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WHV EMERGING MARKETS EQUITY FUND
<p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Arial","sans-serif"'> </font></b></p> <p class="MsoNormal" align="center" style="margin-top:0in;margin-right:0in;margin-left:0in;font-size:11.0pt;font-family:'calibri','sans-serif';margin-bottom:0in;margin-bottom:.0001pt; text-align:center;line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt;font-family:"Arial","sans-serif"'>FUNDVANTAGE TRUST<br /> (THE "TRUST")</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><b><font style='font-size:12.0pt; font-family:"Arial","sans-serif"'>WHV INTERNATIONAL EQUITY FUND<br /> WHV EMERGING MARKETS EQUITY FUND<br /> (THE "FUNDS")</font></b></p> <p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Arial","sans-serif"'>Supplement dated October 11, 2012 to the Prospectus for the Funds dated September 1, 2012</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><i><font style='font-size:10.0pt;font-family:"Arial","sans-serif"'>The information in this Supplement contains new and additional information beyond that in the Prospectus and should be read in conjunction with the Prospectus.</font></i></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><font style='font-size:10.0pt;font-family:"Arial","sans-serif"'>The Average Annual Total Return as of December 31, 2011 for the MSCI Emerging Markets (Net) Index in the Performance Information Section on page 7 of the Prospectus is replaced with the following:</font></p> <p class="MsoNormal" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in;margin-bottom: 0in;margin-left:0in;margin-bottom:.0001pt;line-height:normal;text-autospace: none"><b><font style='font-size:10.0pt;font-family:"Arial","sans-serif"'>WHV Emerging Markets Fund — Class I Shares</font></b></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
Average Annual Total Returns as of December 31, 2011
<p class="MsoNormal" align="center" style="font-size:11.0pt;font-family:'calibri','sans-serif';margin-top:11.25pt;margin-right:0in; margin-bottom:0in;margin-left:0in;margin-bottom:.0001pt;text-align:center; line-height:normal;text-autospace:none"><font style='font-size:10.0pt; font-family:"Arial","sans-serif"'>INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE</font></p> <p class="MsoNormal" style="margin-top:0in;margin-right:0in;margin-left:0in;margin-bottom:10.0pt;line-height:115%;font-size:11.0pt;font-family:'calibri','sans-serif';"> </p>
WHEAX
WHEIX
MSCI Emerging Markets (Net) Index (reflects no deductions for fees or expenses) 2
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The MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in global emerging markets. The index does not reflect deductions for individual federal income taxes; however; this index is net total return which reinvests dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. MSCI Emerging Markets (Net) Index uses the maximum withholding tax rate applicable to institutional investors. The returns for this index do not include any transaction costs, management fees or other costs. You cannot invest directly in any index.