Performance

MonthlyQuarterly

Monthly Returns as of 09/30/2017

Fund Name Ticker Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR Since Inception Annualized Since Inception Cumulative Inception Date
Gotham Absolute Return GARIX 1.46% 2.88% 4.89% 9.76% 1.77% 8.45% 51.02% August 31, 2012
Gotham Enhanced Return GENIX 2.70% 4.59% 8.57% 16.03% 5.08% 10.85% 56.28% May 31, 2013
Gotham Neutral GONIX -0.10% 0.89% -1.82% 3.23% -2.23% 1.35% 5.61% August 30, 2013
Gotham Index Plus GINDX 4.34% 7.89% 12.66% 23.25% N/A 12.02% 32.83% March 31, 2015
Gotham Absolute 500 Fund GFIVX 2.86% 5.60% 7.58% 12.63% 5.68% 6.39% 21.68% July 31, 2014

Quarterly Returns as of 09/30/2017

Fund Name Ticker Month Trailing 3
Months		 YTD 1 YEAR 3 YEAR Since Inception Annualized Since Inception Cumulative Inception Date
Gotham Absolute Return GARIX 1.46% 2.88% 4.89% 9.76% 1.77% 8.45% 51.02% August 31, 2012
Gotham Enhanced Return GENIX 2.70% 4.59% 8.57% 16.03% 5.08% 10.85% 56.28% May 31, 2013
Gotham Neutral GONIX -0.10% 0.89% -1.82% 3.23% -2.23% 1.35% 5.61% August 30, 2013
Gotham Index Plus GINDX 4.34% 7.89% 12.66% 23.25% N/A 12.02% 32.83% March 31, 2015
Gotham Absolute 500 Fund GFIVX 2.86% 5.60% 7.58% 12.63% 5.68% 6.39% 21.68% July 31, 2014

Daily as of 10/23/2017

Fund Name Ticker Nav Change ($) Daily Return (%) YTD Return (%)
Gotham Absolute Return GARIX $14.22 -$0.03 -0.21% 7.00%
Gotham Enhanced Return GENIX $14.13 -$0.03 -0.21% 12.14%
Gotham Neutral GONIX $10.44 $0.00 0.00% 0.19%
Gotham Absolute 500 Fund GFIVX $11.67 $0.01 0.09% 9.17%
Gotham Index Plus GINDX $13.29 -$0.02 -0.15% 15.26%



The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. The performance quoted does not reflect a 1% redemption fee imposed on shares redeemed or exchanged within 30 days. Returns would have been lower if certain expenses had not been reduced or reimbursed. For periods less than one-year, total returns are reported; for periods more than one-year, average annual total returns are reported. Current performance may be lower or higher than the performance data quoted.

Gotham has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each of the funds to the extent necessary to ensure that each fund's total operating expenses (excluding dividend and interest expense on short sales) do not exceed, on an annual basis: (i)  2.15% of average daily net assets for the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund; (ii) 1.15% of average daily net assets for the Gotham Index Plus Fund (the "Expense Limitation"); and (iii) 1.50% of average daily net assets for the Gotham Absolute 500 Fund.  The Expense Limitation will remain in place until August 31, 2019 with respect to the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund, and until January 31, 2019 with respect to the Gotham Index Plus Fund and the Gotham Absolute 500 Fund, unless the Board of Trustees of FundVantage Trust (the "Trust") approves its earlier termination. Gotham is entitled to recover, subject to approval by the Trust, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which Gotham reduced its compensation and/or assumed expenses for the funds.  Including estimated expenses related to dividend and interest expense on short sales, Gotham Absolute Return Fund's gross expense ratio is estimated to be 3.09%, Gotham Enhanced Return Fund's gross expense ratio is estimated to be 3.58%, Gotham Neutral Fund's gross expense ratio is estimated to be 3.56%, Gotham Index Plus Fund's gross expense ratio is estimated to be 3.47% and Gotham Absolute 500 Fund's gross expense ratio is estimated to be 3.85%.  See the Prospectus for additional details.

Mutual fund investing involves risks, including possible loss of principal.  Short sales by a fund theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase.  It is anticipated the funds will frequently adjust the size of their long and short positions and thus may experience high portfolio turnover which tends to increase brokerage costs. The funds will use leverage to make additional investments which could result in greater losses than if the funds were not leveraged.  In addition, the Gotham Absolute Return Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund may invest in large, mid and small cap companies. Small and mid cap equity securities may be more volatile and less liquid than the securities of larger companies.

An investor should consider the investment objectives, risks, charges and expenses of the funds carefully before investing. The prospectus contains this and other information about the funds. A copy of the prospectus is available in PDF format by clicking here or by calling 877-974-6852. The prospectus should be read carefully before investing.

Gotham Funds, which are registered with the United States Securities and Exchange Commission pursuant to the Investment Company Act of 1940, are distributed by Foreside Funds Distributors LLC (“Foreside”). Gotham Asset Management, LLC is the investment adviser to the Gotham Funds and is not affiliated with Foreside.

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