The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investors shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase.Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. The performance and volatility of the fund will be different than those of the indexes. It is not possible to invest directly in the indexes.

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each of the funds to the extent necessary to ensure that each funds total operating expenses (excluding dividend and interest expense on short sales) do not exceed, on an annual basis: (i)2.15% of average daily net assets for each of the Gotham Absolute Return Fund and the Gotham Enhanced Return Fund; (ii) 1.15% of average daily net assets for the Gotham Index Plus Fund; (iii) 0.75% of average daily net assets for the Gotham Large Value Fund; (iv) 1.46% of average daily net assets for the underlying funds of Gotham Total Return Fund Institutional Class; (v) 1.35% of average daily net assets for Gotham Defensive Long 500 Fund; and (vi) 0.50% of average daily net assets for the Gotham Enhanced S&P 500 Fund (the Expense Limitation). The Expense Limitation will remain in place until January 31, 2021 unless the Board of Trustees of FundVantage Trust (the Trust) approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date onwhich Gotham reduced its compensation and/or assumed expenses for the funds. Including estimated expenses related to dividend and interest expense on short sales, Gotham Absolute Return Funds gross expense ratio is estimated to be 2.22%, Gotham Enhanced Return Funds gross expense ratio is estimated to be 2.19%, Gotham Index Plus Funds gross expense ratio is 1.15%, Gotham Large Value Funds gross expense ratio is estimated to be 2.19%, Gotham Total Return Funds Institutional Class gross expense ratio is estimated to be 1.97%,Gotham Defensive Long 500 Funds gross expense ratio is estimated to be 2.07% andthe Gotham Enhanced S&P 500 Index Funds gross expense ratio is estimated to be 2.55% prior to waivers and/or expense reimbursements under the Expense Limitation.See the Prospectus for additional details.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investors shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase.Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. The performance and volatility of the fund will be different than those of the indexes. It is not possible to invest directly in the indexes.

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each of the funds to the extent necessary to ensure that each funds total operating expenses (excluding dividend and interest expense on short sales) do not exceed, on an annual basis: (i)2.15% of average daily net assets for each of the Gotham Absolute Return Fund and the Gotham Enhanced Return Fund; (ii) 1.15% of average daily net assets for the Gotham Index Plus Fund; (iii) 0.75% of average daily net assets for the Gotham Large Value Fund; (iv) 1.46% of average daily net assets for the underlying funds of Gotham Total Return Fund Institutional Class; (v) 1.35% of average daily net assets for Gotham Defensive Long 500 Fund; and (vi) 0.50% of average daily net assets for the Gotham Enhanced S&P 500 Fund (the Expense Limitation). The Expense Limitation will remain in place until January 31, 2021 unless the Board of Trustees of FundVantage Trust (the Trust) approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date onwhich Gotham reduced its compensation and/or assumed expenses for the funds. Including estimated expenses related to dividend and interest expense on short sales, Gotham Absolute Return Funds gross expense ratio is estimated to be 2.22%, Gotham Enhanced Return Funds gross expense ratio is estimated to be 2.19%, Gotham Index Plus Funds gross expense ratio is 1.15%, Gotham Large Value Funds gross expense ratio is estimated to be 2.19%, Gotham Total Return Funds Institutional Class gross expense ratio is estimated to be 1.97%,Gotham Defensive Long 500 Funds gross expense ratio is estimated to be 2.07% andthe Gotham Enhanced S&P 500 Index Funds gross expense ratio is estimated to be 2.55% prior to waivers and/or expense reimbursements under the Expense Limitation.See the Prospectus for additional details.

The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investors shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days of purchase.Returns would have been lower if certain expenses had not been reduced or reimbursed. Current performance may be lower or higher than the performance data quoted. For performance current to the most recent month-end, please

The HFRX Equity Hedge Index is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX Equity Hedge Index report returns net of all fees. The performance and volatility of the fund will be different than those of the indexes. It is not possible to invest directly in the indexes.

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each of the funds to the extent necessary to ensure that each funds total operating expenses (excluding dividend and interest expense on short sales) do not exceed, on an annual basis: (i)2.15% of average daily net assets for each of the Gotham Absolute Return Fund and the Gotham Enhanced Return Fund; (ii) 1.15% of average daily net assets for the Gotham Index Plus Fund; (iii) 0.75% of average daily net assets for the Gotham Large Value Fund; (iv) 1.46% of average daily net assets for the underlying funds of Gotham Total Return Fund Institutional Class; (v) 1.35% of average daily net assets for Gotham Defensive Long 500 Fund; and (vi) 0.50% of average daily net assets for the Gotham Enhanced S&P 500 Fund (the Expense Limitation). The Expense Limitation will remain in place until January 31, 2021 unless the Board of Trustees of FundVantage Trust (the Trust) approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the date onwhich Gotham reduced its compensation and/or assumed expenses for the funds. Including estimated expenses related to dividend and interest expense on short sales, Gotham Absolute Return Funds gross expense ratio is estimated to be 2.22%, Gotham Enhanced Return Funds gross expense ratio is estimated to be 2.19%, Gotham Index Plus Funds gross expense ratio is 1.15%, Gotham Large Value Funds gross expense ratio is estimated to be 2.19%, Gotham Total Return Funds Institutional Class gross expense ratio is estimated to be 1.97%,Gotham Defensive Long 500 Funds gross expense ratio is estimated to be 2.07% andthe Gotham Enhanced S&P 500 Index Funds gross expense ratio is estimated to be 2.55% prior to waivers and/or expense reimbursements under the Expense Limitation.See the Prospectus for additional details.

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Mutual fund investing involves risks, including possible loss of principal.It is anticipated that the funds will frequently adjust the size of positions and thus may experience high portfolio turnover which may increase brokerage costs. Certain funds short securities and/or utilize leverage. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Leverage could result in greater losses than if the funds were not leveraged. Certain fundsutilize swap agreements in their investment programs. The use of derivatives such as swaps exposes the funds to additional risks including increased volatility, lack of liquidity and possible losses greater than the funds initial addition, certain funds invest in large, mid and small cap companies. Small and mid cap equity securities may be more volatile and less liquid than the securities of larger companies.Please see each Funds prospectus and fact sheet for additional risks.

An investor should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectus and summaryprospectus containthis and other information about the funds. The prospectuses and summaryprospectusesare available byclicking hereor by calling .The prospectuses and summary prospectuses should be read carefully before investing.

Gotham Funds, which are registered with the United States Securities and Exchange Commission pursuant to the Investment Company Act of 1940, are distributed by Foreside Funds Distributors LLC (Foreside). Gotham Asset Management, LLC is the investment adviser to the Gotham Funds and is not affiliated with Foreside.