(PUB) Investing 2016

23

July 2016

Morningstar FundInvestor

Data through June 30, 2016 FINRA members: For internal or institutional use only. Polen Growth Investor

Ticker POLRX

Yield 0.0%

Total Assets $1,137 mil

Mstar Category Large Growth

Benchmark 1: Russell 1000 Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 06-10-16 ´

Investment Style Equity

Historical Profile Return Risk Rating Above Avg Low QQQQ Above Avg

7 7 7 7 7 7 7

14.0 16.0 18.0 20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ¶ Neutral § Negative

12.0

Performance

10.0

People Parent

Performance Quartile (within Category)

& ) ) & & (

Price

History

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 06-16

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ ‰ Á

. . . .

11.39 12.09 13.38 16.13 17.46 19.14 18.54

NAV

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.15 11.14 22.16 15.97 14.35 -3.13 3.51 -4.12 -11.32 2.92 8.68 -4.50 4.04 -4.87 -10.23 2.28 12.97 -6.97 0.00 0.00 0.06 0.00 0.00 0.00 6.15 11.14 22.10 15.97 14.35 -3.13

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

2

89

98

3

1

63

§ Negative

¶ Neutral

0.00 0.00 0.01 0.00 0.00 0.00 0.00 0.06 0.20 1.25 0.83 0.00

Performance 06-30-16 1st Qtr 2nd Qtr

. . .

6.35 1.74 1.51 1.52 1.50 -0.50 -0.26 -0.01 -0.08 -0.14

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

15.80 -7.29 5.01 -1.42 11.14 5.90 -2.47 6.30 11.27 22.16 0.25 3.83 1.49 9.78 15.97 3.38 2.05 0.65 7.69 14.35

23 46

35

51 82

40 30

33

. . . .

0

106

111

135

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-16 Total Stocks: 22 Share change since 12-31-15

-0.16 -2.98

— — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets -4.00 7.28 -11.17 6.91 — 6.25 -4.18 6.14 9.58 5.15 -2.08 5.11 9.46 5.03 12.87 4.77 9.69 4.65 -9.57 4.33 1.97 4.28 10.22 4.15 6.98 4.05 -17.64 3.95 9.19 3.86 -8.14 3.73 — 4.22

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Visa Inc Class A

Finan Svcs Cnsmr Cyc Technology Cnsmr Cyc Cnsmr Cyc Cnsmr Cyc Technology Technology Technology Technology Cnsmr Def Cnsmr Cyc Hlth Care Technology Technology Industrl Industrl

1 Yr 3 Yr 5 Yr

4.99

3 Mo 6 Mo

-2.98 -3.59 -5.44 -3.13 -4.49 -6.97 4.99 1.97 1.00 14.96 1.89 3.30 11.75 -0.60 -0.35

98 9,702 63 9,687 3 10,499 2 15,193 15 17,427

T Nike Inc B

-Avg QQQQQ Low QQQQ

14.96 11.75

High

T Alphabet Inc C T Starbucks Corp T TJX Companies Inc T The Priceline Group Inc

+Avg

1 Yr

10 Yr Incept

— — — —

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

11.76

— — — — — — — — — —

T Accenture PLC A

Other Measures

Standard Index

Best Fit Index

T Oracle Corp

Alpha

4.0

3.0

T Automatic Data Processing

Beta

0.91

0.84

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

T Alphabet Inc A

R-Squared

79

87

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

13.69 10.97

1 9

1.11 0.70

27 24

T Adobe Systems Inc T Nestle SA ADR

Standard Deviation

11.55 14.96

— — — —

Mean

T Fastenal Co

Sharpe Ratio

1.26

T O'Reilly Automotive Inc

Potential Capital Gain Exposure: 8% of assets

T Celgene Corp T Facebook Inc A

Morningstar's Take by Andrew Daniels 06-10-16 Polen Growth's disciplined process and solid team have contributed to superior performance over the long term. The fund's high fees are its weakness, but it still earns a Morningstar Analyst Rating of Bronze. The fund's inception was in 2010, but the firm has successfully run this strategy as a separate account-- Polen Focus Growth--since 1989. Since then through March 2016, the separate account produced an annualized gross return of 14.5%, trouncing the Russell 1000 Growth Index's 9.8% return. The separate account is also solid on the downside, losing considerably less than the Russell 1000 Growth in the 2000-02 dot-com bust and the 2008 financial crisis. The mutual fund has also posted impressive results. During the trailing five- years ended May 2016, the fund has outperformed 93% of its large-growth peers. Its Sharpe ratio--a measure of risk-adjusted returns--also beats the benchmark's and typical peer's. Though firm founder David Polen was at the helm from 1989 until his death in 2012, the firm had been succession planning for years. It hired current comanagers Damon Ficklin and Dan Davidowitz in 2003

T Apple Inc

and 2005, respectively. Both served as analysts and comanagers alongside Polen, so the fund remains in good hands. Davidowitz and Ficklin continue to apply the same process of identifying high-quality firms with strong earnings potential, abundant free cash flow, low debt levels, and high and sustainable returns on equity. The managers typically won't own cyclical and capital- intensive firms. The team dives deep into specific firms by assessing industry dynamics, identifying competitive advantages, meeting with company management and stakeholders, and building free cash flow valuation models. The managers invest in firms across the growth spectrum, so it can perform well in different market environments. Though the bulk of assets are invested in seculargrowers,theteamalso invests instable firmswith underappreciated growth, durable growth firms for more uncertain times, and firms with significant growth potential in key assets. The resulting portfolio is concentrated at approximately 20 stocks.

Y Bny Mellon Cash Reserve E T Regeneron Pharmaceuticals

—

— 3.36

Hlth Care

-35.67 3.32 7.40 3.23

T Gartner Inc A

Technology

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 52.3 Large 37.9 Mid 9.8 Small 0.0 Micro 0.0 Avg $mil: 81,894

Value Blend Growth

Large Mid Small

37.93 1.31 0.00 0.00 28.42 1.52 9.51 1.95 0.00 0.00 46.00 1.08 0.00 0.00 0.00 0.00 9.14 0.71 36.86 1.48 16.06 0.57 4.38 0.42 11.68 0.66 0.00 0.00

Value Measures

Rel Category

Price/Earnings 25.65

1.15 1.62 1.74 1.36 0.75 1.10 0.96 1.04 1.13 1.27

Price/Book Price/Sales

6.09 4.02

Price/Cash Flow 16.63 Dividend Yield % 1.02

Growth Measures

% Rel Category

Long-Term Erngs 13.20

Book Value

7.37 7.53

Composition - Net

Sales

Cash 3.8 Stocks 96.2 Bonds 0.0 Other 0.0 Foreign 4.4 (% of Stock)

Address:

FundVantage Trust (Polen) WILMINGTON DE 19809

Minimum Purchase: Min Auto Inv Plan:

$3000 Add: $100 IRA: $2000

Cash Flow 13.38 Historical Erngs 15.54

$2000 Add: $100

888-678-6024

Sales Fees:

No-load, 2.00%R

Web Address:

www.polencapital.com

Management Fee:

1.00%

Profitability

%

Inception:

12-30-10

Actual Fees:

Mgt:1.00% Dist:0.25%

Return on Equity Return on Assets

30.90 13.84 19.08

Advisor:

Polen Capital Management, LLC

Expense Projections: 3Yr:$450 5Yr:$795 10Yr:$1769

Subadvisor:

None

Income Distribution:

Annually

Net Margin

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com