The Gotham Enhanced Return Fund (the Fund) is a long/short U.S. equity fund with a net long exposure of 100% (e.g., 170% long vs. 70% short = 100% net long). The Fund seeks long-term capital appreciation greater than that of the S&P 500® Index over a full market cycle. Joel Greenblatt and Robert Goldstein are the Managing Principals and Co-CIOs of Gotham Asset Management, LLC, the Advisor to this Fund.

Gothams proprietary equity research and risk controls are used to select long and short stock portfolios primarily from the U.S. large and mid-cap range.

The Co-CIOs and their team of equity analysts employ Gothams proprietary analytical framework to evaluate stocks within the coverage universe on measures of absolute and relative value.

The long portfolio is rebalanced daily to weight most heavily those stocks that are priced at the largest discount to Gothams assessment of value. In general, as a company appears cheaper its weight in the portfolio increases.

Similarly, the short portfolio is rebalanced daily to weight most heavily those short positions selling at the largest premium to Gothams measures of value.

Risk for the Funds integrated long/short portfolio is managed following a disciplined proprietary process limiting concentration in any one company, industry or sector. In addition, gross and net exposures are managed daily to remain within carefully defined ranges.

Statement of Additional Information

2019 Preliminary Distributions

2014 Form 8937 – Formula Investing U.S. Value Select Fund – Class I

2014 Form 8937 – Formula Investing U.S. Vlaue Select Fund – Class A

2014 Form 8937 – Formula Investing U.S. Value 1000 Fund – Class A

Purchase Directly through the Fund Family (See Below)

To purchase directly, Complete Online Application for Non-Retirement Account or Retirement Account:

If you have any questions, please contact Shareholder Services at (877) 974-6852 Monday Friday 9:00am to 5:00pm ET.

Deutsche Bank SecuritiesDeutsche Bank Securities

Pershing Advisor SolutionsPershing Advisor Solutions

TD Ameritrade InstitutionalTD Ameritrade Institutional

Trust Company of AmericaTrust Company of America

*The net long exposures are approximate and are the targeted exposures during most market environments.

*The net long exposures are approximate and are the targeted exposures during most market environments.

1The management fee is 2%. The expense limitation is 2.15%. Effective August 28, 2019, the prospectus was updated to reflect that the fund utilizes one or more swap agreements in its investment program. In addition, the fees and expenses for the fund have been updated to reflect that the fund has eliminated the investment of cash collateral from securities lending and associated expenses.

2The Adviser has contractually agreed to reduce its management fee and/or reimburse certain expenses to the extent necessary to maintain the total annual fund operating expenses at the expense limitation level until January 31, 2021. See the Prospectus and Summary Prospectus for additional detals.

*The net long exposures are approximate and are the targeted exposures during most market environments.

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 S&P 500 Total Return Index is a commonly followed equity index and is generally considered a barometer of the U.S. equity market. Returns for the S&P 500 Total Return Index include the reinvestment of income and do not include transaction fees, management fees or any other costs. The performance and volatility of the fund will be different than those of the index. It is not possible to invest directly in the index.

Effective August 28,2019, the prospectus was updated to reflect that the fund utilizes one or more swap agreements in its investment program. Accordingly, Other Expenses has been restated to reflect estimated expensesthat would have been incurred by the Fund if such strategy change was implemented for the entire fiscal year. Other Expensesdoes not include direct or indirect costs associated with the swap(s). Costs associated with swaps include any fees paid to the swapcounterparty and the costs associated with the underlying reference assets including dividend and interest expenses on securitiessold short. Such costs have the effect of reducing the return of the swap(s). The Funds performance is net of all such embeddedswap fees and expenses. Other Expenses previously included a separate line item for Dividend and Interest Expense onSecurities Sold Short, which expenses for the fiscal year ended September 30, 2018 were 1.48%.

Gotham Asset Management, LLC (Gotham or the Adviser) has contractually agreed to reduce its investment advisory feeand/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Funds total operating expenses (exclusiveof taxes, Acquired Fund Fees and Expenses, dividend and interest expense on securities sold short, interest, extraordinary items,and brokerage commissions) do not exceed 2.15%(on an annual basis) of average daily net assets of the Fund (the Expense Limitation). TheExpense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the Trust)approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amountsreduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/orassumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, forfees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above orany lesser limits in effect at the time of the reimbursement. No recoupment will occur unless the Funds expenses are below theExpense Limitation.

The Gotham Enhanced ReturnFunds gross expense ratio is estimated to be 2.19%. The net expense ratio is 2.15% and the management fee is 2%.

Portfolio composition is subject to change at any time.

*The net long exposures are approximate and are the targeted exposures during most market environments.

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 S&P 500 Total Return Index is a commonly followed equity index and is generally considered a barometer of the U.S. equity market. Returns for the S&P 500 Total Return Index include the reinvestment of income and do not include transaction fees, management fees or any other costs. The performance and volatility of the fund will be different than those of the index. It is not possible to invest directly in the index.

Effective August 28,2019, the prospectus was updated to reflect that the fund utilizes one or more swap agreements in its investment program. Accordingly, Other Expenses has been restated to reflect estimated expensesthat would have been incurred by the Fund if such strategy change was implemented for the entire fiscal year. Other Expensesdoes not include direct or indirect costs associated with the swap(s). Costs associated with swaps include any fees paid to the swapcounterparty and the costs associated with the underlying reference assets including dividend and interest expenses on securitiessold short. Such costs have the effect of reducing the return of the swap(s). The Funds performance is net of all such embeddedswap fees and expenses. Other Expenses previously included a separate line item for Dividend and Interest Expense onSecurities Sold Short, which expenses for the fiscal year ended September 30, 2018 were 1.48%.

2Gotham Asset Management, LLC (Gotham or the Adviser) has contractually agreed to reduce its investment advisory feeand/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Funds total operating expenses (exclusiveof taxes, Acquired Fund Fees and Expenses, dividend and interest expense on securities sold short, interest, extraordinary items,and brokerage commissions) do not exceed 2.15%(on an annual basis) of average daily net assets of the Fund (the Expense Limitation). TheExpense Limitation will remain in place until January 31, 2021, unless the Board of Trustees of FundVantage Trust (the Trust)approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amountsreduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/orassumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, forfees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above orany lesser limits in effect at the time of the reimbursement. No recoupment will occur unless the Funds expenses are below theExpense Limitation.

The Gotham Enhanced ReturnFunds gross expense ratio is estimated to be 2.19%. The net expense ratio is 2.15% and the management fee is 2%.

This site is intended for residents of the U.S. only. The information on the website does not constitute an offer for products or services, or a solicitation of an offer to any person outside of the United States who is prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence.

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.