497

FundVantage Trust

SkyBridge Dividend Value Fund

These materials provide, in interactive data format using the Extensible Business Reporting Language, information relating to the prospectus for the SkyBridge Dividend Value Fund dated April 7, 2014 that was filed with the Securities and Exchange Commission pursuant to paragraph (c) of Rule 497 under the Securities Act of 1933, as amended, on April 4, 2014 (SEC Accession No. 0001104659-14-025900).

EXHIBIT INDEX

Index No.	Description of Exhibit
EX-101.INS	XBRL Instance Document
EX-101.SCH	XBRL Taxonomy Extension Schema Document
EX-101.CAL	XBRL Taxonomy Extension Calculation Linkbase
EX-101.DEF	XBRL Taxonomy Extension Definition Linkbase
EX-101.LAB	XBRL Taxonomy Extension Labels Linkbase
EX-101.PRE	XBRL Taxonomy Extension Presentation Linkbase

XML

Skybridge Dividend Value Fund

Skybridge Dividend Value Fund

Investment Objective

The SkyBridge Dividend Value Fund (the "Fund") seeks to achieve total return (including capital appreciation and current income).

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold Class A, Class C and Class I 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 8 of the Fund's prospectus.

Shareholder Fees (fees paid directly from your investment):

Shareholder Fees Skybridge Dividend Value Fund	Class A Shares		Class C Shares		Class I Shares
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%	[1]	none
Redemption Fee	none		none		none

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):

Annual Fund Operating Expenses Skybridge Dividend Value Fund		Class A Shares	Class C Shares	Class I Shares
Management Fees		0.75%	0.75%	0.75%
Distribution (Rule 12b-1) Fees		0.25%	1.00%	none
Other Expenses	[1]	0.55%	0.55%	0.55%
Total Annual Fund Operating Expenses	[2]	1.55%	2.30%	1.30%
Fee Waiver and/or Expense Reimbursement	[2]	(0.30%)	(0.30%)	(0.30%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	[2]	1.25%	2.00%	1.00%

Example

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 in the Fund 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 Skybridge Dividend Value Fund (USD $)	1 year	3 years
Class A Shares	695	1,009
Class C Shares	203	690
Class I Shares	102	382

See, "Class A Shares" and "Class C Shares" below for more information pertaining to sales charges.

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 pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in dividend yielding equity securities. The Adviser makes an initial selection of securities using a rules-based process seeking to identify profitable, attractively valued securities with appealing dividend yields and then reconstitutes the Fund's portfolio annually using the same rules-based process. Between these annual reconstitutions, the Adviser normally employs a "buy and hold" strategy, but will sell a position under certain circumstances at the discretion of the portfolio manager. For example, if a position exceeds a designated percentage of the Fund's net assets or its dividend yield falls below certain benchmarks established by the portfolio manager at his or her sole discretion.

The Fund will generally hold 20 to 40 domestic equity securities. The first ten stocks will represent the ten highest yielding stocks within the Dow Jones Industrial Average. The other stocks will be selected from across the market capitalization spectrum, generally excluding financial and utility stocks. The Adviser will also exclude stocks that it determines to have insufficient trading liquidity. The selection process for these stocks will include dividend yield as well as several metrics related to valuation and profitability.

The stocks will be weighted equally at the time of purchase, and allowed to fluctuate with the market through the year. The Adviser will manage inflows and outflows (i.e., fluctuations in Fund assets from sales and redemptions of Fund shares) in proportion to the existing stock weights.

While many portfolio holdings will be larger capitalization, the Fund may invest in smaller companies. The Adviser believes smaller companies may provide above average capital appreciation and dividend yield.

The Fund invests in securities of companies operating in a broad range of industries, and will not invest more than 25% of its assets in any single industry. It is anticipated that the Fund will invest in securities of U.S. issuers but may invest in securities of foreign issuers.

Summary of Principal Risks

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

•  Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions.

•  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 less advantageous investments. The Adviser selects securities it believes have appealing dividend yields with attractive value and growth characteristics; however dividend yield by itself is not necessarily an indication of a security's growth or value potential. The Adviser utilizes a long term "buy and hold" strategy that is re-balanced annually and, while it may make periodic adjustments, generally the Adviser will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Adviser is committed to a strategy that is unsuccessful, the Fund may not meet its investment objective. Because the Adviser generally will not use certain techniques for the Fund available to other mutual funds to reduce stock market exposure (e.g., derivatives), the Fund may be more susceptible to general market declines than other mutual funds.

•  Market Risk: The risk that the market value of a security may, sometimes rapidly and unpredictably, fluctuate. 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.

•  Small- and Mid-Cap Stock Risk: The risk that stocks of smaller- and mid-capitalization companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

[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 18 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 CDSC of 1.00% is assessed on redemptions of Class C shares made within 18 months after initial purchase.

[1] "Other expenses" are based on estimated amounts for the current fiscal year.

[2] The Adviser has contractually agreed to reduce its management fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total operating expenses (excluding 12b-1 fees and any other expenses designated as being class-specific, as well as interest, extraordinary items, "Acquired Fund fees and expenses" and brokerage commissions) do not exceed (on an annual basis) 1.25% with respect to Class A shares, 2.00% with respect to Class C shares and 1.00% with respect to Institutional Class shares 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 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.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Risk/Return [Heading]

rr_RiskReturnHeading

Skybridge Dividend Value Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The SkyBridge Dividend Value Fund (the "Fund") seeks to achieve total return (including capital appreciation and current income).

Expense [Heading]

rr_ExpenseHeading

Expenses and Fees

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

This table describes the fees and expenses that you may pay if you buy and hold Class A, Class C and Class I 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 8 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.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

"Other expenses" are based on estimated amounts for the current fiscal year.

Expense Example [Heading]

rr_ExpenseExampleHeading

Example

Expense Example Narrative [Text Block]

rr_ExpenseExampleNarrativeTextBlock

This Example is intended to help you compare the cost of investing in shares of the Fund with the cost of investing in other mutual funds. The Example below shows what you would pay if you invested $10,000 in the Fund 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 Closing [Text Block]

rr_ExpenseExampleClosingTextBlock

See, "Class A Shares" and "Class C Shares" below for more information pertaining to sales charges.

Strategy [Heading]

rr_StrategyHeading

Summary of Principal Investment Strategies

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings made for investment purposes) in dividend yielding equity securities. The Adviser makes an initial selection of securities using a rules-based process seeking to identify profitable, attractively valued securities with appealing dividend yields and then reconstitutes the Fund's portfolio annually using the same rules-based process. Between these annual reconstitutions, the Adviser normally employs a "buy and hold" strategy, but will sell a position under certain circumstances at the discretion of the portfolio manager. For example, if a position exceeds a designated percentage of the Fund's net assets or its dividend yield falls below certain benchmarks established by the portfolio manager at his or her sole discretion.

The Fund will generally hold 20 to 40 domestic equity securities. The first ten stocks will represent the ten highest yielding stocks within the Dow Jones Industrial Average. The other stocks will be selected from across the market capitalization spectrum, generally excluding financial and utility stocks. The Adviser will also exclude stocks that it determines to have insufficient trading liquidity. The selection process for these stocks will include dividend yield as well as several metrics related to valuation and profitability.

The stocks will be weighted equally at the time of purchase, and allowed to fluctuate with the market through the year. The Adviser will manage inflows and outflows (i.e., fluctuations in Fund assets from sales and redemptions of Fund shares) in proportion to the existing stock weights.

While many portfolio holdings will be larger capitalization, the Fund may invest in smaller companies. The Adviser believes smaller companies may provide above average capital appreciation and dividend yield.

The Fund invests in securities of companies operating in a broad range of industries, and will not invest more than 25% of its assets in any single industry. It is anticipated that the Fund will invest in securities of U.S. issuers but may invest in securities of foreign issuers.

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 NAV, yield and total return. It is possible to lose money by investing in the Fund.

•  Equity Securities Risk: Stock markets are volatile. The price of equity securities fluctuates based on changes in a company's financial condition and overall market and economic conditions.

•  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 less advantageous investments. The Adviser selects securities it believes have appealing dividend yields with attractive value and growth characteristics; however dividend yield by itself is not necessarily an indication of a security's growth or value potential. The Adviser utilizes a long term "buy and hold" strategy that is re-balanced annually and, while it may make periodic adjustments, generally the Adviser will not deviate from its strategy (except to the extent necessary to comply with federal tax laws or other applicable laws). If the Adviser is committed to a strategy that is unsuccessful, the Fund may not meet its investment objective. Because the Adviser generally will not use certain techniques for the Fund available to other mutual funds to reduce stock market exposure (e.g., derivatives), the Fund may be more susceptible to general market declines than other mutual funds.

•  Market Risk: The risk that the market value of a security may, sometimes rapidly and unpredictably, fluctuate. 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.

•  Small- and Mid-Cap Stock Risk: The risk that stocks of smaller- and mid-capitalization companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Small capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally the smaller the company size, the greater the risk.

Risk Lose Money [Text]

rr_RiskLoseMoney

It is possible to lose money by investing in the Fund.

Class A Shares

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

rr_RedemptionFeeOverRedemption

none

Management Fees

rr_ManagementFeesOverAssets

0.75%

Distribution (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.55%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.55%

^[3]

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.30%)

^[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.25%

^[3]

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 18 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

695

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,009

Class C Shares

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%

^[1]

Redemption Fee

rr_RedemptionFeeOverRedemption

none

Management Fees

rr_ManagementFeesOverAssets

0.75%

Distribution (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.55%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.30%

^[3]

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.30%)

^[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

2.00%

^[3]

Expenses Deferred Charges [Text Block]

rr_ExpensesDeferredChargesTextBlock

A CDSC of 1.00% is assessed on redemptions of Class C shares made within 18 months after initial purchase.

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

203

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

690

Class I Shares

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

rr_RedemptionFeeOverRedemption

none

Management Fees

rr_ManagementFeesOverAssets

0.75%

Distribution (Rule 12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.55%

^[2]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.30%

^[3]

Fee Waiver and/or Expense Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.30%)

^[3]

Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement

rr_NetExpensesOverAssets

1.00%

^[3]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

102

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

$ 382

[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 18 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 CDSC of 1.00% is assessed on redemptions of Class C shares made within 18 months after initial purchase.

[2] "Other expenses" are based on estimated amounts for the current fiscal year.

[3] The Adviser has contractually agreed to reduce its management fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund's total operating expenses (excluding 12b-1 fees and any other expenses designated as being class-specific, as well as interest, extraordinary items, "Acquired Fund fees and expenses" and brokerage commissions) do not exceed (on an annual basis) 1.25% with respect to Class A shares, 2.00% with respect to Class C shares and 1.00% with respect to Institutional Class shares 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 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.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Apr. 07, 2014

XML

Document and Entity Information	0 Months Ended
	Apr. 04, 2014
Risk/Return:
Document Type	497
Document Period End Date	Apr. 04, 2014
Registrant Name	FundVantage Trust
Central Index Key	0001388485
Amendment Flag	false
Document Creation Date	Apr. 04, 2014
Document Effective Date	Apr. 04, 2014
Prospectus Date	Apr. 07, 2014
Skybridge Dividend Value Fund | Class A Shares
Risk/Return:
Trading Symbol	SKYAX
Skybridge Dividend Value Fund | Class C Shares
Risk/Return:
Trading Symbol	SKYCX
Skybridge Dividend Value Fund | Class I Shares
Risk/Return:
Trading Symbol	SKYIX