https://www.sec.gov/Archives/edgar/data/1388485/000182912624002721/fundvantage_497.htm497 1 fundvantage_497.htm 497
Filed pursuant to Rule 497(e)
under the Securities Act of 1933,
as amended Securities Act File
No. 333-141120
FUNDVANTAGE TRUST
(THE “TRUST”)
POLEN GLOBAL SMID COMPANY GROWTH FUND
(THE “FUND”)
Supplement dated April 23, 2024 to the Fund’s Summary Prospectus dated December 29, 2023, and Prospectus and Statement of Additional Information (“SAI”), each dated September 1, 2023, as supplemented.
LIQUIDATION AND TERMINATION OF THE FUND
The Board of Trustees of the Trust has approved a plan to liquidate and terminate the Fund. The plan of liquidation provides that the Fund will cease its business, liquidate its assets and distribute its liquidation proceeds to all of the Fund’s shareholders of record. Final liquidation of the Fund will occur on or about May 23, 2024.
The Fund will cease accepting purchase orders and will be closed to all new and existing investors on May 6, 2024.
Shareholders of the Fund may redeem their shares at any time prior to the liquidation date. If a shareholder has not redeemed his or her shares by the liquidation date, the shareholder’s shares automatically will be redeemed and proceeds will be sent to the shareholder of record. All applicable redemption fees will be waived for redemptions of Fund shares that occur after the date of this supplement. Liquidation proceeds will be paid in cash at the Fund’s applicable net asset value per share.
In addition, shareholders may use the proceeds from the redemption of shares of the Fund to simultaneously purchase shares of a different Polen fund. Shareholders can make exchange requests by telephone or by mail. See “To Redeem from Your Account” in the Prospectus for contact information. If the Exchange is open for regular trading (generally until 4 p.m. Eastern time, on a business day) at the time an exchange request is received in good order, the trade date generally will be the same day. See “Redemption of Shares” in the Prospectus for additional information on transaction requests. The Fund will not accept your request to cancel any exchange request once processing has begun. Please be careful when placing an exchange request. Call Shareholder Services toll-free at (888) 678-6024 from Monday through Friday, 8:00 a.m. to 6:00 p.m., Eastern time before attempting to exchange a large dollar amount. By calling us before you attempt to exchange a large dollar amount, you may avoid delayed or rejected transactions. Please note that the Fund reserves the right, without notice, to revise or terminate the exchange privilege, limit the amount of any exchange, or reject an exchange, at any time, for any reason. See “Market Timing and Frequent-Trading Policy” in the Prospectus for additional restrictions on exchanges.
As the liquidation of the Fund approaches, the Fund’s investment adviser is expected to increase the portion of the Fund’s assets held in cash and similar investments in order to prepare for orderly liquidation and to meet anticipated redemption requests. This may adversely affect the Fund’s performance. The impending liquidation of the Fund may result in large redemptions, which could adversely affect the Fund’s expense ratio, although existing contractual fee waivers will be maintained. Also, as the Fund’s liquidation approaches, the Fund will cease to pursue its investment objective.
The redemption of shares held by a shareholder as part of the liquidation generally will be considered a taxable event. Prior to final liquidation, the Fund may make distributions of income and capital gains. These distributions will have the tax and other consequences described in the Fund’s prospectus and statement of additional information. A shareholder should consult with the shareholder’s tax advisor to discuss the Fund’s liquidation and the tax consequences to the shareholder...
