The Gotham Absolute Return Fund (the Fund) is a long/short U.S. equity fund with a net long exposure of 50%-60% (e.g., 120% long vs. 60% short = 60% net long). The Fund seeks long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. 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.

Gross Expense Ratio (Includes dividend expense on short sales and financing of 0.41%, but does not reflect dividends earned by the Fund on its long positions of 2.13% or waiver/reimbursements by the Advisor of 0.07%)

Statement of Additional Information

Purchase Directly through the Fund Family (See Below)

Purchase through the Fund Family (steps 1-3):

Download Application (Non-Retirement or Retirement):

Non-Retirement Account (for Individual, Joint, Custodial, Trust and Corp accounts)

Retirement Account (for Traditional, Rollover, Roth and SEP IRAs)

For Purchase by Wire call Shareholder Services at

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.

1Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the fund to the extent necessary to ensure that the funds total operating expenses (exclusive of taxes, acquired funds 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). 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 on which Gotham reduced its compensation and/or assumed expenses for the fund. No recoupment will occur unless the funds expenses are below the Expense Limitation. See the Prospectus for additional details.

*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 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 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 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 the fund to the extent necessary to ensure that the funds total operating expenses (exclusive of taxes, acquired funds 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). The Expense Limitation will remain in place until January 31, 2021 with respect to the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, Gotham Index Plus Fund and the Gotham Neutral Fund, 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 thedate onwhich Gotham reduced its compensation and/or assumed expenses for the fund. No recoupment will occur unless the funds expenses are below the Expense Limitation. See the Prospectus for additional details.

The Gotham Absolute Return Funds gross expense ratio is estimated to be 2.63% inclusive of certain expenses related to dividend and interest expense on short sales estimated to be 0.41% and prior to waivers and/or expense reimbursements under the Expense Limitation. The gross expense ratio does not reflect dividends earned by the fund on its long positions estimated to be 2.13%..

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 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 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 indexes. It is not possible to invest directly in the indexes.

1Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the fund to the extent necessary to ensure that the funds total operating expenses (exclusive of taxes, acquired funds 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). 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 on which Gotham reduced its compensation and/or assumed expenses for the fund. No recoupment will occur unless the funds expenses are below the Expense Limitation. See the Prospectus for additional details.

The Gotham Absolute Return Funds gross expense ratio is estimated to be 2.63% inclusive of certain expenses related to dividend and interest expense on short sales estimated to be 0.41% and prior to waivers and/or expense reimbursements under the Expense Limitation. The gross expense ratio does not reflect dividends earned by the fund on its long positions estimated to be 2.13%.

The securities mentioned in this video may or may not be held by a particular Gotham Fund. The holdings, and weightings of any security mentioned in this video, will vary by Gotham Fund. For a complete list of holdings please see each funds most recent annual report, which is available at The holdings of the Gotham Funds are subject to change. The information herein is not a recommendation to buy, hold, or sell any security. The securities mentioned are subject to risk and may not perform as expected.

Please see the performance tab above for performance information. Past performance is not indicative of future results. 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.

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. Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. It is anticipated the funds will frequently adjust the size of their long and short positions and thus may experience high portfolio turnover which tends to increase brokerage costs. The funds will use leverage to make additional investments which could result in greater losses than if the funds were not leveraged. In addition, the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, Gotham Total Return Fund and the Gotham Neutral Fund may 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.

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. TheGotham Absolute Return Fund, Gotham Enhanced Return Fund, Gotham Neutral Fund, Gotham Index Plus Fund, Gotham Total Return Fund and Gotham Large Value Fundprospectus and summaryprospectusare available in PDF format byclicking hereor by calling .The prospectus and summary prospectus 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.