SKYBRIDGE DIVIDEND VALUE FUND

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SKYBRIDGE DIVIDEND VALUE FUND Class A Shares (SKYAX) Class C Shares (SKYCX) Class I Shares (SKYIX) of FundVantage Trust PROSPECTUS September 1, 2016 These securities have not been approved or disapproved
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SKYBRIDGE DIVIDEND VALUE FUND Class A Shares (SKYAX) Class C Shares (SKYCX) Class I Shares (SKYIX) of FundVantage Trust PROSPECTUS September 1, 2016 These securities have not been approved or disapproved by the Securities and Exchange Commission nor has the Securities and Exchange Commission determined whether this prospectus is accurate or complete. Any representation to the contrary is a criminal offense. TABLE OF CONTENTS Fund Summary More Information about the Fund s Investment Objective, Strategies and Risks Investment Objective Additional Information about the Fund s Investment Strategies Risks More Information about Management of the Fund Investment Adviser Portfolio Managers Shareholder Information Pricing of Shares Purchase of Shares To Open an Account To Add to an Account Redemption of Shares To Redeem from Your Account Transaction Policies Shareholder Services Distributions More Information about Taxes Financial Highlights For More Information Back Cover FUND SUMMARY SKYBRIDGE DIVIDEND VALUE FUND Investment Objective The SkyBridge Dividend Value Fund (the Fund ) seeks to achieve total return (including capital appreciation and current income). Fees and Expenses 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 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 9 of the Fund s prospectus. Shareholder Fees (fees paid directly from your investment): Class A Class C Class I Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) % 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 None 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): Management Fees % 0.75% 0.75% Distribution and/ or Service (Rule 12b-1) Fees % 1.00% None Other Expenses % 0.28% 0.28% Total Annual Fund Operating Expenses % 2.03% 1.03% Fee Waiver and/ or Expense Reimbursement (0.03)% (0.03)% (0.03)% Total Annual Fund Operating Expenses After Fee Waiver and/ or Expense Reimbursement % 2.00% 1.00% 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. 2 SkyBridge Capital II, LLC ( SkyBridge of 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 taxes, Acquired Fund fees and expenses, interest, extraordinary items 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 Class I shares of average daily net assets of the Fund (the Expense Limitation ). The Expense Limitation will remain in place until August 31, 2018, 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. 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. 1 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 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 Class A $695 $952 $1,231 $2,026 Class C $203 $631 $1,087 $2,354 Class I $102 $322 $563 $1,254 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 Fund s most recent fiscal year, the Fund s portfolio turnover rate was % of the average value of its portfolio. 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. Typically, the Fund will hold approximately 25 to 35 stocks, which are generally reconstituted annually. As of the reconstitution, the first ten stocks will represent the ten highest yielding stocks within the Dow Jones Industrial Average. The Adviser will select the remaining stocks from across the market capitalization spectrum using quantitative and fundamental analyses to identify securities it believes offer an attractive forward rate of return. This broadly consists of, but is not limited to, stock selection using a rulesbased process seeking to identify profitable, attractively valued securities with appealing dividend yields. Once purchased, the Adviser normally employs a buy and hold strategy, but will sell a position under certain circumstances at its sole discretion. For example, the Adviser may sell a stock if it exceeds a designated percentage of the Fund s net assets, if its dividend yield falls below certain benchmarks established by the portfolio manager at his or her sole discretion, or if the Adviser believes the forward rate of return becomes less attractive. After initial purchase, stock weightings will typically fluctuate with the market. The Adviser will manage inflows and outflows (i.e., fluctuations in Fund assets from sales and redemptions of Fund shares) by reference to existing stock weights coupled with its view of a stock s forward rate of return potential. While many portfolio holdings will have a 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 net asset value ( 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 2 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 fluctuate, sometimes rapidly and unpredictably. 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. Performance Information The bar chart and the performance table illustrate the risks and volatility of an investment in Class I shares of the Fund for the past calendar year through December 31, 2015 and show how the Fund s average annual total returns for one year and since inception, before and after taxes, compare with those of the S&P 500 Index, a broad measure of market performance. The front-end sales charge on Class A shares is not reflected in the bar chart or the calendar year-to-date returns; if the front-end sales charge was reflected; returns would be less than 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. Updated performance information is available on the Fund s website at or by calling the Fund toll-free at (888) Returns 10% 5% 0% 5.33% 2015 Years Calendar Year-to-Date Total Return as of June 30, 2016: 5.62% During the periods shown in the chart: Best Quarter Worst Quarter 8.41% -6.45% December 31, 2015 September 30, 2015 SkyBridge Dividend Value Fund Class I Shares Since Inception Average Annual Total Returns for the Period Ended December 31, Year (April 7, 2014) Class I Shares Return Before Taxes % 7.01% Class I Shares Return After Taxes on Distributions % 5.91% Class I Shares Return After Taxes on Distributions and Sale of Shares % 5.15% S&P 500 Index (reflects no deductions for fees, expenses or taxes) % 8.31% 3 SkyBridge Dividend Value Fund Class A Shares Since Inception Average Annual Total Returns for the Period Ended December 31, Year (June 13, 2014) Class A Shares Return Before Taxes % 4.48% S&P 500 Index (reflects no deductions for fees, expenses or taxes) % 5.70% SkyBridge Dividend Value Fund Class C Shares Since Inception Average Annual Total Return for the Period Ended December 31, Year (October 17, 2014) Class C Shares Return Before Taxes % 8.88% S&P 500 Index (reflects no deductions for fees, expenses or taxes) % 9.13% 1 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. 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 I shares only; after-tax returns for Class A and Class C shares will vary. Management of the Fund Investment Adviser SkyBridge Capital II, LLC ( SkyBridge or the Adviser ) Portfolio Manager Brendan Voege, CFA, has managed the Fund under the supervision of SkyBridge Chief Investment Officer Raymond Nolte since its inception in Purchase and Sale of Fund Shares Minimum Investment Requirements* Account Type Minimum Class A Class C Class I Regular Accounts Initial Investment $1,000 $1,000 $50,000 Additional Investments $50 $50 No Minimum Individual Retirement Accounts Initial Investment $100 $100 Not Available Additional Investments $25 $25 Not Available Automatic Investment Plan Initial Investment $1,000 $1,000 Not Available Additional Investments $25 $25 Not Available * The Fund reserves the right to waive the minimum investment requirement for any investor. In addition, the Fund s minimum investment requirement may be waived from time to time by the Adviser or the Fund under the following circumstances: (a) qualified broker dealers who have entered into an agreement with the Fund, Adviser or the Underwriter; and (b) certain wrap programs offered by financial intermediaries. You can only purchase and redeem shares of the Fund on days the New York Stock Exchange (the Exchange ) is open and through the means described below. Purchase or Redemption by Mail: Regular Mail: SkyBridge Dividend Value Fund FundVantage Trust c/ o BNY Mellon Investment Servicing P.O. Box 9829 Providence, RI Overnight Mail: SkyBridge Dividend Value Fund FundVantage Trust c/ o BNY Mellon Investment Servicing 4400 Computer Drive Westborough, MA (888) Purchase by Wire: Please contact Fund shareholder services ( Shareholder Services ) toll-free at (888) for current wire instructions. Redemption by Telephone: Call (888) Tax Information The Fund intends to make distributions that may be taxed as ordinary income or capital gains. Such distributions are not currently taxable when shares are held through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Shares that are held in a tax-deferred account may be taxed as ordinary income once they are withdrawn from the tax-deferred account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the financial intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other financial intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary s website for more information. 5 MORE INFORMATION ABOUT THE FUND S INVESTMENT OBJECTIVE, STRATEGIES AND RISKS INVESTMENT OBJECTIVE The investment objective of the Fund is to achieve total return (including capital appreciation and current income). The Fund s investment objective may be changed by the Board of Trustees without shareholder approval upon notice to shareholders. There is no guarantee that the Fund will achieve its investment objective. ADDITIONAL INFORMATION ABOUT THE FUND S INVESTMENT STRATEGIES The Fund s principal investment strategies are discussed in the Fund Summary section. Principal investment strategies are those that the Adviser will use on a day-to-day basis to achieve the Fund s investment objective. This section provides more information about these strategies, as well as information about some additional strategies that the Fund s Adviser uses, or may use, to achieve the Fund s objective. Additional information about these investment strategies and practices and related risks is also provided in the Fund s Statement of Additional Information ( SAI ). The Fund may also use strategies and invest in securities that are not described in this prospectus, but that are described in the SAI. The investments and strategies discussed below are those that the Adviser will use under normal market conditions. The Fund may borrow to the extent permitted by the Investment Company Act of 1940, as amended (the 1940 Act ). At times, the Fund may be required to segregate or earmark certain assets determined to be liquid by the Adviser (generally, short-term investment grade fixed income securities) to cover borrowings. The Fund may invest in shares of exchange traded funds or ETFs whose underlying investments are consistent with the Fund s investment objective. ETFs are registered investment companies whose shares are publicly traded on a securities exchange and track a securities market index. As a shareholder in an investment company, the Fund would bear its pro-rata portion of an ETF s expenses, including advisory fees, in addition to its own expenses. Although the 1940 Act limits investments by registered investment companies in the securities of other investment companies, registered investment companies, including the Fund, are permitted to invest in certain ETFs beyond the limits set forth in the 1940 Act, subject to certain terms and conditions including entering into an agreement with such ETF. Any percentage limitations with respect to the investment of the Fund s assets or quality requirement of issues or issuers in which the Fund invests are applied at the time of purchase. In anticipation of or in response to adverse market or other conditions or atypical circumstances as determined by the portfolio manager, such as unusually large cash inflows or redemptions, the Fund may temporarily hold all or a portion of its assets in U.S. Government securities, money market funds, cash or cash equivalents. Under such conditions, the Fund may not invest in accordance with its investment objective or principal investment strategies and may not achieve its investment objective. RISKS The following is a list of certain principal risks that may apply to your investment in the Fund. Further information about investment risks is available in the Fund s SAI: Equity Securities Risk: Common and preferred stocks represent equity ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equities. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in decline or if overall market and economic conditions deteriorate. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or an increase in production costs and competitive conditions within an industry. In addition, they may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or generally adverse investor sentiment. Management Risk: As with any managed fund, the Adviser may not be successful in selecting the bestperforming securities or investment techniques, and the Fund s performance may lag behind that of similar funds. The Adviser may also miss
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