0001388485 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:C000099566Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:C000099567Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:C000099569Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:C000099568Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member rr:RiskLoseMoneyMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:Sp500IndexMember CIK0001388485:C000099566Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member rr:AfterTaxesOnDistributionsMember CIK0001388485:C000099566Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member rr:AfterTaxesOnDistributionsAndSalesMember CIK0001388485:C000099566Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:Russell3000ValueIndexMember CIK0001388485:C000099566Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:Sp500IndexMember CIK0001388485:C000099567Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:Russell3000ValueIndexMember CIK0001388485:C000099567Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:Sp500IndexMember CIK0001388485:C000099569Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:Russell3000ValueIndexMember CIK0001388485:C000099569Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:C000130587Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:C000130588Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:C000130589Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member rr:RiskLoseMoneyMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000059535Member CIK0001388485:C000194994Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000059535Member CIK0001388485:C000194993Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000059535Member CIK0001388485:C000227429Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:AllRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:CommonStockRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:ManagementRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:ModelAndDataRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:MarketRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:OtherInvestmentCompaniesRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:SectorRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000031985Member CIK0001388485:ValueInvestingRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:AllRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:CommonStockRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:ChangingDistributionLevelsRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:CoveredCallOptionsRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:DividendPayingStockRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:EquitySecuritiesRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:ForeignSecuritiesRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:REITRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:ManagementRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:MarketRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:MasterLimitedPartnershipRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:ModelAndDataRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:SectorRiskMember 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member rr:AfterTaxesOnDistributionsMember CIK0001388485:C000130587Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member rr:AfterTaxesOnDistributionsAndSalesMember CIK0001388485:C000130587Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:SP500LowVolatilityHighDividendIndexReflectsNoDeductionForFeesExpensesOrTaxesMember CIK0001388485:C000130587Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:SP500LowVolatilityHighDividendIndexReflectsNoDeductionForFeesExpensesOrTaxesMember CIK0001388485:C000130588Member 2023-09-01 2023-09-01 0001388485 CIK0001388485:S000042034Member CIK0001388485:SP500LowVolatilityHighDividendIndexReflectsNoDeductionForFeesExpensesOrTaxesMember CIK0001388485:C000130589Member 2023-09-01 2023-09-01 iso4217:USD pure 0001388485 false 497 2023-04-30 FUNDVANTAGE TRUST N-1A 2023-09-01 2023-09-01 ~ http://CIK0001388485/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000031985Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000031985Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000031985Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000031985Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/BarChartData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000031985Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000031985Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/ShareholderFeesData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000042034Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000042034Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000042034Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/ExpenseExampleNoRedemption column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000042034Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/BarChartData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000042034Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://CIK0001388485/role/PerformanceTableData column period compact * column dei_LegalEntityAxis compact CIK0001388485_S000042034Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ EICVX EICCX EICIX EICRX 2023-09-01 EIC VALUE FUND Investment Objective The EIC Value Fund (the “Fund”) seeks to achieve long-term capital appreciation. Fees and Expenses This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--ExpenseBreakpointDiscounts_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zqcP33pOcW11">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 $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90F_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zH2lg6bNYUz6">50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the “Purchase of Shares” and the “Intermediary-Defined Sales Charge Waiver Policies” sections on pages 11 and A-1, respectively, of the Fund’s Prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 59 of the Fund’s Statement of Additional Information. 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 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment): 0.0550 0 0 0 0.0100 0.0100 0 0 -0.0200 -0.0200 -0.0200 -0.0200 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0075 0.0075 0.0075 0.0075 0.0025 0.0100 0 0.0025 0.0001 0.0001 0.0001 0.0001 0.0026 0.0026 0.0026 0.0026 0.0127 0.0202 0.0102 0.0127 -0.0006 -0.0006 -0.0006 -0.0006 0.0121 0.0196 0.0096 0.0121 August 31, 2024 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 the Fund’s Class A, Class C, Institutional Class shares, and Retail 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 (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 767 923 1199 1985 299 626 1078 2334 98 317 553 1232 123 395 687 1518 You would pay the following expenses if you did not redeem your shares: 667 923 1199 1985 199 626 1078 2334 98 317 553 1232 123 395 687 1518 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--PortfolioTurnoverRate_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zw4gASdcDQlh">39% of the average value of its portfolio. 0.39 Summary of Principal Investment Strategies <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--StrategyPortfolioConcentration_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_z9RdotDJvxp6">The Fund, under normal circumstances, primarily invests in common stocks of U.S. companies. The Fund may invest in the stocks of companies of all capitalization sizes. The Fund invests in companies the Adviser believes are well-managed, structurally sound, and selling at a discount to their value as an ongoing business entity. The Adviser attempts to avoid investing in companies that appear to be inexpensive relative to their historical records, but are actually in long-term structural decline (i.e., “value traps”). Starting with the Russell 3000® universe, the Adviser attempts to identify companies it believes have strong and stable returns on invested capital (“ROIC”), returns on equity (“ROE”), and, preferably, earnings growth. The Adviser may also identify companies through the use of traditional news sources and non-opinionated research and by monitoring companies with recent and significant price declines. Once a potential candidate is identified, the Adviser determines whether the company is selling at a discount to its value as an ongoing business entity based upon the Adviser’s in-house valuation models, which rely on ROE and earnings growth as key inputs. After the Adviser identifies a company it believes is selling at a meaningful discount to its value as an ongoing concern, the Adviser employs a comprehensive set of web-based analytics to facilitate financial statement and ratio analysis which helps the Adviser to identify and avoid companies with characteristics that are consistent with potential value traps. The Adviser then performs additional research to gain further insight into accounting policies, factors impacting reported earnings, unusual transactions, attempts to manage earnings, and any other evidence that earnings-power is, or may in the future be, different than what the financial statements currently portray. If a company passes all levels of analysis, then the Adviser may add it to the Fund’s portfolio. The Adviser sells a position in a company if the Adviser believes the security has reached its full value, the company shows balance sheet stress (indicating potential earnings management, weak financial controls or possible earnings shortfalls), a major change occurs (rendering historical data invalid for determining the value of business ownership) or the Adviser believes the company’s quality or financial strength falls below acceptable levels, or if a more attractive investment opportunity becomes available. Positions reaching 6% of the Fund’s value will be trimmed to reduce exposure. Up to 20% of the Fund’s net assets may be held in cash, cash equivalents, or short-term investments if the Adviser believes that there are not a sufficient number of currently compelling investment opportunities in which to fully invest the Fund’s assets. While holding a significant position in cash could help the Fund reduce losses during market downturns, it may have the effect of lessening the Fund’s capital appreciation during market upturns. The Fund, under normal circumstances, primarily invests in common stocks of U.S. companies. Summary of Principal Risks The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield, and total return. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--RiskCaption_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member__rr--RiskAxis__rr--RiskLoseMoneyMember_zpBEcC4bXyt1">It is possible to lose money by investing in the Fund. It is possible to lose money by investing in the Fund. <div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--CommonStockRiskMember_zyV3wDhPHLcg"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Common Stock 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 stock markets. Common stock represents an equity (ownership) interest in a company or other entity. 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 price (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 effects can be predicted.</td> </tr></table> <div></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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. In particular, the Fund faces the risk of loss as a result of misestimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests. The Adviser may also miss 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 missed investment opportunity.</td> </tr></table> <div id="xdx_A84_err--RiskTextBlock_hrr--RiskAxis__custom--ModelAndDataRiskMember_zXkFrkKdVBsc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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.</td> </tr></table> <div id="xdx_A8D_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zgf7gKdJuL3j"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in; text-align: left">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td></tr> </table> <div id="xdx_A80_err--RiskTextBlock_hrr--RiskAxis__custom--OtherInvestmentCompaniesRiskMember_z6kuSsv9lr81"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Other Investment Companies Risk: When the Fund invests in other investment companies, including exchange-traded funds, shareholders bear both their proportionate share of Fund expenses and, indirectly, the expenses of the other investment companies. Furthermore, the Fund is exposed to the risks to which other investment companies may be subject.</td> </tr></table> <div id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--SectorRiskMember_z6cfDS0pyFM5"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, it may focus its investments from time to time on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr></table> <div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--ValueInvestingRiskMember_zimK9cEW2yWf"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><tr style="vertical-align: top"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Value Investing Risk: A value-oriented investment approach is subject to the risk that a security believed to be undervalued does not appreciate in value as anticipated or experiences a decline in value. The returns on “value” equity securities may be less than returns on other styles of investing or the overall stock market.</td> </tr></table> Performance Information <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceInformationIllustratesVariabilityOfReturns_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zFQaJNcb0r2b" style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund’s Class A Shares for the past ten calendar years and show how the Fund’s average annual total returns for one year, five years and since inception, before and after taxes, compare with those of the S&P 500® Index and the Russell 3000® Value Index, each a broad measure of market performance. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartDoesNotReflectSalesLoads_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zZybkrkDCv5k">The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year-to-date returns would be less than those shown. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformancePastDoesNotIndicateFuture_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_z8pR92Ke61ja">Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zm7DS0tGny0b">www.eicvalue.com. Current returns may be lower or higher. Call <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_908_err--PerformanceAvailabilityPhone_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zmx6XHIaZAf8">877-342-0111 for the latest month-end performance figures. The bar chart and the performance table illustrate the risks and volatility of an investment in the Fund’s Class A Shares for the past ten calendar years and show how the Fund’s average annual total returns for one year, five years and since inception, before and after taxes, compare with those of the S&P 500® Index and the Russell 3000® Value Index, each a broad measure of market performance. The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year-to-date returns would be less than those shown. Total returns would have been lower had certain fees and expenses not been waived or reimbursed. Past performance, both before and after taxes, does not necessarily indicate how the Fund will perform in the future. www.eicvalue.com 877-342-0111 0.2207 0.1306 -0.0560 0.1129 0.1416 -0.0787 0.2235 0.0400 0.2973 0.0066 <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--YearToDateReturnLabel_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zqMrZLMtfmO4">Calendar Year-to-Date Total Return as of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--BarChartYearToDateReturnDate_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zAR1aBMFu59d">June 30, 2023: <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--BarChartYearToDateReturn_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zV1FIPRaDGF5">3.03% During the periods shown in the chart <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="background-color: White; width: 23%"> </td> <td style="background-color: White; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_900_err--HighestQuarterlyReturnLabel_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zL7WxGJGJBA4">Best Quarter</td> <td style="vertical-align: bottom; text-align: center; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; width: 25%; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--LowestQuarterlyReturnLabel_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zOEqDOUfLUn4">Worst Quarter</td> <td style="background-color: White; width: 1%"> </td> <td style="background-color: White; width: 23%"> </td> </tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--BarChartHighestQuarterlyReturn_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zZlRD5SdWqri">15.77%</td> <td style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_z97yluMJpQV4">(24.07)%</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr> <tr style="vertical-align: bottom"> <td style="background-color: White"> </td> <td style="background-color: White"> </td> <td style="text-align: center">(<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--BarChartHighestQuarterlyReturnDate_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zs6Lw1nXV32i">December 31, 2020)</td> <td style="text-align: center; white-space: nowrap"> </td> <td style="text-align: center">(<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartLowestQuarterlyReturnDate_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_z10PRISBUkBe">March 31, 2020)</td> <td style="background-color: White"> </td> <td style="background-color: White"> </td> </tr> </table> Calendar Year-to-Date Total Return 2023-06-30 0.0303 Best Quarter Worst Quarter 0.1577 -0.2407 2020-12-31 2020-03-31 Average Annual Total Returns for the Periods Ended December 31, 2022 Average Annual Total Returns for the Periods Ended December 31, 2022 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 2011-05-19 Class A Shares Return Before Taxes Class A Shares Return Before Taxes -0.0487 0.0766 0.0912 0.0860 Return After Taxes on Distributions Return After Taxes on Distributions -0.0617 0.0576 0.0761 0.0729 Return After Taxes on Distributions and Sale of Shares Return After Taxes on Distributions and Sale of Shares -0.0196 0.0575 0.0713 0.0680 Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) Russell 3000® Value Index (reflects no deduction for fees, expenses or taxes) -0.0798 0.0650 0.1016 0.0950 S&P 500® Index (reflects no deductions for fees or expenses or taxes) S&P 500® Index (reflects no deductions for fees or expenses or taxes) -0.1811 0.0942 0.1256 0.1164 2011-07-18 2011-07-18 2011-07-18 Class C Shares Return Before Taxes -0.0104 0.0806 0.0892 0.0857 Russell 3000® Value Index (reflects no deductions for fees or expenses or taxes) -0.0798 0.0650 0.1016 0.1004 S&P 500® Index (reflects no deductions for fees or expenses or taxes) -0.1811 0.0942 0.1256 0.1207 2011-04-29 2011-04-29 2011-04-29 Institutional Class Shares Return Before Taxes 0.0091 0.0915 0.1001 0.0935 Russell 3000® Value Index (reflects no deductions for fees or Expenses) -0.0798 0.0650 0.1016 0.0932 S&P 500® Index (reflects no deductions for fees or Expenses) -0.1811 0.0942 0.1256 0.1145 <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PerformanceTableUsesHighestFederalRate_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_zzeU8FPyBZ8j">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--PerformanceTableNotRelevantToTaxDeferred_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_z4YGZ7zeUnd1">Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformanceTableOneClassOfAfterTaxShown_c20230901__20230901__dei--LegalEntityAxis__custom--S000031985Member_z74Yo6cdioRc">After-tax returns shown are for Class A shares only; after-tax returns for Class C and Institutional shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after-tax returns for Class C and Institutional shares will vary. QDVAX QDVCX QDVIX 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, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--ExpenseBreakpointDiscounts_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_z2DVvz8HwGa4">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 $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_903_err--ExpenseBreakpointMinimumInvestmentRequiredAmount_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_z3meabkSUOel">50,000 in the Fund. More information about these and other discounts is available from your financial professional and in the “Purchase of Shares” section on page 13 of the Fund’s Prospectus and in the “Purchase, Redemption and Pricing of Shares” section on page 36 of the Fund’s Statement of Additional Information. 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 in the Fund. 50000 Shareholder Fees (fees paid directly from your investment): 0.0575 0 0 0.0100 0.0100 0 -0.0100 -0.0100 -0.0100 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): 0.0060 0.0060 0.0060 0.0025 0.0100 0 0.0070 0.0070 0.0070 0.0155 0.0230 0.0130 -0.0031 -0.0031 -0.0031 0.0124 0.0199 0.0099 August 31, 2024 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 the Fund’s Class A, Class C and 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 (reflecting any contractual fee waivers). Although your actual costs may be higher or lower, based on these assumptions your costs would be: 794 1008 1344 2290 302 689 1202 2612 101 382 683 1541 You would pay the following expenses if you did not redeem your shares: 694 1008 1344 2290 202 689 1202 2612 101 382 683 1541 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. During the most recent fiscal year, the Fund’s portfolio turnover rate was <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_902_err--PortfolioTurnoverRate_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zEVnZfpfkj8f">22% of the average value of its portfolio. 0.22 Summary of Principal Investment Strategies <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--StrategyPortfolioConcentration_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zCLa1BNRpsqf">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 may, from time to time, write covered call options on the equity positions it holds to generate additional income from premiums earned on such options. 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 Adviser 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 (measured at the time of investment) will be exposed to any one Sector. Notwithstanding this limitation, the Fund may indirectly 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. The Fund primarily invests in a diversified portfolio of income-producing (dividend-paying) equity securities of U.S. and foreign companies. Summary of Principal Risks The Fund is subject to the principal risks summarized below. The order of the below risk factors does not indicate the significance of any particular risk factor and the relative significance of each risk below may change over time. These risks could adversely affect the Fund’s net asset value (“NAV”), yield and total return. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90A_err--RiskCaption_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member__rr--RiskAxis__rr--RiskLoseMoneyMember_zv0XimIROMQ1">It is possible to lose money by investing in the Fund. It is possible to lose money by investing in the Fund. <div id="xdx_A86_err--RiskTextBlock_hrr--RiskAxis__custom--CommonStockRiskMember_zHfcm599mb5e"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Common Stock 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 stock markets. Common stock represents an equity (ownership) interest in a company or other entity. 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 effects can be predicted.</td> </tr></table> <div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--ChangingDistributionLevelsRiskMember_zwjy7eVw0DVc"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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. Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in the Fund receiving less income.</td> </tr></table> <div id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__custom--CoveredCallOptionsRiskMember_z6MaLk5mqrrj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Covered Call Options Risk: As the seller (writer) of a covered call option, the Fund assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. Option premiums are treated as short-term capital gains and when distributed to shareholders, are usually taxable as ordinary income, which may have a higher tax rate than long-term capital gains for shareholders holding Fund shares in a taxable account. Fund assets covering written options cannot be sold while the option is outstanding, unless replaced with similar assets. As a result, there is a possibility that segregation of a large percentage of the Fund’s assets to cover written options could affect its portfolio management as well as the ability of the Fund to meet redemption requests or other current obligations. Unusual market conditions or the lack of a ready market for any particular option at a specific time may reduce the effectiveness of the Fund’s option strategy, and for these and other reasons the Fund’s option strategies may not achieve the desired result.</td> </tr></table> <div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--DividendPayingStockRiskMember_zqEuRKd9GnY7"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Dividend Paying Stock Risk: A decrease in the dividend payments by an issuer may result in a decrease in the value of the security. A fund pursuing a dividend-oriented investment strategy may at times underperform other funds that invest more broadly or that have different investment styles.</td> </tr></table> <div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--EquitySecuritiesRiskMember_zIgrUPPtzIK3"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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.</td> </tr></table> <div id="xdx_A82_err--RiskTextBlock_hrr--RiskAxis__custom--ForeignSecuritiesRiskMember_z6AoCwmzZXZb"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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.</td> </tr></table> <div id="xdx_A85_err--RiskTextBlock_hrr--RiskAxis__custom--REITRiskMember_zOtoqbEBqO63"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">REIT Risk: The securities of REITs may 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. Non-listed REIT securities may lack sufficient liquidity to enable the Fund to sell them at an advantageous time or to minimize a loss. Distributions from REITs may include a return of capital. A REIT that does not qualify as a REIT under the Internal Revenue Code will pay taxes on its earnings, which will reduce the dividends paid by the REIT to the Fund. Some REITs are highly leveraged, which may increase the risk of loss.</td> </tr></table> <div id="xdx_A8A_err--RiskTextBlock_hrr--RiskAxis__custom--ManagementRiskMember_zAiP1GrhHJKj"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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. In particular, the Fund faces the risk of loss as a result of mis-estimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests. 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.</td> </tr></table> <div id="xdx_A81_err--RiskTextBlock_hrr--RiskAxis__custom--MarketRiskMember_zkbOIIuTWCrd"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in"> </td> <td style="width: 0.25in">●</td> <td style="text-align: justify">Market Risk: The values of, and/or the income generated by, securities held by the Fund may decline due to factors that are specifically related to a particular company, as well as general market conditions, such as real or perceived adverse economic or political conditions, inflation rates and/or investor expectations concerning such rates, changes in interest rates, or adverse investor sentiment generally. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Geopolitical events, including terrorism, tensions or open conflict between nations, or political or economic dysfunction within some nations that are global economic powers, may lead to instability in world economies and markets, may lead to increased market volatility, and may have adverse long-term effects. Events such as environmental and natural disasters, public health crises (such as epidemics and pandemics), social unrest, and cybersecurity incidents, and governments’ reactions to such events, could cause uncertainty in the markets and may adversely affect the performance of the global economy.</td></tr> </table> <div id="xdx_A8E_err--RiskTextBlock_hrr--RiskAxis__custom--MasterLimitedPartnershipRiskMember_zDU1czWlRXuh"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Master Limited Partnership Risk: MLPs are partnerships which are publicly traded and listed on a national security exchange. 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. MLPs primarily are engaged in energy and natural resource sectors, which makes them sensitive to negative developments in those sectors.</td> </tr></table> <div id="xdx_A87_err--RiskTextBlock_hrr--RiskAxis__custom--ModelAndDataRiskMember_zGuJAkiI3MDe"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">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.</td> </tr></table> <div id="xdx_A83_err--RiskTextBlock_hrr--RiskAxis__custom--SectorRiskMember_zPVkUI9iptY1"></div> <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0in; margin-bottom: 0in; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.25in"></td><td style="width: 0.25in; text-align: left">●</td><td style="text-align: justify">Sector Risk: Although the Fund may not “concentrate” (invest 25% or more of its net assets) in any industry, its investments may from time to time focus on one or more economic sectors. To the extent that it does so, developments affecting companies in that sector or sectors will likely have a magnified effect on the Fund’s NAV and total returns and may subject the Fund to greater risk of loss. Accordingly, the Fund could be considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.</td> </tr></table> Performance Information <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--PerformanceInformationIllustratesVariabilityOfReturns_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zEqA8ikOUI7l">The bar chart and table shown below provide some indication of the risks and volatility of investing in the Fund by showing the Fund’s Class A shares performance for the past nine calendar years and by showing how the Fund’s average annual returns for one year and since inception periods compared with the S&P 500® Low Volatility High Dividend Index, which measures the performance of the 50 least-volatile high dividend-yielding stocks in the S&P 500. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--BarChartDoesNotReflectSalesLoads_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zyGNFc9gEmKl">The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year-to-date returns would be less than those shown. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--PerformancePastDoesNotIndicateFuture_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zw48KLOQEgwk">The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. Updated performance information is available on the Fund’s website at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_905_err--PerformanceAvailabilityWebSiteAddress_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zIHlggQmz84b">www.equitycompass.com or by calling the Fund toll-free at <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--PerformanceAvailabilityPhone_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zoTvV94DXI7l">(888) 201-5799. The bar chart and table shown below provide some indication of the risks and volatility of investing in the Fund by showing the Fund’s Class A shares performance for the past nine calendar years and by showing how the Fund’s average annual returns for one year and since inception periods compared with the S&P 500® Low Volatility High Dividend Index, which measures the performance of the 50 least-volatile high dividend-yielding stocks in the S&P 500. The maximum front-end sales charge is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge were reflected, the bar chart and the calendar year-to-date returns would be less than those shown. Performance reflects contractual fee waivers in effect. If fee waivers were not in place, performance would be reduced. The Fund’s past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. www.equitycompass.com (888) 201-5799 0.1367 -0.0384 0.1317 0.1376 -0.0563 0.2293 -0.0277 0.2421 -0.0285 Calendar Year-to-Date Total Return as of June 30, 2023: (3.93)% During the periods shown in the chart <table cellpadding="0" cellspacing="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%"> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; width: 23%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; white-space: nowrap; width: 1%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_904_err--HighestQuarterlyReturnLabel_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zd7HYq4WkiFd">Best Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; width: 25%; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_907_err--LowestQuarterlyReturnLabel_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zcE78umInZl1">Worst Quarter</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; white-space: nowrap; width: 1%"> </td> <td rowspan="3" style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; width: 23%"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #CCEEFF"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--BarChartHighestQuarterlyReturn_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zF62F0vFgty5">15.86%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90E_err--BarChartLowestQuarterlyReturn_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_z0lOeL5wkAW2">(25.87)%</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; white-space: nowrap"> </td></tr> <tr style="font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_906_err--BarChartHighestQuarterlyReturnDate_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zzl4nJCtAplf">December 31, 2022)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; white-space: nowrap"> </td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">(<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_909_err--BarChartLowestQuarterlyReturnDate_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zWk4xXdiMxI9">March 31, 2020)</td> <td style="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White; text-align: center; white-space: nowrap"> </td></tr> </table> Best Quarter Worst Quarter 0.1586 -0.2587 2022-12-31 2020-03-31 Average Annual Total Returns for the periods ended December 31, 2022 Average Annual Total Returns for the periods ended December 31, 2022 2013-09-30 2013-09-30 2013-09-30 2013-09-30 2013-09-30 2013-09-30 2013-09-30 2013-09-30 Class A Shares Return Before Taxes Class A Shares Return Before Taxes -0.0841 0.0511 0.0722 Class A Shares Return After Taxes on Distributions Class A Shares Return After Taxes on Distributions -0.1195 0.0288 0.0552 Class A Shares Return After Taxes on Distributions and Sale of Shares Class A Shares Return After Taxes on Distributions and Sale of Shares -0.0238 0.0360 0.0536 S&P 500® Low Volatility High Dividend Index (reflects no deduction for fees, expenses or taxes) S&P 500® Low Volatility High Dividend Index (reflects no deduction for fees, expenses or taxes) 0.0093 0.0535 0.0987 2013-10-01 2013-10-01 Class C Shares Return Before Taxes -0.0434 0.0557 0.0712 S&P 500® Low Volatility High Dividend Index (reflects no deduction for fees, expenses or taxes) 0.0093 0.0535 0.0978 2016-10-04 2016-10-04 Institutional Class Shares Return Before Taxes -0.0253 0.0662 0.0836 S&P 500® Low Volatility High Dividend Index (reflects no deduction for fees, expenses or taxes) 0.0093 0.0535 0.0688 <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90C_err--PerformanceTableUsesHighestFederalRate_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zVg5jJMQtVCg">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_901_err--PerformanceTableNotRelevantToTaxDeferred_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zqcYLYg8mve5">Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFJpc2svUmV0dXJuIERldGFpbCBEYXRhIHtFbGVtZW50c30A" id="xdx_90B_err--PerformanceTableOneClassOfAfterTaxShown_c20230901__20230901__dei--LegalEntityAxis__custom--S000042034Member_zELiqSfjMbf2">After-tax returns shown are for Class A shares only; after tax returns for Class C and Institutional Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown and are not relevant if you hold your shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns shown are for Class A shares only; after tax returns for Class C and Institutional Class shares will vary. PBSRX PBSIX PBSYX 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 1.00% CDSC will be assessed when Class C shares are redeemed within 18 months after initial purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker-dealer was not paid a commission at the time of purchase. “Total Annual Fund Operating Expenses” will not correlate to the ratio of expenses to average net assets that will be disclosed in the Fund’s annual and semi-annual reports to shareholders in the financial highlights table, which reflects the operating expenses of the Fund and does not include “Acquired Fund Fees and Expenses”. Equity Investment Corporation (“EIC” or the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, do not exceed 0.95% of average daily net assets of the Fund (the “Expense Limitation”). Prior to September 1, 2020, the Expense Limitation was 0.90%. The Expense Limitation will remain in place until August 31, 2024, unless the Board of Trustees of the Trust approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. Average annual total returns for Class A shares of the Fund reflect the imposition of the maximum front-end sales charge of 5.50%. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant periods. The Russell 3000® Value Index is an unmanaged index that measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-value ratios and lower forecasted growth rates. The S&P 500® Index is a widely recognized unmanaged index of 500 common stocks, which are generally representative of the U.S. stock market as a whole. Reflects the imposition of the maximum deferred sales charge of 1.00%. 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 will be assessed when Class C shares are redeemed within 12 months after initial purchase; however, the CDSC shall not apply to the purchases of Class C shares where the selling broker dealer was not paid a commission at the time of purchase. EquityCompass Investment Management, LLC (“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 taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items 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 effect until August 31, 2024, unless the Board of Trustees of 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. Average annual total returns for Class A shares of the Fund reflect the imposition of the maximum front-end sales charge of 5.75%. The “Return After Taxes on Distributions and Sale of Shares” is higher than the “Return Before Taxes” and/or the “Return After Taxes on Distributions” because of realized losses that would have been sustained upon the sale of Fund shares immediately after the relevant periods. The S&P 500® Low Volatility High Dividend Index is an unmanaged index that measures the performance of the 50 least volatile high dividend-yielding stocks in the S&P 500. Reflects the imposition of the maximum deferred sales charge of 1.00%.