0001104659-13-074762.txt : 20131009 0001104659-13-074762.hdr.sgml : 20131009 20131009090952 ACCESSION NUMBER: 0001104659-13-074762 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 8 FILED AS OF DATE: 20131009 DATE AS OF CHANGE: 20131009 EFFECTIVENESS DATE: 20131009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FundVantage Trust CENTRAL INDEX KEY: 0001388485 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-141120 FILM NUMBER: 131142558 BUSINESS ADDRESS: BUSINESS PHONE: 3027911906 MAIL ADDRESS: STREET 1: 301 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FundVantage Trust CENTRAL INDEX KEY: 0001388485 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22027 FILM NUMBER: 131142559 BUSINESS ADDRESS: BUSINESS PHONE: 3027911906 MAIL ADDRESS: STREET 1: 301 BELLEVUE PARKWAY CITY: WILMINGTON STATE: DE ZIP: 19809 0001388485 S000042034 Quality Dividend Fund C000130587 Class A QDVAX C000130588 Class C QDVCX C000130589 Institutional Class QDVIX 485BPOS 1 a13-20438_5485bpos.htm POST-EFFECTIVE AMENDMENT FILED PURSUANT TO SECURITIES ACT RULE 485(B)

 

Filed with the Securities and Exchange Commission on October 9, 2013

Securities Act of 1933 File No. 333-141120

Investment Company Act of 1940 File No. 811-22027

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM N-1A

 

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

x

Pre-Effective Amendment No.

o

Post-Effective Amendment No. 86

x

and

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

x

Amendment No. 88

x

 

(Check Appropriate Box or Boxes)

 

FUNDVANTAGE TRUST

(Exact Name of Registrant as Specified in Charter)

 

301 Bellevue Parkway, Wilmington, DE 19809

(Address of Principal Executive Offices) (Zip Code)

 

Registrant’s Telephone Number, including Area Code: (302) 791-1851

 

Joel L. Weiss

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

Wilmington, DE 19809

(Name and Address of Agent for Service)

 

Copies to:

 

Joseph V. Del Raso, Esq.

Pepper Hamilton LLP

3000 Two Logan Square

Philadelphia, PA 19103

 

It is proposed that this filing will become effective (check appropriate box)

 

x immediately upon filing pursuant to paragraph (b)

o on (date) pursuant to paragraph (b)

o 60 days after filing pursuant to paragraph (a)(1)

o on (date) pursuant to paragraph (a)(1)

o 75 days after filing pursuant to paragraph (a)(2)

o on (date) pursuant to paragraph (a)(2) of Rule 485.

 

If appropriate, check the following box:

 

o This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

 

 

 



 

EXPLANATORY NOTE

 

This Post-Effective Amendment No. 86 to the Registrant’s Registration Statement on Form N-1A is filed for the sole purpose of submitting exhibits containing interactive data format risk/return summary information for the Quality Dividend Fund.

 


 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirement for effectiveness of this Post-Effective Amendment No. 86 to its Registration Statement on Form N-1A under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 86 to its Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Wilmington, State of Delaware on the 9th day of October 2013.

 

 

 

FUNDVANTAGE TRUST

 

 

 

 

By:

/s/ Joel Weiss

 

 

Joel Weiss, President and CEO

 

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 86 to the Registrant’s Registration Statement on Form N-1A has been signed below by the following persons in the capacities and on the dates indicated.

 

 

/s/ Robert J. Christian*

 

Trustee

 

October 9, 2013

Robert J. Christian

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Iqbal Mansur*

 

Trustee

 

October 9, 2013

Iqbal Mansur

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Nancy B. Wolcott*

 

Trustee

 

October 9, 2013

Nancy B. Wolcott

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Donald J. Puglisi*

 

Trustee

 

October 9, 2013

Donald J. Puglisi

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Stephen M. Wynne*

 

Trustee

 

October 9, 2013

Stephen M. Wynne

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ James Shaw

 

Treasurer and CFO

 

October 9, 2013

James Shaw

 

 

 

 

 

 

 

 

 

 

 

 

 

 

/s/ Joel Weiss

 

President and CEO

 

October 9, 2013

Joel Weiss

 

 

 

 

 

 

 

* By:

/s/ Joel Weiss

 

 

 

Joel Weiss

 

 

 

Attorney-in-Fact

 

 


 


 

INDEX TO EXHIBITS

 

EXHIBIT NO.

 

DESCRIPTION OF EXHIBIT

 

PAGE NO.

EX-101.INS

 

XBRL Instance Document

 

 

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

 

 

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

 

 

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

 

 

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase

 

 

 


 

EX-101.INS 2 ck0001388485-20130919.xml XBRL INSTANCE DOCUMENT 0001388485 2013-09-19 2013-09-19 0001388485 ck0001388485:S000042034Member 2013-09-19 2013-09-19 0001388485 ck0001388485:S000042034Member ck0001388485:C000130587Member 2013-09-19 2013-09-19 0001388485 ck0001388485:S000042034Member ck0001388485:C000130588Member 2013-09-19 2013-09-19 0001388485 ck0001388485:S000042034Member ck0001388485:C000130589Member 2013-09-19 2013-09-19 iso4217:USD xbrli:pure A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. A 1.00% CDSC may apply to Class C shares when shares are redeemed within 12 months after initial purchase. Choice Financial Partners, Inc., d/b/a EquityCompass Strategies ("EquityCompass" or the "Adviser") 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 Fund's total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, "Acquired Fund fees and expenses" and brokerage commissions) do not exceed 0.99% of average daily net assets of the Fund (the "Expense Limitation"). The Expense Limitation will remain in place for three years from the date of the Fund's inception, 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 amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the Expense Limitation. FundVantage Trust 485BPOS false 0001388485 2013-09-19 2013-09-19 2013-09-19 2013-09-19 Quality Dividend Fund QDVAX QDVCX QDVIX Summary of Principal Risks <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Market Risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Management Risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in other investments, potentially including investments that may not perform as well as the investment opportunity.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Model and Data Risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">Quantitative models and market data upon which the Adviser relies may prove to be incorrect or incomplete, potentially resulting in lower investment performance or losses to the Fund.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Common Stock Investment Risk.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">Because the Fund normally invests a substantial portion of its assets in common stocks, the value of the Fund's portfolio will be affected by changes in the stock markets. At times, the stock markets can be volatile, and stock prices can change drastically. This market risk will affect the Fund's net asset value, which will fluctuate as the values of the Fund's portfolio securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time. In addition, other factors can adversely affect a particular stock's prices (for example, poor management decisions, poor earnings reports by an issuer, loss of major customers, competition, major litigation against an issuer, or changes in government regulations affecting an industry). Not all of these factors nor their affects can be predicted.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Changing Distribution Levels Risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">Although the Fund will invest primarily in income-producing equities, the amount of income that the Fund will receive will vary and the Fund cannot guarantee any particular level of distributions.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Limited Operating History Risk:</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund has no operating history upon which prospective investors can rely in making a determination whether or not to invest in the Fund.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Foreign Securities Risk.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>REIT Risk.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, geographic or industry concentration, economic conditions and other factors</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">&#8226;&#160;&#160;</font><font style="font-size:10pt; font-family: Arial, Helvetica;"><b>Master Limited Partnership Risk.</b></font> <font style="font-size:10pt; font-family: Arial, Helvetica;">MLPs are interest-rate sensitive investments that may trade in lower volumes and be subject to abrupt or erratic price movements and may involve less control by outside investors and potential conflicts of interest among an MLP and its general partner. MLPs are also subject to different tax rules than other publicly-traded equity securities that may adversely impact the Fund.</font> </p> It is possible to lose money by investing in the Fund. Investment Objective <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Quality Dividend Fund (the "Fund") seeks to achieve current income and long-term growth of capital.</font> </p> Expense Example <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in each of the Fund's Class A and Class C shares and $1,000,000 (investment minimum) in Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font> </p> 694 946 202 624 10098 31527 ~ http://bnymellon.com/20130919/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact ck0001388485_S000042034Member row primary compact * ~ Portfolio Turnover <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.</font> </p> Fees and Expenses <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 10 of the Fund's prospectus.</font> </p> 0.0575 0.0000 0.0000 0.0100 0.0100 0.0000 -0.0100 -0.0100 -0.0100 0.0060 0.0060 0.0060 0.0025 0.0100 0.0000 0.0109 0.0109 0.0109 0.0194 0.0269 0.0169 -0.0070 -0.0070 -0.0070 0.0124 0.0199 0.0099 ~ http://bnymellon.com/20130919/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact ck0001388485_S000042034Member row primary compact * ~ ~ http://bnymellon.com/20130919/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact ck0001388485_S000042034Member row primary compact * ~ You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. 50000 A 1.00% CDSC may apply to Class C shares when shares are redeemed within 12 months after initial purchase. A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): Shareholder Fees (fees paid directly from your investment): Summary of Principal Investment Strategies <p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Fund primarily invests in a diversified portfolio of income-producing (dividend-paying) equity securities of U.S. and foreign companies. The Fund invests principally in common stocks, but its equity investments may also include real estate investment trusts ("REITs"), and other investment companies (including mutual funds and exchange-traded funds ("ETFs")). The Fund's equity investments may also include indirect exposure to foreign securities through American Depositary Receipts ("ADRs") and master limited partnerships ("MLPs"), although MLP investments will at no time exceed 20% of the Fund's net assets (measured at the time of purchase).</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Adviser combines quantitative and fundamental analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Fund may invest in equity securities issued by companies of different capitalization ranges, but will typically focus on larger companies. In selecting securities, the Adviser first uses proprietary quantitative models to identify and rank stocks based on several characteristics, including quality (of financial condition and creation of shareholder value), relative value (based on fundamental metrics and analyst estimates) and income-generation potential (measured in terms of dividend, earnings, yield and payout ratio). The Adviser then determines the most attractive of the higher ranked securities based on their current and future prospects for income generation as well as long-term price appreciation. 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The Fund will only exceed this 20% Sector exposure limit by virtue of investments in MLPs and other investment companies that may be more heavily concentrated in a particular Sector.</font> </p> <br/><p style="margin:0pt 0pt 6pt 0pt;"> <font style="font-size:10pt; font-family: Arial, Helvetica;">The Adviser monitors the Fund's holdings and may consider selling a security when valuation becomes excessive, there is deterioration in the issuer's relative attractiveness, financial position or fundamental prospects, or the Adviser believes there are more attractive investment opportunities elsewhere.</font> </p> EX-101.SCH 3 ck0001388485-20130919.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - Quality Dividend Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Shareholder Fees link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020003 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020004 - Disclosure - Risk/Return Detail Data {Elements} - Quality Dividend Fund link:presentationLink link:definitionLink link:calculationLink EX-101.LAB 4 ck0001388485-20130919_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE DOCUMENT EX-101.DEF 5 ck0001388485-20130919_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.PRE 6 ck0001388485-20130919_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT EX-101.CAL 7 ck0001388485-20130919_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT GRAPHIC 9 g204385bci001.jpg GRAPHIC begin 644 g204385bci001.jpg M_]C_X``02D9)1@`!`0$`8`!@``#_VP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+ M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7& MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$! 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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading Quality Dividend Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Quality Dividend Fund (the "Fund") seeks to achieve current income and long-term growth of capital.

Expense [Heading] rr_ExpenseHeading Fees and Expenses
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 10 of the Fund's prospectus.

Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment):
Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.

Expense Example [Heading] rr_ExpenseExampleHeading Expense Example
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in each of the Fund's Class A and Class C shares and $1,000,000 (investment minimum) in Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Summary of Principal Investment Strategies
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Fund primarily invests in a diversified portfolio of income-producing (dividend-paying) equity securities of U.S. and foreign companies. The Fund invests principally in common stocks, but its equity investments may also include real estate investment trusts ("REITs"), and other investment companies (including mutual funds and exchange-traded funds ("ETFs")). The Fund's equity investments may also include indirect exposure to foreign securities through American Depositary Receipts ("ADRs") and master limited partnerships ("MLPs"), although MLP investments will at no time exceed 20% of the Fund's net assets (measured at the time of purchase).


The Adviser combines quantitative and fundamental analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Fund may invest in equity securities issued by companies of different capitalization ranges, but will typically focus on larger companies. In selecting securities, the Adviser first uses proprietary quantitative models to identify and rank stocks based on several characteristics, including quality (of financial condition and creation of shareholder value), relative value (based on fundamental metrics and analyst estimates) and income-generation potential (measured in terms of dividend, earnings, yield and payout ratio). The Adviser then determines the most attractive of the higher ranked securities based on their current and future prospects for income generation as well as long-term price appreciation. The Advisor considers a number of factors in this process, including history of dividend payment and growth, current dividend policy, and relevant corporate events.


Finally, in constructing the Fund's portfolio, the Adviser manages risk by diversifying across holdings and S&P economic sectors ("Sectors"), seeking to limit the potential adverse impact from any one stock or Sector. The Fund will generally hold equal-weighted positions and be diversified across Sectors and generally no more than 20% of the Fund's net assets will be exposed to any one Sector. The Fund will only exceed this 20% Sector exposure limit by virtue of investments in MLPs and other investment companies that may be more heavily concentrated in a particular Sector.


The Adviser monitors the Fund's holdings and may consider selling a security when valuation becomes excessive, there is deterioration in the issuer's relative attractiveness, financial position or fundamental prospects, or the Adviser believes there are more attractive investment opportunities elsewhere.

Risk [Heading] rr_RiskHeading Summary of Principal Risks
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund.


•  Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.


•  Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in other investments, potentially including investments that may not perform as well as the investment opportunity.


•  Model and Data Risk: Quantitative models and market data upon which the Adviser relies may prove to be incorrect or incomplete, potentially resulting in lower investment performance or losses to the Fund.


•  Common Stock Investment Risk. Because the Fund normally invests a substantial portion of its assets in common stocks, the value of the Fund's portfolio will be affected by changes in the stock markets. At times, the stock markets can be volatile, and stock prices can change drastically. This market risk will affect the Fund's net asset value, which will fluctuate as the values of the Fund's portfolio securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time. In addition, other factors can adversely affect a particular stock's prices (for example, poor management decisions, poor earnings reports by an issuer, loss of major customers, competition, major litigation against an issuer, or changes in government regulations affecting an industry). Not all of these factors nor their affects can be predicted.


•  Changing Distribution Levels Risk: Although the Fund will invest primarily in income-producing equities, the amount of income that the Fund will receive will vary and the Fund cannot guarantee any particular level of distributions.


•  Limited Operating History Risk: The Fund has no operating history upon which prospective investors can rely in making a determination whether or not to invest in the Fund.


•  Foreign Securities Risk. The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline.


•  REIT Risk. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, geographic or industry concentration, economic conditions and other factors


•  Master Limited Partnership Risk. MLPs are interest-rate sensitive investments that may trade in lower volumes and be subject to abrupt or erratic price movements and may involve less control by outside investors and potential conflicts of interest among an MLP and its general partner. MLPs are also subject to different tax rules than other publicly-traded equity securities that may adversely impact the Fund.

Risk Lose Money [Text] rr_RiskLoseMoney It is possible to lose money by investing in the Fund.
Class A
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75%
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) rr_MaximumDeferredSalesChargeOverOther 1.00% [1]
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and/or Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses rr_OtherExpensesOverAssets 1.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.94% [2]
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.70%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.24% [2]
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission.
Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund.
Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount $ 50,000
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 694
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 946
Class C
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) rr_MaximumDeferredSalesChargeOverOther 1.00% [3]
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and/or Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses rr_OtherExpensesOverAssets 1.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.69% [2]
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.70%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 1.99% [2]
Expenses Deferred Charges [Text Block] rr_ExpensesDeferredChargesTextBlock A 1.00% CDSC may apply to Class C shares when shares are redeemed within 12 months after initial purchase.
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 202
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 624
Institutional Class
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) rr_MaximumDeferredSalesChargeOverOther none
Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%)
Management Fees rr_ManagementFeesOverAssets 0.60%
Distribution and/or Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 1.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.69% [2]
Fee Waiver and/or Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.70%) [2]
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement rr_NetExpensesOverAssets 0.99% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 10,098
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 31,527
[1] A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission.
[2] Choice Financial Partners, Inc., d/b/a EquityCompass Strategies ("EquityCompass" or the "Adviser") 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 Fund's total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, "Acquired Fund fees and expenses" and brokerage commissions) do not exceed 0.99% of average daily net assets of the Fund (the "Expense Limitation"). The Expense Limitation will remain in place for three years from the date of the Fund's inception, 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 amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the Expense Limitation.
[3] A 1.00% CDSC may apply to Class C shares when shares are redeemed within 12 months after initial purchase.
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Quality Dividend Fund
Quality Dividend Fund
Investment Objective

The Quality Dividend Fund (the "Fund") seeks to achieve current income and long-term growth of capital.

Fees and Expenses

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts with respect to Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 or more in the Fund. More information about these and other discounts is available from your financial professional and in the section entitled "Purchase of Shares" on page 10 of the Fund's prospectus.

Shareholder Fees (fees paid directly from your investment):
Shareholder Fees Quality Dividend Fund
Class A
Class C
Institutional Class
Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) 5.75% none none
Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) 1.00% [1] 1.00% [2] none
Redemption Fee (as a percentage of amount redeemed within 60 days of purchase) 1.00% 1.00% 1.00%
[1] A 1.00% contingent deferred sales charge ("CDSC") may apply to investments of $1 million or more of Class A shares (and therefore no initial sales charge was paid by the shareholder) when shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A shares of $1 million or more where the selling broker dealer was not paid a commission.
[2] A 1.00% CDSC may apply to Class C shares when shares are redeemed within 12 months after initial purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):
Annual Fund Operating Expenses Quality Dividend Fund
Class A
Class C
Institutional Class
Management Fees 0.60% 0.60% 0.60%
Distribution and/or Service (Rule 12b-1) Fees 0.25% 1.00% none
Other Expenses 1.09% 1.09% 1.09%
Total Annual Fund Operating Expenses [1] 1.94% 2.69% 1.69%
Fee Waiver and/or Expense Reimbursement [1] (0.70%) (0.70%) (0.70%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement [1] 1.24% 1.99% 0.99%
[1] Choice Financial Partners, Inc., d/b/a EquityCompass Strategies ("EquityCompass" or the "Adviser") 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 Fund's total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, "Acquired Fund fees and expenses" and brokerage commissions) do not exceed 0.99% of average daily net assets of the Fund (the "Expense Limitation"). The Expense Limitation will remain in place for three years from the date of the Fund's inception, 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 amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund's expenses are below the Expense Limitation.
Expense Example

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in each of the Fund's Class A and Class C shares and $1,000,000 (investment minimum) in Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

Expense Example Quality Dividend Fund (USD $)
1 Year
3 Years
Class A
694 946
Class C
202 624
Institutional Class
10,098 31,527
Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance.

Summary of Principal Investment Strategies

The Fund primarily invests in a diversified portfolio of income-producing (dividend-paying) equity securities of U.S. and foreign companies. The Fund invests principally in common stocks, but its equity investments may also include real estate investment trusts ("REITs"), and other investment companies (including mutual funds and exchange-traded funds ("ETFs")). The Fund's equity investments may also include indirect exposure to foreign securities through American Depositary Receipts ("ADRs") and master limited partnerships ("MLPs"), although MLP investments will at no time exceed 20% of the Fund's net assets (measured at the time of purchase).


The Adviser combines quantitative and fundamental analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Fund may invest in equity securities issued by companies of different capitalization ranges, but will typically focus on larger companies. In selecting securities, the Adviser first uses proprietary quantitative models to identify and rank stocks based on several characteristics, including quality (of financial condition and creation of shareholder value), relative value (based on fundamental metrics and analyst estimates) and income-generation potential (measured in terms of dividend, earnings, yield and payout ratio). The Adviser then determines the most attractive of the higher ranked securities based on their current and future prospects for income generation as well as long-term price appreciation. The Advisor considers a number of factors in this process, including history of dividend payment and growth, current dividend policy, and relevant corporate events.


Finally, in constructing the Fund's portfolio, the Adviser manages risk by diversifying across holdings and S&P economic sectors ("Sectors"), seeking to limit the potential adverse impact from any one stock or Sector. The Fund will generally hold equal-weighted positions and be diversified across Sectors and generally no more than 20% of the Fund's net assets will be exposed to any one Sector. The Fund will only exceed this 20% Sector exposure limit by virtue of investments in MLPs and other investment companies that may be more heavily concentrated in a particular Sector.


The Adviser monitors the Fund's holdings and may consider selling a security when valuation becomes excessive, there is deterioration in the issuer's relative attractiveness, financial position or fundamental prospects, or the Adviser believes there are more attractive investment opportunities elsewhere.

Summary of Principal Risks

The Fund is subject to the principal risks summarized below. These risks could adversely affect the Fund's net asset value ("NAV"), yield and total return. It is possible to lose money by investing in the Fund.


•  Market Risk: The risk that the market value of a security may fluctuate, sometimes rapidly and unpredictably. The prices of securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.


•  Management Risk: As with any managed fund, the Adviser may not be successful in selecting the best-performing securities or investment techniques, and the Fund's performance may lag behind that of similar funds. The Adviser may also miss out on an investment opportunity because the assets necessary to take advantage of the opportunity are tied up in other investments, potentially including investments that may not perform as well as the investment opportunity.


•  Model and Data Risk: Quantitative models and market data upon which the Adviser relies may prove to be incorrect or incomplete, potentially resulting in lower investment performance or losses to the Fund.


•  Common Stock Investment Risk. Because the Fund normally invests a substantial portion of its assets in common stocks, the value of the Fund's portfolio will be affected by changes in the stock markets. At times, the stock markets can be volatile, and stock prices can change drastically. This market risk will affect the Fund's net asset value, which will fluctuate as the values of the Fund's portfolio securities and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time. In addition, other factors can adversely affect a particular stock's prices (for example, poor management decisions, poor earnings reports by an issuer, loss of major customers, competition, major litigation against an issuer, or changes in government regulations affecting an industry). Not all of these factors nor their affects can be predicted.


•  Changing Distribution Levels Risk: Although the Fund will invest primarily in income-producing equities, the amount of income that the Fund will receive will vary and the Fund cannot guarantee any particular level of distributions.


•  Limited Operating History Risk: The Fund has no operating history upon which prospective investors can rely in making a determination whether or not to invest in the Fund.


•  Foreign Securities Risk. The risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to less liquid markets, and adverse economic, political, diplomatic, financial, and regulatory factors. Foreign governments also may impose limits on investment and repatriation and impose taxes. Any of these events could cause the value of the Fund's investments to decline.


•  REIT Risk. The securities of REITs involve greater risks than those associated with larger, more established companies and may be subject to more abrupt or erratic price movements because of interest rate changes, geographic or industry concentration, economic conditions and other factors


•  Master Limited Partnership Risk. MLPs are interest-rate sensitive investments that may trade in lower volumes and be subject to abrupt or erratic price movements and may involve less control by outside investors and potential conflicts of interest among an MLP and its general partner. MLPs are also subject to different tax rules than other publicly-traded equity securities that may adversely impact the Fund.

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Document and Entity Information
0 Months Ended
Sep. 19, 2013
Risk/Return:  
Document Type 485BPOS
Document Period End Date Sep. 19, 2013
Registrant Name FundVantage Trust
Central Index Key 0001388485
Amendment Flag false
Document Creation Date Sep. 19, 2013
Document Effective Date Sep. 19, 2013
Prospectus Date Sep. 19, 2013
Quality Dividend Fund | Class A
 
Risk/Return:  
Trading Symbol QDVAX
Quality Dividend Fund | Class C
 
Risk/Return:  
Trading Symbol QDVCX
Quality Dividend Fund | Institutional Class
 
Risk/Return:  
Trading Symbol QDVIX
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