# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001829126-23-001348
**Filing Date:** 2023-2
**Character Count:** 22114
**Document Hash:** a67584e539fa566459ba0ad23f9451ae
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001348.hdr.sgml**: 20230206

**ACCESSION NUMBER**: 0001829126-23-001348

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230206

**DATE AS OF CHANGE**: 20230206

**EFFECTIVENESS DATE**: 20230206

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-141120
- **FILM NUMBER:** 23588806

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 301 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### C WorldWide International Equities Fund (Series ID: S000069663)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222180 | Class A      | CWNAX           |
| C000222181 | Class I      | CWNIX           |

**C WORLDWIDE INTERNATIONAL EQUITIES FUND**

**A Series of FundVantage Trust**

**Summary Prospectus – February 1, 2023**

Class/Ticker: Class A (CWNAX)/Class I (CWNIX)

**Click here to view the Fund's <u>Statutory Prospectus</u> or <u>Statement of Additional Information</u>.**

*Before you invest, you may want to review the Fund's prospectus, which contains more information about the Fund and its risks. You can find the Fund's prospectus and other information about the Fund including the Fund's Statement of Additional Information ("SAI") and shareholder reports online at https://funds.cworldwide.com/us/. You can also get this information at no cost by calling (833) 996-0797, by sending an email request to us.funds@cworldwide.com, or from any financial intermediary that offers shares of the Fund. The Fund's prospectus, dated February 1, 2023, and SAI, dated February 1, 2023, as amended from time to time, are incorporated by reference into this Summary Prospectus.*

**Investment Objective**

C WorldWide International Equities Fund ("the Fund") seeks to achieve long-term growth of capital exceeding the return of the market after expenses with a moderate risk profile in line with or below the market risk.

**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.** 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 $25,000 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 14 of the Fund's Prospectus and in the "Purchase, Redemption and Pricing of Shares" section on page 57 of the Fund's Statement of Additional Information.

---

| | | |
|:---|:---|:---|
| **Shareholder Fees (fees paid directly from your investment):** | **Shareholder Fees (fees paid directly from your investment):** | **Shareholder Fees (fees paid directly from your investment):** |
|  | **Class A** | **Class I** |
| Maximum Sales Charge (Load) imposed on Purchases (as a percentage of offering price) | 5.00% |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the original purchase price or the net asset value at redemption) | 1.00%<sup>1</sup> |  |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** | **Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):** |
| Management Fees | 0.80% | 0.80% |
| Distribution (Rule 12b-1) Fees | 0.25% |  |
| Other Expenses | 30.12% | 30.12% |
| **Total Annual Fund Operating Expenses** | **31.17%** | **30.92%** |
| Fee Waiver and/or Expense Reimbursement | (30.37)% | (30.37)% |
| **Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>2</sup>** | **0.80%** | **0.55%** |

---

<sup>1</sup> 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.

<sup>2</sup> C WorldWide Asset Management Fondsmaeglerselskab A/S ("C WorldWide" 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"), interest, extraordinary items, "Acquired Fund Fees and Expenses" and brokerage commissions) do not exceed 0.55% (on an annual basis) with respect to the Fund's

average daily net assets (the "Expense Limitation"). The Expense Limitation will remain in place for a period of one year from the date of this Prospectus and for an indefinite period of time thereafter unless the Board of Trustees of the FundVantage Trust (the "Trust") approves its earlier termination.

**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 Class I shares and $10,000 in Class A shares of the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example assumes that the Expense Limitation remains in effect indefinitely. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $56 | $4950 | $7635 | $10173 |
| Class A | $678 | $5239 | $7780 | $10157 |

---

You would pay the following expenses if you did not redeem your shares:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I | $56 | $4950 | $7635 | $10173 |
| Class A | $578 | $5239 | $7780 | $10157 |

---

**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. The Fund's portfolio turnover rate is only shown once the Fund has completed its first fiscal period of operations. During the period from February 28, 2022 (commencement of operations) through September 30, 2022, the Fund's turnover rate was 10% of the average value of its portfolio.

**Summary of Principal Investment Strategies**

The Fund typically invests in a portfolio of common stocks of a limited number of sustainable growth companies worldwide excluding the United States. The Fund primarily invests in common stocks of between 25-30 large cap companies of which the Adviser has detailed knowledge and believes to represent promising long-term investment opportunities. Under normal market conditions, the Fund will invest at least 80% of its net assets, plus borrowings for investment purposes, in equity securities. The Fund will invest in common stocks of issuers in various regions and countries and may invest all of its assets in such companies.

In seeking to identify sustainable growth companies, the Adviser employs a generalist analytic structure with the exception of select geographic regions that require specialist expertise such as India and select Asian markets. The Fund's stock selection process begins with qualitative assessments of companies by the Adviser's investment team. As part of these assessments, the Adviser evaluates, among other criteria, the quality of a company's business model, a company's financial metrics and valuation, the quality of a company's management and environmental, social and governance ("ESG") factors. In incorporating ESG factors into its investment process, the Adviser seeks to identify sustainable companies that follow good business practices.

The Fund is typically focused on selecting high-quality companies with consistent/recurring revenues, stable free cash flows and sustainable returns on invested capital. The objective is to construct a well-diversified portfolio of unique companies exposed to diverse structural growth themes.

The Adviser's approach is based on fundamental research. Such research is informed by visiting companies, participating in investment workshops and seminars, generating proprietary research and reviewing third party research with a focus on both developed and emerging markets. The Adviser's fundamental evaluation of stocks is dependent on a combination of factors, including risk return considerations, coupled with market sentiment and economic data. The Adviser monitors investments for changes in the factors above, which may trigger a decision to sell a security, but does not require such a decision. The Adviser may consider selling a security if alternative investment ideas have been developed. The Adviser may also sell a security to meet redemptions.

The Fund is non-diversified, which means that a significant portion of the Fund's assets may be invested in the securities of a single or small number of companies and/or in a more limited number of sectors than a diversified mutual fund. Although the Fund may not "concentrate" (invest 25% or more of its net assets) in any industry, the Fund may focus its investments from time to time in one or more sectors of the economy or stock market.

The Fund may also invest in depositary receipts or other securities that are convertible into securities of foreign issuers. The Fund may invest in foreign currencies and may engage in other foreign currency transactions for investment or hedging purposes.

A portion of the Fund's assets may be held in cash or cash equivalent instruments, including, but not limited to, short term investment funds and/or Government securities. These cash or cash equivalent holdings may serve as collateral for the positions the Fund takes and also may also earn income for the Fund.

**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. The Fund may not be a suitable investment for all investors.

● **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.

● **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.

● **ESG Risk:** In implementing the Fund's investment strategy, the Adviser considers, among other factors, environmental, social and governance (or "ESG") factors. While the consideration of ESG factors in evaluating an investment is not determinative, the use of ESG analysis in managing the Fund may result in the Fund forgoing opportunities to buy or sell certain securities when it might otherwise be advantageous to do so. There are significant differences in interpretations of what it means for a company to have positive ESG characteristics. While the Adviser believes its definitions are reasonable, the portfolio decisions it makes may differ with other investors' or advisers' views on the same securities.

● **Foreign Securities Risk:** Foreign stocks may underperform North American stocks and may be more volatile than such stocks. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) may include **:** currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices; political instability and expropriation and nationalization risks.

● **Emerging Markets Risk:** Emerging markets are riskier than more developed markets because they tend to develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect returns to U.S. investors. In addition, many emerging securities markets have far lower trading volumes and less liquidity than developed markets. U.S. securities and accounting regulatory agencies continue to express concern regarding information access and audit quality regarding issuers in China and other emerging market countries, which could present heightened risks associated with investments in these markets.

● **Geographic Concentration Risk:** From time to time the Fund may invest a substantial amount of its assets in issuers located in a limited number of countries or regions. If the Fund concentrates its investments in this manner, it assumes the risk that economic, political and social conditions in those countries or regions will have a significant impact on its investment performance. The Fund's investment performance may also be more volatile if it concentrates its investments in certain countries or regions, especially emerging market countries or regions.

● **Depositary Receipts Risk:** The issuers of unsponsored depositary receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the depositary receipts. Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

**●** **Large-Cap Risk:** Large-capitalization companies may be unable to respond quickly to new competitive challenges such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**●** **Liquidity Risk:** The lack of an active market for investments may cause delay in disposition or force a sale below fair value.

● **Management Risk:** The risk that the investment techniques and risk analyses applied by the Adviser, including but not limited to the Adviser's integration of ESG factors into its research analysis, will not produce the desired results and that legislative, regulatory, or tax developments may affect the investment techniques available to the Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

● **New Adviser Risk.** The Adviser has only recently commenced managing a U.S.-registered mutual fund. Mutual funds and their advisers are subject to restrictions and limitations imposed by the Investment Company Act of 1940, as amended ("1940 Act"), and the Internal Revenue Code that do not apply to the adviser's management of other types of individual and institutional accounts. As a result, investors do not have a long-term track record from which to judge the Adviser and the Adviser may not achieve the intended result in managing the Fund.

● **Non-Diversification Risk:** Because the Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a diversified fund, an investment in the Fund could fluctuate in value more than an investment in a diversified fund.

● **Sector Risk:** Although the Fund may not "concentrate" (invest more than 25% 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 considerably more volatile than a broad-based market index or other mutual funds that are diversified across a greater number of securities and sectors.

● **Limited History of Operations:** The Fund is a recently formed mutual fund and has a limited history of operations for investors to evaluate.

● **Valuation Risk:** The risk that the Fund has valued certain of its securities at a higher price than it can sell them.

**Performance Information**

The Fund's performance is only shown in the Fund summary when the Fund has had a full calendar year of operations.

**Management**

**Investment Adviser**

C WorldWide Asset Management Fondsmaeglerselskab A/S ("C WorldWide" or "Adviser") serves as the Fund's investment adviser.

**Portfolio Managers**

**Bo Almar Knudsen** has served as a portfolio manager to the Fund since its inception in 2022.

**Bengt Seger** has served as a portfolio manager to the Fund since its inception in 2022.

**Peter O'Reilly** has served as a portfolio manager to the Fund since September 1, 2022.

**Mattias Kolm** has served as a portfolio manager to the Fund since its inception in 2022.

**Purchase and Sale of Fund Shares**

**Minimum Investment Requirements**

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| | | | |
|:---|:---|:---|:---|
| **Account Type** | **Minimum** | **Class I** | **Class A** |
| Regular Accounts | Initial Investment | $100000 | $10000 |
|  | Additional Investments |  | $10000 |
| Individual Retirement Accounts | Initial Investment | $100000 | $10000 |
|  | Additional Investments |  | $10000 |

---

You can only purchase and redeem shares of the Fund on days the New York Stock Exchange (the "NYSE") is open and through the means described below.

**Purchase or Redemption by Mail (until March 9, 2023):**

---

| | |
|:---|:---|
| **Regular Mail:**<br> C WorldWide International Equities Fund<br> FundVantage Trust<br> c/o BNY Mellon Investment Servicing<br> P.O. Box 9829<br> Providence, RI 02940-8029 | **Overnight Mail:**<br> C WorldWide International Equities Fund<br> FundVantage Trust<br> c/o BNY Mellon Investment Servicing<br> 4400 Computer Drive<br> Westborough, MA 01581-1722<br> (833) 996-0797 |

---

**Purchase or Redemption by Mail (after March 9, 2023):**

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| | |
|:---|:---|
| **Regular Mail:**<br> C WorldWide International Equities Fund<br> FundVantage Trust<br> c/o BNY Mellon Investment Servicing<br> P.O. Box 534445<br> Pittsburgh, PA 15253-4445 | **Overnight Mail:**<br> C WorldWide International Equities Fund<br> FundVantage Trust<br> c/o BNY Mellon Investment Servicing<br> Attention: P.O. Box 534445<br> 500 Ross Street, 154-0520<br> Pittsburgh, PA 15262<br> (833) 996-0797 |

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**Purchase by Wire:**

Please contact Fund shareholder services ("Shareholder Services") toll-free at (833) 996-0797 for current wire instructions.

**Redemption by Telephone:**

Call Shareholder Services toll-free at (833) 996-0797.

**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. However, subsequent withdrawals from any tax-deferred account in which the shares are held may be subject to federal income tax.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase shares of 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/or for related services to shareholders. 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.

**Click here to view the Fund's <u>Statutory Prospectus</u> or <u>Statement of Additional Information</u>.**

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