Prospectus by Investment Company (Form 497)

1290 FUNDS^®

1290 GAMCO Small/Mid Cap Value Fund

SUPPLEMENT DATED MAY 12, 2026 TO THE SUMMARY PROSPECTUS AND PROSPECTUS DATED MARCH 1, 2026, AS SUPPLEMENTED

This Supplement updates certain information contained in the Summary Prospectus and Prospectus dated March 1, 2026 of 1290 Funds ("Trust"), as supplemented. You should read this Supplement in conjunction with the Summary Prospectus and Prospectus 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 and Prospectus:

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:

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. Mr. Gabelli is currently on a leave of absence. The timeline for his return has not been determined.

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.