1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
LONG-TERM DEBT SECURITIES: | ||||||||
Asset-Backed Securities (0.5%) | ||||||||
Aames Mortgage Investment Trust, | ||||||||
Series 2006-1 A4 | ||||||||
0.651%, 4/25/36(l) | $ | 436,520 | $ | 434,128 | ||||
Jamestown CLO IX Ltd., | ||||||||
Series 2016-9A DR | ||||||||
7.074%, 10/20/28(l)§ | 905,000 | 898,376 | ||||||
Park Place Securities, Inc. | ||||||||
Asset-Backed Pass-Through Certificates, | ||||||||
Series 2005-WHQ2 M2 | ||||||||
0.781%, 5/25/35(l) | 154,342 | 154,173 | ||||||
Popular ABS Mortgage Pass-Through Trust, | ||||||||
Series 2005-5 MV1 | ||||||||
0.532%, 11/25/35(l) | 313,237 | 309,717 | ||||||
TICP CLO XI Ltd., | ||||||||
Series 2018-11A E | ||||||||
6.134%, 10/20/31(l)§ | 1,310,000 | 1,290,442 | ||||||
Towd Point Mortgage Trust, | ||||||||
Series 2018-3 A2 | ||||||||
3.875%, 5/25/58(l)§ | 345,000 | 372,111 | ||||||
|
| |||||||
Total Asset-Backed Securities | 3,458,947 | |||||||
|
| |||||||
Collateralized Mortgage Obligations (0.3%) | ||||||||
Connecticut Avenue Securities Trust, | ||||||||
Series 2018-R07 1M2 | ||||||||
2.491%, 4/25/31(l)§ | 274,977 | 276,464 | ||||||
FNMA, | ||||||||
Series 2018-C06 1M2 | ||||||||
2.091%, 3/25/31(l) | 475,885 | 479,769 | ||||||
Residential Mortgage Loan Trust, | ||||||||
Series 2019-3 A1 | ||||||||
2.633%, 9/25/59(l)§ | 664,821 | 672,830 | ||||||
TDA CAM FTA, | ||||||||
Series 9 B | ||||||||
0.000%, 4/28/50(l)(m) | EUR | 800,000 | 781,831 | |||||
|
| |||||||
Total Collateralized Mortgage Obligations | 2,210,894 | |||||||
|
| |||||||
Commercial Mortgage-Backed Securities (4.2%) | ||||||||
Credit Suisse Mortgage Capital Certificates, | ||||||||
Series 2019-ICE4 A | ||||||||
1.073%, 5/15/36(l)§ | $ | 730,000 | 731,368 | |||||
FREMF Mortgage Trust, | ||||||||
Series 2015-K48 B | ||||||||
3.641%, 8/25/48(l)§ | 2,710,000 | 2,952,738 | ||||||
Series 2017-K61 C | ||||||||
3.810%, 12/25/49(l)§ | 955,000 | 1,016,063 | ||||||
JPMDB Commercial Mortgage Securities Trust, | ||||||||
Series 2018-C8 C | ||||||||
4.743%, 6/15/51(l) | 12,000,000 | 13,419,480 | ||||||
Wells Fargo Commercial Mortgage Trust, | ||||||||
Series 2019-C49 D | ||||||||
3.000%, 3/15/52§ | 11,154,000 | 10,303,004 | ||||||
|
| |||||||
Total Commercial Mortgage-Backed Securities | 28,422,653 | |||||||
|
| |||||||
Convertible Bonds (1.4%) | ||||||||
Communication Services (1.0%) |
| |||||||
Media (1.0%) | ||||||||
DISH Network Corp. | ||||||||
3.375%, 8/15/26 | 6,430,000 | 6,590,750 | ||||||
|
| |||||||
Total Communication Services | 6,590,750 | |||||||
|
| |||||||
Health Care (0.4%) | ||||||||
Health Care Equipment & Supplies (0.4%) |
| |||||||
Haemonetics Corp. | ||||||||
(Zero Coupon), 3/1/26§ | 3,558,000 | 3,032,627 | ||||||
|
| |||||||
Total Health Care | 3,032,627 | |||||||
|
| |||||||
Total Convertible Bonds | 9,623,377 | |||||||
|
| |||||||
Corporate Bonds (22.5%) | ||||||||
Consumer Discretionary (2.5%) | ||||||||
Automobiles (0.8%) | ||||||||
General Motors Co. | ||||||||
6.800%, 10/1/27 | 1,450,000 | 1,842,739 | ||||||
6.250%, 10/2/43 | 2,620,000 | 3,634,142 | ||||||
|
| |||||||
5,476,881 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (1.7%) | ||||||||
Marriott International, Inc. | ||||||||
Series GG | ||||||||
3.500%, 10/15/32 | 11,100,000 | 11,927,061 | ||||||
|
| |||||||
Total Consumer Discretionary | 17,403,942 | |||||||
|
| |||||||
Consumer Staples (0.3%) | ||||||||
Food & Staples Retailing (0.3%) | ||||||||
Walgreens Boots Alliance, Inc. | ||||||||
4.100%, 4/15/50 | 1,880,000 | 2,142,780 | ||||||
|
| |||||||
Total Consumer Staples | 2,142,780 | |||||||
|
| |||||||
Energy (7.6%) | ||||||||
Oil, Gas & Consumable Fuels (7.6%) |
| |||||||
Apache Corp. | ||||||||
4.750%, 4/15/43 | 6,620,000 | 6,835,150 | ||||||
Marathon Oil Corp. | ||||||||
6.600%, 10/1/37 | 11,090,000 | 14,679,903 | ||||||
Occidental Petroleum Corp. | ||||||||
4.625%, 6/15/45 | 8,140,000 | 8,162,385 | ||||||
4.200%, 3/15/48 | 3,500,000 | 3,349,063 | ||||||
Petroleos Mexicanos | ||||||||
6.500%, 6/2/41 | 665,000 | 600,495 | ||||||
7.690%, 1/23/50 | 19,350,000 | 18,735,637 | ||||||
|
| |||||||
52,362,633 | ||||||||
|
| |||||||
Total Energy | 52,362,633 | |||||||
|
|
See Notes to Portfolio of Investments.
1
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Financials (5.2%) | ||||||||
Banks (1.6%) | ||||||||
Bank of Nova Scotia (The) | ||||||||
(SOFR + 0.55%), 0.595%, 9/15/23(k) | $ | 10,895,000 | $ | 10,967,735 | ||||
|
| |||||||
Capital Markets (2.5%) | ||||||||
Ares Capital Corp. | ||||||||
4.250%, 3/1/25 | 1,070,000 | 1,160,988 | ||||||
Blue Owl Finance LLC | ||||||||
3.125%, 6/10/31§ | 3,985,000 | 4,019,978 | ||||||
FS KKR Capital Corp. | ||||||||
4.625%, 7/15/24 | 2,040,000 | 2,197,541 | ||||||
Golub Capital BDC, Inc. | ||||||||
2.500%, 8/24/26 | 4,475,000 | 4,545,353 | ||||||
Owl Rock Capital Corp. | ||||||||
4.250%, 1/15/26 | 2,580,000 | 2,791,800 | ||||||
2.625%, 1/15/27 | 2,160,000 | 2,189,245 | ||||||
|
| |||||||
16,904,905 | ||||||||
|
| |||||||
Consumer Finance (1.1%) | ||||||||
General Motors Financial Co., Inc. | ||||||||
(SOFR + 1.20%), 1.232%, 11/17/23(k) | 7,635,000 | 7,756,396 | ||||||
|
| |||||||
Total Financials | 35,629,036 | |||||||
|
| |||||||
Health Care (0.5%) | ||||||||
Pharmaceuticals (0.5%) | ||||||||
Bausch Health Cos., Inc. | ||||||||
5.000%, 1/30/28§ | 3,380,000 | 3,227,900 | ||||||
|
| |||||||
Total Health Care | 3,227,900 | |||||||
|
| |||||||
Industrials (4.6%) | ||||||||
Aerospace & Defense (3.7%) |
| |||||||
Boeing Co. (The) | ||||||||
3.750%, 2/1/50 | 13,645,000 | 14,181,194 | ||||||
5.805%, 5/1/50 | 2,460,000 | 3,339,071 | ||||||
3.950%, 8/1/59 | 1,515,000 | 1,574,171 | ||||||
Embraer Netherlands Finance BV | ||||||||
6.950%, 1/17/28§ | 5,575,000 | 6,281,631 | ||||||
|
| |||||||
25,376,067 | ||||||||
|
| |||||||
Airlines (0.9%) | ||||||||
Delta Air Lines, Inc. | ||||||||
4.750%, 10/20/28§ | 5,150,000 | 5,748,688 | ||||||
|
| |||||||
Total Industrials | 31,124,755 | |||||||
|
| |||||||
Information Technology (1.8%) |
| |||||||
Semiconductors & Semiconductor Equipment (0.3%) |
| |||||||
NXP BV | ||||||||
3.400%, 5/1/30§ | 2,115,000 | 2,331,523 | ||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (1.5%) |
| |||||||
Dell International LLC | ||||||||
7.125%, 6/15/24§ | 485,000 | 496,199 | ||||||
6.020%, 6/15/26 | 7,970,000 | 9,591,737 | ||||||
|
| |||||||
10,087,936 | ||||||||
|
| |||||||
Total Information Technology | 12,419,459 | |||||||
|
| |||||||
Total Corporate Bonds | 154,310,505 | |||||||
|
| |||||||
Foreign Government Securities (30.4%) |
| |||||||
Bonos de la Tesoreria | ||||||||
6.150%, 8/12/32 | PEN | 55,827,000 | 13,529,640 | |||||
5.400%, 8/12/34 | 70,800,000 | 14,734,728 | ||||||
Mex Bonos Desarr Fix Rt | ||||||||
8.000%, 11/7/47 | MXN | 1,384,400,000 | 72,153,972 | |||||
Notas do Tesouro Nacional | ||||||||
10.000%, 1/1/31 | BRL | 284,830,000 | 56,143,542 | |||||
Republic of South Africa | ||||||||
8.750%, 2/28/48 | ZAR | 531,600,000 | 30,515,707 | |||||
Republic of Turkey | ||||||||
11.700%, 11/13/30 | TRY | 230,900,000 | 21,210,135 | |||||
|
| |||||||
Total Foreign Government Securities | 208,287,724 | |||||||
|
| |||||||
U.S. Treasury Obligations (36.8%) |
| |||||||
U.S. Treasury Notes | ||||||||
(US Treasury 3 Month Bill Money Market Yield + 0.05%), 0.099%, 1/31/23(k) | $ | 251,955,000 | 252,050,995 | |||||
|
| |||||||
Total U.S. Treasury Obligation | 252,050,995 | |||||||
|
| |||||||
Total Long-Term Debt Securities (96.1%) |
| 658,365,095 | ||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT: |
| |||||||
Investment Company (6.6%) |
| |||||||
JPMorgan Prime Money Market Fund, IM Shares | 45,523,019 | 45,545,780 | ||||||
|
| |||||||
Total Short-Term Investment (6.6%) |
| 45,545,780 | ||||||
|
| |||||||
Total Investments in Securities (102.7%) |
| 703,910,875 | ||||||
Other Assets Less Liabilities (-2.7%) |
| (18,790,510 | ) | |||||
|
| |||||||
Net Assets (100%) | $ | 685,120,365 | ||||||
|
|
See Notes to Portfolio of Investments.
2
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
§ | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2021, the market value of these securities amounted to $43,651,942 or 6.4% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity. |
(k) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2021. |
(l) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2021. |
(m) | Regulation S is an exemption for securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States. Resale restrictions may apply for purposes of the Securities Act of 1933. At July 31, 2021, the market value of these securities amounted to $781,831 or 0.1% of net assets. |
Glossary:
AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CHF — Swiss Franc
CLP — Chilean Peso
CLO — Collateralized Loan Obligation
EUR — European Currency Unit
FNMA — Federal National Mortgage Association
ICE — Intercontinental Exchange
JPY — Japanese Yen
MXN — Mexican Peso
NOK — Norwegian Krone
PEN — Peruvian Sol
PLN — Polish Zloty
RUB — Russian Ruble
SOFR — Secured Overnight Financing Rate
THB — Thailand Baht
TRY — Turkish Lira
USCPI — United States Consumer Price Index
USD — United States Dollar
ZAR — South African Rand
Country Diversification
As a Percentage of Total Net Assets
Brazil | 9.1 | % | ||
Canada | 1.6 | |||
Cayman Islands | 0.3 | |||
China | 0.3 | |||
Mexico | 13.4 | |||
Peru | 4.1 | |||
South Africa | 4.5 | |||
Spain | 0.1 | |||
Turkey | 3.1 | |||
United States | 66.2 | |||
Cash and Other | (2.7 | ) | ||
|
| |||
100.0 | % | |||
|
|
See Notes to Portfolio of Investments.
3
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Forward Foreign Currency Contracts outstanding as of July 31, 2021 (Note 1):
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) ($) | ||||||||||||||
USD | 32,825,209 | PEN | 129,300,000 | HSBC Bank plc** | 8/5/2021 | 991,695 | ||||||||||||
RUB | 3,125,000,000 | USD | 41,584,617 | Citibank NA** | 8/12/2021 | 1,073,880 | ||||||||||||
MXN | 436,100,000 | USD | 21,771,624 | Citibank NA | 8/13/2021 | 106,605 | ||||||||||||
MXN | 99,000,000 | USD | 4,926,610 | Goldman Sachs Bank USA | 8/13/2021 | 40,015 | ||||||||||||
USD | 15,262,043 | MXN | 303,700,000 | JPMorgan Chase Bank | 8/13/2021 | 26,046 | ||||||||||||
USD | 17,463,996 | CAD | 21,100,000 | Goldman Sachs Bank USA | 8/16/2021 | 551,766 | ||||||||||||
USD | 1,058,947 | CAD | 1,280,000 | JPMorgan Chase Bank | 8/16/2021 | 32,992 | ||||||||||||
USD | 1,230,256 | CAD | 1,500,000 | Morgan Stanley | 8/16/2021 | 27,964 | ||||||||||||
USD | 1,171,299 | ZAR | 16,600,000 | Citibank NA | 8/17/2021 | 40,271 | ||||||||||||
USD | 8,091,304 | ZAR | 114,000,000 | Goldman Sachs Bank USA | 8/17/2021 | 324,001 | ||||||||||||
USD | 48,268,313 | ZAR | 696,700,000 | HSBC Bank plc | 8/17/2021 | 799,195 | ||||||||||||
USD | 1,272,228 | ZAR | 17,700,000 | Morgan Stanley | 8/17/2021 | 66,252 | ||||||||||||
USD | 46,887,148 | JPY | 5,114,000,000 | Citibank NA | 8/24/2021 | 263,905 | ||||||||||||
USD | 2,074,152 | AUD | 2,700,000 | Barclays Bank plc | 8/25/2021 | 92,518 | ||||||||||||
USD | 19,578,968 | AUD | 25,610,000 | JPMorgan Chase Bank | 8/25/2021 | 782,799 | ||||||||||||
USD | 29,547,107 | AUD | 38,280,000 | Morgan Stanley | 8/25/2021 | 1,451,934 | ||||||||||||
TRY | 107,700,000 | USD | 12,023,444 | JPMorgan Chase Bank | 9/8/2021 | 519,547 | ||||||||||||
CHF | 24,470,000 | USD | 26,580,202 | Morgan Stanley | 9/14/2021 | 463,018 | ||||||||||||
USD | 57,758,746 | CHF | 51,660,000 | Goldman Sachs Bank USA | 9/14/2021 | 666,275 | ||||||||||||
USD | 3,905,171 | CHF | 3,500,000 | Morgan Stanley | 9/14/2021 | 37,117 | ||||||||||||
PLN | 341,910,000 | USD | 88,067,800 | Citibank NA | 10/27/2021 | 705,712 | ||||||||||||
|
| |||||||||||||||||
Total unrealized appreciation | 9,063,507 | |||||||||||||||||
|
| |||||||||||||||||
PEN | 129,300,000 | USD | 33,740,517 | HSBC Bank plc** | 8/5/2021 | (1,907,004 | ) | |||||||||||
THB | 66,400,000 | USD | 2,125,480 | HSBC Bank plc | 8/6/2021 | (105,287 | ) | |||||||||||
RUB | 183,000,000 | USD | 2,509,255 | Citibank NA** | 8/12/2021 | (11,174 | ) | |||||||||||
USD | 17,833,566 | RUB | 1,335,000,000 | Citibank NA** | 8/12/2021 | (390,144 | ) | |||||||||||
MXN | 16,300,000 | USD | 819,642 | Goldman Sachs Bank USA | 8/13/2021 | (1,905 | ) | |||||||||||
THB | 85,400,000 | USD | 2,734,989 | HSBC Bank plc | 8/13/2021 | (136,843 | ) | |||||||||||
USD | 41,098,668 | MXN | 827,500,000 | Citibank NA | 8/13/2021 | (415,285 | ) | |||||||||||
USD | 1,729,497 | MXN | 35,100,000 | Goldman Sachs Bank USA | 8/13/2021 | (31,396 | ) | |||||||||||
USD | 23,098,656 | MXN | 465,200,000 | HSBC Bank plc | 8/13/2021 | (239,460 | ) | |||||||||||
USD | 17,686,141 | MXN | 358,300,000 | JPMorgan Chase Bank | 8/13/2021 | (289,024 | ) | |||||||||||
CAD | 23,880,000 | USD | 19,283,569 | JPMorgan Chase Bank | 8/16/2021 | (143,092 | ) | |||||||||||
ZAR | 259,700,000 | USD | 18,648,875 | Goldman Sachs Bank USA | 8/17/2021 | (954,415 | ) | |||||||||||
ZAR | 116,300,000 | USD | 8,357,924 | HSBC Bank plc | 8/17/2021 | (433,913 | ) | |||||||||||
ZAR | 8,800,000 | USD | 608,889 | Morgan Stanley | 8/17/2021 | (9,308 | ) | |||||||||||
JPY | 1,475,000,000 | USD | 13,476,596 | Citibank NA | 8/24/2021 | (29,337 | ) | |||||||||||
JPY | 5,114,000,000 | USD | 46,838,794 | Morgan Stanley | 8/24/2021 | (215,550 | ) | |||||||||||
AUD | 43,490,000 | USD | 32,182,165 | Goldman Sachs Bank USA | 8/25/2021 | (263,171 | ) | |||||||||||
AUD | 23,100,000 | USD | 17,911,047 | HSBC Bank plc | 8/25/2021 | (957,063 | ) | |||||||||||
CLP | 5,710,000,000 | USD | 8,142,548 | HSBC Bank plc** | 9/3/2021 | (625,772 | ) | |||||||||||
USD | 12,279,699 | TRY | 107,700,000 | Barclays Bank plc | 9/8/2021 | (263,291 | ) | |||||||||||
USD | 33,550,324 | CHF | 30,380,000 | HSBC Bank plc | 9/14/2021 | (24,382 | ) | |||||||||||
USD | 785,351 | CHF | 720,000 | Morgan Stanley | 9/14/2021 | (10,363 | ) | |||||||||||
CLP | 35,360,000,000 | USD | 48,203,039 | HSBC Bank plc** | 10/1/2021 | (1,687,170 | ) | |||||||||||
THB | 51,400,000 | USD | 1,576,687 | HSBC Bank plc | 10/7/2021 | (13,338 | ) | |||||||||||
BRL | 19,750,000 | USD | 3,769,947 | HSBC Bank plc** | 10/20/2021 | (18,714 | ) | |||||||||||
USD | 33,116,565 | BRL | 175,690,000 | HSBC Bank plc** | 10/20/2021 | (253,267 | ) | |||||||||||
USD | 52,287,821 | EUR | 44,230,000 | Citibank NA | 10/26/2021 | (269,007 | ) | |||||||||||
USD | 1,564,920 | EUR | 1,320,000 | JPMorgan Chase Bank | 10/26/2021 | (3,587 | ) | |||||||||||
PLN | 5,240,000 | USD | 1,361,457 | HSBC Bank plc | 10/27/2021 | (943 | ) | |||||||||||
NOK | 237,600,000 | USD | 27,215,404 | HSBC Bank plc | 11/2/2021 | (323,774 | ) | |||||||||||
|
| |||||||||||||||||
Total unrealized depreciation |
| (10,026,979 | ) | |||||||||||||||
|
| |||||||||||||||||
Net unrealized depreciation |
| (963,472 | ) | |||||||||||||||
|
|
** | Non-deliverable forward. |
See Notes to Portfolio of Investments.
4
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Centrally Cleared Credit default swap contracts outstanding - sell protection as of July 31, 2021 (Note 1):
Reference Obligation/Index | Financing Rate (Paid) / Received by the Fund (%) | Frequency of Payments Made/Received | Maturity Date | Implied Credit Spread (%) | Notional Amount | Upfront (Payments) Receipts ($) | Unrealized Appreciation (Depreciation) ($) | Value ($) | ||||||||||||||||||||||||
Goodyear Tire & Rubber Co. (The) | 5.00 | Quarterly | 6/20/2022 | 0.49 | USD 1,010,000 | 34,121 | 12,564 | 46,685 | ||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||
Total Centrally Cleared Credit default swap contracts outstanding |
| 34,121 | 12,564 | 46,685 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
OTC Inflation-linked swap contracts outstanding as of July 31, 2021 (Note 1):
Reference Entity | Payments Made by Fund | Payments Received | Frequency of | Counterparty | Maturity Date | Notional Amount | Unrealized Appreciation (Depreciation) ($) | |||||||||||||
1 month USCPI | 2.40% and decrease in total return of index | Increase in total return of index | At termination | JPMorgan Chase Bank | 5/24/2031 | USD | 65,250,000 | (1,569,928 | ) | |||||||||||
1 month USCPI | 2.56% and decrease in total return of index | Increase in total return of index | At termination | JPMorgan Chase Bank | 5/24/2031 | USD | 53,400,000 | (713,299 | ) | |||||||||||
|
| |||||||||||||||||||
(2,283,227 | ) | |||||||||||||||||||
�� |
|
|
OTC Interest rate swap contracts outstanding as of July 31, 2021 (Note 1):
Reference Entity | Payments Made by Fund | Payments Received | Frequency of | Counterparty | Maturity Date | Notional Amount | Unrealized Appreciation (Depreciation) ($) | |||||||||||||
1 day SOFR | 1.37% and decrease in total return of index | Increase in total return of index | At termination | JPMorgan Chase Bank | 5/24/2031 | USD | 61,250,000 | (2,278,113 | ) | |||||||||||
1 day SOFR | 1.17% and decrease in total return of index | Increase in total return of index | At termination | JPMorgan Chase Bank | 5/24/2031 | USD | 75,600,000 | (1,319,588 | ) | |||||||||||
|
| |||||||||||||||||||
(3,597,701 | ) | |||||||||||||||||||
|
|
See Notes to Portfolio of Investments.
5
1290 FUNDS
1290 DIVERSIFIED BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 3,458,947 | $ | — | $ | 3,458,947 | ||||||||
Centrally Cleared Credit Default Swaps | — | 12,564 | — | 12,564 | ||||||||||||
Collateralized Mortgage Obligations | — | 2,210,894 | — | 2,210,894 | ||||||||||||
Commercial Mortgage-Backed Securities | — | 28,422,653 | — | 28,422,653 | ||||||||||||
Convertible Bonds | ||||||||||||||||
Communication Services | — | 6,590,750 | — | 6,590,750 | ||||||||||||
Health Care | — | 3,032,627 | — | 3,032,627 | ||||||||||||
Corporate Bonds | ||||||||||||||||
Consumer Discretionary | — | 17,403,942 | — | 17,403,942 | ||||||||||||
Consumer Staples | — | 2,142,780 | — | 2,142,780 | ||||||||||||
Energy | — | 52,362,633 | — | 52,362,633 | ||||||||||||
Financials | — | 35,629,036 | — | 35,629,036 | ||||||||||||
Health Care | — | 3,227,900 | — | 3,227,900 | ||||||||||||
Industrials | — | 31,124,755 | — | 31,124,755 | ||||||||||||
Information Technology | — | 12,419,459 | — | 12,419,459 | ||||||||||||
Foreign Government Securities | — | 208,287,724 | — | 208,287,724 | ||||||||||||
Forward Currency Contracts | — | 9,063,507 | — | 9,063,507 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 45,545,780 | — | — | 45,545,780 | ||||||||||||
U.S. Treasury Obligations | — | 252,050,995 | — | 252,050,995 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 45,545,780 | $ | 667,441,166 | $ | — | $ | 712,986,946 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Liabilities: | ||||||||||||||||
Forward Currency Contracts | $ | — | $ | (10,026,979 | ) | $ | — | $ | (10,026,979 | ) | ||||||
OTC Inflation-linked Swaps | — | (2,283,227 | ) | — | (2,283,227 | ) | ||||||||||
OTC Interest Rate Swaps | — | (3,597,701 | ) | — | (3,597,701 | ) | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | (15,907,907 | ) | $ | — | $ | (15,907,907 | ) | ||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 45,545,780 | $ | 651,533,259 | $ | — | $ | 697,079,039 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 20,311,050 | ||
Aggregate gross unrealized depreciation | (20,821,616 | ) | ||
|
| |||
Net unrealized depreciation | $ | (510,566 | ) | |
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 697,623,726 | ||
|
|
See Notes to Portfolio of Investments.
6
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
LONG-TERM DEBT SECURITIES: | ||||||||
Asset-Backed Securities (2.3%) | ||||||||
GSAA Home Equity Trust, | ||||||||
Series 2007-9 A2A | ||||||||
6.500%, 8/25/47 | $ | 335,660 | $ | 241,932 | ||||
Long Beach Mortgage Loan Trust, | ||||||||
Series 2006-7 1A | ||||||||
0.244%, 8/25/36(l) | 472,554 | 298,216 | ||||||
Morgan Stanley ABS Capital I, Inc. Trust, | ||||||||
Series 2007-HE2 A1 | ||||||||
0.219%, 1/25/37(l)§ | 977,363 | 499,958 | ||||||
Pretium Mortgage Credit Partners I LLC, | ||||||||
Series 2020-NPL3 A1 | ||||||||
3.105%, 6/27/60(e)§ | 611,569 | 615,983 | ||||||
|
| |||||||
Total Asset-Backed Securities | 1,656,089 | |||||||
|
| |||||||
Collateralized Mortgage Obligations (11.7%) |
| |||||||
Alternative Loan Trust, | ||||||||
Series 2005-11CB 2A6 | ||||||||
5.500%, 6/25/25 | 367,899 | 354,484 | ||||||
Banc of America Alternative Loan Trust, | ||||||||
Series 2006-5 CB14 | ||||||||
6.000%, 6/25/46(l) | 176,046 | 174,041 | ||||||
BRAVO Residential Funding Trust, | ||||||||
Series 2020-RPL1 M1 | ||||||||
3.250%, 5/26/59(l)§ | 500,000 | 532,350 | ||||||
CHL Mortgage Pass-Through Trust, | ||||||||
Series 2006-20 1A33 | ||||||||
6.000%, 2/25/37 | 463,332 | 331,474 | ||||||
Series 2006-OA5 2A1 | ||||||||
0.489%, 4/25/46(l) | 621,023 | 538,652 | ||||||
FHLMC, | ||||||||
Series 3998 AZ | ||||||||
4.000%, 2/15/42 | 1,445,613 | 1,583,884 | ||||||
FNMA, | ||||||||
Series 2013-5 EZ | ||||||||
2.000%, 8/25/42 | 346,250 | 350,688 | ||||||
Series 2018-21 | ||||||||
(Zero Coupon), 4/25/48 PO | 135,407 | 127,004 | ||||||
Series 2018-44 PZ | ||||||||
3.500%, 6/25/48 | 1,452,137 | 1,608,060 | ||||||
HarborView Mortgage Loan Trust, | ||||||||
Series 2005-8 1A2A | ||||||||
0.753%, 9/19/35(l) | 396,412 | 332,971 | ||||||
New Residential Mortgage Loan Trust, | ||||||||
Series 2016-1A A1 | ||||||||
3.750%, 3/25/56(l)§ | 249,827 | 263,970 | ||||||
PMT Credit Risk Transfer Trust, | ||||||||
Series 2019-2R A | ||||||||
2.837%, 5/27/23(l)§ | 444,962 | 440,747 | ||||||
Series 2019-3R A | ||||||||
2.787%, 10/27/22(l)§ | 271,790 | 272,601 | ||||||
PRPM LLC, | ||||||||
Series 2020-3 A1 | ||||||||
2.857%, 9/25/25(e)§ | 412,538 | 414,952 | ||||||
RALI Trust, | ||||||||
Series 2006-QO10 A1 | ||||||||
0.409%, 1/25/37(l) | 512,397 | 489,307 | ||||||
Series 2006-QS3 1A10 | ||||||||
6.000%, 3/25/36 | 241,817 | 240,923 | ||||||
Series 2006-QS4 A10 | ||||||||
6.000%, 4/25/36 | 385,103 | 374,936 | ||||||
Wells Fargo Mortgage Backed Securities Trust, | ||||||||
Series 2007-AR6 A2 | ||||||||
2.870%, 10/25/37(l) | 209,547 | 205,192 | ||||||
|
| |||||||
Total Collateralized Mortgage Obligations | 8,636,236 | |||||||
|
| |||||||
Corporate Bonds (13.5%) | ||||||||
Communication Services (1.6%) | ||||||||
Diversified Telecommunication Services (0.5%) | ||||||||
AT&T, Inc. | ||||||||
3.500%, 9/15/53§ | 18,000 | 18,618 | ||||||
3.550%, 9/15/55§ | 80,000 | 82,649 | ||||||
CCO Holdings LLC | ||||||||
5.000%, 2/1/28§ | 30,000 | 31,463 | ||||||
Frontier Communications Holdings LLC | ||||||||
5.875%, 10/15/27§ | 10,000 | 10,672 | ||||||
5.000%, 5/1/28§ | 20,000 | 20,641 | ||||||
6.750%, 5/1/29§ | 15,000 | 16,047 | ||||||
Lumen Technologies, Inc. | ||||||||
5.125%, 12/15/26§ | 30,000 | 31,180 | ||||||
4.000%, 2/15/27§ | 25,000 | 25,625 | ||||||
Verizon Communications, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 1.10%), 1.256%, 5/15/25(k) | 55,000 | 56,522 | ||||||
Zayo Group Holdings, Inc. | ||||||||
4.000%, 3/1/27§ | 30,000 | 29,737 | ||||||
6.125%, 3/1/28§ | 15,000 | 15,169 | ||||||
|
| |||||||
338,323 | ||||||||
|
| |||||||
Entertainment (0.1%) | ||||||||
Lions Gate Capital Holdings LLC | ||||||||
5.500%, 4/15/29§ | 25,000 | 25,592 | ||||||
Live Nation Entertainment, Inc. | ||||||||
6.500%, 5/15/27§ | 30,000 | 33,225 | ||||||
|
| |||||||
58,817 | ||||||||
|
| |||||||
Media (0.9%) | ||||||||
Cengage Learning, Inc. | ||||||||
9.500%, 6/15/24§ | 25,000 | 25,531 | ||||||
Charter Communications Operating LLC | ||||||||
4.908%, 7/23/25 | 100,000 | 113,267 | ||||||
Clear Channel Outdoor Holdings, Inc. | ||||||||
7.500%, 6/1/29§ | 20,000 | 20,684 | ||||||
Comcast Corp. | ||||||||
3.400%, 4/1/30 | 50,000 | 55,679 | ||||||
1.500%, 2/15/31 | 60,000 | 57,768 | ||||||
Diamond Sports Group LLC | ||||||||
5.375%, 8/15/26§ | 15,000 | 8,700 | ||||||
DIRECTV Holdings LLC | ||||||||
5.875%, 8/15/27§ | 20,000 | 20,630 | ||||||
DISH DBS Corp. | ||||||||
5.875%, 11/15/24 | 25,000 | 26,889 | ||||||
5.125%, 6/1/29§ | 20,000 | 19,750 |
See Notes to Portfolio of Investments.
7
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
GCI LLC | ||||||||
4.750%, 10/15/28§ | $ | 30,000 | $ | 31,125 | ||||
iHeartCommunications, Inc. | ||||||||
8.375%, 5/1/27 | 5,000 | 5,325 | ||||||
Interpublic Group of Cos., Inc. (The) | ||||||||
4.650%, 10/1/28 | 50,000 | 59,210 | ||||||
Nexstar Media, Inc. | ||||||||
5.625%, 7/15/27§ | 20,000 | 21,144 | ||||||
Omnicom Group, Inc. | ||||||||
2.600%, 8/1/31 | 95,000 | 98,256 | ||||||
Radiate Holdco LLC | ||||||||
4.500%, 9/15/26§ | 20,000 | 20,638 | ||||||
Scripps Escrow II, Inc. | ||||||||
3.875%, 1/15/29§ | 10,000 | 10,004 | ||||||
Scripps Escrow, Inc. | ||||||||
5.875%, 7/15/27§ | 30,000 | 31,050 | ||||||
Sirius XM Radio, Inc. | ||||||||
4.125%, 7/1/30§ | 35,000 | 36,045 | ||||||
Univision Communications, Inc. | ||||||||
4.500%, 5/1/29§ | 20,000 | 20,000 | ||||||
|
| |||||||
681,695 | ||||||||
|
| |||||||
Wireless Telecommunication Services (0.1%) | ||||||||
T-Mobile USA, Inc. | ||||||||
2.250%, 2/15/26 | 55,000 | 55,476 | ||||||
3.375%, 4/15/29§ | 5,000 | 5,195 | ||||||
3.375%, 4/15/29 | 10,000 | 10,400 | ||||||
2.875%, 2/15/31 | 10,000 | 10,038 | ||||||
|
| |||||||
81,109 | ||||||||
|
| |||||||
Total Communication Services | 1,159,944 | |||||||
|
| |||||||
Consumer Discretionary (1.6%) | ||||||||
Auto Components (0.1%) | ||||||||
Clarios Global LP | ||||||||
6.250%, 5/15/26§ | 13,000 | 13,747 | ||||||
Goodyear Tire & Rubber Co. (The) | ||||||||
5.250%, 7/15/31§ | 35,000 | 36,925 | ||||||
Icahn Enterprises LP | ||||||||
5.250%, 5/15/27 | 25,000 | 26,219 | ||||||
|
| |||||||
76,891 | ||||||||
|
| |||||||
Automobiles (0.1%) | ||||||||
Ford Motor Co. | ||||||||
8.500%, 4/21/23 | 75,000 | 83,063 | ||||||
|
| |||||||
Diversified Consumer Services (0.0%) | ||||||||
Metis Merger Sub LLC | ||||||||
6.500%, 5/15/29§ | 25,000 | 24,438 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (0.9%) | ||||||||
Bally’s Corp. | ||||||||
6.750%, 6/1/27§ | 40,000 | 43,100 | ||||||
Boyd Gaming Corp. | ||||||||
4.750%, 6/15/31§ | 40,000 | 41,284 | ||||||
Boyne USA, Inc. | ||||||||
4.750%, 5/15/29§ | 60,000 | 62,176 | ||||||
Caesars Entertainment, Inc. | ||||||||
6.250%, 7/1/25§ | 35,000 | 36,925 | ||||||
Caesars Resort Collection LLC | ||||||||
5.250%, 10/15/25§ | 35,000 | 35,154 | ||||||
Carnival Corp. | ||||||||
5.750%, 3/1/27§ | 30,000 | 30,487 | ||||||
Cedar Fair LP | ||||||||
5.250%, 7/15/29 | 25,000 | 25,382 | ||||||
Expedia Group, Inc. | ||||||||
3.250%, 2/15/30 | 60,000 | 62,758 | ||||||
Golden Nugget, Inc. | ||||||||
6.750%, 10/15/24§ | 45,000 | 45,113 | ||||||
Marriott International, Inc. | ||||||||
Series R | ||||||||
3.125%, 6/15/26 | 55,000 | 58,701 | ||||||
McDonald’s Corp. | ||||||||
3.600%, 7/1/30 | 55,000 | 62,487 | ||||||
MGM Resorts International | ||||||||
6.750%, 5/1/25 | 45,000 | 47,588 | ||||||
Midwest Gaming Borrower LLC | ||||||||
4.875%, 5/1/29§ | 50,000 | 50,363 | ||||||
Scientific Games International, Inc. | ||||||||
7.250%, 11/15/29§ | 20,000 | 22,365 | ||||||
Viking Cruises Ltd. | ||||||||
13.000%, 5/15/25§ | 10,000 | 11,575 | ||||||
5.875%, 9/15/27§ | 55,000 | 52,250 | ||||||
|
| |||||||
687,708 | ||||||||
|
| |||||||
Household Durables (0.1%) | ||||||||
Mattamy Group Corp. | ||||||||
4.625%, 3/1/30§ | 35,000 | 36,062 | ||||||
Tempur Sealy International, Inc. | ||||||||
4.000%, 4/15/29§ | 20,000 | 20,500 | ||||||
WASH Multifamily Acquisition, Inc. | ||||||||
5.750%, 4/15/26§ | 30,000 | 31,387 | ||||||
|
| |||||||
87,949 | ||||||||
|
| |||||||
Multiline Retail (0.2%) | ||||||||
Dollar Tree, Inc. | ||||||||
4.000%, 5/15/25 | 100,000 | 110,498 | ||||||
|
| |||||||
Specialty Retail (0.2%) | ||||||||
Ambience Merger Sub, Inc. | ||||||||
7.125%, 7/15/29§ | 10,000 | 10,125 | ||||||
Asbury Automotive Group, Inc. | ||||||||
4.500%, 3/1/28 | 5,000 | 5,181 | ||||||
4.750%, 3/1/30 | 6,000 | 6,379 | ||||||
SRS Distribution, Inc. | ||||||||
4.625%, 7/1/28§ | 30,000 | 30,600 | ||||||
Staples, Inc. | ||||||||
7.500%, 4/15/26§ | 15,000 | 15,239 | ||||||
Victoria’s Secret & Co. | ||||||||
4.625%, 7/15/29§ | 40,000 | 40,054 | ||||||
|
| |||||||
107,578 | ||||||||
|
| |||||||
Total Consumer Discretionary | 1,178,125 | |||||||
|
| |||||||
Consumer Staples (1.1%) | ||||||||
Beverages (0.3%) | ||||||||
Anheuser-Busch Cos. LLC | ||||||||
4.900%, 2/1/46 | 50,000 | 64,104 | ||||||
Constellation Brands, Inc. | ||||||||
3.150%, 8/1/29 | 95,000 | 102,994 | ||||||
Primo Water Holdings, Inc. | ||||||||
4.375%, 4/30/29§ | 20,000 | 20,048 | ||||||
Triton Water Holdings, Inc. | ||||||||
6.250%, 4/1/29§ | 20,000 | 20,025 | ||||||
|
| |||||||
207,171 | ||||||||
|
| |||||||
Food & Staples Retailing (0.2%) | ||||||||
Performance Food Group, Inc. | ||||||||
5.500%, 10/15/27§ | 35,000 | 36,371 |
See Notes to Portfolio of Investments.
8
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
4.250%, 8/1/29§ | $ | 20,000 | $ | 20,244 | ||||
Sysco Corp. | ||||||||
5.950%, 4/1/30 | 44,000 | 57,003 | ||||||
United Natural Foods, Inc. | ||||||||
6.750%, 10/15/28§ | 25,000 | 26,875 | ||||||
US Foods, Inc. | ||||||||
6.250%, 4/15/25§ | 5,000 | 5,256 | ||||||
|
| |||||||
145,749 | ||||||||
|
| |||||||
Food Products (0.4%) | ||||||||
B&G Foods, Inc. | ||||||||
5.250%, 9/15/27 | 15,000 | 15,619 | ||||||
Flowers Foods, Inc. | ||||||||
2.400%, 3/15/31 | 55,000 | 55,885 | ||||||
Kraft Heinz Foods Co. | ||||||||
5.000%, 7/15/35 | 15,000 | 18,537 | ||||||
5.200%, 7/15/45 | 35,000 | 44,352 | ||||||
Post Holdings, Inc. | ||||||||
4.625%, 4/15/30§ | 30,000 | 30,562 | ||||||
Smithfield Foods, Inc. | ||||||||
4.250%, 2/1/27§ | 100,000 | 110,011 | ||||||
|
| |||||||
274,966 | ||||||||
|
| |||||||
Household Products (0.1%) | ||||||||
Energizer Holdings, Inc. | ||||||||
4.750%, 6/15/28§ | 35,000 | 35,875 | ||||||
Kronos Acquisition Holdings, Inc. | ||||||||
5.000%, 12/31/26§ | 30,000 | 30,356 | ||||||
7.000%, 12/31/27§ | 20,000 | 19,400 | ||||||
|
| |||||||
85,631 | ||||||||
|
| |||||||
Personal Products (0.0%) | ||||||||
Coty, Inc. | ||||||||
5.000%, 4/15/26§ | 20,000 | 20,125 | ||||||
|
| |||||||
Tobacco (0.1%) | ||||||||
Altria Group, Inc. | ||||||||
4.450%, 5/6/50 | 50,000 | 54,136 | ||||||
|
| |||||||
Total Consumer Staples | 787,778 | |||||||
|
| |||||||
Energy (1.7%) | ||||||||
Energy Equipment & Services (0.2%) |
| |||||||
Patterson-UTI Energy, Inc. |
| |||||||
3.950%, 2/1/28 | 60,000 | 60,170 | ||||||
Transocean Poseidon Ltd. | ||||||||
6.875%, 2/1/27§ | 35,000 | 33,950 | ||||||
Transocean, Inc. | ||||||||
11.500%, 1/30/27§ | 11,000 | 10,945 | ||||||
USA Compression Partners LP | ||||||||
6.875%, 9/1/27 | 50,000 | 52,750 | ||||||
|
| |||||||
157,815 | ||||||||
|
| |||||||
Oil, Gas & Consumable Fuels (1.5%) |
| |||||||
Antero Midstream Partners LP | ||||||||
5.750%, 3/1/27§ | 16,000 | 16,480 | ||||||
Apache Corp. | ||||||||
4.625%, 11/15/25 | 10,000 | 10,725 | ||||||
4.375%, 10/15/28 | 20,000 | 21,095 | ||||||
BP Capital Markets America, Inc. | ||||||||
2.939%, 6/4/51 | 60,000 | 58,897 | ||||||
Chesapeake Energy Corp. | ||||||||
5.875%, 2/1/29§ | 30,000 | 32,006 | ||||||
CNX Resources Corp. | ||||||||
6.000%, 1/15/29§ | 20,000 | 21,175 | ||||||
Energy Transfer LP | ||||||||
4.750%, 1/15/26 | 45,000 | 50,668 | ||||||
4.200%, 4/15/27 | 5,000 | 5,569 | ||||||
EQM Midstream Partners LP | ||||||||
4.750%, 1/15/31§ | 40,000 | 40,963 | ||||||
EQT Corp. | ||||||||
8.500%, 2/1/30(e) | 15,000 | 19,669 | ||||||
Hess Midstream Operations LP | ||||||||
5.125%, 6/15/28§ | 35,000 | 36,543 | ||||||
Hilcorp Energy I LP | ||||||||
6.250%, 11/1/28§ | 30,000 | 31,275 | ||||||
5.750%, 2/1/29§ | 15,000 | 15,300 | ||||||
Indigo Natural Resources LLC | ||||||||
5.375%, 2/1/29§ | 20,000 | 20,850 | ||||||
Kinder Morgan Energy Partners LP | ||||||||
6.950%, 1/15/38 | 40,000 | 57,969 | ||||||
Marathon Petroleum Corp. | ||||||||
5.125%, 12/15/26 | 55,000 | 64,829 | ||||||
MEG Energy Corp. | ||||||||
7.125%, 2/1/27§ | 35,000 | 36,750 | ||||||
5.875%, 2/1/29§ | 5,000 | 5,163 | ||||||
NGL Energy Operating LLC | ||||||||
7.500%, 2/1/26§ | 40,000 | 41,100 | ||||||
NuStar Logistics LP | ||||||||
6.375%, 10/1/30 | 25,000 | 27,813 | ||||||
Occidental Petroleum Corp. | ||||||||
8.000%, 7/15/25 | 15,000 | 17,832 | ||||||
6.625%, 9/1/30 | 20,000 | 24,400 | ||||||
6.125%, 1/1/31 | 25,000 | 29,476 | ||||||
6.450%, 9/15/36 | 15,000 | 18,111 | ||||||
Ovintiv, Inc. | ||||||||
7.375%, 11/1/31 | 15,000 | 20,199 | ||||||
Parkland Corp. | ||||||||
4.500%, 10/1/29§ | 25,000 | 25,656 | ||||||
Peabody Energy Corp. | ||||||||
8.500%, 12/31/24 PIK§ | 8,083 | 6,448 | ||||||
Pioneer Natural Resources Co. | ||||||||
1.900%, 8/15/30 | 65,000 | 62,996 | ||||||
Sabine Pass Liquefaction LLC | ||||||||
5.000%, 3/15/27 | 55,000 | 63,882 | ||||||
Sunoco LP | ||||||||
6.000%, 4/15/27 | 15,000 | 15,638 | ||||||
4.500%, 5/15/29 | 10,000 | 10,225 | ||||||
Targa Resources Partners LP | ||||||||
5.500%, 3/1/30 | 30,000 | 33,000 | ||||||
TotalEnergies Capital International SA | ||||||||
3.386%, 6/29/60 | 55,000 | 58,794 | ||||||
Venture Global Calcasieu Pass LLC | ||||||||
4.125%, 8/15/31§ | 30,000 | 30,900 | ||||||
Viper Energy Partners LP | ||||||||
5.375%, 11/1/27§ | 25,000 | 26,130 | ||||||
Western Midstream Operating LP | ||||||||
4.350%, 2/1/25(e) | 20,000 | 20,950 | ||||||
|
| |||||||
1,079,476 | ||||||||
|
| |||||||
Total Energy | 1,237,291 | |||||||
|
|
See Notes to Portfolio of Investments.
9
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Financials (2.4%) | ||||||||
Banks (0.8%) | ||||||||
Bank of America Corp. | ||||||||
(SOFR + 0.96%), 1.734%, 7/22/27(k) | $ | 20,000 | $ | 20,349 | ||||
(ICE LIBOR USD 3 Month + 1.21%), 3.974%, 2/7/30(k) | 55,000 | 62,410 | ||||||
Bank of Montreal | ||||||||
(USD Swap Semi 5 Year + 1.43%), 3.803%, 12/15/32(k) | 60,000 | 66,531 | ||||||
Bank of Nova Scotia (The) | ||||||||
1.625%, 5/1/23 | 65,000 | 66,508 | ||||||
3.400%, 2/11/24 | 35,000 | 37,490 | ||||||
JPMorgan Chase & Co. | ||||||||
(SOFR + 1.25%), 2.580%, 4/22/32(k) | 105,000 | 109,007 | ||||||
Mitsubishi UFJ Financial Group, Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.74%), 0.871%, 3/2/23(k) | 105,000 | 105,908 | ||||||
Santander Holdings USA, Inc. | ||||||||
3.400%, 1/18/23 | 100,000 | 103,955 | ||||||
|
| |||||||
572,158 | ||||||||
|
| |||||||
Capital Markets (0.4%) | ||||||||
Ares Capital Corp. | ||||||||
2.150%, 7/15/26 | 55,000 | 55,419 | ||||||
Goldman Sachs Group, Inc. (The) | ||||||||
(SOFR + 0.82%), 0.863%, 9/10/27(k) | 115,000 | 114,991 | ||||||
Macquarie Group Ltd. | ||||||||
(SOFR + 0.91%), 1.629%, 9/23/27(k)§ | 65,000 | 65,269 | ||||||
Morgan Stanley | ||||||||
(SOFR + 0.53%), 0.790%, 5/30/25(k) | 70,000 | 69,856 | ||||||
|
| |||||||
305,535 | ||||||||
|
| |||||||
Consumer Finance (0.6%) | ||||||||
American Express Co. | ||||||||
3.400%, 2/22/24 | 85,000 | 90,836 | ||||||
Avolon Holdings Funding Ltd. | ||||||||
3.250%, 2/15/27§ | 95,000 | 98,874 | ||||||
Discover Financial Services | ||||||||
4.100%, 2/9/27 | 65,000 | 73,722 | ||||||
General Motors Financial Co., Inc. | ||||||||
(ICE LIBOR USD 3 Month + 0.99%), 1.135%, 1/5/23(k) | 105,000 | 105,912 | ||||||
Navient Corp. | ||||||||
5.000%, 3/15/27 | 15,000 | 15,600 | ||||||
OneMain Finance Corp. | ||||||||
6.625%, 1/15/28 | 30,000 | 34,566 | ||||||
Synchrony Financial | ||||||||
3.950%, 12/1/27 | 50,000 | 55,918 | ||||||
|
| |||||||
475,428 | ||||||||
|
| |||||||
Diversified Financial Services (0.1%) | ||||||||
MPH Acquisition Holdings LLC | ||||||||
5.750%, 11/1/28§ | 21,000 | 20,297 | ||||||
Verscend Escrow Corp. | ||||||||
9.750%, 8/15/26§ | 32,000 | 33,791 | ||||||
|
| |||||||
54,088 | ||||||||
|
| |||||||
Insurance (0.4%) | ||||||||
Acrisure LLC | ||||||||
4.250%, 2/15/29§ | 35,000 | 34,037 | ||||||
Alliant Holdings Intermediate LLC | ||||||||
6.750%, 10/15/27§ | 20,000 | 20,825 | ||||||
AmWINS Group, Inc. | ||||||||
4.875%, 6/30/29§ | 15,000 | 15,262 | ||||||
Athene Global Funding | ||||||||
3.000%, 7/1/22§ | 55,000 | 56,299 | ||||||
GTCR AP Finance, Inc. | ||||||||
8.000%, 5/15/27§ | 30,000 | 31,688 | ||||||
NFP Corp. | ||||||||
6.875%, 8/15/28§ | 20,000 | 20,700 | ||||||
Prudential Financial, Inc. | ||||||||
3.905%, 12/7/47 | 55,000 | 65,169 | ||||||
Willis North America, Inc. | ||||||||
4.500%, 9/15/28 | 40,000 | 46,707 | ||||||
|
| |||||||
290,687 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance (0.1%) | ||||||||
Nationstar Mortgage Holdings, Inc. | ||||||||
5.500%, 8/15/28§ | 25,000 | 25,344 | ||||||
PennyMac Financial Services, Inc. | ||||||||
4.250%, 2/15/29§ | 35,000 | 33,862 | ||||||
|
| |||||||
59,206 | ||||||||
|
| |||||||
Total Financials | 1,757,102 | |||||||
|
| |||||||
Health Care (1.4%) | ||||||||
Biotechnology (0.2%) | ||||||||
AbbVie, Inc. | ||||||||
4.700%, 5/14/45 | 90,000 | 114,892 | ||||||
|
| |||||||
Health Care Equipment & Supplies (0.0%) | ||||||||
Ortho-Clinical Diagnostics, Inc. | ||||||||
7.250%, 2/1/28§ | 25,000 | 27,188 | ||||||
|
| |||||||
Health Care Providers & Services (1.0%) | ||||||||
Anthem, Inc. |
| |||||||
2.375%, 1/15/25 | 60,000 | 62,923 | ||||||
Centene Corp. | ||||||||
3.000%, 10/15/30 | 20,000 | 20,751 | ||||||
2.500%, 3/1/31 | 85,000 | 85,106 | ||||||
Cigna Corp. | ||||||||
(ICE LIBOR USD 3 Month + 0.89%), 1.016%, 7/15/23(k) | 85,000 | 86,005 | ||||||
4.900%, 12/15/48 | 85,000 | 112,814 | ||||||
Community Health Systems, Inc. | ||||||||
6.000%, 1/15/29§ | 30,000 | 31,912 | ||||||
6.875%, 4/15/29§ | 20,000 | 21,000 | ||||||
CVS Health Corp. | ||||||||
5.050%, 3/25/48 | 65,000 | 86,283 | ||||||
HCA, Inc. | ||||||||
4.125%, 6/15/29 | 55,000 | 62,551 | ||||||
Legacy LifePoint Health LLC | ||||||||
6.750%, 4/15/25§ | 10,000 | 10,567 | ||||||
4.375%, 2/15/27§ | 25,000 | 24,937 | ||||||
Radiology Partners, Inc. | ||||||||
9.250%, 2/1/28§ | 25,000 | 27,000 |
See Notes to Portfolio of Investments.
10
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
RP Escrow Issuer LLC | ||||||||
5.250%, 12/15/25§ | $ | 30,000 | $ | 30,938 | ||||
Select Medical Corp. | ||||||||
6.250%, 8/15/26§ | 55,000 | 58,025 | ||||||
Tenet Healthcare Corp. | ||||||||
6.125%, 10/1/28§ | 40,000 | 42,450 | ||||||
|
| |||||||
763,262 | ||||||||
|
| |||||||
Pharmaceuticals (0.2%) | ||||||||
Bausch Health Cos., Inc. | ||||||||
6.250%, 2/15/29§ | 35,000 | 34,738 | ||||||
Endo Luxembourg Finance Co. I SARL | ||||||||
6.125%, 4/1/29§ | 20,000 | 19,875 | ||||||
Royalty Pharma plc | ||||||||
3.300%, 9/2/40§ | 55,000 | 55,991 | ||||||
|
| |||||||
110,604 | ||||||||
|
| |||||||
Total Health Care | 1,015,946 | |||||||
|
| |||||||
Industrials (1.3%) | ||||||||
Aerospace & Defense (0.3%) | ||||||||
Boeing Co. (The) | ||||||||
2.950%, 2/1/30 | 55,000 | 56,666 | ||||||
Bombardier, Inc. | ||||||||
6.000%, 10/15/22§ | 14,000 | 14,000 | ||||||
TransDigm, Inc. | ||||||||
8.000%, 12/15/25§ | 5,000 | 5,369 | ||||||
6.250%, 3/15/26§ | 55,000 | 57,758 | ||||||
5.500%, 11/15/27 | 30,000 | 30,975 | ||||||
4.875%, 5/1/29§ | 20,000 | 20,031 | ||||||
Triumph Group, Inc. | ||||||||
7.750%, 8/15/25 | 15,000 | 15,075 | ||||||
|
| |||||||
199,874 | ||||||||
|
| |||||||
Airlines (0.1%) | ||||||||
American Airlines, Inc. | ||||||||
5.750%, 4/20/29§ | 40,000 | 43,294 | ||||||
United Airlines, Inc. | ||||||||
4.625%, 4/15/29§ | 20,000 | 20,550 | ||||||
|
| |||||||
63,844 | ||||||||
|
| |||||||
Building Products (0.2%) | ||||||||
Builders FirstSource, Inc. | ||||||||
4.250%, 2/1/32§ | 30,000 | 30,638 | ||||||
Griffon Corp. | ||||||||
5.750%, 3/1/28 | 50,000 | 52,500 | ||||||
Owens Corning | ||||||||
4.400%, 1/30/48 | 50,000 | 59,695 | ||||||
|
| |||||||
142,833 | ||||||||
|
| |||||||
Commercial Services & Supplies (0.3%) |
| |||||||
Allied Universal Holdco LLC | ||||||||
6.625%, 7/15/26§ | 20,000 | 21,200 | ||||||
9.750%, 7/15/27§ | 40,000 | 43,900 | ||||||
Garda World Security Corp. | ||||||||
6.000%, 6/1/29§ | 35,000 | 34,256 | ||||||
GFL Environmental, Inc. | ||||||||
4.000%, 8/1/28§ | 45,000 | 44,358 | ||||||
Madison IAQ LLC | ||||||||
4.125%, 6/30/28§ | 25,000 | 25,037 | ||||||
5.875%, 6/30/29§ | 20,000 | 20,175 | ||||||
|
| |||||||
188,926 | ||||||||
|
| |||||||
Construction & Engineering (0.0%) |
| |||||||
Pike Corp. | ||||||||
5.500%, 9/1/28§ | 25,000 | 25,500 | ||||||
|
| |||||||
Industrial Conglomerates (0.1%) | ||||||||
Roper Technologies, Inc. | ||||||||
1.750%, 2/15/31 | 115,000 | 112,366 | ||||||
|
| |||||||
Road & Rail (0.2%) | ||||||||
CSX Corp. | ||||||||
3.800%, 11/1/46 | 55,000 | 63,325 | ||||||
First Student Bidco, Inc. | ||||||||
4.000%, 7/31/29§ | 25,000 | 24,978 | ||||||
Kenan Advantage Group, Inc. (The) | ||||||||
7.875%, 7/31/23§ | 5,000 | 4,988 | ||||||
NESCO Holdings II, Inc. | ||||||||
5.500%, 4/15/29§ | 5,000 | 5,153 | ||||||
Penske Truck Leasing Co. LP | ||||||||
4.200%, 4/1/27§ | 55,000 | 62,277 | ||||||
Uber Technologies, Inc. | ||||||||
7.500%, 9/15/27§ | 25,000 | 27,200 | ||||||
|
| |||||||
187,921 | ||||||||
|
| |||||||
Trading Companies & Distributors (0.1%) | ||||||||
Air Lease Corp. | ||||||||
1.875%, 8/15/26 | 55,000 | 55,414 | ||||||
|
| |||||||
Total Industrials | 976,678 | |||||||
|
| |||||||
Information Technology (0.6%) | ||||||||
Communications Equipment (0.0%) | ||||||||
Avaya, Inc. | ||||||||
6.125%, 9/15/28§ | 20,000 | 21,350 | ||||||
|
| |||||||
IT Services (0.2%) | ||||||||
Endure Digital, Inc. | ||||||||
6.000%, 2/15/29§ | 30,000 | 29,100 | ||||||
GTT Communications, Inc. | ||||||||
7.875%, 12/31/24§ | 15,000 | 1,425 | ||||||
Western Union Co. (The) | ||||||||
2.750%, 3/15/31 | 110,000 | 111,740 | ||||||
|
| |||||||
142,265 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (0.2%) | ||||||||
NXP BV | ||||||||
3.875%, 6/18/26§ | 100,000 | 111,113 | ||||||
|
| |||||||
Software (0.1%) | ||||||||
Clarivate Science Holdings Corp. | ||||||||
4.875%, 6/30/29§ | 25,000 | 25,188 | ||||||
Oracle Corp. | ||||||||
3.600%, 4/1/50 | 55,000 | 57,307 | ||||||
|
| |||||||
82,495 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (0.1%) | ||||||||
NetApp, Inc. | ||||||||
1.875%, 6/22/25 | 55,000 | 56,688 | ||||||
|
| |||||||
Total Information Technology | 413,911 | |||||||
|
| |||||||
Materials (0.4%) | ||||||||
Chemicals (0.1%) | ||||||||
CVR Partners LP | ||||||||
6.125%, 6/15/28§ | 15,000 | 15,581 | ||||||
Nutrien Ltd. | ||||||||
4.200%, 4/1/29 | 50,000 | 58,223 | ||||||
SCIH Salt Holdings, Inc. | ||||||||
6.625%, 5/1/29§ | 5,000 | 4,950 | ||||||
|
| |||||||
78,754 | ||||||||
|
| |||||||
Containers & Packaging (0.2%) | ||||||||
Packaging Corp. of America | ||||||||
3.000%, 12/15/29 | 60,000 | 64,366 | ||||||
WRKCo, Inc. | ||||||||
3.750%, 3/15/25 | 55,000 | 60,166 | ||||||
|
| |||||||
124,532 | ||||||||
|
|
See Notes to Portfolio of Investments.
11
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Metals & Mining (0.1%) | ||||||||
Arconic Corp. | ||||||||
6.125%, 2/15/28§ | $ | 40,000 | $ | 42,600 | ||||
Glencore Funding LLC | ||||||||
1.625%, 4/27/26§ | 55,000 | 55,413 | ||||||
SunCoke Energy, Inc. | ||||||||
4.875%, 6/30/29§ | 25,000 | 25,164 | ||||||
|
| |||||||
123,177 | ||||||||
|
| |||||||
Total Materials | 326,463 | |||||||
|
| |||||||
Real Estate (0.5%) | ||||||||
Equity Real Estate Investment Trusts (REITs) (0.5%) | ||||||||
Alexandria Real Estate Equities, Inc. (REIT) | ||||||||
3.000%, 5/18/51 | 60,000 | 60,544 | ||||||
American Tower Corp. (REIT) | ||||||||
3.950%, 3/15/29 | 55,000 | 62,494 | ||||||
Crown Castle International Corp. (REIT) | ||||||||
3.650%, 9/1/27 | 55,000 | 61,300 | ||||||
3.300%, 7/1/30 | 30,000 | 32,618 | ||||||
Iron Mountain, Inc. (REIT) | ||||||||
4.500%, 2/15/31§ | 15,000 | 15,300 | ||||||
Park Intermediate Holdings LLC (REIT) | ||||||||
4.875%, 5/15/29§ | 25,000 | 25,625 | ||||||
Uniti Group LP (REIT) | ||||||||
6.500%, 2/15/29§ | 20,000 | 20,225 | ||||||
Welltower, Inc. (REIT) | ||||||||
2.050%, 1/15/29 | 55,000 | 55,807 | ||||||
|
| |||||||
333,913 | ||||||||
|
| |||||||
Real Estate Management & Development (0.0%) | ||||||||
Realogy Group LLC | ||||||||
7.625%, 6/15/25§ | 15,000 | 16,162 | ||||||
5.750%, 1/15/29§ | 20,000 | 20,950 | ||||||
|
| |||||||
37,112 | ||||||||
|
| |||||||
Total Real Estate | 371,025 | |||||||
|
| |||||||
Utilities (0.9%) | ||||||||
Electric Utilities (0.6%) | ||||||||
Eversource Energy | ||||||||
Series R | ||||||||
1.650%, 8/15/30 | 65,000 | 63,344 | ||||||
Monongahela Power Co. | ||||||||
5.400%, 12/15/43§ | 65,000 | 87,612 | ||||||
NextEra Energy Capital Holdings, Inc. | ||||||||
2.250%, 6/1/30 | 60,000 | 61,595 | ||||||
NRG Energy, Inc. | ||||||||
3.625%, 2/15/31§ | 45,000 | 45,169 | ||||||
Pacific Gas and Electric Co. | ||||||||
2.500%, 2/1/31 | 65,000 | 61,203 | ||||||
PG&E Corp. | ||||||||
5.000%, 7/1/28 | 45,000 | 43,819 | ||||||
Southern Co. (The) | ||||||||
Series 21-A | ||||||||
(US Treasury Yield Curve Rate T Note Constant Maturity 5 Year + 2.92%), 3.750%, 9/15/51(k) | 55,000 | 55,822 | ||||||
|
| |||||||
418,564 | ||||||||
|
| |||||||
Gas Utilities (0.2%) | ||||||||
Brooklyn Union Gas Co. (The) | ||||||||
4.487%, 3/4/49§ | 40,000 | 48,095 | ||||||
East Ohio Gas Co. (The) | ||||||||
3.000%, 6/15/50§ | 35,000 | 35,913 | ||||||
Ferrellgas LP | ||||||||
5.375%, 4/1/26§ | 15,000 | 14,812 | ||||||
Suburban Propane Partners LP | ||||||||
5.000%, 6/1/31§ | 30,000 | 31,162 | ||||||
Superior Plus LP | ||||||||
4.500%, 3/15/29§ | 35,000 | 35,963 | ||||||
|
| |||||||
165,945 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (0.0%) | ||||||||
Calpine Corp. | ||||||||
5.125%, 3/15/28§ | 25,000 | 25,344 | ||||||
4.625%, 2/1/29§ | 15,000 | 14,887 | ||||||
|
| |||||||
40,231 | ||||||||
|
| |||||||
Water Utilities (0.1%) | ||||||||
Essential Utilities, Inc. | ||||||||
2.704%, 4/15/30 | 60,000 | 63,178 | ||||||
|
| |||||||
Total Utilities | 687,918 | |||||||
|
| |||||||
Total Corporate Bonds | 9,912,181 | |||||||
|
| |||||||
Mortgage-Backed Securities (2.5%) | ||||||||
FHLMC | ||||||||
2.000%, 10/1/50 | 426,554 | 430,161 | ||||||
FNMA UMBS | ||||||||
2.000%, 11/1/50 | 683,350 | 698,525 | ||||||
2.000%, 12/1/50 | 680,508 | 695,620 | ||||||
|
| |||||||
Total Mortgage-Backed Securities | 1,824,306 | |||||||
|
| |||||||
U.S. Treasury Obligations (9.6%) | ||||||||
U.S. Treasury Bonds | ||||||||
4.750%, 2/15/37 | 150,000 | 217,624 | ||||||
2.250%, 5/15/41 | 350,000 | 375,588 | ||||||
2.750%, 11/15/47 | 210,000 | 247,344 | ||||||
1.250%, 5/15/50 | 610,000 | 518,953 | ||||||
2.375%, 5/15/51 | 310,000 | 343,839 | ||||||
U.S. Treasury Notes | ||||||||
0.125%, 10/31/22 | 780,000 | 780,191 | ||||||
0.125%, 12/31/22 | 470,000 | 469,998 | ||||||
0.125%, 6/30/23 | 430,000 | 429,623 | ||||||
0.125%, 10/15/23 | 520,000 | 518,852 | ||||||
0.125%, 1/15/24 | 340,000 | 338,865 | ||||||
0.375%, 7/15/24 | 880,000 | 880,697 | ||||||
1.500%, 11/30/24 | 350,000 | 362,537 | ||||||
0.375%, 11/30/25 | 320,000 | 316,869 | ||||||
0.875%, 6/30/26 | 440,000 | 443,904 | ||||||
0.500%, 6/30/27 | 380,000 | 372,483 | ||||||
1.250%, 6/30/28 | 380,000 | 386,419 | ||||||
1.625%, 5/15/31 | 90,000 | 93,193 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 7,096,979 | |||||||
|
| |||||||
Total Long-Term Debt Securities (39.6%) | 29,125,791 | |||||||
|
| |||||||
Number of Shares | ||||||||
COMMON STOCKS: | ||||||||
Communication Services (3.1%) | ||||||||
Interactive Media & Services (2.4%) | ||||||||
Alphabet, Inc., Class A* | 387 | 1,042,783 | ||||||
Facebook, Inc., Class A* | 2,071 | 737,898 | ||||||
|
| |||||||
1,780,681 | ||||||||
|
|
See Notes to Portfolio of Investments.
12
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Media (0.7%) | ||||||||
Comcast Corp., Class A | 8,746 | $ | 514,527 | |||||
|
| |||||||
Total Communication Services | 2,295,208 | |||||||
|
| |||||||
Consumer Discretionary (2.5%) |
| |||||||
Internet & Direct Marketing Retail (1.3%) |
| |||||||
Amazon.com, Inc.* | 285 | 948,363 | ||||||
|
| |||||||
Multiline Retail (0.5%) | ||||||||
Dollar General Corp. | 1,534 | 356,870 | ||||||
|
| |||||||
Specialty Retail (0.7%) | ||||||||
Ross Stores, Inc. | 2,465 | 302,431 | ||||||
Ulta Beauty, Inc.* | 742 | 249,163 | ||||||
|
| |||||||
551,594 | ||||||||
|
| |||||||
Total Consumer Discretionary | 1,856,827 | |||||||
|
| |||||||
Consumer Staples (1.8%) | ||||||||
Beverages (0.5%) | ||||||||
Constellation Brands, Inc., Class A | 1,785 | 400,447 | ||||||
|
| |||||||
Food & Staples Retailing (0.2%) | ||||||||
Sysco Corp. | 1,587 | 117,756 | ||||||
|
| |||||||
Household Products (0.6%) | ||||||||
Procter & Gamble Co. (The) | 3,235 | 460,114 | ||||||
|
| |||||||
Tobacco (0.5%) | ||||||||
Philip Morris International, Inc. | 3,335 | 333,800 | ||||||
|
| |||||||
Total Consumer Staples | 1,312,117 | |||||||
|
| |||||||
Energy (0.6%) | ||||||||
Oil, Gas & Consumable Fuels (0.6%) |
| |||||||
Exxon Mobil Corp. | 4,924 | 283,475 | ||||||
Pioneer Natural Resources Co. | 1,130 | 164,268 | ||||||
|
| |||||||
447,743 | ||||||||
|
| |||||||
Total Energy | 447,743 | |||||||
|
| |||||||
Financials (3.3%) | ||||||||
Banks (1.6%) | ||||||||
Citigroup, Inc. | 7,723 | 522,229 | ||||||
First Republic Bank | 1,102 | 214,912 | ||||||
Truist Financial Corp. | 7,524 | 409,532 | ||||||
|
| |||||||
1,146,673 | ||||||||
|
| |||||||
Capital Markets (0.8%) | ||||||||
Charles Schwab Corp. (The) | 5,012 | 340,565 | ||||||
Intercontinental Exchange, Inc. | 2,037 | 244,094 | ||||||
|
| |||||||
584,659 | ||||||||
|
| |||||||
Consumer Finance (0.5%) | ||||||||
American Express Co. | 2,328 | 396,994 | ||||||
|
| |||||||
Insurance (0.4%) | ||||||||
Aflac, Inc. | 4,744 | 260,920 | ||||||
|
| |||||||
Total Financials | 2,389,246 | |||||||
|
| |||||||
Health Care (3.5%) | ||||||||
Biotechnology (0.3%) | ||||||||
BioMarin Pharmaceutical, Inc.* | 1,548 | 118,778 | ||||||
Vertex Pharmaceuticals, Inc.* | 437 | 88,091 | ||||||
|
| |||||||
206,869 | ||||||||
|
| |||||||
Health Care Equipment & Supplies (1.1%) |
| |||||||
Alcon, Inc. | 3,575 | 260,260 | ||||||
Boston Scientific Corp.* | 11,950 | 544,920 | ||||||
|
| |||||||
805,180 | ||||||||
|
| |||||||
Health Care Providers & Services (1.1%) |
| |||||||
Anthem, Inc. | 876 | 336,393 | ||||||
UnitedHealth Group, Inc. | 1,193 | 491,778 | ||||||
|
| |||||||
828,171 | ||||||||
|
| |||||||
Pharmaceuticals (1.0%) | ||||||||
AstraZeneca plc (ADR) | 7,296 | 417,623 | ||||||
Roche Holding AG (ADR) | 2,047 | 98,788 | ||||||
Zoetis, Inc. | 897 | 181,822 | ||||||
|
| |||||||
698,233 | ||||||||
|
| |||||||
Total Health Care | 2,538,453 | |||||||
|
| |||||||
Industrials (2.3%) | ||||||||
Aerospace & Defense (0.5%) | ||||||||
Boeing Co. (The)* | 1,614 | 365,539 | ||||||
|
| |||||||
Electrical Equipment (0.4%) | ||||||||
AMETEK, Inc. | 1,810 | 251,680 | ||||||
|
| |||||||
Industrial Conglomerates (0.5%) | ||||||||
Honeywell International, Inc. | 1,629 | 380,844 | ||||||
|
| |||||||
Machinery (0.9%) | ||||||||
Fortive Corp. | 4,392 | 319,123 | ||||||
Parker-Hannifin Corp. | 1,174 | 366,323 | ||||||
|
| |||||||
685,446 | ||||||||
|
| |||||||
Total Industrials | 1,683,509 | |||||||
|
| |||||||
Information Technology (7.5%) | ||||||||
Communications Equipment (0.5%) |
| |||||||
Motorola Solutions, Inc. | 1,534 | 343,493 | ||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.5%) |
| |||||||
Corning, Inc. | 8,217 | 343,964 | ||||||
|
| |||||||
IT Services (1.6%) | ||||||||
Fidelity National Information Services, Inc. | 1,243 | 185,269 | ||||||
PayPal Holdings, Inc.* | 1,891 | 521,028 | ||||||
Visa, Inc., Class A | 2,080 | 512,491 | ||||||
|
| |||||||
1,218,788 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (1.1%) |
| |||||||
Analog Devices, Inc. | 1,587 | 265,695 | ||||||
KLA Corp. | 666 | 231,875 | ||||||
Lam Research Corp. | 506 | 322,529 | ||||||
|
| |||||||
820,099 | ||||||||
|
| |||||||
Software (2.7%) | ||||||||
Adobe, Inc.* | 655 | 407,168 | ||||||
Microsoft Corp. | 4,967 | 1,415,148 | ||||||
Splunk, Inc.* | 1,128 | 160,153 | ||||||
|
| |||||||
1,982,469 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (1.1%) |
| |||||||
Apple, Inc. | 5,549 | 809,377 | ||||||
|
| |||||||
Total Information Technology | 5,518,190 | |||||||
|
| |||||||
Materials (0.7%) | ||||||||
Chemicals (0.7%) | ||||||||
DuPont de Nemours, Inc. | 3,119 | 234,081 | ||||||
International Flavors & Fragrances, Inc. | 1,719 | 258,950 | ||||||
|
| |||||||
493,031 | ||||||||
|
|
See Notes to Portfolio of Investments.
13
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Total Materials | $ | 493,031 | ||||||
|
| |||||||
Real Estate (0.4%) | ||||||||
Equity Real Estate Investment Trusts (REITs) (0.4%) |
| |||||||
American Tower Corp. (REIT) | 1,163 | 328,896 | ||||||
|
| |||||||
Total Real Estate | 328,896 | |||||||
|
| |||||||
Total Common Stocks (25.7%) | 18,863,220 | |||||||
|
| |||||||
INVESTMENT COMPANIES: | ||||||||
Fixed Income (6.1%) | ||||||||
DoubleLine Floating Rate Fund , Class I‡ | 203,022 | 1,932,769 | ||||||
DoubleLine Global Bond Fund , Class I‡ | 246,165 | 2,562,578 | ||||||
|
| |||||||
Total Investment Companies (6.1%) | 4,495,347 | |||||||
|
| |||||||
Principal Amount | ||||||||
SHORT-TERM INVESTMENTS: |
| |||||||
U.S. Treasury Obligations (25.1%) |
| |||||||
U.S. Treasury Bills | ||||||||
0.04%, 9/9/21(p) | $ | 2,500,000 | 2,499,887 | |||||
0.05%, 12/2/21(p) | 1,500,000 | 1,499,717 | ||||||
0.06%, 12/30/21(p) | 5,000,000 | 4,998,830 | ||||||
0.06%, 2/24/22(p) | 4,000,000 | 3,998,562 | ||||||
0.05%, 4/21/22(p) | 2,000,000 | 1,999,234 | ||||||
0.06%, 6/16/22(p) | 3,500,000 | 3,498,031 | ||||||
|
| |||||||
Total U.S. Treasury Obligations | 18,494,261 | |||||||
|
| |||||||
Total Short-Term Investments (25.1%) | 18,494,261 | |||||||
|
| |||||||
Total Investments in Securities (96.5%) | 70,978,619 | |||||||
Other Assets Less Liabilities (3.5%) | 2,569,481 | |||||||
|
| |||||||
Net Assets (100%) | $ | 73,548,100 | ||||||
|
|
* | Non-income producing. |
‡ | All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940. |
§ | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2021, the market value of these securities amounted to $7,288,960 or 9.9% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity. |
(e) | Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity date. |
(k) | Variable or floating rate security, linked to the referenced benchmark. The interest rate shown was the current rate as of July 31, 2021. |
(l) | Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown was the current rate as of July 31, 2021. |
(p) | Yield to maturity. |
Glossary:
ADR — American Depositary Receipt
CAPE — Cyclically Adjusted Price Earnings
FHLMC — Federal Home Loan Mortgage Corp.
FNMA — Federal National Mortgage Association
ICE — Intercontinental Exchange
LIBOR — London Interbank Offered Rate
OTC — Over-the-counter
PIK — Payment-in Kind Security
PO — Principal Only
SOFR — Secured Overnight Financing Rate
UMBS — Uniform Mortgage-Backed Securities
USD — United States Dollar
See Notes to Portfolio of Investments.
14
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Investments in companies which were affiliates for the nine months ended July 31, 2021, were as follows:
Security Description | Shares at July 31, 2021 | Market Value October 31, 2020 ($) | Purchases at Cost ($) | Proceeds from Sales ($) | Net Realized Gain (Loss) ($) | Change in Unrealized Appreciation/ (Depreciation) ($) | Market Value July 31, 2021 ($) | Dividend/Interest Income ($) | Capital Gain Distributions ($) | |||||||||||||||||||||||||||
INVESTMENT COMPANIES: |
| |||||||||||||||||||||||||||||||||||
Fixed Income | ||||||||||||||||||||||||||||||||||||
DoubleLine Floating Rate Fund, Class I | 203,022 | 1,873,892 | — | — | — | 58,877 | 1,932,769 | 47,287 | — | |||||||||||||||||||||||||||
DoubleLine Global Bond Fund, Class I | 246,165 | 2,619,197 | — | — | — | (56,619 | ) | 2,562,578 | 2,286 | 41,983 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | 4,493,089 | — | — | — | 2,258 | 4,495,347 | 49,573 | 41,983 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTC Total return swap contracts outstanding as of July 31, 2021 (Note 1):
Reference Entity | Payments Made by Fund | Payments Received by Fund | Frequency of | Counterparty | Maturity Date | Notional Amount | Value and unrealized Appreciation (Depreciation) ($) | |||||||||||||
Shiller Barclays CAPE US Sector II ER USD Index | 0.40% and decrease in total return of index | Increase in total return of index | At maturity | Barclays Bank plc | 8/16/2021 | USD 19,400,000 | 454,716 | |||||||||||||
|
| |||||||||||||||||||
454,716 | ||||||||||||||||||||
|
|
See Notes to Portfolio of Investments.
15
1290 FUNDS
1290 DOUBLELINE DYNAMIC ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Asset-Backed Securities | $ | — | $ | 1,656,089 | $ | — | $ | 1,656,089 | ||||||||
Collateralized Mortgage Obligations | — | 8,636,236 | — | 8,636,236 | ||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | 2,295,208 | — | — | 2,295,208 | ||||||||||||
Consumer Discretionary | 1,856,827 | — | — | 1,856,827 | ||||||||||||
Consumer Staples | 1,312,117 | — | — | 1,312,117 | ||||||||||||
Energy | 447,743 | — | — | 447,743 | ||||||||||||
Financials | 2,389,246 | — | — | 2,389,246 | ||||||||||||
Health Care | 2,538,453 | — | — | 2,538,453 | ||||||||||||
Industrials | 1,683,509 | — | — | 1,683,509 | ||||||||||||
Information Technology | 5,518,190 | — | — | 5,518,190 | ||||||||||||
Materials | 493,031 | — | — | 493,031 | ||||||||||||
Real Estate | 328,896 | — | — | 328,896 | ||||||||||||
Corporate Bonds | ||||||||||||||||
Communication Services | — | 1,159,944 | — | 1,159,944 | ||||||||||||
Consumer Discretionary | — | 1,178,125 | — | 1,178,125 | ||||||||||||
Consumer Staples | — | 787,778 | — | 787,778 | ||||||||||||
Energy | — | 1,237,291 | — | 1,237,291 | ||||||||||||
Financials | — | 1,757,102 | — | 1,757,102 | ||||||||||||
Health Care | — | 1,015,946 | — | 1,015,946 | ||||||||||||
Industrials | — | 976,678 | — | 976,678 | ||||||||||||
Information Technology | — | 413,911 | — | 413,911 | ||||||||||||
Materials | — | 326,463 | — | 326,463 | ||||||||||||
Real Estate | — | 371,025 | — | 371,025 | ||||||||||||
Utilities | — | 687,918 | — | 687,918 | ||||||||||||
Investment Companies | 4,495,347 | — | — | 4,495,347 | ||||||||||||
Mortgage-Backed Securities | — | 1,824,306 | — | 1,824,306 | ||||||||||||
Short-Term Investments | ||||||||||||||||
U.S. Treasury Obligations | — | 18,494,261 | — | 18,494,261 | ||||||||||||
Total Return Swaps | — | 454,716 | — | 454,716 | ||||||||||||
U.S. Treasury Obligations | — | 7,096,979 | — | 7,096,979 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 23,358,567 | $ | 48,074,768 | $ | — | $ | 71,433,335 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 23,358,567 | $ | 48,074,768 | $ | — | $ | 71,433,335 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 7,813,761 | ||
Aggregate gross unrealized depreciation | (381,727 | ) | ||
|
| |||
Net unrealized appreciation | $ | 7,432,034 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 64,001,301 | ||
|
|
See Notes to Portfolio of Investments.
16
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Communication Services (15.5%) | ||||||||
Entertainment (2.9%) | ||||||||
Liberty Media Corp.-Liberty Braves, Class A* | 24,000 | $ | 636,960 | |||||
Liberty Media Corp.-Liberty Braves, Class C* | 15,000 | 396,750 | ||||||
Madison Square Garden Entertainment Corp.* | 12,756 | 892,410 | ||||||
Madison Square Garden Sports Corp., Class A* | 13,500 | 2,196,990 | ||||||
|
| |||||||
4,123,110 | ||||||||
|
| |||||||
Media (11.6%) | ||||||||
AMC Networks, Inc., Class A* | 8,000 | 400,320 | ||||||
Clear Channel Outdoor Holdings, Inc.* | 415,000 | 1,103,900 | ||||||
Corus Entertainment, Inc., Class B | 155,000 | 719,341 | ||||||
EW Scripps Co. (The), Class A | 33,000 | 629,640 | ||||||
Grupo Televisa SAB (ADR) | 257,500 | 3,489,125 | ||||||
JCDecaux SA* | 22,000 | 600,243 | ||||||
Liberty Media Corp.-Liberty SiriusXM, Class A* | 4,000 | 186,760 | ||||||
Loral Space & Communications, Inc. | 29,000 | 1,026,310 | ||||||
Meredith Corp.* | 42,000 | 1,832,880 | ||||||
Nexstar Media Group, Inc., Class A | 10,000 | 1,470,700 | ||||||
Sinclair Broadcast Group, Inc., Class A | 100,000 | 2,829,000 | ||||||
Sirius XM Holdings, Inc. | 34,560 | 223,603 | ||||||
TEGNA, Inc. | 18,000 | 318,960 | ||||||
ViacomCBS, Inc., Class A | 29,000 | 1,291,370 | ||||||
WideOpenWest, Inc.* | 27,000 | 600,480 | ||||||
|
| |||||||
16,722,632 | ||||||||
|
| |||||||
Wireless Telecommunication Services (1.0%) |
| |||||||
Gogo, Inc.* | 17,500 | 181,475 | ||||||
Millicom International Cellular SA* | 12,000 | 478,560 | ||||||
Telephone and Data Systems, Inc. | 8,000 | 178,800 | ||||||
United States Cellular Corp.* | 18,000 | 654,480 | ||||||
|
| |||||||
1,493,315 | ||||||||
|
| |||||||
Total Communication Services | 22,339,057 | |||||||
|
| |||||||
Consumer Discretionary (10.6%) | ||||||||
Auto Components (2.8%) | ||||||||
Dana, Inc. | 90,000 | 2,174,400 | ||||||
Gentex Corp. | 2,500 | 85,075 | ||||||
Modine Manufacturing Co.* | 24,000 | 401,520 | ||||||
Strattec Security Corp.* | 32,000 | 1,317,760 | ||||||
|
| |||||||
3,978,755 | ||||||||
|
| |||||||
Diversified Consumer Services (0.4%) | ||||||||
H&R Block, Inc. | 14,000 | 343,700 | ||||||
Terminix Global Holdings, Inc.* | 3,000 | 157,500 | ||||||
|
| |||||||
501,200 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (2.7%) | ||||||||
Bally’s Corp.* | 3,500 | 172,375 | ||||||
Caesars Entertainment, Inc.* | 4,000 | 349,440 | ||||||
Churchill Downs, Inc. | 3,500 | 650,300 | ||||||
Dover Motorsports, Inc. | 15,000 | 34,650 | ||||||
GAN Ltd.* | 31,000 | 474,300 | ||||||
Golden Entertainment, Inc.* | 30,000 | 1,365,300 | ||||||
Nathan’s Famous, Inc. | 11,100 | 713,175 | ||||||
Wynn Resorts Ltd.* | 1,000 | 98,330 | ||||||
|
| |||||||
3,857,870 | ||||||||
|
| |||||||
Household Durables (1.8%) | ||||||||
Bassett Furniture Industries, Inc. | 25,500 | 580,890 | ||||||
Hunter Douglas NV* | 10,000 | 1,079,487 | ||||||
Lennar Corp., Class B | 11,000 | 949,850 | ||||||
|
| |||||||
2,610,227 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail (0.4%) |
| |||||||
Lands’ End, Inc.* | 3,000 | 114,990 | ||||||
Stamps.com, Inc.* | 1,500 | 490,140 | ||||||
|
| |||||||
605,130 | ||||||||
|
| |||||||
Leisure Products (1.8%) | ||||||||
Brunswick Corp. | 21,000 | 2,192,400 | ||||||
Mattel, Inc.* | 20,000 | 434,400 | ||||||
|
| |||||||
2,626,800 | ||||||||
|
| |||||||
Specialty Retail (0.7%) | ||||||||
AutoNation, Inc.* | 8,800 | 1,067,704 | ||||||
|
| |||||||
Total Consumer Discretionary | 15,247,686 | |||||||
|
| |||||||
Consumer Staples (10.0%) | ||||||||
Beverages (2.2%) | ||||||||
National Beverage Corp. | 13,000 | 589,940 | ||||||
Remy Cointreau SA* | 12,000 | 2,636,322 | ||||||
|
| |||||||
3,226,262 | ||||||||
|
| |||||||
Food & Staples Retailing (0.8%) | ||||||||
Casey’s General Stores, Inc. | 1,800 | 355,878 | ||||||
Ingles Markets, Inc., Class A | 9,500 | 567,720 | ||||||
Village Super Market, Inc., Class A | 9,000 | 202,950 | ||||||
|
| |||||||
1,126,548 | ||||||||
|
| |||||||
Food Products (4.9%) | ||||||||
Bunge Ltd. | 14,000 | 1,086,820 | ||||||
Calavo Growers, Inc. | 22,000 | 1,239,480 | ||||||
Farmer Bros Co.* | 100,000 | 969,000 | ||||||
Hain Celestial Group, Inc. (The)* | 13,000 | 518,830 | ||||||
J M Smucker Co. (The) | 14,000 | 1,835,540 | ||||||
Maple Leaf Foods, Inc. | 60,000 | 1,188,362 | ||||||
McCormick & Co., Inc. (Non-Voting) | 3,600 | 302,148 | ||||||
|
| |||||||
7,140,180 | ||||||||
|
| |||||||
Household Products (1.2%) | ||||||||
Energizer Holdings, Inc. | 41,000 | 1,756,850 | ||||||
|
| |||||||
Personal Products (0.9%) | ||||||||
Edgewell Personal Care Co. | 30,000 | 1,232,400 | ||||||
|
| |||||||
Total Consumer Staples | 14,482,240 | |||||||
|
| |||||||
Energy (0.9%) | ||||||||
Energy Equipment & Services (0.9%) | ||||||||
Dril-Quip, Inc.* | 22,500 | 643,050 | ||||||
RPC, Inc.* | 150,000 | 630,000 | ||||||
|
| |||||||
Total Energy | 1,273,050 | |||||||
|
| |||||||
Financials (1.9%) | ||||||||
Banks (1.8%) | ||||||||
Atlantic Capital Bancshares, Inc.* | 20,000 | 480,000 | ||||||
Cadence Bancorp | 11,000 | 209,000 | ||||||
First Horizon Corp. | 5,000 | 77,250 | ||||||
Flushing Financial Corp. | 26,000 | 573,300 | ||||||
Renasant Corp. | 5,000 | 175,900 | ||||||
Synovus Financial Corp. | 25,000 | 1,022,500 | ||||||
|
| |||||||
2,537,950 | ||||||||
|
| |||||||
Capital Markets (0.1%) | ||||||||
Janus Henderson Group plc | 5,000 | 209,200 | ||||||
|
| |||||||
Total Financials | 2,747,150 | |||||||
|
| |||||||
Health Care (5.2%) | ||||||||
Biotechnology (0.0%) | ||||||||
Clovis Oncology, Inc.* | 16,000 | 77,280 | ||||||
|
| |||||||
Health Care Equipment & Supplies (1.8%) |
| |||||||
Cutera, Inc.* | 28,000 | 1,454,600 |
See Notes to Portfolio of Investments.
17
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Intersect ENT, Inc.* | 12,000 | $ | 280,200 | |||||
IntriCon Corp.* | 8,424 | 202,176 | ||||||
Quidel Corp.* | 4,600 | 650,762 | ||||||
|
| |||||||
2,587,738 | ||||||||
|
| |||||||
Health Care Providers & Services (1.2%) | ||||||||
Option Care Health, Inc.* | 22,527 | 466,759 | ||||||
Patterson Cos., Inc. | 40,000 | 1,245,200 | ||||||
|
| |||||||
1,711,959 | ||||||||
|
| |||||||
Health Care Technology (1.6%) | ||||||||
Evolent Health, Inc., Class A* | 38,000 | 871,720 | ||||||
Teladoc Health, Inc.* | 10,000 | 1,484,500 | ||||||
|
| |||||||
2,356,220 | ||||||||
|
| |||||||
Life Sciences Tools & Services (0.2%) | ||||||||
Bio-Rad Laboratories, Inc., Class A* | 300 | 221,853 | ||||||
|
| |||||||
Pharmaceuticals (0.4%) | ||||||||
Teva Pharmaceutical Industries Ltd. (ADR)* | 62,000 | 598,300 | ||||||
|
| |||||||
Total Health Care | 7,553,350 | |||||||
|
| |||||||
Industrials (36.4%) | ||||||||
Aerospace & Defense (4.8%) | ||||||||
AAR Corp.* | 22,000 | 786,720 | ||||||
Aerojet Rocketdyne Holdings, Inc. | 19,000 | 896,420 | ||||||
Kaman Corp. | 36,000 | 1,596,600 | ||||||
Moog, Inc., Class A | 13,000 | 1,012,310 | ||||||
Moog, Inc., Class B | 4,000 | 311,480 | ||||||
Textron, Inc. | 34,000 | 2,346,340 | ||||||
|
| |||||||
6,949,870 | ||||||||
|
| |||||||
Building Products (1.8%) | ||||||||
Armstrong Flooring, Inc.* | 100,000 | 432,000 | ||||||
Griffon Corp. | 95,000 | 2,196,400 | ||||||
|
| |||||||
2,628,400 | ||||||||
|
| |||||||
Commercial Services & Supplies (2.4%) | ||||||||
IAA, Inc.* | 8,000 | 483,840 | ||||||
KAR Auction Services, Inc.* | 11,000 | 181,280 | ||||||
Matthews International Corp., Class A | 75,000 | 2,595,000 | ||||||
Team, Inc.* | 27,000 | 166,590 | ||||||
|
| |||||||
3,426,710 | ||||||||
|
| |||||||
Construction & Engineering (1.7%) | ||||||||
Arcosa, Inc. | 18,000 | 985,680 | ||||||
Valmont Industries, Inc. | 6,500 | 1,540,175 | ||||||
|
| |||||||
2,525,855 | ||||||||
|
| |||||||
Electrical Equipment (1.3%) | ||||||||
AZZ, Inc. | 36,500 | 1,934,135 | ||||||
|
| |||||||
Industrial Conglomerates (0.2%) | ||||||||
Raven Industries, Inc.* | 4,000 | 233,000 | ||||||
|
| |||||||
Machinery (19.4%) | ||||||||
Astec Industries, Inc. | 44,000 | 2,697,640 | ||||||
CIRCOR International, Inc.* | 45,000 | 1,387,800 | ||||||
CNH Industrial NV | 39,000 | 656,760 | ||||||
Commercial Vehicle Group, Inc.* | 98,500 | 900,290 | ||||||
Crane Co. | 20,000 | 1,944,600 | ||||||
Donaldson Co., Inc. | 1,000 | 66,190 | ||||||
Eastern Co. (The) | 26,000 | 763,360 | ||||||
EnPro Industries, Inc. | 35,500 | 3,305,760 | ||||||
Flowserve Corp. | 48,000 | 2,020,320 | ||||||
Gorman-Rupp Co. (The) | 10,000 | 356,900 | ||||||
Graco, Inc. | 3,800 | 296,704 | ||||||
Hyster-Yale Materials Handling, Inc. | 16,000 | 1,146,240 | ||||||
Ingersoll Rand, Inc.* | 20,000 | 977,400 | ||||||
ITT, Inc. | 3,500 | 342,685 | ||||||
Kennametal, Inc. | 16,000 | 580,000 | ||||||
Mueller Industries, Inc. | 43,000 | 1,866,200 | ||||||
Mueller Water Products, Inc., Class A | 17,000 | 251,940 | ||||||
Park-Ohio Holdings Corp. | 36,000 | 1,047,240 | ||||||
Shyft Group, Inc. (The) | 5,000 | 197,200 | ||||||
Snap-on, Inc. | 3,000 | 653,940 | ||||||
Toro Co. (The) | 6,000 | 682,440 | ||||||
Trinity Industries, Inc. | 88,000 | 2,385,680 | ||||||
Twin Disc, Inc.* | 98,775 | 1,453,968 | ||||||
Watts Water Technologies, Inc., Class A | 8,500 | 1,281,460 | ||||||
Welbilt, Inc.* | 30,000 | 704,700 | ||||||
|
| |||||||
27,967,417 | ||||||||
|
| |||||||
Marine (0.2%) | ||||||||
Kirby Corp.* | 4,000 | 231,640 | ||||||
|
| |||||||
Trading Companies & Distributors (4.1%) |
| |||||||
Ashtead Group plc | 3,000 | 224,596 | ||||||
GATX Corp. | 16,000 | 1,476,000 | ||||||
Herc Holdings, Inc.* | 34,500 | 4,279,380 | ||||||
|
| |||||||
5,979,976 | ||||||||
|
| |||||||
Transportation Infrastructure (0.5%) | ||||||||
Macquarie Infrastructure Corp. | 20,000 | 790,000 | ||||||
|
| |||||||
Total Industrials | 52,667,003 | |||||||
|
| |||||||
Information Technology (2.3%) | ||||||||
Communications Equipment (0.2%) | ||||||||
Communications Systems, Inc.* | 35,000 | 242,200 | ||||||
EchoStar Corp., Class A* | 3,000 | 66,900 | ||||||
EXFO, Inc.* | 15,000 | 85,650 | ||||||
|
| |||||||
394,750 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (0.5%) |
| |||||||
Landis+Gyr Group AG* | 9,000 | 710,383 | ||||||
|
| |||||||
IT Services (0.2%) | ||||||||
MoneyGram International, Inc.* | 27,000 | 279,180 | ||||||
|
| |||||||
Software (0.6%) | ||||||||
A10 Networks, Inc.* | 16,500 | 210,705 | ||||||
Cloudflare, Inc., Class A* | 500 | 59,315 | ||||||
FireEye, Inc.* | 16,000 | 323,200 | ||||||
NortonLifeLock, Inc. | 10,000 | 248,200 | ||||||
|
| |||||||
841,420 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (0.8%) |
| |||||||
Diebold Nixdorf, Inc.* | 112,000 | 1,165,920 | ||||||
|
| |||||||
Total Information Technology | 3,391,653 | |||||||
|
| |||||||
Materials (10.5%) | ||||||||
Chemicals (7.8%) | ||||||||
Axalta Coating Systems Ltd.* | 24,000 | 722,400 | ||||||
Chr Hansen Holding A/S | 1,200 | 107,925 | ||||||
Core Molding Technologies, Inc.* | 84,000 | 1,195,320 | ||||||
Element Solutions, Inc. | 90,000 | 2,105,100 | ||||||
Ferro Corp.* | 64,000 | 1,331,200 | ||||||
GCP Applied Technologies, Inc.* | 111,000 | 2,580,750 | ||||||
HB Fuller Co. | 12,000 | 775,440 | ||||||
Scotts Miracle-Gro Co. (The) | 8,500 | 1,504,160 | ||||||
Tredegar Corp. | 30,000 | 392,100 | ||||||
Valvoline, Inc. | 16,000 | 490,880 | ||||||
|
| |||||||
11,205,275 | ||||||||
|
| |||||||
Containers & Packaging (1.9%) | ||||||||
Ardagh Group SA | 14,000 | 326,900 | ||||||
Greif, Inc., Class A | 25,000 | 1,515,500 |
See Notes to Portfolio of Investments.
18
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Myers Industries, Inc. | 45,000 | $ | 953,100 | |||||
|
| |||||||
2,795,500 | ||||||||
|
| |||||||
Metals & Mining (0.8%) | ||||||||
Ampco-Pittsburgh Corp.* | 40,000 | 249,200 | ||||||
Freeport-McMoRan, Inc. | 23,000 | 876,300 | ||||||
|
| |||||||
1,125,500 | ||||||||
|
| |||||||
Total Materials | 15,126,275 | |||||||
|
| |||||||
Real Estate (1.0%) | ||||||||
Equity Real Estate Investment Trusts (REITs) (0.4%) |
| |||||||
Ryman Hospitality Properties, Inc. (REIT)* | 4,000 | 306,800 | ||||||
Seritage Growth Properties (REIT), Class A* | 16,000 | 253,920 | ||||||
|
| |||||||
560,720 | ||||||||
|
| |||||||
Real Estate Management & Development (0.6%) |
| |||||||
St Joe Co. (The) | 20,000 | 905,400 | ||||||
|
| |||||||
Total Real Estate | 1,466,120 | |||||||
|
| |||||||
Utilities (2.2%) | ||||||||
Electric Utilities (0.3%) | ||||||||
PNM Resources, Inc. | 10,000 | 483,300 | ||||||
|
| |||||||
Gas Utilities (0.9%) | ||||||||
National Fuel Gas Co. | 25,000 | 1,285,750 | ||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (1.0%) |
| |||||||
AES Corp. (The) | 61,000 | 1,445,700 | ||||||
|
| |||||||
Total Utilities | 3,214,750 | |||||||
|
| |||||||
Total Common Stocks (96.5%) | 139,508,334 | |||||||
|
| |||||||
Number of Warrants | ||||||||
WARRANTS: | ||||||||
Energy (0.0%) | ||||||||
Energy Equipment & Services (0.0%) | ||||||||
Weatherford International plc, expiring 12/13/23* | 1,117 | 503 | ||||||
|
| |||||||
Total Energy | 503 | |||||||
|
| |||||||
Health Care (0.0%) | ||||||||
Health Care Providers & Services (0.0%) |
| |||||||
Option Care Health, Inc., expiring 6/30/25* | 22 | 7 | ||||||
|
| |||||||
Total Health Care | 7 | |||||||
|
| |||||||
Materials (0.0%) | ||||||||
Metals & Mining (0.0%) | ||||||||
Ampco-Pittsburgh Corp., expiring 8/1/25* | 30,000 | 30,900 | ||||||
|
| |||||||
Total Materials | 30,900 | |||||||
|
| |||||||
Total Warrants (0.0%) | 31,410 | |||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (3.9%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | 5,581,261 | 5,584,052 | ||||||
|
| |||||||
Total Short-Term Investment (3.9%) | 5,584,052 | |||||||
|
| |||||||
Total Investments in Securities (100.4%) | 145,123,796 | |||||||
Other Assets Less Liabilities (-0.4%) |
| (638,878 | ) | |||||
|
| |||||||
Net Assets (100%) | �� | $ | 144,484,918 | |||||
|
|
* | Non-income producing. |
Glossary:
ADR — American Depositary Receipt
See Notes to Portfolio of Investments.
19
1290 FUNDS
1290 GAMCO SMALL/MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 21,738,814 | $ | 600,243 | $ | — | $ | 22,339,057 | ||||||||
Consumer Discretionary | 13,455,024 | 1,792,662 | — | 15,247,686 | ||||||||||||
Consumer Staples | 11,543,770 | 2,938,470 | — | 14,482,240 | ||||||||||||
Energy | 1,273,050 | — | — | 1,273,050 | ||||||||||||
Financials | 2,747,150 | — | — | 2,747,150 | ||||||||||||
Health Care | 7,553,350 | — | — | 7,553,350 | ||||||||||||
Industrials | 52,130,927 | 536,076 | — | 52,667,003 | ||||||||||||
Information Technology | 2,681,270 | 710,383 | — | 3,391,653 | ||||||||||||
Materials | 15,018,350 | 107,925 | — | 15,126,275 | ||||||||||||
Real Estate | 1,466,120 | — | — | 1,466,120 | ||||||||||||
Utilities | 3,214,750 | — | — | 3,214,750 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 5,584,052 | — | — | 5,584,052 | ||||||||||||
Warrants | ||||||||||||||||
Energy | 503 | — | — | 503 | ||||||||||||
Health Care | — | 7 | — | 7 | ||||||||||||
Materials | 30,900 | — | — | 30,900 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 138,438,030 | $ | 6,685,766 | $ | — | $ | 145,123,796 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 138,438,030 | $ | 6,685,766 | $ | — | $ | 145,123,796 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 36,312,875 | ||
Aggregate gross unrealized depreciation | (5,074,909 | ) | ||
|
| |||
Net unrealized appreciation | $ | 31,237,966 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 113,885,830 | ||
|
|
See Notes to Portfolio of Investments.
20
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
LONG-TERM DEBT SECURITIES: | ||||||||
Corporate Bonds (93.8%) | ||||||||
Communication Services (12.1%) | ||||||||
Diversified Telecommunication Services (5.1%) | ||||||||
Altice France SA | ||||||||
7.375%, 5/1/26§ | $ | 200,000 | $ | 207,250 | ||||
CCO Holdings LLC | ||||||||
5.750%, 2/15/26§ | 130,000 | 134,420 | ||||||
5.500%, 5/1/26§ | 264,000 | 272,902 | ||||||
4.750%, 3/1/30§ | 110,000 | 116,320 | ||||||
4.500%, 5/1/32 | 159,000 | 166,354 | ||||||
4.500%, 6/1/33§ | 168,000 | 174,888 | ||||||
Cincinnati Bell, Inc. | ||||||||
7.000%, 7/15/24§ | 485,000 | 495,912 | ||||||
Lumen Technologies, Inc. | ||||||||
5.125%, 12/15/26§ | 230,000 | 239,044 | ||||||
5.375%, 6/15/29§ | 270,000 | 276,750 | ||||||
Series G | ||||||||
6.875%, 1/15/28 | 128,000 | 144,960 | ||||||
Series W | ||||||||
6.750%, 12/1/23 | 170,000 | 187,408 | ||||||
Sprint Capital Corp. | ||||||||
8.750%, 3/15/32 | 156,000 | 240,064 | ||||||
Windstream Escrow LLC | ||||||||
7.750%, 8/15/28§ | 149,000 | 151,980 | ||||||
Zayo Group Holdings, Inc. | ||||||||
4.000%, 3/1/27§ | 245,000 | 242,856 | ||||||
6.125%, 3/1/28§ | 209,000 | 211,352 | ||||||
|
| |||||||
3,262,460 | ||||||||
|
| |||||||
Entertainment (1.1%) | ||||||||
Lions Gate Capital Holdings LLC | ||||||||
5.500%, 4/15/29§ | 250,000 | 255,925 | ||||||
Live Nation Entertainment, Inc. | ||||||||
4.875%, 11/1/24§ | 164,000 | 166,255 | ||||||
6.500%, 5/15/27§ | 286,000 | 316,745 | ||||||
|
| |||||||
738,925 | ||||||||
|
| |||||||
Interactive Media & Services (0.2%) | ||||||||
Rackspace Technology Global, Inc. | ||||||||
5.375%, 12/1/28§ | 105,000 | 107,236 | ||||||
|
| |||||||
Media (4.9%) | ||||||||
Diamond Sports Group LLC | ||||||||
6.625%, 8/15/27§ | 374,000 | 148,198 | ||||||
DISH DBS Corp. | ||||||||
5.875%, 7/15/22 | 112,000 | 115,640 | ||||||
Gray Television, Inc. | ||||||||
4.750%, 10/15/30§ | 282,000 | 279,180 | ||||||
Mav Acquisition Corp. | ||||||||
8.000%, 8/1/29§ | 319,000 | 311,822 | ||||||
Meredith Corp. | ||||||||
6.875%, 2/1/26 | 170,000 | 176,375 | ||||||
Nexstar Media, Inc. | ||||||||
5.625%, 7/15/27§ | 446,000 | 471,511 | ||||||
Outfront Media Capital LLC | ||||||||
5.000%, 8/15/27§ | 251,000 | 257,903 | ||||||
Sinclair Television Group, Inc. | ||||||||
5.500%, 3/1/30§ | 166,000 | 166,000 | ||||||
Sirius XM Radio, Inc. | ||||||||
4.625%, 7/15/24§ | 130,000 | 133,380 | ||||||
TEGNA, Inc. | ||||||||
5.500%, 9/15/24§ | 33,000 | 33,380 | ||||||
4.750%, 3/15/26§ | 248,000 | 263,500 | ||||||
5.000%, 9/15/29 | 94,000 | 97,940 | ||||||
Univision Communications, Inc. | ||||||||
4.500%, 5/1/29§ | 130,000 | 130,000 | ||||||
Videotron Ltd. | ||||||||
3.625%, 6/15/29§ | 118,000 | 121,097 | ||||||
Ziggo Bond Co. BV | ||||||||
6.000%, 1/15/27§ | 200,000 | 207,500 | ||||||
Ziggo BV | ||||||||
5.500%, 1/15/27§ | 180,000 | 186,356 | ||||||
|
| |||||||
3,099,782 | ||||||||
|
| |||||||
Wireless Telecommunication Services (0.8%) | ||||||||
Sprint Corp. | ||||||||
7.875%, 9/15/23 | 128,000 | 144,520 | ||||||
7.625%, 3/1/26 | 114,000 | 139,080 | ||||||
Vmed O2 UK Financing I plc | ||||||||
4.750%, 7/15/31§ | 200,000 | 203,524 | ||||||
|
| |||||||
487,124 | ||||||||
|
| |||||||
Total Communication Services | 7,695,527 | |||||||
|
| |||||||
Consumer Discretionary (12.4%) | ||||||||
Auto Components (0.3%) | ||||||||
Icahn Enterprises LP | ||||||||
6.375%, 12/15/25 | 120,000 | 123,450 | ||||||
4.375%, 2/1/29 | 14,000 | 14,175 | ||||||
Real Hero Merger Sub 2, Inc. | ||||||||
6.250%, 2/1/29§ | 42,000 | 43,260 | ||||||
|
| |||||||
180,885 | ||||||||
|
| |||||||
Automobiles (0.7%) | ||||||||
Ford Motor Co. | ||||||||
9.000%, 4/22/25 | 271,000 | 333,587 | ||||||
9.625%, 4/22/30 | 87,000 | 125,389 | ||||||
|
| |||||||
458,976 | ||||||||
|
| |||||||
Distributors (0.4%) | ||||||||
Core & Main LP | ||||||||
6.125%, 8/15/25§ | 116,000 | 117,891 | ||||||
Univar Solutions USA, Inc. | ||||||||
5.125%, 12/1/27§ | 108,000 | 112,590 | ||||||
|
| |||||||
230,481 | ||||||||
|
| |||||||
Diversified Consumer Services (0.3%) | ||||||||
GEMS MENASA Cayman Ltd. | ||||||||
7.125%, 7/31/26§ | 200,000 | 206,250 | ||||||
|
| |||||||
Hotels, Restaurants & Leisure (4.2%) | ||||||||
1011778 BC ULC | ||||||||
5.750%, 4/15/25§ | 214,000 | 225,770 | ||||||
Caesars Entertainment, Inc. | ||||||||
6.250%, 7/1/25§ | 281,000 | 296,455 | ||||||
Churchill Downs, Inc. | ||||||||
5.500%, 4/1/27§ | 258,000 | 268,320 | ||||||
Dave & Buster’s, Inc. | ||||||||
7.625%, 11/1/25§ | 216,000 | 228,690 | ||||||
Everi Holdings, Inc. | ||||||||
5.000%, 7/15/29§ | 79,000 | 80,777 | ||||||
Golden Entertainment, Inc. | ||||||||
7.625%, 4/15/26§ | 134,000 | 141,873 | ||||||
Hilton Domestic Operating Co., Inc. | ||||||||
5.750%, 5/1/28§ | 226,000 | 241,538 | ||||||
IRB Holding Corp. | ||||||||
7.000%, 6/15/25§ | 70,000 | 74,812 |
See Notes to Portfolio of Investments.
21
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal | Value | |||||||
Amount | (Note 1) | |||||||
6.750%, 2/15/26§ | $ | 140,000 | $ | 144,200 | ||||
Life Time, Inc. | ||||||||
5.750%, 1/15/26§ | 196,000 | 198,940 | ||||||
MajorDrive Holdings IV LLC | ||||||||
6.375%, 6/1/29§ | 124,000 | 121,830 | ||||||
Powdr Corp. | ||||||||
6.000%, 8/1/25§ | 45,000 | 47,194 | ||||||
Raptor Acquisition Corp. | ||||||||
4.875%, 11/1/26§ | 34,000 | 34,510 | ||||||
Station Casinos LLC | ||||||||
4.500%, 2/15/28§ | 328,000 | 330,460 | ||||||
Vail Resorts, Inc. | ||||||||
6.250%, 5/15/25§ | 58,000 | 61,605 | ||||||
Wyndham Hotels & Resorts, Inc. | ||||||||
4.375%, 8/15/28§ | 205,000 | 211,406 | ||||||
|
| |||||||
2,708,380 | ||||||||
|
| |||||||
Household Durables (0.6%) | ||||||||
CD&R Smokey Buyer, Inc. | ||||||||
6.750%, 7/15/25§ | 262,000 | 278,375 | ||||||
Picasso Finance Sub, Inc. | ||||||||
6.125%, 6/15/25§ | 34,000 | 36,040 | ||||||
Williams Scotsman International, Inc. | ||||||||
4.625%, 8/15/28§ | 48,000 | 49,440 | ||||||
|
| |||||||
363,855 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail (1.6%) | ||||||||
Getty Images, Inc. | ||||||||
9.750%, 3/1/27§ | 528,000 | 566,280 | ||||||
Photo Holdings Merger Sub, Inc. | ||||||||
8.500%, 10/1/26§ | 412,000 | 450,110 | ||||||
|
| |||||||
1,016,390 | ||||||||
|
| |||||||
Leisure Products (0.5%) | ||||||||
Mattel, Inc. | ||||||||
3.750%, 4/1/29§ | 102,000 | 106,972 | ||||||
Vista Outdoor, Inc. | ||||||||
4.500%, 3/15/29§ | 200,000 | 203,460 | ||||||
|
| |||||||
310,432 | ||||||||
|
| |||||||
Specialty Retail (3.0%) | ||||||||
Ambience Merger Sub, Inc. | ||||||||
7.125%, 7/15/29§ | 79,000 | 79,987 | ||||||
Asbury Automotive Group, Inc. | ||||||||
4.750%, 3/1/30 | 163,000 | 173,284 | ||||||
eG Global Finance plc | ||||||||
8.500%, 10/30/25§ | 400,000 | 417,720 | ||||||
Ken Garff Automotive LLC | ||||||||
4.875%, 9/15/28§ | 96,000 | 98,880 | ||||||
LBM Acquisition LLC | ||||||||
6.250%, 1/15/29§ | 251,000 | 251,487 | ||||||
LCM Investments Holdings II LLC | ||||||||
4.875%, 5/1/29§ | 157,000 | 160,878 | ||||||
Specialty Building Products Holdings LLC | ||||||||
6.375%, 9/30/26§ | 235,000 | 246,750 | ||||||
SRS Distribution, Inc. | ||||||||
4.625%, 7/1/28§ | 179,000 | 182,580 | ||||||
White Cap Buyer LLC | ||||||||
6.875%, 10/15/28§ | 266,000 | 283,370 | ||||||
|
| |||||||
1,894,936 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (0.8%) | ||||||||
G-III Apparel Group Ltd. | ||||||||
7.875%, 8/15/25§ | 342,000 | 371,498 | ||||||
Wolverine World Wide, Inc. | ||||||||
6.375%, 5/15/25§ | 160,000 | 169,600 | ||||||
|
| |||||||
541,098 | ||||||||
|
| |||||||
Total Consumer Discretionary | 7,911,683 | |||||||
|
| |||||||
Consumer Staples (5.9%) | ||||||||
Beverages (0.4%) | ||||||||
Primo Water Holdings, Inc. | ||||||||
4.375%, 4/30/29§ | 155,000 | 155,370 | ||||||
Triton Water Holdings, Inc. | ||||||||
6.250%, 4/1/29§ | 146,000 | 146,183 | ||||||
|
| |||||||
301,553 | ||||||||
|
| |||||||
Food & Staples Retailing (0.9%) | ||||||||
Performance Food Group, Inc. | ||||||||
6.875%, 5/1/25§ | 193,000 | 205,304 | ||||||
United Natural Foods, Inc. | ||||||||
6.750%, 10/15/28§ | 87,000 | 93,525 | ||||||
US Foods, Inc. | ||||||||
6.250%, 4/15/25§ | 248,000 | 260,710 | ||||||
|
| |||||||
559,539 | ||||||||
|
| |||||||
Food Products (3.5%) | ||||||||
B&G Foods, Inc. | ||||||||
5.250%, 4/1/25 | 101,000 | 103,429 | ||||||
Kraft Heinz Foods Co. | ||||||||
6.875%, 1/26/39 | 116,000 | 169,940 | ||||||
4.375%, 6/1/46 | 265,000 | 304,087 | ||||||
Lamb Weston Holdings, Inc. | ||||||||
4.625%, 11/1/24§ | 22,000 | 22,605 | ||||||
4.875%, 11/1/26§ | 227,000 | 234,219 | ||||||
Pilgrim’s Pride Corp. | ||||||||
5.875%, 9/30/27§ | 96,000 | 102,722 | ||||||
Post Holdings, Inc. | ||||||||
5.750%, 3/1/27§ | 236,000 | 245,086 | ||||||
4.625%, 4/15/30§ | 100,000 | 101,875 | ||||||
4.500%, 9/15/31§ | 379,000 | 382,362 | ||||||
Sigma Holdco BV | ||||||||
7.875%, 5/15/26§ | 400,000 | 406,000 | ||||||
Simmons Foods, Inc. | ||||||||
4.625%, 3/1/29§ | 149,000 | 150,259 | ||||||
|
| |||||||
2,222,584 | ||||||||
|
| |||||||
Household Products (0.9%) | ||||||||
Central Garden & Pet Co. | ||||||||
4.125%, 10/15/30 | 84,000 | 86,415 | ||||||
Energizer Holdings, Inc. | ||||||||
4.750%, 6/15/28§ | 223,000 | 228,575 | ||||||
Spectrum Brands, Inc. | ||||||||
5.750%, 7/15/25 | 220,000 | 225,225 | ||||||
5.500%, 7/15/30§ | 21,000 | 22,785 | ||||||
|
| |||||||
563,000 | ||||||||
|
| |||||||
Personal Products (0.2%) | ||||||||
Prestige Brands, Inc. | ||||||||
3.750%, 4/1/31§ | 139,000 | 138,131 | ||||||
|
| |||||||
Total Consumer Staples | 3,784,807 | |||||||
|
|
See Notes to Portfolio of Investments.
22
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Energy (7.4%) | ||||||||
Energy Equipment & Services (0.2%) | ||||||||
Precision Drilling Corp. | ||||||||
7.125%, 1/15/26§ | $ | 139,000 | $ | 143,170 | ||||
|
| |||||||
Oil, Gas & Consumable Fuels (7.2%) | ||||||||
Aethon United BR LP | ||||||||
8.250%, 2/15/26§ | 96,000 | 102,480 | ||||||
Antero Resources Corp. | ||||||||
7.625%, 2/1/29§ | 52,000 | 56,989 | ||||||
Ascent Resources Utica Holdings LLC | ||||||||
7.000%, 11/1/26§ | 170,000 | 175,100 | ||||||
Blue Racer Midstream LLC | ||||||||
7.625%, 12/15/25§ | 58,000 | 62,205 | ||||||
6.625%, 7/15/26§ | 150,000 | 155,625 | ||||||
Colgate Energy Partners III LLC | ||||||||
5.875%, 7/1/29§ | 77,000 | 79,887 | ||||||
Crestwood Midstream Partners LP | ||||||||
5.625%, 5/1/27§ | 54,000 | 54,878 | ||||||
6.000%, 2/1/29§ | 165,000 | 170,775 | ||||||
CrownRock LP | ||||||||
5.625%, 10/15/25§ | 393,000 | 402,825 | ||||||
Delek Logistics Partners LP | ||||||||
6.750%, 5/15/25 | 395,000 | 400,925 | ||||||
7.125%, 6/1/28§ | 80,000 | 83,344 | ||||||
Encino Acquisition Partners Holdings LLC | ||||||||
8.500%, 5/1/28§ | 164,000 | 163,590 | ||||||
Endeavor Energy Resources LP | ||||||||
6.625%, 7/15/25§ | 28,000 | 29,540 | ||||||
Genesis Energy LP | ||||||||
8.000%, 1/15/27 | 95,000 | 97,613 | ||||||
7.750%, 2/1/28 | 362,000 | 365,692 | ||||||
Hilcorp Energy I LP | ||||||||
6.250%, 11/1/28§ | 157,000 | 163,672 | ||||||
5.750%, 2/1/29§ | 68,000 | 69,360 | ||||||
Holly Energy Partners LP | ||||||||
5.000%, 2/1/28§ | 221,000 | 223,210 | ||||||
Independence Energy Finance LLC | ||||||||
7.250%, 5/1/26§ | 142,000 | 148,390 | ||||||
NuStar Logistics LP | ||||||||
5.750%, 10/1/25 | 85,000 | 92,650 | ||||||
Occidental Petroleum Corp. | ||||||||
6.625%, 9/1/30 | 100,000 | 122,000 | ||||||
6.125%, 1/1/31 | 55,000 | 64,848 | ||||||
6.450%, 9/15/36 | 232,000 | 280,117 | ||||||
PBF Logistics LP | ||||||||
6.875%, 5/15/23 | 220,000 | 212,575 | ||||||
Southwestern Energy Co. | ||||||||
7.750%, 10/1/27 | 97,000 | 104,032 | ||||||
Summit Midstream Holdings LLC | ||||||||
5.500%, 8/15/22 | 202,000 | 200,990 | ||||||
Targa Resources Partners LP | ||||||||
5.875%, 4/15/26 | 342,000 | 357,818 | ||||||
4.875%, 2/1/31§ | 105,000 | 113,400 | ||||||
|
| |||||||
4,554,530 | ||||||||
|
| |||||||
Total Energy | 4,697,700 | |||||||
|
| |||||||
Financials (5.8%) | ||||||||
Consumer Finance (1.9%) | ||||||||
Curo Group Holdings Corp. | ||||||||
8.250%, 9/1/25§ | 288,000 | 299,981 | ||||||
7.500%, 8/1/28§ | 228,000 | 231,990 | ||||||
Enova International, Inc. | ||||||||
8.500%, 9/1/24§ | 252,000 | 258,300 | ||||||
Ford Motor Credit Co. LLC | ||||||||
4.000%, 11/13/30 | 322,000 | 340,515 | ||||||
OneMain Finance Corp. | ||||||||
8.875%, 6/1/25 | 77,000 | 84,507 | ||||||
|
| |||||||
1,215,293 | ||||||||
|
| |||||||
Diversified Financial Services (1.1%) | ||||||||
Shift4 Payments LLC | ||||||||
4.625%, 11/1/26§ | 145,000 | 151,145 | ||||||
Verscend Escrow Corp. | ||||||||
9.750%, 8/15/26§ | 480,000 | 506,861 | ||||||
|
| |||||||
658,006 | ||||||||
|
| |||||||
Insurance (1.7%) | ||||||||
Alliant Holdings | ||||||||
Intermediate LLC | ||||||||
6.750%, 10/15/27§ | 252,000 | 262,395 | ||||||
AmWINS Group, Inc. | ||||||||
4.875%, 6/30/29§ | 72,000 | 73,260 | ||||||
AssuredPartners, Inc. | ||||||||
5.625%, 1/15/29§ | 39,000 | 38,708 | ||||||
HUB International Ltd. | ||||||||
7.000%, 5/1/26§ | 556,000 | 574,253 | ||||||
NFP Corp. | ||||||||
6.875%, 8/15/28§ | 145,000 | 150,075 | ||||||
|
| |||||||
1,098,691 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance (1.1%) | ||||||||
Freedom Mortgage Corp. | ||||||||
8.250%, 4/15/25§ | 310,000 | 322,400 | ||||||
7.625%, 5/1/26§ | 53,000 | 54,391 | ||||||
6.625%, 1/15/27§ | 237,000 | 230,186 | ||||||
PHH Mortgage Corp. | ||||||||
7.875%, 3/15/26§ | 104,000 | 106,829 | ||||||
|
| |||||||
713,806 | ||||||||
|
| |||||||
Total Financials | 3,685,796 | |||||||
|
| |||||||
Health Care (6.4%) | ||||||||
Health Care Equipment & Supplies (0.3%) | ||||||||
Varex Imaging Corp. | ||||||||
7.875%, 10/15/27§ | 187,000 | 208,505 | ||||||
|
| |||||||
Health Care Providers & Services (2.3%) | ||||||||
AdaptHealth LLC | ||||||||
6.125%, 8/1/28§ | 178,000 | 186,455 | ||||||
4.625%, 8/1/29§ | 82,000 | 81,488 | ||||||
Centene Corp. | ||||||||
5.375%, 6/1/26§ | 337,000 | 351,053 | ||||||
5.375%, 8/15/26§ | 268,000 | 279,068 | ||||||
HCA, Inc. | ||||||||
7.690%, 6/15/25 | 91,000 | 111,020 | ||||||
Tenet Healthcare Corp. | ||||||||
4.875%, 1/1/26§ | 304,000 | 314,640 | ||||||
US Acute Care Solutions LLC | ||||||||
6.375%, 3/1/26§ | 24,000 | 24,900 | ||||||
Vizient, Inc. | ||||||||
6.250%, 5/15/27§ | 91,000 | 95,550 | ||||||
|
| |||||||
1,444,174 | ||||||||
|
| |||||||
Health Care Technology (0.4%) | ||||||||
IQVIA, Inc. | ||||||||
5.000%, 5/15/27§ | 260,000 | 271,050 | ||||||
|
|
See Notes to Portfolio of Investments.
23
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Pharmaceuticals (3.4%) | ||||||||
Bausch Health Americas, Inc. | ||||||||
9.250%, 4/1/26§ | $ | 317,000 | $ | 342,360 | ||||
Bausch Health Cos., Inc. | ||||||||
5.500%, 11/1/25§ | 310,000 | 316,200 | ||||||
4.875%, 6/1/28§ | 146,000 | 149,832 | ||||||
6.250%, 2/15/29§ | 144,000 | 142,920 | ||||||
Catalent Pharma Solutions, Inc. | ||||||||
5.000%, 7/15/27§ | 287,000 | 300,633 | ||||||
Cheplapharm Arzneimittel GmbH | ||||||||
5.500%, 1/15/28§ | 200,000 | 205,250 | ||||||
Herbalife Nutrition Ltd. | ||||||||
7.875%, 9/1/25§ | 291,000 | 315,735 | ||||||
Organon & Co. | ||||||||
5.125%, 4/30/31§ | 200,000 | 206,000 | ||||||
P&L Development LLC | ||||||||
7.750%, 11/15/25§ | 196,000 | 205,065 | ||||||
|
| |||||||
2,183,995 | ||||||||
|
| |||||||
Total Health Care | 4,107,724 | |||||||
|
| |||||||
Industrials (17.5%) | ||||||||
Aerospace & Defense (1.0%) | ||||||||
Howmet Aerospace, Inc. | ||||||||
6.875%, 5/1/25 | 107,000 | 124,517 | ||||||
Rolls-Royce plc | ||||||||
5.750%, 10/15/27§ | 200,000 | 218,000 | ||||||
Spirit AeroSystems, Inc. | ||||||||
7.500%, 4/15/25§ | 302,000 | 320,120 | ||||||
|
| |||||||
662,637 | ||||||||
|
| |||||||
Air Freight & Logistics (0.3%) | ||||||||
XPO Logistics, Inc. | ||||||||
6.250%, 5/1/25§ | 199,000 | 211,061 | ||||||
|
| |||||||
Building Products (1.5%) | ||||||||
CP Atlas Buyer, Inc. | ||||||||
7.000%, 12/1/28§ | 196,000 | 201,821 | ||||||
Forterra Finance LLC | ||||||||
6.500%, 7/15/25§ | 59,000 | 63,204 | ||||||
JELD-WEN, Inc. | ||||||||
6.250%, 5/15/25§ | 111,000 | 118,215 | ||||||
Standard Industries, Inc. | ||||||||
4.375%, 7/15/30§ | 124,000 | 127,255 | ||||||
Summit Materials LLC | ||||||||
5.250%, 1/15/29§ | 222,000 | 234,765 | ||||||
Victors Merger Corp. | ||||||||
6.375%, 5/15/29§ | 222,000 | 223,110 | ||||||
|
| |||||||
968,370 | ||||||||
|
| |||||||
Commercial Services & Supplies (6.8%) | ||||||||
ACCO Brands Corp. | ||||||||
4.250%, 3/15/29§ | 54,000 | 53,798 | ||||||
ADT Security Corp. (The) | ||||||||
4.125%, 6/15/23 | 110,000 | 115,500 | ||||||
4.875%, 7/15/32§ | 156,000 | 161,460 | ||||||
Allied Universal Holdco LLC | ||||||||
6.625%, 7/15/26§ | 230,000 | 243,800 | ||||||
9.750%, 7/15/27§ | 374,000 | 410,465 | ||||||
6.000%, 6/1/29§ | 48,000 | 48,067 | ||||||
Aramark Services, Inc. | ||||||||
5.000%, 4/1/25§ | 116,000 | 118,610 | ||||||
6.375%, 5/1/25§ | 182,000 | 191,422 | ||||||
Cimpress plc | ||||||||
7.000%, 6/15/26§ | 150,000 | 157,125 | ||||||
Covanta Holding Corp. | ||||||||
5.000%, 9/1/30 | 55,000 | 59,056 | ||||||
Garda World Security Corp. | ||||||||
9.500%, 11/1/27§ | 393,000 | 430,335 | ||||||
6.000%, 6/1/29§ | 169,000 | 165,409 | ||||||
GFL Environmental, Inc. | ||||||||
3.750%, 8/1/25§ | 80,000 | 82,100 | ||||||
5.125%, 12/15/26§ | 220,000 | 230,345 | ||||||
4.750%, 6/15/29§ | 160,000 | 164,984 | ||||||
KAR Auction Services, Inc. | ||||||||
5.125%, 6/1/25§ | 569,000 | 580,380 | ||||||
Madison IAQ LLC | ||||||||
5.875%, 6/30/29§ | 94,000 | 94,823 | ||||||
Matthews International Corp. | ||||||||
5.250%, 12/1/25§ | 471,000 | 485,130 | ||||||
Nielsen Finance LLC | ||||||||
5.875%, 10/1/30§ | 296,000 | 323,632 | ||||||
4.750%, 7/15/31§ | 206,000 | 207,133 | ||||||
|
| |||||||
4,323,574 | ||||||||
|
| |||||||
Construction & Engineering (1.8%) | ||||||||
Dycom Industries, Inc. | ||||||||
4.500%, 4/15/29§ | 162,000 | 164,228 | ||||||
MasTec, Inc. | ||||||||
4.500%, 8/15/28§ | 92,000 | 96,945 | ||||||
New Enterprise Stone & Lime Co., Inc. | ||||||||
6.250%, 3/15/26§ | 241,000 | 248,531 | ||||||
Pike Corp. | ||||||||
5.500%, 9/1/28§ | 66,000 | 67,320 | ||||||
PowerTeam Services LLC | ||||||||
9.033%, 12/4/25§ | 437,333 | 482,706 | ||||||
Weekley Homes LLC | ||||||||
4.875%, 9/15/28§ | 111,000 | 114,746 | ||||||
|
| |||||||
1,174,476 | ||||||||
|
| |||||||
Machinery (1.7%) | ||||||||
ATS Automation Tooling Systems, Inc. | ||||||||
4.125%, 12/15/28§ | 300,000 | 304,500 | ||||||
Clark Equipment Co. | ||||||||
5.875%, 6/1/25§ | 285,000 | 302,243 | ||||||
Hillenbrand, Inc. | ||||||||
5.750%, 6/15/25 | 19,000 | 20,211 | ||||||
Welbilt, Inc. | ||||||||
9.500%, 2/15/24 | 447,000 | 463,762 | ||||||
|
| |||||||
1,090,716 | ||||||||
|
| |||||||
Professional Services (1.2%) | ||||||||
Dun & Bradstreet Corp. (The) | ||||||||
6.875%, 8/15/26§ | 303,000 | 321,180 | ||||||
10.250%, 2/15/27§ | 347,000 | 378,646 | ||||||
Science Applications International Corp. | ||||||||
4.875%, 4/1/28§ | 40,000 | 41,900 | ||||||
|
| |||||||
741,726 | ||||||||
|
| |||||||
Road & Rail (2.1%) | ||||||||
DAE Funding LLC | ||||||||
5.250%, 11/15/21§ | 100,000 | 100,844 | ||||||
5.000%, 8/1/24§ | 67,000 | 68,612 | ||||||
Kenan Advantage Group, Inc. (The) | ||||||||
7.875%, 7/31/23§ | 532,000 | 530,670 | ||||||
NESCO Holdings II, Inc. | ||||||||
5.500%, 4/15/29§ | 212,000 | 218,493 |
See Notes to Portfolio of Investments.
24
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
Watco Cos. LLC | ||||||||
6.500%, 6/15/27§ | $ | 376,000 | $ | 400,440 | ||||
|
| |||||||
1,319,059 | ||||||||
|
| |||||||
Trading Companies & Distributors (1.1%) |
| |||||||
Brightstar Escrow Corp. | ||||||||
9.750%, 10/15/25§ | 327,000 | 350,708 | ||||||
WESCO Distribution, Inc. | ||||||||
7.250%, 6/15/28§ | 287,000 | 318,963 | ||||||
|
| |||||||
669,671 | ||||||||
|
| |||||||
Total Industrials | 11,161,290 | |||||||
|
| |||||||
Information Technology (11.8%) |
| |||||||
Communications Equipment (1.4%) |
| |||||||
CommScope Technologies LLC | ||||||||
6.000%, 6/15/25§ | 126,000 | 127,890 | ||||||
CommScope, Inc. | ||||||||
5.500%, 3/1/24§ | 292,000 | 300,030 | ||||||
6.000%, 3/1/26§ | 214,000 | 223,898 | ||||||
8.250%, 3/1/27§ | 237,000 | 250,343 | ||||||
|
| |||||||
902,161 | ||||||||
|
| |||||||
IT Services (2.1%) | ||||||||
Ahead DB Holdings LLC | ||||||||
6.625%, 5/1/28§ | 108,000 | 111,240 | ||||||
Alliance Data Systems Corp. | ||||||||
4.750%, 12/15/24§ | 389,000 | 399,211 | ||||||
7.000%, 1/15/26§ | 162,000 | 174,150 | ||||||
Black Knight InfoServ LLC | ||||||||
3.625%, 9/1/28§ | 140,000 | 139,951 | ||||||
ION Trading Technologies Sarl | ||||||||
5.750%, 5/15/28§ | 200,000 | 207,260 | ||||||
Northwest Fiber LLC | ||||||||
6.000%, 2/15/28§ | 179,000 | 175,867 | ||||||
Unisys Corp. | ||||||||
6.875%, 11/1/27§ | 139,000 | 151,306 | ||||||
|
| |||||||
1,358,985 | ||||||||
|
| |||||||
Software (6.7%) | ||||||||
ACI Worldwide, Inc. | ||||||||
5.750%, 8/15/26§ | 217,000 | 227,036 | ||||||
Ascend Learning LLC | ||||||||
6.875%, 8/1/25§ | 474,000 | 481,702 | ||||||
Boxer Parent Co., Inc. | ||||||||
7.125%, 10/2/25§ | 159,000 | 169,534 | ||||||
BY Crown Parent LLC | ||||||||
4.250%, 1/31/26§ | 83,000 | 86,943 | ||||||
Camelot Finance SA | ||||||||
4.500%, 11/1/26§ | 626,000 | 650,257 | ||||||
Change Healthcare Holdings LLC | ||||||||
5.750%, 3/1/25§ | 459,000 | 465,311 | ||||||
Clarivate Science Holdings Corp. | ||||||||
4.875%, 6/30/29§ | 221,000 | 222,657 | ||||||
Granite Merger Sub 2, Inc. | ||||||||
11.000%, 7/15/27§ | 439,000 | 497,168 | ||||||
Helios Software Holdings, Inc. | ||||||||
4.625%, 5/1/28§ | 400,000 | 394,000 | ||||||
LogMeIn, Inc. | ||||||||
5.500%, 9/1/27§ | 96,000 | 99,840 | ||||||
NortonLifeLock, Inc. | ||||||||
5.000%, 4/15/25§ | 112,000 | 112,986 | ||||||
Rocket Software, Inc. | ||||||||
6.500%, 2/15/29§ | 247,000 | 245,765 | ||||||
SS&C Technologies, Inc. | ||||||||
5.500%, 9/30/27§ | 331,000 | 350,314 | ||||||
ZoomInfo Technologies LLC |
| |||||||
3.875%, 2/1/29§ | 229,000 | 228,739 | ||||||
|
| |||||||
4,232,252 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (1.6%) |
| |||||||
Dell International LLC | ||||||||
7.125%, 6/15/24§ | 219,000 | 224,057 | ||||||
Diebold Nixdorf, Inc. | ||||||||
9.375%, 7/15/25§ | 60,000 | 65,850 | ||||||
NCR Corp. | ||||||||
8.125%, 4/15/25§ | 51,000 | 55,462 | ||||||
5.000%, 10/1/28§ | 315,000 | 325,238 | ||||||
5.125%, 4/15/29§ | 317,000 | 329,268 | ||||||
|
| |||||||
999,875 | ||||||||
|
| |||||||
Total Information Technology |
| 7,493,273 | ||||||
|
| |||||||
Materials (10.1%) | ||||||||
Chemicals (2.8%) | ||||||||
Avient Corp. | ||||||||
5.750%, 5/15/25§ | 73,000 | 76,650 | ||||||
Illuminate Buyer LLC | ||||||||
9.000%, 7/1/28§ | 367,000 | 407,829 | ||||||
INEOS Group Holdings SA | ||||||||
5.625%, 8/1/24§ | 200,000 | 199,500 | ||||||
Minerals Technologies, Inc. | ||||||||
5.000%, 7/1/28§ | 183,000 | 190,778 | ||||||
NOVA Chemicals Corp. | ||||||||
4.875%, 6/1/24§ | 104,000 | 109,590 | ||||||
Nufarm Australia Ltd. | ||||||||
5.750%, 4/30/26§ | 409,000 | 418,203 | ||||||
Olin Corp. | ||||||||
9.500%, 6/1/25§ | 117,000 | 145,811 | ||||||
PQ Corp. | ||||||||
5.750%, 12/15/25§254,000 |
| 261,302 | ||||||
|
| |||||||
1,809,663 | ||||||||
|
| |||||||
Containers & Packaging (6.4%) |
| |||||||
ARD Finance SA | ||||||||
6.500%, 6/30/27§ | 200,000 | 210,500 | ||||||
Ardagh Metal Packaging Finance USA LLC |
| |||||||
4.000%, 9/1/29§ | 200,000 | 200,250 | ||||||
Ardagh Packaging Finance plc | ||||||||
6.000%, 2/15/25§ | 200,000 | 206,200 | ||||||
4.125%, 8/15/26§ | 200,000 | 206,500 | ||||||
Flex Acquisition Co., Inc. | ||||||||
7.875%, 7/15/26§ | 361,000 | 376,343 | ||||||
Graham Packaging Co., Inc. |
| |||||||
7.125%, 8/15/28§ | 81,000 | 86,265 | ||||||
Intelligent Packaging Ltd. Finco, Inc. |
| |||||||
6.000%, 9/15/28§ | 243,000 | 252,720 | ||||||
LABL, Inc. | ||||||||
6.750%, 7/15/26§ | 285,000 | 301,744 | ||||||
10.500%, 7/15/27§ | 312,000 | 343,590 | ||||||
Mauser Packaging Solutions Holding Co. | ||||||||
5.500%, 4/15/24§ | 286,000 | 288,520 | ||||||
7.250%, 4/15/25§ | 658,000 | 640,727 |
See Notes to Portfolio of Investments.
25
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Principal Amount | Value (Note 1) | |||||||
OI European Group BV | ||||||||
4.000%, 3/15/23§ | $ | 150,000 | $ | 154,687 | ||||
Owens-Brockway Glass Container, Inc. | ||||||||
5.875%, 8/15/23§ | 130,000 | 138,775 | ||||||
6.625%, 5/13/27§ | 144,000 | 155,520 | ||||||
Sealed Air Corp. | ||||||||
4.875%, 12/1/22§ | 102,000 | 105,693 | ||||||
Trivium Packaging Finance BV | ||||||||
5.500%, 8/15/26(e)§ | 400,000 | 419,000 | ||||||
|
| |||||||
4,087,034 | ||||||||
|
| |||||||
Metals & Mining (0.9%) | ||||||||
Hudbay Minerals, Inc. | ||||||||
4.500%, 4/1/26§ | 198,000 | 201,039 | ||||||
Kaiser Aluminum Corp. | ||||||||
4.500%, 6/1/31§ | 204,000 | 212,160 | ||||||
Novelis Corp. | ||||||||
4.750%, 1/30/30§ | 150,000 | 159,375 | ||||||
|
| |||||||
572,574 | ||||||||
|
| |||||||
Total Materials | 6,469,271 | |||||||
|
| |||||||
Real Estate (4.2%) | ||||||||
Equity Real Estate Investment Trusts (REITs) (2.5%) | ||||||||
Global Net Lease, Inc. (REIT) | ||||||||
3.750%, 12/15/27§ | 102,000 | 100,852 | ||||||
Iron Mountain, Inc. (REIT) | ||||||||
5.000%, 7/15/28§ | 270,000 | 281,138 | ||||||
MGM Growth Properties Operating Partnership LP (REIT) | ||||||||
4.625%, 6/15/25§ | 153,000 | 162,562 | ||||||
Park Intermediate Holdings LLC (REIT) | ||||||||
7.500%, 6/1/25§ | 79,000 | 85,295 | ||||||
5.875%, 10/1/28§ | 153,000 | 162,945 | ||||||
4.875%, 5/15/29§ | 129,000 | 132,225 | ||||||
SBA Communications Corp. (REIT) | ||||||||
4.875%, 9/1/24 | 88,000 | 89,100 | ||||||
Service Properties Trust (REIT) | ||||||||
7.500%, 9/15/25 | 212,000 | 239,030 | ||||||
5.500%, 12/15/27 | 102,000 | 108,375 | ||||||
XHR LP (REIT) | ||||||||
6.375%, 8/15/25§ | 166,000 | 176,407 | ||||||
4.875%, 6/1/29§ | 86,000 | 88,042 | ||||||
|
| |||||||
1,625,971 | ||||||||
|
| |||||||
Real Estate Management & Development (1.7%) | ||||||||
Cushman & Wakefield US Borrower LLC | ||||||||
6.750%, 5/15/28§ | 149,000 | 159,803 | ||||||
Greystar Real Estate Partners LLC | ||||||||
5.750%, 12/1/25§ | 361,000 | 369,123 | ||||||
Howard Hughes Corp. (The) | ||||||||
4.375%, 2/1/31§ | 122,000 | 121,390 | ||||||
Realogy Group LLC | ||||||||
7.625%, 6/15/25§ | 166,000 | 178,865 | ||||||
9.375%, 4/1/27§ | 222,000 | 246,020 | ||||||
|
| |||||||
1,075,201 | ||||||||
|
| |||||||
Total Real Estate | 2,701,172 | |||||||
|
| |||||||
Utilities (0.2%) | ||||||||
Water Utilities (0.2%) | ||||||||
Solaris Midstream Holdings LLC | ||||||||
7.625%, 4/1/26§ | 113,000 | 118,085 | ||||||
|
| |||||||
Total Utilities | 118,085 | |||||||
|
| |||||||
Total Corporate Bonds | 59,826,328 | |||||||
|
| |||||||
Total Long-Term Debt Securities (93.8%) | 59,826,328 | |||||||
|
| |||||||
Number of Shares | ||||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (2.3%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | 1,488,958 | 1,489,703 | ||||||
|
| |||||||
Total Short-Term Investment (2.3%) | 1,489,703 | |||||||
|
| |||||||
Total Investments in Securities (96.1%) | 61,316,031 | |||||||
Other Assets Less Liabilities (3.9%) | 2,480,941 | |||||||
|
| |||||||
Net Assets (100%) | $ | 63,796,972 | ||||||
|
|
§ | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold to qualified institutional buyers. At July 31, 2021, the market value of these securities amounted to $52,700,153 or 82.6% of net assets. Securities denoted with “§” but without “b” have been determined to be liquid under the guidelines established by the Board of Trustees. To the extent any securities might provide a right to demand registration, such rights have not been relied upon when determining liquidity. |
(e) | Step Bond - Coupon rate increases or decreases in increments to maturity. Rate disclosed is as of July 31, 2021. Maturity date disclosed is the ultimate maturity date. |
See Notes to Portfolio of Investments.
26
1290 FUNDS
1290 HIGH YIELD BOND FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Corporate Bonds | ||||||||||||||||
Communication Services | $ | — | $ | 7,695,527 | $ | — | $ | 7,695,527 | ||||||||
Consumer Discretionary | — | 7,911,683 | — | 7,911,683 | ||||||||||||
Consumer Staples | — | 3,784,807 | — | 3,784,807 | ||||||||||||
Energy | — | 4,697,700 | — | 4,697,700 | ||||||||||||
Financials | — | 3,685,796 | — | 3,685,796 | ||||||||||||
Health Care | — | 4,107,724 | — | 4,107,724 | ||||||||||||
Industrials | — | 11,161,290 | — | 11,161,290 | ||||||||||||
Information Technology | — | 7,493,273 | — | 7,493,273 | ||||||||||||
Materials | — | 6,469,271 | — | 6,469,271 | ||||||||||||
Real Estate | — | 2,701,172 | — | 2,701,172 | ||||||||||||
Utilities | — | 118,085 | — | 118,085 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,489,703 | — | — | 1,489,703 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 1,489,703 | $ | 59,826,328 | $ | — | $ | 61,316,031 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 1,489,703 | $ | 59,826,328 | $ | — | $ | 61,316,031 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,899,931 | ||
Aggregate gross unrealized depreciation | (294,740 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,605,191 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 59,710,840 | ||
|
|
See Notes to Portfolio of Investments.
27
1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Alternatives (38.6%) | ||||||||
IQ Merger Arbitrage ETF | 57,460 | $ | 1,909,970 | |||||
ProShares Long Online/Short Stores ETF | 17,250 | 1,293,664 | ||||||
ProShares RAFI Long/Short‡ | 18,280 | 571,250 | ||||||
WisdomTree Managed Futures Strategy Fund | 57,190 | 2,359,168 | ||||||
|
| |||||||
Total Alternatives | 6,134,052 | |||||||
|
| |||||||
Commodity (15.5%) | ||||||||
Invesco DB Agriculture Fund* | �� | 33,100 | 617,315 | |||||
Invesco DB Energy Fund* | 42,090 | 673,065 | ||||||
Invesco DB Gold Fund* | 16,480 | 860,030 | ||||||
Invesco DB Precious Metals Fund* | 6,240 | 311,002 | ||||||
|
| |||||||
Total Commodity | 2,461,412 | |||||||
|
| |||||||
Equity (17.1%) | ||||||||
iShares Core US REIT ETF | 22,490 | 1,374,139 | ||||||
Vanguard Global ex-U.S. Real | ||||||||
Estate ETF | 22,870 | 1,335,608 | ||||||
|
| |||||||
Total Equity | 2,709,747 | |||||||
|
| |||||||
Fixed Income (28.3%) | ||||||||
iShares Convertible Bond ETF | 25,380 | 2,538,000 | ||||||
Vanguard Short-Term Inflation-Protected Securities ETF | 37,210 | 1,957,618 | ||||||
|
| |||||||
Total Fixed Income | 4,495,618 | |||||||
|
| |||||||
Total Investments in Securities (99.5%) |
| 15,800,829 | ||||||
Other Assets Less Liabilities (0.5%) | 80,632 | |||||||
|
| |||||||
Net Assets (100%) | $ | 15,881,461 | ||||||
|
|
See Notes to Portfolio of Investments.
28
1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
* | Non-income producing. |
‡ | All, or a portion, of the security is an affiliated company as defined under the Investment Company Act of 1940. |
Glossary:
REIT — Real Estate Investment Trust
Investments in companies which were affiliates for the nine months ended July 31, 2021, were as follows:
Security Description | Shares at July 31, 2021 | Market Value October 31, 2020 ($) | Purchases at Cost ($) | Proceeds from Sales ($) | Net Realized Gain (Loss) ($) | Change in Unrealized Appreciation/ (Depreciation) ($) | Market Value July 31, 2021 ($) | Dividend/Interest Income ($) | Capital Gain Distributions ($) | |||||||||||||||||||||||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||||||||||||||||||||||||||||||
Alternatives | ||||||||||||||||||||||||||||||||||||
ProShares RAFI Long/Short | 18,280 | 653,631 | — | (115,062 | ) | (21,285 | ) | 53,966 | 571,250 | 5,935 | — | |||||||||||||||||||||||||
Specialty | ||||||||||||||||||||||||||||||||||||
Invesco DB G10 Currency Harvest Fund | — | 1,380,986 | — | (1,496,838 | ) | 67,052 | 48,800 | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
Total | 2,034,617 | — | (1,611,900 | ) | 45,767 | 102,766 | 571,250 | 5,935 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Notes to Portfolio of Investments.
29
1290 FUNDS
1290 MULTI-ALTERNATIVE STRATEGIES FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 15,800,829 | $ | — | $ | — | $ | 15,800,829 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 15,800,829 | $ | — | $ | — | $ | 15,800,829 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 15,800,829 | $ | — | $ | — | $ | 15,800,829 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 632,077 | ||
Aggregate gross unrealized depreciation | (288,213 | ) | ||
|
| |||
Net unrealized appreciation | $ | 343,864 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 15,456,965 | ||
|
|
See Notes to Portfolio of Investments.
30
1290 FUNDS
1290 RETIREMENT 2020 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (49.4%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 11,300 | $ | 712,578 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 3,540 | 85,233 | ||||||
Invesco S&P International Developed Low Volatility ETF | 11,880 | 376,477 | ||||||
Invesco S&P MidCap Low Volatility ETF | 6,910 | 377,701 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 3,710 | 175,409 | ||||||
iShares Core MSCI EAFE ETF | 9,840 | 743,412 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,790 | 176,356 | ||||||
iShares Core S&P Total US Stock Market ETF | 21,620 | 2,174,107 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 4,860 | 375,630 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,420 | 87,827 | ||||||
iShares MSCI USA Min Vol Factor ETF | 9,520 | 725,614 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,610 | 181,207 | ||||||
|
| |||||||
Total Equity | 6,191,551 | |||||||
|
| |||||||
Fixed Income (50.0%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 31,610 | 3,681,301 | ||||||
iShares TIPS Bond ETF | 7,240 | 945,399 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF | 4,426 | 485,842 | ||||||
Vanguard Short-Term Bond ETF | 8,030 | 661,592 | ||||||
Vanguard Total International Bond ETF | 8,550 | 495,130 | ||||||
|
| |||||||
Total Fixed Income | 6,269,264 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.4%) |
| 12,460,815 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (0.2%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | 26,262 | 26,275 | ||||||
|
| |||||||
Total Short-Term Investment (0.2%) |
| 26,275 | ||||||
|
| |||||||
Total Investments in Securities (99.6%) |
| 12,487,090 | ||||||
Other Assets Less Liabilities (0.4%) | 47,223 | |||||||
|
| |||||||
Net Assets (100%) | $ | 12,534,313 | ||||||
|
|
See Notes to Portfolio of Investments.
31
1290 FUNDS
1290 RETIREMENT 2020 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 12,460,815 | $ | — | $ | — | $ | 12,460,815 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 26,275 | — | — | 26,275 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 12,487,090 | $ | — | $ | — | $ | 12,487,090 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 12,487,090 | $ | — | $ | — | $ | 12,487,090 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,623,123 | ||
Aggregate gross unrealized depreciation | (16,511 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,606,612 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 10,880,478 | ||
|
|
See Notes to Portfolio of Investments.
32
1290 FUNDS
1290 RETIREMENT 2025 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (59.1%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 23,740 | $ | 1,497,045 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 8,280 | 199,359 | ||||||
Invesco S&P International Developed Low Volatility ETF | 27,720 | 878,447 | ||||||
Invesco S&P MidCap Low Volatility ETF | 16,310 | 891,505 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 8,140 | 384,859 | ||||||
iShares Core MSCI EAFE ETF | 22,860 | 1,727,073 | ||||||
iShares Core MSCI Emerging Markets ETF | 6,110 | 386,213 | ||||||
iShares Core S&P Total US Stock Market ETF | 47,980 | 4,824,869 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 11,080 | 856,373 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 3,390 | 209,672 | ||||||
iShares MSCI USA Min Vol Factor ETF | 19,770 | 1,506,869 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 3,590 | 404,057 | ||||||
|
| |||||||
Total Equity | 13,766,341 | |||||||
|
| |||||||
Fixed Income (40.8%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 55,340 | 6,444,896 | ||||||
iShares TIPS Bond ETF | 11,060 | 1,444,215 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF | 4,546 | 499,015 | ||||||
Vanguard Short-Term Bond ETF | 7,460 | 614,629 | ||||||
Vanguard Total International Bond ETF | 8,510 | 492,814 | ||||||
|
| |||||||
Total Fixed Income | 9,495,569 | |||||||
|
| |||||||
Total Investments in Securities (99.9%) |
| 23,261,910 | ||||||
Other Assets Less Liabilities (0.1%) | 15,773 | |||||||
|
| |||||||
Net Assets (100%) | $ | 23,277,683 | ||||||
|
|
See Notes to Portfolio of Investments.
33
1290 FUNDS
1290 RETIREMENT 2025 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 23,261,910 | $ | — | $ | — | $ | 23,261,910 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 23,261,910 | $ | — | $ | — | $ | 23,261,910 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 23,261,910 | $ | — | $ | — | $ | 23,261,910 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 3,215,498 | ||
Aggregate gross unrealized depreciation | (37,993 | ) | ||
|
| |||
Net unrealized appreciation | $ | 3,177,505 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 20,084,405 | ||
|
|
See Notes to Portfolio of Investments.
34
1290 FUNDS
1290 RETIREMENT 2030 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (68.9%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 11,070 | $ | 698,074 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 3,860 | 92,938 | ||||||
Invesco S&P International Developed Low Volatility ETF | 14,310 | 453,484 | ||||||
Invesco S&P MidCap Low Volatility ETF | 7,790 | 425,802 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 3,780 | 178,718 | ||||||
iShares Core MSCI EAFE ETF | 11,460 | 865,803 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,930 | 185,205 | ||||||
iShares Core S&P Total US Stock Market ETF | 23,620 | 2,375,227 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 5,250 | 405,773 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,480 | 91,538 | ||||||
iShares MSCI USA Min Vol Factor ETF | 9,180 | 699,700 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,830 | 205,968 | ||||||
|
| |||||||
Total Equity | 6,678,230 | |||||||
|
| |||||||
Fixed Income (30.6%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 21,110 | 2,458,471 | ||||||
iShares TIPS Bond ETF | 3,440 | 449,195 | ||||||
SPDR Bloomberg Barclays High Yield Bond ETF | 170 | 18,661 | ||||||
Vanguard Short-Term Bond ETF | 270 | 22,245 | ||||||
Vanguard Total International Bond ETF | 340 | 19,689 | ||||||
|
| |||||||
Total Fixed Income | 2,968,261 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.5%) |
| 9,646,491 | ||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (0.0%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | 3,976 | 3,978 | ||||||
|
| |||||||
Total Short-Term Investment (0.0%) |
| 3,978 | ||||||
|
| |||||||
Total Investments in Securities (99.5%) |
| 9,650,469 | ||||||
Other Assets Less Liabilities (0.5%) | 42,855 | |||||||
|
| |||||||
Net Assets (100%) | $ | 9,693,324 | ||||||
|
|
See Notes to Portfolio of Investments.
35
1290 FUNDS
1290 RETIREMENT 2030 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 9,646,491 | $ | — | $ | — | $ | 9,646,491 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 3,978 | — | — | 3,978 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 9,650,469 | $ | — | $ | — | $ | 9,650,469 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 9,650,469 | $ | — | $ | — | $ | 9,650,469 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,253,526 | ||
Aggregate gross unrealized depreciation | (10,363 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,243,163 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 8,407,306 | ||
|
|
See Notes to Portfolio of Investments.
36
1290 FUNDS
1290 RETIREMENT 2035 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (74.0%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 17,830 | $ | 1,124,360 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 5,300 | 127,609 | ||||||
Invesco S&P International Developed Low Volatility ETF . | 19,560 | 619,856 | ||||||
Invesco S&P MidCap Low Volatility ETF | 11,390 | 622,578 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 5,750 | 271,860 | ||||||
iShares Core MSCI EAFE ETF | 16,660 | 1,258,663 | ||||||
iShares Core MSCI Emerging Markets ETF | 4,180 | 264,218 | ||||||
iShares Core S&P Total US Stock Market ETF | 35,100 | 3,529,656 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 8,300 | 641,507 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 2,180 | 134,833 | ||||||
iShares MSCI USA Min Vol Factor ETF | 14,970 | 1,141,013 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 2,470 | 278,001 | ||||||
|
| |||||||
Total Equity | 10,014,154 | |||||||
|
| |||||||
Fixed Income (25.3%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 24,810 | 2,889,373 | ||||||
iShares TIPS Bond ETF | 4,080 | 532,766 | ||||||
|
| |||||||
Total Fixed Income | 3,422,139 | |||||||
|
| |||||||
Total Exchange Traded Funds (99.3%) | 13,436,293 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (0.4%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | 48,112 | 48,136 | ||||||
|
| |||||||
Total Short-Term Investment (0.4%) | 48,136 | |||||||
|
| |||||||
Total Investments in Securities (99.7%) | 13,484,429 | |||||||
Other Assets Less Liabilities (0.3%) | 45,437 | |||||||
|
| |||||||
Net Assets (100%) | $ | 13,529,866 | ||||||
|
|
See Notes to Portfolio of Investments.
37
1290 FUNDS
1290 RETIREMENT 2035 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 13,436,293 | $ | — | $ | — | $ | 13,436,293 | ||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 48,136 | — | — | 48,136 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 13,484,429 | $ | — | $ | — | $ | 13,484,429 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 13,484,429 | $ | — | $ | — | $ | 13,484,429 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 2,365,816 | ||
Aggregate gross unrealized depreciation | (16,090 | ) | ||
|
| |||
Net unrealized appreciation | $ | 2,349,726 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 11,134,703 | ||
|
|
See Notes to Portfolio of Investments.
38
1290 FUNDS
1290 RETIREMENT 2040 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (79.4%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 7,910 | $ | 498,805 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 2,450 | 58,989 | ||||||
Invesco S&P International Developed Low Volatility ETF . | 8,610 | 272,851 | ||||||
Invesco S&P MidCap Low Volatility ETF | 5,000 | 273,300 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 2,600 | 122,928 | ||||||
iShares Core MSCI EAFE ETF | 7,210 | 544,715 | ||||||
iShares Core MSCI Emerging Markets ETF | 1,880 | 118,835 | ||||||
iShares Core S&P Total US Stock Market ETF | 15,470 | 1,555,663 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 3,520 | 272,061 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 890 | 55,046 | ||||||
iShares MSCI USA Min Vol Factor ETF | 6,680 | 509,150 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,010 | 113,676 | ||||||
|
| |||||||
Total Equity | 4,396,019 | |||||||
|
| |||||||
Fixed Income (20.2%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 8,150 | 949,149 | ||||||
iShares TIPS Bond ETF | 1,270 | 165,837 | ||||||
|
| |||||||
Total Fixed Income | 1,114,986 | |||||||
|
| |||||||
Total Investments in Securities (99.6%) | 5,511,005 | |||||||
Other Assets Less Liabilities (0.4%) | 24,314 | |||||||
|
| |||||||
Net Assets (100%) | $ | 5,535,319 | ||||||
|
|
See Notes to Portfolio of Investments.
39
1290 FUNDS
1290 RETIREMENT 2040 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 5,511,005 | $ | — | $ | — | $ | 5,511,005 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 5,511,005 | $ | — | $ | — | $ | 5,511,005 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 5,511,005 | $ | — | $ | — | $ | 5,511,005 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,115,518 | ||
Aggregate gross unrealized depreciation | (2,522 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,112,996 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 4,398,009 | ||
|
|
See Notes to Portfolio of Investments.
40
1290 FUNDS
1290 RETIREMENT 2045 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (84.6%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 12,800 | $ | 807,168 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 4,020 | 96,790 | ||||||
Invesco S&P International Developed Low Volatility ETF . | 13,820 | 437,956 | ||||||
Invesco S&P MidCap Low Volatility ETF | 7,950 | 434,547 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 4,150 | 196,212 | ||||||
iShares Core MSCI EAFE ETF | 11,670 | 881,668 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,960 | 187,102 | ||||||
iShares Core S&P Total US Stock Market ETF | 24,620 | 2,475,787 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 5,640 | 435,916 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,580 | 97,723 | ||||||
iShares MSCI USA Min Vol Factor ETF | 10,620 | 809,456 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,750 | 196,964 | ||||||
|
| |||||||
Total Equity | 7,057,289 | |||||||
|
| |||||||
Fixed Income (15.2%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 9,180 | 1,069,103 | ||||||
iShares TIPS Bond ETF | 1,540 | 201,093 | ||||||
|
| |||||||
Total Fixed Income | 1,270,196 | |||||||
|
| |||||||
Total Investments in Securities (99.8%) | 8,327,485 | |||||||
Other Assets Less Liabilities (0.2%) | 16,513 | |||||||
|
| |||||||
Net Assets (100%) | $ | 8,343,998 | ||||||
|
|
See Notes to Portfolio of Investments.
41
1290 FUNDS
1290 RETIREMENT 2045 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 8,327,485 | $ | — | $ | — | $ | 8,327,485 | ||||||||
Total Assets | $ | 8,327,485 | $ | — | $ | — | $ | 8,327,485 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 8,327,485 | $ | — | $ | — | $ | 8,327,485 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,779,252 | ||
Aggregate gross unrealized depreciation | (78 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,779,174 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 6,548,311 | ||
|
|
See Notes to Portfolio of Investments.
42
1290 FUNDS
1290 RETIREMENT 2050 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): | ||||||||
Equity (89.5%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 10,380 | $ | 654,563 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 2,900 | 69,824 | ||||||
Invesco S&P International Developed Low Volatility ETF | 10,630 | 336,865 | ||||||
Invesco S&P MidCap Low Volatility ETF | 6,250 | 341,625 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 3,210 | 151,769 | ||||||
iShares Core MSCI EAFE ETF | 8,850 | 668,617 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,260 | 142,854 | ||||||
iShares Core S&P Total US Stock Market ETF | 19,280 | 1,938,797 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 4,340 | 335,439 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,210 | 74,838 | ||||||
iShares MSCI USA Min Vol Factor ETF | 8,600 | 655,492 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,360 | 153,069 | ||||||
|
| |||||||
Total Equity | 5,523,752 | |||||||
|
| |||||||
Fixed Income (10.2%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 4,590 | 534,551 | ||||||
iShares TIPS Bond ETF | 710 | 92,712 | ||||||
|
| |||||||
Total Fixed Income | 627,263 | |||||||
|
| |||||||
Total Investments in Securities (99.7%) | 6,151,015 | |||||||
Other Assets Less Liabilities (0.3%) | 17,967 | |||||||
|
| |||||||
Net Assets (100%) | $ | 6,168,982 | ||||||
|
|
See Notes to Portfolio of Investments.
43
1290 FUNDS
1290 RETIREMENT 2050 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 6,151,015 | $ | — | $ | — | $ | 6,151,015 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 6,151,015 | $ | — | $ | — | $ | 6,151,015 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 6,151,015 | $ | — | $ | — | $ | 6,151,015 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,418,212 | ||
Aggregate gross unrealized depreciation | (8,507 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,409,705 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 4,741,310 | ||
|
|
See Notes to Portfolio of Investments.
44
1290 FUNDS
1290 RETIREMENT 2055 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (94.0%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 9,320 | $ | 587,719 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 2,730 | 65,731 | ||||||
Invesco S&P International Developed Low Volatility ETF | 9,950 | 315,316 | ||||||
Invesco S&P MidCap Low Volatility ETF | 5,570 | 304,456 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 3,150 | 148,932 | ||||||
iShares Core MSCI EAFE ETF | 8,040 | 607,422 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,100 | 132,741 | ||||||
iShares Core S&P Total US Stock Market ETF | 17,780 | 1,787,957 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 3,960 | 306,068 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,230 | 76,076 | ||||||
iShares MSCI USA Min Vol Factor ETF | 7,910 | 602,900 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,180 | 132,810 | ||||||
|
| |||||||
Total Equity | 5,068,128 | |||||||
|
| |||||||
Fixed Income (5.6%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 2,200 | 256,212 | ||||||
iShares TIPS Bond ETF | 340 | 44,397 | ||||||
|
| |||||||
Total Fixed Income | 300,609 | |||||||
|
| |||||||
Total Investments in Securities (99.6%) |
| 5,368,737 | ||||||
Other Assets Less Liabilities (0.4%) | 21,445 | |||||||
|
| |||||||
Net Assets (100%) | $ | 5,390,182 | ||||||
|
|
See Notes to Portfolio of Investments.
45
1290 FUNDS
1290 RETIREMENT 2055 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 5,368,737 | $ | — | $ | — | $ | 5,368,737 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 5,368,737 | $ | — | $ | — | $ | 5,368,737 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 5,368,737 | $ | — | $ | — | $ | 5,368,737 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,473,305 | ||
Aggregate gross unrealized depreciation | (37 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,473,268 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 3,895,469 | ||
|
|
See Notes to Portfolio of Investments.
46
1290 FUNDS
1290 RETIREMENT 2060 FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
EXCHANGE TRADED FUNDS (ETF): |
| |||||||
Equity (99.2%) | ||||||||
Invesco S&P 500 Low Volatility ETF | 9,240 | $ | 582,674 | |||||
Invesco S&P Emerging Markets Low Volatility ETF | 2,760 | 66,453 | ||||||
Invesco S&P International Developed Low Volatility ETF | 9,840 | 311,830 | ||||||
Invesco S&P MidCap Low Volatility ETF | 5,650 | 308,829 | ||||||
Invesco S&P SmallCap Low Volatility ETF | 2,970 | 140,422 | ||||||
iShares Core MSCI EAFE ETF | 8,190 | 618,755 | ||||||
iShares Core MSCI Emerging Markets ETF | 2,330 | 147,279 | ||||||
iShares Core S&P Total US Stock Market ETF | 17,680 | 1,777,901 | ||||||
iShares MSCI EAFE Min Vol Factor ETF | 4,010 | 309,933 | ||||||
iShares MSCI Emerging Markets Min Vol Factor ETF | 1,120 | 69,272 | ||||||
iShares MSCI USA Min Vol Factor ETF | 7,860 | 599,089 | ||||||
SPDR SSGA US Small Cap Low Volatility Index ETF | 1,230 | 138,437 | ||||||
|
| |||||||
Total Equity | 5,070,874 | |||||||
|
| |||||||
Fixed Income (0.4%) | ||||||||
iShares Core U.S. Aggregate Bond ETF | 160 | 18,634 | ||||||
iShares TIPS Bond ETF | 30 | 3,917 | ||||||
|
| |||||||
Total Fixed Income | 22,551 | |||||||
|
| |||||||
Total Investments in Securities (99.6%) | 5,093,425 | |||||||
Other Assets Less Liabilities (0.4%) | 17,899 | |||||||
|
| |||||||
Net Assets (100%) | $ | 5,111,324 | ||||||
|
|
See Notes to Portfolio of Investments.
47
1290 FUNDS
1290 RETIREMENT 2060 FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Exchange Traded Funds | ||||||||||||||||
Exchange Traded Funds | $ | 5,093,425 | $ | — | $ | — | $ | 5,093,425 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 5,093,425 | $ | — | $ | — | $ | 5,093,425 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 5,093,425 | $ | — | $ | — | $ | 5,093,425 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 1,415,241 | ||
Aggregate gross unrealized depreciation | (943 | ) | ||
|
| |||
Net unrealized appreciation | $ | 1,414,298 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 3,679,127 | ||
|
|
See Notes to Portfolio of Investments.
48
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
COMMON STOCKS: | ||||||||
Communication Services (6.3%) | ||||||||
Diversified Telecommunication Services (1.8%) |
| |||||||
AT&T, Inc. | 15,700 | $ | 440,385 | |||||
BCE, Inc. | 2,000 | 99,824 | ||||||
Nippon Telegraph & Telephone Corp. | 8,500 | 217,139 | ||||||
Orange SA | 6,667 | 74,303 | ||||||
Singapore Telecommunications Ltd. | 67,600 | 113,253 | ||||||
Swisscom AG (Registered) | 331 | 199,144 | ||||||
Verizon Communications, Inc. | 15,100 | 842,278 | ||||||
|
| |||||||
1,986,326 | ||||||||
|
| |||||||
Entertainment (0.4%) | ||||||||
Activision Blizzard, Inc. | 1,400 | 117,068 | ||||||
Nintendo Co. Ltd. | 200 | 102,821 | ||||||
Take-Two Interactive Software, Inc.* | 300 | 52,026 | ||||||
Vivendi SE | 2,850 | 96,353 | ||||||
|
| |||||||
368,268 | ||||||||
|
| |||||||
Interactive Media & Services (3.4%) | ||||||||
Alphabet, Inc., Class A* | 900 | 2,425,077 | ||||||
Facebook, Inc., Class A* | 3,400 | 1,211,420 | ||||||
REA Group Ltd. | 679 | 80,553 | ||||||
|
| |||||||
3,717,050 | ||||||||
|
| |||||||
Media (0.5%) | ||||||||
Comcast Corp., Class A | 7,800 | 458,874 | ||||||
Omnicom Group, Inc. | 800 | 58,256 | ||||||
Quebecor, Inc., Class B | 2,000 | 52,325 | ||||||
|
| |||||||
569,455 | ||||||||
|
| |||||||
Wireless Telecommunication Services (0.2%) |
| |||||||
KDDI Corp. | 3,300 | 100,229 | ||||||
Rogers Communications, Inc., Class B | 2,300 | 117,396 | ||||||
|
| |||||||
217,625 | ||||||||
|
| |||||||
Total Communication Services | 6,858,724 | |||||||
|
| |||||||
Consumer Discretionary (6.3%) | ||||||||
Auto Components (0.2%) | ||||||||
Bridgestone Corp. | 2,400 | 105,009 | ||||||
Sumitomo Electric Industries Ltd. | 7,200 | 101,563 | ||||||
|
| |||||||
206,572 | ||||||||
|
| |||||||
Automobiles (0.4%) | ||||||||
Honda Motor Co. Ltd. | 2,800 | 89,152 | ||||||
Toyota Motor Corp. | 3,400 | 303,878 | ||||||
|
| |||||||
393,030 | ||||||||
|
| |||||||
Distributors (0.2%) | ||||||||
Genuine Parts Co. | 400 | 50,768 | ||||||
LKQ Corp.* | 2,100 | 106,575 | ||||||
Pool Corp. | 200 | 95,564 | ||||||
|
| |||||||
252,907 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure (0.2%) | ||||||||
Domino’s Pizza, Inc. | 200 | 105,098 | ||||||
Restaurant Brands International, Inc. | 1,200 | 81,872 | ||||||
|
| |||||||
186,970 | ||||||||
|
| |||||||
Household Durables (0.4%) | ||||||||
DR Horton, Inc. | 1,200 | 114,516 | ||||||
Garmin Ltd. | 700 | 110,040 | ||||||
Sekisui House Ltd. | 6,000 | 118,163 | ||||||
Sony Group Corp. | 1,300 | 134,793 | ||||||
|
| |||||||
477,512 | ||||||||
|
| |||||||
Internet & Direct Marketing Retail (2.0%) |
| |||||||
Amazon.com, Inc.* | 600 | 1,996,554 | ||||||
eBay, Inc. | 2,456 | 167,524 | ||||||
|
| |||||||
2,164,078 | ||||||||
|
| |||||||
Multiline Retail (0.7%) | ||||||||
Dollar General Corp. | 800 | 186,112 | ||||||
Target Corp. | 1,400 | 365,470 | ||||||
Wesfarmers Ltd. | 5,313 | 238,382 | ||||||
|
| |||||||
789,964 | ||||||||
|
| |||||||
Specialty Retail (1.4%) | ||||||||
AutoZone, Inc.* | 100 | 162,357 | ||||||
Best Buy Co., Inc. | 1,100 | 123,585 | ||||||
Home Depot, Inc. (The) | 2,100 | 689,199 | ||||||
Lowe’s Cos., Inc. | 1,900 | 366,111 | ||||||
O’Reilly Automotive, Inc.* | 200 | 120,768 | ||||||
Ross Stores, Inc. | 500 | 61,345 | ||||||
|
| |||||||
1,523,365 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods (0.8%) |
| |||||||
Kering SA | 130 | 116,615 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 335 | 267,804 | ||||||
NIKE, Inc., Class B | 2,500 | 418,775 | ||||||
|
| |||||||
803,194 | ||||||||
|
| |||||||
Total Consumer Discretionary | 6,797,592 | |||||||
|
| |||||||
Consumer Staples (9.4%) | ||||||||
Beverages (2.5%) | ||||||||
Brown-Forman Corp., Class B | 1,700 | 120,564 | ||||||
Carlsberg A/S, Class B | 1,112 | 205,607 | ||||||
Coca-Cola Co. (The) | 13,600 | 775,608 | ||||||
Diageo plc | 7,117 | 353,216 | ||||||
Heineken NV | 1,512 | 176,133 | ||||||
Keurig Dr Pepper, Inc. | 2,400 | 84,504 | ||||||
Monster Beverage Corp.* | 800 | 75,456 | ||||||
PepsiCo, Inc. | 5,491 | 861,813 | ||||||
Pernod Ricard SA | 493 | 108,835 | ||||||
|
| |||||||
2,761,736 | ||||||||
|
| |||||||
Food & Staples Retailing (2.1%) | ||||||||
Alimentation Couche-Tard, Inc., Class B | 2,700 | 108,835 | ||||||
Costco Wholesale Corp. | 1,568 | 673,801 | ||||||
Koninklijke Ahold Delhaize NV | 7,274 | 226,031 | ||||||
Kroger Co. (The) | 2,200 | 89,540 | ||||||
Loblaw Cos. Ltd. | 800 | 54,120 | ||||||
Metro, Inc. | 1,800 | 93,347 | ||||||
Seven & i Holdings Co. Ltd. | 2,400 | 106,497 | ||||||
Tesco plc | 29,714 | 96,235 | ||||||
Walmart, Inc. | 5,000 | 712,750 | ||||||
Woolworths Group Ltd. | 3,914 | 111,330 | ||||||
|
| |||||||
2,272,486 | ||||||||
|
| |||||||
Food Products (1.7%) | ||||||||
Archer-Daniels-Midland Co. | 7,600 | 453,872 | ||||||
General Mills, Inc. | 2,900 | 170,694 | ||||||
Hershey Co. (The) | 400 | 71,552 | ||||||
Kellogg Co. | 2,700 | 171,072 | ||||||
McCormick & Co., Inc. (Non-Voting) | 1,200 | 101,004 | ||||||
Mondelez International, Inc., Class A | 7,103 | 449,336 | ||||||
Nestle SA (Registered) | 3,409 | 432,028 | ||||||
|
| |||||||
1,849,558 | ||||||||
|
| |||||||
Household Products (2.2%) | ||||||||
Church & Dwight Co., Inc. | 1,500 | 129,870 | ||||||
Clorox Co. (The) | 700 | 126,623 | ||||||
Colgate-Palmolive Co. | 6,400 | 508,800 | ||||||
Henkel AG & Co. KGaA (Preference)(q) | 1,807 | 183,231 | ||||||
Kimberly-Clark Corp | 3,065 | 415,982 | ||||||
Procter & Gamble Co. (The) | 7,000 | 995,610 | ||||||
|
| |||||||
2,360,116 | ||||||||
|
| |||||||
Personal Products (0.9%) | ||||||||
Estee Lauder Cos., Inc. (The), Class A | 500 | 166,915 |
See Notes to Portfolio of Investments.
49
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Kao Corp. | 2,600 | $ | 155,803 | |||||
L’Oreal SA | 776 | 355,233 | ||||||
Unilever plc (Cboe Europe) | 4,042 | 232,980 | ||||||
Unilever plc (London Stock Exchange) | 1,300 | 75,009 | ||||||
|
| |||||||
985,940 | ||||||||
|
| |||||||
Total Consumer Staples | 10,229,836 | |||||||
|
| |||||||
Energy (0.9%) | ||||||||
Oil, Gas & Consumable Fuels (0.9%) | ||||||||
Enbridge, Inc. | 11,300 | 445,442 | ||||||
Equinor ASA | 9,830 | 191,866 | ||||||
Neste OYJ | 1,200 | 73,766 | ||||||
TC Energy Corp. | 2,300 | 112,124 | ||||||
TotalEnergies SE | 2,715 | 118,199 | ||||||
|
| |||||||
Total Energy | 941,397 | |||||||
|
| |||||||
Financials (16.2%) | ||||||||
Banks (5.9%) | ||||||||
Banco Bilbao Vizcaya Argentaria SA | 16,776 | 107,682 | ||||||
Bank Hapoalim BM* | 13,215 | 105,475 | ||||||
Bank Leumi Le-Israel BM* | 10,549 | 80,867 | ||||||
Bank of Montreal | 2,900 | 287,141 | ||||||
Bank of Nova Scotia (The) | 10,100 | 630,400 | ||||||
Canadian Imperial Bank of Commerce | 2,900 | 337,210 | ||||||
Citigroup, Inc. | 1,500 | 101,430 | ||||||
Citizens Financial Group, Inc. | 2,300 | 96,968 | ||||||
Commonwealth Bank of Australia | 1,326 | 96,968 | ||||||
DBS Group Holdings Ltd. | 11,000 | 246,880 | ||||||
Fifth Third Bancorp | 2,700 | 97,983 | ||||||
First Republic Bank | 500 | 97,510 | ||||||
Hang Seng Bank Ltd. | 4,100 | 78,664 | ||||||
Japan Post Bank Co. Ltd. | 9,900 | 83,925 | ||||||
JPMorgan Chase & Co. | 5,700 | 865,146 | ||||||
Mizrahi Tefahot Bank Ltd.* | 1,800 | 54,649 | ||||||
Mizuho Financial Group, Inc. | 18,760 | 267,707 | ||||||
National Bank of Canada | 4,100 | 313,810 | ||||||
Oversea-Chinese Banking Corp. Ltd. | 22,500 | 204,251 | ||||||
Regions Financial Corp. | 5,200 | 100,100 | ||||||
Royal Bank of Canada | 7,100 | 718,081 | ||||||
Sumitomo Mitsui Financial Group, Inc. | 5,400 | 181,879 | ||||||
Sumitomo Mitsui Trust Holdings, Inc. | 2,300 | 75,391 | ||||||
Svenska Handelsbanken AB, Class A | 12,505 | 141,052 | ||||||
Toronto-Dominion Bank (The) | 11,200 | 744,662 | ||||||
United Overseas Bank Ltd. | 9,800 | 190,076 | ||||||
Westpac Banking Corp. | 3,771 | 67,855 | ||||||
|
| |||||||
6,373,762 | ||||||||
|
| |||||||
Capital Markets (3.8%) | ||||||||
Ameriprise Financial, Inc. | 300 | 77,268 | ||||||
ASX Ltd. | 2,525 | 142,475 | ||||||
Bank of New York Mellon Corp. (The) | 1,800 | 92,394 | ||||||
BlackRock, Inc. | 1,000 | 867,170 | ||||||
Daiwa Securities Group, Inc. | 18,900 | 98,889 | ||||||
Deutsche Boerse AG | 1,266 | 211,377 | ||||||
Hong Kong Exchanges & Clearing Ltd. | 1,500 | 95,739 | ||||||
Intercontinental Exchange, Inc. | 3,300 | 395,439 | ||||||
London Stock Exchange Group plc | 840 | 87,453 | ||||||
Moody’s Corp. | 900 | 338,400 | ||||||
MSCI, Inc. | 500 | 297,980 | ||||||
Nasdaq, Inc. | 600 | 112,038 | ||||||
Northern Trust Corp. | 800 | 90,280 | ||||||
S&P Global, Inc. | 1,800 | 771,696 | ||||||
Singapore Exchange Ltd. | 13,600 | 119,243 | ||||||
T. Rowe Price Group, Inc. | 1,400 | 285,824 | ||||||
TMX Group Ltd. | 500 | 54,909 | ||||||
|
| |||||||
4,138,574 | ||||||||
|
| |||||||
Consumer Finance (0.3%) | ||||||||
American Express Co. | 1,600 | 272,848 | ||||||
|
| |||||||
Diversified Financial Services (0.9%) | ||||||||
Berkshire Hathaway, Inc., Class B* | 3,400 | 946,186 | ||||||
|
| |||||||
Insurance (5.3%) | ||||||||
Admiral Group plc | 2,453 | 115,929 | ||||||
Aflac, Inc. | 4,600 | 253,000 | ||||||
Ageas SA | 1,833 | 96,891 | ||||||
AIA Group Ltd. | 6,200 | 74,277 | ||||||
Allianz SE (Registered) | 1,424 | 354,736 | ||||||
Allstate Corp. (The) | 1,900 | 247,095 | ||||||
Aon plc, Class A | 1,400 | 364,042 | ||||||
Arthur J Gallagher & Co. | 2,000 | 278,620 | ||||||
Assicurazioni Generali SpA | 14,610 | 292,029 | ||||||
Aviva plc | 13,479 | 72,564 | ||||||
Chubb Ltd. | 1,300 | 219,362 | ||||||
Cincinnati Financial Corp. | 800 | 94,304 | ||||||
Fidelity National Financial, Inc. | 1,200 | 53,532 | ||||||
Great-West Lifeco, Inc. | 2,700 | 81,242 | ||||||
Hannover Rueck SE | 376 | 63,292 | ||||||
Hartford Financial Services Group, Inc. (The) | 1,300 | 82,706 | ||||||
Intact Financial Corp. | 900 | 122,635 | ||||||
Japan Post Insurance Co. Ltd. | 2,600 | 45,930 | ||||||
Legal & General Group plc | 21,533 | 78,239 | ||||||
Loews Corp. | 1,700 | 91,171 | ||||||
Manulife Financial Corp. | 7,000 | 135,332 | ||||||
Markel Corp.* | 80 | 96,494 | ||||||
Marsh & McLennan Cos., Inc. | 3,900 | 574,158 | ||||||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Registered) | 660 | 178,429 | ||||||
Power Corp. of Canada | 3,400 | 108,519 | ||||||
Progressive Corp. (The) | 2,500 | 237,900 | ||||||
Sampo OYJ, Class A | 1,600 | 77,097 | ||||||
Sompo Holdings, Inc. | 2,000 | 82,585 | ||||||
Sun Life Financial, Inc. | 6,100 | 317,712 | ||||||
Suncorp Group Ltd. | 8,528 | 72,221 | ||||||
T&D Holdings, Inc. | 6,200 | 79,008 | ||||||
Tokio Marine Holdings, Inc. | 3,500 | 166,219 | ||||||
Travelers Cos., Inc. (The) | 2,000 | 297,840 | ||||||
Zurich Insurance Group AG | 718 | 289,943 | ||||||
|
| |||||||
5,795,053 | ||||||||
|
| |||||||
Total Financials | 17,526,423 | |||||||
|
| |||||||
Health Care (12.8%) | ||||||||
Biotechnology (1.0%) | ||||||||
AbbVie, Inc. | 2,800 | 325,640 | ||||||
Amgen, Inc. | 1,206 | 291,297 | ||||||
CSL Ltd. | 795 | 168,553 | ||||||
Regeneron Pharmaceuticals, Inc.* | 300 | 172,383 | ||||||
Vertex Pharmaceuticals, Inc.* | 500 | 100,790 | ||||||
|
| |||||||
1,058,663 | ||||||||
|
| |||||||
Health Care Equipment & Supplies (4.2%) |
| |||||||
Abbott Laboratories | 6,000 | 725,880 | ||||||
Baxter International, Inc. | 2,400 | 185,640 | ||||||
Becton Dickinson and Co. | 800 | 204,600 | ||||||
Coloplast A/S, Class B | 400 | 73,162 | ||||||
Cooper Cos., Inc. (The) | 200 | 84,354 | ||||||
Danaher Corp. | 2,400 | 713,976 |
See Notes to Portfolio of Investments.
50
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Edwards Lifesciences Corp.* | 2,400 | $ | 269,448 | |||||
Fisher & Paykel Healthcare Corp. Ltd. | 5,268 | 115,795 | ||||||
Hoya Corp. | 1,000 | 140,422 | ||||||
IDEXX Laboratories, Inc.* | 300 | 203,559 | ||||||
Intuitive Surgical, Inc.* | 200 | 198,292 | ||||||
Koninklijke Philips NV | 2,420 | 111,643 | ||||||
Medtronic plc | 5,500 | 722,205 | ||||||
ResMed, Inc. | 600 | 163,080 | ||||||
STERIS plc | 500 | 108,975 | ||||||
Stryker Corp. | 1,300 | 352,222 | ||||||
Terumo Corp. | 2,100 | 81,106 | ||||||
West Pharmaceutical Services, Inc. | 400 | 164,692 | ||||||
|
| |||||||
4,619,051 | ||||||||
|
| |||||||
Health Care Providers & Services (2.3%) |
| |||||||
Anthem, Inc. | 700 | 268,807 | ||||||
Cardinal Health, Inc. | 900 | 53,442 | ||||||
Cigna Corp. | 1,100 | 252,439 | ||||||
HCA Healthcare, Inc. | 700 | 173,740 | ||||||
Humana, Inc. | 400 | 170,344 | ||||||
Laboratory Corp. of America Holdings* | 300 | 88,845 | ||||||
McKesson Corp. | 700 | 142,681 | ||||||
Quest Diagnostics, Inc. | 400 | 56,720 | ||||||
Sonic Healthcare Ltd. | 5,021 | 147,460 | ||||||
UnitedHealth Group, Inc. | 2,700 | 1,112,994 | ||||||
|
| |||||||
2,467,472 | ||||||||
|
| |||||||
Health Care Technology (0.3%) | ||||||||
Cerner Corp. | 2,300 | 184,897 | ||||||
Veeva Systems, Inc., Class A* | 400 | 133,084 | ||||||
|
| |||||||
317,981 | ||||||||
|
| |||||||
Life Sciences Tools & Services (1.3%) | ||||||||
Agilent Technologies, Inc. | 2,700 | 413,721 | ||||||
Bio-Techne Corp. | 200 | 96,448 | ||||||
Mettler-Toledo International, Inc.* . | 100 | 147,371 | ||||||
Thermo Fisher Scientific, Inc. | 1,200 | 648,012 | ||||||
Waters Corp.* | 300 | 116,943 | ||||||
|
| |||||||
1,422,495 | ||||||||
|
| |||||||
Pharmaceuticals (3.7%) | ||||||||
Eli Lilly and Co. | 1,400 | 340,900 | ||||||
GlaxoSmithKline plc | 11,219 | 221,098 | ||||||
Johnson & Johnson | 5,500 | 947,100 | ||||||
Merck & Co., Inc. | 8,100 | 622,647 | ||||||
Merck KGaA | 924 | 189,241 | ||||||
Novo Nordisk A/S, Class B | 2,765 | 255,733 | ||||||
Otsuka Holdings Co. Ltd. | 1,200 | 47,451 | ||||||
Pfizer, Inc. | 5,100 | 218,331 | ||||||
Roche Holding AG | 993 | 384,056 | ||||||
Sanofi | 1,405 | 144,801 | ||||||
Shionogi & Co. Ltd. | 1,800 | 94,377 | ||||||
Zoetis, Inc. | 2,600 | 527,020 | ||||||
|
| |||||||
3,992,755 | ||||||||
|
| |||||||
Total Health Care | 13,878,417 | |||||||
|
| |||||||
Industrials (16.8%) | ||||||||
Aerospace & Defense (0.8%) | ||||||||
BAE Systems plc | 6,741 | 53,971 | ||||||
General Dynamics Corp. | 500 | 98,015 | ||||||
Lockheed Martin Corp. | 1,100 | 408,837 | ||||||
Northrop Grumman Corp. | 500 | 181,510 | ||||||
Teledyne Technologies, Inc.* | 200 | 90,554 | ||||||
|
| |||||||
832,887 | ||||||||
|
| |||||||
Air Freight & Logistics (1.1%) | ||||||||
Deutsche Post AG (Registered) | 3,097 | 209,812 | ||||||
Expeditors International of Washington, Inc. | 4,800 | 615,600 | ||||||
United Parcel Service, Inc., Class B | 1,400 | 267,904 | ||||||
Yamato Holdings Co. Ltd. | 3,000 | 86,140 | ||||||
|
| |||||||
1,179,456 | ||||||||
|
| |||||||
Building Products (1.5%) | ||||||||
Allegion plc | 2,900 | 396,140 | ||||||
Assa Abloy AB, Class B | 2,252 | 72,229 | ||||||
Daikin Industries Ltd. | 1,000 | 206,599 | ||||||
Geberit AG (Registered) | 249 | 204,456 | ||||||
Johnson Controls International plc | 3,200 | 228,544 | ||||||
Lennox International, Inc. | 300 | 98,829 | ||||||
Trane Technologies plc | 2,000 | 407,220 | ||||||
|
| |||||||
1,614,017 | ||||||||
|
| |||||||
Commercial Services & Supplies (0.6%) |
| |||||||
Brambles Ltd. | 14,150 | 120,662 | ||||||
Cintas Corp. | 500 | 197,090 | ||||||
Copart, Inc.* | 800 | 117,600 | ||||||
Waste Management, Inc. | 1,700 | 252,042 | ||||||
|
| |||||||
687,394 | ||||||||
|
| |||||||
Construction & Engineering (0.3%) | ||||||||
Kajima Corp. | 8,200 | 104,868 | ||||||
Taisei Corp. | 2,100 | 70,348 | ||||||
Vinci SA | 500 | 52,913 | ||||||
WSP Global, Inc. | 900 | 106,830 | ||||||
|
| |||||||
334,959 | ||||||||
|
| |||||||
Electrical Equipment (2.7%) | ||||||||
AMETEK, Inc. | 500 | 69,525 | ||||||
Eaton Corp. plc | 4,300 | 679,615 | ||||||
Emerson Electric Co. | 8,200 | 827,298 | ||||||
Legrand SA | 708 | 79,720 | ||||||
Mitsubishi Electric Corp. | 11,500 | 154,724 | ||||||
Rockwell Automation, Inc. | 2,300 | 707,066 | ||||||
Schneider Electric SE | 2,328 | 390,213 | ||||||
|
| |||||||
2,908,161 | ||||||||
|
| |||||||
Industrial Conglomerates (1.5%) | ||||||||
3M Co. | 4,700 | 930,318 | ||||||
Hitachi Ltd. | 2,000 | 114,088 | ||||||
Honeywell International, Inc. | 900 | 210,411 | ||||||
Roper Technologies, Inc. | 400 | 196,536 | ||||||
Siemens AG (Registered) | 1,279 | 199,635 | ||||||
|
| |||||||
1,650,988 | ||||||||
|
| |||||||
Machinery (4.5%) | ||||||||
Alfa Laval AB | 1,547 | 64,587 | ||||||
Atlas Copco AB, Class A | 7,501 | 507,130 | ||||||
Caterpillar, Inc. | 700 | 144,725 | ||||||
Cummins, Inc. | 1,000 | 232,100 | ||||||
Deere & Co. | 900 | 325,431 | ||||||
Dover Corp. | 3,800 | 635,056 | ||||||
FANUC Corp. | 400 | 88,893 | ||||||
IDEX Corp. | 500 | 113,345 | ||||||
Illinois Tool Works, Inc. | 3,600 | 816,012 | ||||||
Kone OYJ, Class B | 2,205 | 182,627 | ||||||
Kubota Corp. | 11,200 | 232,514 | ||||||
PACCAR, Inc. | 1,100 | 91,289 | ||||||
Parker-Hannifin Corp. | 300 | 93,609 | ||||||
Pentair plc | 5,900 | 434,653 | ||||||
Sandvik AB | 2,000 | 52,112 | ||||||
SMC Corp. | 100 | 59,068 | ||||||
Snap-on, Inc. | 1,600 | 348,768 | ||||||
Techtronic Industries Co. Ltd. | 6,000 | 107,243 | ||||||
Volvo AB, Class B | 2,258 | 53,182 | ||||||
Xylem, Inc. | 2,000 | 251,700 | ||||||
|
| |||||||
4,834,044 | ||||||||
|
| |||||||
Marine (0.1%) | ||||||||
Kuehne + Nagel International AG (Registered) | 180 | 60,725 | ||||||
|
|
See Notes to Portfolio of Investments.
51
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Professional Services (1.0%) | ||||||||
Experian plc | 2,134 | $ | 93,971 | |||||
Jacobs Engineering Group, Inc. | 500 | 67,625 | ||||||
Teleperformance | 337 | 142,157 | ||||||
TransUnion | 1,000 | 120,060 | ||||||
Verisk Analytics, Inc. | 1,600 | 303,904 | ||||||
Wolters Kluwer NV | 3,375 | 384,665 | ||||||
|
| |||||||
1,112,382 | ||||||||
|
| |||||||
Road & Rail (1.1%) | ||||||||
Canadian National Railway Co. | 1,500 | 162,985 | ||||||
Canadian Pacific Railway Ltd. | 4,100 | 304,443 | ||||||
Kansas City Southern | 400 | 107,120 | ||||||
Old Dominion Freight Line, Inc. | 1,700 | 457,555 | ||||||
Union Pacific Corp. | 1,000 | 218,760 | ||||||
|
| |||||||
1,250,863 | ||||||||
|
| |||||||
Trading Companies & Distributors (1.6%) | ||||||||
Brenntag SE | 770 | 76,909 | ||||||
Fastenal Co. | 11,500 | 629,855 | ||||||
Ferguson plc | 473 | 66,339 | ||||||
ITOCHU Corp. | 9,000 | 265,148 | ||||||
Mitsubishi Corp. | 5,100 | 142,347 | ||||||
Mitsui & Co. Ltd. | 9,500 | 216,446 | ||||||
Toyota Tsusho Corp. | 4,400 | 206,153 | ||||||
WW Grainger, Inc. | 400 | 177,832 | ||||||
|
| |||||||
1,781,029 | ||||||||
|
| |||||||
Total Industrials | 18,246,905 | |||||||
|
| |||||||
Information Technology (20.1%) | ||||||||
Communications Equipment (0.8%) | ||||||||
Cisco Systems, Inc. | 10,894 | 603,201 | ||||||
Motorola Solutions, Inc. | 700 | 156,744 | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 9,084 | 104,332 | ||||||
|
| |||||||
864,277 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components (1.8%) | ||||||||
Amphenol Corp., Class A | 8,700 | 630,663 | ||||||
Azbil Corp. | 2,000 | 77,572 | ||||||
CDW Corp. | 3,400 | 623,390 | ||||||
Corning, Inc. | 1,400 | 58,604 | ||||||
Hexagon AB, Class B | 4,522 | 74,856 | ||||||
Keyence Corp. | 200 | 110,733 | ||||||
Keysight Technologies, Inc.* | 600 | 98,730 | ||||||
Kyocera Corp. | 900 | 55,269 | ||||||
Murata Manufacturing Co. Ltd. | 1,400 | 115,364 | ||||||
Trimble, Inc.* | 900 | 76,950 | ||||||
|
| |||||||
1,922,131 | ||||||||
|
| |||||||
IT Services (3.9%) | ||||||||
Accenture plc, Class A | 1,900 | 603,592 | ||||||
Automatic Data Processing, Inc. | 4,600 | 964,298 | ||||||
Broadridge Financial Solutions, Inc. | 700 | 121,443 | ||||||
CGI, Inc.* | 1,100 | 100,063 | ||||||
EPAM Systems, Inc.* | 200 | 111,960 | ||||||
Fiserv, Inc.* | 2,300 | 264,753 | ||||||
Fujitsu Ltd. | 400 | 67,691 | ||||||
Mastercard, Inc., Class A | 1,300 | 501,722 | ||||||
Nomura Research Institute Ltd. | 1,700 | 54,546 | ||||||
Paychex, Inc. | 1,900 | 216,258 | ||||||
PayPal Holdings, Inc.* | 707 | 194,800 | ||||||
VeriSign, Inc.* | 500 | 108,185 | ||||||
Visa, Inc., Class A | 3,600 | 887,004 | ||||||
|
| |||||||
4,196,315 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment (2.5%) | ||||||||
Analog Devices, Inc. | 500 | 83,710 | ||||||
Applied Materials, Inc. | 2,500 | 349,825 | ||||||
ASML Holding NV | 710 | 538,190 | ||||||
Broadcom, Inc. | 200 | 97,080 | ||||||
Intel Corp. | 7,200 | 386,784 | ||||||
KLA Corp. | 500 | 174,080 | ||||||
Texas Instruments, Inc. | 5,867 | 1,118,367 | ||||||
|
| |||||||
2,748,036 | ||||||||
|
| |||||||
Software (6.9%) | ||||||||
Adobe, Inc.* | 1,500 | 932,445 | ||||||
Autodesk, Inc.* | 500 | 160,565 | ||||||
Cadence Design Systems, Inc.* | 1,400 | 206,710 | ||||||
Constellation Software, Inc. | 100 | 160,182 | ||||||
Fair Isaac Corp.* | 100 | 52,391 | ||||||
Fortinet, Inc.* | 400 | 108,896 | ||||||
Intuit, Inc. | 900 | 476,973 | ||||||
Microsoft Corp. | 12,110 | 3,450,260 | ||||||
Open Text Corp. | 2,300 | 119,461 | ||||||
Oracle Corp. | 14,100 | 1,228,674 | ||||||
SAP SE | 1,939 | 277,949 | ||||||
Synopsys, Inc.* | 1,000 | 287,990 | ||||||
|
| |||||||
7,462,496 | ||||||||
|
| |||||||
Technology Hardware, Storage & Peripherals (4.2%) | ||||||||
Apple, Inc. | 26,804 | 3,909,631 | ||||||
Canon, Inc. | 10,500 | 238,943 | ||||||
FUJIFILM Holdings Corp. | 3,700 | 264,115 | ||||||
HP, Inc. | 7,000 | 202,090 | ||||||
|
| |||||||
4,614,779 | ||||||||
|
| |||||||
Total Information Technology | 21,808,034 | |||||||
|
| |||||||
Materials (3.3%) | ||||||||
Chemicals (2.1%) | ||||||||
Air Liquide SA | 287 | 49,904 | ||||||
Akzo Nobel NV | 2,173 | 268,341 | ||||||
BASF SE | 929 | 72,976 | ||||||
Corteva, Inc. | 2,900 | 124,062 | ||||||
Ecolab, Inc. | 1,900 | 419,577 | ||||||
Givaudan SA (Registered) | 84 | 419,328 | ||||||
Nitto Denko Corp. | 900 | 66,451 | ||||||
Nutrien Ltd. | 1,700 | 101,079 | ||||||
PPG Industries, Inc. | 600 | 98,112 | ||||||
Sherwin-Williams Co. (The) | 1,300 | 378,339 | ||||||
Shin-Etsu Chemical Co. Ltd. | 300 | 48,539 | ||||||
Sika AG (Registered) | 505 | 177,894 | ||||||
|
| |||||||
2,224,602 | ||||||||
|
| |||||||
Construction Materials (0.1%) | ||||||||
Martin Marietta Materials, Inc. | 200 | 72,660 | ||||||
Vulcan Materials Co. | 300 | 53,997 | ||||||
|
| |||||||
126,657 | ||||||||
|
| |||||||
Containers & Packaging (0.2%) | ||||||||
Avery Dennison Corp. | 500 | 105,340 | ||||||
Ball Corp. | 1,900 | 153,672 | ||||||
|
| |||||||
259,012 | ||||||||
|
| |||||||
Metals & Mining (0.9%) | ||||||||
BHP Group Ltd. | 7,744 | 303,980 | ||||||
BHP Group plc | 1,834 | 59,245 | ||||||
Boliden AB* | 1,575 | 61,383 | ||||||
Fortescue Metals Group Ltd. | 9,490 | 173,479 | ||||||
Newcrest Mining Ltd. | 2,719 | 52,856 | ||||||
Rio Tinto Ltd. | 2,153 | 210,801 | ||||||
Rio Tinto plc | 1,139 | 96,592 | ||||||
|
| |||||||
958,336 | ||||||||
|
| |||||||
Total Materials | 3,568,607 | |||||||
|
| |||||||
Real Estate (2.7%) | ||||||||
Equity Real Estate Investment Trusts (REITs) (2.5%) | ||||||||
American Tower Corp. (REIT) | 1,800 | 509,040 | ||||||
Crown Castle International Corp. (REIT) | 1,200 | 231,708 |
See Notes to Portfolio of Investments.
52
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
Number of Shares | Value (Note 1) | |||||||
Daiwa House REIT Investment Corp. (REIT) | 23 | $ | 68,347 | |||||
Duke Realty Corp. (REIT) | 3,100 | 157,728 | ||||||
Equity LifeStyle Properties, Inc. (REIT) | 1,000 | 83,800 | ||||||
Equity Residential (REIT) | 1,400 | 117,782 | ||||||
Essex Property Trust, Inc. (REIT) | 200 | 65,620 | ||||||
Goodman Group (REIT) | 7,429 | 123,428 | ||||||
Invitation Homes, Inc. (REIT) | 2,900 | 117,972 | ||||||
Japan Real Estate Investment Corp. (REIT) | 17 | 106,458 | ||||||
Mid-America Apartment Communities, Inc. (REIT) | 900 | 173,790 | ||||||
Nippon Building Fund, Inc. (REIT) . | 17 | 109,712 | ||||||
Nippon Prologis REIT, Inc. (REIT) . | 27 | 90,078 | ||||||
Nomura Real Estate Master Fund, Inc. (REIT) | 62 | 98,393 | ||||||
Prologis, Inc. (REIT) | 2,500 | 320,100 | ||||||
Public Storage (REIT) | 700 | 218,736 | ||||||
Segro plc (REIT) | 3,499 | 59,215 | ||||||
UDR, Inc. (REIT) | 1,800 | 98,982 | ||||||
|
| |||||||
2,750,889 | ||||||||
|
| |||||||
Real Estate Management & Development (0.2%) |
| |||||||
Daiwa House Industry Co. Ltd. | 2,200 | 67,080 | ||||||
Mitsubishi Estate Co. Ltd. | 4,400 | 68,664 | ||||||
Swiss Prime Site AG (Registered) | 583 | 62,139 | ||||||
|
| |||||||
197,883 | ||||||||
|
| |||||||
Total Real Estate | 2,948,772 | |||||||
|
| |||||||
Utilities (3.6%) | ||||||||
Electric Utilities (1.4%) | ||||||||
Enel SpA | 46,107 | 425,523 | ||||||
Iberdrola SA | 32,488 | 391,555 | ||||||
Mercury NZ Ltd. | 29,932 | 137,842 | ||||||
Power Assets Holdings Ltd. | 15,500 | 100,127 | ||||||
Red Electrica Corp. SA | 5,446 | 108,049 | ||||||
SSE plc | 6,604 | 132,690 | ||||||
Terna SpA | 28,874 | 229,624 | ||||||
|
| |||||||
1,525,410 | ||||||||
|
| |||||||
Gas Utilities (0.3%) | ||||||||
Atmos Energy Corp. | 1,600 | 157,744 | ||||||
Snam SpA | 32,906 | 199,233 | ||||||
|
| |||||||
356,977 | ||||||||
|
| |||||||
Independent Power and Renewable Electricity Producers (0.2%) | ||||||||
Northland Power, Inc. | 2,700 | 94,747 | ||||||
Uniper SE | 1,620 | 63,321 | ||||||
|
| |||||||
158,068 | ||||||||
|
| |||||||
Multi-Utilities (1.3%) | ||||||||
CMS Energy Corp. | 2,600 | 160,654 | ||||||
E.ON SE | 15,141 | 186,292 | ||||||
National Grid plc | 11,977 | 153,844 | ||||||
Public Service Enterprise Group, Inc. | 5,300 | 329,819 | ||||||
Sempra Energy | 3,000 | 391,950 | ||||||
WEC Energy Group, Inc. | 1,700 | 160,038 | ||||||
|
| |||||||
1,382,597 | ||||||||
|
| |||||||
Water Utilities (0.4%) | ||||||||
American Water Works Co., Inc. | 2,100 | 357,231 | ||||||
Severn Trent plc | 2,897 | 112,751 | ||||||
|
| |||||||
469,982 | ||||||||
|
| |||||||
Total Utilities | 3,893,034 | |||||||
|
| |||||||
Total Common Stocks (98.4%) | 106,697,741 | |||||||
|
| |||||||
SHORT-TERM INVESTMENT: | ||||||||
Investment Company (1.1%) | ||||||||
JPMorgan Prime Money Market Fund, IM Shares | 1,222,940 | 1,223,551 | ||||||
|
| |||||||
Total Short-Term Investment (1.1%) | 1,223,551 | |||||||
|
| |||||||
Total Investments in Securities (99.5%) | 107,921,292 | |||||||
Other Assets Less Liabilities (0.5%) | 529,560 | |||||||
|
| |||||||
Net Assets (100%) | $ | 108,450,852 | ||||||
|
|
* | Non-income producing. |
(q) | Preference Shares are a special type of equity investment that shares in the earnings of the company, has limited voting rights, and receives a greater dividend than applicable Common Shares. |
Country Diversification
As a Percentage of Total Net Assets
Australia | 2.1 | % | ||
Belgium | 0.1 | |||
Canada | 5.7 | |||
Denmark | 0.5 | |||
Finland | 0.3 | |||
France | 1.5 | |||
Germany | 2.1 | |||
Hong Kong | 0.4 | |||
Israel | 0.2 | |||
Italy | 1.1 | |||
Japan | 6.1 | |||
Netherlands | 1.6 | |||
New Zealand | 0.2 | |||
Norway | 0.2 | |||
Singapore | 0.8 | |||
Spain | 0.6 | |||
Sweden | 1.0 | |||
Switzerland | 2.0 | |||
United Kingdom | 1.8 | |||
United States | 71.2 | |||
Cash and Other | 0.5 | |||
|
| |||
100.0 | % | |||
|
|
See Notes to Portfolio of Investments.
53
1290 FUNDS
1290 SMARTBETA EQUITY FUND
PORTFOLIO OF INVESTMENTS (Continued)
July 31, 2021 (Unaudited)
The following is a summary of the inputs, summarized in three broad levels, used to value the Fund’s assets and liabilities carried at fair value as of July 31, 2021:
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Investment Type | Level 1 Quoted Prices in Active Markets for Identical Securities | Level 2 Significant Other Observable Inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) | Level 3 Significant Unobservable Inputs (including the Fund’s own assumptions in determining the fair value of investments) | Total | ||||||||||||
Assets: | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communication Services | $ | 5,874,929 | $ | 983,795 | $ | — | $ | 6,858,724 | ||||||||
Consumer Discretionary | 5,322,233 | 1,475,359 | — | 6,797,592 | ||||||||||||
Consumer Staples | 7,411,668 | 2,818,168 | — | 10,229,836 | ||||||||||||
Energy | 557,566 | 383,831 | — | 941,397 | ||||||||||||
Financials | 12,648,537 | 4,877,886 | — | 17,526,423 | ||||||||||||
Health Care | 11,703,519 | 2,174,898 | — | 13,878,417 | ||||||||||||
Industrials | 13,124,311 | 5,122,594 | — | 18,246,905 | ||||||||||||
Information Technology | 19,828,474 | 1,979,560 | — | 21,808,034 | ||||||||||||
Materials | 1,506,838 | 2,061,769 | — | 3,568,607 | ||||||||||||
Real Estate | 2,095,258 | 853,514 | — | 2,948,772 | ||||||||||||
Utilities | 1,652,183 | 2,240,851 | — | 3,893,034 | ||||||||||||
Short-Term Investment | ||||||||||||||||
Investment Company | 1,223,551 | — | — | 1,223,551 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | $ | 82,949,067 | $ | 24,972,225 | $ | — | $ | 107,921,292 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | $ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Total | $ | 82,949,067 | $ | 24,972,225 | $ | — | $ | 107,921,292 | ||||||||
|
|
|
|
|
|
|
|
As of July 31, 2021, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments in securities and derivative instruments, if applicable, for Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation | $ | 15,344,279 | ||
Aggregate gross unrealized depreciation | (554,679 | ) | ||
|
| |||
Net unrealized appreciation | $ | 14,789,600 | ||
|
| |||
Federal income tax cost of investments in securities and derivative instruments, if applicable | $ | 93,131,692 | ||
|
|
See Notes to Portfolio of Investments.
54
1290 FUNDS
NOTES TO PORTFOLIO OF INVESTMENTS
July 31, 2021 (Unaudited)
Note 1 Valuation
If market quotations are not readily available for a security or other financial instrument, such security and instrument shall be referred to the Trust’s Valuation Committee (“Committee”), which will value the asset in good faith pursuant to procedures (“Pricing Procedures”) adopted by the Board of Trustees of the Trust (the “Board”).
The Board is responsible for ensuring that appropriate valuation methods are used to price securities for each series (each, a “Fund” and collectively, the “Funds”) of the 1290 Funds (the “Trust”). The Board has delegated the responsibility of calculating the net asset values (“NAVs”) of each of the Trust’s Funds and classes pursuant to these Pricing Procedures to the Trust’s administrator, Equitable Investment Management Group, LLC (“EIM” or the “Adviser”), a wholly-owned subsidiary of Equitable Financial Life
Insurance Company (“Equitable Financial”) (in its capacity as administrator, the “Administrator”). The Administrator has entered into a sub-administration agreement with JPMorgan Chase Bank, N.A. (the “Sub-Administrator”), which assists in performing certain of the duties described herein. The Committee, established by the Board, determines the value of the Trust’s securities and assets for which market quotations are not readily available or for which valuation cannot otherwise be provided in accordance with procedures adopted by the Board. The Committee is comprised of senior employees from EIM.
Due to the inherent uncertainty of valuations of such securities, the fair value may differ significantly from the values that would have been used had a ready market for such securities existed.
Various inputs are used in determining the value of the Trust’s assets or liabilities carried at fair value. These inputs are summarized in three broad levels below:
• | Level 1 - quoted prices in active markets for identical assets |
• | Level 2 - other significant observable inputs (including quoted prices of similar securities, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
A summary of inputs used to value each Fund’s assets and liabilities carried at fair value as of July 31, 2021, is included in the Portfolio of Investments for each Fund. Changes in valuation techniques may result in transfers in or out of an investment’s assigned level.
Transfers into and transfers out of Level 3, are included in the Level 3 reconciliation following the Portfolio of Investments for each Fund, if any. Transfers between levels may be due to a decline, or an increase, in market activity (e.g., frequency of trades), which may result in a lack of, or increase in, available observable market inputs to determine price.
The inputs or methodology used to value securities are not necessarily an indication of the risk associated with investing in those securities. An investment’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement.
The Committee has the ability to meet and review reports based on the valuation techniques used to value Level 3 securities. As part of a review, the Committee would consider obtaining updates from its pricing vendors and Sub-Advisers for fair valued securities. For example, with respect to model driven prices, the Committee could receive reports regarding a review and recalculation of pricing models and related discounts. For those securities which are valued based on broker quotes, the Committee may evaluate variances between existing broker quotes and any alternative broker quotes provided by a Sub-Adviser or other pricing source.
To substantiate unobservable inputs used in a fair valuation, the Secretary of the Committee can perform an independent verification as well as additional research for fair value notifications received from the pricing agents. Among other factors, particular areas of focus may include: description of security, historical pricing, intra-day price movement, last trade information, corporate actions, related securities, any available company news and announcements, any available trade data or other information. The Committee also notes the materiality of holdings and price changes on a Fund’s NAV.
The Committee reviews and considers changes in value for all fair valued securities that have occurred since the last review.
Pursuant to procedures approved by the Board, events or circumstances affecting the values of Fund securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust’s calculation of a NAV for each applicable Fund when the Adviser deems that the particular event or circumstance would materially affect such Fund’s NAV.
Accounting for Derivative Instruments:
Derivatives accounted for as hedging instruments must be disclosed separately from those that do not qualify for hedge accounting. Even though the Funds may use derivatives in an attempt to achieve an economic hedge, the Fund’s derivatives are not
55
1290 FUNDS
NOTES TO PORTFOLIO OF INVESTMENTS (Concluded)
July 31, 2021 (Unaudited)
accounted for as hedging instruments because the Funds account for their derivatives at fair value and record any changes in fair value in current period earnings. All open derivative positions at period end are reflected on each respective Fund’s Portfolio of Investments.
For more information on each Fund’s policy regarding valuation of investments and other significant accounting policies, please refer to a Fund’s most recent semi-annual or annual report.
56