Filed pursuant to Rule 497(e) under the

Securities Act of 1933, as amended

Securities Act File No. 333-141120

GOTHAM ABSOLUTE 500 FUND

Institutional Class Shares

FUNDVANTAGE TRUST

(the “Trust”)

Supplement dated September 1, 2016 to the Gotham Absolute 500 Fund’s (the “Fund”) Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) dated February 1, 2016, each as may be amended or supplemented from time to time

The information in this supplement updates and amends certain information contained in the Prospectus, Summary Prospectus and SAI for the Fund and should be read in conjunction with such documents.

Reduction in Investment Advisory Fee and Expense Limitation for the Fund

Effective as of September 1, 2016, the Board of Trustees of the Trust has approved a reduction in the investment advisory fee payable by the Fund to Gotham Asset Management, LLC (“Gotham” or the “Adviser”) from an annual rate of 1.50% to 1.35% of the Fund’s average daily net assets. Effective as of the same date, Board also approved a reduction in the Fund’s Expense Limitation (defined below) from an annual rate of 1.75% to 1.50% of the Fund’s average daily net assets. The Fund’s Prospectus, Summary Prospectus, and SAI are hereby amended to reflect these changes.

Additionally, the fee table and accompanying footnotes with respect to the Fund under the heading “Expenses and Fees” and the related Expense Example in the Fund’s Prospectus and Summary Prospectus are deleted in their entirety and replaced with the following:

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

	Institutional Class
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	1.00	%

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

Management Fees(1)	1.35	%
Distribution and/or Service (Rule 12b-1) Fees	None
Other Expenses	2.75	%
Dividend and Interest Expense on Securities Sold Short	1.97	%
Other Operating Expenses	0.78	%
Total Annual Fund Operating Expenses	4.10	%
Fee Waivers and/or Expense Reimbursements(1),(2)	(0.63	)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements(1),(2)	3.47	%

(1) Expenses shown above have been restated to reflect a reduction in the Fund’s contractual advisory fee and Expense Limitation (defined below). Prior to September 1, 2016, the Management Fee and Expense Limitation were (on an annual basis), 1.50% and 1.75%, respectively, of the average daily net assets of the Fund.

(2) Gotham Asset Management, LLC (“Gotham” 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 (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. 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 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.

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 Institutional Class shares for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 year		3 years		5 years		10 years
Institutional Class	$	350	$	1,065	$	1,931	$	4,165

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

GOTHAM ENHANCED 500 FUND

Institutional Class Shares

FUNDVANTAGE TRUST

(the “Trust”)

Supplement dated September 1, 2016 to the Gotham Enhanced 500 Fund’s (the “Fund”) Prospectus and Statement of Additional Information (“SAI”) dated February 1, 2016, each as may be amended or supplemented from time to time

The information in this supplement updates and amends certain information contained in the Prospectus, Summary Prospectus and SAI for the Fund and should be read in conjunction with such documents.

Reduction in Investment Advisory Fee and Expense Limitation for the Fund

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

	Institutional Class
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	1.00	%

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

Management Fees(1)	1.35	%
Distribution and/or Service (Rule 12b-1) Fees	None
Other Expenses	3.54	%
Dividend and Interest Expense on Securities Sold Short	2.16	%
Other Operating Expenses	1.38	%
Total Annual Fund Operating Expenses	4.89	%
Fee Waivers and/or Expense Reimbursements(1),(2)	(1.23	)%
Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements(1),(2)	3.66	%

operating expenses (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2019, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. 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 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.

Expense Example

	1 year		3 years		5 years		10 years
Institutional Class	$	368	$	1,120	$	2,139	$	4,696

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

GOTHAM ABSOLUTE RETURN FUND

Institutional Class Shares

FUNDVANTAGE TRUST

(the “Trust”)

Supplement dated September 1, 2016 to the Gotham Absolute Return Fund’s (the “Fund”) Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) dated February 1, 2016, each as may be amended or supplemented from time to time

The information in this supplement updates and amends certain information contained in the Prospectus, Summary Prospectus and SAI for the Fund and should be read in conjunction with such documents.

Reduction in Expense Limitation for the Fund

Effective as of September 1, 2016, the Adviser has agreed to a reduction in the Fund’s Expense Limitation (defined below) from an annual rate of 2.25% to 2.15% of the Fund’s average daily net assets. The Fund’s Prospectus, Summary Prospectus, and SAI are hereby amended to reflect these changes.

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

	Institutional Shares
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	1.00	%

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

Management Fees	2.00	%
Distribution and/or Service (Rule 12b-1) Fees	None
Other Expenses	0.95	%
Dividend and Interest Expense on Securities Sold Short	0.80	%
Other Operating Expenses	0.15	%
Total Annual Fund Operating Expenses(1)	2.95	%

(1) Gotham Asset Management, LLC (“Gotham” 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 (exclusive of taxes, “Acquired Fund” fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 2.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Prior to September 1, 2016, the Expense Limitation was 2.25%. The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. 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 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.

Expense Example

	1 year		3 years		5 years		10 years
Institutional Class	$	298	$	913	$	1,552	$	3,271

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

GOTHAM ENHANCED RETURN FUND

Institutional Class Shares

FUNDVANTAGE TRUST

(the “Trust”)

Supplement dated September 1, 2016 to the Gotham Enhanced Return Fund’s (the “Fund”) Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) dated February 1, 2016, each as may be amended or supplemented from time to time

The information in this supplement updates and amends certain information contained in the Prospectus, Summary Prospectus and SAI for the Fund and should be read in conjunction with such documents.

Reduction in Expense Limitation for the Fund

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

	Institutional Shares
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	1.00	%

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

Management Fees	2.00	%
Distribution and/or Service (Rule 12b-1) Fees	None
Other Expenses	1.36	%
Dividend and Interest Expense on Securities Sold Short	1.23	%
Other Operating Expenses	0.13	%
Total Annual Fund Operating Expenses(1)	3.36	%

limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.

Expense Example

	1 year		3 years		5 years		10 years
Institutional Class	$	339	$	1,033	$	1,750	$	3,649

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

GOTHAM NEUTRAL FUND

Institutional Class Shares

FUNDVANTAGE TRUST

(the “Trust”)

Supplement dated September 1, 2016 to the Gotham Neutral Fund’s (the “Fund”) Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) dated February 1, 2016, each as may be amended or supplemented from time to time

The information in this supplement updates and amends certain information contained in the Prospectus, Summary Prospectus and SAI for the Fund and should be read in conjunction with such documents.

Reduction in Expense Limitation for the Fund

Expenses and Fees

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment):

	Institutional Shares
Redemption Fee (as a percentage of amount redeemed within 30 days of purchase)	1.00	%

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

Management Fees	2.00	%
Distribution and/or Service (Rule 12b-1) Fees	None
Other Expenses	1.38	%
Dividend and Interest Expense on Securities Sold Short	1.23	%
Other Operating Expenses	0.15	%
Total Annual Fund Operating Expenses(1)	3.38	%

limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.

Expense Example

	1 year		3 years		5 years		10 years
Institutional Class	$	341	$	1,039	$	1,760	$	3,667

INVESTORS SHOULD RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE