1290 Funds

03/27/2026 | Press release | Distributed by Public on 03/27/2026 10:53

Summary Prospectus by Investment Company (Form 497K)

1290 FUNDS®

1290 GAMCO Small/Mid Cap Value Fund

SUPPLEMENT DATED MARCH 27, 2026 TO THE SUMMARY PROSPECTUS, PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION DATED MARCH 1, 2026

This Supplement updates certain information contained in the Prospectus and Statement of Additional Information ("SAI") dated March 1, 2026 of 1290 Funds ("Trust"). You should read this Supplement in conjunction with the Prospectus and SAI and retain it for future reference. You may view, print, and download these documents, free of charge, at the Trust's website at https://www.1290funds.com.

Effective immediately, the following changes are being made to the Summary Prospectus, Prospectus and SAI:

The section of the Summary Prospectus and Prospectus entitled "1290 GAMCO Small/Mid Cap Value Fund - WHO MANAGES THE FUND - Sub-Adviser: GAMCO Asset Management, Inc. ("GAMCO")" is amended by deleting the table in its entirety and replacing it with the following information:

Portfolio Managers: The members of the team that are jointly and primarily responsible for the securities selection, research and trading for the Fund are:

Name Title Since

Mario J. Gabelli

Chief Executive Officer and Chief Investment Officer of Value Portfolios of GAMCO 2014

Christopher J. Marangi

President and Co-Chief Investment Officer of Value Portfolios of GAMCO 2026

Kevin V. Dreyer

Co-Chief Investment Officer of Value Portfolios of GAMCO 2026

The section of the Prospectus entitled "Management of the Funds - The Sub-Advisers - GAMCO Asset Management, Inc." is amended by deleting the second paragraph in its entirety and replacing it with the following information:

Mario J. Gabelli, Christopher J. Marangi, and Kevin V. Dreyer are jointly and primarily responsible for the investment decisions for the 1290 GAMCO Small/Mid Cap Value Fund.

Mario J. Gabelli serves as the Chief Executive Officer and Chief Investment Officer of Value Portfolios at GAMCO and has over 50 years of experience in the investment industry.

Christopher J. Marangi serves as President and Co-Chief Investment Officer of Value Portfolios at GAMCO and has over 25 years of experience in the investment industry. Mr. Marangi joined GAMCO in 2003.

Kevin V. Dreyer serves as Co-Chief Investment Officer of Value Portfolios at GAMCO and has over 20 years of experience in the investment industry. Mr. Dreyer joined GAMCO in 2005.

***

The section of the SAI entitled "Appendix B - Portfolio Manager Information - GAMCO Asset Management, Inc." is amended to include the following information:

GAMCO Asset Management, Inc. ("Sub-Adviser")
Portfolio Manager Presented below for each portfolio manager is the number of other
accounts managed by the portfolio manager and the total assets in
the accounts managed within each category as of December 31, 2025 		Presented below for each of the categories is the number
of accounts and the total assets in the accounts with
respect to which the advisory fee is based on the
performance of the account
Registered

Investment

Companies

Other Pooled

Investment

Vehicles

Other Accounts Registered

Investment

Companies

Other Pooled Investment Vehicles Other Accounts
Number
of
Accounts 		Total

Assets

Number
of
Accounts 		Total

Assets

Number
of
Accounts 		Total

Assets

Number

of

Accounts

Total

Assets

Number
of
Accounts 		Total
Assets 		Number
of
Accounts 		Total
Assets
1290 GAMCO Small/Mid Cap Value Fund

Christopher J. Marangi

10 $7.6 billion 1 $22.6 million 240 $605.9 million 0 N/A 0 N/A 0 N/A

Kevin V. Dreyer

6 $7.4 billion 1 $22.6 million 234 $592.9 million 0 N/A 0 N/A 0 N/A

Ownership of Securities of the Fund as of December 31, 2025

Portfolio Manager None

$1-

$10,000

$10,001-

$50,000

$50,001-

$100,000

$100,001-

$500,000

$500,001-

$1,000,000

over

$1,000,000

1290 GAMCO Small/Mid Cap Value Fund

Christopher J. Marangi

X

Kevin V. Dreyer

X
1290 Funds published this content on March 27, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 27, 2026 at 16:53 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]