buyer LLC | ||||||||
6.875%, 10/15/28(x)§ | 271,000 | 264,225 | ||||||
|
| |||||||
1,656,760 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (0.6%) | ||||||||
Crocs, Inc. | ||||||||
4.125%, 8/15/31(x)§ | 228,000 | 194,370 | ||||||
Hanesbrands, Inc. | ||||||||
9.000%, 2/15/31(x)§ | 224,000 | 225,270 | ||||||
|
| |||||||
419,640 | ||||||||
|
| |||||||
Total Consumer Discretionary | 10,727,676 | |||||||
|
| |||||||
Consumer Staples (4.6%) | ||||||||
Beverages (0.3%) | ||||||||
Primo Water Holdings, Inc. | ||||||||
4.375%, 4/30/29§ | 222,000 | 202,053 | ||||||
|
| |||||||
Consumer Staples Distribution & Retail (1.3%) | ||||||||
Performance Food Group, Inc. | ||||||||
6.875%, 5/1/25§ | 193,000 | 192,878 | ||||||
United Natural Foods, Inc. | ||||||||
6.750%, 10/15/28§ | 274,000 | 230,160 | ||||||
US Foods, Inc. | ||||||||
4.625%, 6/1/30§ | 318,000 | 296,137 | ||||||
7.250%, 1/15/32§ | 145,000 | 151,888 | ||||||
|
| |||||||
871,063 | ||||||||
|
| |||||||
Food Products (1.5%) | ||||||||
Fiesta Purchaser, Inc. | ||||||||
7.875%, 3/1/31§ | 87,000 | 87,000 | ||||||
Post Holdings, Inc. | ||||||||
5.750%, 3/1/27§ | 118,000 | 117,115 | ||||||
4.625%, 4/15/30§ | 124,000 | 113,615 | ||||||
4.500%, 9/15/31§ | 289,000 | 258,655 | ||||||
Sigma Holdco BV | ||||||||
7.875%, 5/15/26§ | 200,000 | 189,000 | ||||||
Simmons Foods, Inc. | ||||||||
4.625%, 3/1/29§ | 282,000 | 241,815 | ||||||
|
| |||||||
1,007,200 | ||||||||
|
| |||||||
Household Products (0.8%) | ||||||||
Energizer Holdings, Inc. | ||||||||
4.750%, 6/15/28§ | 272,000 | 253,096 | ||||||
Kronos Acquisition Holdings, Inc. | ||||||||
7.000%, 12/31/27§ | 261,000 | 252,518 | ||||||
|
| |||||||
505,614 | ||||||||
|
| |||||||
Personal Care Products (0.7%) | ||||||||
Herbalife Nutrition Ltd. | ||||||||
7.875%, 9/1/25(x)§ | 198,000 | 197,773 | ||||||
Prestige Brands, Inc. | ||||||||
3.750%, 4/1/31§ | 308,000 | 267,159 | ||||||
|
| |||||||
464,932 | ||||||||
|
| |||||||
Total Consumer Staples | 3,050,862 | |||||||
|
| |||||||
Energy (7.2%) | ||||||||
Energy Equipment & Services (0.3%) | ||||||||
Transocean, Inc. | ||||||||
8.750%, 2/15/30§ | 220,400 | 230,463 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (6.9%) | ||||||||
Aethon United BR LP | ||||||||
8.250%, 2/15/26§ | 222,000 | 221,467 | ||||||
Antero Resources Corp. | ||||||||
7.625%, 2/1/29§ | 120,000 | 123,253 | ||||||
Ascent Resources Utica Holdings LLC | ||||||||
7.000%, 11/1/26§ | 234,000 | 234,000 | ||||||
Blue Racer Midstream LLC | ||||||||
7.625%, 12/15/25§ | 118,000 | 118,885 | ||||||
6.625%, 7/15/26§ | 230,000 | 229,137 | ||||||
Crescent Energy Finance LLC | ||||||||
7.250%, 5/1/26§ | 291,000 | 289,909 | ||||||
CrownRock LP | ||||||||
5.625%, 10/15/25§ | 293,000 | 290,685 | ||||||
Delek Logistics Partners LP | ||||||||
6.750%, 5/15/25 | 319,000 | 315,810 | ||||||
Encino Acquisition Partners Holdings LLC | ||||||||
8.500%, 5/1/28§ | 205,000 | 202,950 | ||||||
Genesis Energy LP | ||||||||
8.000%, 1/15/27 | 217,000 | 218,628 | ||||||
7.750%, 2/1/28 | 382,000 | 382,955 | ||||||
Kinetik Holdings LP | ||||||||
5.875%, 6/15/30§ | 479,000 | 468,223 | ||||||
NGL Energy Operating LLC | ||||||||
8.375%, 2/15/32§ | 161,000 | 161,499 | ||||||
NuStar Logistics LP | ||||||||
5.750%, 10/1/25 | 186,000 | 185,303 |
See Notes to Portfolio of Investments.
18
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
6.000%, 6/1/26 | $ | 175,000 | $ | 174,781 | ||||
Permian Resources Operating LLC | ||||||||
5.875%, 7/1/29§ | 151,000 | 148,357 | ||||||
Summit Midstream Holdings LLC | ||||||||
9.000%, 10/15/26(e)§ | 396,000 | 396,040 | ||||||
Sunoco LP | ||||||||
4.500%, 4/30/30 | 428,000 | 393,225 | ||||||
|
| |||||||
4,555,107 | ||||||||
|
| |||||||
Total Energy | 4,785,570 | |||||||
|
| |||||||
Financials (5.8%) | ||||||||
Capital Markets (0.3%) | ||||||||
Aretec Group, Inc. | ||||||||
7.500%, 4/1/29(x)§ | 111,000 | 102,542 | ||||||
10.000%, 8/15/30§ | 110,000 | 118,734 | ||||||
|
| |||||||
221,276 | ||||||||
|
| |||||||
Consumer Finance (1.0%) | ||||||||
Bread Financial Holdings, Inc. | ||||||||
7.000%, 1/15/26§ | 33,000 | 33,209 | ||||||
9.750%, 3/15/29§ | 140,000 | 139,405 | ||||||
GGAM Finance Ltd. | ||||||||
8.000%, 2/15/27§ | 199,000 | 205,016 | ||||||
8.000%, 6/15/28§ | 260,000 | 269,719 | ||||||
|
| |||||||
647,349 | ||||||||
|
| |||||||
Financial Services (3.2%) | ||||||||
Armor Holdco, Inc. | ||||||||
8.500%, 11/15/29§ | 145,000 | 135,705 | ||||||
Freedom Mortgage Corp. | ||||||||
6.625%, 1/15/27§ | 202,000 | 193,415 | ||||||
12.000%, 10/1/28§ | 186,000 | 204,154 | ||||||
Freedom Mortgage Holdings LLC | ||||||||
9.250%, 2/1/29§ | 94,000 | 95,413 | ||||||
NCR Atleos Corp. | ||||||||
9.500%, 4/1/29§ | 247,000 | 264,932 | ||||||
PHH Mortgage Corp. | ||||||||
7.875%, 3/15/26§ | 156,000 | 143,520 | ||||||
Rocket Mortgage LLC | ||||||||
2.875%, 10/15/26§ | 129,000 | 119,649 | ||||||
Shift4 Payments LLC | ||||||||
4.625%, 11/1/26§ | 335,000 | 326,793 | ||||||
Verscend Escrow Corp. | ||||||||
9.750%, 8/15/26§ | 631,000 | 633,366 | ||||||
|
| |||||||
2,116,947 | ||||||||
|
| |||||||
Insurance (1.3%) | ||||||||
Acrisure LLC | ||||||||
8.250%, 2/1/29§ | 185,000 | 185,462 | ||||||
Alliant Holdings Intermediate LLC | ||||||||
6.750%, 10/15/27§ | 196,000 | 192,570 | ||||||
BroadStreet Partners, Inc. | ||||||||
5.875%, 4/15/29§ | 236,000 | 222,430 | ||||||
HUB International Ltd. | ||||||||
7.375%, 1/31/32§ | 264,000 | 270,732 | ||||||
|
| |||||||
871,194 | ||||||||
|
| |||||||
Total Financials | 3,856,766 | |||||||
|
| |||||||
Health Care (8.1%) | ||||||||
Biotechnology (0.3%) | ||||||||
Grifols SA | ||||||||
4.750%, 10/15/28(x)§ | 200,000 | 171,250 | ||||||
|
| |||||||
Health Care Equipment & Supplies (1.5%) | ||||||||
Garden Spinco Corp. | ||||||||
8.625%, 7/20/30§ | 295,000 | 314,913 | ||||||
Medline Borrower LP | ||||||||
3.875%, 4/1/29§ | 238,000 | 215,390 | ||||||
5.250%, 10/1/29(x)§ | 300,000 | 279,000 | ||||||
Varex Imaging Corp. | ||||||||
7.875%, 10/15/27§ | 152,000 | 153,900 | ||||||
|
| |||||||
963,203 | ||||||||
|
| |||||||
Health Care Providers & Services (3.1%) | ||||||||
AdaptHealth LLC | ||||||||
6.125%, 8/1/28§ | 247,000 | 215,507 | ||||||
5.125%, 3/1/30§ | 229,000 | 179,765 | ||||||
HealthEquity, Inc. | ||||||||
4.500%, 10/1/29§ | 448,000 | 415,520 | ||||||
Heartland Dental LLC | ||||||||
10.500%, 4/30/28§ | 265,000 | 278,308 | ||||||
Star Parent, Inc. | ||||||||
9.000%, 10/1/30(x)§ | 203,000 | 213,404 | ||||||
Tenet Healthcare Corp. | ||||||||
4.875%, 1/1/26 | 348,000 | 344,520 | ||||||
6.125%, 6/15/30(x) | 184,000 | 183,542 | ||||||
US Acute Care Solutions LLC | ||||||||
6.375%, 3/1/26§ | 299,000 | 258,979 | ||||||
|
| |||||||
2,089,545 | ||||||||
|
| |||||||
Health Care Technology (1.2%) | ||||||||
IQVIA, Inc. | ||||||||
5.000%, 10/15/26§ | 200,000 | 195,524 | ||||||
5.000%, 5/15/27§ | 260,000 | 253,825 | ||||||
5.700%, 5/15/28§ | 200,000 | 203,635 | ||||||
6.250%, 2/1/29§ | 113,000 | 117,539 | ||||||
|
| |||||||
770,523 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.2%) | ||||||||
Fortrea Holdings, Inc. | ||||||||
7.500%, 7/1/30§ | 134,000 | 136,345 | ||||||
|
| |||||||
Pharmaceuticals (1.8%) | ||||||||
Bausch Health Cos., Inc. | ||||||||
5.500%, 11/1/25§ | 288,000 | 263,160 | ||||||
11.000%, 9/30/28§ | 188,000 | 127,896 | ||||||
Catalent Pharma Solutions, Inc. | ||||||||
5.000%, 7/15/27§ | 262,000 | 252,175 | ||||||
3.500%, 4/1/30§ | 245,000 | 214,375 | ||||||
Cheplapharm Arzneimittel GmbH | ||||||||
5.500%, 1/15/28§ | 200,000 | 189,000 | ||||||
Organon & Co. | ||||||||
5.125%, 4/30/31(x)§ | 200,000 | 170,500 | ||||||
|
| |||||||
1,217,106 | ||||||||
|
| |||||||
Total Health Care | 5,347,972 | |||||||
|
| |||||||
Industrials (14.6%) | ||||||||
Aerospace & Defense (0.3%) | ||||||||
Rolls-Royce plc | ||||||||
5.750%, 10/15/27§ | 200,000 | 199,938 | ||||||
|
| |||||||
Building Products (2.1%) | ||||||||
Advanced Drainage Systems, Inc. | ||||||||
6.375%, 6/15/30§ | 164,000 | 164,820 | ||||||
AmeriTex HoldCo Intermediate LLC | ||||||||
10.250%, 10/15/28(x)§ | 213,000 | 218,732 |
See Notes to Portfolio of Investments.
19
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Camelot Return Merger Sub, Inc. | ||||||||
8.750%, 8/1/28§ | $ | 136,000 | $ | 139,161 | ||||
CP Atlas Buyer, Inc. | ||||||||
7.000%, 12/1/28§ | 152,000 | 135,280 | ||||||
Emerald Debt Merger Sub LLC | ||||||||
6.625%, 12/15/30§ | 333,000 | 335,168 | ||||||
New Enterprise Stone & Lime Co., Inc. | ||||||||
5.250%, 7/15/28§ | 188,000 | 180,630 | ||||||
Standard Industries, Inc. | ||||||||
4.375%, 7/15/30§ | 209,000 | 188,685 | ||||||
|
| |||||||
1,362,476 | ||||||||
|
| |||||||
Commercial Services & Supplies (5.6%) | ||||||||
ACCO Brands Corp. | ||||||||
4.250%, 3/15/29§ | 244,000 | 220,820 | ||||||
ADT Security Corp. (The) | ||||||||
4.875%, 7/15/32§ | 218,000 | 199,742 | ||||||
Allied Universal Holdco LLC | ||||||||
6.625%, 7/15/26§ | 324,000 | 319,140 | ||||||
9.750%, 7/15/27§ | 344,000 | 337,078 | ||||||
6.000%, 6/1/29§ | 248,000 | 205,220 | ||||||
Aramark Services, Inc. | ||||||||
5.000%, 4/1/25§ | 259,000 | 257,381 | ||||||
Garda World Security Corp. | ||||||||
9.500%, 11/1/27(x)§ | 430,000 | 429,918 | ||||||
6.000%, 6/1/29(x)§ | 299,000 | 262,373 | ||||||
Madison IAQ LLC | ||||||||
5.875%, 6/30/29§ | 182,000 | 161,525 | ||||||
Matthews International Corp. | ||||||||
5.250%, 12/1/25§ | 645,000 | 630,488 | ||||||
Neptune Bidco US, Inc. | ||||||||
9.290%, 4/15/29§ | 280,000 | 267,468 | ||||||
OPENLANE, Inc. | ||||||||
5.125%, 6/1/25§ | 61,000 | 59,933 | ||||||
Williams Scotsman, Inc. | ||||||||
6.125%, 6/15/25§ | 116,000 | 115,710 | ||||||
7.375%, 10/1/31§ | 267,000 | 276,444 | ||||||
|
| |||||||
3,743,240 | ||||||||
|
| |||||||
Construction & Engineering (1.3%) | ||||||||
Brand Industrial Services, Inc. | ||||||||
10.375%, 8/1/30§ | 50,000 | 52,651 | ||||||
Dycom Industries, Inc. | ||||||||
4.500%, 4/15/29§ | 218,000 | 201,829 | ||||||
Pike Corp. | ||||||||
5.500%, 9/1/28§ | 295,000 | 280,887 | ||||||
8.625%, 1/31/31§ | 160,000 | 168,400 | ||||||
Weekley Homes LLC | ||||||||
4.875%, 9/15/28§ | 172,000 | 160,820 | ||||||
|
| |||||||
864,587 | ||||||||
|
| |||||||
Electrical Equipment (0.2%) | ||||||||
EnerSys | ||||||||
6.625%, 1/15/32§ | 164,000 | 166,206 | ||||||
|
| |||||||
Ground Transportation (2.6%) | ||||||||
EquipmentShare.com, Inc. | ||||||||
9.000%, 5/15/28(x)§ | 200,000 | 203,314 | ||||||
GN Bondco LLC | ||||||||
9.500%, 10/15/31(x)§ | 163,000 | 160,759 | ||||||
NESCO Holdings II, Inc. | ||||||||
5.500%, 4/15/29§ | 417,000 | 391,876 | ||||||
RXO, Inc. | ||||||||
7.500%, 11/15/27§ | 198,000 | 204,543 | ||||||
Watco Cos. LLC | ||||||||
6.500%, 6/15/27§ | 503,000 | 500,535 | ||||||
XPO, Inc. | ||||||||
7.125%, 6/1/31§ | 230,000 | 234,025 | ||||||
7.125%, 2/1/32§ | 63,000 | 64,103 | ||||||
|
| |||||||
1,759,155 | ||||||||
|
| |||||||
Machinery (0.8%) | ||||||||
ATS Corp. | ||||||||
4.125%, 12/15/28§ | 217,000 | 196,973 | ||||||
Chart Industries, Inc. | ||||||||
7.500%, 1/1/30§ | 307,000 | 315,826 | ||||||
Husky Injection Molding Systems Ltd. | ||||||||
9.000%, 2/15/29§ | 50,000 | 50,000 | ||||||
|
| |||||||
562,799 | ||||||||
|
| |||||||
Professional Services (0.9%) | ||||||||
Dun & Bradstreet Corp. (The) | ||||||||
5.000%, 12/15/29§ | 244,000 | 226,310 | ||||||
Science Applications International Corp. | ||||||||
4.875%, 4/1/28§ | 178,000 | 168,210 | ||||||
VT Topco, Inc. | ||||||||
8.500%, 8/15/30§ | 172,000 | 178,880 | ||||||
|
| |||||||
573,400 | ||||||||
|
| |||||||
Trading Companies & Distributors (0.8%) | ||||||||
Beacon Roofing Supply, Inc. | ||||||||
6.500%, 8/1/30§ | 162,000 | 163,822 | ||||||
WESCO Distribution, Inc. | ||||||||
7.250%, 6/15/28§ | 326,000 | 334,926 | ||||||
|
| |||||||
498,748 | ||||||||
|
| |||||||
Total Industrials | 9,730,549 | |||||||
|
| |||||||
Information Technology (13.2%) | ||||||||
Communications Equipment (1.1%) | ||||||||
CommScope Technologies LLC | ||||||||
6.000%, 6/15/25§ | 150,000 | 118,594 | ||||||
CommScope, Inc. | ||||||||
6.000%, 3/1/26§ | 330,000 | 285,037 | ||||||
8.250%, 3/1/27§ | 242,000 | 108,048 | ||||||
4.750%, 9/1/29§ | 361,000 | 240,863 | ||||||
|
| |||||||
752,542 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.3%) | ||||||||
Likewize Corp. | ||||||||
9.750%, 10/15/25§ | 194,000 | 196,425 | ||||||
|
| |||||||
IT Services (1.9%) | ||||||||
Ahead DB Holdings LLC | ||||||||
6.625%, 5/1/28§ | 202,000 | 177,507 | ||||||
ION Trading Technologies Sarl | ||||||||
5.750%, 5/15/28(x)§ | 400,000 | 369,500 | ||||||
Northwest Fiber LLC | ||||||||
6.000%, 2/15/28§ | 258,000 | 245,745 | ||||||
Presidio Holdings, Inc. | ||||||||
8.250%, 2/1/28(x)§ | 190,000 | 188,338 | ||||||
Unisys Corp. | ||||||||
6.875%, 11/1/27§ | 348,000 | 314,940 | ||||||
|
| |||||||
1,296,030 | ||||||||
|
| |||||||
Software (9.9%) | ||||||||
ACI Worldwide, Inc. | ||||||||
5.750%, 8/15/26§ | 437,000 | 429,899 |
See Notes to Portfolio of Investments.
20
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Alteryx, Inc. | ||||||||
8.750%, 3/15/28§ | $ | 252,000 | $ | 270,043 | ||||
AthenaHealth Group, Inc. | ||||||||
6.500%, 2/15/30(x)§ | 432,000 | 388,260 | ||||||
Boxer Parent Co., Inc. | ||||||||
7.125%, 10/2/25§ | 305,000 | 305,458 | ||||||
Camelot Finance SA | ||||||||
4.500%, 11/1/26§ | 296,000 | 284,682 | ||||||
Capstone Borrower, Inc. | ||||||||
8.000%, 6/15/30(x)§ | 131,000 | 135,585 | ||||||
Central Parent LLC | ||||||||
8.000%, 6/15/29§ | 143,000 | 148,005 | ||||||
Central Parent, Inc. | ||||||||
7.250%, 6/15/29§ | 164,000 | 167,075 | ||||||
Clarivate Science Holdings Corp. | ||||||||
4.875%, 7/1/29(x)§ | 442,000 | 411,073 | ||||||
Cloud Software Group, Inc. | ||||||||
6.500%, 3/31/29§ | 163,000 | 151,590 | ||||||
9.000%, 9/30/29§ | 414,000 | 390,971 | ||||||
Gen Digital, Inc. | ||||||||
5.000%, 4/15/25§ | 328,000 | 325,130 | ||||||
7.125%, 9/30/30§ | 251,000 | 259,511 | ||||||
Helios Software Holdings, Inc. | ||||||||
4.625%, 5/1/28§ | 200,000 | 182,000 | ||||||
McAfee Corp. | ||||||||
7.375%, 2/15/30§ | 312,000 | 281,561 | ||||||
NCR Voyix Corp. | ||||||||
5.000%, 10/1/28§ | 245,000 | 230,913 | ||||||
5.125%, 4/15/29(x)§ | 344,000 | 323,790 | ||||||
Open Text Corp. | ||||||||
6.900%, 12/1/27§ | 160,000 | 165,600 | ||||||
Open Text Holdings, Inc. | ||||||||
4.125%, 12/1/31§ | 402,000 | 354,283 | ||||||
Rocket Software, Inc. | ||||||||
6.500%, 2/15/29§ | 326,000 | 278,772 | ||||||
SS&C Technologies, Inc. | ||||||||
5.500%, 9/30/27§ | 406,000 | 398,388 | ||||||
UKG, Inc. | ||||||||
6.875%, 2/1/31§ | 104,000 | 105,170 | ||||||
ZoomInfo Technologies LLC | ||||||||
3.875%, 2/1/29§ | 638,000 | 566,225 | ||||||
|
| |||||||
6,553,984 | ||||||||
|
| |||||||
Total Information Technology | 8,798,981 | |||||||
|
| |||||||
Materials (12.1%) | ||||||||
Chemicals (5.8%) | ||||||||
Avient Corp. | ||||||||
7.125%, 8/1/30(x)§ | 248,000 | 254,158 | ||||||
Axalta Coating Systems LLC | ||||||||
4.750%, 6/15/27§ | 178,000 | 171,102 | ||||||
HB Fuller Co. | ||||||||
4.250%, 10/15/28 | 218,000 | 202,195 | ||||||
Illuminate Buyer LLC | ||||||||
9.000%, 7/1/28(x)§ | 652,000 | 637,330 | ||||||
INEOS Quattro Finance 2 plc | ||||||||
3.375%, 1/15/26§ | 200,000 | 187,500 | ||||||
LSF11 A5 HoldCo LLC | ||||||||
6.625%, 10/15/29§ | 233,000 | 196,594 | ||||||
Minerals Technologies, Inc. | ||||||||
5.000%, 7/1/28§ | 320,000 | 305,600 | ||||||
NOVA Chemicals Corp. | ||||||||
4.875%, 6/1/24§ | 68,000 | 67,405 | ||||||
8.500%, 11/15/28§ | 185,000 | 193,138 | ||||||
Nufarm Australia Ltd. | ||||||||
5.000%, 1/27/30§ | 360,000 | 329,400 | ||||||
Olin Corp. | ||||||||
5.625%, 8/1/29 | 214,000 | 210,587 | ||||||
Olympus Water US Holding Corp. | ||||||||
4.250%, 10/1/28§ | 343,000 | 313,056 | ||||||
6.250%, 10/1/29§ | 400,000 | 365,500 | ||||||
WR Grace Holdings LLC | ||||||||
5.625%, 8/15/29§ | 470,000 | 414,775 | ||||||
|
| |||||||
3,848,340 | ||||||||
|
| |||||||
Containers & Packaging (6.1%) | ||||||||
ARD Finance SA | ||||||||
6.500%, 6/30/27 PIK§ | 600,000 | 289,914 | ||||||
Ardagh Metal Packaging Finance USA LLC | ||||||||
4.000%, 9/1/29§ | 400,000 | 323,000 | ||||||
Ardagh Packaging Finance plc | ||||||||
4.125%, 8/15/26§ | 200,000 | 179,500 | ||||||
Clydesdale Acquisition Holdings, Inc. | ||||||||
8.750%, 4/15/30§ | 365,000 | 346,750 | ||||||
Crown Americas LLC | ||||||||
5.250%, 4/1/30 | 133,000 | 128,861 | ||||||
Intelligent Packaging Ltd. Finco, Inc. | ||||||||
6.000%, 9/15/28§ | 248,000 | 232,500 | ||||||
LABL, Inc. | ||||||||
6.750%, 7/15/26(x)§ | 219,000 | 212,502 | ||||||
10.500%, 7/15/27§ | 438,000 | 418,290 | ||||||
5.875%, 11/1/28§ | 158,000 | 141,163 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
7.875%, 8/15/26§ | 210,000 | 211,838 | ||||||
9.250%, 4/15/27§ | 670,000 | 644,875 | ||||||
Owens-Brockway Glass Container, Inc. | ||||||||
6.625%, 5/13/27(x)§ | 210,000 | 209,475 | ||||||
7.250%, 5/15/31(x)§ | 206,000 | 208,575 | ||||||
Sealed Air Corp. | ||||||||
6.125%, 2/1/28§ | 103,000 | 103,129 | ||||||
Trivium Packaging Finance BV | ||||||||
5.500%, 8/15/26(e)§ | 400,000 | 389,064 | ||||||
|
| |||||||
4,039,436 | ||||||||
|
| |||||||
Metals & Mining (0.2%) | ||||||||
Kaiser Aluminum Corp. | ||||||||
4.500%, 6/1/31§ | 212,000 | 180,730 | ||||||
|
| |||||||
Total Materials | 8,068,506 | |||||||
|
| |||||||
Real Estate (3.2%) | ||||||||
Diversified REITs (0.3%) | ||||||||
VICI Properties LP (REIT) | ||||||||
4.625%, 6/15/25§ | 192,000 | 188,388 | ||||||
|
| |||||||
Hotel & Resort REITs (1.2%) | ||||||||
Park Intermediate Holdings LLC (REIT) | ||||||||
5.875%, 10/1/28§ | 204,000 | 198,900 | ||||||
4.875%, 5/15/29§ | 304,000 | 279,300 | ||||||
XHR LP (REIT) | ||||||||
6.375%, 8/15/25(x)§ | 214,000 | 214,267 | ||||||
4.875%, 6/1/29§ | 125,000 | 115,289 | ||||||
|
| |||||||
807,756 | ||||||||
|
|
See Notes to Portfolio of Investments.
21
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Real Estate Management & Development (1.3%) | ||||||||
Cushman & Wakefield US Borrower LLC | ||||||||
6.750%, 5/15/28(x)§ | $ | 280,000 | $ | 275,450 | ||||
Greystar Real Estate Partners LLC | ||||||||
7.750%, 9/1/30§ | 291,000 | 305,134 | ||||||
Howard Hughes Corp. (The) | ||||||||
4.375%, 2/1/31§ | 291,000 | 253,534 | ||||||
|
| |||||||
834,118 | ||||||||
|
| |||||||
Specialized REITs (0.4%) | ||||||||
Iron Mountain, Inc. (REIT) | ||||||||
5.000%, 7/15/28§ | 300,000 | 286,125 | ||||||
|
| |||||||
Total Real Estate | 2,116,387 | |||||||
|
| |||||||
Utilities (0.6%) | ||||||||
Water Utilities (0.6%) | ||||||||
Solaris Midstream Holdings LLC | ||||||||
7.625%, 4/1/26§ | 384,000 | 385,440 | ||||||
|
| |||||||
Total Utilities | 385,440 | |||||||
|
| |||||||
Total Corporate Bonds | 63,962,121 | |||||||
|
| |||||||
Total Long-Term Debt Securities (96.3%) | 63,962,121 | |||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENTS: | ||||||||
Investment Companies (10.7%) | ||||||||
BlackRock Liquidity FedFund, Institutional Shares 5.22% (7 day yield)(xx) | 1,112,138 | 1,112,138 | ||||||
Dreyfus Treasury Obligations Cash Management Fund 5.22% (7 day yield)(xx) | 519,043 | 519,043 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 3,731,750 | 3,731,750 | ||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 793,074 | 793,628 | ||||||
Morgan Stanley Institutional Liquidity Fund - Government Portfolio 5.21% (7 day yield)(xx) | 1,000,000 | 1,000,000 | ||||||
|
| |||||||
Total Investment Companies | 7,156,559 | |||||||
|
| |||||||
Total Short-Term Investments (10.7%) | 7,156,559 | |||||||
|
| |||||||
Total Investments in Securities (107.0%) | 71,118,680 | |||||||
Other Assets Less Liabilities (-7.0%) | (4,682,063 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 66,436,617 | ||||||
|
|
§ | 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, 2024, the market value of these securities amounted to $60,306,206 or 90.8% of net assets. |
(e) | Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 31, 2024. Maturity date disclosed is the ultimate maturity date. |
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $6,215,984. This was collateralized by cash of $6,362,931 which was subsequently invested in investment companies. |
Glossary:
PIK — Payment-in Kind Security
REIT — Real Estate Investment Trust
See Notes to Portfolio of Investments.
22
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds | ||||||||||||||||
Communication Services | $ | — | $ | 7,093,412 | $ | — | $ | 7,093,412 | ||||||||
Consumer Discretionary | — | 10,727,676 | — | 10,727,676 | ||||||||||||
Consumer Staples | — | 3,050,862 | — | 3,050,862 | ||||||||||||
Energy | — | 4,785,570 | — | 4,785,570 | ||||||||||||
Financials | — | 3,856,766 | — | 3,856,766 | ||||||||||||
Health Care | — | 5,347,972 | — | 5,347,972 | ||||||||||||
Industrials | — | 9,730,549 | — | 9,730,549 | ||||||||||||
Information Technology | — | 8,798,981 | — | 8,798,981 | ||||||||||||
Materials | — | 8,068,506 | — | 8,068,506 | ||||||||||||
Real Estate | — | 2,116,387 | — | 2,116,387 | ||||||||||||
Utilities | — | 385,440 | — | 385,440 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 7,156,559 | — | — | 7,156,559 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 7,156,559 | $ | 63,962,121 | $ | — | $ | 71,118,680 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 7,156,559 | $ | 63,962,121 | $ | — | $ | 71,118,680 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,011,106 | ||
Aggregate gross unrealized depreciation | (3,518,020 | ) | ||
|
| |||
Net unrealized depreciation | $ | (2,506,914 | ) | |
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 73,625,594 | ||
|
|
See Notes to Portfolio of Investments.
23
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
LONG-TERM DEBT SECURITIES: | ||||||||
Asset-Backed Securities (1.7%) | ||||||||
Anchorage Capital CLO 17 Ltd., | ||||||||
Series 2021-17A A1 | ||||||||
6.746%, 7/15/34(l)§ | $ | 250,000 | $ | 249,577 | ||||
Magnetite XXVII Ltd., | ||||||||
Series 2020-27A AR | ||||||||
6.719%, 10/20/34(l)§ | 335,000 | 335,219 | ||||||
Sound Point CLO XXVII Ltd., | ||||||||
Series 2020-2A AR | ||||||||
6.766%, 10/25/34(l)§ | 340,000 | 339,637 | ||||||
United Airlines Pass-Through Trust, | ||||||||
Series 2020-1 A | ||||||||
5.875%, 10/15/27 | 20,964 | 21,010 | ||||||
|
| |||||||
Total Asset-Backed Securities | 945,443 | |||||||
|
| |||||||
Convertible Bonds (0.5%) | ||||||||
Communication Services (0.1%) | ||||||||
Interactive Media & Services (0.1%) | ||||||||
Liberty TripAdvisor Holdings, Inc. | ||||||||
0.500%, 6/30/51§ | 70,000 | 63,042 | ||||||
|
| |||||||
Total Communication Services | 63,042 | |||||||
|
| |||||||
Financials (0.1%) | ||||||||
Financial Services (0.1%) | ||||||||
Block, Inc. | ||||||||
0.125%, 3/1/25 | 55,000 | 52,871 | ||||||
|
| |||||||
Total Financials | 52,871 | |||||||
|
| |||||||
Industrials (0.3%) | ||||||||
Electrical Equipment (0.3%) | ||||||||
Stem, Inc. | ||||||||
0.500%, 12/1/28§ | 345,000 | 168,774 | ||||||
|
| |||||||
Total Industrials | 168,774 | |||||||
|
| |||||||
Total Convertible Bonds | 284,687 | |||||||
|
| |||||||
Corporate Bonds (46.9%) | ||||||||
Communication Services (4.0%) | ||||||||
Diversified Telecommunication Services (0.7%) | ||||||||
AT&T, Inc. | ||||||||
5.400%, 2/15/34 | 250,000 | 255,121 | ||||||
Consolidated Communications, Inc. | ||||||||
6.500%, 10/1/28§ | 79,000 | 68,319 | ||||||
Frontier Communications Holdings LLC | ||||||||
6.750%, 5/1/29§ | 96,000 | 84,710 | ||||||
6.000%, 1/15/30§ | 25,000 | 21,188 | ||||||
|
| |||||||
429,338 | ||||||||
|
| |||||||
Entertainment (0.1%) | ||||||||
Lions Gate Capital Holdings LLC | ||||||||
5.500%, 4/15/29§ | 51,000 | 38,633 | ||||||
|
| |||||||
Interactive Media & Services (0.3%) | ||||||||
TripAdvisor, Inc. | ||||||||
7.000%, 7/15/25§ | 150,000 | 150,000 | ||||||
|
| |||||||
Media (1.4%) | ||||||||
Advantage Sales & Marketing, Inc. | ||||||||
6.500%, 11/15/28§ | 76,000 | 71,440 | ||||||
AMC Networks, Inc. | ||||||||
4.250%, 2/15/29 | 81,000 | 61,976 | ||||||
CMG Media Corp. | ||||||||
8.875%, 12/15/27§ | 46,000 | 35,857 | ||||||
Cumulus Media New Holdings, Inc. | ||||||||
6.750%, 7/1/26§ | 58,000 | 37,213 | ||||||
Directv Financing LLC | ||||||||
5.875%, 8/15/27§ | 65,000 | 61,952 | ||||||
8.875%, 2/1/30§ | 217,000 | 221,622 | ||||||
Gannett Holdings LLC | ||||||||
6.000%, 11/1/26§ | 51,000 | 45,836 | ||||||
Gray Television, Inc. | ||||||||
4.750%, 10/15/30§ | 83,000 | 65,155 | ||||||
News Corp. | ||||||||
5.125%, 2/15/32§ | 145,000 | 136,300 | ||||||
Sinclair Television Group, Inc. | ||||||||
5.500%, 3/1/30§ | 69,000 | 52,971 | ||||||
|
| |||||||
790,322 | ||||||||
|
| |||||||
Wireless Telecommunication Services (1.5%) | ||||||||
Kenbourne Invest SA | ||||||||
6.875%, 11/26/24§ | 200,000 | 145,000 | ||||||
Millicom International Cellular SA | ||||||||
4.500%, 4/27/31(m) | 245,000 | 204,269 | ||||||
T-Mobile USA, Inc. | ||||||||
4.800%, 7/15/28 | 260,000 | 260,438 | ||||||
5.150%, 4/15/34 | 155,000 | 155,962 | ||||||
United States Cellular Corp. | ||||||||
6.700%, 12/15/33 | 103,000 | 106,090 | ||||||
|
| |||||||
871,759 | ||||||||
|
| |||||||
Total Communication Services | 2,280,052 | |||||||
|
| |||||||
Consumer Discretionary (5.3%) | ||||||||
Automobile Components (0.6%) | ||||||||
Allison Transmission, Inc. | ||||||||
3.750%, 1/30/31(x)§ | 158,000 | 138,207 | ||||||
Clarios Global LP | ||||||||
8.500%, 5/15/27§ | 78,000 | 78,468 | ||||||
Patrick Industries, Inc. | ||||||||
4.750%, 5/1/29§ | 67,000 | 61,473 | ||||||
Tenneco, Inc. | ||||||||
8.000%, 11/17/28§ | 79,000 | 69,026 | ||||||
|
| |||||||
347,174 | ||||||||
|
| |||||||
Automobiles (0.4%) | ||||||||
Hyundai Capital America | ||||||||
6.250%, 11/3/25§ | 110,000 | 111,742 | ||||||
PM General Purchaser LLC | ||||||||
9.500%, 10/1/28§ | 55,000 | 55,413 | ||||||
Thor Industries, Inc. | ||||||||
4.000%, 10/15/29§ | 67,000 | 59,630 | ||||||
|
| |||||||
226,785 | ||||||||
|
| |||||||
Broadline Retail (0.5%) | ||||||||
GrubHub Holdings, Inc. | ||||||||
5.500%, 7/1/27§ | 78,000 | 67,860 | ||||||
Kohl’s Corp. | ||||||||
4.625%, 5/1/31(e)(x) | 68,000 | 54,400 | ||||||
Millennium Escrow Corp. | ||||||||
6.625%, 8/1/26§ | 38,000 | 23,940 | ||||||
NMG Holding Co., Inc. | ||||||||
7.125%, 4/1/26§ | 38,000 | 37,050 | ||||||
QVC, Inc. | ||||||||
4.750%, 2/15/27 | 90,000 | 75,139 | ||||||
|
| |||||||
258,389 | ||||||||
|
|
See Notes to Portfolio of Investments.
24
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Distributors (0.1%) | ||||||||
American Builders & Contractors Supply Co., Inc. | ||||||||
4.000%, 1/15/28§ | $ | 68,000 | $ | 63,762 | ||||
|
| |||||||
Diversified Consumer Services (0.5%) | ||||||||
Adtalem Global Education, Inc. | ||||||||
5.500%, 3/1/28§ | 132,000 | 125,070 | ||||||
Grand Canyon University | ||||||||
4.125%, 10/1/24 | 121,000 | 117,521 | ||||||
StoneMor, Inc. | ||||||||
8.500%, 5/15/29§ | 44,000 | 33,550 | ||||||
|
| |||||||
276,141 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (0.8%) | ||||||||
Expedia Group, Inc. | ||||||||
2.950%, 3/15/31 | 265,000 | 231,432 | ||||||
GPS Hospitality Holding Co. LLC | ||||||||
7.000%, 8/15/28§ | 30,000 | 23,700 | ||||||
NCL Corp. Ltd. | ||||||||
3.625%, 12/15/24§ | 74,000 | 72,243 | ||||||
Royal Caribbean Cruises Ltd. | ||||||||
7.500%, 10/15/27 | 142,000 | 149,100 | ||||||
|
| |||||||
476,475 | ||||||||
|
| |||||||
Household Durables (1.4%) | ||||||||
Ashton Woods USA LLC | ||||||||
4.625%, 8/1/29§ | 74,000 | 66,980 | ||||||
Brookfield Residential Properties, Inc. | ||||||||
6.250%, 9/15/27§ | 70,000 | 67,900 | ||||||
Dream Finders Homes, Inc. | ||||||||
8.250%, 8/15/28§ | 119,000 | 124,950 | ||||||
KB Home | ||||||||
4.800%, 11/15/29 | 143,000 | 134,063 | ||||||
M/I Homes, Inc. | ||||||||
4.950%, 2/1/28 | 134,000 | 128,305 | ||||||
Taylor Morrison Communities, Inc. | ||||||||
5.875%, 6/15/27§ | 141,000 | 140,647 | ||||||
Tempur Sealy International, Inc. | ||||||||
4.000%, 4/15/29§ | 152,000 | 136,420 | ||||||
|
| |||||||
799,265 | ||||||||
|
| |||||||
Specialty Retail (0.9%) | ||||||||
Bath & Body Works, Inc. | ||||||||
6.950%, 3/1/33 | 64,000 | 62,720 | ||||||
Gap, Inc. (The) | ||||||||
3.625%, 10/1/29§ | 82,000 | 69,982 | ||||||
Group 1 Automotive, Inc. | ||||||||
4.000%, 8/15/28§ | 16,000 | 14,600 | ||||||
Guitar Center, Inc. | ||||||||
8.500%, 1/15/26§ | 33,000 | 29,246 | ||||||
GYP Holdings III Corp. | ||||||||
4.625%, 5/1/29§ | 65,000 | 59,800 | ||||||
LSF9 Atlantis Holdings LLC | ||||||||
7.750%, 2/15/26§ | 62,000 | 59,598 | ||||||
Specialty Building Products Holdings LLC | ||||||||
6.375%, 9/30/26§ | 67,000 | 65,660 | ||||||
Upbound Group, Inc. | ||||||||
6.375%, 2/15/29§ | 60,000 | 57,000 | ||||||
Victoria’s Secret & Co. | ||||||||
4.625%, 7/15/29§ | 72,000 | 60,922 | ||||||
White Cap Buyer LLC | ||||||||
6.875%, 10/15/28§ | 37,000 | 36,075 | ||||||
|
| |||||||
515,603 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (0.1%) | ||||||||
G-III Apparel Group Ltd. | ||||||||
7.875%, 8/15/25(x)§ | 57,000 | 57,142 | ||||||
|
| |||||||
Total Consumer Discretionary | 3,020,736 | |||||||
|
| |||||||
Consumer Staples (0.3%) | ||||||||
Household Products (0.2%) | ||||||||
Central Garden & Pet Co. | ||||||||
4.125%, 4/30/31§ | 149,000 | 130,747 | ||||||
|
| |||||||
Personal Care Products (0.1%) | ||||||||
BellRing Brands, Inc. | ||||||||
7.000%, 3/15/30§ | 62,000 | 64,170 | ||||||
|
| |||||||
Total Consumer Staples | 194,917 | |||||||
|
| |||||||
Energy (5.6%) | ||||||||
Energy Equipment & Services (0.7%) | ||||||||
CSI Compressco LP | ||||||||
7.500%, 4/1/25§ | 64,000 | 64,000 | ||||||
Helix Energy Solutions Group, Inc. | ||||||||
9.750%, 3/1/29§ | 116,000 | 121,800 | ||||||
Noble Finance II LLC | ||||||||
8.000%, 4/15/30§ | 17,000 | 17,621 | ||||||
USA Compression Partners LP | ||||||||
6.875%, 4/1/26 | 10,000 | 9,912 | ||||||
6.875%, 9/1/27 | 55,000 | 54,762 | ||||||
Valaris Ltd. | ||||||||
8.375%, 4/30/30§ | 108,000 | 110,298 | ||||||
|
| |||||||
378,393 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels (4.9%) | ||||||||
Alliance Resource Operating Partners LP | ||||||||
7.500%, 5/1/25§ | 123,000 | 122,385 | ||||||
Antero Midstream Partners LP | ||||||||
6.625%, 2/1/32§ | 46,000 | 45,699 | ||||||
Calumet Specialty Products Partners LP | ||||||||
8.125%, 1/15/27§ | 38,000 | 37,430 | ||||||
Chord Energy Corp. | ||||||||
6.375%, 6/1/26§ | 119,000 | 119,000 | ||||||
CNX Midstream Partners LP | ||||||||
4.750%, 4/15/30§ | 64,000 | 55,520 | ||||||
CNX Resources Corp. | ||||||||
6.000%, 1/15/29§ | 138,000 | 132,825 | ||||||
Crescent Energy Finance LLC | ||||||||
9.250%, 2/15/28§ | 126,000 | 131,531 | ||||||
CVR Energy, Inc. | ||||||||
5.250%, 2/15/25§ | 160,000 | 159,920 | ||||||
5.750%, 2/15/28§ | 83,000 | 76,568 | ||||||
Delek Logistics Partners LP | ||||||||
7.125%, 6/1/28§ | 119,000 | 113,565 | ||||||
Encino Acquisition Partners Holdings LLC | ||||||||
8.500%, 5/1/28§ | 61,000 | 60,390 | ||||||
Energy Transfer LP | ||||||||
5.950%, 5/15/54 | 240,000 | 240,680 |
See Notes to Portfolio of Investments.
25
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
EnLink Midstream LLC | ||||||||
6.500%, 9/1/30§ | $ | 10,000 | $ | 10,200 | ||||
Global Partners LP | ||||||||
6.875%, 1/15/29 | 70,000 | 69,037 | ||||||
Hess Midstream Operations LP | ||||||||
4.250%, 2/15/30§ | 300,000 | 275,952 | ||||||
Martin Midstream Partners LP | ||||||||
11.500%, 2/15/28§ | 56,000 | 57,820 | ||||||
New Fortress Energy, Inc. | ||||||||
6.500%, 9/30/26§ | 155,000 | 149,715 | ||||||
NGL Energy Partners LP | ||||||||
7.500%, 4/15/26 | 40,000 | 40,050 | ||||||
PBF Holding Co. LLC | ||||||||
7.875%, 9/15/30§ | 10,000 | 10,325 | ||||||
Permian Resources Operating LLC | ||||||||
7.750%, 2/15/26§ | 159,000 | 160,987 | ||||||
Rockies Express Pipeline LLC | ||||||||
3.600%, 5/15/25§ | 140,000 | 135,867 | ||||||
Southwestern Energy Co. | ||||||||
5.700%, 1/23/25(e) | 150,000 | 148,687 | ||||||
Tallgrass Energy Partners LP | ||||||||
6.000%, 12/31/30§ | 133,000 | 123,358 | ||||||
Targa Resources Corp. | ||||||||
6.125%, 3/15/33 | 70,000 | 73,323 | ||||||
Venture Global LNG, Inc. | ||||||||
8.125%, 6/1/28§ | 218,000 | 221,643 | ||||||
Western Midstream Operating LP | ||||||||
6.150%, 4/1/33 | 20,000 | 20,662 | ||||||
|
| |||||||
2,793,139 | ||||||||
|
| |||||||
Total Energy | 3,171,532 | |||||||
|
| |||||||
Financials (17.2%) | ||||||||
Banks (9.4%) | ||||||||
ABN AMRO Bank NV | ||||||||
(United States SOFR Compounded Index + 1.78%), 7.135%, 9/18/27(k)§ | 300,000 | 301,759 | ||||||
Banco Bilbao Vizcaya Argentaria SA | ||||||||
(USD Swap Semi 5 Year + 3.87%), 6.125%, 11/16/27(k)(y) | 400,000 | 363,000 | ||||||
Banco Santander SA | ||||||||
(USD SOFR Spread-Adjusted ICE Swap Rate 5 Year + 4.99%), 7.500%, 2/8/24(k)(m)(y) | 200,000 | 199,600 | ||||||
Bank of Ireland Group plc | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.65%), 6.253%, 9/16/26(k)§ | 200,000 | 202,153 | ||||||
Barclays plc | ||||||||
(SOFR + 3.57%), 7.119%, 6/27/34(k) | 265,000 | 279,695 | ||||||
Comerica, Inc. | ||||||||
(SOFR + 2.16%), 5.982%, 1/30/30(k) | 135,000 | 134,412 | ||||||
Credit Agricole SA | ||||||||
(USD Swap Semi 5 Year + 4.32%), 6.875%, 9/23/24(k)(y)§ | 200,000 | 199,250 | ||||||
HSBC Holdings plc | ||||||||
4.250%, 3/14/24 | 250,000 | 249,533 | ||||||
(USD ICE Swap Rate 5 Year + 3.75%), 6.000%, 5/22/27(k)(y) | 280,000 | 264,600 | ||||||
(USD ICE Swap Rate 5 Year + 3.61%), 6.500%, 3/23/28(k)(y) | 230,000 | 220,800 | ||||||
(SOFR + 3.02%), 7.399%, 11/13/34(k) | 270,000 | 294,118 | ||||||
HSBC USA, Inc. | ||||||||
5.625%, 3/17/25 | 200,000 | 201,260 | ||||||
ING Groep NV | ||||||||
(USD Swap Semi 5 Year + 4.45%), 6.500%, 4/16/25(k)(y) | 200,000 | 195,000 | ||||||
(SOFR + 1.56%), 6.910%, 9/11/27(k) | 270,000 | 272,862 | ||||||
Intesa Sanpaolo SpA | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 3.90%), 7.778%, 6/20/54(k)§ | 265,000 | 269,759 | ||||||
JPMorgan Chase & Co. | ||||||||
(SOFR + 2.58%), 5.717%, 9/14/33(k) | 185,000 | 189,903 | ||||||
Lloyds Banking Group plc | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.91%), 8.000%, 9/27/29(k)(y) | 260,000 | 254,184 | ||||||
NatWest Group plc | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.10%), 6.016%, 3/2/34(k) | 200,000 | 208,116 | ||||||
Santander Holdings USA, Inc. | ||||||||
3.450%, 6/2/25 | 170,000 | 165,130 | ||||||
Societe Generale SA | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 2.95%), 7.132%, 1/19/55(k)§ | 200,000 | 199,160 | ||||||
Standard Chartered plc | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 1 Year + 0.95%), 1.822%, 11/23/25(k)§ | 270,000 | 261,198 | ||||||
Truist Financial Corp. | ||||||||
(SOFR + 2.05%), 6.047%, 6/8/27(k) | 200,000 | 203,269 | ||||||
UniCredit SpA | ||||||||
(USD ICE Swap Rate 5 Year + 4.91%), 7.296%, 4/2/34(k)§ | 240,000 | 247,519 | ||||||
|
| |||||||
5,376,280 | ||||||||
|
|
See Notes to Portfolio of Investments.
26
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Capital Markets (4.3%) | ||||||||
Ares Capital Corp. | ||||||||
5.875%, 3/1/29 | $ | 280,000 | $ | 277,763 | ||||
Aretec Group, Inc. | ||||||||
7.500%, 4/1/29(x)§ | 38,000 | 35,104 | ||||||
BGC Group, Inc. | ||||||||
4.375%, 12/15/25 | 345,000 | 334,700 | ||||||
Blackstone Private Credit Fund | ||||||||
6.250%, 1/25/31§ | 280,000 | 279,349 | ||||||
Blue Owl Capital Corp. II | ||||||||
8.450%, 11/15/26§ | 70,000 | 72,497 | ||||||
Blue Owl Credit Income Corp. | ||||||||
5.500%, 3/21/25 | 230,000 | 227,981 | ||||||
Coinbase Global, Inc. | ||||||||
3.375%, 10/1/28§ | 94,000 | 76,698 | ||||||
Credit Suisse AG | ||||||||
7.950%, 1/9/25 | 250,000 | 255,930 | ||||||
Deutsche Bank AG | ||||||||
(SOFR + 1.87%), 2.129%, 11/24/26(k) | 230,000 | 216,251 | ||||||
(SOFR + 3.65%), 7.079%, 2/10/34(k) | 200,000 | 203,313 | ||||||
Morgan Stanley | ||||||||
(SOFR + 1.59%), 5.164%, 4/20/29(k) | 145,000 | 145,916 | ||||||
Osaic Holdings, Inc. | ||||||||
10.750%, 8/1/27§ | 32,000 | 32,720 | ||||||
UBS Group AG | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 4.76%), 9.250%, 11/13/33(k)(y)§ | 270,000 | 294,583 | ||||||
|
| |||||||
2,452,805 | ||||||||
|
| |||||||
Consumer Finance (1.4%) | ||||||||
Capital One Financial Corp. | ||||||||
(SOFR + 2.26%), 6.051%, 2/1/35(k) | 280,000 | 284,648 | ||||||
General Motors Financial Co., Inc. | ||||||||
5.400%, 4/6/26 | 260,000 | 261,648 | ||||||
goeasy Ltd. | ||||||||
9.250%, 12/1/28§ | 124,000 | 131,750 | ||||||
Synchrony Financial | ||||||||
7.250%, 2/2/33 | 78,000 | 77,241 | ||||||
World Acceptance Corp. | ||||||||
7.000%, 11/1/26§ | 29,000 | 26,805 | ||||||
|
| |||||||
782,092 | ||||||||
|
| |||||||
Financial Services (0.4%) | ||||||||
Armor Holdco, Inc. | ||||||||
8.500%, 11/15/29§ | 34,000 | 31,820 | ||||||
Freedom Mortgage Holdings LLC | ||||||||
9.250%, 2/1/29§ | 30,000 | 30,451 | ||||||
Nationstar Mortgage Holdings, Inc. | ||||||||
7.125%, 2/1/32§ | 85,000 | 84,044 | ||||||
Sabre GLBL, Inc. | ||||||||
11.250%, 12/15/27§ | 77,000 | 77,385 | ||||||
|
| |||||||
223,700 | ||||||||
|
| |||||||
Insurance (1.3%) | ||||||||
Allianz SE | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 3.23%), 6.350%, 9/6/53(k)(x)§ | 200,000 | 207,367 | ||||||
Liberty Mutual Group, Inc. | ||||||||
4.300%, 2/1/61§ | 330,000 | 213,675 | ||||||
Met Tower Global Funding | ||||||||
4.850%, 1/16/27§ | 200,000 | 200,897 | ||||||
NFP Corp. | ||||||||
6.875%, 8/15/28§ | 61,000 | 60,924 | ||||||
USI, Inc. | ||||||||
7.500%, 1/15/32§ | 36,000 | 36,517 | ||||||
|
| |||||||
719,380 | ||||||||
|
| |||||||
Mortgage Real Estate Investment Trusts (REITs) (0.4%) | ||||||||
Blackstone Mortgage Trust, Inc. (REIT) | ||||||||
3.750%, 1/15/27§ | 141,000 | 123,375 | ||||||
Ladder Capital Finance Holdings LLLP (REIT) | ||||||||
4.750%, 6/15/29§ | 129,000 | 115,455 | ||||||
|
| |||||||
238,830 | ||||||||
|
| |||||||
Total Financials | 9,793,087 | |||||||
|
| |||||||
Health Care (0.6%) | ||||||||
Health Care Equipment & Supplies (0.2%) | ||||||||
Medtronic Global Holdings SCA | ||||||||
4.250%, 3/30/28 | 95,000 | 94,244 | ||||||
|
| |||||||
Health Care Providers & Services (0.1%) | ||||||||
Encompass Health Corp. | ||||||||
4.625%, 4/1/31 | 94,000 | 86,010 | ||||||
|
| |||||||
Pharmaceuticals (0.3%) | ||||||||
Eli Lilly and Co. | ||||||||
4.700%, 2/27/33(x) | 130,000 | 132,180 | ||||||
HLF Financing Sarl LLC | ||||||||
4.875%, 6/1/29§ | 62,000 | 48,283 | ||||||
|
| |||||||
180,463 | ||||||||
|
| |||||||
Total Health Care |
| 360,717 | ||||||
|
| |||||||
Industrials (6.1%) | ||||||||
Aerospace & Defense (0.4%) | ||||||||
Moog, Inc. | ||||||||
4.250%, 12/15/27§ | 22,000 | 20,708 | ||||||
TransDigm, Inc. | ||||||||
4.625%, 1/15/29 | 210,000 | 195,562 | ||||||
|
| |||||||
216,270 | ||||||||
|
| |||||||
Air Freight & Logistics (0.0%)† | ||||||||
Rand Parent LLC | ||||||||
8.500%, 2/15/30(x)§ | 23,000 | 22,712 | ||||||
|
| |||||||
Building Products (1.0%) | ||||||||
AmeriTex HoldCo Intermediate LLC | ||||||||
10.250%, 10/15/28(x)§ | 58,000 | 59,561 | ||||||
Cornerstone Building Brands, Inc. | ||||||||
6.125%, 1/15/29§ | 46,000 | 40,710 | ||||||
Eco Material Technologies, Inc. | ||||||||
7.875%, 1/31/27§ | 65,000 | 64,837 | ||||||
MIWD Holdco II LLC | ||||||||
5.500%, 2/1/30(x)§ | 78,000 | 70,813 | ||||||
Oscar AcquisitionCo LLC | ||||||||
9.500%, 4/15/30§ | 30,000 | 29,025 |
See Notes to Portfolio of Investments.
27
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Smyrna Ready Mix Concrete LLC | ||||||||
6.000%, 11/1/28§ | $ | 144,000 | $ | 140,514 | ||||
Standard Industries, Inc. | ||||||||
5.000%, 2/15/27§ | 168,000 | 163,192 | ||||||
|
| |||||||
568,652 | ||||||||
|
| |||||||
Commercial Services & Supplies (1.1%) | ||||||||
APX Group, Inc. | ||||||||
5.750%, 7/15/29§ | 74,000 | 70,115 | ||||||
Covanta Holding Corp. | ||||||||
4.875%, 12/1/29§ | 97,000 | 84,025 | ||||||
Deluxe Corp. | ||||||||
8.000%, 6/1/29§ | 35,000 | 31,369 | ||||||
Garda World Security Corp. | ||||||||
9.500%, 11/1/27(x)§ | 49,000 | 48,991 | ||||||
Interface, Inc. | ||||||||
5.500%, 12/1/28(x)§ | 64,000 | 59,760 | ||||||
Neptune Bidco US, Inc. | ||||||||
9.290%, 4/15/29§ | 11,000 | 10,508 | ||||||
Pitney Bowes, Inc. | ||||||||
6.875%, 3/15/27§ | 69,000 | 62,272 | ||||||
Republic Services, Inc. | ||||||||
5.000%, 4/1/34 | 50,000 | 50,415 | ||||||
Steelcase, Inc. | ||||||||
5.125%, 1/18/29 | 135,000 | 129,334 | ||||||
WASH Multifamily Acquisition, Inc. | ||||||||
5.750%, 4/15/26(x)§ | 66,000 | 63,832 | ||||||
Waste Pro USA, Inc. | ||||||||
5.500%, 2/15/26§ | 38,000 | 36,765 | ||||||
|
| |||||||
647,386 | ||||||||
|
| |||||||
Construction & Engineering (1.0%) | ||||||||
Artera Services LLC | ||||||||
9.033%, 12/4/25§ | 55,000 | 55,612 | ||||||
Brand Industrial Services, Inc. | ||||||||
10.375%, 8/1/30§ | 63,000 | 66,341 | ||||||
Global Infrastructure Solutions, Inc. | ||||||||
5.625%, 6/1/29§ | 75,000 | 67,967 | ||||||
Great Lakes Dredge & Dock Corp. | ||||||||
5.250%, 6/1/29§ | 23,000 | 19,837 | ||||||
IHS Netherlands Holdco BV | ||||||||
8.000%, 9/18/27§ | 235,000 | 215,098 | ||||||
Pike Corp. | ||||||||
5.500%, 9/1/28§ | 18,000 | 17,139 | ||||||
Weekley Homes LLC | ||||||||
4.875%, 9/15/28§ | 122,000 | 114,070 | ||||||
|
| |||||||
556,064 | ||||||||
|
| |||||||
Electrical Equipment (0.2%) | ||||||||
Vertiv Group Corp. | ||||||||
4.125%, 11/15/28§ | 142,000 | 131,705 | ||||||
|
| |||||||
Ground Transportation (0.4%) | ||||||||
Uber Technologies, Inc. | ||||||||
8.000%, 11/1/26§ | 101,000 | 102,849 | ||||||
Watco Cos. LLC | ||||||||
6.500%, 6/15/27§ | 37,000 | 36,819 | ||||||
XPO CNW, Inc. | ||||||||
6.700%, 5/1/34 | 80,000 | 82,000 | ||||||
|
| |||||||
221,668 | ||||||||
|
| |||||||
Machinery (0.2%) | ||||||||
Park-Ohio Industries, Inc. | ||||||||
6.625%, 4/15/27 | 31,000 | 28,372 | ||||||
Titan International, Inc. | ||||||||
7.000%, 4/30/28 | 58,000 | 57,591 | ||||||
Werner FinCo LP | ||||||||
11.500%, 6/15/28§ | 30,000 | 31,500 | ||||||
|
| |||||||
117,463 | ||||||||
|
| |||||||
Passenger Airlines (0.8%) | ||||||||
American Airlines Group, Inc. | ||||||||
3.750%, 3/1/25§ | 180,000 | 175,500 | ||||||
Hawaiian Brand Intellectual Property Ltd. | ||||||||
5.750%, 1/20/26§ | 79,003 | 73,868 | ||||||
Mileage Plus Holdings LLC | ||||||||
6.500%, 6/20/27§ | 185,500 | 185,222 | ||||||
VistaJet Malta Finance plc | ||||||||
9.500%, 6/1/28(x)§ | 14,000 | 11,832 | ||||||
6.375%, 2/1/30§ | 17,000 | 12,070 | ||||||
|
| |||||||
458,492 | ||||||||
|
| |||||||
Professional Services (0.2%) | ||||||||
TriNet Group, Inc. | ||||||||
3.500%, 3/1/29§ | 151,000 | 133,821 | ||||||
|
| |||||||
Trading Companies & Distributors (0.7%) | ||||||||
Beacon Roofing Supply, Inc. | ||||||||
4.125%, 5/15/29§ | 73,000 | 65,876 | ||||||
BlueLinx Holdings, Inc. | ||||||||
6.000%, 11/15/29§ | 70,000 | 66,150 | ||||||
Boise Cascade Co. | ||||||||
4.875%, 7/1/30§ | 138,000 | 127,995 | ||||||
Fortress Transportation and Infrastructure Investors LLC | ||||||||
9.750%, 8/1/27§ | 138,000 | 143,176 | ||||||
|
| |||||||
403,197 | ||||||||
|
| |||||||
Transportation Infrastructure (0.1%) | ||||||||
Seaspan Corp. | ||||||||
5.500%, 8/1/29§ | 75,000 | 63,937 | ||||||
|
| |||||||
Total Industrials | 3,541,367 | |||||||
|
| |||||||
Information Technology (3.8%) | ||||||||
Communications Equipment (0.2%) | ||||||||
CommScope Technologies LLC | ||||||||
6.000%, 6/15/25§ | 160,000 | 126,500 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.1%) | ||||||||
Jabil, Inc. | ||||||||
5.450%, 2/1/29 | 25,000 | 25,435 | ||||||
|
| |||||||
IT Services (0.4%) | ||||||||
Ahead DB Holdings LLC | ||||||||
6.625%, 5/1/28§ | 25,000 | 21,969 | ||||||
Arches Buyer, Inc. | ||||||||
6.125%, 12/1/28§ | 51,000 | 43,732 | ||||||
Newfold Digital Holdings Group, Inc. | ||||||||
6.000%, 2/15/29§ | 47,000 | 35,426 | ||||||
Presidio Holdings, Inc. | ||||||||
8.250%, 2/1/28§ | 40,000 | 39,650 | ||||||
Unisys Corp. | ||||||||
6.875%, 11/1/27§ | 76,000 | 68,780 | ||||||
|
| |||||||
209,557 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (1.0%) | ||||||||
Broadcom, Inc. | ||||||||
4.150%, 4/15/32§ | 240,000 | 225,424 | ||||||
Micron Technology, Inc. | ||||||||
6.750%, 11/1/29 | 190,000 | 204,976 |
See Notes to Portfolio of Investments.
28
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
5.300%, 1/15/31 | $ | 115,000 | $ | 116,012 | ||||
Synaptics, Inc. | ||||||||
4.000%, 6/15/29§ | 60,000 | 53,175 | ||||||
|
| |||||||
599,587 | ||||||||
|
| |||||||
Software (1.0%) | ||||||||
Crowdstrike Holdings, Inc. | ||||||||
3.000%, 2/15/29 | 146,000 | 130,003 | ||||||
Fair Isaac Corp. | ||||||||
5.250%, 5/15/26§ | 121,000 | 119,221 | ||||||
4.000%, 6/15/28§ | 23,000 | 21,505 | ||||||
Oracle Corp. | ||||||||
2.875%, 3/25/31 | 270,000 | 237,310 | ||||||
PTC, Inc. | ||||||||
4.000%, 2/15/28§ | 9,000 | 8,494 | ||||||
Veritas US, Inc. | ||||||||
7.500%, 9/1/25§ | 50,000 | 42,627 | ||||||
|
| |||||||
559,160 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (1.1%) | ||||||||
Dell International LLC | ||||||||
5.750%, 2/1/33 | 155,000 | 162,321 | ||||||
Seagate HDD Cayman | ||||||||
9.625%, 12/1/32 | 145,069 | 166,467 | ||||||
Xerox Corp. | ||||||||
6.750%, 12/15/39 | 50,000 | 41,965 | ||||||
Xerox Holdings Corp. | ||||||||
5.000%, 8/15/25§ | 160,000 | 155,558 | ||||||
5.500%, 8/15/28§ | 100,000 | 90,738 | ||||||
|
| |||||||
617,049 | ||||||||
|
| |||||||
Total Information Technology | 2,137,288 | |||||||
|
| |||||||
Materials (1.3%) | ||||||||
Chemicals (0.1%) | ||||||||
Rain Carbon, Inc. | ||||||||
12.250%, 9/1/29§ | 32,000 | 31,680 | ||||||
Tronox, Inc. | ||||||||
4.625%, 3/15/29(x)§ | 14,000 | 12,317 | ||||||
|
| |||||||
43,997 | ||||||||
|
| |||||||
Construction Materials (0.4%) | ||||||||
Cemex SAB de CV | ||||||||
3.875%, 7/11/31§ | 260,000 | 230,100 | ||||||
|
| |||||||
Containers & Packaging (0.1%) | ||||||||
Pactiv Evergreen Group Issuer, Inc. | ||||||||
4.000%, 10/15/27§82,000 | 76,209 | |||||||
|
| |||||||
Metals & Mining (0.7%) | ||||||||
FMG Resources August 2006 Pty. Ltd. | ||||||||
5.875%, 4/15/30§ | 159,000 | 157,048 | ||||||
Northern Star Resources Ltd. | ||||||||
6.125%, 4/11/33§ | 180,000 | 182,988 | ||||||
SunCoke Energy, Inc. | ||||||||
4.875%, 6/30/29§ | 73,000 | 65,974 | ||||||
|
| |||||||
406,010 | ||||||||
|
| |||||||
Total Materials | 756,316 | |||||||
|
| |||||||
Real Estate (1.6%) | ||||||||
Diversified REITs (0.1%) | ||||||||
Vornado Realty LP (REIT) | ||||||||
3.400%, 6/1/31 | 101,000 | 79,537 | ||||||
|
| |||||||
Office REITs (0.4%) | ||||||||
Brandywine Operating Partnership LP (REIT) | ||||||||
7.800%, 3/15/28(e) | 122,000 | 124,440 | ||||||
Hudson Pacific Properties LP (REIT) | ||||||||
4.650%, 4/1/29 | 109,000 | 95,784 | ||||||
|
| |||||||
220,224 | ||||||||
|
| |||||||
Real Estate Management & Development (0.5%) | ||||||||
Forestar Group, Inc. | ||||||||
5.000%, 3/1/28§ | 136,000 | 129,370 | ||||||
Newmark Group, Inc. | ||||||||
7.500%, 1/12/29§ | 124,000 | 126,914 | ||||||
|
| |||||||
256,284 | ||||||||
|
| |||||||
Retail REITs (0.1%) | ||||||||
Brookfield Property REIT, Inc. (REIT) | ||||||||
4.500%, 4/1/27§ | 42,000 | 37,099 | ||||||
|
| |||||||
Specialized REITs (0.5%) | ||||||||
Crown Castle, Inc. (REIT) | ||||||||
5.800%, 3/1/34 | 95,000 | 97,619 | ||||||
Iron Mountain, Inc. (REIT) | ||||||||
4.875%, 9/15/29§ | 206,000 | 192,645 | ||||||
|
| |||||||
290,264 | ||||||||
|
| |||||||
Total Real Estate | 883,408 | |||||||
|
| |||||||
Utilities (1.1%) | ||||||||
Electric Utilities (0.9%) | ||||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
6.051%, 3/1/25 | 65,000 | 65,522 | ||||||
NRG Energy, Inc. | ||||||||
3.375%, 2/15/29§ | 187,000 | 165,495 | ||||||
Terraform Global Operating LP | ||||||||
6.125%, 3/1/26§ | 96,000 | 94,320 | ||||||
Vistra Operations Co. LLC | ||||||||
4.375%, 5/1/29§ | 204,000 | 187,935 | ||||||
|
| |||||||
513,272 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (0.2%) | ||||||||
Talen Energy Supply LLC | ||||||||
8.625%, 6/1/30§ | 128,000 | 135,840 | ||||||
|
| |||||||
Total Utilities | 649,112 | |||||||
|
| |||||||
Total Corporate Bonds | 26,788,532 | |||||||
|
| |||||||
Foreign Government Securities (1.7%) | ||||||||
Oriental Republic of Uruguay | ||||||||
9.750%, 7/20/33 | UYU | 12,005,000 | 316,118 | |||||
Republic of Costa Rica | ||||||||
7.000%, 4/4/44(m) | $ | 200,000 | 202,600 | |||||
7.158%, 3/12/45(m) | 240,000 | 246,600 | ||||||
Republic of Guatemala | ||||||||
4.375%, 6/5/27(m) | 200,000 | 191,300 | ||||||
|
| |||||||
Total Foreign Government Securities | 956,618 | |||||||
|
| |||||||
U.S. Treasury Obligations (5.4%) | ||||||||
U.S. Treasury Bonds | ||||||||
3.625%, 2/15/53 | 1,455,000 | 1,303,134 | ||||||
U.S. Treasury Notes | ||||||||
4.500%, 11/15/33 | 1,715,000 | 1,788,155 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 3,091,289 | |||||||
|
| |||||||
Total Long-Term Debt Securities (56.2%) | 32,066,569 | |||||||
|
|
See Notes to Portfolio of Investments.
29
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Communication Services (3.1%) | ||||||||
Diversified Telecommunication Services (0.5%) | ||||||||
AT&T, Inc. | 2,254 | $ | 39,873 | |||||
Koninklijke KPN NV | 16,279 | 55,380 | ||||||
Verizon Communications, Inc. | 4,835 | 204,762 | ||||||
|
| |||||||
300,015 | ||||||||
|
| |||||||
Entertainment (0.3%) | ||||||||
Netflix, Inc.* | 153 | 86,309 | ||||||
Nintendo Co. Ltd. | 1,100 | 61,530 | ||||||
Walt Disney Co. (The) | 451 | 43,318 | ||||||
|
| |||||||
191,157 | ||||||||
|
| |||||||
Interactive Media & Services (1.7%) | ||||||||
Alphabet, Inc., Class A(s)* | 1,983 | 277,818 | ||||||
Alphabet, Inc., Class C(s)* | 2,370 | 336,066 | ||||||
Meta Platforms, Inc., Class A(s)* | 912 | 355,808 | ||||||
|
| |||||||
969,692 | ||||||||
|
| |||||||
Media (0.5%) | ||||||||
Comcast Corp., Class A(s) | 4,813 | 223,997 | ||||||
Publicis Groupe SA | 413 | 41,455 | ||||||
|
| |||||||
265,452 | ||||||||
|
| |||||||
Wireless Telecommunication Services (0.1%) | ||||||||
KDDI Corp. | 1,700 | 56,252 | ||||||
|
| |||||||
Total Communication Services | 1,782,568 | |||||||
|
| |||||||
Consumer Discretionary (3.7%) | ||||||||
Automobile Components (0.1%) | ||||||||
Bridgestone Corp. | 1,100 | 47,817 | ||||||
|
| |||||||
Automobiles (0.8%) | ||||||||
Bayerische Motoren Werke AG | 415 | 43,289 | ||||||
Honda Motor Co. Ltd. | 5,400 | 60,369 | ||||||
Stellantis NV | 1,943 | 42,801 | ||||||
Tesla, Inc.(s)* | 754 | 141,217 | ||||||
Toyota Motor Corp. | 8,700 | 172,945 | ||||||
|
| |||||||
460,621 | ||||||||
|
| |||||||
Broadline Retail (1.1%) | ||||||||
Amazon.com, Inc.(s)* | 3,390 | 526,128 | ||||||
Wesfarmers Ltd. | 1,952 | 74,267 | ||||||
|
| |||||||
600,395 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (0.5%) | ||||||||
Booking Holdings, Inc.* | 14 | 49,105 | ||||||
Darden Restaurants, Inc. | 236 | 38,369 | ||||||
Hilton Worldwide Holdings, Inc. | 420 | 80,203 | ||||||
McDonald’s Corp. | 190 | 55,617 | ||||||
Starbucks Corp. | 433 | 40,282 | ||||||
Yum! Brands, Inc. | 290 | 37,552 | ||||||
|
| |||||||
301,128 | ||||||||
|
| |||||||
Household Durables (0.1%) | ||||||||
DR Horton, Inc. | 342 | 48,875 | ||||||
|
| |||||||
Specialty Retail (0.9%) | ||||||||
Home Depot, Inc. (The)(s) | 1,022 | 360,725 | ||||||
Industria de Diseno Textil SA | 1,085 | 46,378 | ||||||
Lowe’s Cos., Inc. | 172 | 36,609 | ||||||
O’Reilly Automotive, Inc.* | 43 | 43,991 | ||||||
TJX Cos., Inc. (The) | 552 | 52,390 | ||||||
|
| |||||||
540,093 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (0.2%) | ||||||||
Kering SA | 105 | 43,314 | ||||||
NIKE, Inc., Class B | 476 | 48,328 | ||||||
|
| |||||||
91,642 | ||||||||
|
| |||||||
Total Consumer Discretionary | 2,090,571 | |||||||
|
| |||||||
Consumer Staples (4.1%) | ||||||||
Beverages (1.2%) | ||||||||
Brown-Forman Corp., Class B | 542 | 29,756 | ||||||
Carlsberg A/S, Class B | 336 | 43,216 | ||||||
Coca-Cola Co. (The) | 3,999 | 237,900 | ||||||
Constellation Brands, Inc., Class A | 162 | 39,703 | ||||||
Diageo plc | 1,996 | 71,790 | ||||||
PepsiCo, Inc.(s) | 1,426 | 240,324 | ||||||
Pernod Ricard SA | 258 | 42,462 | ||||||
|
| |||||||
705,151 | ||||||||
|
| |||||||
Consumer Staples Distribution & Retail (0.5%) | ||||||||
Costco Wholesale Corp.(s) | 145 | 100,758 | ||||||
Dollar General Corp. | 179 | 23,641 | ||||||
Kroger Co. (The) | 903 | 41,664 | ||||||
Target Corp. | 418 | 58,135 | ||||||
Walmart, Inc.(s) | 452 | 74,693 | ||||||
|
| |||||||
298,891 | ||||||||
|
| |||||||
Food Products (0.7%) | ||||||||
Archer-Daniels-Midland Co. | 432 | 24,011 | ||||||
Conagra Brands, Inc. | 1,502 | 43,783 | ||||||
Danone SA | 782 | 52,150 | ||||||
Kellanova | 755 | 41,344 | ||||||
Nestle SA (Registered) | 1,988 | 226,669 | ||||||
Tyson Foods, Inc., Class A | 619 | 33,896 | ||||||
|
| |||||||
421,853 | ||||||||
|
| |||||||
Household Products (0.9%) | ||||||||
Colgate-Palmolive Co. | 860 | 72,412 | ||||||
Procter & Gamble Co. (The)(s) | 2,337 | 367,236 | ||||||
Reckitt Benckiser Group plc | 850 | 61,380 | ||||||
|
| |||||||
501,028 | ||||||||
|
| |||||||
Personal Care Products (0.3%) | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 159 | 20,986 | ||||||
Kenvue, Inc. | 2,371 | 49,222 | ||||||
Unilever plc | 2,157 | 105,019 | ||||||
|
| |||||||
175,227 | ||||||||
|
| |||||||
Tobacco (0.5%) | ||||||||
Altria Group, Inc. | 1,554 | 62,347 | ||||||
Japan Tobacco, Inc. | 1,400 | 36,903 | ||||||
Philip Morris International, Inc. | 1,720 | 156,262 | ||||||
|
| |||||||
255,512 | ||||||||
|
| |||||||
Total Consumer Staples | 2,357,662 | |||||||
|
| |||||||
Energy (2.6%) | ||||||||
Energy Equipment & Services (0.1%) | ||||||||
Schlumberger NV | 736 | 35,843 | ||||||
|
| |||||||
Oil, Gas & Consumable Fuels (2.5%) | ||||||||
Chevron Corp.(s) | 1,863 | 274,662 | ||||||
ConocoPhillips | 1,589 | 177,762 | ||||||
EOG Resources, Inc. | 317 | 36,072 | ||||||
Exxon Mobil Corp.(s) | 4,157 | 427,381 |
See Notes to Portfolio of Investments.
30
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Hess Corp. | 266 | $ | 37,381 | |||||
Marathon Petroleum Corp.(s) | 494 | 81,806 | ||||||
Phillips 66 | 420 | 60,610 | ||||||
Suncor Energy, Inc. | 1,600 | 52,982 | ||||||
TotalEnergies SE | 1,923 | 125,241 | ||||||
Valero Energy Corp. | 634 | 88,063 | ||||||
Woodside Energy Group Ltd. | 2,869 | 60,132 | ||||||
|
| |||||||
1,422,092 | ||||||||
|
| |||||||
Total Energy | 1,457,935 | |||||||
|
| |||||||
Financials (4.5%) | ||||||||
Banks (1.0%) | ||||||||
Bank of America Corp. | 1,838 | 62,510 | ||||||
Citigroup, Inc. | 775 | 43,532 | ||||||
DBS Group Holdings Ltd. | 2,200 | 52,091 | ||||||
Fifth Third Bancorp | 1,092 | 37,390 | ||||||
JPMorgan Chase & Co.(s) | 729 | 127,108 | ||||||
PNC Financial Services Group, Inc. (The) | 426 | 64,416 | ||||||
Regions Financial Corp. | 1,930 | 36,033 | ||||||
Truist Financial Corp. | 1,336 | 49,512 | ||||||
US Bancorp | 1,525 | 63,349 | ||||||
Wells Fargo & Co. | 1,034 | 51,886 | ||||||
|
| |||||||
587,827 | ||||||||
|
| |||||||
Capital Markets (1.3%) | ||||||||
Bank of New York Mellon Corp. (The) | 985 | 54,628 | ||||||
BlackRock, Inc. | 179 | 138,602 | ||||||
Blackstone, Inc. | 587 | 73,052 | ||||||
Charles Schwab Corp. (The) | 479 | 30,139 | ||||||
CME Group, Inc. | 309 | 63,605 | ||||||
Goldman Sachs Group, Inc. (The) | 131 | 50,305 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,800 | 54,597 | ||||||
Moody’s Corp. | 149 | 58,414 | ||||||
Morgan Stanley | 470 | 41,003 | ||||||
MSCI, Inc. | 77 | 46,094 | ||||||
Partners Group Holding AG | 27 | 36,689 | ||||||
S&P Global, Inc. | 125 | 56,044 | ||||||
Singapore Exchange Ltd. | 7,000 | 48,757 | ||||||
|
| |||||||
751,929 | ||||||||
|
| |||||||
Financial Services (0.8%) | ||||||||
Berkshire Hathaway, Inc., Class B(s)* | 425 | 163,089 | ||||||
Fiserv, Inc.* | 354 | 50,222 | ||||||
Mastercard, Inc., Class A(s) | 226 | 101,526 | ||||||
PayPal Holdings, Inc.* | 468 | 28,712 | ||||||
Visa, Inc., Class A(s) | 433 | 118,322 | ||||||
|
| |||||||
461,871 | ||||||||
|
| |||||||
Insurance (1.4%) | ||||||||
Aflac, Inc. | 511 | 43,098 | ||||||
Allianz SE (Registered) | 315 | 84,343 | ||||||
American International Group, Inc. | 703 | 48,866 | ||||||
Arch Capital Group Ltd.* | 754 | 62,152 | ||||||
Arthur J Gallagher & Co. | 226 | 52,468 | ||||||
AXA SA | 1,543 | 51,947 | ||||||
Everest Group Ltd. | 111 | 42,732 | ||||||
Manulife Financial Corp. | 3,000 | 66,317 | ||||||
Marsh & McLennan Cos., Inc. | 210 | 40,706 | ||||||
MetLife, Inc. | 634 | 43,949 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 122 | 51,947 | ||||||
Sun Life Financial, Inc. | 1,000 | 51,835 | ||||||
Swiss Re AG | 362 | 41,573 | ||||||
Tokio Marine Holdings, Inc. | 1,800 | 47,683 | ||||||
Zurich Insurance Group AG | 129 | 65,632 | ||||||
|
| |||||||
795,248 | ||||||||
|
| |||||||
Total Financials | 2,596,875 | |||||||
|
| |||||||
Health Care (5.3%) | ||||||||
Biotechnology (1.0%) | ||||||||
AbbVie, Inc.(s) | 1,856 | 305,126 | ||||||
Amgen, Inc. | 632 | 198,612 | ||||||
Gilead Sciences, Inc. | 587 | 45,939 | ||||||
|
| |||||||
549,677 | ||||||||
|
| |||||||
Health Care Equipment & Supplies (0.7%) | ||||||||
Abbott Laboratories | 469 | 53,067 | ||||||
Becton Dickinson & Co. | 143 | 34,150 | ||||||
Boston Scientific Corp.* | 835 | 52,822 | ||||||
Edwards Lifesciences Corp.* | 476 | 37,352 | ||||||
Intuitive Surgical, Inc.* | 143 | 54,085 | ||||||
Medtronic plc | 1,679 | 146,980 | ||||||
Stryker Corp. | 162 | 54,348 | ||||||
|
| |||||||
432,804 | ||||||||
|
| |||||||
Health Care Providers & Services (0.6%) | ||||||||
Centene Corp.* | 434 | 32,684 | ||||||
Cigna Group (The) | 180 | 54,171 | ||||||
CVS Health Corp. | 1,662 | 123,603 | ||||||
Elevance Health, Inc. | 106 | 52,305 | ||||||
UnitedHealth Group, Inc.(s) | 212 | 108,489 | ||||||
|
| |||||||
371,252 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.3%) | ||||||||
Agilent Technologies, Inc. | 263 | 34,216 | ||||||
Danaher Corp. | 210 | 50,381 | ||||||
Thermo Fisher Scientific, Inc. | 125 | 67,373 | ||||||
|
| |||||||
151,970 | ||||||||
|
| |||||||
Pharmaceuticals (2.7%) | ||||||||
Bristol-Myers Squibb Co. | 737 | 36,017 | ||||||
Eli Lilly and Co.(s) | 234 | 151,073 | ||||||
Johnson & Johnson(s) | 2,418 | 384,220 | ||||||
Merck & Co., Inc.(s) | 2,653 | 320,429 | ||||||
Novartis AG (Registered) | 1,594 | 165,089 | ||||||
Pfizer, Inc. | 6,137 | 166,190 | ||||||
Roche Holding AG | 577 | 164,859 | ||||||
Sanofi SA | 945 | 94,889 | ||||||
Zoetis, Inc. | 274 | 51,460 | ||||||
|
| |||||||
1,534,226 | ||||||||
|
| |||||||
Total Health Care | 3,039,929 | |||||||
|
| |||||||
Industrials (3.9%) | ||||||||
Aerospace & Defense (1.0%) | ||||||||
BAE Systems plc | 2,846 | 42,397 | ||||||
Boeing Co. (The)* | 204 | 43,052 | ||||||
General Dynamics Corp. | 165 | 43,723 | ||||||
Lockheed Martin Corp. | 176 | 75,576 | ||||||
Northrop Grumman Corp. | 99 | 44,229 | ||||||
RTX Corp. | 3,882 | 353,728 | ||||||
|
| |||||||
602,705 | ||||||||
|
|
See Notes to Portfolio of Investments.
31
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Air Freight & Logistics (0.3%) | ||||||||
Deutsche Post AG | 1,134 | $ | 54,568 | |||||
United Parcel Service, Inc., Class B | 887 | 125,865 | ||||||
|
| |||||||
180,433 | ||||||||
|
| |||||||
Building Products (0.2%) | ||||||||
Cie de Saint-Gobain SA | 623 | 44,117 | ||||||
Johnson Controls International plc | 769 | 40,519 | ||||||
Trane Technologies plc | 222 | 55,955 | ||||||
|
| |||||||
140,591 | ||||||||
|
| |||||||
Commercial Services & Supplies (0.1%) | ||||||||
Cintas Corp. | 95 | 57,434 | ||||||
Veralto Corp. | 70 | 5,368 | ||||||
|
| |||||||
62,802 | ||||||||
|
| |||||||
Construction & Engineering (0.1%) | ||||||||
Vinci SA | 454 | 57,438 | ||||||
|
| |||||||
Electrical Equipment (0.4%) | ||||||||
ABB Ltd. (Registered) | 1,635 | 69,149 | ||||||
Eaton Corp. plc | 222 | 54,630 | ||||||
Emerson Electric Co. | 559 | 51,277 | ||||||
Mitsubishi Electric Corp. | 2,700 | 39,762 | ||||||
|
| |||||||
214,818 | ||||||||
|
| |||||||
Ground Transportation (0.2%) | ||||||||
Norfolk Southern Corp. | 171 | 40,226 | ||||||
Union Pacific Corp. | 222 | 54,153 | ||||||
|
| |||||||
94,379 | ||||||||
|
| |||||||
Industrial Conglomerates (0.5%) | ||||||||
3M Co. | 771 | 72,744 | ||||||
General Electric Co. | 600 | 79,452 | ||||||
Honeywell International, Inc. | 179 | 36,205 | ||||||
Siemens AG (Registered) | 598 | 107,758 | ||||||
|
| |||||||
296,159 | ||||||||
|
| |||||||
Machinery (0.7%) | ||||||||
Caterpillar, Inc. | 172 | 51,653 | ||||||
Cummins, Inc. | 340 | 81,362 | ||||||
Deere & Co. | 95 | 37,390 | ||||||
Dover Corp. | 360 | 53,921 | ||||||
FANUC Corp. | 1,300 | 35,829 | ||||||
Parker-Hannifin Corp. | 135 | 62,707 | ||||||
Volvo AB, Class B | 2,261 | 53,995 | ||||||
|
| |||||||
376,857 | ||||||||
|
| |||||||
Professional Services (0.2%) | ||||||||
Automatic Data Processing, Inc. | 172 | 42,274 | ||||||
Paychex, Inc. | 421 | 51,248 | ||||||
|
| |||||||
93,522 | ||||||||
|
| |||||||
Trading Companies & Distributors (0.2%) | ||||||||
ITOCHU Corp. | 1,300 | 59,076 | ||||||
Mitsui & Co. Ltd. | 1,200 | 48,612 | ||||||
|
| |||||||
107,688 | ||||||||
|
| |||||||
Total Industrials | 2,227,392 | |||||||
|
| |||||||
Information Technology (6.8%) | ||||||||
Communications Equipment (0.4%) | ||||||||
Cisco Systems, Inc.(s) | 4,379 | 219,738 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.3%) | ||||||||
Amphenol Corp., Class A | 568 | 57,425 | ||||||
Keysight Technologies, Inc.* | 187 | 28,660 | ||||||
Kyocera Corp. | 4,000 | 58,616 | ||||||
TE Connectivity Ltd. | 327 | 46,496 | ||||||
|
| |||||||
191,197 | ||||||||
|
| |||||||
IT Services (0.5%) | ||||||||
Accenture plc, Class A(s) | 312 | 113,531 | ||||||
International Business Machines Corp. | 1,025 | 188,251 | ||||||
|
| |||||||
301,782 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (2.9%) | ||||||||
Advanced Micro Devices, Inc.* | 597 | 100,111 | ||||||
Analog Devices, Inc. | 218 | 41,935 | ||||||
Applied Materials, Inc.(s) | 480 | 78,864 | ||||||
Broadcom, Inc.(s) | 285 | 336,300 | ||||||
Intel Corp. | 1,267 | 54,582 | ||||||
KLA Corp. | 99 | 58,810 | ||||||
NVIDIA Corp.(s) | 1,066 | 655,878 | ||||||
QUALCOMM, Inc. | 1,235 | 183,410 | ||||||
Texas Instruments, Inc. | 1,004 | 160,760 | ||||||
|
| |||||||
1,670,650 | ||||||||
|
| |||||||
Software (2.6%) | ||||||||
Adobe, Inc.(s)* | 154 | 95,138 | ||||||
Intuit, Inc. | 119 | 75,128 | ||||||
Microsoft Corp.(s) | 2,514 | 999,516 | ||||||
Oracle Corp.(s) | 769 | 85,898 | ||||||
Roper Technologies, Inc. | 79 | 42,423 | ||||||
Salesforce, Inc.(s)* | 358 | 100,630 | ||||||
ServiceNow, Inc.* | 95 | 72,713 | ||||||
|
| |||||||
1,471,446 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (0.1%) | ||||||||
Canon, Inc.(x) | 1,700 | 47,084 | ||||||
|
| |||||||
Total Information Technology | 3,901,897 | |||||||
|
| |||||||
Materials (1.5%) | ||||||||
Chemicals (0.6%) | ||||||||
Air Products and | ||||||||
Chemicals, Inc. | 205 | 52,421 | ||||||
Dow, Inc. | 885 | 47,436 | ||||||
Linde plc | 145 | 58,700 | ||||||
LyondellBasell Industries NV, Class A | 819 | 77,084 | ||||||
Nutrien Ltd. | 700 | 34,905 | ||||||
Sherwin-Williams Co. (The) | 173 | 52,658 | ||||||
|
| |||||||
323,204 | ||||||||
|
| |||||||
Construction Materials (0.2%) | ||||||||
CRH plc | 793 | 56,006 | ||||||
Holcim AG | 673 | 51,716 | ||||||
|
| |||||||
107,722 | ||||||||
|
| |||||||
Metals & Mining (0.6%) | ||||||||
Anglo American plc | 1,652 | 39,211 | ||||||
BHP Group Ltd. | 4,428 | 135,888 | ||||||
Fortescue Ltd. | 1,849 | 35,925 | ||||||
Freeport-McMoRan, Inc. | 915 | 36,316 | ||||||
Glencore plc | 10,231 | 54,439 | ||||||
Rio Tinto plc | 1,023 | 71,331 | ||||||
|
| |||||||
373,110 | ||||||||
|
| |||||||
Paper & Forest Products (0.1%) | ||||||||
UPM-Kymmene OYJ | 1,051 | 38,236 | ||||||
|
| |||||||
Total Materials | 842,272 | |||||||
|
| |||||||
Real Estate (0.6%) | ||||||||
Health Care REITs (0.1%) | ||||||||
Healthpeak Properties, Inc. (REIT) | 1,813 | 33,541 | ||||||
|
|
See Notes to Portfolio of Investments.
32
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Industrial REITs (0.1%) | ||||||||
Prologis, Inc. (REIT) | 339 | $ | 42,948 | |||||
|
| |||||||
Real Estate Management & Development (0.1%) | ||||||||
Daiwa House Industry Co. Ltd. | 1,900 | 58,695 | ||||||
|
| |||||||
Residential REITs (0.2%) | ||||||||
AvalonBay Communities, Inc. (REIT) | 269 | 48,154 | ||||||
Camden Property Trust (REIT) | 421 | 39,506 | ||||||
Equity Residential (REIT) | 647 | 38,943 | ||||||
|
| |||||||
126,603 | ||||||||
|
| |||||||
Specialized REITs (0.1%) | ||||||||
American Tower | ||||||||
Corp. (REIT) | 160 | 31,304 | ||||||
|
| |||||||
Total Real Estate | 293,091 | |||||||
|
| |||||||
Utilities (1.4%) | ||||||||
Electric Utilities (0.8%) | ||||||||
Alliant Energy Corp. | 754 | 36,690 | ||||||
Duke Energy Corp. | 692 | 66,314 | ||||||
Edison International | 547 | 36,912 | ||||||
Evergy, Inc. | 1,254 | 63,666 | ||||||
Exelon Corp. | 647 | 22,522 | ||||||
Iberdrola SA | 4,905 | 59,097 | ||||||
NextEra Energy, Inc. | 1,934 | 113,390 | ||||||
SSE plc | 1,570 | 33,436 | ||||||
|
| |||||||
432,027 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (0.0%)† | ||||||||
RWE AG | 740 | 27,454 | ||||||
|
| |||||||
Multi-Utilities (0.6%) | ||||||||
Ameren Corp. | 523 | 36,385 | ||||||
CMS Energy Corp. | 1,327 | 75,851 | ||||||
Consolidated Edison, Inc. | 477 | 43,359 | ||||||
DTE Energy Co. | 277 | 29,202 | ||||||
National Grid plc | 4,188 | 55,747 | ||||||
NiSource, Inc. | 1,491 | 38,721 | ||||||
Sempra | 679 | 48,589 | ||||||
WEC Energy Group, Inc. | 509 | 41,107 | ||||||
|
| |||||||
368,961 | ||||||||
|
| |||||||
Total Utilities | 828,442 | |||||||
|
| |||||||
Total Common Stocks (37.5%) | 21,418,634 | |||||||
|
| |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (3.9%) | ||||||||
iShares MSCI Emerging Markets Small-Cap ETF | 19,224 | 1,090,770 | ||||||
iShares MSCI Japan ETF(x) | 17,455 | 1,155,695 | ||||||
|
| |||||||
Total Exchange Traded Funds (3.9%) | 2,246,465 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS: | ||||||||
Investment Companies (2.2%) | ||||||||
BlackRock Liquidity FedFund, Institutional Shares 5.22% (7 day yield)(xx) | 147,524 | 147,524 | ||||||
Goldman Sachs Financial Square Government Fund 5.22% (7 day yield)(xx) | 100,000 | 100,000 | ||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 1,014,126 | 1,014,126 | ||||||
|
| |||||||
Total Investment Companies | 1,261,650 | |||||||
|
| |||||||
Total Short-Term Investments (2.2%) | 1,261,650 | |||||||
|
| |||||||
Total Investments in Securities (99.8%) | 56,993,318 | |||||||
Other Assets Less Liabilities (0.2%) | 107,175 | |||||||
|
| |||||||
Net Assets (100%) | $ | 57,100,493 | ||||||
|
|
* | 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, 2024, the market value of these securities amounted to $16,907,160 or 29.6% of net assets. |
(e) | Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of January 31, 2024. 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, 2024. |
(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, 2024. |
(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, 2024, the market value or fair value, as applicable, of these securities amounted to $1,044,369 or 1.8% of net assets. |
(s) | All, or a portion of security held by broker as collateral for option contracts, with a total collateral value of $3,831,981. |
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $1,246,212. This was collateralized by $7,773 of various U.S. Government Treasury Securities, ranging from 1.375% – 3.375%, maturing 2/28/27 – 8/15/52 and by cash of $1,261,650 which was subsequently invested in investment companies. |
(y) | Securities are perpetual and, thus, do not have a predetermined maturity date. The coupon rate for these securities are fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of January 31, 2024. |
Glossary:
CLO — Collateralized Loan Obligation
ICE — Intercontinental Exchange
REIT — Real Estate Investment Trust
SOFR — Secured Overnight Financing Rate
USD — United States Dollar
UYU — Uruguayan Peso
See Notes to Portfolio of Investments.
33
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Country Diversification | ||||
As a Percentage of Total Net Assets |
Australia | 1.3 | % | ||
Canada | 0.8 | |||
Cayman Islands | 1.6 | |||
Chile | 0.2 | |||
Costa Rica | 0.8 | |||
Denmark | 0.1 | |||
Finland | 0.1 | |||
France | 1.5 | |||
Germany | 1.7 | |||
Guatemala | 0.7 | |||
Hong Kong | 0.2 | |||
Ireland | 0.4 | |||
Italy | 0.9 | |||
Japan | 1.5 | |||
Mexico | 0.4 | |||
Netherlands | 1.4 | |||
Nigeria | 0.4 | |||
Singapore | 0.2 | |||
South Africa | 0.1 | |||
Spain | 1.2 | |||
Sweden | 0.1 | |||
Switzerland | 1.6 | |||
United Kingdom | 4.2 | |||
United States | 77.9 | |||
Uruguay | 0.5 | |||
Cash and Other | 0.2 | |||
|
| |||
100.0 | % | |||
|
|
Written Call Options Contracts as of January 31, 2024 (Note 1):
Description | Counterparty | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value ($) | ||||||||||||||||||||||
S&P 500 Index | Exchange Traded | 21 | USD | (2,100 | ) | USD | 4,800.00 | 2/16/2024 | (173,250 | ) | ||||||||||||||||||
|
| |||||||||||||||||||||||||||
Total Written Options Contracts (Premiums Received ($147,928)) |
| (173,250 | ) | |||||||||||||||||||||||||
|
|
See Notes to Portfolio of Investments.
34
1290 FUNDS
1290 LOOMIS SAYLES MULTI-ASSET INCOME FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
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 | $ | — | $ | 945,443 | $ | — | $ | 945,443 | ||||||||
Common Stocks | ||||||||||||||||
Communication Services | 1,567,951 | 214,617 | — | 1,782,568 | ||||||||||||
Consumer Discretionary | 1,559,391 | 531,180 | — | 2,090,571 | ||||||||||||
Consumer Staples | 1,718,073 | 639,589 | — | 2,357,662 | ||||||||||||
Energy | 1,272,562 | 185,373 | — | 1,457,935 | ||||||||||||
Financials | 2,061,616 | 535,259 | — | 2,596,875 | ||||||||||||
Health Care | 2,615,092 | 424,837 | — | 3,039,929 | ||||||||||||
Industrials | 1,614,691 | 612,701 | — | 2,227,392 | ||||||||||||
Information Technology | 3,796,197 | 105,700 | — | 3,901,897 | ||||||||||||
Materials | 359,520 | 482,752 | — | 842,272 | ||||||||||||
Real Estate | 234,396 | 58,695 | — | 293,091 | ||||||||||||
Utilities | 652,708 | 175,734 | — | 828,442 | ||||||||||||
Convertible Bonds | ||||||||||||||||
Communication Services | — | 63,042 | — | 63,042 | ||||||||||||
Financials | — | 52,871 | — | 52,871 | ||||||||||||
Industrials | — | 168,774 | — | 168,774 | ||||||||||||
Corporate Bonds | ||||||||||||||||
Communication Services | — | 2,280,052 | — | 2,280,052 | ||||||||||||
Consumer Discretionary | — | 3,020,736 | — | 3,020,736 | ||||||||||||
Consumer Staples | — | 194,917 | — | 194,917 | ||||||||||||
Energy | — | 3,171,532 | — | 3,171,532 | ||||||||||||
Financials | — | 9,793,087 | — | 9,793,087 | ||||||||||||
Health Care | — | 360,717 | — | 360,717 | ||||||||||||
Industrials | — | 3,541,367 | — | 3,541,367 | ||||||||||||
Information Technology | — | 2,137,288 | — | 2,137,288 | ||||||||||||
Materials | — | 756,316 | — | 756,316 | ||||||||||||
Real Estate | — | 883,408 | — | 883,408 | ||||||||||||
Utilities | — | 649,112 | — | 649,112 | ||||||||||||
Exchange Traded Funds | 2,246,465 | — | — | 2,246,465 | ||||||||||||
Foreign Government Securities | — | 956,618 | — | 956,618 | ||||||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 1,261,650 | — | — | 1,261,650 | ||||||||||||
U.S. Treasury Obligations | — | 3,091,289 | — | 3,091,289 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 20,960,312 | $ | 36,033,006 | $ | — | $ | 56,993,318 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Options Written | ||||||||||||||||
Call Options Written | $ | (173,250 | ) | $ | — | $ | — | $ | (173,250 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | (173,250 | ) | $ | — | $ | — | $ | (173,250 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 20,787,062 | $ | 36,033,006 | $ | — | $ | 56,820,068 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 3,000,457 | ||
Aggregate gross unrealized depreciation | (1,330,751 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,669,706 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 55,150,362 | ||
|
|
See Notes to Portfolio of Investments.
35
1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Alternatives (24.7%) | ||||||||
iMGP DBi Managed Futures Strategy ETF | 62,730 | $ | 1,655,445 | |||||
IQ Merger Arbitrage ETF | 57,380 | 1,788,534 | ||||||
|
| |||||||
Total Alternatives | 3,443,979 | |||||||
|
| |||||||
Commodity (12.0%) | ||||||||
Invesco DB Agriculture Fund | 19,800 | 428,274 | ||||||
Invesco DB Energy Fund | 21,370 | 426,759 | ||||||
Invesco DB Precious Metals Fund | 16,830 | 824,165 | ||||||
|
| |||||||
Total Commodity | 1,679,198 | |||||||
|
| |||||||
Equity (32.8%) | ||||||||
iShares Core U.S. REIT ETF(x) | 21,200 | 1,101,340 | ||||||
JPMorgan Equity Premium Income ETF(x) | 27,400 | 1,533,304 | ||||||
JPMorgan Nasdaq Equity Premium Income ETF(x) | 16,620 | 854,767 | ||||||
Vanguard Global ex-U.S. Real Estate ETF | 26,780 | 1,088,339 | ||||||
|
| |||||||
Total Equity | 4,577,750 | |||||||
|
| |||||||
Fixed Income (29.7%) | ||||||||
iShares Convertible Bond ETF | 27,670 | 2,144,702 | ||||||
Vanguard Short-Term Inflation-Protected Securities ETF | 41,710 | 1,990,401 | ||||||
|
| |||||||
Total Fixed Income | 4,135,103 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.2%) | 13,836,030 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (13.5%) | ||||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 1,889,911 | 1,889,911 | ||||||
|
| |||||||
Total Short-Term Investment (13.5%) | 1,889,911 | |||||||
|
| |||||||
Total Investments in Securities (112.7%) | 15,725,941 | |||||||
Other Assets Less Liabilities (-12.7%) | (1,775,897 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 13,950,044 | ||||||
|
|
See Notes to Portfolio of Investments.
36
1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $1,970,505. This was collateralized by $137,651 of various U.S. Government Treasury Securities, ranging from 0.250% – 4.125%, maturing 9/30/25 – 11/15/52 and by cash of $1,889,911 which was subsequently invested in investment companies. |
Glossary:
REIT — Real Estate Investment Trust
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of January 31, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 13,836,030 | $ | — | $ | — | $ | 13,836,030 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,889,911 | — | — | 1,889,911 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 15,725,941 | $ | — | $ | — | $ | 15,725,941 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 15,725,941 | $ | — | $ | — | $ | 15,725,941 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, 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 | $ | 174,558 | ||
Aggregate gross unrealized depreciation | (1,230,042 | ) | ||
|
| |||
Net unrealized depreciation | $ | (1,055,484 | ) | |
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 16,781,425 | ||
|
|
See Notes to Portfolio of Investments.
37
1290 FUNDS
1290 RETIREMENT 2020 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (43.5%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 5,540 | $ | 349,685 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 870 | 20,332 | ||||||
Invesco S&P International Developed Low Volatility ETF | 6,900 | 192,027 | ||||||
Invesco S&P MidCap Low Volatility ETF | 3,690 | 194,278 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 1,620 | 69,239 | ||||||
iShares Core MSCI EAFE ETF | 5,410 | 377,997 | ||||||
iShares Core MSCI Emerging Markets ETF | 840 | 40,698 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 9,630 | 1,023,958 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 2,510 | 172,914 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 450 | 24,435 | ||||||
iShares MSCI USA Min Vol Factor ETF | 4,430 | 353,159 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 590 | 63,605 | ||||||
|
| |||||||
Total Equity | 2,882,327 | |||||||
|
| |||||||
Fixed Income (56.2%) | ||||||||
iShares Broad USD High Yield Corporate Bond ETF | 7,250 | 264,553 | ||||||
iShares Core U.S. Aggregate Bond ETF | 21,250 | 2,105,875 | ||||||
iShares TIPS Bond ETF | 5,210 | 561,898 | ||||||
Vanguard Short-Term Bond ETF | 6,370 | 492,082 | ||||||
Vanguard Total International Bond ETF | 6,200 | 304,296 | ||||||
|
| |||||||
Total Fixed Income | 3,728,704 | |||||||
|
| |||||||
Total Investments in Securities (99.7%) | 6,611,031 | |||||||
Other Assets Less Liabilities (0.3%) | 16,612 | |||||||
|
| |||||||
Net Assets (100%) | $ | 6,627,643 | ||||||
|
|
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
38
1290 FUNDS
1290 RETIREMENT 2020 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 6,611,031 | $ | — | $ | — | $ | 6,611,031 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 6,611,031 | $ | — | $ | — | $ | 6,611,031 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 6,611,031 | $ | — | $ | — | $ | 6,611,031 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, 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 | $ | 460,970 | ||
Aggregate gross unrealized depreciation | (548,876 | ) | ||
|
| |||
Net unrealized depreciation | $ | (87,906 | ) | |
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 6,698,937 | ||
|
|
See Notes to Portfolio of Investments.
39
1290 FUNDS
1290 RETIREMENT 2025 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (53.7%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 15,640 | $ | 987,197 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 5,430 | 126,899 | ||||||
Invesco S&P International Developed Low Volatility ETF | 18,810 | 523,482 | ||||||
Invesco S&P MidCap Low Volatility ETF | 10,220 | 538,083 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 5,780 | 247,037 | ||||||
iShares Core MSCI EAFE ETF | 15,130 | 1,057,133 | ||||||
iShares Core MSCI Emerging Markets ETF | 5,270 | 255,332 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 27,960 | 2,972,987 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 7,620 | 524,942 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 2,300 | 124,890 | ||||||
iShares MSCI USA Min Vol Factor ETF | 12,370 | 986,136 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 2,350 | 253,341 | ||||||
|
| |||||||
Total Equity | 8,597,459 | |||||||
|
| |||||||
Fixed Income (46.0%) | ||||||||
iShares Broad USD High Yield Corporate Bond ETF | 14,140 | 515,969 | ||||||
iShares Core U.S. Aggregate Bond ETF(x) | 46,730 | 4,630,943 | ||||||
iShares TIPS Bond ETF | 10,210 | 1,101,148 | ||||||
Vanguard Short-Term Bond ETF | 8,070 | 623,408 | ||||||
Vanguard Total International Bond ETF(x) | 10,130 | 497,180 | ||||||
|
| |||||||
Total Fixed Income | 7,368,648 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.7%) | 15,966,107 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (20.3%) | ||||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 3,246,537 | 3,246,537 | ||||||
|
| |||||||
Total Short-Term Investment (20.3%) | 3,246,537 | |||||||
|
| |||||||
Total Investments in Securities (120.0%) | 19,212,644 | |||||||
Other Assets Less Liabilities (-20.0%) | (3,193,798 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 16,018,846 | ||||||
|
|
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $3,196,481. This was collateralized by cash of $3,246,537 which was subsequently invested in investment companies. |
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
40
1290 FUNDS
1290 RETIREMENT 2025 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 15,966,107 | $ | — | $ | — | $ | 15,966,107 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,246,537 | — | — | 3,246,537 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 19,212,644 | $ | — | $ | — | $ | 19,212,644 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 19,212,644 | $ | — | $ | — | $ | 19,212,644 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,355,477 | ||
Aggregate gross unrealized depreciation | (1,106,124 | ) | ||
|
| |||
Net unrealized appreciation | $ | 249,353 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 18,963,291 | ||
|
|
See Notes to Portfolio of Investments.
41
1290 FUNDS
1290 RETIREMENT 2030 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (63.6%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 11,490 | $ | 725,249 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 4,220 | 98,621 | ||||||
Invesco S&P International Developed Low Volatility ETF | 14,850 | 413,276 | ||||||
Invesco S&P MidCap Low Volatility ETF | 7,710 | 405,932 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 4,330 | 185,064 | ||||||
iShares Core MSCI EAFE ETF | 11,760 | 821,671 | ||||||
iShares Core MSCI Emerging Markets ETF | 3,790 | 183,626 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 20,980 | 2,230,803 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 5,990 | 412,651 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,690 | 91,767 | ||||||
iShares MSCI USA Min Vol Factor ETF | 9,040 | 720,669 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,780 | 191,892 | ||||||
|
| |||||||
Total Equity | 6,481,221 | |||||||
|
| |||||||
Fixed Income (36.2%) | ||||||||
iShares Broad USD High Yield Corporate Bond ETF | 3,330 | 121,512 | ||||||
iShares Core U.S. Aggregate Bond ETF(x) | 27,550 | 2,730,205 | ||||||
iShares TIPS Bond ETF | 5,140 | 554,349 | ||||||
Vanguard Short-Term Bond ETF | 1,930 | 149,092 | ||||||
Vanguard Total International Bond ETF | 2,660 | 130,553 | ||||||
|
| |||||||
Total Fixed Income | 3,685,711 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.8%) | 10,166,932 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (14.8%) | ||||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 1,506,831 | 1,506,831 | ||||||
|
| |||||||
Total Short-Term Investment (14.8%) | 1,506,831 | |||||||
|
| |||||||
Total Investments in Securities (114.6%) | 11,673,763 | |||||||
Other Assets Less Liabilities (-14.6%) | (1,489,952 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 10,183,811 | ||||||
|
|
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $1,483,626. This was collateralized by cash of $1,506,831 which was subsequently invested in investment companies. |
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
42
1290 FUNDS
1290 RETIREMENT 2030 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
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 | $ | 10,166,932 | $ | — | $ | — | $ | 10,166,932 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,506,831 | — | — | 1,506,831 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 11,673,763 | $ | — | $ | — | $ | 11,673,763 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 11,673,763 | $ | — | $ | — | $ | 11,673,763 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, 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 | $ | 426,476 | ||
Aggregate gross unrealized depreciation | (472,438 | ) | ||
|
| |||
Net unrealized depreciation | $ | (45,962 | ) | |
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 11,719,725 | ||
|
|
See Notes to Portfolio of Investments.
43
1290 FUNDS
1290 RETIREMENT 2035 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (71.2%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 17,850 | $ | 1,126,692 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 4,820 | 112,643 | ||||||
Invesco S&P International Developed Low Volatility ETF | 18,590 | 517,360 | ||||||
Invesco S&P MidCap Low Volatility ETF | 11,020 | 580,203 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 5,340 | 228,232 | ||||||
iShares Core MSCI EAFE ETF | 16,890 | 1,180,104 | ||||||
iShares Core MSCI Emerging Markets ETF | 4,560 | 220,932 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 29,410 | 3,127,165 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 9,360 | 644,811 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 2,690 | 146,067 | ||||||
iShares MSCI USA Min Vol Factor ETF | 11,790 | 939,899 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 2,670 | 287,838 | ||||||
|
| |||||||
Total Equity | 9,111,946 | |||||||
|
| |||||||
Fixed Income (28.1%) | ||||||||
iShares Core U.S. Aggregate Bond ETF(x) | 31,290 | 3,100,839 | ||||||
iShares TIPS Bond ETF | 4,520 | 487,482 | ||||||
|
| |||||||
Total Fixed Income | 3,588,321 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.3%) | 12,700,267 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS: | ||||||||
Investment Companies (7.9%) | ||||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 1,006,500 | 1,006,500 | ||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 7,698 | 7,703 | ||||||
|
| |||||||
Total Investment Companies | 1,014,203 | |||||||
|
| |||||||
Total Short-Term Investments (7.9%) | 1,014,203 | |||||||
|
| |||||||
Total Investments in Securities (107.2%) | 13,714,470 | |||||||
Other Assets Less Liabilities (-7.2%) | (926,874 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 12,787,596 | ||||||
|
|
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $991,000. This was collateralized by cash of $1,006,500 which was subsequently invested in investment companies. |
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
44
1290 FUNDS
1290 RETIREMENT 2035 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 12,700,267 | $ | — | $ | — | $ | 12,700,267 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 1,014,203 | — | — | 1,014,203 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 13,714,470 | $ | — | $ | — | $ | 13,714,470 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 13,714,470 | $ | — | $ | — | $ | 13,714,470 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,389,916 | ||
Aggregate gross unrealized depreciation | (484,286 | ) | ||
|
| |||
Net unrealized appreciation | $ | 905,630 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 12,808,840 | ||
|
|
See Notes to Portfolio of Investments.
45
1290 FUNDS
1290 RETIREMENT 2040 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (75.7%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 10,480 | $ | 661,498 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 3,180 | 74,317 | ||||||
Invesco S&P International Developed Low Volatility ETF | 10,480 | 291,658 | ||||||
Invesco S&P MidCap Low Volatility ETF | 6,980 | 367,497 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 3,350 | 143,179 | ||||||
iShares Core MSCI EAFE ETF | 10,390 | 725,949 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,900 | 140,505 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 18,990 | 2,019,207 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 5,560 | 383,028 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,500 | 81,450 | ||||||
iShares MSCI USA Min Vol Factor ETF | 6,580 | 524,558 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,540 | 166,019 | ||||||
|
| |||||||
Total Equity | 5,578,865 | |||||||
|
| |||||||
Fixed Income (23.3%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 15,100 | 1,496,410 | ||||||
iShares TIPS Bond ETF | 2,030 | 218,935 | ||||||
|
| |||||||
Total Fixed Income | 1,715,345 | |||||||
|
| |||||||
Total Investments in Securities (99.0%) | 7,294,210 | |||||||
Other Assets Less Liabilities (1.0%) | 75,687 | |||||||
|
| |||||||
Net Assets (100%) | $ | 7,369,897 | ||||||
|
|
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
46
1290 FUNDS
1290 RETIREMENT 2040 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 7,294,210 | $ | — | $ | — | $ | 7,294,210 | ||||||||
Total Assets | $ | 7,294,210 | $ | — | $ | — | $ | 7,294,210 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 7,294,210 | $ | — | $ | — | $ | 7,294,210 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, 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 | $ | 786,953 | ||
Aggregate gross unrealized depreciation | (178,898 | ) | ||
|
| |||
Net unrealized appreciation | $ | 608,055 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 6,686,155 | ||
|
|
See Notes to Portfolio of Investments.
47
1290 FUNDS
1290 RETIREMENT 2045 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (81.2%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 13,990 | $ | 883,049 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 4,390 | 102,594 | ||||||
Invesco S&P International Developed Low Volatility ETF | 17,320 | 482,015 | ||||||
Invesco S&P MidCap Low Volatility ETF | 9,050 | 476,482 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 4,990 | 213,273 | ||||||
iShares Core MSCI EAFE ETF | 13,610 | 950,931 | ||||||
iShares Core MSCI Emerging Markets ETF | 4,320 | 209,304 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 25,190 | 2,678,453 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 6,870 | 473,274 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,870 | 101,541 | ||||||
iShares MSCI USA Min Vol Factor ETF | 11,240 | 896,053 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,970 | 212,375 | ||||||
|
| |||||||
Total Equity | 7,679,344 | |||||||
|
| |||||||
Fixed Income (17.9%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 14,610 | 1,447,851 | ||||||
iShares TIPS Bond ETF | 2,320 | 250,212 | ||||||
|
| |||||||
Total Fixed Income | 1,698,063 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.1%) | 9,377,407 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (0.0%)† | ||||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 4,545 | 4,548 | ||||||
|
| |||||||
Total Short-Term Investment (0.0%)† | 4,548 | |||||||
|
| |||||||
Total Investments in Securities (99.1%) | 9,381,955 | |||||||
Other Assets Less Liabilities (0.9%) | 80,157 | |||||||
|
| |||||||
Net Assets (100%) | $ | 9,462,112 | ||||||
|
|
† | Percent shown is less than 0.05%. |
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
48
1290 FUNDS
1290 RETIREMENT 2045 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 9,377,407 | $ | — | $ | — | $ | 9,377,407 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 4,548 | — | — | 4,548 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 9,381,955 | $ | — | $ | — | $ | 9,381,955 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,381,955 | $ | — | $ | — | $ | 9,381,955 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,417,162 | ||
Aggregate gross unrealized depreciation | (197,794 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,219,368 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 8,162,587 | ||
|
|
See Notes to Portfolio of Investments.
49
1290 FUNDS
1290 RETIREMENT 2050 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (86.6%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 15,170 | $ | 957,530 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 4,600 | 107,502 | ||||||
Invesco S&P International Developed Low Volatility ETF | 18,100 | 503,723 | ||||||
Invesco S&P MidCap Low Volatility ETF | 9,690 | 510,179 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 5,360 | 229,086 | ||||||
iShares Core MSCI EAFE ETF(x) | 14,380 | 1,004,731 | ||||||
iShares Core MSCI Emerging Markets ETF | 4,690 | 227,230 | ||||||
iShares Core S&P Total U.S. Stock Market ETF(x) | 26,860 | 2,856,024 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 7,450 | 513,231 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 2,120 | 115,116 | ||||||
iShares MSCI USA Min Vol Factor ETF | 11,490 | 915,983 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 2,060 | 222,077 | ||||||
|
| |||||||
Total Equity | 8,162,412 | |||||||
|
| |||||||
Fixed Income (13.1%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 10,580 | 1,048,478 | ||||||
iShares TIPS Bond ETF | 1,770 | 190,894 | ||||||
|
| |||||||
Total Fixed Income | 1,239,372 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.7%) | 9,401,784 | |||||||
|
| |||||||
SHORT-TERM INVESTMENTS: | ||||||||
Investment Companies (0.9%) | ||||||||
Invesco Government & Agency Portfolio, Institutional Shares 5.25% (7 day yield)(xx) | 62,415 | 62,415 | ||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 17,987 | 17,999 | ||||||
|
| |||||||
Total Investment Companies | 80,414 | |||||||
|
| |||||||
Total Short-Term Investments (0.9%) | 80,414 | |||||||
|
| |||||||
Total Investments in Securities (100.6%) | 9,482,198 | |||||||
Other Assets Less Liabilities (-0.6%) | (54,632 | ) | ||||||
|
| |||||||
Net Assets (100%) | $ | 9,427,566 | ||||||
|
|
(x) | All or a portion of security is on loan at January 31, 2024. |
(xx) | At January 31, 2024, the Fund had loaned securities with a total value of $60,152. This was collateralized by cash of $62,415 which was subsequently invested in investment companies. |
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
50
1290 FUNDS
1290 RETIREMENT 2050 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 9,401,784 | $ | — | $ | — | $ | 9,401,784 | ||||||||
Short-Term Investments | ||||||||||||||||
Investment Companies | 80,414 | — | — | 80,414 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 9,482,198 | $ | — | $ | — | $ | 9,482,198 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,482,198 | $ | — | $ | — | $ | 9,482,198 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,374,035 | ||
Aggregate gross unrealized depreciation | (130,798 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,243,237 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 8,238,961 | ||
|
|
See Notes to Portfolio of Investments.
51
1290 FUNDS
1290 RETIREMENT 2055 FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (91.0%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 10,370 | $ | 654,554 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 3,180 | 74,317 | ||||||
Invesco S&P International Developed Low Volatility ETF | 12,110 | 337,021 | ||||||
Invesco S&P MidCap Low Volatility ETF | 6,370 | 335,381 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 3,550 | 151,727 | ||||||
iShares Core MSCI EAFE ETF | 9,690 | 677,040 | ||||||
iShares Core MSCI Emerging Markets ETF | 3,170 | 153,587 | ||||||
iShares Core S&P Total U.S. Stock Market ETF | 18,610 | 1,978,801 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 4,920 | 338,939 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,500 | 81,450 | ||||||
iShares MSCI USA Min Vol Factor ETF | 8,380 | 668,054 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,430 | 154,160 | ||||||
|
| |||||||
Total Equity | 5,605,031 | |||||||
|
| |||||||
Fixed Income (7.9%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 4,170 | 413,247 | ||||||
iShares TIPS Bond ETF | 670 | 72,259 | ||||||
|
| |||||||
Total Fixed Income | 485,506 | |||||||
|
| |||||||
Total Investments in Securities (98.9%) | 6,090,537 | |||||||
Other Assets Less Liabilities (1.1%) | 67,280 | |||||||
|
| |||||||
Net Assets (100%) | $ | 6,157,817 | ||||||
|
|
Glossary:
TIPS — Treasury Inflation Protected Security
See Notes to Portfolio of Investments.
52
1290 FUNDS
1290 RETIREMENT 2055 FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 6,090,537 | $ | — | $ | — | $ | 6,090,537 | ||||||||
Total Assets | $ | 6,090,537 | $ | — | $ | — | $ | 6,090,537 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 6,090,537 | $ | — | $ | — | $ | 6,090,537 | ||||||||
|
|
|
|
|
|
|
|
As of January 31, 2024, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,188,465 | ||
Aggregate gross unrealized depreciation | (66,983 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,121,482 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 4,969,055 | ||
|
|
See Notes to Portfolio of Investments.
53
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Communication Services (6.4%) | ||||||||
Diversified Telecommunication Services (2.0%) | ||||||||
AT&T, Inc. | 28,500 | $ | 504,165 | |||||
Nippon Telegraph & Telephone Corp. | 212,500 | 268,282 | ||||||
Quebecor, Inc., Class B | 8,300 | 201,813 | ||||||
Spark New Zealand Ltd. | 84,881 | 275,361 | ||||||
Swisscom AG (Registered) | 922 | 551,185 | ||||||
Telenor ASA | 17,872 | 198,303 | ||||||
Telstra Group Ltd. | 133,153 | 351,026 | ||||||
Verizon Communications, Inc. | 41,800 | 1,770,230 | ||||||
|
| |||||||
4,120,365 | ||||||||
|
| |||||||
Entertainment (0.2%) | ||||||||
Electronic Arts, Inc. | 1,599 | 219,990 | ||||||
Universal Music Group NV | 7,258 | 213,684 | ||||||
|
| |||||||
433,674 | ||||||||
|
| |||||||
Interactive Media & Services (2.5%) | ||||||||
Alphabet, Inc., Class A* | 35,300 | 4,945,530 | ||||||
Meta Platforms, Inc., Class A* | 736 | 287,143 | ||||||
|
| |||||||
5,232,673 | ||||||||
|
| |||||||
Media (0.8%) | ||||||||
Charter Communications, Inc., Class A* | 544 | 201,666 | ||||||
Comcast Corp., Class A | 29,100 | 1,354,314 | ||||||
|
| |||||||
1,555,980 | ||||||||
|
| |||||||
Wireless Telecommunication Services (0.9%) | ||||||||
KDDI Corp. | 12,700 | 420,236 | ||||||
SoftBank Corp. | 39,100 | 519,771 | ||||||
T-Mobile US, Inc. | 4,972 | 801,636 | ||||||
|
| |||||||
1,741,643 | ||||||||
|
| |||||||
Total Communication Services | 13,084,335 | |||||||
|
| |||||||
Consumer Discretionary (6.9%) | ||||||||
Automobile Components (0.2%) | ||||||||
Bridgestone Corp. | 8,900 | 386,884 | ||||||
|
| |||||||
Automobiles (0.6%) | ||||||||
Bayerische Motoren Werke AG | 3,043 | 317,422 | ||||||
Mercedes-Benz Group AG | 8,206 | 557,347 | ||||||
Tesla, Inc.* | 2,172 | 406,794 | ||||||
|
| |||||||
1,281,563 | ||||||||
|
| |||||||
Broadline Retail (1.6%) | ||||||||
Amazon.com, Inc.* | 17,600 | 2,731,520 | ||||||
Dollarama, Inc. | 2,900 | 212,833 | ||||||
Wesfarmers Ltd. | 10,269 | 390,702 | ||||||
|
| |||||||
3,335,055 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (1.0%) | ||||||||
Aristocrat Leisure Ltd. | 8,814 | 254,033 | ||||||
Chipotle Mexican Grill, Inc.* | 200 | 481,754 | ||||||
McDonald’s Corp. | 3,975 | 1,163,562 | ||||||
Restaurant Brands International, Inc. | 2,723 | 212,562 | ||||||
|
| |||||||
2,111,911 | ||||||||
|
| |||||||
Household Durables (0.3%) | ||||||||
DR Horton, Inc. | 1,900 | 271,529 | ||||||
Sekisui House Ltd. | 17,200 | 388,171 | ||||||
|
| |||||||
659,700 | ||||||||
|
| |||||||
Specialty Retail (2.8%) | ||||||||
AutoZone, Inc.* | 200 | 552,426 | ||||||
Best Buy Co., Inc. | 2,600 | 188,474 | ||||||
Home Depot, Inc. (The) | 5,600 | 1,976,576 | ||||||
Industria de Diseno Textil SA | 5,279 | 225,649 | ||||||
Lowe’s Cos., Inc. | 4,100 | 872,644 | ||||||
O’Reilly Automotive, Inc.* | 741 | 758,080 | ||||||
TJX Cos., Inc. (The) | 9,003 | 854,475 | ||||||
Tractor Supply Co. | 1,400 | 314,440 | ||||||
|
| |||||||
5,742,764 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (0.4%) | ||||||||
Deckers Outdoor Corp.* | 281 | 211,798 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 258 | 214,579 | ||||||
NIKE, Inc., Class B | 3,534 | 358,807 | ||||||
|
| |||||||
785,184 | ||||||||
|
| |||||||
Total Consumer Discretionary | 14,303,061 | |||||||
|
| |||||||
Consumer Staples (10.9%) | ||||||||
Beverages (2.3%) | ||||||||
Brown-Forman Corp., Class B | 3,900 | 214,110 | ||||||
Coca-Cola Co. (The) | 34,800 | 2,070,252 | ||||||
Diageo plc | 7,117 | 255,976 | ||||||
Monster Beverage Corp.* | 3,314 | 182,336 | ||||||
PepsiCo, Inc. | 12,382 | 2,086,738 | ||||||
|
| |||||||
4,809,412 | ||||||||
|
| |||||||
Consumer Staples Distribution & Retail (2.9%) | ||||||||
Alimentation Couche-Tard, Inc. | 4,350 | 254,895 | ||||||
Coles Group Ltd. | 17,307 | 179,556 | ||||||
Costco Wholesale Corp. | 3,168 | 2,201,380 | ||||||
George Weston Ltd.(x) | 2,100 | 267,567 | ||||||
Koninklijke Ahold Delhaize NV | 14,652 | 411,608 | ||||||
Loblaw Cos. Ltd. | 2,300 | 229,837 | ||||||
Sysco Corp. | 2,687 | 217,459 | ||||||
Walmart, Inc. | 11,114 | 1,836,588 | ||||||
Woolworths Group Ltd. | 14,776 | 346,853 | ||||||
|
| |||||||
5,945,743 | ||||||||
|
| |||||||
Food Products (2.9%) | ||||||||
Ajinomoto Co., Inc. | 4,600 | 188,854 | ||||||
Archer-Daniels-Midland Co. | 8,100 | 450,198 | ||||||
Danone SA | 5,704 | 380,388 | ||||||
General Mills, Inc. | 11,700 | 759,447 | ||||||
Hershey Co. (The) | 3,500 | 677,390 | ||||||
J M Smucker Co. (The) | 2,200 | 289,410 | ||||||
Kellanova | 7,700 | 421,652 | ||||||
Mondelez International, Inc., Class A | 18,800 | 1,415,076 | ||||||
Nestle SA (Registered) | 9,351 | 1,066,188 | ||||||
Orkla ASA | 27,019 | 211,638 | ||||||
|
| |||||||
5,860,241 | ||||||||
|
| |||||||
Household Products (2.2%) | ||||||||
Church & Dwight Co., Inc. | 2,000 | 199,700 | ||||||
Colgate-Palmolive Co. | 12,800 | 1,077,760 | ||||||
Henkel AG & Co. KGaA (Preference)(q) | 3,969 | 305,257 | ||||||
Kimberly-Clark Corp. | 6,100 | 737,917 | ||||||
Procter & Gamble Co. (The) | 14,100 | 2,215,674 | ||||||
|
| |||||||
4,536,308 | ||||||||
|
| |||||||
Personal Care Products (0.6%) | ||||||||
Beiersdorf AG | 2,994 | 439,847 | ||||||
L’Oreal SA | 776 | 372,116 | ||||||
Unilever plc (Cboe Europe) | 4,078 | 198,462 | ||||||
Unilever plc (London Stock Exchange) | 5,289 | 257,507 | ||||||
|
| |||||||
1,267,932 | ||||||||
|
| |||||||
Total Consumer Staples | 22,419,636 | |||||||
|
| |||||||
Energy (1.7%) | ||||||||
Oil, Gas & Consumable Fuels (1.7%) | ||||||||
Chevron Corp. | 4,500 | 663,435 | ||||||
Enbridge, Inc. | 35,500 | 1,260,567 | ||||||
Equinor ASA | 16,118 | 462,184 | ||||||
Exxon Mobil Corp. | 10,600 | 1,089,786 | ||||||
|
| |||||||
Total Energy | 3,475,972 | |||||||
|
|
See Notes to Portfolio of Investments.
54
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Financials (16.1%) | ||||||||
Banks (3.4%) | ||||||||
Bank Hapoalim BM | 42,421 | $ | 362,311 | |||||
Canadian Imperial Bank of Commerce | 9,000 | 406,739 | ||||||
Commonwealth Bank of Australia | 2,502 | 191,713 | ||||||
DBS Group Holdings Ltd. | 11,000 | 260,457 | ||||||
JPMorgan Chase & Co. | 5,354 | 933,523 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 25,500 | 239,095 | ||||||
Mizuho Financial Group, Inc. | 17,700 | 321,677 | ||||||
Nordea Bank Abp (Aquis Stock Exchange) | 23,265 | 286,519 | ||||||
Nordea Bank Abp (Turquoise Stock Exchange) | 13,972 | 171,782 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 22,500 | 215,083 | ||||||
Royal Bank of Canada | 15,603 | 1,522,756 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 10,000 | 521,086 | ||||||
Toronto-Dominion Bank (The) | 14,414 | 875,593 | ||||||
United Overseas Bank Ltd. | 27,600 | 580,767 | ||||||
|
| |||||||
6,889,101 | ||||||||
|
| |||||||
Capital Markets (3.3%) | ||||||||
Ameriprise Financial, Inc. | 1,500 | 580,245 | ||||||
ASX Ltd. | 7,512 | 321,552 | ||||||
Bank of New York Mellon Corp. (The) | 7,700 | 427,042 | ||||||
BlackRock, Inc. | 683 | 528,854 | ||||||
Cboe Global Markets, Inc. | 1,900 | 349,315 | ||||||
CME Group, Inc. | 2,850 | 586,644 | ||||||
Daiwa Securities Group, Inc. | 33,000 | 235,926 | ||||||
Deutsche Boerse AG | 2,051 | 409,319 | ||||||
FactSet Research Systems, Inc. | 400 | 190,368 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 4,900 | 148,626 | ||||||
Intercontinental Exchange, Inc. | 6,366 | 810,583 | ||||||
Moody’s Corp. | 1,700 | 666,468 | ||||||
MSCI, Inc. | 371 | 222,088 | ||||||
Nasdaq, Inc. | 3,400 | 196,418 | ||||||
S&P Global, Inc. | 2,100 | 941,535 | ||||||
TMX Group Ltd. | 9,500 | 234,947 | ||||||
|
| |||||||
6,849,930 | ||||||||
|
| |||||||
Financial Services (2.9%) | ||||||||
Berkshire Hathaway, Inc., Class B* | 4,500 | 1,726,830 | ||||||
Fiserv, Inc.* | 5,339 | 757,444 | ||||||
Mastercard, Inc., Class A | 3,300 | 1,482,459 | ||||||
Visa, Inc., Class A(x) | 7,000 | 1,912,820 | ||||||
|
| |||||||
5,879,553 | ||||||||
|
| |||||||
Insurance (6.5%) | ||||||||
Admiral Group plc | 5,511 | 175,842 | ||||||
Aflac, Inc. | 8,800 | 742,192 | ||||||
Allianz SE (Registered) | 2,508 | 671,534 | ||||||
American International Group, Inc. | 5,400 | 375,354 | ||||||
Aon plc, Class A | 2,200 | 656,546 | ||||||
Assicurazioni Generali SpA | 20,746 | 463,862 | ||||||
Chubb Ltd. | 2,400 | 588,000 | ||||||
Hannover Rueck SE | 1,052 | 252,240 | ||||||
Hartford Financial Services Group, Inc. (The) | 2,600 | 226,096 | ||||||
Intact Financial Corp. | 3,000 | 469,151 | ||||||
Loews Corp. | 5,300 | 386,158 | ||||||
Manulife Financial Corp. | 23,400 | 517,273 | ||||||
Marsh & McLennan Cos., Inc. | 7,000 | 1,356,880 | ||||||
MS&AD Insurance Group Holdings, Inc. | 8,500 | 352,818 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 1,959 | 834,128 | ||||||
NN Group NV | 7,477 | 306,197 | ||||||
Progressive Corp. (The) | 2,800 | 499,100 | ||||||
Sampo OYJ, Class A | 10,515 | 440,708 | ||||||
Sompo Holdings, Inc. | 9,600 | 498,989 | ||||||
Sun Life Financial, Inc. | 10,300 | 533,904 | ||||||
Swiss Re AG | 3,896 | 447,427 | ||||||
Tokio Marine Holdings, Inc. | 17,500 | 463,580 | ||||||
Travelers Cos., Inc. (The) | 4,400 | 929,984 | ||||||
W R Berkley Corp. | 3,600 | 294,768 | ||||||
Willis Towers Watson plc | 818 | 201,473 | ||||||
Zurich Insurance Group AG | 1,542 | 784,531 | ||||||
|
| |||||||
13,468,735 | ||||||||
|
| |||||||
Total Financials | 33,087,319 | |||||||
|
| |||||||
Health Care (11.8%) | ||||||||
Biotechnology (0.8%) | ||||||||
AbbVie, Inc. | 1,312 | 215,693 | ||||||
Amgen, Inc. | 2,106 | 661,832 | ||||||
Gilead Sciences, Inc. | 6,013 | 470,577 | ||||||
Vertex Pharmaceuticals, Inc.* | 760 | 329,369 | ||||||
|
| |||||||
1,677,471 | ||||||||
|
| |||||||
Health Care Equipment & Supplies (3.1%) | ||||||||
Abbott Laboratories | 15,400 | 1,742,510 | ||||||
Alcon, Inc. | 2,714 | 203,543 | ||||||
Becton Dickinson & Co. | 3,000 | 716,430 | ||||||
Boston Scientific Corp.* | 10,300 | 651,578 | ||||||
Edwards Lifesciences Corp.* | 7,400 | 580,678 | ||||||
IDEXX Laboratories, Inc.* | 562 | 289,475 | ||||||
Medtronic plc | 15,872 | 1,389,435 | ||||||
ResMed, Inc. | 1,200 | 228,240 | ||||||
Siemens Healthineers AG(m) | 3,518 | 197,162 | ||||||
Stryker Corp. | 1,300 | 436,124 | ||||||
|
| |||||||
6,435,175 | ||||||||
|
| |||||||
Health Care Providers & Services (2.5%) | ||||||||
Cencora, Inc. | 2,200 | 511,896 | ||||||
Cigna Group (The) | 1,800 | 541,710 | ||||||
CVS Health Corp. | 9,500 | 706,515 | ||||||
Elevance Health, Inc. | 1,700 | 838,848 | ||||||
McKesson Corp. | 1,199 | 599,368 | ||||||
UnitedHealth Group, Inc. | 3,800 | 1,944,612 | ||||||
|
| |||||||
5,142,949 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.5%) | ||||||||
Danaher Corp. | 1,758 | 421,762 | ||||||
Mettler-Toledo International, Inc.* | 200 | 239,438 | ||||||
Waters Corp.* | 900 | 285,939 | ||||||
|
| |||||||
947,139 | ||||||||
|
| |||||||
Pharmaceuticals (4.9%) | ||||||||
AstraZeneca plc | 1,309 | 174,220 | ||||||
Bristol-Myers Squibb Co. | 16,898 | 825,805 | ||||||
Eli Lilly and Co. | 2,077 | 1,340,932 | ||||||
GSK plc | 11,495 | 227,646 | ||||||
Johnson & Johnson | 13,979 | 2,221,263 | ||||||
Merck & Co., Inc. | 10,600 | 1,280,268 | ||||||
Novartis AG (Registered) | 8,181 | 847,298 | ||||||
Novo Nordisk A/S, Class B | 8,130 | 928,529 | ||||||
Roche Holding AG | 2,282 | 652,008 | ||||||
Sanofi SA | 4,752 | 477,156 | ||||||
Zoetis, Inc. | 5,625 | 1,056,431 | ||||||
|
| |||||||
10,031,556 | ||||||||
|
| |||||||
Total Health Care | 24,234,290 | |||||||
|
|
See Notes to Portfolio of Investments.
55
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Industrials (17.9%) | ||||||||
Aerospace & Defense (1.5%) | ||||||||
Airbus SE | 2,956 | $ | 472,053 | |||||
General Dynamics Corp. | 2,712 | 718,653 | ||||||
L3Harris Technologies, Inc. | 973 | 202,792 | ||||||
Lockheed Martin Corp. | 2,248 | 965,314 | ||||||
Northrop Grumman Corp. | 1,500 | 670,140 | ||||||
|
| |||||||
3,028,952 | ||||||||
|
| |||||||
Air Freight & Logistics (0.8%) | ||||||||
Deutsche Post AG | 8,646 | 416,046 | ||||||
Expeditors International of Washington, Inc. | 4,800 | 606,384 | ||||||
United Parcel Service, Inc., Class B | 4,700 | 666,930 | ||||||
|
| |||||||
1,689,360 | ||||||||
|
| |||||||
Building Products (1.7%) | ||||||||
Allegion plc | 5,500 | 681,395 | ||||||
Assa Abloy AB, Class B | 13,662 | 374,837 | ||||||
Carrier Global Corp. | 8,600 | 470,506 | ||||||
Geberit AG (Registered) | 619 | 357,310 | ||||||
Johnson Controls International plc | 9,200 | 484,748 | ||||||
Trane Technologies plc | 4,500 | 1,134,225 | ||||||
|
| |||||||
3,503,021 | ||||||||
|
| |||||||
Commercial Services & Supplies (1.2%) | ||||||||
Brambles Ltd. | 40,979 | 392,057 | ||||||
Cintas Corp. | 844 | 510,257 | ||||||
Copart, Inc.* | 10,314 | 495,485 | ||||||
Republic Services, Inc. | 1,100 | 188,232 | ||||||
Secom Co. Ltd. | 2,500 | 181,157 | ||||||
Waste Management, Inc. | 4,300 | 798,209 | ||||||
|
| |||||||
2,565,397 | ||||||||
|
| |||||||
Construction & Engineering (0.1%) | ||||||||
WSP Global, Inc. | 1,400 | 205,671 | ||||||
|
| |||||||
Electrical Equipment (1.2%) | ||||||||
ABB Ltd. (Registered) | 10,619 | 449,108 | ||||||
Eaton Corp. plc | 4,900 | 1,205,792 | ||||||
Emerson Electric Co. | 2,195 | 201,347 | ||||||
Rockwell Automation, Inc. | 696 | 176,283 | ||||||
Schneider Electric SE | 2,328 | 458,820 | ||||||
|
| |||||||
2,491,350 | ||||||||
|
| |||||||
Ground Transportation (1.2%) | ||||||||
CSX Corp. | 26,701 | 953,226 | ||||||
Hankyu Hanshin Holdings, Inc. | 8,100 | 248,200 | ||||||
Old Dominion Freight Line, Inc. | 700 | 273,714 | ||||||
Union Pacific Corp. | 4,056 | 989,380 | ||||||
|
| |||||||
2,464,520 | ||||||||
|
| |||||||
Industrial Conglomerates (1.6%) | ||||||||
General Electric Co. | 8,271 | 1,095,246 | ||||||
Hitachi Ltd. | 4,100 | 322,057 | ||||||
Honeywell International, Inc. | 7,100 | 1,436,046 | ||||||
Siemens AG (Registered) | 2,495 | 449,593 | ||||||
|
| |||||||
3,302,942 | ||||||||
|
| |||||||
Machinery (3.9%) | ||||||||
Atlas Copco AB, Class A | 35,680 | 569,281 | ||||||
Caterpillar, Inc. | 3,600 | 1,081,116 | ||||||
Cummins, Inc. | 1,800 | 430,740 | ||||||
Deere & Co. | 2,000 | 787,160 | ||||||
Epiroc AB, Class A | 10,331 | 181,827 | ||||||
Fortive Corp. | 2,400 | 187,632 | ||||||
Illinois Tool Works, Inc. | 4,800 | 1,252,320 | ||||||
Knorr-Bremse AG | 3,781 | 233,921 | ||||||
Kone OYJ, Class B | 3,952 | 195,591 | ||||||
Otis Worldwide Corp. | 3,900 | 344,916 | ||||||
PACCAR, Inc. | 10,771 | 1,081,301 | ||||||
Pentair plc | 5,900 | 431,703 | ||||||
Snap-on, Inc. | 1,600 | 463,888 | ||||||
Volvo AB, Class B | 22,816 | 544,866 | ||||||
Xylem, Inc. | 1,854 | 208,464 | ||||||
|
| |||||||
7,994,726 | ||||||||
|
| |||||||
Marine Transportation (0.1%) | ||||||||
Kuehne + Nagel International AG (Registered) | 633 | 216,168 | ||||||
|
| |||||||
Professional Services (2.6%) | ||||||||
Automatic Data Processing, Inc. | 5,705 | 1,402,175 | ||||||
Booz Allen Hamilton Holding Corp. | 1,570 | 221,009 | ||||||
Broadridge Financial Solutions, Inc. | 2,400 | 490,080 | ||||||
Jacobs Solutions, Inc. | 1,600 | 215,632 | ||||||
Leidos Holdings, Inc. | 2,034 | 224,696 | ||||||
Paychex, Inc. | 4,091 | 497,997 | ||||||
SGS SA (Registered) | 2,158 | 199,653 | ||||||
Thomson Reuters Corp. | 4,545 | 674,795 | ||||||
Verisk Analytics, Inc. | 1,600 | 386,448 | ||||||
Wolters Kluwer NV | 6,349 | 936,470 | ||||||
|
| |||||||
5,248,955 | ||||||||
|
| |||||||
Trading Companies & Distributors (2.0%) | ||||||||
Brenntag SE | 4,227 | 375,722 | ||||||
Fastenal Co. | 12,442 | 848,918 | ||||||
ITOCHU Corp. | 16,000 | 727,090 | ||||||
Mitsubishi Corp. | 25,200 | 435,159 | ||||||
Mitsui & Co. Ltd. | 15,500 | 627,901 | ||||||
Sumitomo Corp. | 16,800 | 385,182 | ||||||
WW Grainger, Inc. | 800 | 716,512 | ||||||
|
| |||||||
4,116,484 | ||||||||
|
| |||||||
Total Industrials | 36,827,546 | |||||||
|
| |||||||
Information Technology (19.3%) | ||||||||
Communications Equipment (1.0%) | ||||||||
Cisco Systems, Inc. | 21,700 | 1,088,906 | ||||||
Motorola Solutions, Inc. | 2,700 | 862,650 | ||||||
|
| |||||||
1,951,556 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (1.1%) | ||||||||
Amphenol Corp., Class A | 8,700 | 879,570 | ||||||
CDW Corp. | 3,200 | 725,504 | ||||||
Keysight Technologies, Inc.* | 1,900 | 291,194 | ||||||
TE Connectivity Ltd. | 2,800 | 398,132 | ||||||
|
| |||||||
2,294,400 | ||||||||
|
| |||||||
IT Services (1.7%) | ||||||||
Accenture plc, Class A | 4,200 | 1,528,296 | ||||||
Bechtle AG | 5,404 | 282,147 | ||||||
CGI, Inc.* | 1,600 | 179,178 | ||||||
Cognizant Technology Solutions Corp., Class A | 2,766 | 213,314 | ||||||
Gartner, Inc.* | 900 | 411,696 | ||||||
International Business Machines Corp. | 3,800 | 697,908 | ||||||
VeriSign, Inc.* | 1,395 | 277,437 | ||||||
|
| |||||||
3,589,976 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (4.0%) | ||||||||
Applied Materials, Inc. | 3,045 | 500,294 | ||||||
ASML Holding NV | 1,376 | 1,179,297 | ||||||
Broadcom, Inc. | 1,087 | 1,282,660 | ||||||
KLA Corp. | 500 | 297,020 | ||||||
Microchip Technology, Inc. | 2,451 | 208,776 | ||||||
NVIDIA Corp. | 4,234 | 2,605,053 | ||||||
NXP Semiconductors NV | 2,814 | 592,544 | ||||||
Texas Instruments, Inc. | 9,600 | 1,537,152 | ||||||
|
| |||||||
8,202,796 | ||||||||
|
| |||||||
Software (6.7%) | ||||||||
Adobe, Inc.* | 1,761 | 1,087,910 | ||||||
Autodesk, Inc.* | 1,948 | 494,422 |
See Notes to Portfolio of Investments.
56
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Cadence Design Systems, Inc.* | 3,160 | $ | 911,534 | |||||
Fair Isaac Corp.* | 200 | 239,766 | ||||||
Microsoft Corp. | 23,310 | 9,267,590 | ||||||
Oracle Corp. | 1,966 | 219,602 | ||||||
Roper Technologies, Inc. | 1,600 | 859,200 | ||||||
Synopsys, Inc.* | 1,445 | 770,691 | ||||||
|
| |||||||
13,850,715 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (4.8%) | ||||||||
Apple, Inc. | 48,156 | 8,879,967 | ||||||
Canon, Inc. | 10,500 | 290,813 | ||||||
FUJIFILM Holdings Corp. | 3,700 | 234,570 | ||||||
HP, Inc. | 7,000 | 200,970 | ||||||
NetApp, Inc. | 2,900 | 252,880 | ||||||
|
| |||||||
9,859,200 | ||||||||
|
| |||||||
Total Information Technology | 39,748,643 | |||||||
|
| |||||||
Materials (2.1%) | ||||||||
Chemicals (1.7%) | ||||||||
Air Liquide SA | 1,364 | 255,667 | ||||||
Air Products and Chemicals, Inc. | 1,000 | 255,710 | ||||||
CF Industries Holdings, Inc. | 2,656 | 200,554 | ||||||
Corteva, Inc. | 4,900 | 222,852 | ||||||
Ecolab, Inc. | 3,400 | 673,948 | ||||||
Givaudan SA (Registered) | 154 | 640,685 | ||||||
Mitsubishi Chemical Group Corp. | 37,400 | 225,807 | ||||||
PPG Industries, Inc. | 1,300 | 183,352 | ||||||
Sherwin-Williams Co. (The) | 2,900 | 882,702 | ||||||
|
| |||||||
3,541,277 | ||||||||
|
| |||||||
Metals & Mining (0.4%) | ||||||||
BHP Group Ltd. | 7,744 | 237,650 | ||||||
Franco-Nevada Corp. | 3,100 | 335,398 | ||||||
Rio Tinto Ltd. | 2,153 | 186,823 | ||||||
|
| |||||||
759,871 | ||||||||
|
| |||||||
Total Materials | 4,301,148 | |||||||
|
| |||||||
Real Estate (1.9%) | ||||||||
Diversified REITs (0.1%) | ||||||||
Nomura Real Estate Master Fund, Inc. (REIT)(x) | 305 | 334,176 | ||||||
|
| |||||||
Industrial REITs (0.4%) | ||||||||
Goodman Group (REIT) | 18,902 | 313,093 | ||||||
Prologis, Inc. (REIT) | 3,688 | 467,233 | ||||||
|
| |||||||
780,326 | ||||||||
|
| |||||||
Office REITs (0.1%) | ||||||||
Nippon Building Fund, Inc. (REIT) | 41 | 166,176 | ||||||
|
| |||||||
Real Estate Management & Development (0.2%) | ||||||||
Mitsubishi Estate Co. Ltd. | 15,400 | 213,993 | ||||||
Swiss Prime Site AG (Registered) | 1,962 | 198,719 | ||||||
|
| |||||||
412,712 | ||||||||
|
| |||||||
Residential REITs (0.4%) | ||||||||
AvalonBay Communities, Inc. (REIT) | 2,200 | 393,822 | ||||||
Equity Residential (REIT) | 3,400 | 204,646 | ||||||
Essex Property Trust, Inc. (REIT) | 864 | 201,545 | ||||||
|
| |||||||
800,013 | ||||||||
|
| |||||||
Specialized REITs (0.7%) | ||||||||
American Tower Corp. (REIT) | 3,200 | 626,080 | ||||||
Iron Mountain, Inc. (REIT) | 3,300 | 222,816 | ||||||
Public Storage (REIT) | 2,300 | 651,337 | ||||||
|
| |||||||
1,500,233 | ||||||||
|
| |||||||
Total Real Estate | 3,993,636 | |||||||
|
| |||||||
Utilities (4.0%) | ||||||||
Electric Utilities (1.7%) | ||||||||
Chubu Electric Power Co., Inc. | 18,300 | 237,931 | ||||||
Enel SpA | 114,379 | 780,149 | ||||||
Eversource Energy | 10,900 | 590,998 | ||||||
Exelon Corp. | 10,403 | 362,128 | ||||||
FirstEnergy Corp. | 5,257 | 192,827 | ||||||
Iberdrola SA | 47,505 | 572,353 | ||||||
Terna - Rete Elettrica Nazionale | 58,178 | 490,635 | ||||||
Xcel Energy, Inc. | 3,316 | 198,529 | ||||||
|
| |||||||
3,425,550 | ||||||||
|
| |||||||
Gas Utilities (0.4%) | ||||||||
Atmos Energy Corp. | 5,688 | 648,091 | ||||||
Hong Kong & China Gas Co. Ltd. | 308,000 | 218,627 | ||||||
|
| |||||||
866,718 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (0.1%) | ||||||||
RWE AG | 4,552 | 168,879 | ||||||
|
| |||||||
Multi-Utilities (1.8%) | ||||||||
CMS Energy Corp. | 3,379 | 193,144 | ||||||
Consolidated Edison, Inc. | 7,600 | 690,840 | ||||||
E.ON SE | 37,794 | 512,993 | ||||||
National Grid plc | 26,197 | 348,711 | ||||||
Public Service Enterprise Group, Inc. | 12,100 | 701,679 | ||||||
Sempra | 14,500 | 1,037,620 | ||||||
WEC Energy Group, Inc. | 2,327 | 187,928 | ||||||
|
| |||||||
3,672,915 | ||||||||
|
| |||||||
Total Utilities | 8,134,062 | |||||||
|
| |||||||
Total Common Stocks (99.0%) | 203,609,648 | |||||||
|
| |||||||
Number of Warrants | ||||||||
WARRANTS: | ||||||||
Information Technology (0.0%) | ||||||||
Software (0.0%) | ||||||||
Constellation Software, Inc., expiring 3/31/40(r)* | 100 | — | ||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (0.6%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares 5.62% (7 day yield) | 1,312,447 | 1,313,366 | ||||||
|
| |||||||
Total Short-Term Investment (0.6%) | 1,313,366 | |||||||
|
| |||||||
Total Investments in Securities (99.6%) | 204,923,014 | |||||||
Other Assets Less Liabilities (0.4%) |
| 758,128 | ||||||
|
| |||||||
Net Assets (100%) | $ | 205,681,142 | ||||||
|
|
See Notes to Portfolio of Investments.
57
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (Unaudited)
* | Non-income producing. |
(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, 2024, the market value or fair value, as applicable, of these securities amounted to $197,162 or 0.1% of net assets. |
(q) | Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares. |
(r) | Fair value determined using significant unobservable inputs. |
(x) | All or a portion of security is on loan at January 31, 2024, the Fund had loaned securities with a total value of $1,822,545. This was collateralized by $1,949,790 of various U.S. Government Treasury Securities, ranging from 0.125% – 5.317%, maturing 2/29/24 – 11/15/52. |
Glossary:
REIT — Real Estate Investment Trust
Country Diversification
As a Percentage of Total Net Assets
Australia | 1.5 | % | ||
Canada | 4.2 | |||
China | 0.3 | |||
Denmark | 0.5 | |||
Finland | 0.5 | |||
France | 0.8 | |||
Germany | 3.1 | |||
Hong Kong | 0.2 | |||
Israel | 0.2 | |||
Italy | 0.8 | |||
Japan | 4.6 | |||
Netherlands | 1.5 | |||
New Zealand | 0.1 | |||
Norway | 0.4 | |||
Singapore | 0.5 | |||
Spain | 0.4 | |||
Sweden | 0.8 | |||
Switzerland | 2.2 | |||
United Kingdom | 0.7 | |||
United States | 76.3 | |||
Cash and Other | 0.4 | |||
|
| |||
100.0 | % | |||
|
|
See Notes to Portfolio of Investments.
58
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
January 31, 2024 (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, 2024:
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 | $ | 10,286,487 | $ | 2,797,848 | $ | — | $ | 13,084,335 | ||||||||
Consumer Discretionary | 11,568,274 | 2,734,787 | — | 14,303,061 | ||||||||||||
Consumer Staples | 17,805,386 | 4,614,250 | — | 22,419,636 | ||||||||||||
Energy | 3,013,788 | 462,184 | — | 3,475,972 | ||||||||||||
Financials | 23,129,550 | 9,957,769 | — | 33,087,319 | ||||||||||||
Health Care | 20,526,728 | 3,707,562 | — | 24,234,290 | ||||||||||||
Industrials | 27,077,477 | 9,750,069 | — | 36,827,546 | ||||||||||||
Information Technology | 37,761,816 | 1,986,827 | — | 39,748,643 | ||||||||||||
Materials | 2,754,516 | 1,546,632 | — | 4,301,148 | ||||||||||||
Real Estate | 2,767,479 | 1,226,157 | — | 3,993,636 | ||||||||||||
Utilities | 4,803,784 | 3,330,278 | — | 8,134,062 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,313,366 | — | — | 1,313,366 | ||||||||||||
Warrants | ||||||||||||||||
Information Technology | — | — | — | (a) | — | (a) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 162,808,651 | $ | 42,114,363 | $ | — | $ | 204,923,014 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 162,808,651 | $ | 42,114,363 | $ | — | $ | 204,923,014 | ||||||||
|
|
|
|
|
|
|
|
(a) | Value is zero. |
As of January 31, 2024, 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 | $ | 32,090,202 | ||
Aggregate gross unrealized depreciation | (4,260,655 | ) | ||
|
| |||
Net unrealized appreciation | $ | 27,829,547 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 177,093,467 | ||
|
|
See Notes to Portfolio of Investments.
59
1290 FUNDS
NOTES TO PORTFOLIO OF INVESTMENTS
January 31, 2024 (Unaudited)
Note 1 Valuation
The Board of Trustees (the “Board”) of the 1290 Funds (the “Trust”) is primarily responsible for overseeing that appropriate valuation methods are used to price securities and other investments for each series (each, a “Fund” and collectively, the “Funds”) of the Trust. Section 2(a)(41) of the Investment Company Act of 1940, as amended (the “1940 Act”), requires funds to value their portfolio investments using: (i) the market value of their portfolio securities when market quotations are “readily available” and (ii) the investment’s fair value, as determined in good faith by the Board, when a market quotation for a portfolio security is not readily available or if the investment is not a security. Rule 2a-5 under 1940 Act (“Rule 2a-5”) permits the Board to designate a “valuation designee” to perform the fair value determinations for any and all Fund investments, subject to Board oversight and certain other requirements designed to facilitate the Board’s ability to effectively oversee fair value determinations. Pursuant to Rule 2a-5, the Board designated 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 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, 2024, 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.
60
1290 FUNDS
NOTES TO PORTFOLIO OF INVESTMENTS (Concluded)
January 31, 2024 (Unaudited)
Accounting for Derivative Instruments:
Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Funds may use derivatives in an attempt to achieve an economic hedge, the Fund’s derivatives are not accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at period end are reflected on each respective Fund’s Portfolio of Investments.
For more information on each Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to a Fund’s most recent semi-annual or annual report.
61