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