FundVantage Trust

quoted prices in active markets for identical securities;

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

N-CSRS 1 d807449dncsrs.htm FUNDVANTAGE TRUST FundVantage Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22027

FundVantage Trust

(Exact name of registrant as specified in charter)

301 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Joel L. Weiss

BNY Mellon Investment Servicing (US) Inc.

103 Bellevue Parkway

Wilmington, DE 19809

(Name and address of agent for service)

Registrant’s telephone number, including area code: 302-791-1851

Date of fiscal year end: April 30

Date of reporting period: October 31, 2014

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

The Report to Shareholders is attached herewith.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Year	Since Inception

Institutional Class Shares*	-5.32%	-2.83%	0.86%	0.36%
60% S&P 500^® Index/ 40% Barclays Capital U.S. Aggregate Bond Index	5.86%	11.93%	12.79%	10.77%**
S&P 500^® Index	8.22%	17.27%	19.77%	15.21%**
Barclays U.S. Aggregate Bond Index	2.35%	4.14%	2.73%	3.95%**

†	Not Annualized.

*	Institutional Class Shares commenced operations on January 31, 2011.

**	Benchmark performance is from inception date of the Fund’s class only and is not the inception date of the benchmark itself.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 2.09% and 1.29% for Institutional Class Shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Boston Advisors, LLC (the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund in order to limit the Fund’s total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) to 0.99% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place through the Fund’s liquidation unless the Board of Trustees of FundVantage Trust (the “Board”) approves its earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

A 2.00% redemption fee applies to shares redeemed within 60 days of purchase. The redemption fee is not reflected in the returns above.

The Fund intends to evaluate its performance as compared to that of the unmanaged blended index of 60% S&P 500^® Index and 40% Barclays Capital U.S. Aggregate Bond Index. The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Barclays U.S. Aggregate Bond Index is an intermediate term, broad-based index comprised of most U.S. traded investment grade bonds. It is impossible to directly invest in an index.

All mutual fund investing involves risk, including possible loss of principal. The Fund may invest in broad range of asset-classes, including some that entail special risks, such as: small-cap stocks; real estate securities; high-yield debt; commodity-related securities; foreign and emerging-market securities; and currencies. Each of these asset-classes may be adversely affected by particular factors, including — but not limited to — illiquidity, volatility, default, interest rate changes, currency exchange-rate fluctuations, and local economic conditions. The Adviser seeks to reduce risk through a flexible approach to asset allocation, but there can be no guarantee that the Adviser’s strategy will be achieved.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

The Adviser may use short sales and derivatives (futures, options, swaps) to enhance return or hedge against market downturns, but these techniques involve their own special risks and could cause a loss to the Fund. A short sale is subject to potential unlimited loss since the price of a security theoretically could increase without limit. Derivatives are subject to potential illiquidity and counter-party default.

The Fund invests mainly in the shares of exchange-traded funds, hence Fund shareholders will bear the indirect expenses of these underlying funds. The Adviser may at times invest more than 25% of the Fund’s assets in one underlying fund or asset-class; consequently the Fund could suffer a loss by being overly-concentrated in an underperforming underlying fund or asset-class. Fund performance also could be adversely affected by transaction costs from high portfolio turnover since the Adviser may engage in active trading.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (if any), and redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any), and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six month period ended October 31, 2014 and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in each accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), if any, or redemption fees. Therefore, the second line of each accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Boston Advisors Broad Allocation Strategy Fund

	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Institutional Class Shares
Actual		$	1,000.00		$	946.80		$	4.86
Hypothetical (5% return before expenses)			1,000.00			1,020.21			5.04

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 0.99% for the Institutional Class Shares of the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual total returns for the six month period ended October 31, 2014 of (5.32)% for the Institutional Class Shares of the Fund. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would be higher. The range of weighted expense ratios of the underlying funds held by the Fund were 0.01% to 0.03%.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets		Value
EXCHANGE TRADED FUNDS:
Fixed Income		20.0%		$	5,336,333
Currency		3.1			836,087
Registered Investment Company		5.2			1,373,735
Other Assets in Excess of Liabilities		71.7			19,146,686

NET ASSETS		100.0%		$	26,692,841

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
EXCHANGE TRADED FUNDS (ETF) — 23.1%
Currency — 3.1%
PowerShares DB G10 Currency Harvest Fund*		32,482	$	836,087

Fixed Income — 20.0%
Guggenheim BulletShares 2018 Corporate Bond ETF		42,186		892,234
iShares 2017 AMT-Free Muni Term ETF		15,981		882,052
iShares Barclays 1-3 Year Credit Bond Fund		8,492		895,651
PIMCO Intermediate Municipal Bond Exchange-Traded Fund		11,319		606,925
PowerShares International Corporate Bond Portfolio		19,770		568,190
ProShares High Yield-Interest Rate Hedged ETF		7,681		587,750
SPDR Barclays Capital Short Term High Yield Bond ETF		30,168		903,531

				5,336,333

TOTAL EXCHANGE TRADED FUNDS (Cost $6,041,650)				6,172,420

REGISTERED INVESTMENT COMPANY — 5.2%
BlackRock Build America Bond Trust		32,478		697,952
Nuveen Select Tax Free, Inc. III		48,167		675,783

TOTAL REGISTERED INVESTMENT COMPANY (Cost $1,237,141)				1,373,735


	Value
TOTAL INVESTMENTS - 28.3% (Cost $7,278,791)	$	7,546,155
OTHER ASSETS IN EXCESS OF LIABILITIES - 71.7%		19,146,686

NET ASSETS - 100.0%	$	26,692,841

*	Non-income producing.

AMT	Alternative Minimum Tax

DB	Deutsche Bank

SPDR	Standard & Poor’s Depositary Receipt

The accompanying notes are an integral part of the financial statements.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $7,278,791)	$	7,546,155
Cash		19,514,106
Dividends and interest receivable		3,395
Receivable from Investment Adviser		3,167
Prepaid expenses and other assets		21,870

Total assets		27,088,693

Liabilities
Payable for capital shares redeemed		294,237
Payable for transfer agent fees		25,552
Payable for printing fees		20,882
Payable for administration and accounting fees		20,693
Payable for legal fees		13,805
Payable for audit fees		11,472
Accrued expenses		9,211

Total liabilities		395,852

Net Assets	$	26,692,841

Net Assets Consisted of:
Capital stock, $0.01 par value	$	27,256
Paid-in capital		26,727,280
Accumulated net investment income		503,320
Accumulated net realized loss from investments		(832,379	)
Net unrealized appreciation on investments		267,364

Net Assets	$	26,692,841



Institutional Class:
Net asset value, offering and redemption price per share ($26,692,841 / 2,725,591 shares)			$9.79

The accompanying notes are an integral part of the financial statements.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	347,441
Interest		147

Total investment income		347,588

Expenses
Advisory fees (Note 2)		125,947
Administration and accounting fees (Note 2)		38,004
Transfer agent fees (Note 2)		29,721
Legal fees		21,116
Registration and filing fees		15,305
Audit fees		12,220
Printing and shareholder reporting fees		12,124
Custodian fees (Note 2)		8,009
Trustees’ and officers’ fees (Note 2)		3,985
Other expenses		3,820

Total expenses before waivers and reimbursements		270,251

Less: waivers and reimbursements (Note 2)		(114,392	)

Net expenses after waivers and reimbursements		155,859

Net investment income		191,729

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		46,013
Net change in unrealized depreciation on investments		(1,896,581	)

Net realized and unrealized loss on investments		(1,850,568	)

Net decrease in net assets resulting from operations	$	(1,658,839	)

The accompanying notes are an integral part of the financial statements.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
Increase/(decrease) in net assets from operations:
Net investment income		$	191,729			$	270,778
Net realized gain/(loss) from investments			46,013				(580,359	)
Net change in unrealized appreciation/(depreciation) from investments			(1,896,581	)			451,072

Net increase/(decrease) in net assets resulting from operations			(1,658,839	)			141,491

Less Dividends and Distributions to Shareholders from:
Net realized capital gains:
Institutional Class			—				(434,672	)

Total net realized capital gains			—				(434,672	)

Net decrease in net assets from dividends and distributions to shareholders			—				(434,672	)

Decrease in Net Assets Derived from Capital Share Transactions (Note 4)			(2,845,510	)			(2,484,953	)

Total decrease in net assets			(4,504,349	)			(2,778,134	)

Net assets
Beginning of period			31,197,190				33,975,324

End of period		$	26,692,841			$	31,197,190

Accumulated net investment income, end of period		$	503,320			$	311,591

The accompanying notes are an integral part of the financial statements.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Financial Highlights

Contained below is per share operating performance data for Institutional Class Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period January 31, 2011* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	10.34			$	10.40			$	10.13			$	10.50			$	10.00


Net investment income⁽¹⁾			0.06				0.09				0.09				0.13				0.01
Net realized and unrealized gain/(loss) on investments			(0.61	)			(0.00	)⁽²⁾			0.32				(0.43	)			0.49

Net increase/(decrease) in net assets resulting from operations			(0.55	)			0.09				0.41				(0.30	)			0.50

Dividends and distributions to shareholders from:
Net investment income			—				—				(0.10	)			(0.07	)			—
Net realized capital gains			—				(0.15	)			(0.04	)			—				—

Total dividends and distributions to shareholders			—				(0.15	)			(0.14	)			(0.07	)			—

Net asset value, end of period		$	9.79			$	10.34			$	10.40			$	10.13			$	10.50

Total investment return⁽³⁾			(5.32	)%			0.86	%			4.06	%			(2.86	)%			5.00	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	26,693			$	31,197			$	33,924			$	29,548			$	578
Ratio of expenses to average net assets⁽⁴⁾			0.99	%⁽⁵⁾			0.99	%			0.99	%			0.99	%			0.99	%⁽⁵⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾⁽⁶⁾			1.72	%⁽⁵⁾			1.79	%			1.87	%			3.29	%			115.64	%⁽⁵⁾
Ratio of net investment income to average net assets⁽⁴⁾			1.22	%⁽⁵⁾			0.86	%			0.91	%			1.31	%			0.26	%⁽⁵⁾
Portfolio turnover rate			16.41	%⁽⁷⁾			80.08	%			75.23	%			56.15	%			22.69	%⁽⁷⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁷⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Boston Advisors Broad Allocation Strategy Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on January 31, 2011. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A and Institutional Class Shares. Class A Shares are sold subject to a front-end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”), as a percentage of the lower of the original purchase price or net asset value at redemption, of up to 1.00% may be imposed on full or partial redemptions of Class A Shares made within twelve months of purchase where (i) $1 million or more of Class A Shares were purchased without an initial sales charge and (ii) the Fund’s principal underwriter paid a commission to the selling broker-dealer for such sale.

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 December 18, 2014. Consistent with the provisions of the Plan of Liquidation, the proportionate interests of shareholders in the assets of Boston Advisors Broad Allocation Strategy Fund and their rights to receive liquidating distributions will be fixed on the basis of the shareholders of the Fund as of the close of business on the Liquidation Date. The Fund ceased accepting purchase orders and was closed to all new and existing shareholders on October 22, 2014.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	7,546,155	$	7,546,155	$	—	$	—

* Please refer to Portfolio of Investments for further details on portfolio holdings.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Distribution (12b-1) fees and shareholder services fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are allocated to each class based upon the relative daily net assets of each class. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Boston Advisors, LLC (“Boston Advisors” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.80% of the Fund’s average daily net assets. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.99% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place through the Fund’s liquidation 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. For the six months ended October 31, 2014, the amount of fees accrued and waived was $125,947 and $114,392, respectively. At October 31, 2014, the amount of the potential recovery is noted below. The actual amount of recoupment by the Adviser may be limited due to its pending liquidation (Note 1).


	Expiration
April 30, 2015	April 30, 2016	April 30, 2017	April 30, 2018
$328,461	$279,641	$251,328	$114,392

BNY Mellon Investment Servicing (U.S.) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing administrative and accounting services, BNY Mellon is entitled to receive certain minimum monthly fees.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

BNY Mellon and the Custodian have the ability to recover such amounts previously waived, if the Fund terminates its agreements with BNY Mellon or the Custodian within three years of signing the agreements.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% on an annualized basis of the average daily net assets of the Fund’s Class A Shares.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $2,245. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	4,327,915	$	23,712,111

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class A Shares
Redemptions		—		$	—			(4,912	)	$	(49,905	)

Net decrease		—		$	—			(4,912	)	$	(49,905	)

Institutional Class
Sales		112,731		$	1,174,323			66,869		$	681,126
Reinvestments		—			—			43,079			434,672
Redemption Fees†		—			—			—			381
Redemptions		(404,498	)		(4,019,833	)		(354,873	)		(3,551,227	)

Net decrease		(291,767	)	$	(2,845,510	)		(244,925	)	$	(2,435,048	)

Total Net Decrease		(291,767	)	$	(2,845,510	)		(249,837	)	$	(2,484,953	)

†	There is a 2.00% redemption fee that may be charged on shares redeemed within 60 days of purchase. The redemption fees are retained by the Fund and are allocated to all classes in the Fund based on relative net assets.

5. Federal Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $182,331 of ordinary income dividends and $252,341 of long-term capital gains dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal tax purposes.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation	Qualified Late-Year Losses
$(306,203)	$215,020	$—	$2,341,805	$(653,478)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Short-term capital gains are reported as ordinary income for federal income tax purposes.

At October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	7,278,791

Gross unrealized appreciation	$	294,784
Gross unrealized depreciation		(27,420	)

Net unrealized appreciation	$	267,364

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund had $306,203 in short-term capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there was the following subsequent event:

As described in Note 1, the Board of Trustees of the Trust has approved a Plan of Liquidation of the Fund, the effective date of which will be on or about December 18, 2014.

BOSTON ADVISORS BROAD ALLOCATION STRATEGY FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 526-8968 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Boston Advisors, LLC

One Liberty Square, 10th Floor

Boston, MA 02109

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

BOSTON ADVISORS

BROAD ALLOCATION

STRATEGY FUND

FundVantage Trust

Institutional Class Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Boston Advisors Broad Allocation Strategy Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Boston Advisors Broad Allocation Strategy Fund.

BRADESCO LATIN AMERICAN EQUITY FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014^†,††
	Six Months	Since Inception
Institutional Class	-0.88%	1.50%
MSCI EM (Emerging Markets) Latin America Index	-1.66%	2.93%*
Retail Class	N/A	-6.63%
MSCI EM (Emerging Markets) Latin America Index	-1.66%	-5.99%**

^†	Institutional Class Shares and Retail Class Shares of the Bradesco Latin American Equity Fund (the “Fund”) commenced operations on December 20, 2013 and June 9, 2014, respectively.

^††	Not Annualized.

*	Benchmark performance is from inception date of Institutional Class Shares of the Fund (December 20, 2013) only and is not the inception date of the benchmark itself.

**	Benchmark performance is from inception date of Retail Class Shares of the Fund (June 9, 2014) only and is not the inception date of the benchmark itself.

The Fund’s total gross and net operating expense ratio, as stated in the current prospectus dated September 1, 2014, is 26.45% and 26.70%, 1.76% and 2.01%, respectively, of the Fund’s average daily net assets for Institutional Class and Retail Class Shares, respectively, which may differ from the actual expenses incurred by the Fund for the period covered by this report. A 2.00% redemption fee applies to shares redeemed within 30 days of purchase. The redemption fee is not reflected in the returns shown above. BRAM US LLC (“BRAM US” or the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund to the extent that the Fund’s “Total Annual Fund Operating Expenses,” excluding taxes, Rule 12b-1 distribution fees, “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.75% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until December 20, 2015, unless the Board of Trustees approves its earlier termination. The Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the MSCI EM (Emerging Markets) Latin America Index. The MSCI EM (Emerging Markets) Latin America Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of emerging markets in Latin America. The MSCI EM (Emerging Markets) Latin America Index consists of the following 5 emerging market country indexes: Brazil, Chile, Colombia, Mexico, and Peru.

BRADESCO LATIN AMERICAN EQUITY FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

The Fund is non-diversified which means it may be invested in a limited number of issuers geographically particularly Latin America and more susceptible to any economic, political and regulatory events. The Fund invests primarily in markets of emerging countries which are riskier and may be considered speculative. In addition, many emerging securities markets have far lower trading volumes, currency devaluation risk and less liquidity than developed markets. The Fund may invest in derivatives (futures, options, and swaps), depositary receipts and small to mid-capitalization companies all of which may cause greater volatility and less liquidity. Funds that invest in derivatives are subject to the risks of the underlying securities which may be more sensitive to changes in market conditions and may amplify risks. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns.

Foreign securities are subject to political, social, or economic risks including instability in the country of the issuer of a security, variation in international trade patterns, the possibility of the imposition of exchange controls, expropriation, confiscatory taxation, limits on movement to currency or other assets and nationalization of assets.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014^†,††
	Six Months	Since Inception
Institutional Class	1.69%	5.86%
CS Latin America Corporate Index 0-6Y A/B Buckets	1.71%	5.70%*
Retail Class	N/A	-0.24%
CS Latin America Corporate Index 0-6Y A/B Buckets	1.71%	-0.17%**

^†	Institutional Class Shares and Retail Class Shares of the Bradesco Latin American Hard Currency Bond Fund (the “Fund”) commenced operations on December 20, 2013 and June 9, 2014, respectively.

^††	Not Annualized.

*	Benchmark performance is from inception date of Institutional Class Shares of the Fund (December 20, 2013) only and is not the inception date of the benchmark itself.

**	Benchmark performance is from inception date of Retail Class Shares of the Fund (June 9, 2014) only and is not the inception date of the benchmark itself.

The Fund’s total gross and net operating expense ratio, as stated in the current prospectus dated September 1, 2014, is 8.47% and 8.72%, 1.51% and 1.76%, respectively, of the Fund’s average daily net assets for Institutional Class and Retail Class Shares, respectively, which may differ from the actual expenses incurred by the Fund for the period covered by this report. A 2.00% redemption fee applies to shares redeemed within 30 days of purchase. The redemption fee is not reflected in the returns shown above. BRAM US LLC (“BRAM US” or the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund to the extent that the Fund’s “Total Annual Fund Operating Expenses,” excluding taxes, Rule 12b-1 distribution fees, “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.50% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until December 20, 2015, unless the Board of Trustees approves its earlier termination. The Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Credit Suisse (“CS”) Latin America Corporate Index 0-6Y A/B Buckets. The CS Latin America Corporate Index 0-6Y A/B Buckets is a subset index of the Credit Suisse Latin American Corporate Index (“CS-LACI”). It contains bonds with less than 6 years to maturity and rated “B-” or higher (composite of Moody’s, S&P, and Fitch ratings as determined by Credit Suisse’s methodology). CS-LACI Index is a diversified basket of liquid, tradable Latin American corporate bond issues that are denominated in US dollars. This index provides a region-specific benchmark that represents characteristics, pricing, and total return performance of different asset classes within the Latin American corporate bond universe. The index is divided into

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

three different categories, including supranational, quasi-sovereign, and corporate bonds and can be broken down by country of issuance. It is not possible to invest directly in an index.

The Fund is non-diversified which means it may be invested in a limited number of issuers particularly in Latin America and more susceptible to any economic, political and regulatory events. The Fund invests primarily in markets of emerging countries which are riskier and may be considered speculative as well as derivatives which may amplify volatility. In addition, many emerging securities markets have far lower trading volumes, currency devaluation risk and less liquidity than developed markets. The Fund invests in below investment grade bonds (known as “junk bonds”) and may be less liquid and subject to greater volatility. The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, prepayment, sovereign debt, call and interest rate risk. As interest rates rise the value of bond prices will decline.

BRADESCO FUNDS

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Bradesco Funds (each a “Fund” and together, the “Funds”), you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested from May 1, 2014, through October 31, 2014 and held for the entire period.

Actual Expenses

The first line for each Fund in the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on such Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

BRADESCO FUNDS

Fund Expense Disclosure (Continued)

October 31, 2014

(Unaudited)


	Bradesco Latin American Equity Fund

	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*
Institutional Class Shares
Actual		$1,000.00		$ 991.20		$ 8.78
Hypothetical (5% return before expenses)		1,000.00		1,016.38		8.89

Retail Class Shares
Actual		$1,000.00		$ 933.70		$ 7.63
Hypothetical (5% return before expenses)		1,000.00		1,015.12		10.16

	Bradesco Latin American Hard Currency Bond Fund

	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period**
Institutional Class Shares
Actual		$1,000.00		$1,016.90		$7.63
Hypothetical (5% return before expenses)		1,000.00		1,017.64		7.63

Retail Class Shares
Actual		$1,000.00		$997.60		$6.90
Hypothetical (5% return before expenses)		1,000.00		1,016.38		8.89

Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended October 31, 2014 of 1.75% for the Institutional Class of the Bradesco Latin American Equity Fund (“Equity Fund”), multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184) then divided by 365 days to reflect the period. Expenses are equal to an annualized expense ratio for the period beginning June 9, 2014, commencement of operations, to October 31, 2014 of 2.00% for the Equity Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (144), then divided by 365 to reflect the period. The Fund’s ending account values on the first line with respect to a share class in the table are based on the actual six month total returns of (0.88)% for the Fund’s Institutional Class Shares and the actual total returns since commencement of operations of (6.63)% for the Fund’s Retail Class Shares. Hypothetical expenses are as if each share class of the Fund had been in operation from May 1, 2014, and are equal to its annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by 365 to reflect the period.

Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended October 31, 2014 of 1.50% for the Institutional Class of the Bradesco Latin American Hard Currency Bond Fund (“Bond Fund”), multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184) then divided by 365 days to reflect the period. Expenses are

BRADESCO FUNDS

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)

equal to an annualized expense ratio for the period beginning June 9, 2014, commencement of operations, to October 31, 2014 of 1.75% for the Retail Class of the Bond Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (144), then divided by 365 to reflect the period. The Fund’s ending account values on the first line with respect to a class in the table are based on the actual six month total returns of 1.69% for the Institutional Class Shares and the actual total returns since commencement of operations of (0.24)% for the Retail Class Shares. Hypothetical expenses are as if each share class of the Fund had been in operation from May 1, 2014, and are equal to its annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by 365 to reflect the period.

BRADESCO LATIN AMERICAN EQUITY FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCK:
Commercial Services		9.8	%		$	1,034,222
Beverages		8.7				917,972
Oil & Gas		7.9				833,963
Banks		4.6				485,655
Telecommunications		4.5				468,672
Real Estate		4.3				456,052
Chemicals		4.3				450,993
Engineering & Construction		4.2				445,034
Insurance		4.2				440,284
Building Materials		4.2				440,242
Food		4.1				427,220
Electric		3.5				366,736
Holding Companies-Diversified		3.2				336,482
Retail		3.1				320,731
Aerospace & Defense		2.0				204,792
Investment Companies		1.9				203,383
Mining		1.7				176,227
Auto Parts & Equipment		1.6				164,317
Airlines		1.6				163,688
Software		1.1				113,700
Computers		1.0				108,044
Preferred Stocks		17.4				1,832,761
Registered Investment Company		1.2				122,387
Liabilities in Excess of Other Assets		(0.1	)			(7,140	)

NET ASSETS		100.0	%		$	10,506,417

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN EQUITY FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 81.5%
Brazil — 36.1%
AMBEV SA, SP ADR		55,300	$	369,404
BB Seguridade Participacoes SA		33,000		440,284
BRF SA, ADR		16,400		427,220
Cielo SA		15,700		257,812
Embraer SA, ADR		5,300		204,792
Ez Tec Empreendimentos e Participacoes SA		15,900		136,035
Kroton Educacional SA		92,020		655,827
Localiza Rent a Car SA		5,200		74,960
Mahle-Metal Leve SA Industria e Comercio		17,400		164,317
Mills Estruturas e Servicos de Engenharia SA		7,000		45,623
Petroleo Brasileiro SA, SP ADR		50,800		621,284
Totvs SA		7,800		113,700
Ultrapar Participacoes SA		12,800		279,204

				3,790,462


Chile — 4.8%
Enersis SA, SP ADR		12,600		198,954
SACI Falabella		27,300		200,136
Sonda SA		44,500		108,044

				507,134


Colombia — 4.0%
Grupo De Inversiones Suramericana SA		9,800		203,383
Pacific Rubiales Energy Corp.		14,100		212,679

				416,062


Mexico — 31.5%
Alfa SAB de CV, Class A		105,400		336,482


	Number of Shares		Value

COMMON STOCKS — (Continued)
Mexico — (Continued)
America Movil SAB de CV, ADR, Series L		19,200	$	468,672
Cemex SAB de CV, SP ADR*		35,792		440,242
Fomento Economico Mexicano SAB de CV, SP ADR		5,700		548,568
Grupo Aeroportuario del Pacifico SAB de CV, ADR		2,300		156,745
Grupo Financiero Banorte SAB de CV		18,000		115,355
Grupo Mexico SAB de CV, Series B		51,200		176,227
Infraestructura Energetica Nova SAB de CV		27,500		167,782
Mexichem Sab de CV		42,000		171,789
Promotora y Operadora de Infraestructura SAB de CV*		20,900		288,289
TF Administradora Industrial S de RL de CV		138,300		320,017
Wal-Mart de Mexico SAB de CV		52,000		120,595

				3,310,763


Panama — 1.6%
Copa Holdings SA		1,400		163,688


Peru — 3.5%
Credicorp Ltd.		2,300		370,300

TOTAL COMMON STOCKS (Cost $9,016,838)				8,558,409


PREFERRED STOCKS — 17.4%
Brazil — 17.4%
Banco Bradesco SA^(a)		38,600		581,360

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN EQUITY FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares		Value

PREFERRED STOCKS — (Continued)
Brazil — (Continued)
Gerdau SA		30,500	$	136,505
Itau Unibanco Holding SA, ADR		55,000		811,800
Vale SA, SP ADR		34,600		303,096

				1,832,761

TOTAL PREFERRED STOCKS (Cost $1,947,822)				1,832,761


REGISTERED INVESTMENT COMPANY — 1.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.01%^(b)		122,387		122,387

TOTAL REGISTERED INVESTMENT COMPANY (Cost $122,387)				122,387

TOTAL INVESTMENTS - 100.1% (Cost $11,087,047)				10,513,557
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%				(7,140	)

NET ASSETS - 100.0%			$	10,506,417

*	Non-income producing.

^(a)	“Affiliated company” as defined by the Investment Company Act of 1940. See Note 2.

^(b)	Rate periodically changes. Rate disclosed is the daily yield on October 31, 2014.


ADR		American Depositary Receipt
SP ADR		Sponsored Depositary Receipt

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets			Value
SECURITY TYPE:
Corporate Bonds and Notes		94.1	%		$	11,901,661
Registered Investment Company		5.2				660,927
Other Assets in Excess of Liabilities		0.7				84,477


NET ASSETS		100.0	%		$	12,647,065

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Par Value		Value

CORPORATE BONDS AND NOTES — 94.1%
Austria — 1.5%
Oas Investments GmbH 8.25%, 10/19/2019^(a)	$	200,000	$	194,500


Brazil — 27.6%
Banco Bradesco SA 5.90%, 10/16/2021^(b)		400,000		425,620
Banco do Brasil SA 5.88%, 01/19/2023		200,000		208,240
Banco Safra SA 6.75%, 01/27/2021		200,000		222,770
Banco Santander Brasil SA 4.63%, 02/13/2017		200,000		208,250
Caixa Economica Federal 4.50%, 10/03/2018		200,000		204,780
Cielo SA 3.75%, 11/16/2022		600,000		565,500
Embraer SA 5.15%, 06/15/2022		500,000		531,875
Itau Unibanco Holding SA 5.75%, 01/22/2021		200,000		211,424
Itau Unibanco Holding SA 5.65%, 03/19/2022		300,000		307,875
Samarco Mineracao SA 4.13%, 11/01/2022		200,000		190,250
Votorantim Cimentos SA 7.25%, 04/05/2041		400,000		415,800

				3,492,384


Cayman Islands — 23.9%
BFF International Ltd. 7.25%, 01/28/2020		500,000		572,500


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Cayman Islands — (Continued)
BR Malls International Finance Ltd. 8.50%, 01/21/2015^(a)(c)	$	400,000	$	414,256
Braskem Finance Ltd. 5.75%, 04/15/2021		500,000		522,500
Cosan Overseas Ltd. 8.25%, 02/05/2015^(a)(c)		200,000		207,000
Odebrecht Finance Ltd. 4.38%, 04/25/2025		400,000		376,000
Suzano Trading Ltd. 5.88%, 01/23/2021		400,000		418,000
Vale Overseas Ltd. 4.38%, 01/11/2022		500,000		507,835

				3,018,091


Chile — 4.8%
Banco Santander Chile 3.88%, 09/20/2022		400,000		400,048
Corpbanca SA 3.88%, 09/22/2019		200,000		201,500

				601,548


Colombia — 3.5%
Bancolombia SA 5.95%, 06/03/2021		400,000		443,500


Luxembourg — 9.8%
CSN Resources SA 6.50%, 07/21/2020		200,000		204,500
Klabin Finance SA 5.25%, 07/21/2020		360,000		352,620
Petrobras International Finance Co. SA 7.88%, 03/15/2019		600,000		688,038

				1,245,158

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Mexico — 14.4%
Alfa Sab de CV 5.25%, 03/25/2024^(a)	$	500,000	$	544,375
America Movil SAB de CV 5.00%, 03/30/2020		300,000		330,705
Cemex Sab de Cv 5.88%, 03/25/2019^(a)		500,000		518,125
Grupo Bimbo Sab de CV 4.50%, 01/25/2022		400,000		421,592

				1,814,797


Peru — 3.4%
Banco de Credito del Peru 5.38%, 09/16/2020		400,000		436,000


Virgin Islands — 5.2%
Gerdau Trade, Inc. 5.75%, 01/30/2021		500,000		531,350
QGOG Atlantic Ltd. 5.25%, 07/30/2019^(a)		121,360		124,333

				655,683

TOTAL CORPORATE BONDS AND NOTES (Cost $11,851,219)				11,901,661


	Number of Shares		Value

REGISTERED INVESTMENT COMPANY — 5.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.01%^(d)		660,927	$	660,927

TOTAL REGISTERED INVESTMENT COMPANY (Cost $660,927)				660,927

TOTAL INVESTMENTS - 99.3% (Cost $12,512,146)				12,562,588
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7%				84,477

NET ASSETS - 100.0%			$	12,647,065

^(a)	This security is callable.

^(b)	“Affiliated company” as defined by the Investment Company Act of 1940. See Note 2.

^(c)	Security is perpetual. Date shown is next call date.

^(d)	Rate periodically changes. Rate disclosed is the daily yield on October 31, 2014.

The accompanying notes are an integral part of the financial statements.

BRADESCO FUNDS

Statements of Assets and Liabilities

October 31, 2014

(Unaudited)


	Bradesco Latin American Equity Fund				Bradesco Latin American Hard Currency Bond Fund
Assets
Investments, at value (Cost $11,087,047 and $12,512,146, respectively)^(a)		$	10,513,557			$	12,562,588
Cash			326				41
Dividends and interest receivable			19,714				130,944
Receivable from Investment Adviser			10,913				5,932
Prepaid expenses and other assets			21,976				15,983

Total assets			10,566,486				12,715,488

Liabilities
Payable for transfer agent fees			20,444				20,476
Payable for administration and accounting fees			19,443				20,623
Payable for custodian fees			12,356				11,959
Payable for audit fees			6,013				13,652
Accrued expenses			1,813				1,713

Total liabilities			60,069				68,423

Net Assets		$	10,506,417			$	12,647,065

Net Assets Consisted of:
Capital stock, $0.01 par value		$	10,347			$	12,237
Paid-in capital			11,087,562				12,479,821
Accumulated net investment income			36,396				55,342
Accumulated net realized gain/(loss) loss from investments and foreign currency transactions			(54,398	)			49,223
Net unrealized appreciation/(depreciation) on investments			(573,490	)			50,442

Net Assets		$	10,506,417			$	12,647,065


Institutional Class:
Net asset value, offering and redemption price per share ($10,408,969 / 1,025,069) and ($12,547,813 / 1,214,062 shares)		$	10.15			$	10.34


Retail Class:
Net asset value, offering and redemption price per share ($97,448 / 9,610) and ($99,252 / 9,603 shares)		$	10.14			$	10.34

^(a)	Includes investment in affiliated issuer for Bradesco Latin American Equity Fund and Bradesco Latin American Hard Currency Bond Fund with market value of $581,360 and $425,620 and cost of $565,130 and $427,675, respectively.

The accompanying notes are an integral part of the financial statements.

BRADESCO FUNDS

Statements of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


	Bradesco Latin American Equity Fund				Bradesco Latin American Hard Currency Bond Fund
Investment Income
Dividends^(a)		$	101,509			$	—
Less: foreign taxes withheld			(5,487	)			—
Interest			—				192,992

Total investment income			96,022				192,992

Expenses
Advisory fees (Note 2)			38,506				36,827
Administration and accounting fees			38,254				38,254
Transfer agent fees (Note 2)			23,909				23,943
Legal fees			12,131				14,651
Registration and filing fees			11,496				11,538
Custodian fees (Note 2)			7,611				7,610
Audit fees			7,369				13,653
Printing and shareholder reporting fees			3,054				9,327
Trustees’ and officers’ fees (Note 2)			2,311				10,550
Other expenses			2,062				2,059

Total expenses			146,703				168,412

Less: waivers and reimbursements (Note 2)			(79,218	)			(93,677	)

Net expenses after waivers and reimbursements			67,485				74,735

Net investment income			28,537				118,257

Net realized and unrealized gain/(loss) from investments
Net realized gain/(loss) from investments			(18,690	)			49,224
Net realized loss from foreign currency transactions			(28,997	)			—
Net change in unrealized appreciation/(depreciation) on investments^(a)			(388,191	)			(100,814	)
Net change in unrealized appreciation/(depreciation) on foreign currency translations			(214,331	)			—

Net realized and unrealized loss on investments			(650,209	)			(51,590	)

Net increase/(decrease) in net assets resulting from operations		$	(621,672	)		$	66,667

^(a)

Dividend Income and change in unrealized appreciation on investments from affiliated issuer for the Bradesco Latin American Equity Fund was $2,083 and $11,135, respectively. Dividend Income and change in unrealized depreciation on investments from affiliated issuer for the Bradesco Latin American Hard Currency Bond Fund was $2,966 and ($2,055), respectively.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN EQUITY FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014*
Increase in net assets from operations:
Net investment income		$	28,537			$	5,795
Net realized loss from investments and foreign currency transactions			(47,687	)			(11,115	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations			(602,522	)			29,032

Net increase/(decrease) in net assets resulting from operations			(621,672	)			23,712

Increase in Net Assets Derived from Capital Share Transactions (Note 4)			10,104,377				1,000,000

Total increase in net assets			9,482,705				1,023,712

Net assets
Beginning of period			1,023,712				—

End of period		$	10,506,417			$	1,023,712

Accumulated net investment income, end of period		$	36,396			$	7,859

*	The Funds commenced operations on December 20, 2013.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014*
Increase in net assets from operations:
Net investment income		$	118,257			$	45,042
Net realized gain from investments and foreign currency transactions			49,224				16,896
Net change in unrealized appreciation/(depreciation) from investments, and foreign currency translations			(100,814	)			151,256

Net increase in net assets resulting from operations			66,667				213,194

Less Dividends and Distributions to Shareholders from:
Net investment income:
Institutional Class			(82,485	)			(31,446	)
Retail Class			(1,213	)			—

Total from net investment income			(83,698	)			(31,446	)

Net realized capital gains:
Institutional Class			(16,537	)			—
Retail Class			(360	)			—

Total from net realized capital gains			(16,897	)			—

Net decrease in net assets from dividends and distribution to shareholders			(100,595	)			(31,446	)

Increase in Net Assets Derived from Capital Share Transactions (Note 4)			7,977,233				4,522,012

Total increase in net assets			7,943,305				4,703,760

Net assets
Beginning of period			4,703,760				—

End of period		$	12,647,065			$	4,703,760

Accumulated net investment income, end of period		$	55,342			$	20,783

*	The Funds commenced operations on December 20, 2013.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for Institutional Class Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period December 20, 2013* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	10.24			$	10.00


Net investment income⁽¹⁾			0.04				0.06
Net realized and unrealized gain/(loss) on investments			(0.13	)			0.18

Net increase/(decrease) in net assets resulting from operations			(0.09	)			0.24

Net asset value, end of period		$	10.15			$	10.24

Total investment return⁽²⁾			(0.88	)%			2.40	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	10,409			$	1,024
Ratio of expenses to average net assets			1.75	%⁽³⁾			1.75	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			3.79	%⁽³⁾			23.40	%⁽³⁾
Ratio of net investment income to average net assets			0.75	%⁽³⁾			1.70	%⁽³⁾
Portfolio turnover rate			22.10	%⁽⁵⁾			15.55	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for Retail Class Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Retail Class
	For the Period June 9, 2014* to October 31, 2014 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$	10.86


Net investment income⁽¹⁾			0.01
Net realized and unrealized loss on investments			(0.73	)

Net decrease in net assets resulting from operations			(0.72	)

Net asset value, end of period		$	10.14

Total investment return⁽²⁾			(6.63	)%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	97
Ratio of expenses to average net assets			2.00	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			5.97	%⁽³⁾
Ratio of net investment income to average net assets			0.31	%⁽³⁾
Portfolio turnover rate			22.10	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Financial Highlights


	Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period December 20, 2013* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	10.34			$	10.00


Net investment income⁽¹⁾			0.13				0.13
Net realized and unrealized gain on investments			0.05				0.28

Net increase in net assets resulting from operations			0.18				0.41

Dividends and distributions to shareholders from:
Net investment income			(0.14	)			(0.07	)
Net realized gains			(0.04	)			—

Total dividends and distributions to shareholders			(0.18	)			(0.07	)

Net asset value, end of period		$	10.34			$	10.34

Total investment return⁽²⁾			1.69	%			4.10	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	12,548			$	4,704
Ratio of expenses to average net assets			1.50	%⁽³⁾			1.50	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			3.38	%⁽³⁾			7.61	%⁽³⁾
Ratio of net investment income to average net assets			2.38	%⁽³⁾			3.59	%⁽³⁾
Portfolio turnover rate			37.15	%⁽⁵⁾			6.52	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

BRADESCO LATIN AMERICAN HARD CURRENCY BOND FUND

Financial Highlights


	Retail Class
	For the Period June 9, 2014* to October 31, 2014 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$	10.53


Net investment income⁽¹⁾			0.09
Net realized and unrealized loss on investments			(0.11	)

Net decrease in net assets resulting from operations			(0.02	)

Dividends and distributions to shareholders from:
Net investment income			(0.13	)
Net realized gains			(0.04	)

Total dividends and distributions to shareholders			(0.17	)

Net asset value, end of period		$	10.34

Total investment return⁽²⁾			(0.24	)%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	99
Ratio of expenses to average net assets			1.75	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			3.64	%⁽³⁾
Ratio of net investment income to average net assets			2.16	%⁽³⁾
Portfolio turnover rate			37.15	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

BRADESCO FUNDS

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Bradesco Latin American Equity Fund and the Bradesco Latin American Hard Currency Bond Fund (each a “Fund” and together the “Funds”) are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds commenced operations on December 20, 2013. The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Funds are each authorized to issue and offer Class A, Class C, Institutional Class and Retail Class Shares. As of October 31, 2014, Class A and Class C shares had not been issued for the Funds.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by each Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the FundVantage Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, which approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Any assets held by the Funds that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Funds determine the daily NAV per share. Foreign securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Funds. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith under the direction of the Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

and has delegated to the Adviser the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuations techniques used to measure fair value of each Fund’s investments are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The fair value of a Fund’s bonds are generally based on quotes received from brokers of independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Significant events (such as movement in the U.S. securities market, or other regional and local developments) may occur between the time that foreign markets close (where the security is principally traded) and the time that each Fund calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, each Fund fair values foreign securities using an independent pricing service which considers the correlation of the trading patterns of the foreign security to the intraday trading in the U.S. markets for investments such as American Depositary Receipts, financial futures, exchange traded funds and certain indexes as well as prices for similar securities. Such fair valuations are categorized as Level 2 in the hierarchy.

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The following is a summary of the inputs used, as of October 31, 2014, in valuing each Fund’s investments carried at fair value:


	Bradesco Latin American Equity Fund
	Total Value at 10/31/14		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	10,513,557	$	10,513,557	$	—	$	—

Please refer to Portfolio of Investments for further details on portfolio holdings.


	Bradesco Latin American Hard Currency Bond Fund
	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	11,901,661	$	—	$	11,901,661	$	—
Registered Investment Company		660,927		660,927		—		—

Total	$	12,562,588	$	660,927	$	11,901,661	$	—

Due to the inherent uncertainty of determining the fair value of investments that do not have readily available market value, the fair value of each Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values each Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires each Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when such Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six months ended October 31, 2014, there were no significant transfers between Levels 1, 2 and 3 for the Funds.

Use of Estimates — The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

Each Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in a Fund’s Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in a Fund’s Statement of Operations.

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid at least annually to shareholders of the Bradesco Latin American Equity Fund and dividends from net investment income are declared and paid quarterly, if any, to shareholders of the Bradesco Latin American Hard Currency Bond Fund. Distributions from net realized capital gains, if any, will be declared and paid at least annually to shareholders and recorded on ex-date for both Funds. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, each Fund may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against each Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Currency Risk — Each Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which each Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect each Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for each Fund is determined on the basis of U.S. dollars, each Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of each Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of each Fund’s holdings in foreign securities.

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

Emerging Markets Risk — The Bradesco Latin American Equity Fund and the Bradesco Latin American Hard Currency Bond Fund invests in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

2. Transactions with Affiliates and Related Parties

BRAM US LLC (“BRAM US” or the “Adviser”) serves as investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 1.00% of the Bradesco Latin American Equity Fund’s average daily net assets, and 0.75% of the Bradesco Latin American Hard Currency Bond Fund’s average daily net assets. Each Fund pays its respective pro-rata portion of the advisory fee payable by each Fund. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent that the “Total Annual Fund Operating Expenses,” excluding taxes, Rule 12b-1 distribution fees, “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.75% and 1.50% (on an annual basis) of the Bradesco Latin American Equity Fund and Bradesco Latin American Hard Currency Bond Fund’s average daily net assets (the “Expense Limitation”), respectively. The Expense Limitations will remain in place with respect to each Fund until December 20, 2015, unless the Board of Trustees of the Trust 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 each Fund. No recoupment will occur with respect to a Fund unless such Fund’s expenses are below the Expense Limitation.

For the six months ended October 31, 2014, investment advisory fees accrued and waived were $38,506 and $36,827 and the Adviser reimbursed fees of $40,712 and $56,850 for the Bradesco Latin American Equity Fund and Bradesco Latin American Hard Currency Bond Fund, respectively.

As of October 31, 2014, the amounts of potential recoupment by the Adviser were as follows:

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	Expiration
	04/30/2017		04/30/2018
Bradesco Latin American Equity Fund		$53,081		$79,218
Bradesco Latin American Hard Currency Bond Fund		$56,142		$93,677

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Funds.

For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annualized percentage rate of each Funds’ average daily net assets and is subject to certain minimum monthly fees.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

BNY Mellon and the Custodian have the ability to recover such amounts previously waived if each Fund terminates its agreements with BNY Mellon or the Custodian within three years of signing the agreements.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Funds during the six months ended October 31, 2014 was $1,426 and $1,508 for the Bradesco Latin American Equity Fund and Bradesco Latin American Hard Currency Bond Fund, respectively. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Funds or the Trust.

The following table lists the issuer owned by Bradesco Latin American Equity Fund and Bradesco Latin American Hard Currency Bond Fund that may be deemed “affiliated company” under the Investment Company Act of 1940, as well as transactions that occurred in the security of such issuers during the six months ended October 31, 2014:

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


Bradesco Latin American Equity Fund
Name of Issuer	Shares Held at 4/30/14		Value at 4/30/14			Purchase Cost			Sales Proceeds			Value at 10/31/14			Shares Held at 10/31/14		Dividend Income for the six-months ended 10/31/14			Net Realized Gain (Loss) for the six-months ended 10/31/14
Banco Bradesco SA		3,100		$	46,019		$	565,130		$	—		$	581,360		38,600		$	2,083		$	—

Bradesco Latin American Hard Currency Bond Fund
Name of Issuer	Shares Held at 4/30/14		Value at 4/30/14			Purchase Cost			Sales Proceeds			Value at 10/31/14			Shares Held at 10/31/14		Dividend Income for the six-months ended 10/31/14			Net Realized Gain (Loss) for the six-months ended 10/31/14
Banco Bradesco SA		—			$—		$	427,675		$	—		$	425,620		400,000		$	2,966		$	—

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding U.S. Government and agency short-term investments and other short-term investments) of the Funds were as follows:


	Purchases		Sales
Bradesco Latin American Equity Fund	$	11,471,887	$	1,450,888
Bradesco Latin American Hard Currency Bond Fund		10,991,158		2,854,350

4. Capital Share Transactions

For the six months or period ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	Bradesco Latin American Equity Fund
	For the Six Months Ended October 31, 2014 (Unaudited)					For the Period Ended April 30, 2014*
	Shares		Amount			Shares		Amount
Institutional Class Shares
Sales		925,069		$	10,000,000		100,000		$	10,000,000

Net Increase		925,069		$	10,000,000		100,000		$	10,000,000

Retail Class Shares**
Sales		9,610		$	104,377		—		$	—

Net Increase		9,610		$	104,377		—		$	—

Total Net Increase		934,679		$	10,104,377		100,000		$	10,000,000



	Bradesco Latin American Hard Currency Bond Fund
	For the Six Months Ended October 31, 2014 (Unaudited)							For the Period Ended April 30, 2014*
	Shares			Amount				Shares		Amount
Institutional Class Shares
Sales		772,919			$	8,022,744			452,823		$	4,500,000
Reinvestments		7,381				76,132			2,160			22,012
Redemptions		(21,221	)			(222,744	)		—			—

Net increase		759,079			$	7,876,132			454,983		$	4,522,012

Retail Class Shares**
Sales		9,497			$	100,000			—		$	—
Reinvestments		106				1,101			—			—

Net increase		9,603			$	101,101			—		$	—

Total Net increase		768,682			$	7,977,233			454,983		$	4,522,012

*	The Funds commenced operations on December 20, 2013.

**	Retail Class commenced operations on June 9, 2014.

***

There is a 2.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fee is retained by the Funds for the benefit of the remaining shareholders and recorded as paid-in-capital. For the period ending October 31, 2014, there were no redemption fees charged.

BRADESCO FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the period ended April 30, 2014, the tax character of distributions paid by the Bradesco Latin American Hard Currency Bond Fund was $31,446 of ordinary income dividends. There were no distributions for the Bradesco Latin American Equity Fund. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


	Capital Loss Carryforward			Undistributed Ordinary Income			Undistributed Long-Term Gain			Unrealized Appreciation			Qualified Late-Year Losses
Bradesco Latin American Equity Fund		$	—		$	7,859		$	—		$	29,032		$	(6,711	)
Bradesco Latin American Hard Currency Bond Fund		$	—		$	38,322		$	—		$	150,613		$	—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:


	Federal Tax Cost			Unrealized Appreciation			Unrealized Depreciation				Net Unrealized Appreciation/Depreciation
Bradesco Latin American Equity Fund		$	11,087,047		$	313,735		$	(887,225	)		$	(573,490	)
Bradesco Latin American Hard Currency Bond Fund			12,512,146			116,004			(65,562	)			50,442

BRADESCO FUNDS

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Funds did not have any capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on each Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

BRADESCO FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 670-5705 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

BRAM US LLC

1450, Avenida Paulista

6th Floor, 01310 - 917

Sao Paulo-SP, Brazil

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

BBD, LLP

1835 Market Street

26th Floor

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

BRADESCO LATIN

AMERICAN

EQUITY FUND

BRADESCO LATIN AMERICAN HARD

CURRENCY

BOND FUND

FundVantage Trust

Institutional Class Shares

Retail Class Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Bradesco Latin American Equity Fund and the Bradesco Latin American Hard Currency Bond Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Bradesco Latin American Equity Fund and the Bradesco Latin American Hard Currency Bond Fund.

LOGO

CUTWATER INVESTMENT GRADE BOND FUND

FundVantage Trust

Institutional Class

SEMI-ANNUAL REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Cutwater Investment Grade Bond Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Cutwater Investment Grade Bond Fund.

CUTWATER INVESTMENT GRADE BOND FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Year	Since Inception*
Institutional Class	2.81%	6.07%	4.85%	4.62%
Barclays Aggregate
Bond Index	2.35%	4.14%	2.73%	3.72%**

†	Not Annualized

*	The Cutwater Investment Grade Bond Fund (the “Fund”) commenced operations on December 2, 2010.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s total annual gross and net operating expense ratio for Institutional Class shares of the Fund, as stated in the current prospectus dated September 1, 2014, is 1.25% and 0.85%, respectively, of the Fund’s average daily net assets, which may differ from the actual expenses incurred by the Fund for the period covered by this report. Cutwater Investor Services Corp. d/b/a Cutwater Asset Management (“Cutwater” or the “Adviser”) has voluntarily 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 any class-specific fees and expenses, interest, extraordinary items and brokerage commissions) do not exceed 0.85% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). Such Expense Limitation will continue until Cutwater notifies the Fund of a change in its voluntary Expense Limitation or its discontinuation. This Expense Limitation may be discontinued at any time at the discretion of Cutwater. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

A 1.00% redemption fee applies to shares redeemed within 60 days of purchase. The redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the Barclays Aggregate Bond Index. Barclays Aggregate Bond Index is an unmanaged intermediate-term index and should not be considered indicative of any Cutwater Investment Grade Bond Fund investment. It is impossible to invest directly in an index.

All mutual fund investing involves risk, including possible loss of principal. The Fund is subject to the risks of the fixed-income securities in its portfolio such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money.

CUTWATER INVESTMENT GRADE BOND FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Cutwater Investment Grade Bond Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Institutional Class
Actual		$	1,000.00		$	1,028.10		$	4.35
Hypothetical (5% return before expenses)			1,000.00			1,020.92			4.33

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 0.85% for the Institutional Shares of the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six month total returns for the Fund of 2.81%.

CUTWATER INVESTMENT GRADE BOND FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets			Value
Corporate Bonds and Notes		50.1	%		$	19,059,917
U.S. Treasury Obligations		16.1				6,116,947
Residential Mortgage-Backed Securities		13.4				5,110,469
Asset Backed Securities		9.3				3,514,202
Commercial Mortgage-Backed Securities		8.1				3,072,493
Registered Investment Company		2.0				754,651
Preferred Stock		1.4				540,963
Municipal Bonds		1.1				431,797
Liabilities in Excess of other Assets		(1.5	)			(577,910	)


NET ASSETS		100.0	%		$	38,023,529


Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Moody’s/ Standard & Poor’s Rating^(a)	Principal Amount (000’s)		Value
CORPORATE BONDS AND NOTES — 50.1%
Airlines — 1.5%
American Airlines 2013-2 Class B Pass Through Trust, 5.60%, 07/15/20 144A	NA/BB+	$	399	$	406,747
British Airways 2013-1 Class B Pass Through Trust, 5.625%, 06/20/20 144A	Baa3/BBB		156		164,723

					571,470

Automotive — 0.9%
Chrysler Group LLC/CG Co. Issuer, Inc., Sec. Notes, 8.25%, 06/15/21 ^(b)	B1/B		300		335,250

Chemicals — 0.5%
Mexichem SAB de CV, Co. Gty., 4.875%, 09/19/22 144A	Baa3/BBB-		200		213,250

Diversified Financial Services — 19.1%
AerCap Ireland Capital Ltd./AerCap Global Aviation Trust, Co. Gty., 4.50%, 05/15/21 144A	Ba2/BB+		250		252,500
AIG Retirement Services, Inc., Sr. Unsec. Notes, 8.125%, 04/28/23	Baa1/A-		145		185,134
American Express Co., Sub. Notes, 6.80%, 09/01/66 ^(b)(c)	Baa2/BB+		195		206,680
Bank of America Corp., Sr. Unsec. Notes, 5.75%, 12/01/17	Baa2/A-		210		233,758
Bank of America Corp., Sr. Unsec. Notes, 5.875%, 01/05/21	Baa2/A-		320		369,774
BB&T Corp., Sr. Unsec. Notes, 1.094%, 06/15/18 ^(b)(c)	A2/A-		405		410,935
BBVA US Senior SAU, Co. Gty., 4.664%, 10/09/15	Baa2/BBB		325		336,734
Bear Stearns Cos., LLC (The), Sr. Unsec. Notes, 6.40%, 10/02/17	A3/A		267		301,941
BioMed Realty LP, Co. Gty., REIT, 6.125%, 04/15/20 ^(b)	Baa3/BBB		226		258,438
Citigroup, Inc., Sr. Unsec. Notes, 3.375%, 03/01/23	Baa2/A-		208		207,471
Citigroup, Inc., Sub Notes, 5.30%, 05/06/44	Baa3/BBB+		225		239,130
EPR Properties, Co. Gty., REIT, 5.75%, 08/15/22 ^(b)	Baa2/BBB-		358		393,734
General Electric Capital Corp., Jr. Sub. Notes, 5.25%, 06/15/23 ^(b)(c)(d)	Baa1/A+		400		401,000
General Electric Capital Corp., Sub. Notes, 5.30%, 02/11/21	A2/AA		260		295,272
Goldman Sachs Group, Inc. (The), Sr. Unsec. Notes, 2.375%, 01/22/18	Baa1/A-		91		91,849
HSBC Capital Funding LP/Jersey Channel Islands, Ltd., Co. Gty., 10.176%, 06/30/30 144A^(b)(c)(d)	Baa2/BBB-		325		485,063
HSBC Holdings PLC, Sub. Notes, 4.25%, 03/14/24	A3/BBB+		200		205,596
ING Bank NV., 4.125%, 11/21/23 ^(b)(c)	Baa2/BBB		350		358,551
JPMorgan Chase & Co., Jr. Sub. Notes, 7.90%, 04/30/18 ^(b)(c)(d)	Ba1/BBB-		387		419,411
Morgan Stanley, Jr. Unsec. Notes, 5.45%, 07/15/19 ^(b)(c)(d)	Ba3/BB		365		366,711
Morgan Stanley, Sr. Unsec. Notes, 5.50%, 07/24/20	Baa2/A-		425		480,116
Sinochem Overseas Capital Co., Ltd., Co. Gty., 6.30%, 11/12/40 144A	A3/A-		211		257,366
US Bank NA, Sr. Unsec. Notes, 0.713%, 10/28/19 ^(b)(c)	Aa3/AA-		490		490,957

					7,248,121

Energy — 5.8%
BG Energy Capital PLC, Co. Gty., 6.50%, 11/30/72 ^(b)(c)	Baa1/BBB		300		327,428
Citgo Petroleum Corp., Sr. Sec. Notes, 6.25%, 08/15/22 144A^(b)	B1/B+		350		356,125
DCP Midstream LLC, Jr. Sub. Notes, 5.85%, 05/21/43 144A^(b)(c)	Baa3/BB		325		320,937
Ecopetrol SA, Sr. Unsec. Notes, 5.875%, 09/18/23	Baa2/BBB		165		183,975
Noble Energy, Inc., Sr. Unsec. Notes, 8.25%, 03/01/19	Baa2/BBB		146		179,922
Oil India Ltd., Sr. Unsec. Notes, 5.375%, 04/17/24	Baa2/NA		300		320,415
Reliance Holdings USA, Inc., Co. Gty., 5.40%, 02/14/22 144A	Baa2/BBB+		325		353,884

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Moody’s/ Standard & Poor’s Rating^(a)	Principal Amount (000’s)		Value
CORPORATE BONDS AND NOTES — (Continued)
Energy — (Continued)
Transocean, Inc., Co. Gty., 6.50%, 11/15/20	Baa3/BBB-	$	163	$	167,659

					2,210,345

Healthcare — 1.5%
Fresenius Medical Care US Finance, Inc., Co. Gty., 5.75%, 02/15/21 144A	Ba2/BB+		325		348,969
HCA, Inc., Sr. Sec. Notes, 7.25%, 09/15/20 ^(b)	WR/BB		215		227,900

					576,869

Industrial — 1.2%
ADT Corp. (The), Sr. Unsec. Notes, 6.25%, 10/15/21	Ba2/BB-		175		183,750
Samarco Mineracao SA, Sr Unsec. Notes, 5.75%, 10/24/23 144A	NA/BBB-		275		285,313

					469,063

Insurance — 5.0%
Allstate Corp. (The), Jr. Sub. Notes, 6.50%, 05/15/57 ^(b)(c)	Baa1/BBB		325		359,734
American Financial Group, Inc., Sr. Unsec. Notes, 9.875%, 06/15/19	Baa1/BBB+		130		167,509
American International Group, Inc., Jr. Sub. Debs., 8.175%, 05/15/58 ^(b)(c)	Baa2/BBB		325		441,187
Liberty Mutual Group, Inc., Co. Gty., 7.00%, 03/15/37 144A^(b)(c)	Baa3/BB+		208		216,320
Prudential Financial, Inc., Jr. Sub. Notes, 5.875%, 09/15/42 ^(b)(c)	Baa2/BBB+		423		448,380
Travelers Cos., Inc., Jr. Sub. Notes, 6.25%, 03/15/37 ^(b)(c)	A3/NR		244		264,435

					1,897,565

Media — 1.3%
Numericable Group SA, Sr. Sec. Notes, 6.25%, 05/15/24 144A^(b)	Ba3/B+		250		257,188
VTR Finance BV, Sr. Sec. Notes, 6.875%, 01/15/24 144A^(b)	B1/B+		220		231,000

					488,188

Mining — 0.7%
Teck Resources, Ltd., Co. Gty., 5.20%, 03/01/42 ^(b)	Baa2/BBB		296		270,626

Paper — 0.6%
Celulosa Arauco y Constitucion SA, Sr. Unsec. Notes, 4.75%, 01/11/22 ^(b)	Baa3/BBB-		228		234,372

Pipe Lines Ex Natural Gas — 2.1%
Access Midstream Partners LP / ACMP Finance Corp., Co. Gty., 4.875%, 05/15/23 ^(b)	Ba2/BB+		190		198,550
Enterprise Products Operating LLC, Co. Gty., 7.034%, 01/15/68 ^(b)(c)	Baa2/BBB-		211		234,737
IFM US Colonial Pipeline 2 LLC, Sr. Sec. Notes, 6.45%, 05/01/21 144A^(b)	NA/BBB-		175		189,316
Kinder Morgan Energy Partners LP, Sr. Unsec. Notes, 9.00%, 02/01/19	Baa2/BBB		130		161,238

					783,841

Technology Hardware & Equipment — 0.2%
NCR Corp., Co. Gty., 5.875%, 12/15/21 ^(b)	Ba3/BB		95		97,375

Telecommunications — 6.2%
Bharti Airtel International Netherlands BV., Co. Gty., 5.35%, 05/20/24 144A	Baa3/BBB-		360		386,885
CCOH Safari, LLC, Co. Gty., 5.50%, 12/01/22 ^(b)	B1/B+		300		303,000
DISH DBS Corp., Co. Gty., 5.875%, 07/15/22	Ba3/BB-		240		254,400
Frontier Communications Corp., Sr. Unsec. Notes, 8.50%, 04/15/20	Ba3/BB-		325		374,563
Qwest Corp., Sr. Unsec. Notes, 7.25%, 10/15/35 ^(b)	Baa3/BBB-		195		200,628

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Moody’s/ Standard & Poor’s Rating^(a)	Principal Amount (000’s)		Value
CORPORATE BONDS AND NOTES — (Continued)
Telecommunications — (Continued)
Telecom Italia Capital SA, Co. Gty., 6.00%, 09/30/34	Ba1/BB+	$	215	$	211,775
T-Mobile USA, Inc., Co. Gty., 6.125%, 01/15/22 ^(b)	Ba3/BB		15		15,544
T-Mobile USA, Inc., Co. Gty., 6.625%, 04/01/23 ^(b)	Ba3/BB		227		239,485
T-Mobile USA, Inc., Co. Gty., 6.50%, 01/15/24 ^(b)	Ba3/BB		15		15,713
Verizon Communications, Inc., Sr. Unsec. Notes, 1.984%, 09/14/18 ^(c)	Baa1/BBB+		195		204,041
Verizon Communications, Inc., Sr. Unsec. Notes, 6.55%, 09/15/43	Baa1/BBB+		62		78,157
Verizon Communications, Inc., Sr. Unsec. Notes, 5.012%, 08/21/54 144A	Baa1/BBB+		60		61,056

					2,345,247

Utilities — 3.5%
Black Hills Corp., Sr. Unsec. Notes, 4.25%, 11/30/23 ^(b)	Baa1/BBB		100		106,103
Duquesne Light Holdings, Inc., Sr. Unsec. Notes, 6.40%, 09/15/20 144A	Baa3/BBB-		163		191,155
Electricite de France SA, Sub. Notes, 5.25%, 01/29/23 144A^(b)(c)(d)	A3/BBB+		208		215,800
Israel Electric Corp., Ltd., Sr. Sec. Notes, 5.625%, 06/21/18 144A	Baa3/BBB-		250		265,650
Southern Power Co., Sr. Unsec. Notes, 5.25%, 07/15/43	Baa1/BBB+		170		190,111
UIL Holdings Corp., Sr. Unsec. Notes, 4.625%, 10/01/20	Baa2/BBB-		325		349,516

					1,318,335

TOTAL CORPORATE BONDS AND NOTES (Cost $18,207,986)					19,059,917

ASSET BACKED SECURITIES — 9.3%
AmeriCredit Automobile Receivables Trust, Series 2012-3, Class C, 2.42%, 05/08/18	Aaa/AA		202		205,474
Carlyle Global Market Strategies CLO 2014-3 Ltd., 3.384%, 07/27/26 144A^(c)	A2/NA		500		497,480
Goldentree Loan Opportunities V, Ltd., Series 2007-5A, Class B, 1.331%, 10/18/21 144A^(c)	Aaa/AAA		500		492,900
Harley-Davidson Motorcycle Trust 2011-1, Class B, 2.12%, 08/15/17	Aaa/AA+		305		308,330
North End CLO, Ltd., Series 2013-1A, Class B, 1.878%, 07/17/25 144A^(c)	NR/AA		1,000		972,390
SBI Home Equity Loan Trust, Series 2006-1A, Class 2A, 0.302%, 04/25/35 144A^(c)	A2/AA		152		149,108
Sonic Capital, LLC, Series 2011-1A, Class A2, 5.438%, 05/20/41 144A	Baa2/BBB		109		116,300
Spirit Master Funding, LLC, 5.76%, 03/20/42 144A	NA/A+		305		336,597
TAL Advantage V, LLC, Series 2013-1A, Class A, 2.83%, 02/22/38 144A	NA/A		352		346,409
TAL Advantage V, LLC, Series 2014-2A, Class A1, 1.70%, 05/20/39 144A	NA/A		89		89,214

TOTAL ASSET BACKED SECURITIES (Cost $3,485,245)					3,514,202

COMMERCIAL MORTGAGE-BACKED SECURITIES — 8.1%
BLCP Hotel Trust, Series 2014-CLRN, Class B, 1.505%, 08/15/29 144A	NA/AA-		305		305,084
CGBAM Commercial Mortgage Trust, Series 2013-BREH, Class D, 3.004%, 05/15/30 144A^(c)	Baa3/NA		330		329,207
Hilton USA Trust, Series 2013-HLT, Class CFX, 3.714%, 11/05/30 144A	A3/A-		227		228,529
Irvine Core Office Trust, Series 2013-IRV, Class C, 3.173%, 05/15/48 144A^(c)	NA/A		135		131,311
Merrill Lynch/Countrywide Commercial Mortgage Trust, Series 2006-3, Class AJ, 5.485%, 07/12/46^(c)	Ba2/NA		423		432,466
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2012-CKSI, Class C, 4.292%, 10/15/30 144A^(c)	NA/A		540		511,834
ORES LLC, Series 2014-LV3, Class A, 3.00%, 03/27/24 144A	NA/NA		160		160,078
Resource Capital Corp., Series 2014-CRE2, Class A, 1.207%, 04/15/32 144A^(c)	Aaa/NA		300		299,647

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Moody’s/ Standard & Poor’s Rating^(a)	Principal Amount (000’s)		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — (Continued)
Wells Fargo Commercial Mortgage Trust, Series 2014-TISH, Class SCH2 3.653%, 01/15/27 144A^(c)	NA/BB	$	450	$	449,568
Wells Fargo Commercial Mortgage Trust, Series 2014-TISH, Class WTS2 3.403%, 02/15/27 144A^(c)	NA/BB		225		224,769

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $3,054,033)					3,072,493

RESIDENTIAL MORTGAGE-BACKED SECURITIES — 13.4%
FHLMC Gold Pool # G03508, 6.00%, 07/01/37	Aaa/AA+		84		95,187
FNMA Pool #AD7136, 5.00%, 07/01/40	Aaa/AA+		300		332,665
FNMA Pool #AL0515, 6.00%, 07/01/40	Aaa/AA+		148		170,620
FNMA Pool #AL5562, 4.50%, 04/01/44	Aaa/AA+		847		919,398
FNMA Pool #AP6607, 3.00%, 09/01/27	Aaa/AA+		192		199,727
FNMA Pool #AP7453, 4.00%, 10/01/42	Aaa/AA+		378		402,120
FNMA Pool #AS2957, 4.00%, 07/01/44	Aaa/AA+		215		228,834
FNMA Pool #AT2762, 2.50%, 05/01/28	Aaa/AA+		209		213,142
FNMA Pool #AU1264, 3.00%, 07/01/43	Aaa/AA+		640		641,424
FNMA Pool #AU3763, 3.50%, 08/01/43	Aaa/AA+		640		662,656
FNMA Pool #MA1932, 3.00%, 06/01/29	Aaa/AA+		168		174,661
GNMA Pool #4679, 5.00%, 04/20/40	Aaa/AA+		316		351,961
GNMA Pool #694462, 6.00%, 10/15/38	Aaa/AA+		91		102,344
GNMA Pool #729349, 4.00%, 07/15/41	Aaa/AA+		188		201,363
GNMA Pool #AD6019, 3.50%, 04/20/43	Aaa/AA+		27		28,451
GNMA Pool #MA0391, 3.00%, 09/20/42	Aaa/AA+		89		90,736
GNMA Pool #MA0534, 3.50%, 11/20/42	Aaa/AA+		282		295,180

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $5,019,308)					5,110,469

MUNICIPAL BONDS — 1.1%
American Municipal Power-Ohio, Inc., Build America Bonds, RB, 6.053%, 02/15/43	A1/A		225		280,602
State of Illinois, Build America Bonds, GO, 7.35%, 07/01/35	A3/A-		130		151,195

TOTAL MUNICIPAL BONDS (Cost $330,727)					431,797

U.S. TREASURY OBLIGATIONS — 16.1%
United States Treasury Note, 0.875%, 01/31/18	Aaa/AA+		169		167,851
United States Treasury Note, 0.875%, 07/31/19	Aaa/AA+		1,004		971,448
United States Treasury Note, 1.25%, 10/31/18	Aaa/AA+		365		363,318
United States Treasury Note, 1.25%, 10/31/19	Aaa/AA+		745		731,497
United States Treasury Note, 1.375%, 01/31/20	Aaa/AA+		163		160,300
United States Treasury Note, 1.625%, 06/30/19	Aaa/AA+		520		521,666
United States Treasury Note, 1.625%, 08/15/22	Aaa/AA+		390		375,832
United States Treasury Note, 2.375%, 08/15/24	Aaa/AA+		532		534,078
United States Treasury Note, 2.50%, 08/15/23	Aaa/AA+		425		433,732
United States Treasury Note, 2.75%, 11/15/23	Aaa/AA+		90		93,593
United States Treasury Bond, 2.75%, 11/15/42	Aaa/AA+		935		878,973
United States Treasury Bond, 5.375%, 02/15/31	Aaa/AA+		655		884,659

TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,050,151)					6,116,947

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Moody’s/ Standard & Poor’s Rating^(a)	Number of Shares		Value
PREFERRED STOCK — 1.4%
Diversified Financial Services — 1.4%
CoBank ACB 144A	NA/BBB+	$	5,200	$	540,963

TOTAL PREFERRED STOCK (Cost $542,100)					540,963

REGISTERED INVESTMENT COMPANY — 2.0%
BlackRock Liquidity Funds TempCash Portfolio, Institutional Shares	NR/NR		754,651		754,651

TOTAL REGISTERED INVESTMENT COMPANY (Cost $754,651)					754,651


TOTAL INVESTMENTS - 101.5%
(Cost $37,444,201)					38,601,439
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)%					(577,910	)

NET ASSETS - 100.0%				$	38,023,529

^(a)	Ratings for debt securities are unaudited. All ratings are as of October 31, 2014 and may have changed subsequently.

^(b)	This security is callable.

^(c)	Floating or variable rate security. Rate disclosed is as of October 31, 2014.

^(d)	Security is perpetual. Date shown is next call date.

144A Securities were purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At October 31, 2014, these securities amounted to $11,640,635 or 30.6% of net assets. These securities have been determined by the Adviser to be liquid securities.


Legend
CLO		Collateralized Loan Obligations
Co. Gty.		Company Guaranty
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligations
Jr.		Junior
LLC		Limited Liability Company
LP		Limited Partnership
Ltd.		Limited


		NA		Not Available
		NR		Not Rated
		PLC		Public Limited Company
		RB		Revenue Bond
		REIT		Real Estate Investment Trust
		Sec.		Secured
		Sr.		Senior
		Sub.		Subordinated
		Unsec.		Unsecured
		WR		Withdrawn Rating

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $37,444,201)	$	38,601,439
Cash		4,812
Receivable for investments sold		781,946
Dividends and interest receivable		310,382
Prepaid expenses and other assets		1,399

Total assets		39,699,978

Liabilities
Payable for investments purchased		1,555,812
Payable for administration and accounting fees		23,894
Payable for transfer agent fees		17,911
Payable for custodian fees		9,506
Payable to Investment Adviser		711
Accrued expenses		68,615

Total liabilities		1,676,449

Net Assets	$	38,023,529

Net Assets Consisted of:
Capital stock, $0.01 par value	$	37,466
Paid-in capital		37,155,491
Accumulated net investment loss		(8,458	)
Accumulated net realized loss from investments and foreign currency transactions		(318,208	)
Net unrealized appreciation on investments		1,157,238

Net Assets	$	38,023,529


Institutional Class:


Net asset value, offering and redemption price per share ($38,023,529 / 3,746,577 shares)				$10.15

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Interest	$	742,898
Dividends		16,489

Total investment income		759,387

Expenses
Advisory fees (Note 2)		94,758
Administration and accounting fees (Note 2)		44,592
Legal fees		33,974
Transfer agent fees (Note 2)		26,641
Audit fees		12,302
Custodian fees (Note 2)		10,934
Trustees’ and officers’ fees (Note 2)		7,798
Printing and shareholder reporting fees		6,428
Registration and filing fees		1,169
Other expenses		3,535

Total expenses before waivers and reimbursements		242,131

Less: waivers and reimbursements (Note 2)		(81,041	)

Net expenses after waivers and reimbursements		161,090

Net investment income		598,297

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		203,021
Net change in unrealized appreciation on investments		252,988

Net realized and unrealized gain on investments		456,009

Net increase in net assets resulting from operations	$	1,054,306

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Statements of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
Increase in net assets from operations:
Net investment income		$	598,297			$	1,243,280
Net realized gain/(loss) from investments			203,021				(482,663	)
Net change in unrealized appreciation/(depreciation) on investments			252,988				(868,445	)

Net increase/(decrease) in net assets resulting from operations			1,054,306				(107,828	)

Less Dividends and Distributions to Shareholders:
Net investment income:
Institutional Class			(610,355	)			(1,275,618	)
Net realized capital gains:
Institutional Class			—				(461,032	)

Net decrease in net assets from dividends and distributions to shareholders			(610,355	)			(1,736,650	)

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)			598,311				(8,513,351	)

Total increase/(decrease) in net assets			1,042,262				(10,357,829	)

Net assets
Beginning of period			36,981,267				47,339,096

End of period		$	38,023,529			$	36,981,267

Accumulated net investment income/(loss), end of period		$	(8,458	)		$	3,600

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Financial Highlights

Contained below is per share operating performance data for each Institutional Class share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period December 2, 2010* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	10.03			$	10.47			$	10.31			$	10.01			$	10.00


Net investment income⁽¹⁾			0.16				0.33				0.29				0.32				0.11
Net realized and unrealized gain/(loss) on investments			0.12				(0.30	)			0.43				0.33				0.01

Net increase in net assets resulting from operations			0.28				0.03				0.72				0.65				0.12

Dividends and distributions to shareholders from:
Net investment income			(0.16	)			(0.34	)			(0.32	)			(0.35	)			(0.11	)
Net realized gains			—				(0.13	)			(0.24	)			—				—

Total dividends and distributions to shareholders			(0.16	)			(0.47	)			(0.56	)			(0.35	)			(0.11	)

Net asset value, end of period		$	10.15			$	10.03			$	10.47			$	10.31			$	10.01

Total investment return⁽²⁾			2.81	%			0.37	%			7.17	%			6.59	%			1.22	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	38,024			$	36,981			$	47,339			$	72,511			$	67,962
Ratio of expenses to average net assets			0.85	%⁽³⁾			0.85	%			0.85	%			0.85	%			0.83	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			1.28	%⁽³⁾			1.24	%			0.93	%			1.05	%			0.90	%⁽³⁾
Ratio of net investment income to average net assets			3.16	%⁽³⁾			3.26	%			2.83	%			3.19	%			2.61	%⁽³⁾
Portfolio turnover rate			22.63	%⁽⁵⁾			76.18	%			154.23	%⁽⁶⁾			95.43	%			106.84	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

⁽⁶⁾	Portfolio turnover rate excludes securities delivered from processing a redemption-in-kind.

The accompanying notes are an integral part of the financial statements.

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Cutwater Investment Grade Bond Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on December 2, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A, Class C and Institutional Class. As of October 31, 2014, Class A and Class C Shares had not been issued.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Securities held by the Fund are valued at their last sale price on the NYSE on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the last asked price and the last bid price prior to the market close. Securities listed on other exchanges (and not subject to restriction against sale by the Fund on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Unlisted securities that are quoted on the National Association of Securities Dealers Market System, for which there have been sales of such securities on such day, shall be valued at the official closing price on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the last asked price and the last bid price prior to market close. The value of such securities quoted on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) markets system, but not listed on the National Market System, shall be valued at the mean between closing asked price and the closing bid price. Unlisted securities that are not quoted on the NASDAQ and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and the asked prices for such security in the over-the-counter market. Fixed income securities are valued based on the market quotations, which are furnished by an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates market value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The fair value of the Fund’s bonds are generally based on the quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	19,059,917	$	—	$	19,059,917	$	—
Asset Backed Securities		3,514,202		—		3,514,202		—
Commercial Mortgage-Backed Securities		3,072,493		—		3,072,493		—
Residential Mortgage-Backed Securities		5,110,469		—		5,110,469		—
Municipal Bonds		431,797		—		431,797		—
U.S. Treasury Obligations		6,116,947		—		6,116,947		—
Preferred Stock		540,963		540,963		—		—
Registered Investment Company		754,651		754,651		—		—

Total Investments	$	38,601,439	$	1,295,614	$	37,305,825	$	—

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Securities Traded on a To-Be-Announced Basis — The Fund may trade securities on a to-be-announced (“TBA”) basis. In a TBA transaction, the Fund commits to purchasing or selling securities which have not yet been issued by the issuer and for which specific information, such as the face amount, maturity date and underlying pool of investments in U.S. government agency mortgage pass-through securities, is not announced. Securities purchased on a TBA basis are not settled until they are delivered to the Fund. Beginning on the date the Fund enters into a TBA transaction, cash, U.S. government securities or other liquid high-grade debt obligations are segregated in an amount equal in value to the purchase price of the TBA security. These securities are subject to market fluctuations and their current value is determined in the same manner as for other securities.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly to shareholders. Distributions from net realized capital gains, if any, are declared and paid annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Cutwater Investor Services Corp. d/b/a Cutwater Asset Management (“Cutwater” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.50% of the Fund’s average daily net assets. The Adviser has voluntarily 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 any class-specific fees and expenses, interest, extraordinary items and brokerage commissions) do not exceed 0.85% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). Such Expense Limitation will continue until Cutwater notifies the Fund of a change in its voluntary Expense Limitation or its discontinuation. This Expense Limitation may be discontinued at any time at the discretion of Cutwater.

As of October 31, 2014, investment advisory fees payable to the Adviser were $711. For the six months ended October 31, 2014, the Adviser waived fees of $81,041.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees.

For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $2,429. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	3,333,729	$	6,794,935
U.S. Government Securities		6,237,772		1,558,711

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)					For the Year Ended April 30, 2014
	Shares		Amount			Shares			Amount
Institutional Class:
Reinvestments		59,026		$	598,311		175,080			$	1,736,649
Redemptions		—			—		(1,008,518	)			(10,250,000	)

Net increase/(decrease)		59,026		$	598,311		(833,438	)		$	(8,513,351	)

5. Federal Tax Information

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $1,376,452 of ordinary income dividends and $360,198 of long-term capital gains dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation	Qualified Late-Year Losses
$(320,853)	$3,600	$—	$903,712	$(199,838)

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation/(depreciation) of securities held by the Fund were as follows:


Federal tax cost	$	37,444,201

Gross unrealized appreciation		1,355,542
Gross unrealized depreciation		(198,304	)

Net unrealized appreciation	$	1,157,238

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund had post-enactment capital loss carryforwards of $320,853, all of which are short-term losses and have an unlimited period of capital loss carryforward.

6. Significant Risks

MORTGAGE-RELATED AND OTHER ASSET-BACKED SECURITIES RISK — Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securities will be influenced by the factors affecting the housing market and the assets underlying such securities. As a result, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid.

7. Subsequent Event

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there was the following subsequent event.

On October 6, 2014, MBIA Inc. (“MBIA”) and The Bank of New York Mellon (“BNY Mellon”) announced an agreement pursuant to which BNY Mellon will acquire MBIA’s asset management business through the purchase of Cutwater Holdings, LLC (“CHL”) (d/b/a Cutwater Asset Management) (the “Transaction”). MBIA is primarily a monoline insurance company that is refocusing on its core municipal bond insurance business and is choosing to exit the asset management industry. Cutwater Investor Services Corp. (the “Adviser”), the Fund’s investment adviser, is a wholly-owned subsidiary of CHL, which is currently a wholly-owned subsidiary of MBIA. As a result of the Transaction, the Adviser would become an indirect wholly owned subsidiary of BNY Mellon. Cutwater will operate as part of BNY Mellon Investment Management, which encompasses BNY Mellon’s affiliated investment management firms, wealth management services and global distribution companies. After completion of the Transaction, Cutwater will work closely with Insight Investment, one of BNY Mellon’s leading investment management boutiques.

The Transaction is expected to close in the beginning of the first quarter of 2015. Because consummation of the Transaction will constitute a change in control of the Adviser, under the Investment Company Act of 1940, as amended (the “1940 Act”), the Transaction will result in the assignment and automatic termination of the Fund’s current investment advisory agreement with the Adviser dated November 23, 2010 (the “Current Agreement”).

Accordingly, at an in-person meeting held on November 21, 2014, the Board of Trustees of the Trust approved a new investment advisory agreement between the Fund and the Adviser (the “New Agreement”), and the sole shareholder of the Fund approve the New Agreement via unanimous written consent on December 11, 2014.

The Adviser will continue to provide services to the Fund pursuant to the Current Agreement until the change of control is effected and the New Agreement is executed. In order for Cutwater to provide uninterrupted services to the Fund, the Board of Trustees of the Trust also approved an interim agreement between the Fund and the Adviser at its in-person meeting which was held on November 21, 2014. Because the sole shareholder approved the New Agreement prior to the change of control, such interim agreement was not necessary.

The New Agreement is substantially identical to the Current Agreement (with the exception of different effective dates and termination dates). The New Agreement will not result in changes in the day-to-day management of the Fund by the Adviser, its investment objective, fees or services provided.

CUTWATER INVESTMENT GRADE BOND FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

A discussion regarding the basis for the Board’s approval of the New Agreement and the interim agreement will be available in the Fund’s annual report to shareholders for the next annual or semiannual reporting period ending after the dates of such approval.

CUTWATER INVESTMENT GRADE BOND FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 678-6242 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

Approval of Advisory Agreement

At an in-person meeting held on September 22-23, 2014 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”) of FundVantage Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (“1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the advisory agreement between Cutwater Investor Services Corp. (the “Adviser” or “Cutwater”) and the Trust on behalf of the Cutwater Investment Grade Bond Fund (the “Fund”) (“Agreement”). In determining whether to continue the Agreement, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) services performed for the Fund, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Fund, (iv) investment performance, (v) the capitalization and financial condition of the Adviser, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Fund and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on the Adviser’s ability to service the Fund, and (x) compliance with the Fund’s investment objective, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. The Adviser also provided its code of ethics, most recent Form ADV and compliance policies and procedures, including its proxy voting policies and procedures, for the Trustees’ review and consideration. The Trustees noted the reports provided at Board meetings throughout the year covering matters such as the relative performance of the Fund; compliance with the investment objectives, policies, strategies and limitations for the Fund; the compliance of management personnel with the applicable code of ethics; and the adherence to fair value pricing procedures as established by the Board. The Trustees also received and reviewed a memorandum from legal counsel regarding the legal standards applicable to their review of the Agreement.

Representatives from Cutwater attended the meeting both in person and telephonically and discussed Cutwater’s history, performance and investment strategy in connection with the proposed continuation of the Agreement and answered questions from the Board.

The Trustees considered the investment performance of the Fund and the Adviser. The Trustees reviewed the historical performance charts for the Fund, as compared to the Fund’s benchmark, the Barclays U.S. Aggregate Bond Index and the Lipper Core Bond Funds category, the Fund’s applicable Lipper peer group, for the year to date, one year, two year, three year and since inception periods ended June 30, 2014. The Trustees noted that the Fund’s Institutional Class shares, currently the Fund’s only operational share class, had outperformed the Barclays U.S. Aggregate Bond Index and the median of the Lipper Core Bond Funds category for the year to date, one year, two year, three year and since

CUTWATER INVESTMENT GRADE BOND FUND

Other Information

(Unaudited)

inception periods ended June 30, 2014. The Trustees also received performance information for the Fund, the Fund’s comparable separately managed account composite, and the Barclays U.S. Aggregate Index, for the one year, three year and since inception periods ended June 30, 2014. The Trustees concluded that the performance of the Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the Fund and any other ancillary benefit resulting from the Adviser’s relationship with the Fund. The Trustees considered the fees that the Adviser charges to each comparable account and/or investment company managed by the Adviser, and evaluated the explanations provided by the Adviser as to differences in fees charged to the Fund and such accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Fund versus other similarly managed funds. The Trustees noted that the net expense ratio and gross advisory fee of the Fund’s Institutional Class shares were slightly higher than the median of the net expenses and gross advisory fee of the universe of funds with a similar share class in the Lipper Core Bond Funds category with $250 million or less in assets. The Trustees concluded that the advisory fee and services provided by the Adviser are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Fund based on the information provided at the Meeting.

The Board considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of senior personnel. In evaluating the quality of services provided by the Adviser, the Board took into account its familiarity with the Adviser’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account the Adviser’s compliance policies and procedures and reports regarding the Adviser’s compliance operations from the Trust’s Chief Compliance Officer. The Board also considered any potential conflicts of interest that may arise in a portfolio manager’s management of the Fund’s investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services provided to the Fund by the Adviser and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Agreement, that the quality of the services appeared to be consistent with industry norms and that the Fund is likely to benefit from the continued receipt of those services. They also concluded that the Adviser has sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and had demonstrated their ability to attract and retain qualified personnel.

The Trustees considered the costs of the services provided by the Adviser, the compensation and benefits received by the Adviser in providing services to the Fund, as well as its profitability. The Trustees were provided with the audited financial statements of Cutwater’s parent company, MBIA, Inc., as of December 31, 2013. The Trustees noted that the Adviser’s level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that the Adviser’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Fund specifically. The Trustees noted that the Fund has a relatively small amount of assets, that the Adviser was not currently making any profit on the Fund and that the Adviser was voluntarily waiving its fee and reimbursing expenses. The Trustees noted that the Adviser’s contractual advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies. The Trustees also concluded that the overall expense ratio of the Fund was reasonable, taking into account the quality of services provided by the Adviser and the current size and projected growth of the Fund during the renewal term.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Trustees noted that economies of scale may be achieved at higher asset levels for the Fund for the benefit of fund shareholders but that because such economies of scale did not yet exist and were not likely to exist in the near term, it was not appropriate to incorporate a mechanism for sharing the benefit of such economies with Fund shareholders in the advisory fee structure at this time.

CUTWATER INVESTMENT GRADE BOND FUND

Other Information

(Unaudited)

In voting to approve the continuation of the Agreement, the Board considered all factors it deemed relevant and the information presented to the Board by the Adviser. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board determined that the continuation of the Agreement would be in the best interests of the Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, unanimously approved the continuation of the Agreement for an additional one year period.

Investment Adviser

Cutwater Asset Management

113 King Street

Armonk, NY 10504

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

DUPONT CAPITAL EMERGING MARKETS FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear Fund Shareholder,

The DuPont Capital Emerging Market Fund declined -4.78% for the six month period ended October 31, 2014, while overall emerging market equities were up +3.74%.

Emerging market equities increased at a healthy rate during the period, driven by stocks seen as offering high earnings growth and/or stability. Sectors such as health care, technology and telecommunications typically offer these characteristics and rose during the period. Conversely, stocks in sectors viewed as being tied to economic growth, such as energy and materials, fell. This same dynamic was also evident in country returns during the period. Countries seen as being tied to global economic growth and exports, such as Korea either fell or rose less than the overall market.

This divergence within emerging market equities is being driven by slower than expected economic growth in China and Europe. These economic growth concerns have caused investors to move away from companies and sectors that are the most exposed to changes in global growth and trade. Stocks seen as offering growth not tied to global economic conditions, such as those in the health care sector, have been favored by investors and tended to perform better.

Increased global growth concerns have negatively impacted the Fund’s over allocation to stocks within sectors such as consumer discretionary, industrials and materials that are the most impacted by this sluggish economic environment. Korean stocks within these sectors have been particularly impacted due to their close trading relationship with China and concerns regarding the value of the Japanese Yen relative to the Korean Won. Additionally, there have been a number of unfavorable stock specific events within these sectors that have negatively impacted Fund performance.

From a country perspective, the Fund’s performance relative to the benchmark has been negatively impacted by the under allocation to India, which has outperformed on hopes that the new government will implement favorable economic reforms. Additionally, the current low interest rate environment has reduced the perceived U.S. Dollar funding risk in emerging markets, helping countries such as India, Indonesia, South Africa and Turkey outperform. The Fund has been under allocated to these countries because their growth is reliant upon a continuation of easy access to external U.S. Dollar borrowing, which may not be as plentiful if interest rate volatility increases.

Investment Environment and Outlook

We believe emerging market equities remain attractively valued at approximately 10x forward earnings and 1.5x book value, with similar profitability levels as developed markets and good long term growth prospects. Within sectors, valuations in economically sensitive areas such as auto manufacturing, industrials and materials are particularly attractive, especially when compared to sectors such as health care and

DUPONT CAPITAL EMERGING MARKETS FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

consumer staples. The Fund has an over allocation to the more economically sensitive sectors of the market with under allocations to healthcare and consumer staples due to this valuation differential.

Within countries, multinational companies in Korea appear very attractively valued. Korean shares have been negatively impacted by a strengthening Korean Won relative to the Japanese Yen, slowing growth in China and company specific issues. We believe these are short-term obstacles and investors are over-emphasizing the long-term impact on these companies. The portfolio has an under allocation to India, Turkey, Brazil and South Africa, due to the risk associated with their reliance on external U.S. Dollar financing. From a country perspective, we believe the portfolio is over allocated to countries with lower country/currency risk and under allocated to countries that are sensitive to an increase in interest rate volatility.

Consumer staples and technology sectors remain the largest sector under allocations. The consumer staples sector is currently valued very highly, despite earnings growth concerns in many categories. Within technology, internet and IT service companies’ trade at very high valuations and face increasing competition. The Fund’s largest over allocations remain in the economically sensitive sectors of consumer discretionary, industrials, and materials. We believe investors are being too pessimistic regarding the long-term business outlook of these companies, as a result, causing them to be valued at very attractive levels. We believe as emerging economies continue to growth these valuation differentials in the market will narrow and benefit the Fund’s performance.

We appreciate your investment in the Fund and look forward to communicating with you in the future.

DuPont Capital Management Corporation

This letter is intended to assist shareholders in understanding how the Fund performed during the six month period ended October 31, 2014 and reflects the views of the investment adviser at the time of this writing. These views may change and do not guarantee future performance of the Fund or the markets.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risks.

DUPONT CAPITAL EMERGING MARKETS FUND

Semi-Annual Investment Adviser’s Report (Concluded)

October 31, 2014

(Unaudited)

unevenly or may never fully develop. Emerging markets are more likely to experience hyperinflation and currency valuations, which adversely affect returns to U.S. investors. In addition, many emerging markets have far lower trading volumes and less liquidity than developed markets.

Foreign securities are subject to political, social, and economic risks including instability in the country of the issuer of a security, variation in international trade patterns, the possibility of the imposition of exchange controls, expropriation, confiscatory taxation, limits on movement to currency or other assets and nationalization of assets. The value of debt securities generally falls when interest rates rise. The Fund may invest without limit in below-investment grade debt securities commonly called “high yield” securities or “junk bonds.” Such securities may have greater default risk, less liquidity, and greater price volatility than investment-grade bonds.

DUPONT CAPITAL EMERGING MARKETS FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)

Average Annual Total Returns for the Periods Ended October 31, 2014

Six Months†

1 Year

3 Year

Since Inception*

Class I Shares

-4.78%

-9.69%

-0.56%

-3.75%

MSCI Emerging Markets
Net Dividend Index

3.74%

0.64%

3.24%

-0.10%**

†	Not Annualized.

*	The DuPont Capital Emerging Markets Fund (the “Fund”) commenced operations on December 6, 2010.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s total operating expense ratio, as stated in the current prospectus dated September 1, 2014, is 1.33% of the Fund’s average daily net assets, which may differ from the actual expenses incurred by the Fund for the period covered by this report. DuPont Capital Management Corporation (the “Adviser”) has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) for Class I Shares to 1.60%. This agreement will terminate on August 31, 2015, unless the Board of Trustees of FundVantage Trust approves an earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

A 2.00% redemption fee applies to shares redeemed within 60 days of purchase. The redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the MSCI Emerging Markets Net Dividend Index. The MSCI Emerging Markets Net Dividend Index is a float-adjusted market capitalization index consisting of 21 emerging economies. It is impossible to invest directly in an index.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear Fund Shareholder,

The DuPont Capital Emerging Market Debt Fund (the “Fund”) returned +2.98% for the six month period ended October 31, 2014, underperforming the index by -1.64% (net of fees).

Emerging markets debt (EMD) rose by 4.62% over the six-month period, as U.S. treasury yields declined due to weaker economic growth, low inflation and excess global liquidity. This was a reversal of last year when rising interest rates led EMD to post losses during most of 2013. Spreads did not change much during the period, widening by only 2 basis points to 296 over Treasuries while yields declined by 24 basis points to 5.22%. Most countries posted positive returns, but the laggards included Venezuela and Russia. The significant decline in oil prices have weighed heavily on both countries while Russia has also seen capital outflows, lower economic growth and an extremely weak currency due to their conflict with Ukraine. Local currency returns were weak for the majority of EMD countries due to the strength of the U.S dollar. This was mostly due to stronger growth in the U.S. as compared to many other countries along with the belief that the Federal Reserve will move the rates higher sometime on 2015.

The Fund’s performance was behind the JP Morgan EMBI Global Diversified Index over the past six months ended October 31, 2014. The Fund’s overweight to Venezuela was the main position that detracted from returns. In addition, the strength of the U.S dollar has led most EMD local currency bonds to underperform and the Fund held less than 8% in local currency securities. The higher cash level in the Fund also detracted from returns for the period.

The main overweight allocations include Venezuela, Mexico, China, and Ukraine. In local currency bonds, the main positions are in Mexico and Brazil. The Fund holds more cash than would be typical and will be invested when stronger opportunities are identified. Despite the higher cash, the Fund has a yield advantage when compared to the benchmark.

Investment Environment and Outlook

Our long-term outlook for Emerging Markets Debt remains positive. EMD offers higher yields as compared to most other fixed income asset classes and should provide attractive returns over the next several years. In addition, yields in most developed countries are much lower with many carrying yields of below 2.5% as compared to over 5% for the EMD U.S. dollar index. This should continue to attract capital into EMD. However, valuations for high-grade EM bonds are less attractive now compared to the beginning of year, and because of this, we have reduced some of the Fund’s positions in these countries. In U.S. Dollar denominated bonds, we favor Venezuela, China, Indonesia, Mexico and Ukraine. We are more cautious on local currency bonds as the dollar could continue to move higher over the next several months and possibly longer. The majority of EM local currencies remain “Fair” in our currency model and we continue to like the intermediate sector of Brazil local currency bonds and the long-end of Mexico MBonos.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Semi-Annual Investment Adviser’s Report (Concluded)

October 31, 2014

(Unaudited)

DuPont Capital Management’s focus remains on valuing emerging market countries based on their long-term credit fundamentals. This approach is overlaid with a risk assessment both at the country and currency level. Each investment is judged based on this risk-return tradeoff.

We appreciate your investment in the Fund and look forward to communicating with you in the future.

DuPont Capital Management Corporation

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risks.

Mutual fund investing involves risks, including possible loss of principal. The Fund invests primarily in markets of emerging countries which are riskier than more developed markets and may be considered speculative. Emerging markets are riskier than more developed markets because they tend to develop unevenly or may never fully develop. Emerging markets are more likely to experience hyperinflation and currency valuations, 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.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	Since Inception*
Class I Shares	2.98%	7.47%	9.02%
J.P. Morgan EMBI Global Diversified Index	4.62%	8.55%	10.22%**

†	Not Annualized.

*	The DuPont Capital Emerging Markets Debt Fund (the “Fund”) commenced operations on September 27, 2013.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s total gross and net operating expense ratio, as stated in the current prospectus dated September 1, 2014, is 4.42% and 0.89% respectively of the Fund’s average daily net assets, which may differ from the actual expenses incurred by the Fund for the period covered by this report. DuPont Capital Management Corporation (the “Adviser”) has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) for Class I Shares to 0.89%. This agreement will terminate on August 31, 2015, unless the Board of Trustees of FundVantage Trust approves an earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

A 2.00% redemption fee applies to shares redeemed within 60 days of purchase. The redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared that of the J.P. Morgan Emerging Markets Bond Index Global Diversified Index (EMBI Global), currently covers 27 emerging market countries. Included in the EMBI Global are U.S.-dollar-denominated Brady bonds, Eurobonds, traded loans, and local market debt instruments issued by sovereign and quasi-sovereign entities. It is impossible to invest directly in an index.

DUPONT CAPITAL FUNDS

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. These examples is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

DUPONT CAPITAL FUNDS

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	DuPont Capital Emerging Markets Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Class I Shares
Actual		$	1,000.00		$	952.20		$	6.45
Hypothetical (5% return before expenses)			1,000.00			1,018.60			6.67

	DuPont Capital Emerging Markets Debt Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period**
Class I Shares
Actual		$	1,000.00		$	1,029.80		$	4.55
Hypothetical (5% return before expenses)			1,000.00			1,020.72			4.53

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 1.31% for Class I Shares of the DuPont Capital Emerging Markets Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The DuPont Capital Emerging Markets Fund’s ending account value on the first line in the table is based on the actual total return for the six month period ended October 31, 2014 for the Fund of (4.78)%.

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 0.89% for Class I Shares of the DuPont Capital Emerging Markets Debt Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The DuPont Capital Emerging Markets Debt Fund’s ending account value on the first line in the table is based on the actual total return for the six month period for the Fund of 2.98%.

DUPONT CAPITAL EMERGING MARKETS FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by industry of the portfolio holdings of the Fund:


	% of Net Assets			Value
INDUSTRY CATEGORIES:
Commercial Banks		22.1	%		$	91,376,586
Oil, Gas & Consumable Fuels		10.8				44,698,542
Metals & Mining		10.2				42,124,178
Wireless Telecommunication Services		7.7				31,965,336
Semiconductors & Semiconductor Equipment		6.9				28,803,618
Machinery		5.7				23,626,279
Automobiles		4.1				16,831,756
Exchange Traded Funds		3.4				14,113,464
Auto Components		2.6				10,799,574
Chemicals		2.5				10,417,744
Multiline Retail		2.4				9,829,674
Airlines		2.3				9,390,203
Aerospace & Defense		2.1				8,871,237
Computers & Peripherals		2.1				8,867,266
Insurance		2.1				8,850,054
Hotels, Restaurants & Leisure		1.8				7,430,327
Diversified Telecommunication Services		1.4				5,918,408
Construction Materials		1.4				5,801,559
Electric Utilities		0.9				3,659,209
Water Utilities		0.8				3,271,466
Beverages		0.7				3,135,187
Textiles, Apparel & Luxury Goods		0.7				2,941,486
Personal Products		0.6				2,400,097
Industrial Conglomerates		0.6				2,328,020
Electronic Equipment, Instruments & Components		0.5				1,908,238
Real Estate Management & Development		0.4				1,838,160
Marine		0.4				1,682,062
Household Durables		0.3				1,173,710
Transportation		0.3				1,155,945
Media		0.2				659,328
Other Assets in Excess of Liabilities		2.0				8,376,478


NET ASSETS		100.0	%		$	414,245,191

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 91.3%
Brazil — 5.0%
AMBEV SA		473,700	$	3,135,187
BR Properties SA		363,800		1,838,160
Embraer SA		916,300		8,871,237
Even Construtora e Incorporadora SA		542,600		1,173,710
Iochpe-Maxion SA		133,400		918,441
Natura Cosmeticos SA		165,200		2,400,097
WEG SA		197,100		2,325,047

				20,661,879

Chile — 0.8%
Aguas Andinas SA, Class A		5,425,134		3,271,466

China — 18.8%
Air China Ltd., Class H		7,060,000		4,572,047
Anhui Conch Cement Co., Ltd., Class H		1,585,500		5,192,297
China Construction Bank Corp., Class H		2,842,000		2,120,414
China Mobile, Ltd.		1,443,168		17,956,644
China Shenhua Energy Co., Ltd., Class H		3,561,000		10,036,809
CNOOC, Ltd.		5,032,000		7,879,555
Dongfeng Motor Group Co., Ltd., Class H		6,372,000		9,854,028
Haitian International Holdings Ltd.		715,000		1,533,731
Pacific Basin Shipping, Ltd		3,495,344		1,682,062
PetroChina Co., Ltd., Class H		6,443,181		8,066,504
Shenzhou International Group Holdings, Ltd.		852,000		2,941,486
Sinotruk Hong Kong, Ltd.		3,844,500		1,992,776


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
Weichai Power Co., Ltd., Class H		1,029,000	$	3,949,996

				77,778,349

Colombia — 2.1%
Bancolombia SA		296,106		4,038,267
Bancolombia SA, SP ADR		82,528		4,668,609

				8,706,876

Czech Republic — 4.1%
CEZ AS		132,282		3,659,209
Komercni Banka AS		61,551		13,186,778

				16,845,987

Hungary — 2.2%
OTP Bank PLC		544,501		9,017,827

India — 1.6%
Reliance Industries Ltd., SP GDR^(a)		207,873		6,751,409

Indonesia — 3.4%
Astra International Tbk PT		1,026,600		575,626
Bank Mandiri Persero Tbk PT		2,338,300		2,008,258
Bank Rakyat Indonesia Persero Tbk PT		3,595,000		3,294,444
Indo Tambangraya Megah Tbk PT		2,596,300		4,555,515
Indocement Tunggal Prakarsa Tbk PT		307,400		609,262
United Tractors Tbk PT		2,132,100		3,238,643

				14,281,748

Malaysia — 5.6%
CIMB Group Holdings Bhd		3,623,097		7,154,319
Genting Bhd		2,506,296		7,430,327

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
Malaysia — (Continued)
Malayan Banking Bhd		2,898,744	$	8,551,659

				23,136,305

Mexico — 5.4%
America Movil SAB de CV, Series L		11,453,828		14,008,692
Ternium SA, SP ADR		387,073		8,519,477

				22,528,169

Panama — 1.2%
Copa Holdings SA, Class A		41,209		4,818,156

Peru — 0.9%
Cia de Minas Buenaventura SA, ADR		394,010		3,624,892

Poland — 4.0%
Bank Handlowy w Warszawie SA		109,936		3,717,102
Bank Pekao SA		142,664		7,466,810
Grupa Lotos SA*		117,439		907,242
Orange Polska SA		1,553,940		4,656,275

				16,747,429

Russia — 4.5%
CTC Media, Inc.		103,668		659,328
Globaltrans Investment PLC, GDR		155,998		1,155,945
Novolipetsk Steel OJSC, GDR		988,502		12,662,414
Phosagro OAO, GDR		375,209		3,989,597

				18,467,284

South Africa — 2.5%
AngloGold Ashanti Ltd., SP ADR*		269,831		2,231,502
Barclays Africa Group, Ltd.		204,737		3,235,716


	Number of Shares		Value

COMMON STOCKS — (Continued)
South Africa — (Continued)
Impala Platinum Holdings, Ltd.*		322,113	$	2,349,382
Reunert, Ltd.		441,093		2,328,020

				10,144,620

South Korea — 18.2%
Hyundai Department Store Co. Ltd.		47,365		6,004,526
Hyundai Heavy Industries Co., Ltd.		76,146		7,074,961
Hyundai Mobis		46,159		10,799,574
Hyundai Motor Co.		27,836		4,417,061
LG Chem Ltd.		34,299		6,428,147
POSCO, ADR		66,842		4,783,214
Samsung Electronics Co., Ltd.		10,131		11,814,189
Samsung Heavy Industries Co., Ltd.		106,379		2,592,684
Samsung Life Insurance Co., Ltd.		77,587		8,462,921
Shinhan Financial Group Co., Ltd.		198,126		9,324,962
Shinsegae Co., Ltd.		20,620		3,825,148

				75,527,387

Taiwan — 7.2%
Advanced Semiconductor Engineering, Inc.		2,545,000		3,070,172
Asustek Computer, Inc.		448,000		4,574,164
Chicony Electronics Co., Ltd.		773,375		2,227,117
Chipbond Technology Corp.		1,638,000		3,020,282
Compal Electronics, Inc.		2,795,208		2,065,985
Mega Financial Holding Co., Ltd.		2,011,000		1,667,918

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
Taiwan — (Continued)
Novatek Microelectronics Corp.		593,692	$	3,072,985
Richtek Technology Corp.		292,000		1,409,050
Taiwan Life Insurance Co., Ltd.*		646,000		387,133
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		274,903		6,053,364
Teco Electric And Machinery Co. Ltd.		1,715,000		1,908,238
Vanguard International Semiconductor Corp.		242,000		363,576

				29,819,984

Thailand — 3.3%
Bangkok Bank PCL NVDR		552,500		3,359,271
Kasikornbank PCL NVDR		550,770		3,990,319
Thai Oil PCL		4,738,500		6,501,508

				13,851,098

Turkey — 0.5%
Ford Otomotiv Sanayi As*		155,411		1,985,041

TOTAL COMMON STOCKS (Cost $391,209,613)				377,965,906

PREFERRED STOCKS — 3.3%
Brazil — 3.3%
Itau Unibanco Holding SA		308,400		4,573,913
Oi SA*		2,405,722		1,262,133
Vale SA		914,500		7,953,297

				13,789,343

TOTAL PREFERRED STOCKS (Cost $19,236,294)				13,789,343


	Number of Shares		Value

EXCHANGE TRADED FUNDS — 3.4%
iShares MSCI Emerging Market Index Fund		334,839	$	14,113,464

TOTAL EXCHANGE TRADED FUNDS (Cost $13,461,643)				14,113,464

TOTAL INVESTMENTS — 98.0% (Cost $423,907,550)			$	405,868,713
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.0%				8,376,478

NET ASSETS — 100.0%			$	414,245,191

*	Non-income producing.

^(a)

Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security was purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At October 31, 2014, this security amounted to $6,751,409 or 1.6% of net assets. This security has been determined by the Adviser to be a liquid security.


ADR		American Depositary Receipt
GDR		Global Depositary Receipt
NVDR		Non-voting Depositary Receipt
PCL		Public Company Limited
PLC		Public Limited Company
SP ADR		Sponsored Depositary Receipt
SP GDR		Sponsored Global Depositary Receipt

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets			Value
SECURITY TYPE:
Foreign Government Bonds and Notes		47.3	%		$	3,529,129
Corporate Bonds and Notes		38.2				2,850,604
Other Assets in Excess of Liabilities		14.5				1,078,866


NET ASSETS		100.0	%		$	7,458,599

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Par* Value		Value

CORPORATE BONDS AND NOTES — 38.2%
Austria — 0.0%
OGX Austria GmbH 8.38%, 04/01/2022^(a)	$	200,000	$	4,000

Cayman Islands — 3.9%
Evergrande Real Estate Group Ltd. 8.75%, 10/30/2018		200,000		187,270
Renhe Commercial Holdings Co. Ltd. 13.00%, 03/10/2016		150,000		105,000

				292,270

Chile — 3.0%
Corp Nacional del Cobre de Chile 5.63%, 10/18/2043^(b)		200,000		220,303

Indonesia — 3.7%
Perusahaan Penerbit SBSN Indonesia 6.13%, 03/15/2019^(b)		250,000		277,500

Israel — 3.1%
Israel Electric Corp., Ltd. 6.88%, 06/21/2023^(b)		200,000		229,000

Netherlands — 3.7%
Majapahit Holding BV 7.88%, 06/29/2037^(b)		150,000		180,750
Petrobras Global Finance BV 4.38%, 05/20/2023		100,000		95,330

				276,080

Russia — 4.5%
Gazprom OAO Via Gaz Capital SA 8.63%, 04/28/2034		150,000		176,400


	Par* Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Russia — (Continued)
Russian Agricultural Bank OJSC Via RSHB Capital SA 7.75%, 05/29/2018	$	150,000	$	156,151

				332,551

Turkey — 2.8%
Export Credit Bank of Turkey 5.88%, 04/24/2019^(b)		200,000		212,660

Ukraine — 4.5%
Commercial Bank Privatbank JSC Via Standard Bank 5.80%, 02/09/2016^(c)		100,000		64,020
EXIM of Ukraine CJSC/The Via Credit Suisse First Boston International 5.79%, 02/09/2016^(c)		100,000		72,020
Ukreximbank Via Biz Finance PLC 8.75%, 01/22/2018		250,000		198,800

				334,840

Venezuela — 6.4%
Petroleos de Venezuela SA 6.00%, 11/15/2026^(b)		300,000		146,700
Petroleos de Venezuela SA 6.00%, 11/15/2026		200,000		97,800
Petroleos de Venezuela SA 5.38%, 04/12/2027		350,000		166,250

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


		Par* Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Venezuela — (Continued)
Petroleos de Venezuela SA 5.50%, 04/12/2037		$	150,000	$	69,750

					480,500

Virgin Islands — 2.6%
Sinopec Capital 2013 Ltd. 3.13%, 04/24/2023			200,000		190,900

TOTAL CORPORATE BONDS AND NOTES (Cost $2,924,246)					2,850,604

FOREIGN GOVERNMENT BONDS & NOTES — 47.3%
Brazil — 8.9%
Banco Nacional de Desenvolvimento Economico e Social 5.75%, 09/26/2023^(b)			250,000		268,362
Brazil Notas do Tesouro Nacional Serie F 10.00%, 01/01/2017	BRL		75,000		28,992
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2021			1,000,000		366,445

					663,799

Colombia — 3.2%
Colombia Government International Bond 10.38%, 01/28/2033			150,000		235,500

Croatia — 2.9%
Croatia Government International Bond 6.00%, 01/26/2024			200,000		216,250


		Par* Value		Value

FOREIGN GOVERNMENT BONDS & NOTES — (Continued)
Cyprus — 2.0%
Cyprus Government International Bond 4.63%, 02/03/2020^(b)	EUR		125,000	$	148,044

Egypt — 1.4%
Egypt Government International Bond 6.88%, 04/30/2040			100,000		101,750

Hungary — 3.0%
Hungary Government International Bond 7.63%, 03/29/2041			175,000		226,187

Mexico — 7.0%
Mexican Bonos 10.00%, 12/05/2024	MXN		1,200,000		116,489
Mexican Bonos 10.00%, 11/20/2036	MXN		2,000,000		203,677
Mexico Government International Bond 4.75%, 03/08/2044			200,000		203,100

					523,266

Morocco — 2.7%
Morocco Government International Bond 4.25%, 12/11/2022^(b)			200,000		202,760

Pakistan — 1.2%
Pakistan Government International Bond 7.88%, 03/31/2036			100,000		90,000

Panama — 3.0%
Panama Government International Bond 4.30%, 04/29/2053			250,000		225,000

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par* Value		Value

FOREIGN GOVERNMENT BONDS & NOTES — (Continued)
Philippines — 3.5%
Philippine Government International Bond 7.50%, 09/25/2024	$	200,000	$	261,000

Serbia — 0.2%
Republic of Serbia 6.75%, 11/01/2024^(d)		18,022		18,280

Sri Lanka — 2.8%
Sri Lanka Government International Bond 6.00%, 01/14/2019		200,000		212,000

Turkey — 2.5%
Turkey Government International Bond 7.38%, 02/05/2025		150,000		185,393

Venezuela — 3.0%
Venezuela Government International Bond 11.75%, 10/21/2026		300,000		219,900

TOTAL FOREIGN GOVERNMENT BONDS & NOTES (Cost $3,459,559)				3,529,129


	Value

TOTAL INVESTMENTS - 85.5% (Cost $6,383,805)	$	6,379,733
OTHER ASSETS IN EXCESS OF LIABILITIES -14.5%		1,078,866

NET ASSETS - 100.0%	$	7,458,599

*	Par amount denominated in USD unless otherwise noted.

^(a)	Investments with a total aggregate value of $4,000 or 0.05% of net assets were in default as of October 31, 2014.

^(b)

Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At October 31, 2014 these securities amounted to $1,886,079 or 25.3% of net assets. These securities have been determined by the Adviser to be a liquid security.

^(c)	Floating or variable rate security. Rate disclosed is as of October 31, 2014.

^(d)	Multi-Step Coupon. Rate disclosed is as of October 31, 2014.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)

Forward foreign currency contracts outstanding as of October 31, 2014 were as follows:


Currency Purchased		Currency Sold			Expiration		Counterparty	Unrealized Appreciation/ Depreciation
USD	293,966		BRL	694,600		01/05/15	BRC	$	18,860
USD	570,223		EUR	440,000		12/10/14	RBC		18,696
EUR	275,000		USD	356,144		12/10/14	ANZ		(11,440	)

Net unrealized appreciation on forward foreign currency contracts:								$	26,116


ANZ		Australia and New Zealand Banking Group
BRC		Barclays
BRL		Brazilian Real
EUR		Euro
MXN		Mexican Peso
PLC		Public Limited Company
RBC		RBC Capital Markets
USD		United States Dollar

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL FUNDS

Statements of Assets and Liabilities

October 31, 2014

(Unaudited)


	DuPont Capital Emerging Markets Fund				DuPont Capital Emerging Markets Debt Fund
Assets
Investments, at value (Cost $423,907,550 and $6,383,805, respectively)		$	405,868,713			$	6,379,733
Cash			7,481,462				940,821
Foreign Currency (Cost $635,762 and $96,990, respectively)			634,914				91,627
Forward Foreign Currency Contracts Appreciation			—				37,556
Receivable for investments sold			12,807,047				—
Receivable for capital shares sold			306,064				—
Dividends and interest receivable			632,794				103,480
Receivable from Investment Adviser			—				6,885
Prepaid expenses and other assets			33,757				1,564

Total assets			427,764,751				7,561,666

Liabilities
Payable for investments purchased			6,373,677				—
Payable for capital shares redeemed			5,940,742				—
Forward foreign currency contracts depreciation			—				11,440
Payable for foreign taxes			514,040				—
Payable to Investment Adviser			381,476				—
Payable for custodian fees			186,763				4,322
Payable for administration and accounting fees			77,759				21,773
Payable for printing fees			11,048				13,964
Payable for legal fees			4,727				17,782
Payable for transfer agent fees			9,025				9,903
Accrued expenses			20,303				23,883

Total liabilities			13,519,560				103,067

Net Assets		$	414,245,191			$	7,458,599


Net Assets Consisted of:
Capital stock, $0.01 par value		$	494,942			$	7,282
Paid-in capital			464,384,154				7,247,576
Accumulated net investment income			6,466,728				25,469
Accumulated net realized gain/(loss) from investments and foreign currency transactions			(39,039,467	)			163,460
Net unrealized appreciation/(depreciation) on investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currency			(18,061,166	)			14,812

Net Assets		$	414,245,191			$	7,458,599


Class I:
Net asset value, offering and redemption price per share ($414,245,191 / 49,494,218 shares) and ($7,458,599 / 728,159 shares)			$8.37				$10.24

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL FUNDS

Statements of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


	DuPont Capital Emerging Markets Fund				DuPont Capital Emerging Markets Debt Fund
Investment Income
Dividends		$	11,065,598			$	—
Interest			527				273,428
Less: foreign taxes withheld			(1,054,236	)			(1,044	)

Total investment income			10,011,889				272,384

Expenses
Advisory fees (Note 2)			2,564,491				22,881
Custodian fees (Note 2)			259,751				7,389
Administration and accounting fees			170,219				34,008
Transfer agent fees (Note 2)			60,961				14,263
Printing and shareholder reporting fees			48,424				2,365
Legal fees			23,371				2,205
Trustees’ and officers’ fees (Note 2)			18,370				7,501
Registration and filing fees			17,861				15,016
Audit fees			17,288				9,575
Other expenses			27,176				1,864

Total expenses			3,207,912				117,067

Less: waivers and reimbursements (Note 2)			—				(83,127	)

Net expenses after waivers and reimbursements			3,207,912				33,940

Net investment income			6,803,977				238,444

Net realized and unrealized gain/(loss) from investments
Net realized gain/(loss) from investments			(6,732,458	)			117,362
Net realized loss from foreign currency transactions			(319,971	)			(32,073	)
Net realized gain from forward foreign currency contracts*			—				30,626
Net change in unrealized depreciation on investments			(20,173,303	)			(163,142	)
Net change in unrealized depreciation on foreign currency translations			(27,996	)			(10,034	)
Net change in unrealized appreciation on forward foreign currency contracts*			—				48,869

Net realized and unrealized loss on investments			(27,253,728	)			(8,392	)

Net increase/(decrease) in net assets resulting from operations		$	(20,449,751	)		$	230,052

*	Primary risk is foreign currency contracts.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS FUND

Statements of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
Increase/(decrease) in net assets from operations:
Net investment income		$	6,803,977			$	5,588,068
Net realized loss from investments and foreign currency transactions			(7,052,429	)			(19,742,415	)
Net change in unrealized appreciation/(depreciation) from investments and foreign currency translations			(20,201,299	)			(769,408	)

Net decrease in net assets resulting from operations			(20,449,751	)			(14,923,755	)

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class I			—				(5,372,890	)

Net decrease in net assets from dividends and distributions to shareholders			—				(5,372,890	)

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)			(57,911,999	)			45,003,071


Total increase/(decrease) in net assets			(78,361,750	)			24,706,426

Net assets
Beginning of period			492,606,941				467,900,515

End of period		$	414,245,191			$	492,606,941

Accumulated net investment income/(loss), end of period		$	6,466,728			$	(337,249	)

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period September 27, 2013* to April 30, 2014
Increase in net assets from operations:
Net investment income		$	238,444			$	286,696
Net realized gain from investments and foreign currency transactions			115,915				49,244
Net change in unrealized appreciation/(depreciation) from investments, forward foreign currency contracts and foreign currency translations			(124,307	)			139,119

Net increase in net assets resulting from operations			230,052				475,059

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class I			(238,561	)			(286,696	)

Net decrease in net assets from dividends and distributions to shareholders			(238,561	)			(286,696	)

Increase in Net Assets Derived from Capital Share Transactions (Note 4)			63,560				7,215,185

Total increase in net assets			55,051				7,403,548

Net assets
Beginning of period			7,403,548				—

End of period		$	7,458,599			$	7,403,548

Accumulated net investment income, end of period		$	25,469			$	25,586

*	Commencement of operations.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS FUND

Financial Highlights

Contained below is per share operating performance data for each Class I Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


									Class I
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period December 6, 2010* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	8.79			$	9.23			$	9.26			$	10.39			$	10.00

Net investment income			0.13	⁽¹⁾			0.11	⁽¹⁾			0.11	⁽¹⁾			0.12	⁽¹⁾			0.01
Net realized and unrealized gain/(loss) on investments			(0.55	)			(0.44	)			(0.05	)			(1.19	)			0.38

Net increase/(decrease) in net assets resulting from operations			(0.42	)			(0.33	)			0.06				(1.07	)			0.39

Dividends and distributions to shareholders from:
Net investment income			—				(0.11	)			(0.09	)			(0.06	)			—

Net asset value, end of period		$	8.37			$	8.79			$	9.23			$	9.26			$	10.39

Total investment return⁽²⁾			(4.78	)%			(3.61	)%			0.59	%			(10.19	)%			3.90	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	414,245			$	492,607			$	467,901			$	270,324			$	96,162
Ratio of expenses to average net assets			1.31	%⁽³⁾			1.31	%			1.32	%			1.41	%			1.56	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements			1.31	%⁽³⁾			1.31	%			1.32	%			1.41	%			1.62	%⁽³⁾⁽⁴⁾
Ratio of net investment income to average net assets			2.79	%⁽³⁾			1.20	%			1.21	%			1.30	%			0.29	%⁽³⁾
Portfolio turnover rate			30.4	%⁽⁵⁾			69.9	%			118.5	%			148.6	%⁽⁶⁾			60.0	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

⁽⁶⁾	Portfolio turnover rate excludes securities received from processing two subscriptions- in- kind.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL EMERGING MARKETS DEBT FUND

Financial Highlights


	Class I
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period September 27, 2013* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	10.26			$	10.00


Net investment income⁽¹⁾			0.33				0.40
Net realized and unrealized gain/(loss) on investments			(0.02	)			0.26

Net increase in net assets resulting from operations			0.31				0.66

Dividends and distributions to shareholders from:
Net investment income			(0.33	)			(0.40	)

Net asset value, end of period		$	10.24			$	10.26

Total investment return⁽²⁾			2.98	%			6.72	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	7,459			$	7,404
Ratio of expenses to average net assets			0.89	%⁽³⁾			0.89	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			3.07	%⁽³⁾			4.42	%⁽³⁾
Ratio of net investment income to average net assets			6.25	%⁽³⁾			6.83	%⁽³⁾
Portfolio turnover rate			8.4	%⁽⁵⁾			21.6	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

DUPONT CAPITAL FUNDS

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The DuPont Capital Emerging Markets Fund and the DuPont Capital Emerging Markets Debt Fund (each a “Fund” and together the “Funds”) are diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The DuPont Capital Emerging Markets Fund commenced operations on December 6, 2010 and the DuPont Capital Emerging Markets Debt Fund commenced operations on September 27, 2013. The Funds are each a separate series of Fund Vantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Funds are each authorized to issue and offer Class I Shares.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by each Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Fund vantage Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service approved by the Board of Trustees. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, which approximates market value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Due to continued volatility in the current market, valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Any assets held by the Funds that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Funds determine the daily NAV per share. Foreign securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Funds. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Forward exchange contracts are valued at the forward rate. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith under the direction of the Board of Trustees.

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to the Adviser the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuations techniques used to measure fair value of each Fund’s investments are summarized into three levels as described in the hierarchy below:

•

Level 1 — quoted prices in active markets for identical securities;

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

•

Level 3 — significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

The fair value of each Fund’s bonds are generally based on quotes received from brokers of independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The following is a summary of the inputs used, as of October 31, 2014, in valuing each Fund’s investments carried at fair value:


	DuPont Capital Emerging Markets Fund
	Total Value at 10/31/14		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks
Brazil	$	20,661,879	$	20,661,879	$	—	$	—
Chile		3,271,466		3,271,466		—		—
China		77,778,349		—		77,778,349		—
Colombia		8,706,876		8,706,876		—		—
Czech Republic		16,845,987		—		16,845,987		—
Hungary		9,017,827		—		9,017,827		—
India		6,751,409		—		6,751,409		—
Indonesia		14,281,748		—		14,281,748		—
Malaysia		23,136,305		—		23,136,305		—
Mexico		22,528,169		22,528,169		—		—
Panama		4,818,156		4,818,156		—		—
Peru		3,624,892		3,624,892		—		—
Poland		16,747,429		—		16,747,429		—
Russia		18,467,284		18,467,284		—		—
South Africa		10,144,620		2,231,502		7,913,118		—
South Korea		75,527,387		4,783,214		70,744,173		—
Taiwan		29,819,984		6,053,364		23,766,620		—
Thailand		13,851,098		—		13,851,098		—
Turkey		1,985,041		—		1,985,041		—
Preferred Stocks		13,789,343		13,789,343		—		—
Exchange Traded Funds		14,113,464		14,113,464		—		—

Total Investments	$	405,868,713	$	123,049,609	$	282,819,104	$	—

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	DuPont Capital Emerging Markets Debt Fund
	Total Value at 10/31/14				Level 1 Quoted Price			Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes		$	2,850,604			$	—		$	2,850,604			$	—
Foreign Government Bonds & Notes			3,529,129				—			3,529,129				—
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts			37,556				—			37,556				—

Total Assets		$	6,417,289			$	—		$	6,417,289			$	—


	Total Value at 10/31/14				Level 1 Quoted Price			Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts		$	(11,440	)		$	—		$	(11,440	)		$	—

Total Liabilities		$	(11,440	)		$	—		$	(11,440	)		$	—

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires each Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when each Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when each Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six-months ended October 31, 2014, there were transfers from level 1 to level 2 of $4,656,275 due to foreign fair value adjustments in the DuPont Capital Emerging Markets Fund. The DuPont Capital Emerging Markets Debt Fund had no significant transfers between Levels 1, 2 and 3.

Each Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investment securities in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid at least annually to shareholders of the DuPont Capital Emerging Markets Fund and dividends from net investment income are declared daily and paid monthly to shareholders of the DuPont Capital Emerging Markets Debt Fund. Distributions from net realized capital gains, if any, will be declared and paid at least annually to shareholders and recorded on ex-date for both Funds. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Forward Foreign Currency Contracts — A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. A fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract. During the period, the Emerging Markets Debt Fund entered into Forward Contracts to help protect the Fund’s returns against adverse currency movements, to gain market exposure, and as part of the Fund’s investment strategy.

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

through a closing transaction or upon delivery of the currency or entering an offsetting contract. The fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract.

For the six months ended October 31, 2014, the Fund’s average volume of forward foreign currency contracts is as follows:

Forward Foreign

Currency

Contracts -Payable

(Value At Trade Date)

Forward Foreign
Currency
Contracts - Receivable
(Value At Trade Date)

$(348,092)

$348,092

Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

Emerging Markets Risk — The DuPont Capital Emerging Markets Fund and the DuPont Capital Emerging Markets Debt Fund invests in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

2. Transactions with Affiliates and Related Parties

DuPont Capital Management Corporation (“DuPont Capital” or the “Adviser”) serves as investment adviser to each Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 1.05% of the DuPont Capital Emerging Markets Fund’s average daily net assets; and 0.60% of the DuPont Capital Emerging Markets Debt Fund’s average daily net assets. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Funds’ total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 1.60% and 0.89% (on an annual basis) of the DuPont Capital Emerging Markets Fund and DuPont Capital Emerging Markets Debt Fund’s average daily net assets (the “Expense Limitation”), respectively. The Expense Limitations will remain in place until August 31, 2015, unless the Board of Trustees of the Trust 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 each Funds. No recoupment will occur unless each Funds expenses are below the Expense Limitation.

For the six-months ended October 31, 2014, investment advisory fees were $2,564,491 and $22,881 for the DuPont Capital Emerging Markets Fund and DuPont Capital Emerging Markets Debt Fund, respectively. For the six-months period ended October 31, 2014, the Adviser waived investment advisory fees of $22,881 and reimbursed fees of $60,246 for the DuPont Capital Emerging Markets Debt Fund.

As of October 31, 2014, the amounts of potential recoupment by the Adviser was as follows:


	Expiration 04/30/2017		Expiration 04/30/2018
DuPont Capital Emerging Markets Debt Fund	$	123,234	$	83,127

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Funds.

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Funds during the six-months ended October 31, 2014 was $18,436. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Funds or the Trust.

3. Investment in Securities

For the six-months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding U.S. Government and agency short-term investments and other short-term investments) of the Funds were as follows:


	Purchases		Sales
DuPont Capital Emerging Markets Fund	$	143,256,765	$	198,619,555
DuPont Capital Emerging Markets Debt Fund		579,452		1,469,997

4. Capital Share Transactions

For the six-months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	DuPont Capital Emerging Markets Fund
	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class I Shares
Sales		1,222,013		$	11,107,821			18,853,463		$	163,720,007
Reinvestments		—			—			549,676			4,908,609
Redemption Fees*		—			4,958			—			20,699
Redemptions		(7,738,449	)		(69,024,778	)		(14,074,592	)		(123,646,244	)

Net increase/(decrease)		(6,516,436	)	$	(57,911,999	)		5,328,547		$	45,003,071

*	There is a 2.00% redemption fee that may be charged on the shares redeemed which have been held for 60 days or less. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.


	DuPont Capital Emerging Markets Debt Fund*
	For the Six Months Ended October 31, 2014 (Unaudited)						For the Period Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class I Shares
Sales		—		$	—			711,805		$	7,118,047
Reinvestments		22,661			238,560			28,496			286,698
Redemptions		(16,219	)		(175,000	)		(18,584	)		(189,560	)

Net increase		6,442		$	63,560			721,717		$	7,215,185

*	The DuPont Capital Emerging Markets Debt Fund commenced operations on September 27, 2013.

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the year ended April 30, 2014, the tax character of distributions paid by the DuPont Capital Emerging Markets Fund and DuPont Capital Emerging Markets Debt Fund were $5,372,890 and $286,696 of ordinary income dividends, respectively. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


	Capital Loss Carryforward			Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation/ (Depreciation)			Qualified Late-Year Losses
DuPont Capital Emerging Markets Fund	$	(20,699,952	)	$	—	$	—	$	(4,306,638	)	$	(5,177,564	)
DuPont Capital Emerging Markets Debt Fund	$	—		$	72,809	$	—	$	139,441		$	—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

At October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation/(depreciation) of securities held by the Funds were as follows:


	Federal Tax Cost		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Depreciation
DuPont Capital Emerging Markets Fund	$	423,907,550	$	34,334,938	$	(52,373,775	)	$	(18,038,837	)
DuPont Capital Emerging Markets Debt Fund		6,383,805		322,206		(326,278	)		(4,072	)

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), each Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of April 30, 2014, the DuPont Capital Emerging Markets Fund had post-enactment capital loss carryforwards of $20,699,952, of which $11,404,447 are long-term losses and $9,295,505 are short-term

DUPONT CAPITAL FUNDS

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

losses and have an unlimited period of capital loss carryforward. As of April 30, 2014, the DuPont Capital Emerging Markets Debt Fund had no capital loss carryforwards.

6. Subsequent Events

DUPONT CAPITAL FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 447-0014 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

Approval of Advisory Agreement

At an in-person meeting held on June 11-12, 2014 (the “Meeting”), the Board of Trustees (“Board” or “Trustees”) of FundVantage Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (“1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the advisory agreement between DuPont Capital Management Corporation (the “Adviser” or “DuPont”) and the Trust on behalf of the DuPont Capital Emerging Markets Fund (“EM Fund”) (the “Agreement”). The Trustees noted that they had previously approved the Agreement with respect to the DuPont Capital Emerging Markets Debt Fund, another series of the Trust advised by DuPont, for an initial two year term commencing with the execution of the Agreement with respect to such fund on September 26, 2013. In determining whether to continue the Agreement with respect to the EM Fund, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) services performed for the EM Fund, (ii) the size and qualifications of their portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the EM Fund, (iv) investment performance, (v) the capitalization and financial condition of DuPont, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the EM Fund and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on DuPont’s ability to service the EM Fund, and (x) compliance with the EM Fund’s investment objectives, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. DuPont also provided its most recent Form ADV for the Trustees’ review and consideration. The Trustees

DUPONT CAPITAL FUNDS

Other Information

(Unaudited)

noted the reports and discussions with portfolio managers provided at Board meetings throughout the year covering matters such as the relative performance of the EM Fund; compliance with the investment objectives, policies, strategies and limitations for the EM Fund; the compliance of management personnel with the applicable code of ethics; and the adherence to fair value pricing procedures as established by the Board. The Trustees also received and reviewed a memorandum from legal counsel regarding the legal standard applicable to their review of the Agreement.

Representatives from DuPont attended the Meeting in person and discussed DuPont’s history, performance and investment strategy in connection with the proposed continuation of the Agreement and answered questions from the Board.

The Trustees considered the investment performance for the EM Fund and the Adviser. The Trustees reviewed relevant peer comparative rankings and historical performance charts which showed the performance for the Class I shares of the EM Fund for the year to date, one year, two year and since inception periods ended March 31, 2014, as compared to (i) the MSCI Emerging Markets Index (Net), the EM Fund’s benchmark index, and (ii) the Lipper Emerging Markets Fund category, the EM Fund’s applicable Lipper peer group. The Trustees noted that the EM Fund underperformed each of the MSCI Emerging Markets Index (Net) and the Lipper Emerging Markets Fund category for the one year, two year, three year and since inception periods ended March 31, 2014. The Adviser also provided the Trustees with performance for the EM Fund, net of fees, in comparison to its benchmark and the separate account composite, both gross and net of fees, of accounts managed by the Adviser in a substantially similar manner as the EM Fund for various periods ended April 30, 2014. They concluded that the performance of the EM Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the EM Fund and any other ancillary benefit resulting from DuPont’s relationship with the EM Fund. The Trustees considered the fees that DuPont charges to its separately managed accounts, and evaluated the explanations provided by DuPont as to differences in fees charged to the EM Fund and separately managed accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the EM Fund versus other similarly managed funds. The Trustees noted that the EM Fund’s gross advisory fee was higher than, and the EM Fund’s net total expense ratio was lower than, the gross advisory fee and net total expense ratio of the universe of funds in the Lipper Emerging Markets Fund category with $500 million or less in assets. The Trustees concluded that the advisory fees and services provided by DuPont are consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the EM Fund based on the information provided at the Meeting.

The Board then considered the level and depth of knowledge of DuPont, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided

DUPONT CAPITAL FUNDS

Other Information

(Unaudited) (Concluded)

by DuPont, the Board took into account its familiarity with DuPont’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account DuPont’s compliance policies and procedures and reports regarding DuPont’s compliance operations from the Trust’s Chief Compliance Officer. The Board also considered any potential conflicts of interest that may arise in a portfolio manager’s management of the EM Fund’s investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services provided to the EM Fund by DuPont and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Agreement, that the quality of the services appeared to be consistent with industry norms and that the EM Fund is likely to benefit from the continued receipt of those services. They also concluded that DuPont has sufficient personnel, with the appropriate education and experience, to serve the EM Fund effectively and had demonstrated their ability to attract and retain qualified personnel.

The Trustees then considered the costs of the services provided by DuPont, the compensation and benefits received by DuPont in providing services to the EM Fund, as well as DuPont’s profitability. The Trustees were provided with the financial statements of DuPont’s parent company for the year ended December 31, 2013. The Trustees noted that DuPont’s level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that DuPont’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the EM Fund specifically. The Trustees concluded that DuPont’s advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the current size and projected growth of the EM Fund.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the EM Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board noted that economies of scale may be achieved at higher asset levels for the EM Fund for the benefit of fund shareholders, but because such economies of scale did not yet exist and were not likely to exist in the near term, it was not appropriate to incorporate a mechanism for sharing the benefit of such economies with EM Fund shareholders in the advisory fee structure at this time.

In voting to approve the continuation of the Agreement, the Board considered all factors it deemed relevant and the information presented to the Board by DuPont. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board determined that the continuation of the Agreement would be in the best interests of the EM Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, unanimously approved the continuation of the Agreement with respect to the EM Fund for an additional one year period.

Investment Adviser

DuPont Capital Management Corporation

One Righter Parkway

Suite 3200

Wilmington, DE 19803

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

DUPONT CAPITAL

EMERGING MARKETS

FUND

DUPONT CAPITAL EMERGING MARKETS

DEBT FUND

FundVantage Trust

Class I Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the DuPont Capital Emerging Markets Fund and the DuPont Capital Emerging Markets Debt Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the DuPont Capital Emerging Markets Fund and the DuPont Capital Emerging Markets Debt Fund.

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EIC VALUE FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear Fellow Shareholder,

Equity returns were above average for the six months ended October 31, 2014, with the Russell 3000^® Value and S&P 500^® indices rising 5.97% and 8.22%, respectively. The current bull market, which began in March of 2009, is some 5¹⁄₂ years old, the fourth longest in history, and both the Russell 3000^® Value and S&P 500^® indices have gained over 200%. It’s now been over 3 years since the market has experienced a 10% correction.

While steadily rising stock prices create a sense of reduced risk, the reality is the opposite. Risk today is the highest since the onset of the financial crisis in 2007 due to higher prices, greater dependency on debt, higher corporate risk-taking, lower earnings quality, and the need to reduce support from the Federal Reserve. We are seeking to mitigate these risks by focusing on sustainable businesses, selling at justifiable prices, with higher quality earnings.

Perspective on the Market

Whether stock prices and earnings can remain strong, while economic growth continues to be relatively weak, is a key question for investors today. Economic weakness is reflected in declines in interest rates despite “tapering” by the Federal Reserve, new monetary efforts in Europe and Japan to encourage growth, broad commodity price declines, reductions in labor force participation rates, and low household incomes. Nonetheless, corporations have achieved strong earnings by restraining capital investments to increase margins, minimizing taxes, refinancing old debt at lower rates, and borrowing to make stock buy-backs and accretive cash acquisitions. As a result, the fortunes of Main Street and Wall Street have diverged widely in recent years.

Since smaller companies are typically more sensitive to economic ups and downs, while larger companies can be relative safe harbors, it is possible the divergence between Main Street and Wall Street is starting to be reflected in the difference between small-cap and large-cap returns seen this year (shown in the table below). On the other hand, since small-cap stocks have traded at a premium in recent years, the performance differential could reflect the beginning of a return to a more traditional pricing relationship.


	Selected Indices Total Returns for the Periods Ended October 31, 2014
	6 Months	YTD	12 Months
Russell Top 200^® Index	8.3%	10.8%	17.4%
Russell Midcap^® Index	7.0%	10.2%	15.3%
Russell 2000^® Index	4.8%	1.9%	8.1%
Russell Microcap^® Index	2.1%	-1.0%	7.3%
	Source: Morningstar^® Direct^SM

Federal Reserve authorities claim the rise in asset prices (stocks, bonds, and real estate) since the 2007-2009 financial crisis validates their policies. The resulting wealth and liquidity effects no doubt improved consumer and banking balance sheets, thus stabilizing the economic backdrop, at least temporarily. However, since the Fed’s tool kit cannot address more fundamental issues (such as the decline in real incomes), monetary policy has in many respects simply taken us back to where we started, and in the end may be deemed a failure. Ultimately, a policy that relies

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EIC VALUE FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

on increased borrowing to support increased spending, while real median incomes are declining, cannot provide a sustainable path to economic health and corporate profitability.

Investors now must navigate an environment where equity prices broadly reflect a benign long-term economic environment (low inflation, low interest rates, moderate growth, and high profits), even as the Federal Reserve reduces support and fundamental economic issues remain unaddressed. Moreover, stocks showing the greatest price momentum and over-valuation today are often associated with companies taking advantage of low interest rates to finance stock buybacks, higher dividends, and accretive acquisitions. Thus, just as the quality of fixed income investments has fallen because of weakened bond covenants, the quality of equity investments is often lower than advertised, as companies exploit low rates to boost earnings. In summary, today’s market is complacent about the possibility of a less-hospitable environment, is rewarding firms increasing earnings through leverage, and is ignoring erosion in earnings quality.

We don’t know how the monetary, fundamental, and equity environments will unfold. However, it currently is difficult to find investments selling at attractive prices versus economic value, and cash in the Fund has risen to 14.7% as of October 31, 2014. Of course, cash creates a drag on performance in rising markets. However, we do not believe our investment task is to stay invested to track volatile indices but, rather, to use price, earnings quality, and a full-cycle time horizon to reduce portfolio risk. Our experience has been that by being concerned about risk during up-cycles, we have lost less in down-cycles, and made more money long-term for clients.

Fund Performance

The Fund’s Institutional Class shares gained 4.55% net of expenses for the six months ended October 31, 2014. The Russell 3000^® Value Index, the Fund’s primary benchmark, rose 5.97%, while the S&P 500^® increased 8.22%.

Size mattered: the bigger, the better. The Russell Top 200^® Index (large-cap stocks) gained 8.3%, the Russell Midcap^® Index rose 7.0%, and the Russell 2000^® Index (small-caps) climbed 4.8%. Likewise, there was a significant margin between growth and value – the Russell 3000^® Growth and Value Indices increased 9.3% and 6.0%, respectively.

At the start of 2014, many investors were betting on higher interest rates. Instead, rates have actually declined, and bonds and bond-like equities (e.g., REITs and utilities) have performed unexpectedly well. For instance, the S&P US REIT Index rose 10.2% and 25.3%, respectively, for the six- and ten-month periods ended October 31, 2014. Overall, our utility and REIT positions contributed to the Fund’s performance.

Nine of the ten sectors in the Russell 3000^® Value Index posted positive returns for the six months ended October 31, 2014. Two sectors enjoyed double digit gains: information technology was the top performer, up 14.3%, followed by health care, up 11.4%. Over the course of the six months, our allocation to technology was about the same as that of our benchmark, but we were overweight health care. Energy was the poorest performing sector, dropping 7.0%. Materials and telecommunication services were also relatively weak, gaining 0.3% and 2.0%, respectively. We were underweight energy, had a market-like allocation to materials, and had no exposure to telecom. On balance, our sector allocations were a positive contributor to Fund performance.

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EIC VALUE FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

We don’t target sector weightings, either in an absolute sense or relative to market indices; they are instead principally a residual of stock selection. Nevertheless, it is at times instructive to see how sector allocations affected performance.

Our shortfall versus the Russell 3000^® Value Index was primarily attributable to our stock selection. For example, we continue to hold small positions in two gold mining stocks, Barrick Gold and Newmont Mining. The Fund’s losses from these stocks have been significant, as have the opportunity costs. Clearly, the collapse of gold prices, interest rates, oil prices, and other commodities, despite accommodative actions by central banks worldwide, caught many investors by surprise, and reduced margins for a broad range of commodity and interest-rate sensitive businesses.

In hindsight, we did not incorporate a sufficient margin of safety in our valuations of Barrick and Newmont, as earnings and cash flows have been impaired due to the fall in gold prices. The key question going forward: what are reasonable earnings-power assumptions for these businesses? This will depend on the degree of margin recovery achieved as Barrick and Newmont take steps to reduce production costs in response to gold’s price decline.

Though our stock selection in the financial sector has been a source of strength historically, that was not the case for the six months ended October 31st. Our holdings rose a combined 5.9%, versus 9.0% for the index’s financials. In particular, strong gains from Travelers, up 12.6%, and Chubb, up 9.1%, were not enough to offset a 6.7% loss from Mack-Cali and a 0.2% advance from Torchmark.

Lastly, we’re working hard to find new investment ideas, but the Fund’s cash position has been in the low double digits for much of the year. Though cash is swept into a money market fund daily, it nevertheless was a drag on performance as money market yields remain historically low.

On a positive note, our stock selection in the consumer staples sector helped performance, as our holdings gained a combined 14.1% versus 6.1% for the index’s staples. Dr Pepper Snapple Group, up 26.7%, and Molson Coors, up 25.4%, fared particularly well. Other holdings of note included CVS Health, up 18.8%, Microsoft, up 17.7%, Medtronic, up 17.0%, and Express Scripts, up 15.4%.

Fund performance (Institutional Class shares) since commencing operations in May 2011 is shown on the following page, with negative quarters highlighted in red:

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EIC VALUE FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)


Quarter Ended	EIC Value Fund (Institutional Class Shares)	Russell 3000 Value^® Index	S&P 500^® Index
07/31/2011	-2.40%	-6.39%	-4.76%
10/31/2011	1.13%	-3.70%	-2.47%
01/31/2012	4.07%	5.54%	5.32%
04/30/2012	4.40%	5.75%	7.08%
07/31/2012	-0.28%	-0.35%	-0.78%
10/31/2012	3.01%	4.94%	2.96%
01/31/2013	4.01%	8.81%	6.75%
04/30/2013	5.76%	6.91%	7.18%
07/31/2013	4.94%	7.31%	6.10%
10/31/2013	2.23%	3.05%	4.75%
01/31/2014	0.19%	1.66%	2.00%
04/30/2014	7.62%	7.45%	6.23%
07/31/2014	1.27%	2.05%	3.02%
10/31/2014	3.24%	3.84%	5.05%
	11.52%	13.64%	14.25%

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (855) 430-6487.

The Fund declined less than the indices in each of the three down quarters (and was positive in one), which is consistent with our historical return pattern. Though the Fund has been in operation only since May of 2011, we’ve been managing client assets using the same investment approach since 1986. The Fund’s three-year experience closely parallels our 29-year pattern of less-volatile returns¹. Historically, our accounts have declined less in down markets, recovered losses relatively quickly, and then lagged late-cycle (when low-quality or momentum stocks led). Thus, over full market cycles our approach has paired lower volatility with above-market results.

Portfolio Activity & Tax Management

During the six-month period, we sold Southern Company, Northrop Grumman and Charles Schwab & Co. All three performed well and reached price levels that we believe reflect full value given current earnings and likely growth. We also sold Becton Dickinson when it announced its acquisition of CareFusion. We viewed the acquisition as a negative, while the market viewed it much more positively, pushing Becton Dickinson’s share price higher. Consequently, we chose to sell our position as the stock approached our target price. Finally, we trimmed our positions in Molson Coors and Dr Pepper Snapple Group, two of our top-performing investments.

We added to existing positions in Express Scripts, Travelers, and Wal-Mart. We also bought two new names. In May, we re-established a position in eBay, which we had sold in early 2013. Revenues and earnings grew in the mid-teens since our sale, but the stock had declined, partially due to eBay’s decision to incur a tax payment by repatriating cash held overseas. Additionally, we made some changes to our energy exposure by selling Devon Energy, trimming Exelon (which had experienced a strong price increase), and buying Southwestern Energy. As energy prices sold off in September and October, stock prices of energy companies fell broadly. We viewed the

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EIC VALUE FUND

Semi-Annual Investment Adviser’s Report (Concluded)

October 31, 2014

(Unaudited)

declines as somewhat indiscriminate and therefore creating opportunity. For example, Devon has substantial, and rising, exposure to oil; thus, its price decline struck us as rational given the commodity’s decline. On the other hand, Southwestern Energy is focused almost entirely on natural gas, which had fallen roughly half as much as oil during the September-October sell-off. Yet Southwestern’s stock sold off about as much as Devon’s and was markedly cheaper, in our opinion, relative to its earnings power. Accordingly, we sold our relatively small position in Devon and purchased a modestly larger position in Southwestern.

After-tax returns matter most for taxable investors. Thus, we seek to minimize realized gains, especially the short-term variety, through long holding periods and proactive tax-loss harvesting. We typically harvest short-term losses throughout the year. This captures the loss so it can be used to offset any short-term gains. It also means we are taking advantage of price weakness to buy companies in which we want to be long-term owners. We believe this has improved both before-tax and after-tax returns for shareholders and is a better approach to tax management than selling into weakness during December’s normal tax-loss selling season. Through the fiscal year ended October 31, 2014, we estimate that 100% of the Fund’s realized gains have been long-term, and thus will be taxed at lower capital gains rates rather than ordinary income rates.

¹See pages 8-13 of the Fund’s prospectus dated September 1, 2014 for detailed historical performance information about EIC’s accounts.

This letter is intended to assist shareholders in understanding how the Fund performed during the year ended October 31, 2014 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund or the markets.

The above commentary is for informational purposes only and does not represent an offer, recommendation or solicitation to buy, hold or sell any security. The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risk.

EIC VALUE FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†			1 Year			3 Years			Since Inception*
Class A Shares (without sales charge)		4.34	%		12.45	%		13.79	%		11.42%
Class A Shares (with sales charge)		-1.41	%		6.28	%		11.68	%		9.62%
Russell 3000^® Value Index		5.97	%		15.76	%		20.23	%		14.35%**
S&P 500^® Index		8.22	%		17.27	%		19.77	%		14.93%**

Class C Shares (without CDSC charge)		4.00	%		11.66	%		12.95	%		11.65%
Class C Shares (with CDSC charge)		3.00	%		10.66	%		12.95	%		11.65%
Russell 3000^® Value Index		5.97	%		15.76	%		20.23	%		16.56%**
S&P 500^® Index		8.22	%		17.27	%		19.77	%		16.64%**

Institutional Class Shares		4.55	%		12.73	%		14.08	%		11.52%
Return after Taxes on Distributions		4.55	%		11.73	%		13.55	%		11.07%
Return after Taxes on Distributions and Sales of Shares		2.58	%		7.53	%		10.84	%		8.87%
Russell 3000^® Value Index		5.97	%		15.76	%		20.23	%		13.64%**
S&P 500^® Index		8.22	%		17.27	%		19.77	%		14.25%**

†	Not Annualized.

*	Class A Shares, Class C Shares and Institutional Class Shares of the EIC Value Fund (the “Fund”) commenced operations on May 19, 2011, July 18, 2011 and May 1, 2011, respectively.

**	Benchmark performance is from inception date of the class only and is not the inception date of the benchmark itself.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. 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 Institutional Shares only; after-tax returns for Class A and Class C shares and will vary. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (855) 430-6487.

EIC VALUE FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

The returns shown for Class A Shares reflect a deduction for the maximum front-end sales charge of 5.50%. The returns shown for Class C Shares reflect a 1.00% contingent deferred sales charge (“CDSC”). All of the Fund’s share classes apply a 2.00% redemption fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 1.28% and 1.29% for Class A Shares, 2.03% and 2.04% for Class C Shares and 1.03% and 1.04% for Institutional Class Shares, respectively, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Equity Investment Corporation (the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund to the extent that the Fund’s “Total Annual Fund Operating Expenses,” excluding taxes, any class-specific expenses (such as Rule 12b-1 distribution fees or shareholder service fees), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.00% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2015, unless the Board of Trustees of Fundvantage Trust approves its earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

All mutual fund investing involves risk, including possible loss of principal. The Fund is new, with limited operating history. Value investing involves the risk that the Fund’s investing in companies believed to be undervalued will not appreciate as anticipated.

The Fund intends to evaluate performance as compared to that of the S&P 500^® Index and the Russell 3000^® Value Index. The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Russell 3000^® Value Index is an unmanaged index that measures the performance of the 3,000 largest U.S. stocks, representing about 98% of the total capitalization of the entire U.S. stock market. It is impossible to invest directly in an index.

EIC VALUE FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs including sales charges (loads) on purchase payments (if any) or redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

The first line of each accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of each accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any) or redemption fees. Therefore, the second line of each accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

EIC VALUE FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	EIC Value Fund
	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*
Class A Shares
Actual		$1,000.00		$1,043.40		$ 6.44
Hypothetical (5% return before expenses)		1,000.00		1,018.90		6.36
Class C Shares
Actual		$1,000.00		$1,040.00		$10.28
Hypothetical (5% return before expenses)		1,000.00		1,015.12		10.16
Institutional Class Shares
Actual		$1,000.00		$1,045.50		$ 5.16
Hypothetical (5% return before expenses)		1,000.00		1,020.16		5.09

Expenses are equal to the Fund’s annualized expense ratio for the six month period ended October 31, 2014 of 1.25%, 2.00%, and 1.00% for Class A, Class C, and Institutional Class Shares, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in each table are based on the actual six month total returns for the Fund of 4.34%, 4.00%, and 4.55% for Class A, Class C, and Institutional Class Shares, respectively.

EIC VALUE FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Consumer, Non-cyclical		26.1	%		$	79,362,344
Financial		23.0				69,904,326
Consumer, Cyclical		12.5				37,890,527
Energy		10.3				31,190,127
Technology		5.2				15,820,131
Communications		4.1				12,357,208
Utilities		3.4				10,200,929
Basic Materials		2.3				7,057,395
REITs-Office Property		0.9				2,645,893
Short-Term Investment		14.7				44,676,999
Liabilities in Excess of Other Assets		(2.5	)			(7,609,675	)


NET ASSETS		100.0	%		$	303,496,204

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 87.8%
Basic Materials — 2.3%
Barrick Gold Corp.		252,855	$	3,001,389
Newmont Mining Corp.		216,205		4,056,006

				7,057,395

Communications — 4.1%
Cisco Systems, Inc.		195,905		4,793,795
eBay, Inc.*		144,065		7,563,413

				12,357,208

Consumer, Cyclical — 12.5%
Bed Bath & Beyond, Inc.*		116,315		7,832,652
CVS Health Corp.		52,860		4,535,917
Target Corp.		195,365		12,077,464
Wal-Mart Stores, Inc.		176,275		13,444,494

				37,890,527

Consumer, Non-cyclical — 26.1%
Baxter International, Inc.		101,450		7,115,703
Dr. Pepper Snapple Group, Inc.		150,140		10,397,195
Express Scripts Holding Co.*		129,060		9,914,389
GlaxoSmithKline PLC, SP ADR		124,510		5,663,960
Johnson & Johnson		42,285		4,557,477
Medtronic, Inc.		160,625		10,948,200
Molson Coors Brewing Co., Class B		125,705		9,349,938
PepsiCo, Inc.		125,055		12,026,539
Procter & Gamble Co. (The)		107,585		9,388,943

				79,362,344

Energy — 10.3%
Chevron Corp.		62,445		7,490,278
ConocoPhillips		105,055		7,579,718
Exxon Mobil Corp.		107,185		10,365,861


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Southwestern Energy Co.*		177,000	$	5,754,270

				31,190,127

Financial — 23.0%
American Express Co.		69,785		6,277,161
Annaly Capital Management, Inc. REIT		377,185		4,303,681
Chubb Corp. (The)		76,325		7,583,652
PNC Financial Services Group, Inc. (The)		105,345		9,100,755
SunTrust Banks, Inc.		117,750		4,608,735
T. Rowe Price Group, Inc.		94,000		7,716,460
Torchmark Corp.		85,155		4,509,809
Travelers Cos., Inc. (The)		74,460		7,505,568
US Bancorp		217,550		9,267,630
Wells Fargo & Co.		170,105		9,030,875

				69,904,326

REITs-Office Property — 0.9%
Mack-Cali Realty Corp. REIT		141,265		2,645,893

Technology — 5.2%
Microsoft Corp.		198,965		9,341,407
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		294,220		6,478,724

				15,820,131

Utilities — 3.4%
Exelon Corp.		269,475		9,860,090
Southern Co. (The)		7,352		340,839

				10,200,929

TOTAL COMMON STOCKS (Cost $222,934,936)				266,428,880

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
SHORT-TERM INVESTMENT — 14.7%
Money Market Fund — 14.7%
Dreyfus Institutional Reserves Treasury Prime Fund 0.00%^(a)		44,676,999	$	44,676,999

TOTAL SHORT-TERM INVESTMENT (Cost $44,676,999)				44,676,999

TOTAL INVESTMENTS - 102.5% (Cost $267,611,935)				311,105,879
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.5)%				(7,609,675	)

NET ASSETS - 100.0%			$	303,496,204

*	Non-income producing.

^(a)	Rate periodically changes. Rate disclosed is the daily yield on October 31, 2014.


REIT		Real Estate Investment Trust
SP ADR		Sponsored Depositary Receipt

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $267,611,935)	$	311,105,879
Receivable for capital shares sold		1,005,028
Dividends and interest receivable		227,031
Prepaid expenses and other assets		72,904

Total assets		312,410,842

Liabilities
Payable for investments purchased		8,093,483
Payable for capital shares redeemed		439,578
Payable to Adviser		201,604
Payable for distribution fees		50,927
Payable for administration and accounting fees		49,341
Payable for transfer agent fees		31,893
Payable for shareholder servicing fees		11,470
Payable for custodian fees		8,293
Accrued expenses		28,049

Total liabilities		8,914,638

Net Assets	$	303,496,204


Net Assets Consisted of:
Capital stock, $0.01 par value	$	217,466
Paid-in capital		247,793,636
Accumulated net investment income		1,872,328
Accumulated net realized gain from investments		10,118,830
Net unrealized appreciation on investments		43,493,944

Net Assets	$	303,496,204


Class A:


Net asset value, offering and redemption price per share ($80,594,213 / 5,776,098 shares)				$13.95

Maximum offering price per share (100/94.5 of $13.95)				$14.76


Class C:
Net asset value, offering and redemption price per share ($56,204,992 / 4,080,810 shares)				$13.77


Institutional Class:
Net asset value, offering and redemption price per share ($166,696,999 / 11,889,726 shares)				$14.02

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	3,069,165
Less: foreign taxes withheld		(29,951	)

Total investment income		3,039,214


Expenses
Advisory fees (Note 2)		1,064,837
Distribution fees (Class C) (Note 2)		196,943
Distribution fees (Class A) (Note 2)		137,146
Administration and accounting fees (Note 2)		93,471
Shareholder servicing fees (Class C) (Note 2)		65,648
Transfer agent fees (Note 2)		62,569
Legal fees		21,016
Trustees’ and officers’ fees (Note 2)		18,865
Custodian fees (Note 2)		16,174
Printing and shareholder reporting fees		14,373
Registration and filing fees		13,391
Audit fees		13,096
Other expenses		13,520

Total expenses before recoupment		1,731,049

Plus: Net expenses recouped (Note 2)		87,480

Net expenses after recoupment		1,818,529

Net investment income		1,220,685

Net realized and unrealized gain from investments:
Net realized gain from investments		7,432,645
Net change in unrealized appreciation on investments		3,335,616

Net realized and unrealized gain on investments		10,768,261

Net increase in net assets resulting from operations	$	11,988,946

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Statements of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)			For the Year Ended April 30, 2014
Increase in net assets from operations:
Net investment income		$	1,220,685		$	1,861,893
Net realized gain from investments			7,432,645			5,871,462
Net change in unrealized appreciation from investments			3,335,616			22,390,799

Net increase in net assets resulting from operations			11,988,946			30,124,154

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class A			—			(868,727	)
Class C			—			(154,572	)
Institutional Class			—			(661,434	)

Total net investment income			—			(1,684,733	)

Net realized capital gains:
Class A			—			(2,072,373	)
Class C			—			(798,124	)
Institutional Class			—			(1,323,450	)

Total net realized capital gains			—			(4,193,947	)

Net decrease in net assets from dividends and distributions to shareholders			—			(5,878,680	)


Increase in Net Assets Derived from Capital Share Transactions (Note 4)			36,825,557			62,008,693

Total increase in net assets			48,814,503			86,254,167


Net assets
Beginning of period			254,681,701			168,427,534

End of period		$	303,496,204		$	254,681,701

Accumulated net investment income, end of period		$	1,872,328		$	651,643

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Financial Highlights

Contained below is per share operating performance data for Class A Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Class A
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Period May 19, 2011* to April 30, 2012
Per Share Operating Performance
Net asset value, beginning of period		$	13.37			$	11.91			$	10.65			$	10.00

Net investment income⁽¹⁾			0.06				0.12				0.12				0.08
Net realized and unrealized gain on investments			0.52				1.70				1.22				0.61

Net increase in net assets resulting from operations			0.58				1.82				1.34				0.69

Dividends and distributions to shareholders from:
Net investment income			—				(0.11	)			(0.08	)			(0.04	)
Net realized capital gains			—				(0.25	)			—	⁽²⁾			—

Total dividends and distributions to shareholders			—				(0.36	)			(0.08	)			(0.04	)

Net asset value, end of period		$	13.95			$	13.37			$	11.91			$	10.65

Total investment return⁽³⁾			4.34	%			15.46	%			12.73	%			6.97	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	80,594			$	130,805			$	83,932			$	33,969
Ratio of expenses to average net assets			1.25	%⁽⁴⁾			1.25	%			1.25	%			1.25	%⁽⁴⁾
Ratio of expenses to average net assets without waivers, expense reimbursements and recoupments, if any⁽⁵⁾			1.19	%⁽⁴⁾			1.24	%			1.35	%			2.07	%⁽⁴⁾
Ratio of net investment income to average net assets			0.90	%⁽⁴⁾			0.95	%			1.12	%			0.81	%⁽⁴⁾
Portfolio turnover rate			11.34	%⁽⁶⁾			19.08	%			12.06	%			12.68	%⁽⁷⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total return for periods less than one year are not annualized. Total investment return does not reflect the impact of the maximum front-end sales load of 5.50%. If reflected, the return would be lower.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived, reimbursed and/or recouped. If such fee waivers, reimbursements and/or recoupments had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

⁽⁷⁾	Reflects portfolio turnover for the Fund for the year ended April 30, 2012.

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Financial Highlights

Contained below is per share operating performance data for Class C Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Class C
	For the Six Months Ended October 31, 2014 (Unrealized)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Period July 18, 2011* to April 30, 2012
Per Share Operating Performance
Net asset value, beginning of period		$	13.24			$	11.84			$	10.61			$	9.88

Net investment income/(loss)⁽¹⁾			0.01				0.03				0.04				(0.01	)
Net realized and unrealized gain on investments			0.52				1.67				1.22				0.77

Net increase in net assets resulting from operations			0.53				1.70				1.26				0.76

Dividends and distributions to shareholders from:
Net investment income			—				(0.05	)			(0.03	)			(0.03	)
Net realized capital gains			—				(0.25	)			—	⁽²⁾			—

Total dividends and distributions to shareholders			—				(0.30	)			(0.03	)			(0.03	)

Net asset value, end of period		$	13.77			$	13.24			$	11.84			$	10.61

Total investment return⁽³⁾			4.00	%			14.52	%			11.93	%			7.75	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	56,205			$	48,016			$	31,129			$	13,756
Ratio of expenses to average net assets			2.00	%⁽⁴⁾			2.00	%			2.00	%			2.00	%⁽⁴⁾
Ratio of expenses to average net assets without waivers, expense reimbursements and recoupments, if any⁽⁵⁾			1.94	%⁽⁴⁾			1.99	%			2.10	%			2.69	%⁽⁴⁾
Ratio of net investment income/(loss) to average net assets			0.14	%⁽⁴⁾			0.21	%			0.38	%			(0.01	)%⁽⁴⁾
Portfolio turnover rate			11.34	%⁽⁶⁾			19.08	%			12.06	%			12.68	%⁽⁷⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. Total return does not reflect any applicable sales charge.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived, reimbursed and/or recouped. If such fee waivers, reimbursements and/or recoupments had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

⁽⁷⁾	Reflects portfolio turnover for the Fund for the year ended April 30, 2012.

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Financial Highlights


	Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012*
Per Share Operating Performance
Net asset value, beginning of period		$	13.41			$	11.94			$	10.67			$	10.00

Net investment income⁽¹⁾			0.08				0.15				0.15				0.11
Net realized and unrealized gain on investments			0.53				1.70				1.22				0.61

Net increase in net assets resulting from operations			0.61				1.85				1.37				0.72

Dividends and distributions to shareholders from:
Net investment income			—				(0.13	)			(0.10	)			(0.05	)
Net realized capital gains			—				(0.25	)			—	⁽²⁾			—

Total dividends and distributions to shareholders			—				(0.38	)			(0.10	)			(0.05	)

Net asset value, end of period		$	14.02			$	13.41			$	11.94			$	10.67

Total investment return⁽³⁾			4.55	%			15.68	%			12.99	%			7.24	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	166,697			$	75,860			$	53,367			$	18,754
Ratio of expenses to average net assets			1.00	%⁽⁴⁾			1.00	%			1.00	%			1.00	%
Ratio of expenses to average net assets without waivers, expense reimbursements and recoupments, if any⁽⁵⁾			0.94	%⁽⁴⁾			0.99	%			1.10	%			2.40	%
Ratio of net investment income to average net assets			1.13	%⁽⁴⁾			1.21	%			1.37	%			1.13	%
Portfolio turnover rate			11.34	%⁽⁶⁾			19.08	%			12.06	%			12.68	%

*	The Institutional Class commenced operations on May 1, 2011.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived, reimbursed and/or recouped. If such fee waivers, reimbursements and/or recoupments had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

EIC VALUE FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The EIC Value Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced operations on May 1, 2011. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A, Class C, Institutional Class and Retail Class Shares. Class A Shares are sold subject to a front-end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”) may be applicable to the redemption of Class A Shares. A CDSC, as a percentage of the lower of the original purchase price or net asset value at redemption, of up to 1.00% may be imposed on full or partial redemptions of Class A Shares made within eighteen months (effective September 1, 2012) of purchase where $1 million or more of Class A Shares were purchased without an initial sales charge and (ii) the Fund’s principal underwriter, Foreside Funds Distributors LLC (the “Underwriter”), paid a commission to the selling broker-dealer for such sale. A CDSC of up to 1.00% is assessed on redemptions of Class C Shares made within eighteen months (effective January 1, 2012) after a purchase. As of October 31, 2014, the Retail Class Shares had not been issued.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

EIC VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

•

Level 1 — quoted prices in active markets for identical securities;

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

•

Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	266,428,880	$	266,428,880	$	—	$	—
Short-Term Investment		44,676,999		44,676,999		—		—

Total Investments	$	311,105,879	$	311,105,879	$	—	$	—

*	Please refer to Portfolio of Investments for further details on portfolio holdings.

EIC VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

EIC VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Equity Investment Corporation (“EIC” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.75% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund to the extent that the Fund’s “Total Annual Fund Operating Expenses,” excluding taxes, any class-specific fees and expenses (such as Rule 12b-1 distribution fees or shareholder service fees), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.00% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2015, unless the Board of Trustees approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. As of October 31, 2014, the amount of potential recovery was as follows:


Expiration

April 30, 2015		April 30, 2016
$114,599		$115,931

As of October 31, 2014, investment advisory fees payable to the Adviser were $201,604. For the period ended October 31, 2014, the Adviser recouped fees of $87,480 waived in prior periods.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets, subject to certain minimum monthly fees.

EIC VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Class C Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Class C Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% and 1.00% (0.75% distribution fee and 0.25% shareholder service fee) on an annualized basis of the average daily net assets of the Fund’s Class A and Class C Shares, respectively.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $9,796. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the period ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	64,418,985	$	27,900,323

EIC VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class A Shares
Sales		1,567,434		$	21,306,853			4,602,351		$	58,121,568
Reinvestments		—			—			223,981			2,817,677
Redemption Fees*		—			209			—			3,553
Redemptions		(5,577,641	)		(77,101,368	)		(2,086,233	)		(26,366,382	)

Net increase/(decrease)		(4,010,207	)	$	(55,794,306	)		2,740,099		$	34,576,416

Class C Shares
Sales		617,592		$	8,339,451			1,228,316		$	15,389,748
Reinvestments		—			—			72,196			902,372
Redemption Fees*		—			88			—			1,291
Redemptions		(162,781	)		(2,208,419	)		(303,895	)		(3,828,767	)

Net increase		454,811		$	6,131,120			996,617		$	12,464,644

Institutional Class Shares
Sales		7,031,420		$	97,446,781			2,994,753		$	37,742,003
Reinvestments		—			—			126,373			1,594,828
Redemption Fees*		—			177			—			2,214
Redemptions		(797,022	)		(10,958,215	)		(1,935,043	)		(24,371,412	)

Net increase		6,234,398		$	86,488,743			1,186,083		$	14,967,633

Total Net Increase		2,679,002		$	36,825,557			4,922,799		$	62,008,693

*	There is a 2.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

5. Federal Tax Information

EIC VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $1,739,645 of ordinary income dividends and $4,139,035 of long-term capital gains dividends. For the year ended April 30, 2013, the tax character of distributions paid by the Fund was $921,606 of ordinary income dividends and $44 of long-term capital gains dividends. Distributions from net investment income and short term gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

Capital Loss

Carryforward

Undistributed

Ordinary Income

Undistributed

Long-Term Gain

Unrealized

Appreciation

$ —

$651,643

$2,686,185

$40,158,328

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	267,611,935

Gross unrealized appreciation	$	50,073,120
Gross unrealized depreciation		(6,579,176	)

Net unrealized appreciation	$	43,493,944

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

EIC VALUE FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

EIC VALUE FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (855) 430-6487 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

Investment Adviser

Equity Investment Corporation

3007 Piedmont Road, NE

Suite 200

Atlanta, GA 30305

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

FundVantage Trust

Class A Shares

Class C Shares

Institutional Class Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the EIC Value Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the EIC Value Fund.

EICVF-SAR-1214

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns For the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Years	Since Inception*
Class I Shares	1.16%	3.44%	5.01%	3.78%
Barclays Intermediate Government/Credit Bond Index	1.39%	2.28%	2.15%	2.86%**
Barclays U.S. Aggregate Bond Index	2.36%	4.14%	2.73%	3.59%**

†	Not Annualized.

*	The Estabrook Investment Grade Fixed Income Fund (the “Fund”) commenced operations on July 23, 2010.

**	Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 447-7443. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s total annual Fund gross and net operating expense ratios are 1.41% and 0.70%, respectively, for Class I Shares of the Fund’s average daily net assets. These ratios are stated in the current prospectus dated September 1, 2014, and may differ from the actual expenses incurred by the Fund for the period covered by this report. Estabrook Capital Management LLC (the “Adviser”) has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) for Class I Shares to 0.70%. This agreement will terminate on August 31, 2015, unless the Board of Trustees of FundVantage Trust approves an earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

A 1% redemption fee applies to shares redeemed within 90 days of purchase. This redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the Barclays Intermediate Government/Credit Bond Index (“Barclays Int. Gov./Cr. Index”). The Fund uses the Barclays U.S. Aggregate Bond Index (“Barclays U.S. Aggregate Bond Index”) as a secondary index. The Barclays Int. Gov./Cr. Index is an unmanaged market index that tracks performance of intermediate term U.S. government and corporate bonds. The Barclays U.S. Aggregate Bond Index is an intermediate term, broad-based index comprised of most U.S traded investment grade bonds. Barclays U.S. Aggregate Bond Index covers the USD-denominated, investment-grade (rated Baa3 or above by Moody’s), fixed-rate, and taxable areas of the bond market. This is the broadest measure of the taxable U.S. bond market, including most Treasury, agency, corporate, mortgage-backed, asset-backed, and international dollar-denominated issues, all with maturities of 1 year or more. It is impossible to invest directly in an index. The Fund is subject to the

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

same risks as the underlying bonds in the portfolio such as credit, call and interest rate risk. As interest rates rise the value of bond prices will decline. The Fund may invest in high yield debt (also known as junk bonds) which may cause greater volatility and less liquidity. You may lose money by investing in the Fund.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

This example is based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Estabrook Investment Grade Fixed Income Fund – Class I
	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*
Actual		$1,000.00		$1,011.60		$3.55
Hypothetical (5% return before expenses)		1,000.00		1,021.68		3.57

Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended October 31, 2014 of 0.70%, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184) then divided by 365 days to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six-month total return for the Fund of 1.16%.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets			Value
Corporate Bonds and Notes		80.8	%		$	27,391,315
U.S. Treasury Obligations		17.8				6,048,321
Other Assets in Excess of Liabilities		1.4				488,053

NET ASSETS		100.0	%		$	33,927,689

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Par Value		Value

CORPORATE BONDS AND NOTES — 80.8%
Advertising Agencies — 1.5%
Interpublic Group of Cos, Inc. (The) 4.200%, 04/15/2024	$	500,000	$	508,582

Airlines — 0.6%
Delta Air Lines Series 2010-2, Class B 6.750%, 11/23/2015		200,000		208,500

Applications Software — 0.7%
Microsoft Corp. 1.000%, 05/01/2018		250,000		246,282

Auto/Truck Parts & Equipment-Original — 1.3%
Delphi Corp. Callable 02/15/2018 at 102.5 5.000%, 02/15/2023		400,000		428,500

Auto-Cars/Light Trucks — 5.6%
General Motors Co. 3.500%, 10/02/2018		500,000		515,000
General Motors Co. 4.875%, 10/02/2023		1,000,000		1,071,250
Harley-Davidson Financial Services, Inc. 3.875%, 03/15/2016 ^(a)		300,000		311,939

				1,898,189

Beverages-Non-alcoholic — 0.7%
PepsiCo, Inc. Callable 12/07/2018 at 100.0 2.250%, 01/07/2019		250,000		253,637


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Cable/Satellite TV — 2.3%
Comcast Corp. Callable 11/15/2024 at 100.0 3.375%, 02/15/2025	$	250,000	$	252,051
DIRECTV Holdings, LLC DIRECTV Financing Co., Inc. Callable 01/01/2024 at 100.0 4.450%, 04/01/2024		500,000		521,666

				773,717

Chemicals-Diversified — 0.6%
E.I. Du Pont de Nemours & Co. 1.950%, 01/15/2016		200,000		203,243

Commercial Banks Non-US — 0.8%
Abbey National Treasury Services PLC (London) 3.050%, 08/23/2018		250,000		260,034

Commercial Banks-Eastern US — 1.2%
CIT Group, Inc. 5.000%, 08/01/2023		400,000		417,500

Computers — 1.5%
Hewlett-Packard Co. 1.170%, 01/14/2019 ^(b)		500,000		498,173

Diversified Banking Institutions — 20.4%
Bank of America Corp. 1.303%, 03/22/2018 ^(b)		400,000		405,748
Bank of America Corp. 6.875%, 11/15/2018		250,000		292,092
Bank of America Corp. Callable 06/17/2019 at 100.0 5.125%, 12/29/2049 ^(c)(d)		500,000		485,000

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Diversified Banking Institutions — (Continued)
Citigroup, Inc. 1.003%, 04/08/2019 ^(b)	$	1,000,000	$	1,003,895
Citigroup, Inc. 2.500%, 07/29/2019		500,000		501,801
Goldman Sachs Group, Inc. 2.625%, 01/31/2019		300,000		302,232
Goldman Sachs Group, Inc. (The) 2.375%, 01/22/2018		400,000		403,732
Goldman Sachs Group, Inc. (The) 1.332%, 11/15/2018^(b)		750,000		757,678
JPMorgan Chase & Co. 1.134%, 01/25/2018^(b)		300,000		303,863
JPMorgan Chase & Co. 0.863%, 01/28/2019^(b)		100,000		100,126
JPMorgan Chase & Co. Callable 04/30/2018 at 100.0 7.900%, 04/29/2049 ^(c)(d)(e)		250,000		270,937
Morgan Stanley 0.971%, 07/23/2019^(b)		1,000,000		996,778
Morgan Stanley 2.375%, 07/23/2019		250,000		248,188
Morgan Stanley 4.350%, 09/08/2026		350,000		350,950
Morgan Stanley Callable 07/15/2019 at 100.0 5.450%, 07/29/2049 ^(c)(d)		500,000		502,344

				6,925,364


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Diversified Financial Services — 1.5%
General Electric Capital Corp. 2.300%, 01/14/2019	$	500,000	$	508,449

Electronic Components-Semiconductor — 0.7%
Texas Instruments, Inc. 1.000%, 05/01/2018		250,000		244,942

Enterprise Software/Services — 1.5%
Oracle Corp. 0.811%, 01/15/2019 ^(b)		500,000		503,968

Finance-Auto Loans — 13.1%
Ally Financial, Inc. 3.250%, 09/29/2017		500,000		503,750
Ally Financial, Inc. 4.750%, 09/10/2018		1,000,000		1,050,000
Ally Financial, Inc. 3.500%, 01/27/2019		500,000		503,750
Ford Motor Credit Co., LLC 2.375%, 03/12/2019		650,000		649,093
Ford Motor Credit Co., LLC 5.750%, 02/01/2021		400,000		457,740
Ford Motor Credit Co., LLC 3.664%, 09/08/2024		500,000		497,084
General Motors Financial Co., Inc. 4.750%, 08/15/2017		250,000		266,875
General Motors Financial Co., Inc. 3.250%, 05/15/2018		500,000		511,250

				4,439,542

Finance-Credit Card — 0.6%
American Express Credit Corp. 1.300%, 07/29/2016		200,000		201,216

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Hotels&Motels — 0.8%
Wyndham Worldwide Corp. Callable 02/01/2017 at 100.0 2.950%, 03/01/2017	$	250,000	$	256,094

Life/Health Insurance — 2.6%
Lincoln National Corp. Callable 05/17/2016 at 100.0 7.000%, 05/17/2066 ^(d)		600,000		615,000
Prudential Financial, Inc. 1.012%, 08/15/2018 ^(b)		250,000		252,234

				867,234

Multi-line Insurance — 4.0%
Genworth Holdings, Inc. Callable 11/15/2016 at 100.0 6.150%, 11/15/2066 ^(d)		1,200,000		1,026,000
MetLife, Inc. Callable 08/01/2034 at 100.0 10.750%, 08/01/2039		200,000		324,500

				1,350,500

Multimedia — 1.2%
NBC Universal Media, LLC 2.875%, 04/01/2016		200,000		206,143
Time Warner, Inc. 3.150%, 07/15/2015		200,000		203,577

				409,720

Oil Companies-Exploration&Production — 0.6%
Anadarko Petroleum Corp. 5.950%, 09/15/2016		200,000		217,331


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Oil&Gas Drilling — 0.7%
Rowan Cos, Inc. Callable 10/15/2023 at 100.0 4.750%, 01/15/2024	$	250,000	$	248,973

Pipelines — 1.3%
Energy Transfer Partners LP Callable 11/01/2022 at 100.0 3.600%, 02/01/2023		200,000		195,937
Enterprise Products Operating LLC Callable 01/15/2018 at 100.0 7.034%, 01/15/2068 ^(d)		235,000		261,438

				457,375

Reinsurance — 1.2%
Berkshire Hathaway, Inc. 1.550%, 02/09/2018		400,000		400,205

REITS-Office Property — 0.6%
BioMed Realty LP Callable 03/15/2016 at 100.0 3.850%, 04/15/2016		200,000		207,932

REITS-Shopping Centers — 1.9%
DDR Corp. 5.500%, 05/01/2015		165,000		168,723
DDR Corp. 7.500%, 04/01/2017		200,000		226,800
Kimco Realty Corp. Callable 03/01/2021 at 100.0 3.200%, 05/01/2021		250,000		252,122

				647,645

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
REITS-Warehouse/Industry — 1.5%
Prologis LP Callable 11/01/2020 at 100.0 3.350%, 02/01/2021	$	500,000	$	505,222

Retail-Discount — 0.7%
Wal-Mart Stores, Inc. 1.125%, 04/11/2018		250,000		246,819

Retail-Drug Store — 0.7%
Walgreen Co. 1.800%, 09/15/2017		250,000		250,913

Retail-Mail Order — 1.2%
QVC, Inc. 4.450%, 02/15/2025 ^(a)		400,000		389,676

Super-Regional Banks-US — 4.9%
PNC Financial Services Group, Inc. (The) Callable 12/15/2014 at 100.0 4.454%, 05/29/2049 ^(c)(d)		895,000		896,119
Wells Fargo & Co. 2.125%, 04/22/2019		500,000		500,028
Wells Fargo & Co. 4.100%, 06/03/2026		250,000		253,569

				1,649,716

Telephone-Integrated — 2.3%
Verizon Communications, Inc. Callable 12/15/2023 at 100.0 4.150%, 03/15/2024		500,000		520,061


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Telephone-Integrated — (Continued)
Verizon Communications, Inc. Callable 08/01/2024 at 100.0 3.500%, 11/01/2024	$	250,000	$	246,061

				766,122

TOTAL CORPORATE BONDS AND NOTES (Cost $26,921,705)				27,391,315

U.S. TREASURY OBLIGATIONS — 17.8%
Sovereign — 17.8%
0.250%, 11/30/2015		500,000		500,430
0.250%, 12/31/2015		500,000		500,391
0.500%, 06/30/2016		500,000		501,133
0.500%, 07/31/2016		1,000,000		1,002,031
0.500%, 09/30/2016		750,000		750,352
0.625%, 10/15/2016		400,000		400,906
1.000%, 05/31/2018		1,400,000		1,389,172
2.375%, 08/15/2024		1,000,000		1,003,906

				6,048,321

TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,031,976)				6,048,321

TOTAL INVESTMENTS - 98.6% (Cost $32,953,681)				33,439,636
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.4%				488,053

NET ASSETS - 100.0%			$	33,927,689

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)

^(a)

Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At October 31, 2014, these securities amounted to $701,615 or 2.1% of net assets. These securities have been determined by the Adviser to be liquid securities.

^(b)	Variable or Floating Rate Security. Rate shown is as of October 31, 2014.

^(c)	Security is a perpetual bond and has no definite maturity date.

^(d)	Fix-to Float Security. Rate shown is as of October 31, 2014.

^(e)	Dividend paying security.

REIT	Real Estate Investment Trust

PLC	Public Limited Company

Please note that securities are classified according to the Bloomberg Sub-Industry Categories. We believe this is the classification that best reflects the industry and risks associated with each position.

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $32,953,681)	$	33,439,636
Cash		326,656
Dividends and interest receivable		237,528
Receivable from Investment Adviser		2,179
Prepaid expenses and other assets		7,142

Total assets		34,013,141

Liabilities
Payable for capital shares redeemed		17,196
Payable for administration and accounting fees		16,829
Payable for transfer agent fees		13,296
Payable for legal fees		12,991
Payable for audit fees		11,458
Payable for printing fees		10,923
Payable for custodian fees		2,745
Accrued expenses		14

Total liabilities		85,452

Net Assets	$	33,927,689

Net Assets Consisted of:
Capital stock, $0.01 par value	$	32,717
Paid-in capital		33,222,857
Accumulated net investment loss		(15,579	)
Accumulated net realized gain from investments		201,739
Net unrealized appreciation on investments		485,955

Net Assets	$	33,927,689

Class I:
Shares outstanding		3,271,715

Net asset value, offering and redemption price per share ($33,927,689 / 3,271,715 shares)	$	10.37

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Interest	$	512,090

Total investment income		512,090

Expenses
Advisory fees (Note 2)		111,338
Administration and accounting fees (Note 2)		27,711
Transfer agent fees (Note 2)		20,497
Legal fees		18,742
Registration and filing fees		18,580
Audit fees		12,246
Custodian fees (Note 2)		7,086
Trustees’ and officers’ fees (Note 2)		5,594
Printing and shareholder reporting fees		5,577
Other expenses		3,153

Total expenses before waivers and reimbursements		230,524

Less: waivers and reimbursements (Note 2)		(110,622	)

Net expenses after waivers and reimbursements		119,902

Net investment income		392,188

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		105,315
Net change in unrealized depreciation on investments		(110,939	)

Net realized and unrealized loss on investments		(5,624	)

Net increase in net assets resulting from operations	$	386,564

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
Increase/(decrease) in net assets from operations:
Net investment income		$	392,188			$	786,805
Net realized gain from investments			105,315				142,263
Net change in unrealized depreciation from investments			(110,939	)			(779,417	)

Net increase in net assets resulting from operations			386,564				149,651

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class I			(392,326	)			(786,805	)
Net realized capital gains:
Class I			—				(190,899	)

Net decrease in net assets from dividends and distributions to shareholders			(392,326	)			(977,704	)

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)			(61,269	)			3,086,113

Total increase/(decrease) in net assets			(67,031	)			2,258,060

Net assets
Beginning of period			33,994,720				31,736,660

End of period		$	33,927,689			$	33,994,720

Accumulated net investment loss, end of period		$	(15,579	)		$	(15,441	)

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Financial Highlights

Contained below is per share operating performance data for Class I Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Class I
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period July 23, 2010* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	10.37			$	10.66			$	10.09			$	10.06			$	10.00


Net investment income⁽¹⁾			0.12				0.26				0.32				0.32				0.17
Net realized and unrealized gain/(loss) on investments			(0.00	)⁽²⁾			(0.23	)			0.57				0.03				0.06

Net increase in net assets resulting from operations			0.12				0.03				0.89				0.35				0.23

Dividends and distributions to shareholders from:
Net investment income			(0.12	)			(0.26	)			(0.32	)			(0.32	)			(0.17	)
Net realized capital gains			—				(0.06	)			—				—				—

Total dividends and distributions to shareholders			(0.12	)			(0.32	)			(0.32	)			(0.32	)			(0.17	)

Net asset value, end of period		$	10.37			$	10.37			$	10.66			$	10.09			$	10.06

Total investment return⁽³⁾			1.16	%			0.38	%			8.99	%			3.52	%			2.29	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	33,928			$	33,995			$	31,737			$	17,464			$	13,034
Ratio of expenses to average net assets			0.70	%⁽⁴⁾			0.70	%			0.70	%			0.70	%			0.70	%⁽⁴⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁵⁾			1.35	%⁽⁴⁾			1.41	%			1.69	%			2.49	%			2.65	%⁽⁴⁾
Ratio of net investment income to average net assets .			2.29	%⁽⁴⁾			2.50	%			3.07	%			3.18	%			2.24	%⁽⁴⁾
Portfolio turnover rate			35.91	%⁽⁶⁾			132.74	%			94.83	%			50.01	%			98.85	%⁽⁶⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

Estabrook Investment Grade Fixed Income Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on July 23, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares: Class A, Class C, Class I and Class R Shares. As of October 31, 2014, Class A, Class C and Class R Shares had not been issued.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m., Eastern time) on each day the NYSE is open. Securities held by the Fund are valued at their last sale price on the NYSE on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the last asked price and the last bid price prior to the market close. Securities listed on other exchanges (and not subject to restriction against sale by the Fund on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Unlisted securities that are quoted on the National Association of Securities Dealers National Market System, for which there have been sales of such securities on such day, shall be valued at the official closing price on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the last asked price and the last bid price prior to market close. The value of such securities quoted on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system, but not listed on the National Market System, shall be valued at the mean between closing asked price and the closing bid price. Unlisted securities that are not quoted on the NASDAQ and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and asked prices for such security in the over-the-counter market. Fixed income and preferred securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Due to continued volatility in the current market, valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The fair value of the Fund’s bonds are generally based on quotes received from brokers of independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	27,391,315	$	—	$	27,391,315	$	—
U.S. Treasury Obligations		6,048,321		—		6,048,321		—

Total Investments	$	33,439,636	$	—	$	33,439,636	$	—

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Gains and losses on principal paydowns from mortgage backed securities are recorded as interest income on the Statement of Operations. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to such fund.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Fund, after

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Estabrook Capital Management LLC (“Estabrook” or the “Adviser”) serves as the investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.65% of the Fund’s average daily net assets. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.70% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation). The Expense Limitation will remain in place until August 31, 2015, 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. At October 31, 2014, the amount of potential recovery by the Adviser was as follows:


Expiration April 30, 2015	Expiration April 30, 2016	Expiration April 30, 2017	Expiration April 30, 2018
$270,765	$246,984	$223,993	$110,622

For the six months ended October 31, 2014, the investment adviser waived fees of $110,622.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average net assets and is subject to certain minimum monthly fees.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $2,322. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	3,743,838	$	1,300,117
U.S. Government Securities		8,713,905		10,577,819

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class I Shares
Sales		37,628		$	390,942			511,653		$	5,317,535
Reinvestments		37,701			392,051			90,410			929,535
Redemptions		(81,260	)		(844,262	)		(301,570	)		(3,160,957	)

Net increase/(decrease)		(5,931	)	$	(61,269	)		300,493		$	3,086,113

*	There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 90 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

5. Federal Tax Information

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $779,824 of ordinary income dividends and $201,465 of long-term capital gains dividends. Distributions from net investment income and short-term capital gains were treated as ordinary income for federal income tax purposes.

As of April 30, 2014, components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation	Distributions Payable
$—	$—	$96,424	$581,453	$—

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	32,953,681

Gross unrealized appreciation	$	584,845
Gross unrealized depreciation		(98,890	)

Net unrealized appreciation	$	485,955

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the” Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 447-7443 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

Approval of Investment Advisory Agreement

At an in-person meeting held on June 11-12, 2014 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”) of FundVantage Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (“1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the advisory agreement between Estabrook Capital Management LLC (the “Adviser” or “Estabrook”) and the Trust on behalf of the Estabrook Investment Grade Fixed Income Fund (the “Fund”) (“Agreement”). In determining whether to continue the Agreement, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) services performed for the Fund, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Fund, (iv) investment performance, (v) the capitalization and financial condition of the Adviser, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Fund and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on the Adviser’s ability to service the Fund, and (x) compliance with the Fund’s investment objective, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. The Adviser also provided its most recent Form ADV for the Trustees’ review and consideration. The Trustees noted the reports provided at Board meetings throughout the year covering matters such as the relative performance of the Fund; compliance with the investment objectives, policies, strategies and limitations for the Fund; the compliance of management personnel with the applicable code of ethics; and the adherence to fair

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Other Information

(Unaudited)

value pricing procedures as established by the Board. The Trustees also received and reviewed a memorandum from legal counsel regarding the legal standards applicable to their review of the Agreement.

A representative from Estabrook attended the meeting in person and discussed Estabrook’s history, performance and investment strategy in connection with the proposed continuation of the Agreement and answered questions from the Board.

The Trustees considered the investment performance of the Fund and the Adviser. The Trustees reviewed the historical performance charts for the Fund, the Fund’s benchmark, the Barclay’s Intermediate U.S. Government/Credit Bond Index and the Lipper Core Bond Fund category for the year to date, one year, two year, three year and since inception periods ended March 31, 2014. The Trustees noted that the Fund’s Class I shares, currently the Fund’s only operational share class, outperformed its benchmark for the year to date, one year, two year, three year and since inception periods ended March 31, 2014. The Trustees further noted that the Fund underperformed the median of the Lipper Core Bond Fund category for the year to date period ended March 31, 2014, but outperformed for the one year, two year, three year and since inception periods ended March 31, 2014. The Trustees concluded that the performance of the Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the Fund and any other ancillary benefit resulting from the Adviser’s relationship with the Fund. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Fund versus other similarly managed funds. The Trustees noted that the Fund’s net expense ratio and gross advisory fee were slightly higher than the median of the net expense ratio and gross advisory fee of the universe of funds in the Lipper Core Bond Fund category with $250 million or less in assets. The Trustees also noted that Estabrook does not manage any products other than the Fund with a similar strategy. The Trustees concluded that the advisory fee and services provided by the Adviser are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Fund based on the information provided at the Meeting.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND

Other Information

(Unaudited) (Concluded)

norms and that the Fund is likely to benefit from the continued receipt of those services. They also concluded that the Adviser has sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and had demonstrated their ability to attract and retain qualified personnel.

The Trustees considered the costs of the services provided by the Adviser, the compensation and benefits received by the Adviser in providing services to the Fund, as well as its profitability. The Trustees were provided with the Adviser’s most recent balance sheet and income statement. The Trustees noted that the Adviser’s level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that the Adviser’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Fund specifically. The Trustees noted that the Fund has a relatively small level of assets, that the Adviser was not currently making a profit on the Fund and was currently waiving its fee and reimbursing expenses pursuant to a contractual expense limitation agreement. The Trustees noted that the Adviser’s contractual advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies. The Trustees also concluded that the overall expense ratio of the Fund was reasonable, taking into account the quality of services provided by the Adviser and the current size and projected growth of the Fund during the renewal term.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Estabrook Capital Management LLC

900 Third Avenue, 10th Floor

New York, NY 10022

Administrator and Fund Accounting Agent

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent and Dividend Disbursing Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

ESTABROOK INVESTMENT

GRADE FIXED INCOME

FUND

FundVantage Trust

Class I Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Estabrook Investment Grade Fixed Income Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Estabrook Investment Grade Fixed Income Fund.

LOGO

GOTHAM FUNDS

FundVantage Trust

Gotham Absolute Return Fund

Gotham Absolute 500 Fund

Gotham Enhanced Return Fund

Gotham Neutral Fund

Institutional Class Shares

SEMI-ANNUAL REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Gotham Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Gotham Funds.

GOTHAM FUNDS

Gotham Absolute Return Fund

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	Since Inception*
Institutional Class Shares	3.12%	13.78%	18.96%
HFRX Equity Hedge Index	1.28%	3.33%	6.56%**

†	Not Annualized.

*	The Gotham Absolute Return Fund (the “Fund”) commenced operations on August 31, 2012.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 90 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated October 1, 2014, are 2.96% and 2.98%, respectively, for Institutional Class Shares, of the Fund’s average daily net assets. This rate may fluctuate and may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” 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 any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 2.25% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. (HFRX) Equity Hedge Index. The Index is engineered to achieve representative performance of a larger universe of funds employing Equity Hedge strategies. Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. It is impossible to invest directly in an index.

An investment in the Fund is subject to risk. The Fund seeks to achieve long-term capital appreciation and to achieve positive returns during most annual periods in an efficient, risk-adjusted manner. The potential loss on a short sale is in principle unlimited since there is no limit on the market appreciation of a shorted security. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities, resulting in higher brokerage costs, which reduce the Fund’s returns. High turnover also may result in net taxable gain to shareholders, although the Adviser generally seeks to minimize and offset short-term capital gains. There can be no guarantee that the Fund will achieve its objectives.

GOTHAM FUNDS

Gotham Absolute 500 Fund

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Total Returns for the Period Ended October 31, 2014*
		Since Inception†
Institutional Class Shares		4.20%*
HFRX Equity Hedge Index		1.39%**

†	Not Annualized.

*	The Gotham Absolute 500 Fund (the “Fund”) commenced operations on July 31, 2014.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 90 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated October 1, 2014, are 3.56% and 3.55%, respectively, for Institutional Class Shares, of the Fund’s average daily net assets. This rate may fluctuate and may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” 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 any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 2.25% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

GOTHAM FUNDS

Gotham Enhanced Return Fund

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	Since Inception*
Institutional Class Shares	6.94%	24.07%	25.70%
S&P 500^® Index	8.22%	17.27%	18.61%**

†	Not Annualized.

*	The Gotham Enhanced Return Fund (the “Fund”) commenced operations on May 31, 2013.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 90 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross expenses, as stated in the current prospectus dated October 1, 2014, is 3.54%, for Institutional Class Shares, of the Fund’s average daily net assets. This rate may fluctuate and may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” 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 any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 2.25% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^®’). The S&P 500 Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. It’s returns reflect reinvested dividends. This index is unmanaged and investors cannot invest directly in this index.

An investment in the Fund is subject to risk. The Fund seeks long-term capital appreciation. The potential loss on a short sale is in principle unlimited since there is no limit on the market appreciation of a shorted security. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities, resulting in higher brokerage costs, which reduce the Fund’s returns. High turnover also may result in net taxable gain to shareholders, although the Adviser generally seeks to minimize and offset short-term capital gains. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

GOTHAM FUNDS

Gotham Neutral Fund

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	Since Inception*
Institutional Class Shares	-0.09%	10.73%	10.60%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index	0.02%	0.05%	0.05%**

†	Not Annualized.

*	The Gotham Neutral Fund (the “Fund”) commenced operations on August 30, 2013.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s Institutional Class shares applies a 1.00% fee to the value of shares redeemed within 90 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated October 1, 2014, are 3.57% and 3.43%, respectively, for Institutional Class Shares, of the Fund’s average daily net assets. This rate may fluctuate and may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” 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 any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 2.25% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index. The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue. It is impossible to invest directly in an index.

An investment in the Fund is subject to risk. The Fund seeks to achieve long-term capital appreciation with minimal correlation to the general stock market. The potential loss on a short sale is in principle unlimited since there is no limit on the market appreciation of a shorted security. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. The Fund may have a high turnover of its portfolio securities, resulting in higher brokerage costs, which reduce the Fund’s returns. High turnover also may result in net taxable gain to shareholders, although the Adviser generally seeks to minimize and offset short-term capital gains. The Fund is recently formed and has a limited history of operations. There can be no guarantee that the Fund will achieve its objectives.

GOTHAM FUNDS

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014, and held for the entire period through October 31, 2014.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Gotham Funds - Institutional Class
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Annualized Expense Ratio*			Expenses Paid During Period*

Gotham Absolute Return Fund
Actual		$	1,000.00		$	1,031.20		2.84	%		$	14.55
Hypothetical (5% return before expenses)			1,000.00			1,010.88		2.84	%			14.41

Gotham Absolute 500 Fund**
Actual		$	1,000.00		$	1,042.00		4.30	%		$	10.83
Hypothetical (5% return before expenses)			1,000.00			1,003.50		4.30	%			21.74

Gotham Enhanced Fund
Actual		$	1,000.00		$	1,069.40		3.27	%		$	17.06
Hypothetical (5% return before expenses)			1,000.00			1,008.72		3.27	%			16.56

Gotham Neutral Fund
Actual		$	1,000.00		$	999.10		3.23	%		$	16.28
Hypothetical (5% return before expenses)			1,000.00			1,008.92		3.23	%			16.36

GOTHAM FUNDS

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)

Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the six-month period ended October 31, 2014, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. A Fund’s ending account value on the first line is based on the actual six month returns for the Institutional Class Shares of 3.12% for the Gotham Absolute Return Fund, 6.94% for the Gotham Enhanced Return Fund and (0.09)% for the Gotham Neutral Fund. These amounts include dividends paid on securities which the Funds have sold short (“short-sale dividends”) and related interest expense. The annualized amount of short-sale dividends and related interest expense was 0.71% of average net assets for the Gotham Absolute Return Fund, 2.04% for Gotham Absolute 500 Fund, 1.12% for the Gotham Enhanced Return Fund and 1.06% for the Gotham Neutral Fund for the six-month period ended October 31, 2014.

The Fund commenced operations on July 31, 2014. Expenses are equal to the Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the period July 31, 2014, to October 31, 2014, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (90), then divided by 365 to reflect the period. The Fund’s ending account value on the first line is based on since inception returns for the Institutional Class Shares of 4.20%. These amounts include dividends paid on securities which the Fund has sold short (“short-sale dividends”) and related interest expense. The annualized amount of short-sale dividends and related interest expense was 2.04% of average net assets for the period from July 31, 2014 to October 31, 2014. Hypothetical expenses are as if the Institutional Class Shares had been in existence from May 1, 2014, and are equal to the Institutional Class Share’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by 365 to reflect the period.

GOTHAM FUNDS

Portfolio Holdings Summary Tables

October 31, 2014

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Absolute Returned Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks
Capital Goods		18.1	%		$	530,400,039
Retailing		14.8				433,940,420
Software & Services		13.6				398,082,512
Technology Hardware & Equipment		10.7				313,489,026
Pharmaceuticals, Biotechnology & Life Sciences		8.9				260,761,132
Food, Beverage & Tobacco		8.7				254,373,384
Semiconductors & Semiconductor Equipment		7.7				226,557,281
Commercial & Professional Services		7.1				207,064,534
Health Care Equipment & Services		6.8				200,535,924
Consumer Services		4.6				133,508,399
Automobiles & Components		4.4				129,625,390
Media		3.7				109,522,566
Consumer Durables & Apparel		3.7				107,996,107
Household & Personal Products		2.9				85,853,867
Transportation		2.6				74,616,814
Telecommunications Services		2.4				70,368,774
Food & Staples Retailing		2.0				57,467,467

Portfolio holdings are subject to change at any time.


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks
Household & Personal Products		(0.2	)%		$	(4,538,503	)
Automobiles & Components		(0.2	)			(5,698,518	)
Food & Staples Retailing		(1.2	)			(36,082,875	)
Telecommunications Services		(1.5	)			(44,343,946	)
Media		(1.6	)			(48,050,637	)
Commercial & Professional Services		(1.9	)			(56,241,104	)
Food, Beverage & Tobacco		(2.0	)			(59,368,320	)
Consumer Durables & Apparel		(2.5	)			(72,197,732	)
Transportation		(2.6	)			(75,597,522	)
Semiconductors & Semiconductor Equipment		(2.8	)			(82,594,253	)
Technology Hardware & Equipment		(3.8	)			(111,420,756	)
Consumer Services		(4.2	)			(122,770,317	)
Retailing		(5.9	)			(171,547,707	)
Health Care Equipment & Services		(6.1	)			(179,490,677	)
Capital Goods		(6.4	)			(186,640,545	)
Pharmaceuticals, Biotechnology & Life Sciences		(8.0	)			(235,850,204	)
Software & Services		(10.5	)			(306,391,319	)
Exchange Traded Funds		(0.5	)			(13,859,890	)
Other Assets in Excess of Liabilities		39.2				1,148,041,438

NET ASSETS		100.0	%		$	2,929,520,249

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Portfolio Holdings Summary Tables

October 31, 2014

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Absolute 500 Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		19.2	%		$	1,117,399
Technology Hardware &
Equipment		13.1				760,562
Health Care Equipment & Services		12.5				724,039
Energy		11.9				690,374
Food, Beverage & Tobacco		11.4				660,923
Insurance		10.8				630,258
Retailing		10.3				599,903
Materials		10.1				585,638
Software & Services		9.2				533,533
Diversified Financials		7.7				449,642
Semiconductors & Semiconductor Equipment		4.6				269,268
Media		4.2				241,777
Household & Personal Products		3.3				192,040
Banks		3.2				187,585
Consumer Durables & Apparel		2.6				151,748
Pharmaceuticals, Biotechnology & Life Sciences		2.4				138,426
Transportation		2.1				122,595
Telecommunication Services		1.9				110,603
Automobiles & Components		1.8				102,849
Food & Staples Retailing		0.8				45,276
Consumer Services		0.7				40,027
Commercial & Professional Services		0.3				20,687


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Automobiles & Components		(0.0	)%		$	(736	)
Household & Personal Products		(0.0	)			(752	)
Insurance		(0.3	)			(14,569	)
Banks		(0.3	)			(15,394	)
Technology Hardware & Equipment		(0.6	)			(32,252	)
Transportation		(0.6	)			(34,619	)
Media		(0.6	)			(34,738	)
Commercial & Professional Services		(0.6	)			(34,950	)
Capital Goods		(0.9	)			(54,548	)
Diversified Financials		(1.3	)			(73,167	)
Food & Staples Retailing		(1.5	)			(88,207	)
Health Care Equipment & Services		(1.8	)			(106,331	)
Consumer Durables & Apparel		(2.4	)			(138,285	)
Semiconductors & Semiconductor Equipment		(2.4	)			(141,332	)
Consumer Services		(2.7	)			(155,005	)
Food, Beverage & Tobacco		(3.1	)			(182,457	)
Materials		(4.1	)			(236,032	)
Retailing		(4.6	)			(269,990	)
Software & Services		(8.3	)			(482,567	)
Pharmaceuticals, Biotechnology & Life Sciences		(8.7	)			(505,856	)
Energy		(11.8	)			(685,514	)
Real Estate		(12.2	)			(707,311	)
Utilities		(14.8	)			(862,569	)
Other Assets in Excess of Liabilities		39.5				2,294,356

NET ASSETS		100.0	%		$	5,812,327

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Portfolio Holdings Summary Tables

October 31, 2014

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Enhanced Return Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks
Capital Goods		24.7	%		$	334,053,523
Retailing		21.4				289,239,674
Software & Services		18.9				255,537,538
Technology Hardware & Equipment		16.1				217,579,064
Food, Beverage & Tobacco		14.0				189,922,773
Pharmaceuticals, Biotechnology & Life Sciences		12.5				169,157,645
Semiconductors & Semiconductor Equipment		11.1				150,058,900
Health Care Equipment & Services		10.9				147,110,331
Commercial & Professional Services		9.4				127,769,372
Consumer Services		6.5				87,293,337
Automobiles & Components		6.3				85,173,628
Media		5.5				75,059,335
Consumer Durables & Apparel		5.2				70,284,305
Telecommunications Services		4.0				54,158,308
Household & Personal Products		3.9				53,111,496
Transportation		3.8				51,078,177
Food & Staples Retailing		2.6				34,835,371

Portfolio holdings are subject to change at any time.


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks
Household & Personal Products		(0.2	)%		$	(2,459,202	)
Automobiles & Components		(0.2	)			(3,227,303	)
Food & Staples Retailing		(1.5	)			(20,336,979	)
Telecommunications Services		(1.8	)			(24,738,162	)
Media		(2.1	)			(28,207,909	)
Commercial & Professional Services		(2.2	)			(29,098,123	)
Food, Beverage & Tobacco		(2.6	)			(35,113,318	)
Transportation		(3.2	)			(42,649,673	)
Semiconductors & Semiconductor Equipment		(3.4	)			(46,233,203	)
Consumer Durables & Apparel		(3.4	)			(46,544,392	)
Technology Hardware & Equipment		(4.5	)			(60,690,692	)
Consumer Services		(5.1	)			(69,636,185	)
Retailing		(7.1	)			(96,308,470	)
Health Care Equipment & Services		(7.4	)			(100,706,381	)
Capital Goods		(8.1	)			(108,865,210	)
Pharmaceuticals, Biotechnology & Life Sciences		(9.9	)			(133,785,160	)
Software & Services		(12.9	)			(174,487,506	)
Exchange Traded Funds		(2.3	)			(30,801,347	)
Other Assets in Excess of Liabilities		1.1				14,944,159

NET ASSETS		100.0	%		$	1,352,477,721

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Portfolio Holdings Summary Tables

October 31, 2014

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Neutral Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		17.6	%		$	147,238,401
Retailing		15.6				130,452,334
Software & Services		14.9				124,992,990
Technology Hardware & Equipment		11.3				94,283,567
Food, Beverage & Tobacco		10.1				84,551,942
Pharmaceuticals, Biotechnology & Life Sciences		8.6				72,103,907
Commercial & Professional Services		7.1				59,389,988
Health Care Equipment & Services		6.6				55,250,401
Semiconductors & Semiconductor Equipment		6.2				52,025,912
Automobile & Components		4.6				38,875,780
Consumer Services		4.3				36,435,835
Media		4.0				33,818,843
Consumer Durables & Apparel		3.6				30,411,849
Household & Personal Products		3.4				28,822,939
Telecommunications Services		3.3				27,251,187
Food & Staples Retailing		2.3				19,002,245
Transportation		2.2				18,140,471

Portfolio holdings are subject to change at any time.


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Household & Personal Products		(0.1	)%		$	(1,348,983	)
Automobiles & Components		(0.4	)			(3,067,850	)
Food & Staples Retailing		(1.8	)			(15,181,631	)
Telecommunication Services		(2.1	)			(17,376,813	)
Commercial & Professional Services		(2.1	)			(18,084,321	)
Media		(2.5	)			(21,161,699	)
Food, Beverage & Tobacco		(3.2	)			(26,700,451	)
Transportation		(4.2	)			(34,891,193	)
Consumer Durables & Apparel		(4.5	)			(37,396,497	)
Semiconductors & Semiconductor Equipment		(4.8	)			(40,076,345	)
Technology Hardware & Equipment		(6.1	)			(51,078,921	)
Consumer Services		(6.5	)			(54,139,390	)
Health Care Equipment & Services		(9.4	)			(78,550,662	)
Capital Goods		(9.8	)			(81,958,563	)
Retailing		(9.9	)			(82,995,859	)
Pharmaceuticals, Biotechnology & Life Sciences		(13.4	)			(112,431,033	)
Software & Services		(18.2	)			(152,591,839	)
Other Assets in Excess of Liabilities		73.3				613,868,866

NET ASSETS		100.0	%		$	837,885,407

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
LONG POSITIONS - 122.7%
COMMON STOCKS — 122.7%
Automobiles & Components — 4.4%
Allison Transmission Holdings, Inc.		264,456	$	8,589,531
American Axle & Manufacturing Holdings, Inc.*†		490,344		9,478,350
Autoliv, Inc.^(a)		84,871		7,786,066
Cooper Tire & Rubber Co.^(a)		214,505		6,909,206
Dana Holding Corp.†^(a)		1,281,319		26,215,787
Delphi Automotive PLC (Jersey)		170,334		11,749,639
Goodyear Tire & Rubber Co. (The)		369,832		8,961,029
Johnson Controls, Inc.†		48,649		2,298,665
Lear Corp.		109,983		10,173,428
Magna International, Inc. (Canada)†		198,654		19,609,136
Standard Motor Products, Inc.†		59,909		2,367,604
Tenneco, Inc.*†^(a)		244,493		12,801,653
Tower International, Inc.*		110,506		2,685,296

				129,625,390

Capital Goods — 18.1%
3M Co.		22,907		3,522,409
AAON, Inc.†^(a)		71,169		1,398,471
Actuant Corp., Class A		60,975		1,932,298
AECOM Technology Corp.*†^(a)		75,875		2,469,731
Aegion Corp.*†^(a)		216,868		3,973,022
Aerovironment, Inc.*		845		25,899
AZZ, Inc.^(a)		87,598		4,096,082
Blount International, Inc.*†		190,480		2,916,249
Briggs & Stratton Corp.^(a)		78,908		1,594,731
Carlisle Cos., Inc.†		103,570		9,205,302
Caterpillar, Inc.†		215,025		21,805,685
Chicago Bridge & Iron Co. NV (Netherlands)†		397,911		21,741,857
CIRCOR International, Inc.†		32,149		2,415,997
Crane Co.†		84,443		5,265,021
Curtiss-Wright Corp.†		114,399		7,917,555
Danaher Corp.†		100,675		8,094,270
Dover Corp.†^(a)		332,764		26,434,772
Eaton Corp. PLC (Ireland)		169,280		11,577,059
EMCOR Group, Inc.†		228,331		10,076,247
Encore Wire Corp		21,553		817,721
Engility Holdings, Inc.*†^(a)		62,011		2,678,875
EnPro Industries, Inc.*†		2,067		133,384
ESCO Technologies, Inc.†		80,350		3,054,907
Federal Signal Corp.†		224,533		3,188,369
Flowserve Corp.†^(a)		99,572		6,769,900
Fluor Corp.†		299,587		19,874,602
General Dynamics Corp.		130,685		18,264,536
GrafTech International Ltd.*^(a)		77,446		332,243


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Greenbrier Cos, Inc. (The)^(a)		4,814	$	301,068
Harsco Corp.†^(a)		292,602		6,343,611
Honeywell International, Inc.†		81,909		7,873,093
Hubbell, Inc., Class B†		63,851		7,241,342
Huntington Ingalls Industries, Inc.†		221,396		23,428,125
IDEX Corp†		206,245		15,449,813
Illinois Tool Works, Inc.†		97,180		8,848,239
ITT Corp.		13,986		630,209
KBR, Inc.^(a)		73,468		1,401,769
Lincoln Electric Holdings, Inc.†		108,503		7,864,297
Lindsay Corp.^(a)		117,402		10,296,155
Lockheed Martin Corp.†		34,697		6,612,207
Manitowoc Co., Inc. (The)†^(a)		640,148		13,340,684
Masco Corp.†		661,302		14,594,935
Meritor, Inc.*^(a)		1,276,851		14,671,018
Moog, Inc., Class A*†		68,151		5,216,278
Mueller Water Products, Inc., Class A		683,400		6,745,158
NCI Building Systems, Inc.*		40,868		812,047
Northrop Grumman Corp.†		2,253		310,824
NOW, Inc.*^(a)		409,454		12,308,187
Orbital Sciences Corp.*†^(a)		265,604		6,985,385
Polypore International, Inc.*^(a)		140,692		6,179,193
Precision Castparts Corp.		26,357		5,816,990
Roper Industries, Inc.†		32,770		5,187,491
Simpson Manufacturing Co., Inc.†		27,802		919,690
Snap-on, Inc.		15,697		2,074,202
Spirit AeroSystems Holdings, Inc., Class A*†		301,645		11,866,714
SPX Corp.†^(a)		289,927		27,482,180
Standex International Corp.†		38,534		3,323,558
Stanley Black & Decker, Inc.		243,750		22,824,750
Teledyne Technologies, Inc.*		23,201		2,404,320
Terex Corp.		224,447		6,457,340
Thermon Group Holdings, Inc.*		124		3,022
Timken Co. (The)†		155,759		6,696,079
TriMas Corp.*^(a)		67,298		2,130,655
United Rentals, Inc.*		47,664		5,245,900
United Technologies Corp.†^(a)		142,942		15,294,794
Universal Forest Products, Inc.		33,033		1,650,659
Wabash National Corp.*^(a)		384,646		3,961,854
Watts Water Technologies, Inc., Class A†		108,388		6,571,564
WESCO International, Inc.*^(a)		87,872		7,241,532
Woodward, Inc.^(a)		52,798		2,703,786

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
WW Grainger, Inc.^(a)		37,075	$	9,150,110
Xylem, Inc.^(a)		64,962		2,362,018

				530,400,039

Commercial & Professional Services — 7.1%
ACCO Brands Corp.*†		904,020		7,440,085
Brink’s Co. (The)†		285,562		5,996,802
Cintas Corp.†^(a)		189,418		13,872,974
Copart, Inc.*†^(a)		386,573		12,927,001
Corporate Executive Board Co. (The)		5,843		430,629
Deluxe Corp.†		35,566		2,162,413
Dun & Bradstreet Corp. (The)†		18,416		2,261,669
Equifax, Inc.^(a)		11,232		850,712
Exponent, Inc.†^(a)		27,443		2,190,500
HNI Corp.^(a)		21,216		989,726
Huron Consulting Group, Inc.*		9,135		635,887
Korn/Ferry International*†		157,234		4,391,546
Manpowergroup, Inc.†		442,943		29,566,445
On Assignment, Inc.*†		245,882		7,155,166
Pitney Bowes, Inc.†^(a)		1,023,445		25,320,029
Progressive Waste Solutions Ltd. (Canada)		14,020		409,805
Quad/Graphics, Inc.†		36,597		806,964
Republic Services, Inc		17,925		688,320
Ritchie Bros Auctioneers, Inc. (Canada)†		152,304		3,714,695
Robert Half International, Inc.†^(a)		238,137		13,045,145
RPX Corp.*†		212,091		2,979,879
ServiceMaster Global Holdings, Inc.*		61,782		1,481,532
Steelcase, Inc., Class A†		224,911		3,985,423
Team, Inc.*^(a)		42,377		1,785,767
Towers Watson & Co., Class A†		177,935		19,624,451
TrueBlue, Inc.*†		92,366		2,283,288
Tyco International Ltd. (Switzerland)†		454,970		19,531,862
UniFirst Corp.†		46,888		5,230,825
United Stationers, Inc.^(a)		92,423		3,860,509
Verisk Analytics, Inc., Class A*		11,555		720,454
Waste Connections, Inc.†^(a)		75,447		3,764,805
Waste Management, Inc.		98,870		4,833,754
West Corp.^(a)		66,421		2,125,472

				207,064,534

Consumer Durables & Apparel — 3.7%
Columbia Sportswear Co.		109,712		4,228,300
Deckers Outdoor Corp.*^(a)		135,660		11,864,824
Ethan Allen Interiors, Inc.†		111,240		3,148,092


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Garmin Ltd. (Switzerland)		118,091	$	6,551,689
G-III Apparel Group Ltd.*^(a)		12,799		1,015,601
Hanesbrands, Inc.†		20,662		2,182,114
Harman International Industries, Inc.		76,911		8,255,627
lululemon athletica, Inc.*^(a)		159,696		6,651,338
NVR, Inc.*†		11,023		13,531,614
PVH Corp.†^(a)		104,402		11,938,369
Steven Madden, Ltd.*†^(a)		400,984		12,570,848
Sturm Ruger & Co., Inc.^(a)		57,115		2,380,553
Tupperware Brands Corp.†^(a)		107,724		6,867,405
Universal Electronics, Inc.*†^(a)		57,576		3,275,499
Vera Bradley, Inc.*^(a)		367,846		8,386,889
Wolverine World Wide, Inc.^(a)		189,659		5,147,345

				107,996,107

Consumer Services — 4.6%
American Public Education, Inc.*†		69,582		2,156,346
Apollo Education Group, Inc.*†^(a)		351,161		10,064,274
Boyd Gaming Corp.*^(a)		110,606		1,277,499
Capella Education Co.†^(a)		22,064		1,560,807
Carnival Corp. (Panama)†		23,144		929,232
Darden Restaurants, Inc.		70,734		3,662,607
DeVry Education Group, Inc.		81,235		3,932,586
DineEquity, Inc.†^(a)		99,566		8,857,391
Graham Holdings Co., Class B†		6,324		4,955,486
Hillenbrand, Inc.†^(a)		163,983		5,458,994
Interval Leisure Group, Inc.†		176,398		3,711,414
Jack in the Box, Inc.†		95,161		6,760,237
K12, Inc.*^(a)		20,888		259,011
Las Vegas Sands Corp.†		316,035		19,676,339
Matthews International Corp., Class A†^(a)		83,194		3,833,580
Multimedia Games Holding Co., Inc.*†		15,209		530,794
Royal Caribbean Cruises, Ltd. (Liberia)†		168,743		11,469,462
SeaWorld Entertainment, Inc.†		865,568		16,653,528
Speedway Motorsports, Inc.†^(a)		25,184		492,851
Starwood Hotels & Resorts Worldwide, Inc		43,040		3,299,446
Strayer Education, Inc.*^(a)		2,880		210,787
Weight Watchers International, Inc.^(a)		261,301		6,806,891
Wyndham Worldwide Corp.†		218,216		16,948,837

				133,508,399

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — 2.0%
Rite Aid Corp.*†		4,997,224	$	26,235,426
SUPERVALU, Inc.*†^(a)		2,406,363		20,766,913
Sysco Corp.†		35,921		1,384,395
Wal-Mart Stores, Inc.^(a)		117,236		8,941,590
Weis Markets, Inc.^(a)		3,117		139,143

				57,467,467

Food, Beverage & Tobacco — 8.7%
Altria Group, Inc.†		44,300		2,141,462
Archer-Daniels-Midland Co.†		599,652		28,183,644
Bunge, Ltd. (Bermuda)†		343,078		30,413,865
Coca-Cola Bottling Co. Consolidated†		6,997		632,809
ConAgra Foods, Inc.†		506,339		17,392,745
Cott Corp. (Canada)†		175,271		1,063,895
Dr Pepper Snapple Group, Inc.†		332,053		22,994,670
Ingredion, Inc.†		177,401		13,704,227
Kellogg Co.†^(a)		208,377		13,327,793
Keurig Green Mountain, Inc.†		31,104		4,720,032
Lancaster Colony Corp.†		38,018		3,478,267
Lorillard, Inc.		133,081		8,184,482
Monster Beverage Corp.*†		55,852		5,634,350
National Beverage Corp.*^(a)		15,618		392,324
PepsiCo, Inc.†		34,618		3,329,213
Philip Morris International, Inc.†		131,502		11,704,993
Pilgrim’s Pride Corp.*†^(a)		835,722		23,742,862
Sanderson Farms, Inc.^(a)		342,503		28,763,402
Snyder’s-Lance, Inc.^(a)		13,977		416,375
Tyson Foods, Inc., Class A†		429,596		17,334,199
Vector Group, Ltd.^(a)		752,810		16,817,775

				254,373,384

Health Care Equipment & Services — 6.8%
Abaxis, Inc.^(a)		41,823		2,202,399
ABIOMED, Inc.*^(a)		6,851		224,644
Align Technology, Inc.*†^(a)		378,636		19,923,826
AmerisourceBergen Corp.		15,143		1,293,364
AMN Healthcare Services, Inc.*†		122,222		2,096,107
Amsurg Corp.*†		163,132		8,810,759
Anika Therapeutics, Inc.*†		104,867		4,209,361
Cardinal Health, Inc.†		57,531		4,515,033
CareFusion Corp.*†		275,934		15,830,334
Catamaran Corp. (Canada)*		1,770		84,376
Chemed Corp.^(a)		19,951		2,062,135
Computer Programs & Systems, Inc.†^(a)		20,948		1,319,305


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
CorVel Corp.*†		25,971	$	893,922
Cyberonics, Inc.*†		60,981		3,201,503
DaVita HealthCare Partners, Inc.*†		32,329		2,523,925
DENTSPLY International, Inc.†		162,255		8,237,686
Edwards Lifesciences Corp.*†		102,953		12,449,077
Express Scripts Holding Co.*^(a)		47,768		3,669,538
Globus Medical, Inc., Class A*†		272,668		6,045,050
Greatbatch, Inc.*†		126,312		6,339,599
Halyard Health, Inc.*		23,468		891,080
Hill-Rom Holdings, Inc.†		34,223		1,522,239
ICU Medical, Inc.*†		66,042		4,682,378
Integra LifeSciences Holdings Corp.*†		5,349		273,387
Kindred Healthcare, Inc.†^(a)		122,240		2,658,720
Laboratory Corp. of America Holdings*†		94,032		10,276,757
MEDNAX, Inc.*†^(a)		249,539		15,578,720
Meridian Bioscience, Inc.^(a)		677		12,552
Natus Medical, Inc.*†		184,927		6,287,518
Omnicare, Inc.†		1,488		99,086
PharMerica Corp.*†		108,661		3,117,484
Quality Systems, Inc.†		344,032		5,198,324
Quest Diagnostics, Inc.^(a)		47,305		3,001,975
Select Medical Holdings Corp.†		114,954		1,657,637
Teleflex, Inc.^(a)		75,028		8,562,195
Thoratec Corp.*†^(a)		223,470		6,073,915
Universal Health Services, Inc., Class B†		114,003		11,823,251
Varian Medical Systems, Inc.*^(a)		153,195		12,886,763

				200,535,924

Household & Personal Products — 2.9%
Avon Products, Inc.†		2,605,096		27,092,998
Clorox Co. (The)†		78,851		7,845,675
Energizer Holdings, Inc.†		226,527		27,783,537
Inter Parfums, Inc.†		81,984		2,328,346
Kimberly-Clark Corp		182,054		20,803,311

				85,853,867

Media — 3.7%
Cinemark Holdings, Inc.†^(a)		100,519		3,550,331
Clear Channel Outdoor Holdings, Inc., Class A†		19,740		143,312
Comcast Corp., Class A^(a)		134,802		7,461,291
Crown Media Holdings, Inc., Class A*^(a)		3,804		13,276

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
DIRECTV*		171,447	$	14,879,885
Gannett Co., Inc.^(a)		20,171		635,387
Interpublic Group of Cos, Inc. (The)		420,475		8,153,010
Loral Space & Communications, Inc.*†		50,031		3,827,372
Morningstar, Inc.^(a)		2,745		187,346
New York Times Co. (The), Class A^(a)		464,112		5,959,198
News Corp.*†		1,100,537		17,036,313
Nexstar Broadcasting Group, Inc., Class A^(a)		234,974		10,602,027
Omnicom Group, Inc.†^(a)		307,537		22,099,609
Starz, Class A*†^(a)		97,841		3,023,287
Time, Inc.*^(a)		341,120		7,705,901
Viacom, Inc., Class B†		58,407		4,245,021

				109,522,566

Pharmaceuticals, Biotechnology & Life Sciences — 8.9%
Acorda Therapeutics, Inc.*		21,650		753,853
Agilent Technologies, Inc.†		281,435		15,557,727
Biogen Idec, Inc.*†		22,879		7,345,989
Bio-Rad Laboratories, Inc.*		2,026		228,573
Bruker Corp.*†		585,107		12,129,268
Covance, Inc.*†^(a)		289,367		23,120,423
Depomed, Inc.*†		489,877		7,544,106
Enanta Pharmaceuticals, Inc.*^(a)		143,125		6,154,375
Endo International PLC (Ireland)*†		3,226		215,884
Gilead Sciences, Inc.*		230,462		25,811,744
Johnson & Johnson†		252,955		27,263,490
Lannett Co., Inc.*^(a)		77,498		4,395,687
Ligand Pharmaceuticals, Inc.*^(a)		222,112		12,276,130
Luminex Corp.*		2,028		38,532
Mallinckrodt PLC (Ireland)*†		29,154		2,687,416
Mettler-Toledo International, Inc.*†		48,443		12,521,062
Myriad Genetics, Inc.*^(a)		288,655		11,398,986
PAREXEL International Corp.*†		268,864		14,602,004
PerkinElmer, Inc.^(a)		87,574		3,802,463
Pfizer, Inc.†		408,653		12,239,157
Prestige Brands Holdings, Inc.*†^(a)		214,377		7,593,233
Quintiles Transnational Holdings, Inc.*		161,979		9,482,251
United Therapeutics Corp.*†		144,616		18,940,358
Valeant Pharmaceuticals
International, Inc. (Canada)*		127,878		17,012,889
Waters Corp.*		69,003		7,645,532

				260,761,132


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — 14.8%
Abercrombie & Fitch Co., Class A^(a)		703,576	$	23,555,724
ANN, Inc.*^(a)		135,190		5,189,944
AutoNation, Inc.*		94,555		5,414,219
Bed Bath & Beyond, Inc.*†^(a)		276,517		18,620,655
Best Buy Co., Inc		201,298		6,872,314
Big Lots, Inc.†		242,725		11,080,396
Brown Shoe Co., Inc.†^(a)		205,976		5,476,902
Buckle, Inc. (The)^(a)		220,759		10,890,041
Burlington Stores, Inc.*^(a)		46,313		1,942,367
Cato Corp. (The), Class A†^(a)		124,908		4,455,468
Chico’s FAS, Inc.		42		633
Children’s Place, Inc. (The)^(a)		46,632		2,296,626
Core-Mark Holding Co., Inc.†		73,585		4,270,138
Dick’s Sporting Goods, Inc.†		306,019		13,884,082
Dillard’s, Inc., Class A†^(a)		158,424		16,754,922
Dollar General Corp.*†		64,734		4,056,880
Dollar Tree, Inc.*†		154,252		9,343,044
DSW, Inc., Class A†		368,257		10,918,820
Foot Locker, Inc.†^(a)		174,026		9,747,196
GameStop Corp., Class A^(a)		405,541		17,340,933
Gap, Inc. (The)†^(a)		619,044		23,455,577
GNC Holdings, Inc., Class A†		55,414		2,303,560
Group 1 Automotive, Inc		34,542		2,950,923
Guess?, Inc.†^(a)		796,816		17,665,411
Haverty Furniture Cos., Inc.†		88,477		1,947,379
Hibbett Sports, Inc.*^(a)		242,974		11,028,590
Home Depot, Inc. (The)†		3,758		366,480
HSN, Inc.†		5,747		379,704
Kohl’s Corp.†^(a)		314,743		17,065,365
Lands’ End, Inc.*^(a)		314,149		14,912,653
Liberty Interactive Corp., Class A*		124,980		3,266,977
Lithia Motors, Inc., Class A†^(a)		100,586		7,807,485
Lowe’s Cos., Inc.†		235,628		13,477,922
Macy’s, Inc.†		301,764		17,447,994
Michaels Cos., Inc. (The)*^(a)		179,069		3,273,381
Murphy USA, Inc.*†		120,036		6,878,063
Outerwall, Inc.*^(a)		367,629		23,259,887
Penske Automotive Group, Inc		3,115		140,923
PetSmart, Inc.†^(a)		204,300		14,781,105
Ross Stores, Inc.†		188,776		15,237,999
Sally Beauty Holdings, Inc.*†		296,581		8,692,789
Target Corp.^(a)		191,839		11,859,487
TJX Cos., Inc. (The)†		146,156		9,254,598
Tractor Supply Co.†		7,480		547,686

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Urban Outfitters, Inc.*†^(a)		573,075	$	17,398,557
Zumiez, Inc.*†^(a)		192,589		6,428,621

				433,940,420

Semiconductors & Semiconductor Equipment — 7.7%
Advanced Energy Industries, Inc.*†		70,702		1,398,486
Altera Corp.†^(a)		123,476		4,243,870
Atmel Corp.*†^(a)		1,962,010		14,558,114
Cirrus Logic, Inc.*^(a)		526,734		10,165,966
Diodes, Inc.*		102,012		2,634,970
Fairchild Semiconductor International, Inc.*^(a)		1,492,538		22,910,458
Freescale Semiconductor Ltd.
(Bermuda)†^(a)		9,399		186,946
Integrated Device Technology, Inc.*†		626,831		10,286,297
Intel Corp.†		177,682		6,042,965
International Rectifier Corp.*†		153,741		6,114,280
Intersil Corp., Class A^(a)		304,895		4,052,055
Lattice Semiconductor Corp.*†		839,543		5,633,334
Linear Technology Corp.^(a)		270,757		11,599,230
Marvell Technology Group Ltd. (Bermuda)†		1,311,916		17,632,151
Micron Technology, Inc.*†		707,022		23,395,358
MKS Instruments, Inc.†		158,370		5,764,668
NVIDIA Corp.^(a)		65,446		1,278,815
OmniVision Technologies, Inc.*†		661,431		17,713,122
Pentair PLC (Ireland)†^(a)		288,875		19,369,069
RF Micro Devices, Inc.*		378,952		4,930,166
Semtech Corp.*^(a)		18,069		458,591
Silicon Laboratories, Inc.*		9,781		445,916
Skyworks Solutions, Inc.†		161,812		9,423,931
Teradyne, Inc.†		329,270		6,058,568
Tessera Technologies, Inc		15,477		470,346
Texas Instruments, Inc.†^(a)		398,502		19,789,609

				226,557,281

Software & Services — 13.6%
Accenture PLC, Class A (Ireland)†		165,943		13,461,296
ACI Worldwide, Inc.*†^(a)		424,162		8,160,877
Activision Blizzard, Inc.†		238,079		4,749,676
Acxiom Corp.*†^(a)		462,739		8,718,003
Advent Software, Inc.^(a)		102,258		3,534,037
Amdocs, Ltd. (Channel Islands)†		87,638		4,166,311
ANSYS, Inc.*†		9,673		759,911
Aspen Technology, Inc.*†		215,397		7,954,611


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
AVG Technologies NV (Netherlands)*†		262,753	$	4,708,534
Booz Allen Hamilton Holding Corp.†^(a)		405,624		10,688,192
Broadridge Financial Solutions, Inc.†		283,312		12,445,896
CA, Inc.†		452,308		13,144,070
CACI International, Inc., Class A*		8,139		669,758
CGI Group, Inc., Class A (Canada)*†^(a)		141,559		4,862,552
Computer Sciences Corp.†		333,045		20,115,918
Conversant, Inc.*†^(a)		419,498		14,787,305
DST Systems, Inc.†		137,036		13,203,419
Electronic Arts, Inc.*		264,867		10,851,601
IAC/InterActiveCorp.†		170,499		11,541,077
International Business Machines Corp.†		96,361		15,841,748
j2 Global, Inc.^(a)		15,757		852,296
Jack Henry & Associates, Inc.†		222,791		13,327,358
Leidos Holdings, Inc.		226,137		8,269,830
MAXIMUS, Inc.†		157,983		7,655,856
Microsoft Corp		83,728		3,931,030
NetScout Systems, Inc.*†		193,886		7,146,638
NeuStar, Inc., Class A*^(a)		646,645		17,077,894
NIC, Inc.		181,208		3,339,663
Oracle Corp.†		454,955		17,765,993
Pegasystems, Inc.		33,182		719,054
Progress Software Corp.*†		178,428		4,621,285
Rovi Corp.*^(a)		455,767		9,516,415
Science Applications International Corp.†		151,873		7,428,108
Stamps.com, Inc.*†		52,446		1,935,257
Sykes Enterprises, Inc.*†		129,636		2,792,359
Symantec Corp.†		532,707		13,221,788
Take-Two Interactive Software, Inc.*^(a)		878,125		23,226,406
TeleTech Holdings, Inc.*†		53,503		1,380,912
Teradata Corp.*^(a)		415,946		17,602,835
TiVo, Inc.*†^(a)		859,585		11,217,584
VeriSign, Inc.*^(a)		182,524		10,907,634
Virtusa Corp.*†^(a)		68,175		2,793,812
Western Union Co. (The)^(a)		963,429		16,339,756
Xerox Corp.†		801,804		10,647,957

				398,082,512

Technology Hardware & Equipment — 10.7%
Anixter International, Inc.†		78,186		6,659,102

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Apple, Inc.†		53,466	$	5,774,328
ARRIS Group, Inc.*†		672,416		20,185,928
Arrow Electronics, Inc.*†		260,850		14,831,931
AVX Corp.†^(a)		138,872		2,005,312
Brocade Communications Systems, Inc.†		2,179,579		23,386,883
CDW Corp.†		277,601		8,561,215
Cisco Systems, Inc.†		359,022		8,785,268
CommScope Holding Co., Inc.*†		296,056		6,377,046
Corning, Inc.		600,415		12,266,478
Dolby Laboratories, Inc., Class A^(a)		97,807		4,100,069
F5 Networks, Inc.*†		1,631		200,580
FLIR Systems, Inc.		130,627		4,379,923
Harris Corp.†		114,316		7,956,394
Hewlett-Packard Co.†		162,661		5,836,277
Insight Enterprises, Inc.*†		152,277		3,464,302
InterDigital, Inc.†^(a)		189,131		9,348,745
IPG Photonics Corp.*^(a)		23,442		1,720,877
Itron, Inc.*†^(a)		188,287		7,330,013
Juniper Networks, Inc.†		1,028,584		21,672,265
Lexmark International, Inc., Class A^(a)		21,747		938,601
Methode Electronics, Inc.†		138,486		5,453,579
National Instruments Corp		4,126		130,712
NCR Corp.*^(a)		379,432		10,498,883
NetApp, Inc.†		143,913		6,159,476
Newport Corp.*†		105,297		1,883,763
OSI Systems, Inc.*†		124,088		8,795,357
Polycom, Inc.*†		920,243		12,036,778
QUALCOMM, Inc.†		7,426		583,015
Rogers Corp.*†		60,067		4,106,781
Ruckus Wireless, Inc.*^(a)		629,803		8,174,843
SanDisk Corp.†^(a)		153,327		14,434,204
Sanmina Corp.*†		480,157		12,037,536
TE Connectivity Ltd. (Switzerland)		151,412		9,255,816
Universal Display Corp.*^(a)		186		5,818
Vishay Intertechnology, Inc.^(a)		953,444		12,881,028
Western Digital Corp.†		164,873		16,218,557
Zebra Technologies Corp., Class A*†		204,086		15,051,343

				313,489,026

Telecommunication Services — 2.4%
AT&T, Inc.^(a)		268,174		9,343,182
Atlantic Tele-Network, Inc.†		46,307		3,111,367
CenturyLink, Inc.†^(a)		319,926		13,270,530
Cincinnati Bell, Inc.*†^(a)		627,979		2,304,683


	Number of Shares			Value
COMMON STOCKS — (Continued)
Telecommunication Services — (Continued)
Frontier Communications Corp.^(a)		2,212,053		$	14,466,827
Intelsat SA*		157,479			3,064,541
Premiere Global Services, Inc.*†		3,744			39,200
Verizon Communications, Inc.†		213,536			10,730,184
Vonage Holdings Corp.*^(a)		2,357			8,202
Windstream Holdings, Inc.^(a)		1,338,746			14,030,058

					70,368,774

Transportation — 2.6%
American Airlines Group, Inc.†		53,949			2,230,791
ArcBest Corp.†^(a)		163,840			6,340,608
Con-way, Inc.†^(a)		453,599			19,672,589
Delta Air Lines, Inc.†		539,754			21,714,303
Expeditors International of Washington, Inc.†		1,684			71,839
Matson, Inc.†^(a)		145,261			4,138,486
Norfolk Southern Corp.†		84,654			9,366,119
Southwest Airlines Co.†		183,130			6,314,322
United Continental Holdings, Inc.*		57,960			3,060,868
United Parcel Service, Inc., Class B^(a)		14,575			1,529,063
Werner Enterprises, Inc.^(a)		6,457			177,826

					74,616,814

TOTAL COMMON STOCKS (Cost $3,390,911,641)					3,594,163,636

TOTAL LONG POSITIONS - 122.7% (Cost $3,390,911,641)					3,594,163,636


SHORT POSITIONS — (61.9)%
COMMON STOCKS — (61.4)%
Automobiles & Components — (0.2)%
Cooper-Standard Holding, Inc.*		(20,977	)		(1,144,925	)
Dorman Products, Inc.*		(72,253	)		(3,349,649	)
Drew Industries, Inc.*		(772	)		(37,102	)
Federal-Mogul Holdings Corp.*		(10,171	)		(158,769	)
Superior Industries International, Inc		(4,395	)		(85,746	)
Tesla Motors, Inc.*		(3,816	)		(922,327	)

					(5,698,518	)

Capital Goods — (6.4)%
Alliant Techsystems, Inc.		(40,922	)		(4,786,237	)
Altra Industrial Motion Corp.		(8,176	)		(257,708	)
Apogee Enterprises, Inc.		(114,251	)		(5,015,619	)
Applied Industrial Technologies, Inc.		(122,096	)		(5,959,506	)
Armstrong World Industries, Inc.*		(101,354	)		(4,907,561	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Astec Industries, Inc.		(55,355	)	$	(2,098,508	)
Astronics Corp.*		(27,033	)		(1,400,580	)
Babcock & Wilcox Co. (The)		(439,888	)		(12,580,797	)
Barnes Group, Inc.		(126,058	)		(4,608,680	)
Beacon Roofing Supply, Inc.*		(382,220	)		(10,576,027	)
Boeing Co. (The)		(79,759	)		(9,962,697	)
Brady Corp., Class A		(89,702	)		(2,138,496	)
CAE, Inc. (Canada)		(27,431	)		(354,409	)
CLARCOR, Inc.		(71,480	)		(4,786,301	)
Continental Building Products, Inc.*		(13,212	)		(194,745	)
Cubic Corp.		(98,372	)		(4,745,465	)
DigitalGlobe, Inc.*		(69,717	)		(1,993,209	)
Dycom Industries, Inc.*		(182,645	)		(5,733,227	)
EnerSys		(9,767	)		(613,368	)
Esterline Technologies Corp.*		(6,458	)		(756,296	)
Franklin Electric Co., Inc.		(102,839	)		(3,840,008	)
Gorman-Rupp Co. (The)*		(16,664	)		(528,915	)
Granite Construction, Inc.		(25,529	)		(942,275	)
Hyster-Yale Materials Handling, Inc.		(12,681	)		(995,332	)
II-VI, Inc.*		(202,448	)		(2,731,024	)
Kaman Corp.		(21,851	)		(940,904	)
Kennametal, Inc.		(254,185	)		(9,814,083	)
Lennox International, Inc.		(70,187	)		(6,241,028	)
MasTec, Inc.*		(203,754	)		(5,835,515	)
Middleby Corp. (The)*		(8,892	)		(786,942	)
MRC Global, Inc.*		(215,475	)		(4,531,439	)
Mueller Industries, Inc.		(129,978	)		(4,219,086	)
Nortek, Inc.*		(25,219	)		(2,100,238	)
Oshkosh Corp.		(29,213	)		(1,307,574	)
Powell Industries, Inc.		(27,187	)		(1,237,824	)
Power Solutions International, Inc.*		(53,983	)		(3,535,887	)
Primoris Services Corp.		(527	)		(15,135	)
Rexnord Corp.*		(61,629	)		(1,821,137	)
Rockwell Collins, Inc.		(67,836	)		(5,708,399	)
Sensata Technologies Holding NV (Netherlands)		(178,315	)		(8,703,555	)
SolarCity Corp.*		(146,000	)		(8,640,280	)
TAL International Group, Inc.		(51,471	)		(2,219,944	)
Taser International, Inc.*		(256,202	)		(4,826,846	)
Textainer Group Holdings Ltd. (Bermuda)		(30,359	)		(1,045,564	)
Titan International, Inc.		(356,591	)		(3,765,601	)
Triumph Group, Inc.		(98,928	)		(6,888,357	)
Tutor Perini Corp.*		(113,343	)		(3,174,737	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
WABCO Holdings, Inc.*		(28,022	)	$	(2,728,782	)
Wabtec Corp.		(40,010	)		(3,452,863	)
Watsco, Inc.		(5,824	)		(591,835	)

					(186,640,545	)

Commercial & Professional Services — (1.9)%
Acacia Research Corp.		(54,396	)		(979,128	)
Advisory Board Co. (The)*		(245,177	)		(13,158,650	)
Covanta Holding Corp.		(41,940	)		(925,616	)
Healthcare Services Group, Inc.		(190,727	)		(5,679,850	)
Herman Miller, Inc.		(204,508	)		(6,544,256	)
ICF International, Inc.*		(12,502	)		(454,323	)
Interface, Inc.		(227,525	)		(3,647,226	)
Kelly Services, Inc., Class A		(71,542	)		(1,261,285	)
Kforce, Inc.		(56,276	)		(1,302,789	)
Kimball International, Inc., Class B		(1,641	)		(20,974	)
Mistras Group, Inc.*		(36,333	)		(599,131	)
Paylocity Corp.*		(69,232	)		(1,696,184	)
Stericycle, Inc.*		(9,905	)		(1,248,030	)
US Ecology, Inc.		(153,108	)		(7,698,270	)
WageWorks, Inc.*		(193,394	)		(11,025,392	)

					(56,241,104	)

Consumer Durables & Apparel — (2.5)%
Callaway Golf Co.		(31,991	)		(250,809	)
Carter’s, Inc.		(15,732	)		(1,229,141	)
Crocs, Inc.*		(131,599	)		(1,537,076	)
DR Horton, Inc.		(367,628	)		(8,378,242	)
Gildan Activewear, Inc. (Canada)		(137,994	)		(8,228,582	)
Hovnanian Enterprises, Inc., Class A*		(558,789	)		(2,101,047	)
Kate Spade & Co.*		(88,680	)		(2,405,888	)
KB Home		(739,755	)		(11,643,744	)
MDC Holdings, Inc.		(439,014	)		(10,720,722	)
Meritage Homes Corp.*		(309,742	)		(11,395,408	)
Ryland Group, Inc. (The)		(137,079	)		(4,908,799	)
Standard Pacific Corp.*		(371,652	)		(2,750,225	)
Taylor Morrison Home Corp., Class A*		(206,127	)		(3,553,629	)
William Lyon Homes, Class A*		(130,787	)		(3,094,420	)

					(72,197,732	)

Consumer Services — (4.2)%
2U, Inc.*		(41,443	)		(754,263	)
Bloomin’ Brands, Inc.*		(488,520	)		(9,237,913	)
Bob Evans Farms, Inc.		(222,405	)		(10,864,484	)
Churchill Downs, Inc.		(26,848	)		(2,737,959	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
ClubCorp Holdings, Inc.		(144,086	)	$	(2,746,279	)
Fiesta Restaurant Group, Inc.*		(26,622	)		(1,468,203	)
Grand Canyon Education, Inc.*		(42,015	)		(2,012,519	)
International Speedway Corp., Class A		(91,293	)		(2,860,210	)
Krispy Kreme Doughnuts, Inc.*		(440,959	)		(8,342,944	)
Life Time Fitness, Inc.*		(193,915	)		(10,814,640	)
LifeLock, Inc.*		(410,483	)		(6,941,268	)
MGM Resorts International*		(156,671	)		(3,642,601	)
Noodles & Co.*		(20,720	)		(473,038	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(180,946	)		(7,056,894	)
Papa John’s International, Inc.		(102,894	)		(4,811,323	)
Penn National Gaming, Inc.*		(475,477	)		(6,223,994	)
Pinnacle Entertainment, Inc.*		(354,579	)		(9,087,860	)
Popeyes Louisiana Kitchen, Inc.*		(77,189	)		(3,577,710	)
Red Robin Gourmet Burgers, Inc.*		(177,163	)		(9,738,650	)
Service Corp. International		(256,741	)		(5,614,926	)
Sonic Corp.		(204,807	)		(5,163,184	)
Texas Roadhouse, Inc.		(266,014	)		(7,679,824	)
Zoe’s Kitchen, Inc.*		(25,223	)		(919,631	)

					(122,770,317	)

Food & Staples Retailing — (1.2)%
Casey’s General Stores, Inc.		(140,759	)		(11,523,939	)
Kroger Co. (The)		(153,728	)		(8,564,187	)
PriceSmart, Inc.		(5,169	)		(460,196	)
SpartanNash Co.		(120,591	)		(2,702,444	)
United Natural Foods, Inc.*		(188,652	)		(12,832,109	)

					(36,082,875	)

Food, Beverage & Tobacco — (2.0)%
Boston Beer Co., Inc. (The), Class A*		(20,131	)		(5,012,619	)
Boulder Brands, Inc.*		(242,962	)		(2,157,503	)
Brown-Forman Corp., Class B		(10,445	)		(967,938	)
Darling Ingredients, Inc.*		(632,894	)		(11,138,934	)
Dean Foods Co.		(353,278	)		(5,196,719	)
Hain Celestial Group, Inc. (The)*		(17,697	)		(1,915,700	)
Hershey Co. (The)		(46,003	)		(4,412,148	)
J&J Snack Foods Corp.		(330	)		(34,000	)
JM Smucker Co. (The)		(11,792	)		(1,226,368	)
Mead Johnson Nutrition Co.		(25,047	)		(2,487,418	)
Post Holdings, Inc.*		(380,831	)		(14,281,163	)
TreeHouse Foods, Inc.*		(86,544	)		(7,370,952	)
WhiteWave Foods Co.*		(85,062	)		(3,166,858	)

					(59,368,320	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (6.1)%
Acadia Healthcare Co., Inc.*		(121,028	)	$	(7,509,787	)
Accuray, Inc.*		(222,489	)		(1,408,355	)
Adeptus Health, Inc., Class A*		(12,996	)		(431,207	)
Alere, Inc.*		(40,298	)		(1,610,711	)
Allscripts Healthcare Solutions, Inc.*		(550,231	)		(7,549,169	)
Analogic Corp.		(17,415	)		(1,270,250	)
athenahealth, Inc.*		(66,511	)		(8,147,596	)
Bio-Reference Laboratories, Inc.*		(64,714	)		(1,944,009	)
BioScrip, Inc.*		(196,351	)		(1,268,427	)
Capital Senior Living Corp.*		(92,730	)		(2,086,425	)
Cardiovascular Systems, Inc.*		(151,482	)		(4,695,942	)
Cerner Corp.*		(24,513	)		(1,552,653	)
Community Health Systems, Inc.*		(144,863	)		(7,963,119	)
CONMED Corp.		(9,072	)		(380,933	)
Cooper Cos., Inc. (The)		(8,435	)		(1,382,497	)
Endologix, Inc.*		(341,685	)		(3,895,209	)
Ensign Group, Inc. (The)		(3,542	)		(137,146	)
ExamWorks Group, Inc.*		(168,568	)		(6,537,067	)
Hanger, Inc.*		(304,281	)		(7,281,444	)
Healthways, Inc.*		(94,175	)		(1,459,713	)
HeartWare International, Inc.*		(57,363	)		(4,423,835	)
Henry Schein, Inc.*		(12,687	)		(1,522,821	)
Insulet Corp.*		(92,536	)		(3,994,779	)
K2M Group Holdings, Inc.*		(971	)		(15,633	)
LDR Holding Corp.*		(77,653	)		(2,674,369	)
LifePoint Hospitals, Inc.*		(76,659	)		(5,366,130	)
McKesson Corp.		(1,345	)		(273,586	)
Medidata Solutions, Inc.*		(190,261	)		(8,582,674	)
MWI Veterinary Supply, Inc.*		(58,469	)		(9,919,558	)
National Healthcare Corp.		(1,689	)		(101,864	)
Neogen Corp.*		(105,583	)		(4,635,094	)
Novadaq Technologies, Inc. (Canada)*		(258,796	)		(4,042,394	)
NuVasive, Inc.*		(10,882	)		(445,074	)
NxStage Medical, Inc.*		(227,777	)		(3,453,099	)
Omnicell, Inc.*		(29,934	)		(967,168	)
Owens & Minor, Inc.		(14,803	)		(493,236	)
Patterson Cos., Inc.		(121,681	)		(5,245,668	)
Providence Service Corp. (The)*		(5,007	)		(221,209	)
Quidel Corp.*		(114,727	)		(3,275,456	)
Sirona Dental Systems, Inc.*		(60,749	)		(4,771,834	)
Spectranetics Corp.*		(252,803	)		(8,031,551	)
STERIS Corp.		(11,052	)		(683,014	)
Surgical Care Affiliates, Inc.*		(19,434	)		(596,235	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Tenet Healthcare Corp.*		(95,902	)	$	(5,375,307	)
Tornier NV (Netherlands)		(163,385	)		(4,566,611	)
Veeva Systems, Inc., Class A*		(198,956	)		(5,924,910	)
Volcano Corp.*		(309,823	)		(3,135,409	)
West Pharmaceutical Services, Inc		(57,242	)		(2,933,653	)
Wright Medical Group, Inc.*		(389,719	)		(12,322,915	)
Zeltiq Aesthetics, Inc.*		(116,378	)		(2,983,932	)

					(179,490,677	)

Household & Personal Products — (0.2)%
Elizabeth Arden, Inc.*		(16,108	)		(264,171	)
Revlon, Inc., Class A*		(28,456	)		(976,041	)
Spectrum Brands Holdings, Inc.		(36,409	)		(3,298,291	)

					(4,538,503	)

Media — (1.6)%
AMC Entertainment Holdings, Inc.,
Class A		(8,469	)		(215,113	)
AMC Networks, Inc., Class A*		(69,651	)		(4,224,333	)
Carmike Cinemas, Inc.*		(10,619	)		(340,339	)
Charter Communications, Inc., Class A*		(55,750	)		(8,830,242	)
DreamWorks Animation SKG, Inc., Class A*		(138,742	)		(3,091,172	)
EW Scripps Co. (The), Class A*		(327,177	)		(6,281,798	)
Gray Television, Inc.*		(321,897	)		(2,974,328	)
Live Nation Entertainment, Inc.*		(220,249	)		(5,726,474	)
Madison Square Garden Co. (The), Class A*		(29,514	)		(2,235,981	)
MDC Partners, Inc., Class A (Canada)		(110,544	)		(2,288,261	)
National CineMedia, Inc.		(138,671	)		(2,204,869	)
Rentrak Corp.*		(30,388	)		(2,335,926	)
Scholastic Corp.		(108,811	)		(3,787,711	)
SFX Entertainment, Inc.*		(198,976	)		(1,022,737	)
World Wrestling Entertainment, Inc., Class A		(201,729	)		(2,491,353	)

					(48,050,637	)

Pharmaceuticals, Biotechnology & Life Sciences — (8.0)%
ACADIA Pharmaceuticals, Inc.*		(6,182	)		(171,241	)
Acceleron Pharma, Inc.*		(146,567	)		(5,420,048	)
Achillion Pharmaceuticals, Inc.*		(104,992	)		(1,233,656	)
Agios Pharmaceuticals, Inc.*		(67,422	)		(5,665,471	)
Akorn, Inc.*		(307,376	)		(13,693,601	)
Albany Molecular Research, Inc.*		(247,706	)		(5,761,642	)
Alkermes PLC (Ireland)*		(74,092	)		(3,745,351	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
AMAG Pharmaceuticals, Inc.*		(48,550	)	$	(1,602,635	)
Arena Pharmaceuticals, Inc.*		(1,794,726	)		(7,825,005	)
ARIAD Pharmaceuticals, Inc.*		(304,045	)		(1,812,108	)
Auspex Pharmaceuticals, Inc.*		(7,812	)		(211,705	)
AVANIR Pharmaceuticals, Inc.*		(538,224	)		(6,964,619	)
BioDelivery Sciences International, Inc.*		(384,333	)		(6,687,394	)
Bluebird Bio, Inc.*		(47,557	)		(1,996,918	)
Bristol-Myers Squibb Co.		(92,833	)		(5,401,952	)
Catalent, Inc.*		(3,402	)		(88,554	)
Celldex Therapeutics, Inc.*		(421,180	)		(7,054,765	)
Cepheid*		(101,950	)		(5,404,369	)
Charles River Laboratories International, Inc.*		(20,032	)		(1,265,221	)
Chimerix, Inc.*		(151,075	)		(4,689,368	)
Clovis Oncology, Inc.*		(26,796	)		(1,598,649	)
Eli Lilly & Co.		(98,736	)		(6,549,159	)
Emergent Biosolutions, Inc.*		(148,587	)		(3,361,038	)
Fluidigm Corp.*		(200,247	)		(5,807,163	)
Genomic Health, Inc.*		(88,525	)		(3,216,999	)
Halozyme Therapeutics, Inc.*		(529,576	)		(5,094,521	)
ImmunoGen, Inc.*		(682,141	)		(6,316,626	)
Impax Laboratories, Inc.*		(40,809	)		(1,182,237	)
Incyte Corp.*		(68,839	)		(4,616,343	)
Infinity Pharmaceuticals, Inc.*		(11,236	)		(153,034	)
Insmed, Inc.*		(25,533	)		(362,313	)
Intrexon Corp.*		(95,413	)		(2,129,618	)
Ironwood Pharmaceuticals, Inc.*		(256,989	)		(3,602,986	)
Isis Pharmaceuticals, Inc.*		(76,823	)		(3,538,467	)
Jazz Pharmaceuticals PLC (Ireland)*		(1,858	)		(313,705	)
Karyopharm Therapeutics, Inc.*		(44,718	)		(1,837,015	)
Kite Pharma, Inc.*		(94,062	)		(3,479,353	)
KYTHERA Biopharmaceuticals, Inc.*		(55,468	)		(1,955,247	)
Lexicon Pharmaceuticals, Inc.*		(100,747	)		(146,083	)
Medicines Co. (The)*		(273,891	)		(6,934,920	)
Momenta Pharmaceuticals, Inc.*		(335,041	)		(3,655,297	)
Mylan, Inc.*		(252	)		(13,495	)
Neurocrine Biosciences, Inc.*		(411,489	)		(7,620,776	)
Novavax, Inc.*		(1,661,090	)		(9,302,104	)
Ophthotech Corp.*		(110,673	)		(4,617,278	)
Orexigen Therapeutics, Inc.*		(576,524	)		(2,340,687	)
Pacira Pharmaceuticals, Inc.*		(7,769	)		(721,119	)
Perrigo Co. PLC (Ireland)		(5,739	)		(926,562	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Pharmacyclics, Inc.*		(43,991	)	$	(5,748,304	)
Portola Pharmaceuticals, Inc.*		(9,773	)		(278,531	)
PTC Therapeutics, Inc.*		(150,555	)		(6,153,183	)
Puma Biotechnology, Inc.*		(634	)		(158,880	)
Receptos, Inc.*		(59,077	)		(6,123,331	)
Relypsa, Inc.*		(170,197	)		(3,500,952	)
Repligen Corp.*		(177,929	)		(4,487,369	)
Sage Therapeutics, Inc.*		(39,336	)		(1,538,824	)
Sangamo BioSciences, Inc.*		(103,164	)		(1,252,411	)
Synageva BioPharma Corp.*		(92,828	)		(7,030,793	)
Techne Corp.		(16,272	)		(1,481,566	)
TESARO, Inc.*		(182,230	)		(5,069,639	)
TherapeuticsMD, Inc.*		(5,470	)		(24,287	)
Theravance Biopharma, Inc. (Cayman Islands)*		(121,017	)		(2,214,611	)
Ultragenyx Pharmaceutical, Inc.*		(7,112	)		(334,335	)
Vertex Pharmaceuticals, Inc.*		(60,277	)		(6,789,601	)
Zoetis, Inc.		(39,504	)		(1,467,969	)
ZS Pharma, Inc.*		(109,176	)		(4,107,201	)

					(235,850,204	)

Retailing — (5.9)%
Advance Auto Parts, Inc.		(77,593	)		(11,403,067	)
Amazon.com, Inc.*		(40,419	)		(12,346,388	)
Ascena Retail Group, Inc.*		(717,951	)		(8,938,490	)
CarMax, Inc.*		(209,108	)		(11,691,228	)
CST Brands, Inc.		(250,406	)		(9,578,030	)
Groupon, Inc.*		(1,339,187	)		(9,789,457	)
JC Penney Co., Inc.*		(493,845	)		(3,758,160	)
LKQ Corp.*		(135,475	)		(3,870,521	)
Lumber Liquidators Holdings, Inc.*		(209,139	)		(11,245,404	)
Mattress Firm Holding Corp.*		(7,395	)		(467,290	)
Men’s Wearhouse, Inc. (The)		(281,279	)		(13,228,551	)
Monro Muffler Brake, Inc.		(42,169	)		(2,253,511	)
Netflix, Inc.*		(11,127	)		(4,370,352	)
Nordstrom, Inc.		(42,421	)		(3,080,189	)
Office Depot, Inc.*		(1,330,525	)		(6,945,341	)
Pep Boys-Manny Moe & Jack (The)*		(98,953	)		(943,022	)
Performance Sports Group Ltd.*		(55,154	)		(950,303	)
Pier 1 Imports, Inc.		(363,244	)		(4,685,848	)
Rent-A-Center, Inc.		(64,616	)		(2,001,158	)
Restoration Hardware Holdings, Inc.* .		(74,852	)		(6,012,113	)
RetailMeNot, Inc.*		(199,154	)		(4,194,183	)
Select Comfort Corp.*		(109,094	)		(2,802,625	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Shutterfly, Inc.*		(101,197	)	$	(4,233,071	)
Signet Jewelers Ltd.		(98,824	)		(11,859,868	)
Stage Stores, Inc		(51,815	)		(874,119	)
Stein Mart, Inc.		(21,632	)		(289,436	)
Tuesday Morning Corp.*		(259,144	)		(5,283,946	)
Vitamin Shoppe, Inc.*		(264,484	)		(12,412,234	)
Wayfair, Inc., Class A*		(81,267	)		(2,039,802	)

					(171,547,707	)

Semiconductors & Semiconductor Equipment — (2.8)%
Advanced Micro Devices, Inc.*		(1,667,791	)		(4,669,815	)
Analog Devices, Inc.		(132,645	)		(6,581,845	)
Applied Micro Circuits Corp.*		(259,394	)		(1,678,279	)
Avago Technologies Ltd. (Singapore)		(61,996	)		(5,347,155	)
Brooks Automation, Inc.		(240,539	)		(2,965,846	)
Cree, Inc.*		(338,759	)		(10,664,133	)
Entegris, Inc.*		(589,628	)		(8,007,148	)
First Solar, Inc.*		(33,160	)		(1,953,124	)
GT Advanced Technologies, Inc.*		(390,750	)		(236,404	)
M/A-COM Technology Solutions Holdings, Inc.*		(89,285	)		(1,963,377	)
Microsemi Corp.*		(338,664	)		(8,828,970	)
PMC-Sierra, Inc.*		(606,782	)		(4,726,832	)
Spansion, Inc., Class A*		(440,836	)		(9,072,405	)
SunEdison, Inc.*		(34,697	)		(676,938	)
Ultratech, Inc.*		(190,678	)		(3,647,670	)
Veeco Instruments, Inc.*		(321,598	)		(11,574,312	)

					(82,594,253	)

Software & Services — (10.5)%
Adobe Systems, Inc.*		(150,380	)		(10,544,646	)
Autodesk, Inc.*		(186,228	)		(10,715,559	)
Barracuda Networks, Inc.*		(17,962	)		(577,478	)
Benefitfocus, Inc.*		(60,641	)		(1,680,362	)
Blackhawk Network Holdings, Inc., Class B*		(221,351	)		(7,393,123	)
Blucora, Inc.*		(25,869	)		(438,480	)
Bottomline Technologies de, Inc.*		(176,299	)		(4,423,342	)
BroadSoft, Inc.*		(169,146	)		(3,873,443	)
CommVault Systems, Inc.*		(170,254	)		(7,549,062	)
comScore, Inc.*		(153,777	)		(6,480,163	)
Concur Technologies, Inc.*		(4,708	)		(604,131	)
Convergys Corp.		(490,385	)		(9,891,065	)
CoreLogic, Inc.*		(153,582	)		(4,817,867	)
Cornerstone OnDemand, Inc.*		(311,998	)		(11,316,167	)
CoStar Group, Inc.*		(1,351	)		(217,633	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cvent, Inc.*		(117,361	)	$	(3,044,344	)
Dealertrack Technologies, Inc.*		(116,433	)		(5,478,173	)
Demandware, Inc.*		(55,834	)		(3,347,248	)
Digital River, Inc.*		(16,432	)		(420,166	)
Ellie Mae, Inc.*		(174,084	)		(6,681,344	)
Envestnet, Inc.*		(99,586	)		(4,423,610	)
Equinix, Inc.		(8,179	)		(1,708,593	)
FireEye, Inc.*		(243,859	)		(8,288,767	)
Fleetmatics Group PLC (Ireland)*		(20,583	)		(764,453	)
Forrester Research, Inc.		(6,253	)		(251,871	)
Fortinet, Inc.*		(236,719	)		(6,166,530	)
Global Eagle Entertainment, Inc.*		(64,042	)		(783,234	)
Global Payments, Inc.		(1,723	)		(138,702	)
Heartland Payment Systems, Inc.		(20,492	)		(1,058,412	)
Imperva, Inc.*		(88,301	)		(3,617,692	)
Infoblox, Inc.*		(271,826	)		(4,387,272	)
Interactive Intelligence Group, Inc.*		(116,718	)		(5,632,811	)
Jive Software, Inc.*		(292,602	)		(1,787,798	)
LinkedIn Corp., Class A*		(406	)		(92,958	)
LivePerson, Inc.*		(226,520	)		(3,261,888	)
LogMeIn, Inc.*		(74,456	)		(3,577,611	)
Manhattan Associates, Inc.*		(134,963	)		(5,413,366	)
Marketo, Inc.*		(276,856	)		(8,934,143	)
MicroStrategy, Inc.*		(13,651	)		(2,196,173	)
MobileIron, Inc.*		(101,531	)		(1,021,402	)
Move, Inc.*		(214,105	)		(4,485,500	)
NetSuite, Inc.*		(56,406	)		(6,129,076	)
Nuance Communications, Inc.*		(838,683	)		(12,940,879	)
Paycom Software, Inc.*		(64,565	)		(1,146,029	)
Proofpoint, Inc.*		(77,084	)		(3,394,779	)
PROS Holdings, Inc.*		(83,384	)		(2,333,084	)
Qlik Technologies, Inc.*		(55,839	)		(1,583,036	)
Qualys, Inc.*		(13,265	)		(425,541	)
Rackspace Hosting, Inc.*		(322,402	)		(12,367,341	)
RealPage, Inc.*		(283,981	)		(5,642,702	)
Sapient Corp.*		(264,740	)		(4,585,297	)
Shutterstock, Inc.		(117,580	)		(9,143,021	)
Silver Spring Networks, Inc.*		(114,505	)		(1,096,958	)
Splunk, Inc.		(73,629	)		(4,865,404	)
SPS Commerce, Inc.*		(2,056	)		(119,865	)
Tableau Software, Inc., Class A*		(72,938	)		(6,023,949	)
Tangoe, Inc.*		(9,110	)		(133,644	)
TIBCO Software, Inc.*		(535,365	)		(12,511,480	)
Twitter, Inc.*		(217,849	)		(9,034,198	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Vantiv, Inc., Class A*		(158,617	)	$	(4,904,438	)
Varonis Systems, Inc.*		(54,118	)		(1,054,219	)
Verint Systems, Inc.*		(195,921	)		(11,263,498	)
Vistaprint NV (Netherlands)		(66,791	)		(4,465,646	)
Web.com Group, Inc.*		(4,429	)		(90,927	)
Workday, Inc., Class A*		(33,218	)		(3,171,655	)
Xoom Corp.*		(30,538	)		(461,124	)
Yelp, Inc.*		(129,200	)		(7,752,000	)
Zendesk, Inc.*		(70,160	)		(1,824,160	)
Zillow, Inc., Class A*		(8,203	)		(891,912	)
Zynga, Inc., Class A*		(3,744,657	)		(9,548,875	)

					(306,391,319	)

Technology Hardware & Equipment — (3.8)%
ADTRAN, Inc.		(11,707	)		(248,305	)
Amphenol Corp., Class A		(19,299	)		(976,143	)
Avnet, Inc.		(24,375	)		(1,054,219	)
Badger Meter, Inc.		(16,132	)		(918,233	)
Belden, Inc.		(76,388	)		(5,438,062	)
Benchmark Electronics, Inc.*		(86,130	)		(2,043,004	)
BlackBerry Ltd. (Canada)*		(623,215	)		(6,543,758	)
CalAmp Corp.*		(94,360	)		(1,819,261	)
Celestica, Inc. (Canada)*		(148,617	)		(1,631,815	)
Ciena Corp.*		(362,065	)		(6,068,209	)
Cray, Inc.*		(252,622	)		(8,755,879	)
Electronics For Imaging, Inc.*		(175,591	)		(8,028,021	)
FARO Technologies, Inc.*		(7,467	)		(418,152	)
Finisar Corp.*		(563,781	)		(9,426,418	)
Infinera Corp.*		(352,968	)		(5,128,625	)
Ingram Micro, Inc., Class A*		(85,548	)		(2,296,108	)
Ixia*		(308,309	)		(2,969,016	)
Jabil Circuit, Inc.		(61,487	)		(1,288,153	)
MTS Systems Corp.		(39,910	)		(2,634,459	)
Nimble Storage, Inc.*		(188,715	)		(5,163,242	)
Plantronics, Inc.		(26,997	)		(1,400,334	)
Plexus Corp.*		(27,208	)		(1,125,051	)
Riverbed Technology, Inc.*		(119,019	)		(2,260,171	)
ScanSource, Inc.*		(24,421	)		(932,394	)
Sonus Networks, Inc.*		(2,065,455	)		(7,167,129	)
Super Micro Computer, Inc.*		(9,020	)		(288,279	)
SYNNEX Corp.*		(179,346	)		(12,407,156	)
ViaSat, Inc.*		(207,394	)		(12,991,160	)

					(111,420,756	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Telecommunication Services — (1.5)%
8X8, Inc.*		(670,064	)	$	(5,266,703	)
Arista Networks, Inc.*		(2,174	)		(176,637	)
Cogent Communications Holdings, Inc.		(146,420	)		(4,969,495	)
Iridium Communications, Inc.*		(510,004	)		(4,845,038	)
RingCentral, Inc., Class A*		(376,905	)		(4,952,532	)
SBA Communications Corp., Class A*.		(49,797	)		(5,593,697	)
Sprint Corp.*		(373,052	)		(2,212,198	)
T-Mobile US, Inc.*		(325,635	)		(9,505,286	)
tw telecom, Inc.*		(82,498	)		(3,529,264	)
United States Cellular Corp.*		(90,420	)		(3,293,096	)

					(44,343,946	)

Transportation — (2.6)%
Allegiant Travel Co.*		(76,957	)		(10,271,451	)
Atlas Air Worldwide Holdings, Inc.*		(180,077	)		(6,648,443	)
Canadian Pacific Railway Ltd. (Canada)		(2,542	)		(527,923	)
FedEx Corp.		(4,814	)		(805,864	)
Genesee & Wyoming, Inc., Class A*		(80,051	)		(7,700,906	)
Heartland Express, Inc.		(284,215	)		(7,145,165	)
Hub Group, Inc., Class A*		(106,752	)		(3,874,030	)
JetBlue Airways Corp.*		(851,883	)		(9,830,730	)
Kansas City Southern		(19,593	)		(2,405,824	)
Knight Transportation, Inc.		(101,645	)		(2,974,133	)
Marten Transport Ltd.		(30,059	)		(589,758	)
Roadrunner Transportation Systems, Inc.*		(140,166	)		(2,888,821	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Ryder System, Inc.		(25,070	)	$	(2,217,943	)
Saia, Inc.*		(20,100	)		(985,302	)
Spirit Airlines, Inc.*		(27,051	)		(1,977,699	)
Universal Truckload Services, Inc.		(27,966	)		(736,065	)
UTi Worldwide, Inc. (British Virgin Islands)		(800,303	)		(8,747,312	)
Wesco Aircraft Holdings, Inc.*		(296,910	)		(5,270,153	)

					(75,597,522	)

TOTAL COMMON STOCK (Proceeds $1,749,573,115)					(1,798,824,935	)

EXCHANGE TRADED FUNDS — (0.5)%
SPDR S&P 500 ETF Trust		(68,729	)		(13,859,890	)

TOTAL EXCHANGE TRADED FUNDS (Proceeds $13,085,369)					(13,859,890	)

TOTAL SECURITES SOLD SHORT-(61.9)% (Proceeds $1,762,658,484)					(1,812,684,825	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 39.2%					1,148,041,438

NET ASSETS - 100.0%				$	2,929,520,249

*	Non-income producing.

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (see Note 5 of the Notes to Financial Statements)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
LONG POSITIONS - 144.1%
COMMON STOCKS — 144.1%
Automobiles & Components — 1.8%
Delphi Automotive PLC (Jersey)†		1,054	$	72,705
Ford Motor Co.†		172		2,423
General Motors Co.†		83		2,606
Goodyear Tire & Rubber Co. (The)†		978		23,697
Johnson Controls, Inc.		30		1,418

				102,849

Banks — 3.2%
BB&T Corp.†		31		1,174
Citigroup, Inc.†		134		7,173
Fifth Third Bancorp†		1,342		26,827
Huntington Bancshares, Inc.†		36		357
JPMorgan Chase & Co.†		1,597		96,587
KeyCorp.†		38		502
M&T Bank Corp.†		2		244
PNC Financial Services Group, Inc. (The)		314		27,126
Regions Financial Corp.†		676		6,713
SunTrust Banks, Inc.		23		900
US Bancorp†		79		3,365
Wells Fargo & Co.†		313		16,617

				187,585

Capital Goods — 19.2%
3M Co.†		305		46,900
Allegion PLC (Ireland)		4		212
AMETEK, Inc.		10		522
Boeing Co. (The)		31		3,872
Caterpillar, Inc.†		1,051		106,582
Cummins, Inc.		8		1,169
Danaher Corp.†		31		2,492
Dover Corp.†		587		46,631
Eaton Corp. PLC (Ireland)		21		1,436
Emerson Electric Co.†		750		48,045
Flowserve Corp.		451		30,663
Fluor Corp.†^(a)		560		37,150
General Dynamics Corp.†		1,177		164,498
Honeywell International, Inc.†		35		3,364
Illinois Tool Works, Inc.†		798		72,658
Ingersoll-Rand PLC (Ireland)		191		11,960
Jacobs Engineering Group, Inc.*†		473		22,444
Joy Global, Inc.^(a)		5		263
L-3 Communications Holdings, Inc.†		301		36,559
Lockheed Martin Corp.†		279		53,169
Masco Corp.†		1,244		27,455
Northrop Grumman Corp.†		733		101,125


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Parker-Hannifin Corp.†		255	$	32,393
Pentair PLC (Ireland)†		9		603
Precision Castparts Corp.		199		43,919
Raytheon Co.†		1,095		113,749
Rockwell Automation, Inc.†		377		42,356
Snap-on, Inc.†		3		396
Stanley Black & Decker, Inc.		6		562
United Technologies Corp.		40		4,280
WW Grainger, Inc.†^(a)		243		59,972

				1,117,399

Commercial & Professional Services — 0.3%
Dun & Bradstreet Corp. (The)†		2		246
Equifax, Inc.		5		379
Pitney Bowes, Inc.†		720		17,813
Republic Services, Inc.†		6		230
Robert Half International, Inc.†		6		329
Tyco International Ltd. (Switzerland)		20		859
Waste Management, Inc.†		17		831

				20,687

Consumer Durables & Apparel — 2.6%
Coach, Inc.†		977		33,589
Fossil Group, Inc.*†		3		305
Garmin Ltd. (Switzerland)		678		37,615
Leggett & Platt, Inc.		6		236
Newell Rubbermaid, Inc.†		955		31,830
PVH Corp.†		3		343
Whirlpool Corp.†		278		47,830

				151,748

Consumer Services — 0.7%
Carnival Corp. (Panama)		34		1,365
McDonald’s Corp.†		43		4,030
Starwood Hotels & Resorts Worldwide, Inc.		8		613
Wyndham Worldwide Corp.†		438		34,019

				40,027

Diversified Financials — 7.7%
American Express Co.†		6		540
Ameriprise Financial, Inc.		8		1,009
Bank of New York Mellon Corp. (The)		21		813
Capital One Financial Corp.†		935		77,390
Discover Financial Services†		994		63,397
Franklin Resources, Inc.†		2,214		123,121
Goldman Sachs Group, Inc. (The)†		560		106,394

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
McGraw Hill Financial, Inc.†		236	$	21,353
Moody’s Corp.†		9		893
NASDAQ OMX Group, Inc. (The)†		599		25,913
Navient Corp.†		1,457		28,819

				449,642

Energy — 11.9%
Anadarko Petroleum Corp.		22		2,019
Apache Corp.†		1,359		104,915
Baker Hughes, Inc.†		1,535		81,294
Cameron International Corp.*		164		9,766
Chesapeake Energy Corp.		29		643
Diamond Offshore Drilling, Inc.		5		189
FMC Technologies, Inc.*		11		616
Marathon Petroleum Corp.†		1,013		92,082
Nabors Industries Ltd. (Bermuda)		12		214
National Oilwell Varco, Inc.†		1,530		111,139
Newfield Exploration Co*		6		196
Phillips 66†		1,962		154,017
QEP Resources, Inc.		7		175
Schlumberger Ltd. (Curacao)		57		5,624
Tesoro Corp.†		459		32,777
Transocean Ltd. (Switzerland)		13		388
Valero Energy Corp.†		1,883		94,320

				690,374

Food & Staples Retailing — 0.8%
CVS Health Corp.†		49		4,205
Sysco Corp.†^(a)		26		1,002
Walgreen Co.		42		2,697
Wal-Mart Stores, Inc.		490		37,372

				45,276

Food, Beverage & Tobacco — 11.4%
Altria Group, Inc.†		1,658		80,148
Archer-Daniels-Midland Co.†		2,302		108,194
Coca-Cola Enterprises, Inc.		861		37,324
Dr Pepper Snapple Group, Inc.†		691		47,852
Kellogg Co.†		1,254		80,206
Kraft Foods Group, Inc.†		21		1,183
Lorillard, Inc.†		1,266		77,859
PepsiCo, Inc.†		150		14,426
Philip Morris International, Inc.†		1,278		113,755
Reynolds American, Inc.†		740		46,553
Tyson Foods, Inc., Class A†		1,324		53,423

				660,923


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — 12.5%
Aetna, Inc.†		1,250	$	103,138
Becton Dickinson and Co.		7		901
CareFusion Corp.*†		11		631
Cigna Corp.†		945		94,094
CR Bard, Inc.†		3		492
Express Scripts Holding Co.*		33		2,535
Humana, Inc.†		549		76,229
Laboratory Corp. of America Holdings*†		243		26,557
Medtronic, Inc.†		546		37,215
Quest Diagnostics, Inc.^(a)		515		32,682
St Jude Medical, Inc.†		12		770
Stryker Corp.		16		1,400
UnitedHealth Group, Inc.†		1,357		128,929
Varian Medical Systems, Inc.*		358		30,115
WellPoint, Inc.†		959		121,496
Zimmer Holdings, Inc.†		601		66,855

				724,039

Household & Personal Products — 3.3%
Avon Products, Inc.†		1,545		16,068
Clorox Co. (The)†		459		45,671
Colgate-Palmolive Co.		40		2,675
Kimberly-Clark Corp.†		1,026		117,241
Procter & Gamble Co. (The)†		119		10,385

				192,040

Insurance — 10.8%
Ace Ltd. (Switzerland)†		14		1,530
Aflac, Inc.†		1,601		95,628
Allstate Corp. (The)†		1,489		96,562
American International Group, Inc.†		853		45,695
Assurant, Inc.†		254		17,328
Genworth Financial, Inc., Class A*†		1,765		24,692
Hartford Financial Services Group, Inc. (The)		10		396
Lincoln National Corp.†		926		50,708
Marsh & McLennan Cos, Inc.		1,925		104,662
MetLife, Inc.†		819		44,423
Principal Financial Group, Inc.		11		576
Progressive Corp. (The)†		26		687
Prudential Financial, Inc.		6		531
Travelers Cos, Inc. (The)†		1,156		116,525
Unum Group†		906		30,315

				630,258

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — 10.1%
Alcoa, Inc.		3,581	$	60,018
Avery Dennison Corp.		309		14,477
Ball Corp.†		492		31,700
Bemis Co, Inc.^(a)		356		13,695
CF Industries Holdings, Inc.†		177		46,020
Dow Chemical Co. (The)		1,313		64,862
Eastman Chemical Co.†		93		7,513
International Paper Co.†		1,519		76,892
Lyondellbasell Industries NV, Class A (Netherlands)†		1,789		163,926
MeadWestvaco Corp.		7		309
Monsanto Co.		20		2,301
Newmont Mining Corp.		1,442		27,052
Nucor Corp.		13		703
Owens-Illinois, Inc.*†		586		15,101
PPG Industries, Inc.		6		1,222
Praxair, Inc.		12		1,512
Sealed Air Corp.		748		27,115
Sherwin-Williams Co. (The)		136		31,220

				585,638

Media — 4.2%
Cablevision Systems Corp., Class A		12		223
Comcast Corp., Class A†		114		6,310
DIRECTV*†		505		43,829
Gannett Co., Inc.		800		25,200
Interpublic Group of Cos, Inc. (The)†		593		11,498
Omnicom Group, Inc.†^(a)		869		62,446
Time Warner, Inc.†		38		3,020
Viacom, Inc., Class B†		1,228		89,251

				241,777

Pharmaceuticals, Biotechnology & Life Sciences — 2.4%
AbbVie, Inc.†		60		3,808
Eli Lilly & Co.		47		3,118
Gilead Sciences, Inc.*		70		7,840
Johnson & Johnson†		862		92,906
Mallinckrodt PLC (Ireland)*		2		184
Pfizer, Inc.†		1,017		30,459
Waters Corp.*		1		111

				138,426

Retailing — 10.3%
AutoZone, Inc.*†		110		60,887
Bed Bath & Beyond, Inc.*†		668		44,983
Best Buy Co., Inc.†		16		546


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Dollar General Corp.*†		13	$	815
Dollar Tree, Inc.*†		10		606
Family Dollar Stores, Inc.		5		391
GameStop Corp., Class A^(a)		5		214
Gap, Inc. (The)†		1,542		58,426
Genuine Parts Co.†		136		13,203
Home Depot, Inc. (The)†		986		96,155
Kohl’s Corp.†		728		39,472
L Brands, Inc.†		12		865
Lowe’s Cos, Inc.†		2,431		139,053
Macy’s, Inc.†		1,256		72,622
O’Reilly Automotive, Inc.*†		4		704
PetSmart, Inc.†^(a)		353		25,540
Ross Stores, Inc.†		59		4,762
Target Corp.†		623		38,514
TJX Cos, Inc. (The)†		31		1,963
Urban Outfitters, Inc.*†		6		182

				599,903

Semiconductors & Semiconductor Equipment — 4.6%
Altera Corp.†		1,087		37,360
Applied Materials, Inc.		54		1,193
Intel Corp.†		2,731		92,881
Linear Technology Corp.†		11		471
NVIDIA Corp.		25		489
Texas Instruments, Inc.†		2,054		102,002
Xilinx, Inc.†		784		34,872

				269,268

Software & Services — 9.2%
Accenture PLC, Class A (Ireland)†		1,118		90,692
CA, Inc.†		1,565		45,479
Computer Sciences Corp.†		517		31,227
International Business Machines Corp.†		825		135,630
Microsoft Corp.†		1,109		52,068
Oracle Corp.†		1,433		55,959
Symantec Corp.†		519		12,882
Teradata Corp.*†^(a)		553		23,403
VeriSign, Inc.*^(a)		6		359
Western Union Co. (The)^(a)		1,885		31,970
Xerox Corp.†		4,056		53,864

				533,533

Technology Hardware & Equipment — 13.1%
Apple, Inc.†		260		28,080

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Cisco Systems, Inc.†		6,816		$	166,788
Corning, Inc.		3,625			74,059
F5 Networks, Inc.*		3			369
Harris Corp.†		110			7,656
Hewlett-Packard Co.†		4,037			144,848
Juniper Networks, Inc.†		1,663			35,039
Motorola Solutions, Inc.†		901			58,115
NetApp, Inc.†		15			642
QUALCOMM, Inc.†		756			59,354
SanDisk Corp.†		839			78,983
Seagate Technology PLC (Ireland)†		407			25,572
Western Digital Corp.†		824			81,057

					760,562

Telecommunication Services — 1.9%
AT&T, Inc.†		230			8,013
CenturyLink, Inc.†^(a)		25			1,037
Frontier Communications Corp.†^(a)		3,560			23,282
Verizon Communications, Inc.†		1,552			77,988
Windstream Holdings, Inc.†		27			283

					110,603

Transportation — 2.1%
CH Robinson Worldwide, Inc.		6			415
Delta Air Lines, Inc.†		2,897			116,546
Norfolk Southern Corp.†		13			1,438
United Parcel Service, Inc., Class B†		40			4,196

					122,595

TOTAL COMMON STOCKS (Cost $8,077,412)					8,375,152

TOTAL LONG POSITIONS - 144.1% (Cost $8,077,412)					8,375,152


SHORT POSITIONS - (83.6)%
COMMON STOCKS — (83.6)%
Automobiles & Components — 0.0%
BorgWarner, Inc.		(6	)		(342	)
Harley-Davidson, Inc.		(6	)		(394	)

					(736	)

Banks — (0.3)%
Bank of America Corp.		(270	)		(4,633	)
Hudson City Bancorp, Inc.		(1,088	)		(10,499	)
People’s United Financial, Inc.		(6	)		(88	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Banks — (Continued)
Zions Bancorporation		(6	)	$	(174	)

					(15,394	)

Capital Goods — (0.9)%
Deere & Co.		(10	)		(855	)
Fastenal Co.		(377	)		(16,603	)
Pall Corp.		(3	)		(274	)
Quanta Services, Inc.*		(445	)		(15,166	)
Rockwell Collins, Inc.		(62	)		(5,217	)
Roper Industries, Inc.		(3	)		(475	)
United Rentals, Inc.*		(144	)		(15,849	)
Xylem, Inc.		(3	)		(109	)

					(54,548	)

Commercial & Professional Services — (0.6)%
ADT Corp. (The)		(356	)		(12,759	)
Cintas Corp.		(3	)		(220	)
Nielsen NV (Netherlands)		(10	)		(425	)
Stericycle, Inc.*		(171	)		(21,546	)

					(34,950	)

Consumer Durables & Apparel — (2.4)%
DR Horton, Inc.		(749	)		(17,070	)
Harman International Industries, Inc.		(139	)		(14,920	)
Hasbro, Inc.		(258	)		(14,843	)
Mattel, Inc.		(9	)		(280	)
Michael Kors Holdings Ltd. (British Virgin Islands)*		(6	)		(471	)
Mohawk Industries, Inc.*		(2	)		(284	)
NIKE, Inc., Class B		(212	)		(19,710	)
PulteGroup, Inc.		(769	)		(14,757	)
Ralph Lauren Corp.		(3	)		(494	)
Under Armour, Inc., Class A*		(439	)		(28,790	)
VF Corp.		(394	)		(26,666	)

					(138,285	)

Consumer Services — (2.7)%
Chipotle Mexican Grill, Inc.*		(63	)		(40,194	)
Darden Restaurants, Inc.		(273	)		(14,136	)
Marriott International, Inc., Class A		(572	)		(43,329	)
Starbucks Corp.		(227	)		(17,152	)
Wynn Resorts Ltd.		(207	)		(39,332	)
Yum! Brands, Inc.		(12	)		(862	)

					(155,005	)

Diversified Financials — (1.3)%
Affiliated Managers Group, Inc.*		(114	)		(22,776	)
Berkshire Hathaway, Inc., Class B*		(35	)		(4,906	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
BlackRock, Inc.		(5	)	$	(1,706	)
Charles Schwab Corp. (The)		(627	)		(17,976	)
CME Group, Inc.		(9	)		(754	)
ETRADE Financial Corp.		(8	)		(178	)
Intercontinental Exchange, Inc.		(48	)		(9,998	)
Invesco Ltd. (Bermuda)		(9	)		(364	)
Legg Mason, Inc.		(240	)		(12,480	)
Morgan Stanley		(14	)		(489	)
Northern Trust Corp.		(7	)		(464	)
State Street Corp.		(11	)		(830	)
T Rowe Price Group, Inc.		(3	)		(246	)

					(73,167	)

Energy — (11.8)%
Cabot Oil & Gas Corp.		(855	)		(26,591	)
Chevron Corp.		(743	)		(89,123	)
Cimarex Energy Co.		(178	)		(20,233	)
CONSOL Energy, Inc.		(462	)		(17,002	)
Denbury Resources, Inc.		(725	)		(8,990	)
Devon Energy Corp.		(11	)		(660	)
Ensco PLC (United Kingdom)		(475	)		(19,280	)
EOG Resources, Inc.		(922	)		(87,636	)
EQT Corp.		(311	)		(29,246	)
Halliburton Co.		(22	)		(1,213	)
Helmerich & Payne, Inc.		(3	)		(260	)
Kinder Morgan, Inc.		(1,846	)		(71,440	)
Marathon Oil Corp.		(16	)		(566	)
Murphy Oil Corp.		(365	)		(19,487	)
Noble Corp. PLC (United Kingdom)		(522	)		(10,920	)
Noble Energy, Inc.		(744	)		(42,877	)
Occidental Petroleum Corp.		(20	)		(1,779	)
ONEOK, Inc.		(427	)		(25,167	)
Pioneer Natural Resources Co.		(294	)		(55,584	)
Range Resources Corp.		(346	)		(23,666	)
Southwestern Energy Co.*		(726	)		(23,602	)
Spectra Energy Corp.		(1,379	)		(53,960	)
Williams Cos, Inc. (The)		(1,013	)		(56,232	)

					(685,514	)

Food & Staples Retailing — (1.5)%
Costco Wholesale Corp.		(72	)		(9,603	)
Kroger Co. (The)		(885	)		(49,303	)
Whole Foods Market, Inc.		(745	)		(29,301	)

					(88,207	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (3.1)%
Brown-Forman Corp., Class B		(438	)	$	(40,589	)
Campbell Soup Co.		(17	)		(751	)
Coca-Cola Co. (The)		(113	)		(4,732	)
ConAgra Foods, Inc.		(11	)		(378	)
Constellation Brands, Inc., Class A*		(5	)		(458	)
General Mills, Inc.		(14	)		(727	)
Hershey Co. (The)		(381	)		(36,542	)
Hormel Foods Corp.		(7	)		(377	)
JM Smucker Co. (The)		(210	)		(21,840	)
Keurig Green Mountain, Inc.		(334	)		(50,685	)
McCormick & Co., Inc., non-voting shares		(4	)		(283	)
Mead Johnson Nutrition Co.		(232	)		(23,040	)
Mondelez International, Inc., Class A		(44	)		(1,551	)
Monster Beverage Corp.*		(5	)		(504	)

					(182,457	)

Health Care Equipment & Services — (1.8)%
AmerisourceBergen Corp.		(6	)		(512	)
Baxter International, Inc.		(14	)		(982	)
Boston Scientific Corp.*		(34	)		(452	)
Cardinal Health, Inc.		(9	)		(706	)
Cerner Corp.*		(702	)		(44,465	)
Covidien PLC (Ireland)		(52	)		(4,807	)
DaVita HealthCare Partners, Inc.*		(6	)		(468	)
DENTSPLY International, Inc.		(2	)		(101	)
Edwards Lifesciences Corp.*		(52	)		(6,288	)
Intuitive Surgical, Inc.*		(74	)		(36,689	)
McKesson Corp.		(7	)		(1,424	)
Patterson Cos, Inc.		(215	)		(9,269	)
Tenet Healthcare Corp.*		(3	)		(168	)

					(106,331	)

Household & Personal Products — 0.0%
Estee Lauder Cos, Inc. (The), Class A		(10	)		(752	)

					(752	)

Insurance — (0.3)%
Chubb Corp. (The)		(2	)		(199	)
Cincinnati Financial Corp.		(5	)		(252	)
Loews Corp.		(9	)		(392	)
Torchmark Corp.		(2	)		(106	)
XL Group PLC (Ireland)		(402	)		(13,620	)

					(14,569	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (4.1)%
Air Products & Chemicals, Inc.		(438	)	$	(58,981	)
Airgas, Inc.		(53	)		(5,912	)
Allegheny Technologies, Inc.		(220	)		(7,227	)
Ecolab, Inc.		(148	)		(16,462	)
EI du Pont de Nemours & Co.		(246	)		(17,011	)
FMC Corp.		(210	)		(12,044	)
Freeport-McMoRan, Inc.		(2,136	)		(60,876	)
International Flavors & Fragrances, Inc.		(3	)		(297	)
Martin Marietta Materials, Inc.		(137	)		(16,018	)
Mosaic Co. (The)		(543	)		(24,060	)
Sigma-Aldrich Corp.		(4	)		(544	)
Vulcan Materials Co.		(269	)		(16,600	)

					(236,032	)

Media — (0.6)%
CBS Corp.		(14	)		(759	)
News Corp., Class A*		(15	)		(232	)
Scripps Networks Interactive, Inc., Class A		(4	)		(309	)
Time Warner Cable, Inc.		(8	)		(1,178	)
Twenty-First Century Fox, Inc., Class A		(819	)		(28,239	)
Walt Disney Co. (The)		(44	)		(4,021	)

					(34,738	)

Pharmaceuticals, Biotechnology & Life Sciences — (8.7)%
Actavis PLC (Ireland)*		(257	)		(62,384	)
Agilent Technologies, Inc.		(8	)		(442	)
Alexion Pharmaceuticals, Inc.*		(376	)		(71,951	)
Allergan, Inc.		(66	)		(12,544	)
Amgen, Inc.		(20	)		(3,244	)
Biogen Idec, Inc.*		(7	)		(2,248	)
Bristol-Myers Squibb Co.		(564	)		(32,819	)
Celgene Corp.*		(452	)		(48,405	)
Hospira, Inc.*		(347	)		(18,634	)
Merck & Co., Inc.		(75	)		(4,346	)
Mylan, Inc.*		(12	)		(643	)
PerkinElmer, Inc.		(141	)		(6,122	)
Perrigo Co. PLC (Ireland)		(275	)		(44,399	)
Regeneron Pharmaceuticals, Inc.*		(181	)		(71,263	)
Thermo Fisher Scientific, Inc.		(262	)		(30,803	)
Vertex Pharmaceuticals, Inc.*		(509	)		(57,334	)
Zoetis, Inc.		(1,030	)		(38,275	)

					(505,856	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (12.2)%
American Tower Corp.		(814	)	$	(79,365	)
AvalonBay Communities, Inc.		(269	)		(41,921	)
Boston Properties, Inc.		(314	)		(39,800	)
Crown Castle International Corp.		(686	)		(53,590	)
Equity Residential		(744	)		(51,753	)
Essex Property Trust, Inc.		(129	)		(26,027	)
General Growth Properties, Inc.		(1,817	)		(47,078	)
HCP, Inc.		(12	)		(528	)
Health Care REIT, Inc.		(634	)		(45,084	)
Host Hotels & Resorts, Inc.		(1,555	)		(36,247	)
Kimco Realty Corp.		(322	)		(8,034	)
Macerich Co. (The)		(289	)		(20,375	)
Plum Creek Timber Co., Inc.		(361	)		(14,805	)
Prologis, Inc.		(1,028	)		(42,816	)
Public Storage		(176	)		(32,444	)
Simon Property Group, Inc.		(240	)		(43,010	)
Ventas, Inc.		(605	)		(41,449	)
Vornado Realty Trust		(385	)		(42,150	)
Weyerhaeuser Co.		(1,206	)		(40,835	)

					(707,311	)

Retailing — (4.6)%
Amazon.com, Inc.*		(322	)		(98,358	)
CarMax, Inc.*		(445	)		(24,880	)
Netflix, Inc.*		(123	)		(48,311	)
Nordstrom, Inc.		(325	)		(23,598	)
Priceline Group, Inc. (The)*		(2	)		(2,412	)
Staples, Inc.		(13	)		(165	)
Tiffany & Co.		(266	)		(25,568	)
Tractor Supply Co.		(283	)		(20,721	)
TripAdvisor, Inc.*		(293	)		(25,977	)

					(269,990	)

Semiconductors & Semiconductor Equipment — (2.4)%
Analog Devices, Inc.		(662	)		(32,848	)
Avago Technologies Ltd. (Singapore)		(519	)		(44,764	)
Broadcom Corp., Class A		(16	)		(670	)
First Solar, Inc.*		(206	)		(12,133	)
KLA-Tencor Corp.		(5	)		(396	)
Lam Research Corp.		(364	)		(28,341	)
Microchip Technology, Inc.		(493	)		(21,253	)
Micron Technology, Inc.*		(28	)		(927	)

					(141,332	)

Software & Services — (8.3)%
Adobe Systems, Inc.*		(1,025	)		(71,873	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ABSOLUTE 500 FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Akamai Technologies, Inc.*		(367	)	$	(22,130	)
Autodesk, Inc.*		(467	)		(26,871	)
Citrix Systems, Inc.*		(334	)		(21,453	)
eBay, Inc.*		(32	)		(1,680	)
Electronic Arts, Inc.*		(641	)		(26,262	)
Facebook, Inc., Class A*		(989	)		(74,165	)
Fidelity National Information Services, Inc.		(30	)		(1,752	)
Fiserv, Inc.*		(7	)		(486	)
Google, Inc., Class C*		(127	)		(71,003	)
Intuit, Inc.		(472	)		(41,541	)
MasterCard, Inc., Class A		(30	)		(2,513	)
Red Hat, Inc.*		(386	)		(22,743	)
salesforce.com inc*		(1,273	)		(81,459	)
Total System Services, Inc.		(378	)		(12,773	)
Visa, Inc., Class A		(16	)		(3,863	)

					(482,567	)

Technology Hardware & Equipment — (0.6)%
Amphenol Corp., Class A		(438	)		(22,154	)
EMC Corp.		(50	)		(1,437	)
FLIR Systems, Inc.		(4	)		(134	)
Jabil Circuit, Inc.		(407	)		(8,527	)

					(32,252	)

Transportation — (0.6)%
CSX Corp.		(26	)		(926	)
FedEx Corp.		(14	)		(2,344	)
Kansas City Southern		(227	)		(27,873	)
Ryder System, Inc.		(2	)		(177	)
Southwest Airlines Co.		(18	)		(621	)
Union Pacific Corp.		(23	)		(2,678	)

					(34,619	)

Utilities — (14.8)%
AGL Resources, Inc.		(246	)		(13,262	)
Ameren Corp.		(498	)		(21,085	)
American Electric Power Co., Inc.		(1,004	)		(58,573	)
CenterPoint Energy, Inc.		(883	)		(21,678	)
CMS Energy Corp.		(565	)		(18,459	)
Consolidated Edison, Inc.		(8	)		(507	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Dominion Resources, Inc.		(1,154	)	$	(82,280	)
DTE Energy Co.		(364	)		(29,906	)
Duke Energy Corp.		(680	)		(55,862	)
Edison International		(670	)		(41,929	)
Entergy Corp.		(369	)		(31,003	)
Exelon Corp.		(23	)		(842	)
FirstEnergy Corp.		(864	)		(32,262	)
Integrys Energy Group, Inc.		(163	)		(11,847	)
NextEra Energy, Inc.		(764	)		(76,568	)
NiSource, Inc.		(648	)		(27,255	)
Northeast Utilities		(650	)		(32,078	)
NRG Energy, Inc.		(694	)		(20,806	)
Pepco Holdings, Inc.		(517	)		(14,135	)
PG&E Corp.		(13	)		(654	)
Pinnacle West Capital Corp.		(3	)		(184	)
PPL Corp.		(1,365	)		(47,761	)
Public Service Enterprise Group, Inc.		(1,040	)		(42,962	)
SCANA Corp.		(291	)		(15,973	)
Sempra Energy		(505	)		(55,550	)
Southern Co. (The)		(1,401	)		(64,950	)
TECO Energy, Inc.		(467	)		(9,158	)
Wisconsin Energy Corp.		(6	)		(298	)
Xcel Energy, Inc.		(1,038	)		(34,742	)

					(862,569	)

TOTAL COMMON STOCK (Proceeds $4,701,469)					(4,857,181	)

TOTAL SECURITES SOLD SHORT - (83.6)%					(4,857,181	)

(Proceeds $4,701,469)
OTHER ASSETS IN EXCESS OF LIABILITIES - 39.5%					2,294,356

NET ASSETS - 100.0%				$	5,812,327

*	Non-income producing.

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or a portion of the security is on loan (see Note 5 of the Notes to Financial Statements)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
LONG POSITIONS - 176.8%
COMMON STOCKS — 176.8%
Automobiles & Components — 6.3%
Allison Transmission Holdings, Inc.		196,441	$	6,380,404
American Axle & Manufacturing Holdings, Inc.*†		302,231		5,842,125
Autoliv, Inc.^(a)		62,859		5,766,685
Cooper Tire & Rubber Co.†		164,368		5,294,293
Dana Holding Corp.†^(a)		665,650		13,619,199
Delphi Automotive PLC (Jersey)		124,665		8,599,392
Goodyear Tire & Rubber Co. (The)		261,287		6,330,984
Johnson Controls, Inc.†		31,082		1,468,624
Lear Corp.^(a)		79,123		7,318,877
Magna International, Inc. (Canada)†		133,420		13,169,888
Standard Motor Products, Inc.†^(a)		31,330		1,238,162
Tenneco, Inc.*†		167,027		8,745,534
Tower International, Inc.*†		57,591		1,399,461

				85,173,628

Capital Goods — 24.7%
3M Co.		25,992		3,996,790
AAON, Inc.†		26,098		512,826
Actuant Corp., Class A		54,688		1,733,063
AECOM Technology Corp.*†^(a)		75,268		2,449,981
Aegion Corp.*†^(a)		94,801		1,736,754
Aerovironment, Inc.*†^(a)		5,466		167,533
AZZ, Inc.†^(a)		40,574		1,897,240
Blount International, Inc.*†		87,019		1,332,261
Briggs & Stratton Corp.		30,214		610,625
Carlisle Cos., Inc.†		47,438		4,216,289
Caterpillar, Inc.†^(a)		147,418		14,949,659
Chicago Bridge & Iron Co. NV (Netherlands)†		261,867		14,308,413
CIRCOR International, Inc.†		16,028		1,204,504
Crane Co.		69,005		4,302,462
Curtiss-Wright Corp.†		59,451		4,114,604
Danaher Corp.		68,399		5,499,280
Dover Corp.†^(a)		213,799		16,984,193
Eaton Corp. PLC (Ireland)		110,818		7,578,843
EMCOR Group, Inc.^(a)		120,819		5,331,742
Encore Wire Corp.		21,097		800,420
Engility Holdings, Inc.*†		34,043		1,470,658
ESCO Technologies, Inc.		35,569		1,352,333
Federal Signal Corp.†		99,412		1,411,650
Flowserve Corp.†^(a)		80,239		5,455,450
Fluor Corp.†^(a)		198,815		13,189,387
General Dynamics Corp.^(a)		91,151		12,739,264


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
GrafTech International Ltd.*^(a)		60,492	$	259,511
Harsco Corp.†^(a)		181,724		3,939,776
Honeywell International, Inc.†		59,181		5,688,478
Hubbell, Inc., Class B^(a)		45,351		5,143,257
Huntington Ingalls Industries, Inc.^(a)		108,819		11,515,227
IDEX Corp.†		135,055		10,116,970
Illinois Tool Works, Inc.†		61,271		5,578,725
ITT Corp.		12,385		558,068
KBR, Inc.^(a)		64,770		1,235,812
L-3 Communications Holdings, Inc.		2,588		314,338
Lincoln Electric Holdings, Inc.†^(a)		71,915		5,212,399
Lindsay Corp.^(a)		54,577		4,786,403
Manitowoc Co., Inc. (The)†^(a)		381,803		7,956,775
Masco Corp.†		457,397		10,094,752
Meritor, Inc.*^(a)		589,722		6,775,906
Moog, Inc., Class A*†		29,840		2,283,954
Mueller Water Products, Inc., Class A^(a)		328,031		3,237,666
NCI Building Systems, Inc.*^(a)		36,250		720,288
NOW, Inc.*^(a)		284,879		8,563,463
Orbital Sciences Corp.*†^(a)		130,886		3,442,302
Polypore International, Inc.*^(a)		107,682		4,729,393
Precision Castparts Corp.		19,346		4,269,662
Roper Industries, Inc.†^(a)		26,101		4,131,788
Simpson Manufacturing Co., Inc.†^(a)		8,457		279,758
Snap-on, Inc.		16,119		2,129,965
Spirit AeroSystems Holdings, Inc., Class A*†		217,449		8,554,444
SPX Corp.†^(a)		152,392		14,445,238
Standex International Corp.†		20,017		1,726,466
Stanley Black & Decker, Inc.		168,134		15,744,068
Teledyne Technologies, Inc.*^(a)		18,869		1,955,394
Terex Corp.		162,506		4,675,298
Thermon Group Holdings, Inc.*		1,026		25,004
Timken Co. (The)†		115,045		4,945,785
TriMas Corp.*		53,608		1,697,229
United Rentals, Inc.*^(a)		23,494		2,585,750
United Technologies Corp.†		111,856		11,968,592
Universal Forest Products, Inc.		13,037		651,459
Wabash National Corp.*^(a)		175,597		1,808,649
Watts Water Technologies, Inc., Class A^(a)		68,185		4,134,057
WESCO International, Inc.*^(a)		64,654		5,328,136
Woodward, Inc.^(a)		45,255		2,317,509

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
WW Grainger, Inc.^(a)		29,668	$	7,322,062
Xylem, Inc.^(a)		51,087		1,857,523

				334,053,523

Commercial & Professional Services — 9.4%
ACCO Brands Corp.*†		420,260		3,458,740
Brink’s Co. (The)†		127,122		2,669,562
Cintas Corp.^(a)		125,069		9,160,054
Copart, Inc.*†^(a)		211,375		7,068,380
Corporate Executive Board Co. (The)		4,956		365,257
Deluxe Corp.^(a)		32,818		1,995,334
Equifax, Inc.^(a)		13,233		1,002,267
Exponent, Inc.†		11,767		939,242
HNI Corp.^(a)		19,819		924,556
Huron Consulting Group, Inc.*		9,388		653,499
Korn/Ferry International*†		82,209		2,296,097
Manpowergroup, Inc.†		262,907		17,549,042
On Assignment, Inc.*†^(a)		105,808		3,079,013
Pitney Bowes, Inc.†^(a)		602,240		14,899,418
Progressive Waste Solutions Ltd.		14,640		427,927
Quad/Graphics, Inc.†		8,459		186,521
Republic Services, Inc.		19,932		765,389
Ritchie Bros Auctioneers, Inc.†		78,697		1,919,420
Robert Half International, Inc.†^(a)		173,704		9,515,505
RPX Corp.*†^(a)		92,621		1,301,325
ServiceMaster Global Holdings, Inc.*^(a)		80,483		1,929,982
Steelcase, Inc., Class A†		135,833		2,406,961
Team, Inc.*^(a)		26,652		1,123,115
Towers Watson & Co., Class A†^(a)		120,366		13,275,166
TrueBlue, Inc.*†		34,833		861,072
Tyco International Ltd. (Switzerland)† .		320,892		13,775,894
UniFirst Corp.†		22,016		2,456,105
United Stationers, Inc.		39,119		1,634,001
Verisk Analytics, Inc., Class A*		15,063		939,178
Waste Connections, Inc.†^(a)		68,309		3,408,619
Waste Management, Inc.		86,628		4,235,243
West Corp.^(a)		48,359		1,547,488

				127,769,372

Consumer Durables & Apparel — 5.2%
Columbia Sportswear Co.		54,961		2,118,197
Deckers Outdoor Corp.*^(a)		121,519		10,628,052
Ethan Allen Interiors, Inc.†		63,041		1,784,060
Garmin Ltd. (Switzerland)		88,002		4,882,351
Harman International Industries, Inc.†		49,374		5,299,805


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
lululemon athletica, Inc.*^(a)		107,302	$	4,469,128
NVR, Inc.*†		6,227		7,644,141
PVH Corp.†^(a)		79,774		9,122,157
Skechers U.S.A., Inc., Class A*^(a)		12,214		668,716
Steven Madden, Ltd.*†^(a)		196,898		6,172,752
Sturm Ruger & Co., Inc.^(a)		42,064		1,753,228
Tupperware Brands Corp.^(a)		82,096		5,233,620
Universal Electronics, Inc.*^(a)		37,505		2,133,659
Vera Bradley, Inc.*^(a)		170,701		3,891,983
Whirlpool Corp.†		3,794		652,758
Wolverine World Wide, Inc.^(a)		141,109		3,829,698

				70,284,305

Consumer Services — 6.5%
American Public Education, Inc.*†		36,599		1,134,203
Apollo Education Group, Inc*^(a)		246,540		7,065,836
Boyd Gaming Corp.*^(a)		53,719		620,454
Capella Education Co.†^(a)		14,790		1,046,245
Carnival Corp.†		25,628		1,028,964
Darden Restaurants, Inc.^(a)		66,235		3,429,648
DeVry Education Group, Inc.†^(a)		47,386		2,293,956
DineEquity, Inc.†^(a)		48,077		4,276,930
Graham Holdings Co., Class B†		4,274		3,349,106
Hillenbrand, Inc.†^(a)		76,232		2,537,763
Interval Leisure Group, Inc.^(a)		82,247		1,730,477
Jack in the Box, Inc.†		86,578		6,150,501
K12, Inc.*^(a)		25,972		322,053
Las Vegas Sands Corp.†		215,632		13,425,248
Matthews International Corp., Class A†^(a)		46,414		2,138,757
Multimedia Games Holding Co., Inc.*†		20,726		723,336
Royal Caribbean Cruises, Ltd. (Liberia)†		105,094		7,143,239
SeaWorld Entertainment, Inc.†^(a)		533,352		10,261,692
Speedway Motorsports, Inc.†^(a)		11,707		229,106
Starwood Hotels & Resorts Worldwide, Inc.		26,781		2,053,031
Strayer Education, Inc.*^(a)		1,933		141,476
Weight Watchers International, Inc.*^(a)		186,539		4,859,341
Wyndham Worldwide Corp.†		145,899		11,331,975

				87,293,337

Food & Staples Retailing — 2.6%
Rite Aid Corp.*†		3,213,553		16,871,153

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
SUPERVALU, Inc.*†		1,204,646	$	10,396,095
Wal-Mart Stores, Inc.^(a)		97,296		7,420,766
Weis Markets, Inc.^(a)		3,301		147,357

				34,835,371

Food, Beverage & Tobacco — 14.0%
Archer-Daniels-Midland Co.†^(a)		398,295		18,719,865
Bunge, Ltd. (Bermuda)†		229,086		20,308,474
Coca-Cola Co. (The)		31,677		1,326,633
ConAgra Foods, Inc.†^(a)		368,474		12,657,082
Cott Corp. (Canada)†		99,835		605,998
Dr Pepper Snapple Group, Inc.†		210,449		14,573,593
Ingredion, Inc.†^(a)		133,615		10,321,759
Kellogg Co.†^(a)		161,015		10,298,519
Keurig Green Mountain, Inc.^(a)		55,718		8,455,206
Kraft Foods Group, Inc.†		10,573		595,789
Lancaster Colony Corp.†		20,623		1,886,798
Lorillard, Inc.†		111,335		6,847,103
Mondelez International, Inc.†		24,709		871,239
Monster Beverage Corp.*†		178,264		17,983,272
PepsiCo, Inc.		40,518		3,896,616
Philip Morris International, Inc.†^(a)		112,228		9,989,414
Pilgrim’s Pride Corp.*†^(a)		507,822		14,427,223
Sanderson Farms, Inc.^(a)		187,210		15,721,896
Snyder’s-Lance, Inc.^(a)		11,857		353,220
Tyson Foods, Inc., Class A†^(a)		301,973		12,184,611
Vector Group, Ltd.^(a)		353,557		7,898,463

				189,922,773

Health Care Equipment & Services — 10.9%
Abaxis, Inc.^(a)		37,617		1,980,911
ABIOMED, Inc.*^(a)		5,229		171,459
Align Technology, Inc.*†^(a)		223,067		11,737,786
AmerisourceBergen Corp.		18,661		1,593,836
AMN Healthcare Services, Inc.*†		25,024		429,162
Amsurg Corp.*†^(a)		105,880		5,718,579
Anika Therapeutics, Inc.*†		101,545		4,076,016
Cardinal Health, Inc.†		94,835		7,442,651
CareFusion Corp.*†		179,394		10,291,834
Catamaran Corp.*		5,529		263,567
Chemed Corp.^(a)		45,998		4,754,353
Computer Programs & Systems, Inc.^(a)		23,588		1,485,572
CorVel Corp.*		13,020		448,148
Cyberonics, Inc.*^(a)		52,766		2,770,215
DaVita HealthCare Partners, Inc.*†		17,848		1,393,393


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
DENTSPLY International, Inc.^(a)		131,960	$	6,699,609
Edwards Lifesciences Corp.*†		85,187		10,300,812
Express Scripts Holding Co.*^(a)		38,960		2,992,907
Globus Medical, Inc., Class A*†		128,662		2,852,437
Greatbatch, Inc.*†^(a)		58,720		2,947,157
Halyard Health, Inc.*†		18,238		692,497
Hill-Rom Holdings, Inc.†		11,158		496,308
ICU Medical, Inc.*†		29,291		2,076,732
Integra LifeSciences Holdings Corp.*^(a)		13,311		680,325
Kindred Healthcare, Inc.†		64,993		1,413,598
Laboratory Corp. of America Holdings*†		65,534		7,162,211
MEDNAX, Inc.*†^(a)		153,498		9,582,880
Meridian Bioscience, Inc.^(a)		2,180		40,417
Natus Medical, Inc.*†^(a)		88,317		3,002,778
PharMerica Corp.*†		54,913		1,575,454
Quality Systems, Inc.†		152,244		2,300,407
Quest Diagnostics, Inc.^(a)		47,269		2,999,691
Select Medical Holdings Corp.†		109,882		1,584,498
Teleflex, Inc.†^(a)		54,130		6,177,316
Thoratec Corp.*†		121,260		3,295,847
Universal Health Services, Inc., Class B†		75,890		7,870,552
Varian Medical Systems, Inc.*^(a)		114,639		9,643,433
VCA Antech, Inc.*†		135,286		6,164,983

				147,110,331

Household & Personal Products — 3.9%
Avon Products, Inc.†		1,664,153		17,307,191
Clorox Co. (The)		1,068		106,266
Energizer Holdings, Inc.†		148,696		18,237,564
Inter Parfums, Inc.†		37,826		1,074,258
Kimberly-Clark Corp.†^(a)		128,764		14,713,862
Procter & Gamble Co. (The)^(a)		19,163		1,672,355

				53,111,496

Media — 5.5%
Cinemark Holdings, Inc.†		79,158		2,795,861
Clear Channel Outdoor Holdings, Inc., Class A		6,113		44,380
Comcast Corp.†		109,273		6,048,261
Crown Media Holdings, Inc., Class A*^(a)		15,786		55,093
DIRECTV*		133,866		11,618,230
Gannett Co., Inc.^(a)		23,864		751,716

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
Interpublic Group of Cos, Inc. (The)^(a)		303,969	$	5,893,959
Loral Space & Communications, Inc.*†		21,008		1,607,112
Morningstar, Inc.^(a)		3,481		237,578
New York Times Co. (The), Class A^(a)		255,805		3,284,536
News Corp., Class A*†^(a)		743,439		11,508,436
Nexstar Broadcasting Group, Inc.^(a)		137,167		6,188,975
Omnicom Group, Inc.^(a)		214,252		15,396,149
Time, Inc.*^(a)		260,588		5,886,683
Viacom, Inc., Class B†		51,491		3,742,366

				75,059,335

Pharmaceuticals, Biotechnology & Life Sciences — 12.5%
Acorda Therapeutics, Inc.*		11,953		416,203
Agilent Technologies, Inc.†^(a)		184,771		10,214,141
Biogen Idec, Inc.*†		15,495		4,975,135
Bio-Rad Laboratories, Inc.*†^(a)		3,869		436,501
Bruker Corp.*†^(a)		268,420		5,564,347
Covance, Inc.*†^(a)		151,093		12,072,331
Depomed, Inc.*†		234,820		3,616,228
Enanta Pharmaceuticals, Inc.*^(a)		98,244		4,224,492
Gilead Sciences, Inc.*†		172,254		19,292,448
Johnson & Johnson†		158,816		17,117,188
Lannett Co., Inc.*^(a)		50,262		2,850,861
Ligand Pharmaceuticals, Inc.*^(a)		93,191		5,150,667
Luminex Corp.*		1,978		37,582
Mallinckrodt PLC*†		28,407		2,618,557
Mettler-Toledo International, Inc.*^(a)		34,930		9,028,357
Myriad Genetics, Inc.*^(a)		261,716		10,335,165
PAREXEL International Corp.*†^(a)		181,848		9,876,165
PerkinElmer, Inc.^(a)		70,855		3,076,524
Pfizer, Inc.†		315,101		9,437,275
Prestige Brands Holdings, Inc.*†^(a)		100,839		3,571,717
Quintiles Transnational Holdings, Inc.*†		114,688		6,713,836
United Therapeutics Corp.*^(a)		89,828		11,764,773
Valeant Pharmaceuticals International, Inc.*		84,326		11,218,731
Waters Corp.*†^(a)		50,076		5,548,421

				169,157,645

Retailing — 21.4%
Abercrombie & Fitch Co., Class A^(a)		463,550		15,519,654
Ann, Inc.*		115,524		4,434,966
AutoNation, Inc.*		63,362		3,628,108
Bed Bath & Beyond, Inc.*†^(a)		193,044		12,999,583


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Best Buy Co., Inc.		212,977	$	7,271,035
Big Lots, Inc.†^(a)		173,171		7,905,256
Brown Shoe Co., Inc.^(a)		95,543		2,540,488
Buckle, Inc. (The)^(a)		102,041		5,033,683
Burlington Stores, Inc.*†^(a)		118,822		4,983,395
Cato Corp. (The), Class A†^(a)		57,182		2,039,682
Chico’s FAS, Inc.		559		8,430
Children’s Place, Inc. (The)^(a)		41,143		2,026,293
Core-Mark Holding Co., Inc.^(a)		43,010		2,495,870
Dick’s Sporting Goods, Inc.		213,056		9,666,351
Dillard’s, Inc., Class A^(a)		106,269		11,239,009
Dollar General Corp.*†		64,307		4,030,120
Dollar Tree, Inc.*†		125,308		7,589,906
DSW, Inc., Class A†		230,967		6,848,172
Foot Locker, Inc.†^(a)		109,900		6,155,499
GameStop Corp., Class A^(a)		292,878		12,523,463
Gap, Inc. (The)†^(a)		409,849		15,529,179
GNC Holdings, Inc., Class A†		48,803		2,028,741
Group 1 Automotive, Inc.^(a)		23,225		1,984,112
Guess?, Inc.†^(a)		376,372		8,344,167
Haverty Furniture Cos., Inc.†		36,794		809,836
Hibbett Sports, Inc.*^(a)		132,970		6,035,508
Home Depot, Inc. (The)†		17,260		1,683,195
Kohl’s Corp.^(a)		229,830		12,461,383
Lands’ End, Inc.*^(a)		144,891		6,877,976
Liberty Interactive Corp.*		81,329		2,125,940
Lithia Motors, Inc.^(a)		64,707		5,022,557
Lowe’s Cos., Inc.†		157,279		8,996,359
Macy’s, Inc.†^(a)		198,092		11,453,679
Michaels Cos., Inc. (The)*^(a)		128,023		2,340,260
Murphy USA, Inc.*†		101,034		5,789,248
Outerwall, Inc.*^(a)		219,528		13,889,537
PetSmart, Inc.†^(a)		147,759		10,690,364
Ross Stores, Inc.†^(a)		80,713		6,515,153
Sally Beauty Holdings, Inc.*†		195,591		5,732,772
Target Corp.^(a)		141,054		8,719,958
TJX Cos., Inc. (The)†		120,869		7,653,425
Urban Outfitters, Inc.*^(a)		417,130		12,664,067
Zumiez, Inc.*†^(a)		88,475		2,953,295

				289,239,674

Semiconductors & Semiconductor Equipment — 11.1%
Advanced Energy Industries, Inc.*†		55,438		1,096,564
Altera Corp.†^(a)		131,116		4,506,457
Atmel Corp.*†		1,328,217		9,855,370

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Cirrus Logic, Inc.*^(a)		345,475	$	6,667,667
Diodes, Inc.*†^(a)		54,341		1,403,628
Fairchild Semiconductor International, Inc.*^(a)		685,822		10,527,368
Integrated Device Technology, Inc.*†		457,947		7,514,910
Intel Corp.†		152,094		5,172,717
International Rectifier Corp.*†		109,916		4,371,359
Intersil Corp., Class A^(a)		263,107		3,496,692
Lattice Semiconductor Corp.*^(a)		345,781		2,320,191
Linear Technology Corp.^(a)		214,065		9,170,545
Marvell Technology Group Ltd.†		878,646		11,809,002
Micron Technology, Inc.*^(a)		467,324		15,463,751
MKS Instruments, Inc.†		101,927		3,710,143
NVIDIA Corp.^(a)		97,387		1,902,942
OmniVision Technologies, Inc.*†		342,859		9,181,764
Pentair PLC (Ireland)†		195,822		13,129,865
RF Micro Devices, Inc.*		199,597		2,596,757
Semtech Corp.*^(a)		56,521		1,434,503
Silicon Laboratories, Inc.*		14,431		657,909
Skyworks Solutions, Inc.†		96,702		5,631,924
Teradyne, Inc.^(a)		205,663		3,784,199
Tessera Technologies, Inc.		13,481		409,688
Texas Instruments, Inc.†^(a)		286,810		14,242,985

				150,058,900

Software & Services — 18.9%
Accenture PLC, Class A (Ireland)†		132,580		10,754,890
ACI Worldwide, Inc.*†^(a)		187,441		3,606,365
Activision Blizzard, Inc.†		203,018		4,050,209
Acxiom Corp.*†		206,256		3,885,863
Advent Software, Inc.^(a)		36,477		1,260,645
Amdocs, Ltd. (Channel Islands)†		60,999		2,899,892
ANSYS, Inc.*†		22,206		1,744,503
Aspen Technology, Inc.*^(a)		157,321		5,809,865
AVG Technologies NV (Netherlands)*†		128,043		2,294,531
Booz Allen Hamilton Holding Corp.†		211,155		5,563,934
Broadridge Financial Solutions, Inc.†		169,343		7,439,238
CA, Inc.†^(a)		358,391		10,414,842
CACI International, Inc., Class A*		9,906		815,165
CGI Group, Inc., Class A (Canada)*		65,808		2,260,505
Computer Sciences Corp.†		247,523		14,950,389
Conversant, Inc.*^(a)		231,608		8,164,182
DST Systems, Inc.†		75,517		7,276,063
Electronic Arts, Inc.*		200,670		8,221,450


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
IAC/InterActiveCorp†		123,557	$	8,363,573
International Business Machines Corp.†		74,155		12,191,082
j2 Global, Inc.^(a)		15,258		825,305
Jack Henry & Associates, Inc.^(a)		112,234		6,713,838
Leidos Holdings, Inc.†^(a)		142,093		5,196,341
MAXIMUS, Inc.^(a)		66,224		3,209,215
Microsoft Corp.		77,555		3,641,207
NetScout Systems, Inc.*^(a)		90,133		3,322,302
NeuStar, Inc., Class A*^(a)		337,899		8,923,913
NIC, Inc.†^(a)		84,729		1,561,555
Oracle Corp.†		337,095		13,163,560
Pegasystems, Inc.†		30,987		671,488
Progress Software Corp.*†		82,947		2,148,327
Rovi Corp.*†^(a)		219,905		4,591,616
Science Applications International Corp.†^(a)		86,338		4,222,792
Stamps.com, Inc.*†		19,291		711,838
Sykes Enterprises, Inc.*†		60,262		1,298,043
Symantec Corp.†^(a)		411,926		10,224,003
Take-Two Interactive Software, Inc.*^(a)		529,263		13,999,006
Teradata Corp.*†^(a)		302,533		12,803,197
TiVo, Inc.*^(a)		519,072		6,773,890
VeriSign, Inc.*^(a)		144,358		8,626,834
Virtusa Corp.*†		14,737		603,922
Western Union Co. (The)^(a)		703,840		11,937,126
Xerox Corp.†^(a)		632,608		8,401,034

				255,537,538

Technology Hardware & Equipment — 16.1%
Anixter International, Inc.†^(a)		48,700		4,147,779
Apple, Inc.†		51,233		5,533,164
ARRIS Group, Inc.*†^(a)		434,780		13,052,096
Arrow Electronics, Inc.*†		180,031		10,236,563
AVX Corp.†^(a)		64,559		932,232
Brocade Communications Systems, Inc.†		1,475,953		15,836,976
CDW Corp.†^(a)		185,904		5,733,279
Cisco Systems, Inc.†^(a)		325,387		7,962,220
CommScope Holding Co., Inc.*†^(a)		216,876		4,671,509
Corning, Inc.		404,110		8,255,967
Dolby Laboratories, Inc.^(a)		89,463		3,750,289
F5 Networks, Inc.*†		18,944		2,329,733
FLIR Systems, Inc.†^(a)		119,951		4,021,957
Harris Corp.†		92,586		6,443,986

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Hewlett-Packard Co.†		146,529	$	5,257,461
Insight Enterprises, Inc.*†		69,384		1,578,486
InterDigital, Inc.†^(a)		100,306		4,958,126
IPG Photonics Corp.*^(a)		21,378		1,569,359
Itron, Inc.*^(a)		92,573		3,603,867
Juniper Networks, Inc.†		718,250		15,133,527
Lexmark International, Inc., Class A^(a)		13,185		569,065
Methode Electronics, Inc.†^(a)		110,106		4,335,974
National Instruments Corp.		4,245		134,482
NCR Corp.*†		298,947		8,271,863
NetApp, Inc.†^(a)		138,186		5,914,361
NETGEAR, Inc.*		91		3,098
Newport Corp.*†		54,494		974,898
OSI Systems, Inc.*†		70,732		5,013,484
Polycom, Inc.*^(a)		573,526		7,501,720
QUALCOMM, Inc.†		29,166		2,289,823
Rogers Corp.*†		27,080		1,851,460
Ruckus Wireless, Inc.*^(a)		421,645		5,472,952
SanDisk Corp.†^(a)		98,230		9,247,372
Sanmina Corp.*^(a)		219,369		5,499,581
TE Connectivity Ltd.		116,512		7,122,379
Universal Display Corp.*^(a)		59,159		1,850,494
Vishay Intertechnology, Inc.^(a)		443,236		5,988,118
Western Digital Corp.†^(a)		117,201		11,529,062
Zebra Technologies Corp., Class A*†^(a)		122,038		9,000,302

				217,579,064

Telecommunication Services — 4.0%
AT&T, Inc.^(a)		195,226		6,801,674
Atlantic Tele-Network, Inc.†		21,527		1,446,399
BCE, Inc. (Canada)†		7,567		336,504
CenturyLink, Inc.†^(a)		239,800		9,946,904
Cincinnati Bell, Inc.*		291,438		1,069,577
Consolidated Communications Holdings, Inc.^(a)		21,320		552,188
Frontier Communications Corp.^(a)		2,081,170		13,610,852
Intelsat SA*		76,078		1,480,478
Premiere Global Services, Inc.*		2,893		30,290
Verizon Communications, Inc.†		169,296		8,507,124
Vonage Holdings Corp.*^(a)		5,754		20,024
Windstream Holdings, Inc.		988,196		10,356,294

				54,158,308

Transportation — 3.8%
American Airlines Group, Inc.†		37,980		1,570,473


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
ArcBest Corp.†		61,664		$	2,386,397
CH Robinson Worldwide, Inc.†^(a)		19,843			1,373,334
Con-way, Inc.†^(a)		276,820			12,005,683
Delta Air Lines, Inc.†		285,164			11,472,148
Kirby Corp.*†^(a)		26,728			2,955,582
Matson, Inc.†		74,103			2,111,194
Norfolk Southern Corp.†		69,367			7,674,765
Southwest Airlines Co.†		117,898			4,065,123
United Continental Holdings, Inc.*^(a)		40,991			2,164,735
United Parcel Service, Inc., Class B		25,284			2,652,544
Werner Enterprises, Inc.^(a)		23,464			646,199

					51,078,177

TOTAL COMMON STOCKS (Cost $2,219,047,204)					2,391,422,777

TOTAL LONG POSITIONS — 176.8% (Cost $2,219,047,204)					2,391,422,777


SHORT POSITIONS — (77.9)%
COMMON STOCKS — (75.6)%
Automobiles & Components — (0.2)%
Cooper-Standard Holding, Inc.*		(9,499	)		(518,455	)
Dorman Products, Inc.*		(39,654	)		(1,838,359	)
Drew Industries, Inc.		(515	)		(24,751	)
Federal-Mogul Holdings Corp.*		(7,292	)		(113,828	)
Superior Industries International, Inc.		(5,354	)		(104,457	)
Tesla Motors, Inc.*		(2,596	)		(627,453	)

					(3,227,303	)

Capital Goods — (8.1)%
Alliant Techsystems, Inc.		(28,294	)		(3,309,266	)
Altra Industrial Motion Corp.		(18,799	)		(592,544	)
Apogee Enterprises, Inc.		(53,113	)		(2,331,661	)
Applied Industrial Technologies, Inc.		(58,108	)		(2,836,251	)
Armstrong World Industries, Inc.*		(65,900	)		(3,190,878	)
Astec Industries, Inc.		(26,269	)		(995,858	)
Astronics Corp.*		(16,843	)		(872,636	)
Babcock & Wilcox Co. (The)		(240,230	)		(6,870,578	)
Barnes Group, Inc.		(66,110	)		(2,416,982	)
Beacon Roofing Supply, Inc.*		(178,783	)		(4,946,926	)
Boeing Co. (The)		(47,563	)		(5,941,094	)
Brady Corp.		(42,717	)		(1,018,373	)
CAE, Inc.		(12,752	)		(164,756	)
CLARCOR, Inc.		(41,700	)		(2,792,232	)
Continental Building Products, Inc.*		(10,568	)		(155,772	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Cubic Corp.		(45,731	)	$	(2,206,063	)
DigitalGlobe, Inc.*		(46,600	)		(1,332,294	)
DXP Enterprises, Inc.*		(351	)		(23,268	)
Dycom Industries, Inc.*		(83,442	)		(2,619,244	)
EnerSys		(8,175	)		(513,390	)
EnPro Industries, Inc.*		(61,031	)		(3,938,330	)
Esterline Technologies Corp.*		(4,050	)		(474,296	)
Franklin Electric Co., Inc.		(48,781	)		(1,821,483	)
Gorman-Rupp Co. (The)		(15,467	)		(490,923	)
Granite Construction, Inc.		(16,626	)		(613,666	)
Hyster-Yale Materials Handling, Inc.		(7,584	)		(595,268	)
II-VI, Inc.*		(92,217	)		(1,244,007	)
Kaman Corp.		(11,987	)		(516,160	)
Kennametal, Inc.		(144,846	)		(5,592,504	)
Lennox International, Inc.		(42,247	)		(3,756,603	)
MasTec, Inc.*		(127,224	)		(3,643,695	)
Middleby Corp. (The)*		(6,918	)		(612,243	)
MRC Global, Inc.*		(140,285	)		(2,950,194	)
Mueller Industries, Inc.†		(60,417	)		(1,961,136	)
Nortek, Inc.*		(11,724	)		(976,375	)
Oshkosh Corp.		(18,499	)		(828,015	)
Powell Industries, Inc.		(14,004	)		(637,602	)
Power Solutions International, Inc.*		(27,624	)		(1,809,372	)
Primoris Services Corp.		(574	)		(16,485	)
Proto Labs, Inc.*		(2,071	)		(135,381	)
Rexnord Corp.*		(43,335	)		(1,280,549	)
Rockwell Collins, Inc.†		(37,111	)		(3,122,891	)
Sensata Technologies Holding NV (Netherlands)*		(105,404	)		(5,144,769	)
SolarCity Corp.*		(78,940	)		(4,671,669	)
TAL International Group, Inc.		(28,343	)		(1,222,434	)
Taser International, Inc.*		(145,370	)		(2,738,771	)
Textainer Group Holdings Ltd. (Bermuda)		(15,447	)		(531,995	)
Titan International, Inc.		(173,963	)		(1,837,049	)
Triumph Group, Inc.		(54,993	)		(3,829,163	)
Tutor Perini Corp.*		(67,166	)		(1,881,320	)
WABCO Holdings, Inc.*		(18,302	)		(1,782,249	)
Wabtec Corp.		(26,926	)		(2,323,714	)
Watsco, Inc.		(7,428	)		(754,833	)

					(108,865,210	)

Commercial & Professional Services — (2.2)%
Acacia Research Corp.		(36,067	)		(649,206	)
Advisory Board Co. (The)*		(113,622	)		(6,098,093	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Covanta Holding Corp.		(19,967	)	$	(440,672	)
Healthcare Services Group, Inc.		(81,385	)		(2,423,645	)
Herman Miller, Inc.		(117,676	)		(3,765,632	)
ICF International, Inc.*		(7,985	)		(290,175	)
Interface, Inc.		(101,733	)		(1,630,780	)
Kelly Services, Inc., Class A		(51,204	)		(902,727	)
Kforce, Inc.		(38,834	)		(899,007	)
Kimball International, Inc.		(1,095	)		(13,995	)
Mistras Group, Inc.*		(17,904	)		(295,237	)
Paylocity Corp.*		(41,978	)		(1,028,461	)
Stericycle, Inc.*		(8,165	)		(1,028,790	)
US Ecology, Inc		(71,177	)		(3,578,780	)
WageWorks, Inc.*		(106,173	)		(6,052,923	)

					(29,098,123	)

Consumer Durables & Apparel — (3.4)%
Callaway Golf Co.		(27,004	)		(211,711	)
Carter’s, Inc.		(14,973	)		(1,169,840	)
Crocs, Inc.*		(83,368	)		(973,738	)
DR Horton, Inc.		(216,728	)		(4,939,231	)
G-III Apparel Group Ltd.*		(15,087	)		(1,197,153	)
Gildan Activewear, Inc. (Canada)		(63,989	)		(3,815,664	)
Hanesbrands, Inc.†		(39,267	)		(4,146,988	)
Hovnanian Enterprises, Inc., Class A*		(441,816	)		(1,661,228	)
Kate Spade & Co.*		(65,705	)		(1,782,577	)
KB Home		(378,974	)		(5,965,051	)
MDC Holdings, Inc.		(243,623	)		(5,949,274	)
Meritage Homes Corp.*		(174,485	)		(6,419,303	)
Ryland Group, Inc. (The)		(93,882	)		(3,361,914	)
Standard Pacific Corp.*		(230,101	)		(1,702,747	)
Taylor Morrison Home Corp., Class A*		(106,179	)		(1,830,526	)
William Lyon Homes, Class A*		(59,909	)		(1,417,447	)

					(46,544,392	)

Consumer Services — (5.1)%
2U, Inc.*		(22,551	)		(410,428	)
BJ’s Restaurants, Inc.*		(2,391	)		(105,252	)
Bloomin’ Brands, Inc.*		(281,417	)		(5,321,595	)
Bob Evans Farms, Inc.		(123,625	)		(6,039,081	)
Churchill Downs, Inc.		(13,125	)		(1,338,488	)
ClubCorp Holdings, Inc.		(80,102	)		(1,526,744	)
Fiesta Restaurant Group, Inc.*		(16,316	)		(899,827	)
Grand Canyon Education, Inc.*		(25,467	)		(1,219,869	)
International Speedway Corp., Class A		(49,428	)		(1,548,579	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Krispy Kreme Doughnuts, Inc.*		(202,926	)	$	(3,839,360	)
Life Time Fitness, Inc.*		(117,995	)		(6,580,581	)
LifeLock, Inc.*		(220,476	)		(3,728,249	)
MGM Resorts International*		(99,046	)		(2,302,820	)
Noodles & Co.*		(13,193	)		(301,196	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(113,220	)		(4,415,580	)
Papa John’s International, Inc.		(58,773	)		(2,748,225	)
Penn National Gaming, Inc.*		(266,180	)		(3,484,296	)
Pinnacle Entertainment, Inc.*		(193,089	)		(4,948,871	)
Popeyes Louisiana Kitchen, Inc.*		(46,413	)		(2,151,243	)
Red Robin Gourmet Burgers, Inc.*		(93,256	)		(5,126,282	)
Service Corp. International		(138,673	)		(3,032,779	)
Sonic Corp.		(126,844	)		(3,197,737	)
Texas Roadhouse, Inc.		(139,642	)		(4,031,465	)
Tim Hortons, Inc.		(2,709	)		(219,483	)
Zoe’s Kitchen, Inc.*		(30,668	)		(1,118,155	)

					(69,636,185	)

Food & Staples Retailing — (1.5)%
Casey’s General Stores, Inc.		(78,443	)		(6,422,128	)
Kroger Co. (The)		(95,492	)		(5,319,859	)
PriceSmart, Inc.		(3,182	)		(283,293	)
SpartanNash Co.		(53,056	)		(1,188,985	)
United Natural Foods, Inc.*		(104,715	)		(7,122,714	)

					(20,336,979	)

Food, Beverage & Tobacco — (2.6)%
Boston Beer Co., Inc. (The), Class A* .		(11,358	)		(2,828,142	)
Boulder Brands, Inc.*		(149,878	)		(1,330,917	)
Brown-Forman Corp.		(6,619	)		(613,383	)
Coca-Cola Bottling Co. Consolidated		(6,843	)		(618,881	)
Darling Ingredients, Inc.*		(349,203	)		(6,145,973	)
Dean Foods Co.		(210,490	)		(3,096,308	)
Hain Celestial Group, Inc. (The)*		(14,305	)		(1,548,516	)
Hershey Co. (The)		(27,690	)		(2,655,748	)
J&J Snack Foods Corp.		(50	)		(5,152	)
JM Smucker Co. (The)		(9,389	)		(976,456	)
Mead Johnson Nutrition Co.		(16,451	)		(1,633,749	)
Post Holdings, Inc.*		(195,918	)		(7,346,925	)
TreeHouse Foods, Inc.*		(51,938	)		(4,423,559	)
WhiteWave Foods Co., Class A*		(50,755	)		(1,889,609	)

					(35,113,318	)

Health Care Equipment & Services — (7.4)%
Acadia Healthcare Co., Inc.*		(71,244	)		(4,420,690	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Accuray, Inc.*		(150,845	)	$	(954,849	)
Adeptus Health, Inc., Class A*		(12,602	)		(418,134	)
Alere, Inc.*		(20,599	)		(823,342	)
Allscripts Healthcare Solutions, Inc.*		(295,725	)		(4,057,347	)
Analogic Corp.		(10,111	)		(737,496	)
athenahealth, Inc.*		(38,911	)		(4,766,598	)
Bio-Reference Laboratories, Inc.*		(35,392	)		(1,063,176	)
BioScrip, Inc.*		(91,045	)		(588,151	)
Capital Senior Living Corp.*		(47,048	)		(1,058,580	)
Cardiovascular Systems, Inc.*		(70,421	)		(2,183,051	)
Cerner Corp.*		(16,762	)		(1,061,705	)
Community Health Systems, Inc.*		(83,235	)		(4,575,428	)
CONMED Corp.		(4,819	)		(202,350	)
Cooper Cos., Inc. (The)		(5,283	)		(865,884	)
Endologix, Inc.*		(156,421	)		(1,783,199	)
Ensign Group, Inc. (The)		(3,777	)		(146,245	)
ExamWorks Group, Inc.*		(94,980	)		(3,683,324	)
Hanger, Inc.*		(141,454	)		(3,384,994	)
Healthways, Inc.*		(75,806	)		(1,174,993	)
HeartWare International, Inc.*		(33,676	)		(2,597,093	)
Henry Schein, Inc.*		(10,437	)		(1,252,753	)
Insulet Corp.*		(56,721	)		(2,448,646	)
K2M Group Holdings, Inc.*		(1,309	)		(21,075	)
LDR Holding Corp.*		(40,976	)		(1,411,213	)
LifePoint Hospitals, Inc.*		(46,845	)		(3,279,150	)
McKesson Corp.		(2,520	)		(512,593	)
Medidata Solutions, Inc.*		(110,805	)		(4,998,414	)
MWI Veterinary Supply, Inc.*		(27,157	)		(4,607,321	)
National Healthcare Corp.		(2,161	)		(130,330	)
Neogen Corp.*		(56,660	)		(2,487,374	)
Novadaq Technologies, Inc. (Canada)*		(122,267	)		(1,909,811	)
NuVasive, Inc.*		(7,073	)		(289,286	)
NxStage Medical, Inc.*		(105,889	)		(1,605,277	)
Omnicell, Inc.*		(18,962	)		(612,662	)
Owens & Minor, Inc.		(9,112	)		(303,612	)
Patterson Cos., Inc.		(74,048	)		(3,192,209	)
Providence Service Corp. (The)*		(7,403	)		(327,065	)
Quidel Corp.*		(63,455	)		(1,811,640	)
Sirona Dental Systems, Inc.*		(36,248	)		(2,847,280	)
Spectranetics Corp.*		(151,781	)		(4,822,082	)
STERIS Corp.		(4,435	)		(274,083	)
Surgical Care Affiliates, Inc.*		(12,155	)		(372,915	)
Tenet Healthcare Corp.*		(55,333	)		(3,101,415	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Tornier NV (Netherlands)*		(76,894	)	$	(2,149,187	)
Veeva Systems, Inc.*		(113,150	)		(3,369,607	)
Volcano Corp.*		(193,234	)		(1,955,528	)
West Pharmaceutical Services, Inc		(33,185	)		(1,700,731	)
Wright Medical Group, Inc.*		(204,611	)		(6,469,800	)
Zeltiq Aesthetics, Inc.*		(73,974	)		(1,896,693	)

					(100,706,381	)

Household & Personal Products — (0.2)%
Elizabeth Arden, Inc.*		(8,718	)		(142,975	)
Revlon, Inc., Class A*		(11,257	)		(386,115	)
Spectrum Brands Holdings, Inc.		(20,871	)		(1,890,704	)

WD-40 Co.		(514	)		(39,408	)

					(2,459,202	)
Media — (2.1)%
AMC Entertainment Holdings, Inc.,
Class A		(5,396	)		(137,058	)
AMC Networks, Inc., Class A*		(42,243	)		(2,562,038	)
Carmike Cinemas, Inc.*		(9,374	)		(300,437	)
Charter Communications, Inc., Class A*		(35,637	)		(5,644,544	)
DreamWorks Animation SKG, Inc., Class A*		(71,816	)		(1,600,060	)
EW Scripps Co. (The), Class A*		(154,031	)		(2,957,395	)
Gray Television, Inc.*		(164,144	)		(1,516,691	)
Live Nation Entertainment, Inc.*		(123,079	)		(3,200,054	)
Madison Square Garden Co. (The), Class A*		(18,770	)		(1,422,015	)
MDC Partners, Inc.		(67,941	)		(1,406,379	)
National CineMedia, Inc.		(78,431	)		(1,247,053	)
Rentrak Corp.*		(23,773	)		(1,827,431	)
Scholastic Corp.		(48,786	)		(1,698,241	)
SFX Entertainment, Inc.*		(98,342	)		(505,478	)
World Wrestling Entertainment, Inc., Class A		(176,764	)		(2,183,035	)

					(28,207,909	)

Pharmaceuticals, Biotechnology & Life Sciences — (9.9)%
ACADIA Pharmaceuticals, Inc.*		(6,167	)		(170,826	)
Acceleron Pharma, Inc.*		(69,264	)		(2,561,383	)
Achillion Pharmaceuticals, Inc.*		(75,745	)		(890,004	)
Agios Pharmaceuticals, Inc.*		(37,603	)		(3,159,780	)
Akorn, Inc.*		(173,164	)		(7,714,456	)
Albany Molecular Research, Inc.*		(112,421	)		(2,614,912	)
Alkermes PLC (Ireland)*		(50,616	)		(2,558,639	)
AMAG Pharmaceuticals, Inc.*		(22,662	)		(748,073	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Anacor Pharmaceuticals, Inc.*		(377	)	$	(11,088	)
Arena Pharmaceuticals, Inc.*		(939,190	)		(4,094,868	)
ARIAD Pharmaceuticals, Inc.*		(181,971	)		(1,084,547	)
Auspex Pharmaceuticals, Inc.*		(3,624	)		(98,210	)
AVANIR Pharmaceuticals, Inc.*		(284,441	)		(3,680,667	)
BioDelivery Sciences International, Inc.*		(225,470	)		(3,923,178	)
Bluebird Bio, Inc.*		(28,143	)		(1,181,725	)
Bristol-Myers Squibb Co.		(53,120	)		(3,091,053	)
Catalent, Inc.*		(17,446	)		(454,119	)
Celldex Therapeutics, Inc.*		(237,123	)		(3,971,810	)
Cepheid*		(62,371	)		(3,306,287	)
Charles River Laboratories International, Inc.*		(8,875	)		(560,545	)
Chimerix, Inc.*		(79,759	)		(2,475,719	)
Clovis Oncology, Inc.*		(24,913	)		(1,486,310	)
Eli Lilly & Co.		(63,308	)		(4,199,220	)
Emergent Biosolutions, Inc.*		(67,824	)		(1,534,179	)
Fluidigm Corp.*		(101,945	)		(2,956,405	)
Genomic Health, Inc.*		(46,560	)		(1,691,990	)
Halozyme Therapeutics, Inc.*		(268,622	)		(2,584,144	)
ImmunoGen, Inc.*		(319,494	)		(2,958,514	)
Impax Laboratories, Inc.*		(20,233	)		(586,150	)
Incyte Corp.*		(46,377	)		(3,110,042	)
Infinity Pharmaceuticals, Inc.*		(8,533	)		(116,219	)
Insmed, Inc.*		(18,688	)		(265,183	)
Intrexon Corp.*		(66,123	)		(1,475,865	)
Ironwood Pharmaceuticals, Inc.*		(144,331	)		(2,023,521	)
Isis Pharmaceuticals, Inc.*		(41,701	)		(1,920,748	)
Jazz Pharmaceuticals PLC (Ireland)*		(3,900	)		(658,476	)
Karyopharm Therapeutics, Inc.*		(26,426	)		(1,085,580	)
Kite Pharma, Inc.*		(45,433	)		(1,680,567	)
KYTHERA Biopharmaceuticals, Inc.*		(39,529	)		(1,393,397	)
Lexicon Pharmaceuticals, Inc.*		(77,610	)		(112,535	)
Medicines Co. (The)*		(165,429	)		(4,188,662	)
Momenta Pharmaceuticals, Inc.*		(161,227	)		(1,758,987	)
Mylan, Inc.*		(152	)		(8,140	)
Nektar Therapeutics*		(12,511	)		(172,527	)
Neurocrine Biosciences, Inc.*		(189,934	)		(3,517,578	)
Novavax, Inc.*		(935,767	)		(5,240,295	)
Ophthotech Corp.*		(61,017	)		(2,545,629	)
Orexigen Therapeutics, Inc.*		(301,327	)		(1,223,388	)
Pacira Pharmaceuticals, Inc./DE*		(6,025	)		(559,241	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Perrigo Co. PLC (Ireland)		(3,255	)	$	(525,520	)
Pharmacyclics, Inc.*		(25,662	)		(3,353,254	)
Portola Pharmaceuticals, Inc.*		(20,190	)		(575,415	)
PTC Therapeutics, Inc.*		(82,546	)		(3,373,655	)
Puma Biotechnology, Inc.*		(4,469	)		(1,119,931	)
Receptos, Inc.*		(33,188	)		(3,439,936	)
Relypsa, Inc.*		(78,941	)		(1,623,816	)
Repligen Corp.*		(105,422	)		(2,658,743	)
Sage Therapeutics, Inc.*		(18,007	)		(704,434	)
Sangamo BioSciences, Inc.*		(65,676	)		(797,307	)
Synageva BioPharma Corp.*		(54,495	)		(4,127,451	)
Techne Corp.		(10,140	)		(923,247	)
TESARO, Inc.*		(87,525	)		(2,434,946	)
TherapeuticsMD, Inc.*		(34,626	)		(153,739	)
Theravance Biopharma, Inc. (Cayman Islands)*		(57,984	)		(1,061,107	)
Ultragenyx Pharmaceutical, Inc.*		(2,258	)		(106,149	)
Vertex Pharmaceuticals, Inc.*		(37,250	)		(4,195,840	)
Zoetis, Inc.		(33,389	)		(1,240,735	)
ZS Pharma, Inc.*		(52,221	)		(1,964,554	)

					(133,785,160	)

Retailing — (7.1)%
Advance Auto Parts, Inc.		(44,658	)		(6,562,940	)
Amazon.com, Inc.*		(23,569	)		(7,199,387	)
Ascena Retail Group, Inc.*		(407,909	)		(5,078,467	)
CarMax, Inc.*		(123,144	)		(6,884,981	)
CST Brands, Inc.		(138,558	)		(5,299,844	)
Groupon, Inc.*		(786,726	)		(5,750,967	)
JC Penney Co., Inc.*		(217,759	)		(1,657,146	)
LKQ Corp.*		(75,362	)		(2,153,092	)
Lumber Liquidators Holdings, Inc.*		(114,454	)		(6,154,192	)
Mattress Firm Holding Corp.*		(6,489	)		(410,040	)
Men’s Wearhouse, Inc. (The)		(156,104	)		(7,341,571	)
Monro Muffler Brake, Inc.		(26,762	)		(1,430,161	)
Netflix, Inc.*		(5,264	)		(2,067,541	)
Nordstrom, Inc.		(30,886	)		(2,242,632	)
Office Depot, Inc.*		(777,721	)		(4,059,704	)
Performance Sports Group Ltd.*		(25,347	)		(436,729	)
Pier 1 Imports, Inc.		(183,150	)		(2,362,635	)
Rent-A-Center, Inc.		(35,805	)		(1,108,881	)
Restoration Hardware Holdings, Inc.*		(42,787	)		(3,436,652	)
RetailMeNot, Inc.*		(119,787	)		(2,522,714	)
Select Comfort Corp.*		(62,357	)		(1,601,951	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Shutterfly, Inc.*		(70,491	)	$	(2,948,639	)
Signet Jewelers Ltd.		(57,555	)		(6,907,176	)
Stein Mart, Inc.		(4,706	)		(62,966	)
Tuesday Morning Corp.*		(147,173	)		(3,000,857	)
Vitamin Shoppe, Inc.*		(143,440	)		(6,731,639	)
Wayfair, Inc.*		(35,656	)		(894,966	)

					(96,308,470	)

Semiconductors & Semiconductor Equipment — (3.4)%
Advanced Micro Devices, Inc.*		(1,056,721	)		(2,958,819	)
Analog Devices, Inc.		(78,063	)		(3,873,486	)
Applied Micro Circuits Corp.*		(193,393	)		(1,251,253	)
Avago Technologies Ltd. (Singapore)		(39,872	)		(3,438,960	)
Brooks Automation, Inc.		(110,710	)		(1,365,054	)
Cree, Inc.*		(192,129	)		(6,048,221	)
Entegris, Inc.*		(265,123	)		(3,600,370	)
First Solar, Inc.*		(26,759	)		(1,576,105	)
GT Advanced Technologies, Inc.*		(254,052	)		(153,701	)
M/A-COM Technology Solutions Holdings, Inc.*		(40,693	)		(894,839	)
Microsemi Corp.*		(156,414	)		(4,077,713	)
PMC-Sierra, Inc.*		(348,669	)		(2,716,132	)
Spansion, Inc., Class A*		(273,374	)		(5,626,037	)
SunEdison, Inc.*		(32,854	)		(640,982	)
Ultratech, Inc.*		(105,476	)		(2,017,756	)
Veeco Instruments, Inc.*		(166,540	)		(5,993,775	)

					(46,233,203	)

Software & Services — (12.9)%
Adobe Systems, Inc.*		(86,641	)		(6,075,267	)
AOL, Inc.*		(10,404	)		(452,886	)
Autodesk, Inc.*		(108,660	)		(6,252,296	)
Barracuda Networks, Inc.*		(6,222	)		(200,037	)
Benefitfocus, Inc.*		(31,070	)		(860,950	)
Blackhawk Network Holdings, Inc., Class B*		(101,824	)		(3,400,922	)
Blucora, Inc.*		(16,555	)		(280,607	)
Bottomline Technologies de, Inc.*		(80,199	)		(2,012,193	)
BroadSoft, Inc.*		(82,390	)		(1,886,731	)
CommVault Systems, Inc.*		(101,552	)		(4,502,816	)
comScore, Inc.*		(72,567	)		(3,057,973	)
Concur Technologies, Inc.*		(2,968	)		(380,854	)
Convergys Corp.		(227,970	)		(4,598,155	)
CoreLogic, Inc.*		(92,931	)		(2,915,245	)
Cornerstone OnDemand, Inc.*		(174,318	)		(6,322,514	)
CoStar Group, Inc.*		(2,941	)		(473,766	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cvent, Inc.*		(67,009	)	$	(1,738,213	)
Dealertrack Technologies, Inc.*		(71,201	)		(3,350,007	)
Demandware, Inc.*		(33,157	)		(1,987,762	)
Digital River, Inc.*		(10,545	)		(269,636	)
Ellie Mae, Inc.*		(84,881	)		(3,257,733	)
Envestnet, Inc.*		(56,088	)		(2,491,429	)
Equinix, Inc.		(7,945	)		(1,659,711	)
FireEye, Inc.*		(128,157	)		(4,356,056	)
Fleetmatics Group PLC*		(11,958	)		(444,120	)
Forrester Research, Inc.		(3,902	)		(157,173	)
Fortinet, Inc.*		(151,615	)		(3,949,571	)
Global Eagle Entertainment, Inc.*		(33,586	)		(410,757	)
Global Payments, Inc.		(5,897	)		(474,709	)
Google, Inc.*		(1,027	)		(574,175	)
Heartland Payment Systems, Inc.		(14,014	)		(723,823	)
Imperva, Inc.*		(50,037	)		(2,050,016	)
Infoblox, Inc.*		(175,711	)		(2,835,976	)
Interactive Intelligence Group, Inc.*		(54,058	)		(2,608,839	)
Jive Software, Inc.*		(161,440	)		(986,398	)
LinkedIn Corp., Class A*		(1,706	)		(390,606	)
LivePerson, Inc.*		(106,651	)		(1,535,774	)
LogMeIn, Inc.*		(45,588	)		(2,190,503	)
Manhattan Associates, Inc.*		(70,046	)		(2,809,545	)
Marketo, Inc.*		(164,851	)		(5,319,742	)
MicroStrategy, Inc.*		(8,599	)		(1,383,407	)
MobileIron, Inc.*		(35,947	)		(361,627	)
Move, Inc.*		(108,005	)		(2,262,705	)
NetSuite, Inc.*		(38,414	)		(4,174,065	)
Nuance Communications, Inc.*		(464,516	)		(7,167,482	)
Pandora Media, Inc.*		(20,630	)		(397,746	)
Paycom Software, Inc.*		(27,524	)		(488,551	)
Proofpoint, Inc.*		(50,553	)		(2,226,354	)
PROS Holdings, Inc.*		(37,445	)		(1,047,711	)
Qlik Technologies, Inc.*		(37,024	)		(1,049,630	)
Qualys, Inc.*		(7,312	)		(234,569	)
Rackspace Hosting, Inc.*		(180,895	)		(6,939,132	)
RealPage, Inc.*		(131,990	)		(2,622,641	)
Sapient Corp.*		(160,714	)		(2,783,566	)
ServiceNow, Inc.*		(725	)		(49,249	)
Shutterstock, Inc.*		(68,374	)		(5,316,762	)
Silver Spring Networks, Inc.*		(58,471	)		(560,152	)
Splunk, Inc.*		(46,922	)		(3,100,606	)
SPS Commerce, Inc.*		(2,785	)		(162,366	)
Tableau Software, Inc.*		(43,286	)		(3,574,991	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Tangoe, Inc.*		(11,156	)	$	(163,659	)
TIBCO Software, Inc.*		(294,512	)		(6,882,745	)
Twitter, Inc.*		(120,988	)		(5,017,372	)
Tyler Technologies, Inc.*		(5,042	)		(564,301	)
Vantiv, Inc., Class A*		(89,216	)		(2,758,559	)
Varonis Systems, Inc.*		(33,983	)		(661,989	)
Verint Systems, Inc.*		(110,610	)		(6,358,969	)
Vistaprint NV*		(37,684	)		(2,519,552	)
Web.com Group, Inc.*		(3,768	)		(77,357	)
Workday, Inc.*		(20,990	)		(2,004,125	)
Xoom Corp.*		(8,836	)		(133,424	)
Yelp, Inc.*		(74,313	)		(4,458,780	)
Zendesk, Inc.*		(50,908	)		(1,323,608	)
Zillow, Inc., Class A*		(4,586	)		(498,636	)
Zynga, Inc.*		(1,927,699	)		(4,915,632	)

					(174,487,506	)

Technology Hardware & Equipment — (4.5)%
ADTRAN, Inc.		(12,923	)		(274,097	)
Amphenol Corp.		(6,782	)		(343,034	)
Avnet, Inc.		(12,958	)		(560,434	)
Badger Meter, Inc.		(6,612	)		(376,355	)
Belden, Inc.		(43,858	)		(3,122,251	)
Benchmark Electronics, Inc.*		(67,973	)		(1,612,320	)
BlackBerry Ltd. (Canada)*		(327,369	)		(3,437,375	)
CalAmp Corp.*		(54,236	)		(1,045,670	)
Celestica, Inc. (Canada)*		(56,612	)		(621,600	)
Ciena Corp.*		(210,186	)		(3,522,717	)
Cognex Corp.*		(1,234	)		(48,817	)
Cray, Inc.*		(129,802	)		(4,498,937	)
Electronics For Imaging, Inc.*		(101,886	)		(4,658,228	)
FARO Technologies, Inc.*		(6,195	)		(346,920	)
Finisar Corp.*		(301,741	)		(5,045,110	)
Infinera Corp.*		(196,484	)		(2,854,913	)
Ingram Micro, Inc., Class A*		(43,231	)		(1,160,320	)
Ixia*		(155,846	)		(1,500,797	)
Jabil Circuit, Inc.		(63,674	)		(1,333,970	)
MTS Systems Corp.		(19,621	)		(1,295,182	)
Nimble Storage, Inc.*		(108,940	)		(2,980,598	)
Plantronics, Inc.		(16,612	)		(861,664	)
Plexus Corp.*		(18,295	)		(756,498	)
Riverbed Technology, Inc.*		(62,427	)		(1,185,489	)
ScanSource, Inc.*		(15,981	)		(610,155	)
Sonus Networks, Inc.*		(918,950	)		(3,188,757	)
Super Micro Computer, Inc.*		(14,385	)		(459,745	)

The accompanying notes are an integral part of the financial statements.

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
SYNNEX Corp.		(89,318	)	$	(6,179,019	)
ViaSat, Inc.*		(108,712	)		(6,809,720	)

					(60,690,692	)

Telecommunication Services — (1.8)%
8X8, Inc.*		(323,140	)		(2,539,880	)
Arista Networks, Inc.*		(10,814	)		(878,638	)
Cogent Communications Holdings, Inc.		(80,220	)		(2,722,667	)
Iridium Communications, Inc.*		(253,425	)		(2,407,538	)
RingCentral, Inc., Class A*		(175,215	)		(2,302,325	)
SBA Communications Corp.*		(30,222	)		(3,394,837	)
Sprint Corp.*		(229,883	)		(1,363,206	)
T-Mobile US, Inc.*		(188,570	)		(5,504,358	)
tw telecom, Inc.*		(49,713	)		(2,126,722	)
United States Cellular Corp.*		(41,131	)		(1,497,991	)

					(24,738,162	)

Transportation — (3.2)%
Allegiant Travel Co.*		(39,140	)		(5,224,016	)
Atlas Air Worldwide Holdings, Inc.*		(82,438	)		(3,043,611	)
Canadian National Railway Co.		(230	)		(16,233	)
Canadian Pacific Railway Ltd. (Canada)		(2,785	)		(578,389	)
FedEx Corp.		(3,171	)		(530,825	)
Genesee & Wyoming, Inc., Class A*		(47,299	)		(4,550,164	)
Hawaiian Holdings, Inc.*		(29,354	)		(508,998	)
Heartland Express, Inc.		(131,063	)		(3,294,924	)
Hub Group, Inc., Class A*		(65,405	)		(2,373,547	)
JetBlue Airways Corp.*		(494,866	)		(5,710,754	)
Kansas City Southern		(11,675	)		(1,433,573	)
Knight Transportation, Inc.		(64,489	)		(1,886,948	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Marten Transport Ltd.		(33,483	)$		(656,936	)
Roadrunner Transportation Systems, Inc.*		(67,348	)		(1,388,042	)
Ryder System, Inc.		(23,188	)		(2,051,442	)
Saia, Inc.*		(9,531	)		(467,210	)
Spirit Airlines, Inc.*		(21,470	)		(1,569,672	)
Universal Truckload Services, Inc.		(12,413	)		(326,710	)
UTi Worldwide, Inc. (British Virgin Islands)		(423,793	)		(4,632,057	)
Wesco Aircraft Holdings, Inc.*		(135,528	)		(2,405,622	)

					(42,649,673	)

TOTAL COMMON STOCK (Proceeds $994,906,193)					(1,023,087,868	)

EXCHANGE TRADED FUNDS — (2.3)%
SPDR S&P 500 ETF Trust		(152,739	)		(30,801,347	)

TOTAL EXCHANGE TRADED FUNDS (Proceeds $30,147,282)					(30,801,347	)

TOTAL SECURITES SOLD SHORT - (77.9)%					(1,053,889,215	)

(Proceeds $1,025,053,475)

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%					14,944,159

NET ASSETS - 100.0%				$	1,352,477,721

*	Non-income producing.

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or portion of the security is on loan. (see Note 5 of the Notes to Financial Statements)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
LONG POSITIONS - 125.7%
COMMON STOCKS — 125.7%
Automobiles & Components — 4.6%
Allison Transmission Holdings, Inc.		105,205	$	3,417,058
American Axle & Manufacturing Holdings, Inc.*†		103,383		1,998,393
Autoliv, Inc. (Sweden)^(a)		35,724		3,277,320
Cooper Tire & Rubber Co.†		89,117		2,870,459
Dana Holding Corp.†		326,203		6,674,113
Delphi Automotive PLC (United Kingdom)†		61,241		4,224,404
Goodyear Tire & Rubber Co. (The)		121,449		2,942,709
Johnson Controls, Inc.†		4,433		209,459
Lear Corp.		35,419		3,276,258
Magna International, Inc. (Canada)†		43,455		4,289,443
Standard Motor Products, Inc.†		9,031		356,905
Tenneco, Inc.*†		75,025		3,928,309
Tower International, Inc.*†		23,146		562,448
TRW Automotive Holdings Corp.*		8,372		848,502

				38,875,780

Capital Goods — 17.6%
3M Co.†		5,860		901,092
AAON, Inc.†		6,942		136,410
Actuant Corp., Class A†		41,823		1,325,371
Aegion Corp.*†^(a)		62,532		1,145,586
Aerovironment, Inc.*†		12,446		381,470
AZZ, Inc.†^(a)		25,487		1,191,772
Blount International, Inc.*†^(a)		55,321		846,965
Briggs & Stratton Corp.†		24,447		494,074
Carlisle Cos., Inc.†		16,078		1,429,013
Caterpillar, Inc.†		64,335		6,524,212
Chicago Bridge & Iron Co. NV (Netherlands)†		115,477		6,309,663
CIRCOR International, Inc.†		2,678		201,252
Crane Co.†		32,399		2,020,078
Curtiss-Wright Corp.†		21,618		1,496,182
Danaher Corp.†		22,037		1,771,775
Dover Corp.†^(a)		90,925		7,223,082
Eaton Corp. PLC		39,668		2,712,895
EMCOR Group, Inc.†^(a)		72,886		3,216,459
Encore Wire Corp.†		22,377		848,983
Engility Holdings, Inc.*†		19,372		836,870
ESCO Technologies, Inc.†		21,282		809,142
Federal Signal Corp.†		57,022		809,712
Flowserve Corp.†		19,590		1,331,924
Fluor Corp.†^(a)		67,258		4,461,896


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Dynamics Corp.†		39,305	$	5,493,267
GrafTech International Ltd.*†		73,596		315,727
Harsco Corp.†		114,526		2,482,924
Honeywell International, Inc.†		24,616		2,366,090
Hubbell, Inc., Class B†		16,141		1,830,551
Huntington Ingalls Industries, Inc.†		59,215		6,266,131
IDEX Corp.†		48,162		3,607,815
Illinois Tool Works, Inc.†^(a)		21,557		1,962,765
KBR, Inc.		20,001		381,619
L-3 Communications Holdings, Inc		3,659		444,422
Lincoln Electric Holdings, Inc.†		29,087		2,108,226
Lindsay Corp.†^(a)		34,459		3,022,054
Lockheed Martin Corp.†		7,335		1,397,831
Manitowoc Co., Inc. (The)†		56,475		1,176,939
Masco Corp.†		196,167		4,329,406
Meritor, Inc.*†		371,654		4,270,305
Moog, Inc., Class A*†		7,037		538,612
Mueller Water Products, Inc., Class A†		202,628		1,999,938
NCI Building Systems, Inc.*†		31,992		635,681
Northrop Grumman Corp.†		85		11,727
NOW, Inc.*†^(a)		114,326		3,436,640
Orbital Sciences Corp.*†^(a)		76,833		2,020,708
Pentair PLC (Ireland)†		78,819		5,284,814
Polypore International, Inc.*†		21,748		955,172
Precision Castparts Corp.†		8,121		1,792,305
Roper Industries, Inc.†		4,637		734,037
Simpson Manufacturing Co., Inc.†		8,310		274,895
Snap-on, Inc.		596		78,755
Spirit AeroSystems Holdings, Inc., Class A*†		75,074		2,953,411
SPX Corp.†^(a)		79,361		7,522,629
Standex International Corp.†		5,720		493,350
Stanley Black & Decker, Inc.†		75,978		7,114,580
Teledyne Technologies, Inc.*		17,769		1,841,401
Terex Corp.†		94,385		2,715,456
Thermon Group Holdings, Inc.*†		2,394		58,342
Timken Co. (The)†		14,027		603,021
TriMas Corp.*†		24,909		788,619
United Technologies Corp.†		46,895		5,017,765
Universal Forest Products, Inc.†		4,245		212,123
Wabash National Corp.*†^(a)		112,825		1,162,098
Watts Water Technologies, Inc., Class A†		33,169		2,011,036

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
WESCO International, Inc.*^(a)		27,983	$	2,306,079
Woodward, Inc.†		14,342		734,454
WW Grainger, Inc.†		10,643		2,626,692
Xylem, Inc.^(a)		39,387		1,432,111

				147,238,401

Commercial & Professional Services — 7.1%
ACCO Brands Corp.*†		261,513		2,152,252
Brink’s Co. (The)†		70,530		1,481,130
Cintas Corp.†		51,699		3,786,435
Copart, Inc.*†		128,572		4,299,448
Corporate Executive Board Co. (The) .		4,086		301,138
Deluxe Corp.†		7,343		446,454
Dun & Bradstreet Corp. (The)†		1		123
Equifax, Inc.		5,674		429,749
Exponent, Inc.†		5,250		419,055
G & K Services, Inc., Class A		72		4,541
HNI Corp.†^(a)		5,128		239,221
Huron Consulting Group, Inc.*		11,523		802,116
Korn Ferry International*†		20,738		579,212
Manpowergroup, Inc.†		119,591		7,982,699
On Assignment, Inc.*†		51,569		1,500,658
Pitney Bowes, Inc.†		292,265		7,230,636
Progressive Waste Solutions Ltd. (Canada)		20,770		607,107
Quad/Graphics, Inc.†		1,063		23,439
Republic Services, Inc.†		18,569		713,050
Ritchie Bros Auctioneers, Inc. (Canada)†		51,411		1,253,914
Robert Half International, Inc.†		66,561		3,646,212
RPX Corp.*†		50,417		708,359
ServiceMaster Global Holdings, Inc.*†		13,543		324,761
Steelcase, Inc., Class A†		19,232		340,791
Team, Inc.*†^(a)		16,893		711,871
Towers Watson & Co., Class A†		50,192		5,535,676
TrueBlue, Inc.*†		18,385		454,477
Tyco International Ltd. (Switzerland)†		124,602		5,349,164
UniFirst Corp.†		13,656		1,523,463
United Stationers, Inc.†		18,834		786,696
Verisk Analytics, Inc., Class A*		13,704		854,444
Waste Connections, Inc.†^(a)		29,401		1,467,110
Waste Management, Inc.		61,819		3,022,331
West Corp.†		12,883		412,256

				59,389,988


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — 3.6%
Coach, Inc.		8,402	$	288,861
Columbia Sportswear Co.†		35,941		1,385,166
Deckers Outdoor Corp.*†		29,509		2,580,857
Ethan Allen Interiors, Inc.†		23,125		654,438
Garmin Ltd. (Switzerland)		53,843		2,987,210
G-III Apparel Group Ltd.*†		161		12,775
Harman International Industries, Inc.†		1,101		118,181
lululemon athletica, Inc.*^(a)		44,564		1,856,091
NVR, Inc.*†		3,051		3,745,347
PVH Corp.†		38,736		4,429,462
Skechers U.S.A., Inc., Class A*^(a)		6,483		354,944
Steven Madden, Ltd.*†^(a)		122,824		3,850,532
Sturm Ruger & Co., Inc.^(a)		3,000		125,040
Tupperware Brands Corp.†^(a)		40,775		2,599,406
Universal Electronics, Inc.*†		16,942		963,830
Vera Bradley, Inc.*^(a)		109,946		2,506,769
Wolverine World Wide, Inc.^(a)		71,958		1,952,940

				30,411,849

Consumer Services — 4.3%
American Public Education, Inc.*†		17,478		541,643
Apollo Education Group, Inc.*†		62,088		1,779,442
Boyd Gaming Corp.*		28,476		328,898
Capella Education Co.†		5,437		384,613
Darden Restaurants, Inc.†		29,978		1,552,261
DeVry Education Group, Inc.†		13,106		634,461
DineEquity, Inc.†		28,886		2,569,699
Graham Holdings Co., Class B†		1,512		1,184,803
Hillenbrand, Inc.†^(a)		47,540		1,582,607
Interval Leisure Group, Inc.†		50,755		1,067,885
Jack in the Box, Inc.†		31,971		2,271,220
K12, Inc.*†		15,795		195,858
Las Vegas Sands Corp.†		95,874		5,969,115
Matthews International Corp., Class A†^(a)		30,468		1,403,965
Multimedia Games Holding Co., Inc.*†		7,313		255,224
Royal Caribbean Cruises, Ltd. (Liberia)†		18,629		1,266,213
SeaWorld Entertainment, Inc.†		327,870		6,308,219
Speedway Motorsports, Inc.†		7,285		142,567
Starwood Hotels & Resorts Worldwide, Inc.		2,666		204,376
Strayer Education, Inc.*†^(a)		2,546		186,342
Weight Watchers International, Inc.^(a)		72,457		1,887,505

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Wyndham Worldwide Corp.†		60,756	$	4,718,919

				36,435,835

Food & Staples Retailing — 2.3%
Rite Aid Corp.*†		1,638,591		8,602,603
SUPERVALU, Inc.*†^(a)		700,508		6,045,384
Sysco Corp.†		6,562		252,899
Wal-Mart Stores, Inc.		51,244		3,908,380
Weis Markets, Inc.†^(a)		4,323		192,979

				19,002,245

Food, Beverage & Tobacco — 10.1%
Altria Group, Inc.†		556		26,877
Archer-Daniels-Midland Co.†		192,486		9,046,842
Bunge, Ltd. (Bermuda)†		108,413		9,610,813
Coca-Cola Co. (The)†		47,363		1,983,562
ConAgra Foods, Inc.†^(a)		189,566		6,511,592
Cott Corp. (Canada)†		43,033		261,210
Dr Pepper Snapple Group, Inc.†		104,637		7,246,112
Ingredion, Inc.†		64,022		4,945,700
Kellogg Co.†		81,070		5,185,237
Keurig Green Mountain, Inc.†		2,869		435,371
Lancaster Colony Corp.†		9,961		911,332
Lorillard, Inc.†		62,738		3,858,387
Monster Beverage Corp.*†		13,729		1,384,982
National Beverage Corp.*†		4,979		125,072
PepsiCo, Inc.†		28,262		2,717,957
Philip Morris International, Inc.†		57,084		5,081,047
Pilgrim’s Pride Corp.*†^(a)		232,019		6,591,660
Sanderson Farms, Inc.†^(a)		100,242		8,418,323
Snyder’s-Lance, Inc.†		10,207		304,067
Tyson Foods, Inc., Class A†^(a)		123,304		4,975,316
Vector Group, Ltd.†^(a)		220,702		4,930,483

				84,551,942

Health Care Equipment & Services — 6.6%
Abaxis, Inc.†^(a)		39,550		2,082,703
ABIOMED, Inc.*^(a)		4,771		156,441
Align Technology, Inc.*†		78,306		4,120,462
AmerisourceBergen Corp.		17,023		1,453,934
Amsurg Corp.*†		36,468		1,969,637
Anika Therapeutics, Inc.*†		46,582		1,869,801
Cardinal Health, Inc.†		20,031		1,572,033
CareFusion Corp.*†		66,990		3,843,216
Catamaran Corp. (Canada)*		2,249		107,210
Chemed Corp.†^(a)		1,382		142,844


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Computer Programs & Systems, Inc.†		8,000	$	503,840
CorVel Corp.*†		6,842		235,502
Cyberonics, Inc.*†		34,018		1,785,945
DaVita HealthCare Partners, Inc.*†		1,568		122,414
DENTSPLY International, Inc.†		81,005		4,112,624
Edwards Lifesciences Corp.*†		22,100		2,672,332
Express Scripts Holding Co.*†		15,894		1,220,977
Globus Medical, Inc., Class A*†		59,788		1,325,500
Greatbatch, Inc.*†		36,674		1,840,668
Hill-Rom Holdings, Inc.†		1,025		45,592
ICU Medical, Inc.*†		15,606		1,106,465
Integra LifeSciences Holdings Corp.*†		11,256		575,294
Kindred Healthcare, Inc.†^(a)		32,225		700,894
Laboratory Corp. of America Holdings*†		16,878		1,844,597
Masimo Corp.*		860		21,706
MEDNAX, Inc.*†		59,293		3,701,662
Meridian Bioscience, Inc.†^(a)		5,205		96,501
Natus Medical, Inc.*†		55,972		1,903,048
PharMerica Corp.*†		23,317		668,965
Quality Systems, Inc.†		88,329		1,334,651
Quest Diagnostics, Inc.^(a)		7,061		448,091
Select Medical Holdings Corp.†		28,079		404,899
Teleflex, Inc.†		27,985		3,193,648
Thoratec Corp.*†		32,109		872,723
Universal Health Services, Inc., Class B†		18,403		1,908,575
Varian Medical Systems, Inc.*†		62,827		5,285,007

				55,250,401

Household & Personal Products — 3.4%
Avon Products, Inc.†		820,062		8,528,645
Clorox Co. (The)†		19,596		1,949,802
Coty, Inc., Class A†^(a)		28,113		466,676
Energizer Holdings, Inc.†		70,514		8,648,542
Inter Parfums, Inc.†		23,921		679,356
Kimberly-Clark Corp.†		61,470		7,024,177
Procter & Gamble Co. (The)†		17,483		1,525,741

				28,822,939

Media — 4.0%
Cinemark Holdings, Inc.†		38,642		1,364,835
Clear Channel Outdoor Holdings, Inc., Class A		8,269		60,033
Comcast Corp., Class A†		39,851		2,205,753

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media — (Continued)
Crown Media Holdings, Inc., Class A*†^(a)		5,549	$	19,366
DIRECTV*†		70,241		6,096,216
Interpublic Group of Cos, Inc. (The)†		171,530		3,325,967
Loral Space & Communications, Inc.*†		11,444		875,466
Morningstar, Inc.^(a)		5,253		358,517
New York Times Co. (The), Class A†		133,131		1,709,402
News Corp., Class A*†		262,187		4,058,655
Nexstar Broadcasting Group, Inc., Class A†^(a)		65,623		2,960,910
Omnicom Group, Inc.†^(a)		89,740		6,448,716
Starz, Class A*†		4,007		123,816
Time, Inc.*†^(a)		168,369		3,803,456
Viacom, Inc., Class B†		5,610		407,735

				33,818,843

Pharmaceuticals, Biotechnology & Life Sciences — 8.6%
Agilent Technologies, Inc.†		79,877		4,415,601
Biogen Idec, Inc.*†		2,979		956,497
Bio-Rad Laboratories, Inc., Class A*†		5,170		583,279
Bruker Corp.*†		163,115		3,381,374
Covance, Inc.*†		86,889		6,942,431
Depomed, Inc.*†		99,742		1,536,027
Enanta Pharmaceuticals, Inc.*^(a)		60,899		2,618,657
Gilead Sciences, Inc.*†		56,374		6,313,888
Johnson & Johnson†		73,207		7,890,251
Lannett Co., Inc.*^(a)		4,167		236,352
Ligand Pharmaceuticals, Inc.*†^(a)		23,340		1,290,002
Luminex Corp.*		9,310		176,890
Mallinckrodt PLC (Ireland)*†		4,089		376,924
Mettler-Toledo International, Inc.*†		15,470		3,998,531
Myriad Genetics, Inc.*^(a)		146,450		5,783,311
PAREXEL International Corp.*†		101,804		5,528,975
PerkinElmer, Inc.†		27,477		1,193,051
Pfizer, Inc.†		122,771		3,676,991
Prestige Brands Holdings, Inc.*†		62,508		2,214,033
Quintiles Transnational Holdings, Inc.*†		47,724		2,793,763
United Therapeutics Corp.*†		31,413		4,114,161
Valeant Pharmaceuticals International, Inc. (Canada)*†		32,104		4,271,116
Waters Corp.*†		16,352		1,811,802

				72,103,907


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — 15.6%
Abercrombie & Fitch Co., Class A^(a)		214,180	$	7,170,746
ANN INC*†		46,784		1,796,038
AutoNation, Inc.*		26,337		1,508,057
Bed Bath & Beyond, Inc.*†^(a)		83,917		5,650,971
Best Buy Co., Inc.†		41,493		1,416,571
Big Lots, Inc.†		52,397		2,391,923
Brown Shoe Co., Inc.†^(a)		60,212		1,601,037
Buckle, Inc. (The)†^(a)		65,513		3,231,756
Burlington Stores, Inc.*†		38,633		1,620,268
Cato Corp. (The), Class A†		36,343		1,296,355
Chico’s FAS, Inc.		14,593		220,062
Children’s Place, Inc. (The)†^(a)		38,853		1,913,510
Core-Mark Holding Co., Inc.†		18,392		1,067,288
Dick’s Sporting Goods, Inc.†		71,536		3,245,588
Dillard’s, Inc., Class A†		44,400		4,695,744
Dollar General Corp.*†		6,963		436,371
Dollar Tree, Inc.*†		43,693		2,646,485
DSW, Inc., Class A†		108,561		3,218,834
Foot Locker, Inc.†		46,554		2,607,490
GameStop Corp., Class A^(a)		113,020		4,832,735
Gap, Inc. (The)†		185,118		7,014,121
GNC Holdings, Inc., Class A†		15,982		664,372
Group 1 Automotive, Inc.†		9,024		770,920
Guess?, Inc.†		231,736		5,137,587
Haverty Furniture Cos., Inc.†		14,519		319,563
Hibbett Sports, Inc.*^(a)		83,469		3,788,658
Home Depot, Inc. (The)†		393		38,325
HSN, Inc.†		1,628		107,562
Kohl’s Corp.†		115,129		6,242,294
Lands’ End, Inc.*†^(a)		88,657		4,208,548
Liberty Interactive Corp., Class A*†		14,243		372,312
Lithia Motors, Inc., Class A†		12,978		1,007,352
Lowe’s Cos., Inc.†		75,024		4,291,373
Macy’s, Inc.†		89,292		5,162,863
Michaels Cos., Inc. (The)*†^(a)		95,687		1,749,158
Murphy USA, Inc.*†		43,239		2,477,595
Outerwall, Inc.*†		127,480		8,065,660
PetSmart, Inc.†^(a)		53,858		3,896,626
Ross Stores, Inc.†		43,115		3,480,243
Sally Beauty Holdings, Inc.*†		95,798		2,807,839
Target Corp.†		61,188		3,782,642
TJX Cos., Inc. (The)†		50,114		3,173,218
Tractor Supply Co.†		5,436		398,024
Urban Outfitters, Inc.*†		237,981		7,225,103

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Zumiez, Inc.*†^(a)		51,005	$	1,702,547

				130,452,334

Semiconductors & Semiconductor Equipment — 6.2%
Advanced Energy Industries, Inc.*†		55,270		1,093,241
Altera Corp.†^(a)		52,648		1,809,512
Atmel Corp.*†		333,427		2,474,028
Cirrus Logic, Inc.*†		111,123		2,144,674
Diodes, Inc.*†		5,954		153,792
Fairchild Semiconductor International, Inc.*†		395,282		6,067,579
Integrated Device Technology, Inc.*†		118,242		1,940,351
Intel Corp.†		38,784		1,319,044
International Rectifier Corp.*†		69,095		2,747,908
Intersil Corp., Class A†		58,453		776,840
Lattice Semiconductor Corp.*†		184,350		1,236,989
Linear Technology Corp		97,665		4,183,969
Marvell Technology Group Ltd. (Bermuda)†		393,064		5,282,780
Micron Technology, Inc.*†		131,177		4,340,647
MKS Instruments, Inc.†		59,105		2,151,422
OmniVision Technologies, Inc.*†		186,238		4,987,454
Semtech Corp.*		10,428		264,663
Silicon Laboratories, Inc.*†		1,628		74,221
Skyworks Solutions, Inc.†		11,155		649,667
Teradyne, Inc.†		85,055		1,565,012
Tessera Technologies, Inc.		16,397		498,305
Texas Instruments, Inc.		126,134		6,263,814

				52,025,912

Software & Services — 14.9%
Accenture PLC, Class A (Ireland)†		61,165		4,961,705
ACI Worldwide, Inc.*†		108,467		2,086,905
Activision Blizzard, Inc.†		88,417		1,763,919
Acxiom Corp.*†		133,917		2,522,996
Advent Software, Inc.†^(a)		9,095		314,323
Amdocs, Ltd. (Channel Islands)†		28,100		1,335,874
ANSYS, Inc.*†		10,415		818,202
Aspen Technology, Inc.*†		71,402		2,636,876
AVG Technologies NV (Netherlands)*†		81,943		1,468,419
Blackhawk Network Holdings, Inc., Class B*†		15		501
Booz Allen Hamilton Holding Corp.†		91,877		2,420,959
Broadridge Financial Solutions, Inc.†		91,390		4,014,763
CA, Inc.†		133,991		3,893,778


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
CACI International, Inc., Class A*		15,194	$	1,250,314
CGI Group, Inc., Class A (Canada)*† .		41,261		1,417,315
Computer Sciences Corp.†		104,088		6,286,915
Conversant, Inc.*†		112,326		3,959,492
DST Systems, Inc.†		32,429		3,124,534
Electronic Arts, Inc.*		102,151		4,185,127
IAC/InterActiveCorp.†		53,629		3,630,147
International Business Machines Corp.†		42,033		6,910,225
j2 Global, Inc.^(a)		6,591		356,507
Jack Henry & Associates, Inc.†		56,467		3,377,856
Leidos Holdings, Inc.†		79,429		2,904,719
MAXIMUS, Inc.†		35,850		1,737,291
Microsoft Corp		41,742		1,959,787
NetScout Systems, Inc.*†		56,087		2,067,367
NeuStar, Inc., Class A*†		193,828		5,118,998
NIC, Inc.†		52,420		966,101
Oracle Corp.†		169,427		6,616,124
Pegasystems, Inc.†		28,738		622,752
Progress Software Corp.*†		51,601		1,336,466
Rovi Corp.*†^(a)		138,120		2,883,946
Science Applications International Corp.†		42,945		2,100,440
Stamps.com, Inc.*†		2,920		107,748
Sykes Enterprises, Inc.*†		38,239		823,668
Symantec Corp.†		161,300		4,003,466
Take-Two Interactive Software, Inc.*†^(a)		236,441		6,253,865
TeleTech Holdings, Inc.*†		5,310		137,051
Teradata Corp.*†^(a)		149,649		6,333,146
TiVo, Inc.*†		234,771		3,063,762
VeriSign, Inc.*^(a)		59,845		3,576,337
Virtusa Corp.*†		4,018		164,658
Western Union Co. (The)^(a)		331,149		5,616,287
Xerox Corp.†		290,765		3,861,359

				124,992,990

Technology Hardware & Equipment — 11.3%
Anixter International, Inc.†		17,929		1,527,013
Apple, Inc.†		5,427		586,116
ARRIS Group, Inc.*†		148,975		4,472,230
Arrow Electronics, Inc.*†		79,583		4,525,089
AVX Corp.†		40,921		590,899
Brocade Communications Systems, Inc.†		657,208		7,051,842

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
CDW Corp.†		91,074	$	2,808,722
Cisco Systems, Inc.†		143,246		3,505,230
CommScope Holding Co., Inc.*†		121,927		2,626,308
Corning, Inc.		176,470		3,605,282
Dolby Laboratories, Inc., Class A†^(a)		60,113		2,519,937
FLIR Systems, Inc.†		81,787		2,742,318
Harris Corp.†		24,409		1,698,866
Hewlett-Packard Co.†		33,185		1,190,678
Insight Enterprises, Inc.*†		29,432		669,578
InterDigital, Inc.†^(a)		15,242		753,412
IPG Photonics Corp.*^(a)		16,941		1,243,639
Itron, Inc.*†		57,579		2,241,550
Juniper Networks, Inc.†		341,034		7,185,586
Lexmark International, Inc., Class A†		2,538		109,540
Methode Electronics, Inc.†		41,155		1,620,684
National Instruments Corp.		3,252		103,023
NCR Corp.*†^(a)		183,948		5,089,841
NetApp, Inc.†		58,233		2,492,372
NETGEAR, Inc.*		605		20,594
Newport Corp.*†		19,954		356,977
OSI Systems, Inc.*†		43,845		3,107,734
Polycom, Inc.*†		331,304		4,333,456
QUALCOMM, Inc.†		379		29,755
Rogers Corp.*†		18,075		1,235,788
Ruckus Wireless, Inc.*†		189,616		2,461,216
SanDisk Corp.†^(a)		34,121		3,212,151
Sanmina Corp.*†		130,084		3,261,206
TE Connectivity Ltd. (Switzerland)		57,674		3,525,612
Vishay Intertechnology, Inc.†^(a)		275,811		3,726,207
Western Digital Corp.†		48,539		4,774,781
Zebra Technologies Corp., Class A*†		44,452		3,278,335

				94,283,567

Telecommunication Services — 3.3%
AT&T, Inc.^(a)		114,387		3,985,243
Atlantic Tele-Network, Inc.†		13,344		896,583
BCE, Inc. (Canada)†		21,879		972,959
CenturyLink, Inc.†		109,842		4,556,246
Cincinnati Bell, Inc.*†		184,201		676,018
Frontier Communications Corp.†^(a)		835,329		5,463,052
Intelsat SA (Luxembourg)*†		47,340		921,236
Premiere Global Services, Inc.*†		1,969		20,615
Verizon Communications, Inc.†		84,705		4,256,426
Vonage Holdings Corp.*†		2,485		8,648


	Number of Shares			Value
COMMON STOCKS — (Continued)
Telecommunication Services — (Continued)
Windstream Holdings, Inc.†		524,252		$	5,494,161

					27,251,187

Transportation — 2.2%
CH Robinson Worldwide, Inc.		857			59,313
Con-way, Inc.†^(a)		130,619			5,664,946
Delta Air Lines, Inc.†		128,536			5,171,003
Matson, Inc.†^(a)		31,653			901,794
Norfolk Southern Corp.†		25,155			2,783,149
Southwest Airlines Co.†		56,300			1,941,224
United Continental Holdings, Inc.*		10,940			577,741
United Parcel Service, Inc., Class B†		8,978			941,882
Werner Enterprises, Inc.^(a)		3,610			99,419

					18,140,471

TOTAL COMMON STOCKS (Cost $1,006,658,472)					1,053,048,591

TOTAL LONG POSITIONS - 125.7% (Cost $1,006,658,472)					1,053,048,591


SHORT POSITIONS - (99.0)%
COMMON STOCKS — (99.0)%
Automobiles & Components — (0.4)%
Cooper-Standard Holding, Inc.*		(5,735	)		(313,016	)
Dorman Products, Inc.*		(28,837	)		(1,336,883	)
Drew Industries, Inc.		(1,461	)		(70,216	)
Federal-Mogul Holdings Corp.*		(13,030	)		(203,398	)
Harley-Davidson, Inc.		(2,473	)		(162,476	)
Superior Industries International, Inc.		(3,547	)		(69,202	)
Tesla Motors, Inc.*		(3,776	)		(912,659	)

					(3,067,850	)

Capital Goods — (9.8)%
Altra Industrial Motion Corp.		(11,041	)		(348,012	)
Apogee Enterprises, Inc.		(33,050	)		(1,450,895	)
Applied Industrial Technologies, Inc.		(36,078	)		(1,760,967	)
Armstrong World Industries, Inc.*		(39,234	)		(1,899,710	)
Astec Industries, Inc.		(18,411	)		(697,961	)
Astronics Corp.*		(17,572	)		(910,405	)
Babcock & Wilcox Co. (The)		(176,536	)		(5,048,930	)
Barnes Group, Inc.		(16,508	)		(603,532	)
Beacon Roofing Supply, Inc.*		(111,251	)		(3,078,315	)
Boeing Co. (The)		(35,719	)		(4,461,660	)
Brady Corp., Class A		(43,119	)		(1,027,957	)
CAE, Inc. (Canada)		(7,935	)		(102,520	)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
CLARCOR, Inc.		(38,495	)	$	(2,577,625	)
Continental Building Products, Inc.*		(7,595	)		(111,950	)
Cubic Corp.		(28,414	)		(1,370,691	)
DigitalGlobe, Inc.*		(57,951	)		(1,656,819	)
Dycom Industries, Inc.*		(53,739	)		(1,686,867	)
EnerSys		(18,710	)		(1,174,988	)
EnPro Industries, Inc.*		(37,405	)		(2,413,745	)
Esterline Technologies Corp.*		(4,176	)		(489,051	)
Franklin Electric Co., Inc.		(31,168	)		(1,163,813	)
Gorman-Rupp Co. (The)		(9,622	)		(305,402	)
Granite Construction, Inc.		(28,241	)		(1,042,375	)
Hyster-Yale Materials Handling, Inc.		(11,954	)		(938,269	)
II-VI, Inc.*		(59,707	)		(805,447	)
ITT Corp.		(870	)		(39,202	)
John Bean Technologies Corp.		(937	)		(28,082	)
Kaman Corp.		(15,776	)		(679,315	)
Kennametal, Inc.		(112,655	)		(4,349,610	)
Lennox International, Inc.		(36,373	)		(3,234,287	)
MasTec, Inc.*		(143,512	)		(4,110,184	)
Middleby Corp. (The)*		(6,760	)		(598,260	)
MRC Global, Inc.*		(107,002	)		(2,250,252	)
Mueller Industries, Inc.		(43,811	)		(1,422,105	)
Nortek, Inc.*		(7,300	)		(607,944	)
Oshkosh Corp.		(30,515	)		(1,365,851	)
Powell Industries, Inc.		(5,970	)		(271,814	)
Power Solutions International, Inc.*		(15,475	)		(1,013,613	)
Primoris Services Corp.		(7,213	)		(207,157	)
Rexnord Corp.*		(39,436	)		(1,165,334	)
Rockwell Collins, Inc.		(30,470	)		(2,564,051	)
Sensata Technologies Holding NV (Netherlands)*		(101,491	)		(4,953,776	)
SolarCity Corp.*		(71,806	)		(4,249,479	)
Sun Hydraulics Corp.		(309	)		(12,301	)
TAL International Group, Inc.		(22,138	)		(954,812	)
Taser International, Inc.*		(118,893	)		(2,239,944	)
Textainer Group Holdings Ltd. (Bermuda)		(10,751	)		(370,264	)
Titan International, Inc.		(100,832	)		(1,064,786	)
Triumph Group, Inc.		(31,237	)		(2,175,032	)
Tutor Perini Corp.*		(46,231	)		(1,294,930	)
WABCO Holdings, Inc.*		(17,827	)		(1,735,993	)
Wabtec Corp.		(21,695	)		(1,872,279	)

					(81,958,563	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (2.1)%
Acacia Research Corp.		(43,588	)	$	(784,584	)
Advisory Board Co. (The)*		(73,197	)		(3,928,483	)
Covanta Holding Corp.		(2,257	)		(49,812	)
Healthcare Services Group, Inc.		(32,458	)		(966,599	)
Herman Miller, Inc.		(78,887	)		(2,524,384	)
ICF International, Inc.*		(6,159	)		(223,818	)
Interface, Inc.		(58,911	)		(944,343	)
Kelly Services, Inc., Class A		(23,418	)		(412,859	)
Kforce, Inc.		(41,495	)		(960,609	)
Kimball International, Inc., Class B		(1,896	)		(24,233	)
Mistras Group, Inc.*		(1,551	)		(25,576	)
Paylocity Corp.*		(9,416	)		(230,692	)
Stericycle, Inc.*		(938	)		(118,188	)
US Ecology, Inc.		(44,291	)		(2,226,951	)
WageWorks, Inc.*		(81,796	)		(4,663,190	)

					(18,084,321	)

Consumer Durables & Apparel — (4.5)%
Callaway Golf Co.		(19,743	)		(154,785	)
Carter’s, Inc.		(1,076	)		(84,068	)
Crocs, Inc.*		(99,643	)		(1,163,830	)
DR Horton, Inc.		(190,484	)		(4,341,130	)
Gildan Activewear, Inc. (Canada)		(40,751	)		(2,429,982	)
Hanesbrands, Inc.		(36,321	)		(3,835,861	)
Hovnanian Enterprises, Inc., Class A* .		(290,350	)		(1,091,716	)
Kate Spade & Co.*		(93,313	)		(2,531,582	)
KB Home		(375,764	)		(5,914,525	)
MDC Holdings, Inc.		(171,763	)		(4,194,452	)
Meritage Homes Corp.*		(123,385	)		(4,539,334	)
Performance Sports Group Ltd. (Canada)*		(16,300	)		(280,849	)
Ryland Group, Inc. (The)		(74,400	)		(2,664,264	)
Standard Pacific Corp.*		(309,386	)		(2,289,456	)
Taylor Morrison Home Corp., Class A*		(48,516	)		(836,416	)
Under Armour, Inc., Class A*		(1,978	)		(129,717	)
William Lyon Homes, Class A*		(38,653	)		(914,530	)

					(37,396,497	)

Consumer Services — (6.5)%
2U, Inc.*		(23,980	)		(436,436	)
Bloomin’ Brands, Inc.*		(255,621	)		(4,833,793	)
Bob Evans Farms, Inc.		(97,727	)		(4,773,964	)
Churchill Downs, Inc.		(8,376	)		(854,184	)
ClubCorp Holdings, Inc.		(57,866	)		(1,102,926	)
Fiesta Restaurant Group, Inc.*		(20,931	)		(1,154,345	)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Grand Canyon Education, Inc.*		(28,395	)	$	(1,360,121	)
International Speedway Corp., Class A		(30,757	)		(963,617	)
Krispy Kreme Doughnuts, Inc.*		(129,188	)		(2,444,237	)
Life Time Fitness, Inc.*		(91,398	)		(5,097,266	)
LifeLock, Inc.*		(138,446	)		(2,341,122	)
Marriott International, Inc., Class A		(41	)		(3,106	)
MGM Resorts International*		(92,772	)		(2,156,949	)
Noodles & Co.*		(15,139	)		(345,623	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(92,206	)		(3,596,034	)
Papa John’s International, Inc.		(57,048	)		(2,667,564	)
Penn National Gaming, Inc.*		(198,414	)		(2,597,239	)
Pinnacle Entertainment, Inc.*		(170,495	)		(4,369,787	)
Popeyes Louisiana Kitchen, Inc.*		(38,173	)		(1,769,319	)
Red Robin Gourmet Burgers, Inc.*		(59,192	)		(3,253,784	)
Service Corp. International		(100,709	)		(2,202,506	)
Sonic Corp.*		(75,316	)		(1,898,716	)
Texas Roadhouse, Inc.		(109,649	)		(3,165,567	)
Zoe’s Kitchen, Inc.*		(20,603	)		(751,185	)

					(54,139,390	)

Food & Staples Retailing — (1.8)%
Casey’s General Stores, Inc.		(52,919	)		(4,332,479	)
Kroger Co. (The)		(69,813	)		(3,889,282	)
PriceSmart, Inc.		(3,114	)		(277,239	)
SpartanNash Co.		(29,597	)		(663,269	)
United Natural Foods, Inc.*		(88,494	)		(6,019,362	)

					(15,181,631	)

Food, Beverage & Tobacco — (3.2)%
Boston Beer Co., Inc. (The), Class A* .		(7,622	)		(1,897,878	)
Boulder Brands, Inc.*		(71,974	)		(639,129	)
Brown-Forman Corp., Class B		(7,717	)		(715,134	)
Coca-Cola Bottling Co. Consolidated		(4,258	)		(385,094	)
Darling Ingredients, Inc.*		(269,224	)		(4,738,342	)
Dean Foods Co.		(125,437	)		(1,845,178	)
Hain Celestial Group, Inc. (The)*		(10,431	)		(1,129,156	)
Hershey Co. (The)		(18,988	)		(1,821,139	)
JM Smucker Co. (The)		(4,290	)		(446,160	)
Mead Johnson Nutrition Co.		(17,465	)		(1,734,449	)
Post Holdings, Inc.*		(173,199	)		(6,494,963	)
TreeHouse Foods, Inc.*		(35,840	)		(3,052,493	)
WhiteWave Foods Co., Class A*		(48,384	)		(1,801,336	)

					(26,700,451	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (9.4)%
Acadia Healthcare Co., Inc.*		(59,209	)	$	(3,673,918	)
Accuray, Inc.*		(171,687	)		(1,086,779	)
Adeptus Health, Inc., Class A*		(6,129	)		(203,360	)
Alere, Inc.*		(11,086	)		(443,107	)
Allscripts Healthcare Solutions, Inc.*		(272,083	)		(3,732,979	)
AMN Healthcare Services, Inc.*		(11,335	)		(194,395	)
Analogic Corp.		(7,379	)		(538,224	)
athenahealth, Inc.*		(36,439	)		(4,463,778	)
Bio-Reference Laboratories, Inc.*		(40,862	)		(1,227,494	)
BioScrip, Inc.*		(47,906	)		(309,473	)
Capital Senior Living Corp.*		(22,414	)		(504,315	)
Cardiovascular Systems, Inc.*		(43,652	)		(1,353,212	)
Cerner Corp.*		(12,332	)		(781,109	)
Community Health Systems, Inc.*		(75,899	)		(4,172,168	)
CONMED Corp.		(4,406	)		(185,008	)
Cooper Co., Inc. (The)		(5,946	)		(974,549	)
DexCom, Inc.*		(7,468	)		(335,687	)
Endologix, Inc.*		(99,466	)		(1,133,912	)
Ensign Group, Inc. (The)		(2,504	)		(96,955	)
ExamWorks Group, Inc.*		(68,653	)		(2,662,363	)
Hanger, Inc.*		(88,143	)		(2,109,262	)
Healthways, Inc.*		(36,599	)		(567,285	)
HeartWare International, Inc.*		(33,967	)		(2,619,535	)
Henry Schein, Inc.*		(3,521	)		(422,626	)
HMS Holdings Corp.*		(2,008	)		(46,646	)
Insulet Corp.*		(61,551	)		(2,657,157	)
K2M Group Holdings, Inc.*		(1,213	)		(19,529	)
LDR Holding Corp.*		(47,409	)		(1,632,766	)
LifePoint Hospitals, Inc.*		(45,107	)		(3,157,490	)
McKesson Corp.		(641	)		(130,386	)
Medidata Solutions, Inc.*		(101,852	)		(4,594,544	)
MWI Veterinary Supply, Inc.*		(17,112	)		(2,903,136	)
National Healthcare Corp.		(1,768	)		(106,628	)
Neogen Corp.*		(37,935	)		(1,665,347	)
Novadaq Technologies, Inc. (Canada)*		(75,790	)		(1,183,840	)
NuVasive, Inc.*		(8,832	)		(361,229	)
NxStage Medical, Inc.*		(65,891	)		(998,908	)
Omnicell, Inc.*		(18,991	)		(613,599	)
Owens & Minor, Inc.		(5,075	)		(169,099	)
Patterson Cos., Inc.		(50,049	)		(2,157,612	)
Providence Service Corp. (The)*		(1,831	)		(80,893	)
Quidel Corp.*		(37,550	)		(1,072,053	)
Sirona Dental Systems, Inc.*		(25,143	)		(1,974,983	)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Spectranetics Corp.*		(97,797	)	$	(3,107,011	)
STERIS Corp.		(5,378	)		(332,360	)
Surgical Care Affiliates, Inc.*		(11,700	)		(358,956	)
Tenet Healthcare Corp.*		(52,171	)		(2,924,185	)
Tornier NV (Netherlands)*		(47,664	)		(1,332,209	)
Veeva Systems, Inc., Class A*		(90,926	)		(2,707,776	)
Volcano Corp.*		(88,874	)		(899,405	)
West Pharmaceutical Services, Inc.		(19,872	)		(1,018,440	)
Wright Medical Group, Inc.*		(129,437	)		(4,092,798	)
Zeltiq Aesthetics, Inc.*		(95,951	)		(2,460,184	)

					(78,550,662	)

Household & Personal Products — (0.1)%
Elizabeth Arden, Inc.*		(3,906	)		(64,058	)
Revlon, Inc., Class A*		(6,282	)		(215,473	)
Spectrum Brands Holdings, Inc.		(11,670	)		(1,057,185	)
WD-40 Co.		(160	)		(12,267	)

					(1,348,983	)

Media — (2.5)%
AMC Entertainment Holdings, Inc., Class A		(8,647	)		(219,634	)
AMC Networks, Inc., Class A*		(41,156	)		(2,496,111	)
Carmike Cinemas, Inc.*		(182	)		(5,833	)
Charter Communications, Inc., Class A*		(28,397	)		(4,497,801	)
DreamWorks Animation SKG, Inc., Class A*		(83,347	)		(1,856,971	)
EW Scripps Co. (The), Class A*		(97,830	)		(1,878,336	)
Gray Television, Inc.*		(72,640	)		(671,194	)
Live Nation Entertainment, Inc.*		(121,135	)		(3,149,510	)
Madison Square Garden Co. (The), Class A*		(11,776	)		(892,150	)
MDC Partners, Inc., Class A (Canada)		(52,988	)		(1,096,852	)
Media General, Inc.*		(10,530	)		(157,318	)
National CineMedia, Inc.		(77,176	)		(1,227,098	)
Rentrak Corp.*		(8,076	)		(620,802	)
Scholastic Corp.		(32,462	)		(1,130,002	)
SFX Entertainment, Inc.*		(45,715	)		(234,975	)
World Wrestling Entertainment, Inc., Class A		(83,167	)		(1,027,112	)

					(21,161,699	)

Pharmaceuticals, Biotechnology & Life Sciences — (13.4)%
ACADIA Pharmaceuticals, Inc.*		(26,448	)		(732,610	)
Acceleron Pharma, Inc.*		(43,109	)		(1,594,171	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Achillion Pharmaceuticals, Inc.*		(193,866	)	$	(2,277,926	)
Agios Pharmaceuticals, Inc.*		(40,700	)		(3,420,021	)
Akorn, Inc.*		(165,569	)		(7,376,099	)
Albany Molecular Research, Inc.*		(68,910	)		(1,602,847	)
Alkermes PLC (Ireland)*		(37,194	)		(1,880,157	)
AMAG Pharmaceuticals, Inc.*		(16,568	)		(546,910	)
Anacor Pharmaceuticals, Inc.*		(5,087	)		(149,609	)
Arena Pharmaceuticals, Inc.*		(861,300	)		(3,755,268	)
ARIAD Pharmaceuticals, Inc.*		(64,670	)		(385,433	)
Auspex Pharmaceuticals, Inc.*		(10,306	)		(279,293	)
AVANIR Pharmaceuticals, Inc.*		(202,653	)		(2,622,330	)
BioDelivery Sciences International, Inc.*		(221,714	)		(3,857,824	)
Bluebird Bio, Inc.*		(49,220	)		(2,066,748	)
Bristol-Myers Squibb Co.		(43,555	)		(2,534,465	)
Catalent, Inc.*		(4,340	)		(112,970	)
Celldex Therapeutics, Inc.*		(229,909	)		(3,850,976	)
Cepheid*		(39,481	)		(2,092,888	)
Charles River Laboratories International, Inc.*		(7,120	)		(449,699	)
Chimerix, Inc.*		(21,070	)		(654,013	)
Clovis Oncology, Inc.*		(22,432	)		(1,338,293	)
Eli Lilly & Co.		(45,072	)		(2,989,626	)
Emergent Biosolutions, Inc.*		(43,914	)		(993,335	)
Endo International PLC (Ireland)*		(6,200	)		(414,904	)
Fluidigm Corp.*		(58,030	)		(1,682,870	)
Genomic Health, Inc.*		(30,952	)		(1,124,796	)
Halozyme Therapeutics, Inc.*		(245,638	)		(2,363,038	)
ImmunoGen, Inc.*		(198,811	)		(1,840,990	)
Impax Laboratories, Inc.*		(3,989	)		(115,561	)
Incyte Corp.*		(32,588	)		(2,185,351	)
Infinity Pharmaceuticals, Inc.*		(7,089	)		(96,552	)
Insmed, Inc.*		(9,582	)		(135,968	)
Intrexon Corp.*		(37,261	)		(831,666	)
Ironwood Pharmaceuticals, Inc.*		(108,186	)		(1,516,768	)
Isis Pharmaceuticals, Inc.*		(60,440	)		(2,783,866	)
Jazz Pharmaceuticals PLC (Ireland)*		(10,483	)		(1,769,950	)
Karyopharm Therapeutics, Inc.*		(33,188	)		(1,363,363	)
Kite Pharma, Inc.*		(40,875	)		(1,511,966	)
KYTHERA Biopharmaceuticals, Inc.*		(32,187	)		(1,134,592	)
Lexicon Pharmaceuticals, Inc.*		(111,619	)		(161,848	)
Medicines Co. (The)*		(145,407	)		(3,681,705	)
Momenta Pharmaceuticals, Inc.*		(76,680	)		(836,579	)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Mylan, Inc.*		(135	)	$	(7,229	)
Nektar Therapeutics*		(3,672	)		(50,637	)
Neurocrine Biosciences, Inc.*		(130,774	)		(2,421,934	)
Novavax, Inc.*		(719,709	)		(4,030,370	)
Ophthotech Corp.*		(42,281	)		(1,763,963	)
Orexigen Therapeutics, Inc.*		(284,401	)		(1,154,668	)
Pacira Pharmaceuticals, Inc.*		(10,599	)		(983,799	)
Perrigo Co. PLC (Ireland)		(1,974	)		(318,702	)
Pharmacyclics, Inc.*		(20,220	)		(2,642,147	)
PTC Therapeutics, Inc.*		(84,685	)		(3,461,076	)
Puma Biotechnology, Inc.*		(2,845	)		(712,957	)
Receptos, Inc.*		(32,755	)		(3,395,056	)
Relypsa, Inc.*		(53,303	)		(1,096,443	)
Repligen Corp.*		(85,681	)		(2,160,875	)
Sage Therapeutics, Inc.*		(11,450	)		(447,924	)
Sangamo BioSciences, Inc.*		(94,568	)		(1,148,056	)
Synageva BioPharma Corp.*		(45,499	)		(3,446,094	)
Techne Corp.		(10,890	)		(991,535	)
TESARO, Inc.*		(57,401	)		(1,596,896	)
TherapeuticsMD, Inc.*		(174,602	)		(775,233	)
Theravance Biopharma, Inc. (Cayman Islands)*		(37,543	)		(687,037	)
Ultragenyx Pharmaceutical, Inc.*		(6,145	)		(288,876	)
Vertex Pharmaceuticals, Inc.*		(31,029	)		(3,495,107	)
Zoetis, Inc.		(25,116	)		(933,311	)
ZS Pharma, Inc.*		(34,696	)		(1,305,264	)

					(112,431,033	)

Retailing — (9.9)%
Advance Auto Parts, Inc.		(38,606	)		(5,673,538	)
Amazon.com, Inc.*		(18,227	)		(5,567,619	)
Asbury Automotive Group, Inc.*		(5,123	)		(358,815	)
Ascena Retail Group, Inc.*		(322,566	)		(4,015,947	)
CarMax, Inc.*		(113,246	)		(6,331,584	)
CST Brands, Inc.		(99,985	)		(3,824,426	)
Groupon, Inc.*		(597,556	)		(4,368,134	)
JC Penney Co., Inc.*		(307,559	)		(2,340,524	)
LKQ Corp.*		(48,318	)		(1,380,445	)
Lumber Liquidators Holdings, Inc.*		(95,988	)		(5,161,275	)
Mattress Firm Holding Corp.*		(7,459	)		(471,334	)
Men’s Wearhouse, Inc. (The)		(132,324	)		(6,223,198	)
Monro Muffler Brake, Inc.		(25,955	)		(1,387,035	)
Netflix, Inc.*		(5,096	)		(2,001,556	)
Nordstrom, Inc.		(16,606	)		(1,205,762	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Office Depot, Inc.*		(781,206	)	$	(4,077,895	)
Pep Boys-Manny Moe & Jack (The)*		(5,283	)		(50,347	)
Pier 1 Imports, Inc.		(164,702	)		(2,124,656	)
Rent-A-Center, Inc.		(11,462	)		(354,978	)
Restoration Hardware Holdings, Inc.* .		(47,825	)		(3,841,304	)
RetailMeNot, Inc.*		(136,941	)		(2,883,977	)
Select Comfort Corp.*		(62,613	)		(1,608,528	)
Shutterfly, Inc.*		(66,955	)		(2,800,728	)
Signet Jewelers Ltd. (Bermuda)		(46,199	)		(5,544,342	)
Stage Stores, Inc.		(7,481	)		(126,204	)
Tuesday Morning Corp.*		(97,343	)		(1,984,824	)
Vitamin Shoppe, Inc.*		(129,606	)		(6,082,410	)
Wayfair, Inc., Class A*		(47,987	)		(1,204,474	)

					(82,995,859	)

Semiconductors & Semiconductor Equipment — (4.8)%
Advanced Micro Devices, Inc.*		(822,232	)		(2,302,250	)
Analog Devices, Inc.		(61,179	)		(3,035,702	)
Applied Micro Circuits Corp.*		(117,152	)		(757,973	)
Avago Technologies Ltd. (Singapore) .		(46,347	)		(3,997,429	)
Brooks Automation, Inc.		(71,694	)		(883,987	)
Cree, Inc.*		(175,614	)		(5,528,329	)
Entegris, Inc.*		(162,253	)		(2,203,396	)
First Solar, Inc.*		(33,650	)		(1,981,985	)
GT Advanced Technologies, Inc.*		(159,175	)		(96,301	)
KLA-Tencor Corp.		(2,627	)		(207,927	)
M/A-COM Technology Solutions Holdings, Inc.*		(27,657	)		(608,177	)
Microchip Technology, Inc.		(6,180	)		(266,420	)
Microsemi Corp.*		(99,156	)		(2,584,997	)
PMC-Sierra, Inc.*		(230,945	)		(1,799,062	)
Spansion, Inc., Class A*		(277,983	)		(5,720,890	)
SunEdison, Inc.*		(143,184	)		(2,793,520	)
Ultratech, Inc.*		(67,236	)		(1,286,225	)
Veeco Instruments, Inc.*		(111,747	)		(4,021,775	)

					(40,076,345	)

Software & Services — (18.2)%
Adobe Systems, Inc.*		(74,327	)		(5,211,809	)
AOL, Inc.*		(2,964	)		(129,023	)
Autodesk, Inc.*		(96,925	)		(5,577,065	)
Barracuda Networks, Inc.*		(35,831	)		(1,151,967	)
Benefitfocus, Inc.*		(40,673	)		(1,127,049	)
Blucora, Inc.*		(21,569	)		(365,594	)
Bottomline Technologies de, Inc.*		(50,928	)		(1,277,784	)
BroadSoft, Inc.*		(40,431	)		(925,870	)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
CommVault Systems, Inc.*		(95,504	)	$	(4,234,647	)
comScore, Inc.*		(46,144	)		(1,944,508	)
Convergys Corp.		(142,650	)		(2,877,251	)
CoreLogic, Inc.*		(46,246	)		(1,450,737	)
Cornerstone OnDemand, Inc.*		(181,152	)		(6,570,383	)
CoStar Group, Inc.*		(1,460	)		(235,191	)
Cvent, Inc.*		(40,783	)		(1,057,911	)
Dealertrack Technologies, Inc.*		(55,831	)		(2,626,849	)
Demandware, Inc.*		(77,824	)		(4,665,549	)
Digital River, Inc.*		(23,597	)		(603,375	)
Ellie Mae, Inc.*		(54,066	)		(2,075,053	)
Envestnet, Inc.*		(39,195	)		(1,741,042	)
Equinix, Inc.		(6,243	)		(1,304,163	)
FireEye, Inc.*		(125,325	)		(4,259,797	)
FleetMatics Group PLC (Ireland)*		(10,747	)		(399,143	)
Forrester Research, Inc.		(3,016	)		(121,484	)
Fortinet, Inc.*		(140,109	)		(3,649,839	)
Global Eagle Entertainment, Inc.*		(105,485	)		(1,290,082	)
Global Payments, Inc.		(6,980	)		(561,890	)
Google, Inc., Class C*		(43	)		(24,040	)
Heartland Payment Systems, Inc.		(17,426	)		(900,053	)
Imperva, Inc.*		(47,001	)		(1,925,631	)
Infoblox, Inc.*		(162,982	)		(2,630,529	)
Interactive Intelligence Group, Inc.*		(33,873	)		(1,634,711	)
Jive Software, Inc.*		(74,656	)		(456,148	)
LinkedIn Corp., Class A*		(2,291	)		(524,547	)
LivePerson, Inc.*		(66,722	)		(960,797	)
LogMeIn, Inc.*		(55,846	)		(2,683,400	)
Manhattan Associates, Inc.*		(77,140	)		(3,094,085	)
Marketo, Inc.*		(108,123	)		(3,489,129	)
MicroStrategy, Inc., Class A*		(10,286	)		(1,654,812	)
MobileIron, Inc.*		(78,412	)		(788,825	)
Move, Inc.*		(75,486	)		(1,581,432	)
NetSuite, Inc.*		(34,505	)		(3,749,313	)
Nuance Communications, Inc.*		(414,651	)		(6,398,065	)
Pandora Media, Inc.*		(40,212	)		(775,287	)
Paycom Software, Inc.*		(26,020	)		(461,855	)
Proofpoint, Inc.*		(88,983	)		(3,918,811	)
PROS Holdings, Inc.*		(20,847	)		(583,299	)
Qlik Technologies, Inc.*		(48,422	)		(1,372,764	)
Qualys, Inc.*		(5,338	)		(171,243	)
Rackspace Hosting, Inc.*		(147,318	)		(5,651,118	)
RealPage, Inc.*		(84,819	)		(1,685,354	)
Sapient Corp.*		(168,570	)		(2,919,632	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
ServiceNow, Inc.*		(14,410	)	$	(978,871	)
Shutterstock, Inc.*		(56,838	)		(4,419,723	)
Silver Spring Networks, Inc.*		(23,526	)		(225,379	)
Splunk, Inc.*		(73,682	)		(4,868,907	)
SPS Commerce, Inc.*		(4,100	)		(239,030	)
Tableau Software, Inc., Class A*		(54,203	)		(4,476,626	)
Tangoe, Inc.*		(8,135	)		(119,340	)
TIBCO Software, Inc.*		(235,345	)		(5,500,013	)
Twitter, Inc.*		(105,756	)		(4,385,701	)
Tyler Technologies, Inc.*		(1,802	)		(201,680	)
Vantiv, Inc., Class A*		(46,581	)		(1,440,285	)
Varonis Systems, Inc.*		(10,523	)		(204,988	)
VASCO Data Security International, Inc.*		(3,762	)		(95,254	)
Verint Systems, Inc.*		(101,578	)		(5,839,719	)
Vistaprint NV (Netherlands)*		(1,280	)		(85,581	)
Web.com Group, Inc.*		(17,259	)		(354,327	)
Workday, Inc., Class A*		(26,460	)		(2,526,401	)
Xoom Corp.*		(1,956	)		(29,536	)
Yelp, Inc.*		(65,974	)		(3,958,440	)
Zendesk, Inc.*		(18,739	)		(487,214	)
Zillow, Inc., Class A*		(2,342	)		(254,646	)
Zynga, Inc., Class A*		(1,737,350	)		(4,430,243	)

					(152,591,839	)

Technology Hardware & Equipment — (6.1)%
ADTRAN, Inc.		(1,656	)		(35,124	)
Amphenol Corp., Class A		(8,024	)		(405,854	)
Arista Networks, Inc.*		(18,115	)		(1,471,844	)
Avnet, Inc.		(10,258	)		(443,658	)
Badger Meter, Inc.		(772	)		(43,942	)
Belden, Inc		(46,829	)		(3,333,757	)
Benchmark Electronics, Inc.*		(38,040	)		(902,309	)
BlackBerry Ltd. (Canada)*		(313,151	)		(3,288,086	)
CalAmp Corp.*		(70,545	)		(1,360,108	)
Celestica, Inc. (Canada)*		(37,285	)		(409,389	)
Ciena Corp.*		(233,983	)		(3,921,555	)
Cognex Corp.*		(2,508	)		(99,216	)
Cray, Inc.*		(63,275	)		(2,193,112	)
Electronics For Imaging, Inc.*		(85,940	)		(3,929,177	)
FARO Technologies, Inc.*		(8,036	)		(450,016	)
Finisar Corp.*		(271,716	)		(4,543,092	)
Infinera Corp.*		(238,694	)		(3,468,224	)
Ingram Micro, Inc., Class A*		(13,538	)		(363,360	)
Ixia*		(99,487	)		(958,060	)

The accompanying notes are an integral part of the financial statements.

GOTHAM NEUTRAL FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Jabil Circuit, Inc.		(58,149	)	$	(1,218,222	)
MTS Systems Corp.		(9,839	)		(649,472	)
Nimble Storage, Inc.*		(127,119	)		(3,477,976	)
Plantronics, Inc.		(13,032	)		(675,970	)
Plexus Corp.*		(27,063	)		(1,119,055	)
Riverbed Technology, Inc.*		(44,845	)		(851,607	)
ScanSource, Inc.*		(18,797	)		(717,669	)
Sierra Wireless, Inc. (Canada)*		(4,365	)		(119,514	)
Sonus Networks, Inc.*		(592,766	)		(2,056,898	)
SYNNEX Corp.		(56,289	)		(3,894,073	)
ViaSat, Inc.*		(74,690	)		(4,678,582	)

					(51,078,921	)

Telecommunication Services — (2.1)%
8X8, Inc.*		(185,787	)		(1,460,286	)
Cogent Communications Holdings, Inc.		(69,755	)		(2,367,485	)
Globalstar, Inc.*		(33,968	)		(80,504	)
Iridium Communications, Inc.*		(149,113	)		(1,416,574	)
RingCentral, Inc., Class A*		(109,032	)		(1,432,680	)
SBA Communications Corp., Class A*		(19,760	)		(2,219,641	)
Sprint Corp.*		(134,521	)		(797,710	)
T-Mobile US, Inc.*		(160,511	)		(4,685,316	)
tw telecom, Inc.*		(45,381	)		(1,941,399	)
United States Cellular Corp.*		(26,777	)		(975,218	)

					(17,376,813	)

Transportation — (4.2)%
Allegiant Travel Co.		(29,398	)		(3,923,751	)
ArcBest Corp		(605	)		(23,413	)
Atlas Air Worldwide Holdings, Inc.*		(52,421	)		(1,935,383	)
Canadian National Railway Co. (Canada)		(3,034	)		(214,140	)
Canadian Pacific Railway Ltd. (Canada)		(4,951	)		(1,028,224	)
FedEx Corp.		(4,133	)		(691,864	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Genesee & Wyoming, Inc., Class A*		(38,600	)	$	(3,713,320	)
Hawaiian Holdings, Inc.*		(25,198	)		(436,933	)
Heartland Express, Inc.		(81,556	)		(2,050,318	)
Hub Group, Inc., Class A*		(67,913	)		(2,464,563	)
JetBlue Airways Corp.*		(483,313	)		(5,577,432	)
Kansas City Southern		(12,640	)		(1,552,066	)
Knight Transportation, Inc.		(44,489	)		(1,301,748	)
Marten Transport Ltd		(19,518	)		(382,943	)
Roadrunner Transportation Systems, Inc.*		(37,420	)		(771,226	)
Ryder System, Inc.		(20,168	)		(1,784,263	)
Saia, Inc.*		(1,276	)		(62,549	)
Spirit Airlines, Inc.*		(33,404	)		(2,442,166	)
Universal Truckload Services, Inc.		(7,624	)		(200,664	)
UTi Worldwide, Inc. (British Virgin Islands)*		(236,525	)		(2,585,218	)
Wesco Aircraft Holdings, Inc.*		(88,251	)		(1,566,455	)
XPO Logistics, Inc.*		(4,573	)		(182,554	)

					(34,891,193	)

TOTAL COMMON STOCK (Proceeds $799,797,157)					(829,032,050	)

TOTAL SECURITES SOLD SHORT - (99.0)% (Proceeds $799,797,157)					(829,032,050	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 73.3%					613,868,866

NET ASSETS - 100.0%				$	837,885,407

*	Non-income producing.

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

^(a)	All or a portion of the security is on loan (see Note 5 of the Notes to Financial Statements)

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


	Gotham Absolute Return Fund				Gotham Absolute 500 Fund
Assets
Investments, at value (Cost $3,390,911,641 and $8,077,412, respectively)		$	3,594,163,636			$	8,375,152
Cash collateral for securities on loan			599,423,863				157,920
Cash			84,795,576				46,282
Deposits with brokers for securities sold short			1,677,607,188				2,284,570
Receivables:
Investments sold			384,657,084				1,255,668
Capital shares sold			32,835,492				—
Dividends and interest			1,717,914				6,459
Investment Adviser			—				16,396
Prepaid expenses and other assets			215,512				—

Total assets			6,375,416,265				12,142,447

Liabilities
Securities sold short, at value (proceeds $1,762,658,484 and $4,701,469, respectively)			1,812,684,825				4,857,181
Payables:
Investments purchased			1,024,401,495				1,236,175
Securities lending collateral			599,423,863				157,920
Investment Adviser			4,745,892				—
Capital shares redeemed			2,951,466				—
Dividends and fees on securities sold short			1,344,035				4,748
Administration and accounting fees			171,321				25,953
Custodian fees			132,690				4,840
Accrued expenses			40,429				43,303

Total liabilities			3,445,896,016				6,330,120

Net Assets		$	2,929,520,249			$	5,812,327


Net Assets Consisted of:
Capital stock, $0.01 par value		$	2,111,909			$	5,580
Paid-in capital			2,790,609,293				5,571,208
Accumulated net investment loss			(11,824,607	)			(15,254	)
Accumulated net realized gain/(loss) from investments and securities sold short			(4,602,000	)			108,765
Net unrealized appreciation on investments and securities sold short			153,225,654				142,028

Net Assets		$	2,929,520,249			$	5,812,327


Institutional Class:
Net assets		$	2,929,520,249			$	5,812,327

Shares Outstanding			211,190,943				557,978

Net asset value, offering and redemption price per share		$	13.87			$	10.42

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


	Gotham Enhanced Return Fund				Gotham Neutral Fund
Assets
Investments, at value (Cost $2,219,047,204 and $1,006,658,472, respectively)		$	2,391,422,777			$	1,053,048,591
Cash collateral for securities on loan			394,551,856				72,107,981
Cash			7,028,825				12,989,341
Deposits with brokers for securities sold short			419,550,989				665,846,265
Receivables:
Investments sold			258,915,514				196,936,260
Capital shares sold			5,993,934				7,058,891
Dividends and interest			962,453				433,655
Prepaid expenses and other assets			141,717				77,712

Total assets			3,478,568,065				2,008,498,696

Liabilities
Securities sold short, at value (proceeds $1,025,053,475 and $799,797,157, respectively)			1,053,889,215				829,032,050
Payables:
Investments purchased			674,153,881				264,854,553
Securities lending collateral			394,551,856				72,107,981
Investment Adviser			2,083,389				1,388,975
Dividends and fees on securities sold short			852,060				429,297
Capital shares redeemed			337,645				2,646,613
Administration and accounting fees			108,019				71,651
Custodian fees			77,574				42,734
Accrued expenses			36,705				39,435

Total liabilities			2,126,090,344				1,170,613,289

Net Assets		$	1,352,477,721			$	837,885,407


Net Assets Consisted of:
Capital stock, $0.01 par value		$	1,020,419			$	747,800
Paid-in capital			1,149,007,211				832,861,393
Accumulated net investment loss			(3,891,478	)			(4,145,657	)
Accumulated net realized gain/(loss) from investments and securities sold short			62,801,736				(8,733,355	)
Net unrealized appreciation on investments and securities sold short			143,539,833				17,155,226

Net Assets		$	1,352,477,721			$	837,885,407


Institutional Class:
Net assets		$	1,352,477,721			$	837,885,407

Shares Outstanding			102,041,887				74,780,018

Net asset value, offering and redemption price per share		$	13.25			$	11.20

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statement of Operations

For the Six Months/Period Ended October 31, 2014

(Unaudited)


	Gotham Absolute Return Fund				Gotham Absolute 500 Fund*
Investment Income
Dividends		$	17,835,725			$	38,952
Interest			977				—
Income from securities loaned (Note 5)			1,628,555				—

Total investment income			19,465,257				38,952


Expenses
Advisory fees (Note 2)			22,016,161				25,197
Dividends and fees on securities sold short			7,857,598				25,860
Transfer agent fees (Note 2)			746,601				9,214
Administration and accounting fees (Note 2)			310,435				25,953
Custodian fees (Note 2)			98,372				4,840
Legal fees			96,012				5,705
Trustees’ and officers’ fees (Note 2)			45,722				4,808
Registration and filing fees			44,663				9,906
Printing and shareholder reporting fees			42,401				3,912
Audit fees			12,470				5,868
Other expenses			19,429				5,125

Total expenses before waivers and reimbursements			31,289,864				126,388

Recoupments and/or waivers, reimbursements (Note 2)			—				(72,182	)

Net expenses after waivers and reimbursements			31,289,864				54,206

Net investment loss			(11,824,607	)			(15,254	)


Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments			5,158,443				—
Net realized gain/(loss) from securities sold short			(21,517,256	)			108,765
Net change in unrealized appreciation on investments			161,862,685				297,741
Net change in unrealized depreciation on securities sold short			(69,759,396	)			(155,713	)

Net realized and unrealized gain on investments			75,744,476				250,793

Net increase in net assets resulting from operations		$	63,919,869			$	235,539

*	The Fund commenced operations on July 31, 2014.

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


	Gotham Enhanced Return Fund				Gotham Neutral Fund
Investment Income
Dividends		$	12,376,759			$	4,154,470
Interest			379				262
Income from securities loaned (Note 5)			1,004,406				224,377

Total investment income			13,381,544				4,379,109


Expenses
Advisory fees (Note 2)			10,545,042				5,285,869
Dividends and fees on securities sold short			5,961,692				2,800,118
Transfer agent fees (Note 2)			321,590				154,111
Administration and accounting fees (Note 2)			193,988				126,278
Custodian fees (Note 2)			67,658				24,366
Legal fees			40,309				19,774
Registration and filing fees			35,089				16,388
Trustees’ and officers’ fees (Note 2)			26,746				6,478
Printing and shareholder reporting fees			23,411				8,365
Audit fees			15,093				12,487
Other expenses			21,374				5,560

Total expenses before waivers and reimbursements			17,251,992				8,459,794

Recoupments and/or waivers, reimbursements (Note 2)			7,031				64,972

Net expenses after waivers and reimbursements			17,259,023				8,524,766

Net investment loss			(3,877,479	)			(4,145,657	)


Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments			40,916,925				841
Net realized loss from securities sold short			(6,971,291	)			(10,348,898	)
Net change in unrealized appreciation on investments			80,709,627				42,605,343
Net change in unrealized depreciation on securities sold short			(42,481,781	)			(33,791,759	)

Net realized and unrealized gain/(loss) on investments			72,173,480				(1,534,473	)

Net increase/(decrease) in net assets resulting from operations		$	68,296,001			$	(5,680,130	)

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statements of Changes in Net Assets


	Gotham Absolute Return Fund								Gotham Absolute 500 Fund
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Period Ended October 31, 2014 (Unaudited)*
Net increase in net assets from operations:
Net investment loss		$	(11,824,607	)		$	(5,504,378	)		$	(15,254	)
Net realized gain/(loss) from investments and securities sold short			(16,358,813	)			28,378,912				108,765
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			92,103,289				59,943,353				142,028

Net increase in net assets resulting from operations			63,919,869				82,817,887				235,539

Less Dividends and Distributions to Shareholders from:
Institutional Class:
Net realized capital gains			—				(13,191,338	)			—

Net decrease in net assets from dividends and distributions to shareholders			—				(13,191,338	)			—

Increase in Net Assets Derived from Capital Share Transactions and Merger Activity (Note 4 and Note 7)			1,315,390,672				1,426,903,567				5,576,788

Total increase in net assets			1,379,310,541				1,496,530,116				5,812,327

Net assets
Beginning of period			1,550,209,708				53,679,592				—

End of period		$	2,929,520,249			$	1,550,209,708			$	5,812,327

Accumulated net investment loss, end of period		$	(11,824,607	)		$	—			$	(15,254	)

*	The Fund commenced operations on July 31, 2014.

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statements of Changes in Net Assets


	Gotham Enhanced Return Fund								Gotham Neutral Fund
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014*				For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014**
Net increase/(decrease) in net assets from operations:
Net investment loss		$	(3,877,479	)		$	(1,304,508	)		$	(4,145,657	)		$	(764,360	)
Net realized gain/(loss) from investments and securities sold short			33,945,634				36,994,197				(10,348,057	)			2,474,111
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			38,227,846				35,742,643				8,813,584				8,341,642

Net increase/(decrease) in net assets resulting from operations			68,296,001				71,432,332				(5,680,130	)			10,051,393

Less Dividends and Distributions to Shareholders from:
Institutional Class:
Net realized capital gains			—				(4,952,065	)			—				(116,920	)

Net decrease in net assets from dividends and distributions to shareholders			—				(4,952,065	)			—				(116,920	)

Increase in Net Assets Derived from Capital Share Transactions and Merger Activity (Note 4 and Note 7)			481,264,841				736,436,612				615,093,937				218,537,127

Total increase in net assets			549,560,842				802,916,879				609,413,807				228,471,600

Net assets
Beginning of period			802,916,879				—				228,471,600				—

End of period		$	1,352,477,721			$	802,916,879			$	837,885,407			$	228,471,600

Accumulated net investment loss, end of period		$	(3,891,478	)		$	(13,999	)		$	(4,145,657	)		$	—

*	The Fund commenced operations on May 31, 2013.

**	The Fund commenced operations on August 30, 2013.

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statements of Cash Flows

(Unaudited)


	Gotham Absolute Return Fund				Gotham Absolute 500 Fund
	For the Six Months Ended October 31, 2014				For the Period Ended October 31, 2014*
Cash flows provided from (used in) operating activities:
Net increase in net assets resulting from operations		$	63,919,869			$	235,539
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of long-term portfolio investments			(6,349,727,315	)			(16,826,350	)
Proceeds from disposition of long-term portfolio investments			4,803,826,135				8,852,255
Purchases to cover securities sold short			(2,296,367,431	)			(2,132,731	)
Proceeds from securities sold short			3,071,527,255				6,839,648
Net realized gain/(loss) on investments and securities sold short			16,358,813				(108,765	)
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			(92,103,289	)			(142,028	)
Increase in deposits with brokers for securities sold short			(1,069,562,193	)			(2,284,570	)
Increase in receivable for securities sold			(256,657,956	)			(1,255,668	)
Increase in dividend and interest receivable			(806,103	)			(6,459	)
Increase in prepaid expenses and other assets			(164,289	)			—
Increase in payable for investments purchased			889,761,013				1,236,175
Increase in dividends and fees payable for securities sold short			739,119				4,748
Increase/(decrease) in payable for investment advisor			2,357,975				(16,396	)
Increase in accrued expense payable			3,092				74,096

Net cash used in operating activities			(1,216,895,305	)			(5,530,506	)

Cash flows from financing activities:
Net payment from Fund share activity			1,295,492,359				5,576,788

Net cash provided by financing activities			1,295,492,359				5,576,788

Net increase in cash			78,597,054				46,282
Cash at beginning of period			6,198,522				—

Cash at end of period		$	84,795,576			$	46,282

Supplemental disclosure of cash flow information:
Cash paid during the period for financing charges		$	4,835,766			$	4,972

* The Fund commenced operations on July 31, 2014.

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Statements of Cash Flows

(Unaudited)


	Gotham Enhanced Return Fund				Gotham Neutral Fund
	For the Six Months Ended October 31, 2014				For the Six Months Ended October 31, 2014
Cash flows provided from (used in) operating activities:
Net increase/(decrease) in net assets resulting from operations		$	68,296,001			$	(5,680,130	)
Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by (used in) operating activities:
Purchases of long-term portfolio investments			(4,285,001,455	)			(2,197,286,114	)
Proceeds from disposition of long-term portfolio investments			3,428,070,879				1,469,297,048
Purchases to cover securities sold short			(1,584,891,259	)			(1,013,223,754	)
Proceeds from securities sold short			1,973,943,916				1,570,485,911
Net realized gain/(loss) on investments and securities sold short			(33,945,633	)			10,348,057
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			(38,227,847	)			(8,813,584	)
Increase in deposits with brokers for securities sold short			(415,502,406	)			(501,948,125	)
Increase in receivable for securities sold			(141,840,584	)			(160,549,448	)
Increase in dividend and interest receivable			(176,168	)			(323,152	)
Increase in prepaid expenses and other assets			(42,216	)			(58,894	)
Increase in payable for investments purchased			556,326,104				228,203,816
Increase in dividends and fees payable for securities sold short			315,776				318,902
Increase in payable for investment advisor			835,910				1,074,947
Increase/(decrease) in accrued expense payable			(29,699	)			68,722

Net cash used in operating activities			(471,868,681	)			(608,085,798	)

Cash flows from financing activities:
Net payment from Fund share activity			478,364,027				616,926,365

Net cash provided by financing activities			478,364,027				616,926,365

Net increase in cash			6,495,346				8,840,567
Cash at beginning of period			533,479				4,148,774

Cash at end of period		$	7,028,825			$	12,989,341

Supplemental disclosure of cash flow information:
Cash paid during the period for financing charges		$	4,116,536			$	1,653,515

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Financial Highlights

Contained below is per share operating performance data for each Institutional Class share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in a Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


		Investment Activities			Dividends and Distributions

	Net Asset Value, Beginning of Year/Period	Net Investment Income (Loss)⁽¹⁾	Net Realized and Unrealized Gain/(Loss) on Investments	Total from Investment Operations	Distributions from Net Investment Income	Distribution from Capital Gains	Total Distributions

Gotham Absolute Return Fund
Institutional Class Shares
05/01/2014-10/31/2014⁽⁴⁾	$13.45	$(0.07)	$0.49	$0.42	$ —	$ —	$ —
05/01/2013-04/30/2014	11.40	(0.16)	2.77	2.61	—	(0.56)	(0.56)
08/31/2012*-4/30/2013	10.00	(0.08)	1.53	1.45	(0.01)	(0.05)	(0.06)

Gotham Absolute 500 Fund
Institutional Class Shares
07/31/2014^*-10/31/2014⁽⁴⁾	$10.00	$(0.03)	$0.45	$0.42	$ —	$ —	$ —

Gotham Enhanced Return Fund
Institutional Class Shares
05/01/2014-10/31/2014⁽⁴⁾	$12.39	$(0.05)	$0.91	$0.86	$ —	$ —	$ —
05/31/2013^*-04/30/2014	10.00	(0.07)	2.96	2.89	—	(0.50)	(0.50)

Gotham Neutral Fund
Institutional Class Shares
05/01/2014-10/31/2014⁽⁴⁾	$11.21	$(0.09)	$0.08	$(0.01)	$ —	$ —	$ —
08/30/2013^*-04/30/2014	10.00	(0.12)	1.37	1.25	—	(0.04)	(0.04)

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁴⁾	Unaudited.

⁽⁵⁾	Amount is less than $0.005 per share.

⁽⁶⁾	Annualized.

⁽⁷⁾	Not annualized.

⁽⁸⁾	Portfolio turnover excludes the purchases and sales of the Formula Investing U.S. Value 1000 Fund and the Formula Investing U.S. Value Select Fund (see Note 6). If these transactions were included, portfolio turnover would have been higher.

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Financial Highlights

Redemption

Fees

Net
Asset
Value,
End of
Year/Period

Total
Return⁽²⁾

Net
Assets, End
of
Year/Period

Ratio
of Expenses
to Average
Net Assets
with waivers,
reimbursements,
and recoupments
if any
(including dividend
and interest
expense)

Ratio
of Expenses
to Average
Net Assets
with waivers,
reimbursements,
and recoupments
(excluding dividend
and interest
expense)

Ratio
of Expenses
to Average
Net Assets
without waivers,
expense
reimbursements,
and recoupments
if any⁽³⁾

Ratio
of Net Investment
Income
to Average
Net Assets
(including
dividend
and interest
expense)

Portfolio
Turnover
Rate

$0.00⁽⁵⁾

$13.87

3.12%

$2,929,520

2.84%⁽⁶⁾

2.13%⁽⁶⁾

2.84%⁽⁶⁾

(1.07)%⁽⁶⁾

181.18%⁽⁷⁾

0.00⁽⁵⁾

13.45

23.21%

1,550,210

2.98%

2.20%

2.96%

(1.23)%

399.16%

0.01

11.40

14.67%

53,680

3.24%⁽⁶⁾

2.25%⁽⁶⁾

4.18%⁽⁶⁾

(1.13)%⁽⁶⁾

279.84%⁽⁷⁾

$ —

$10.42

4.20%

$ 5,812

4.30%⁽⁶⁾

2.26%⁽⁶⁾

10.04%⁽⁶⁾

(1.21)%⁽⁶⁾

153.40%⁽⁷⁾

$0.00⁽⁵⁾

$13.25

6.94%

$1,352,478

3.27%⁽⁶⁾

2.15%⁽⁶⁾

3.27%⁽⁶⁾

(0.74)%⁽⁶⁾

186.81%⁽⁷⁾

0.00⁽⁵⁾

12.39

29.36%

802,917

3.54%⁽⁶⁾

2.25%⁽⁶⁾

3.54%⁽⁶⁾

(0.63)%⁽⁶⁾

364.77%⁽⁷⁾⁽⁸⁾

$0.00⁽⁵⁾

$11.20

(0.09)%

$ 837,885

3.23%⁽⁶⁾

2.17%⁽⁶⁾

3.20%⁽⁶⁾

(1.57)%⁽⁶⁾

228.42%⁽⁷⁾

0.00⁽⁵⁾

$11.21

12.50%

228,472

3.43%⁽⁶⁾

2.25%⁽⁶⁾

3.57%⁽⁶⁾

(1.64)%⁽⁶⁾

191.65%⁽⁷⁾

The accompanying notes are an integral part of the financial statements.

GOTHAM FUNDS

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Gotham Absolute Return Fund, the Gotham Absolute 500 Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Gotham Absolute Return Fund commenced investment operations on August 31, 2012. The Gotham Absolute 500 Fund commenced operations on July 31, 2014. The Gotham Enhanced Return Fund commenced investment operations on May 31, 2013. The Gotham Neutral Fund commenced investment operations on August 30, 2013. The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds offers one class of shares, Institutional Class.

The Funds seek to achieve their investment objective by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. There are no limits on the market capitalizations of the companies in which the Funds may invest.

The Funds will generally take long positions in securities that Gotham Asset Management, LLC (“Gotham or The Adviser”) believes to be undervalued and short positions in securities that the Adviser believes to be overvalued, based on the Adviser’s analysis of the issuer’s financial reports and market valuation. Using a proprietary methodology, securities are analyzed and ranked by the Adviser’s research team. Such analysis forms the basis of the Adviser’s proprietary database that is used to generate the portfolio. By taking both long and short positions, the Adviser attempts to provide protection in down markets relative to a fund that takes only long positions. The Adviser seeks to maintain a Fund’s net equity market exposure, which is the value of a Fund’s long positions minus its short positions, in the range of approximately 0%-70%, 0%-70%, 70%-100% and 0%-25% for Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund, respectively. In addition, the Adviser expects that a Fund’s gross equity market exposure, which is the value of a Fund’s long positions plus its short positions, will not exceed 190%, 250% and 250% for Gotham Absolute Return Fund, Gotham Absolute 500 Fund and Gotham Enhanced Return Fund, respectively. It is anticipated that each Fund will frequently adjust the size of its long and short positions.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Securities held by the Funds are valued at their last sale price on the NYSE on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the last asked price and the last bid price prior to the market close. Securities listed on other exchanges (and not subject to restriction against sale by the Funds on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Unlisted securities that are quoted on the National Association of Securities Dealers Market System, for which there have been sales of such securities on such day, shall be valued at the official closing price on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the last asked price and the last bid price prior to market close. The value of such securities quoted on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) markets system, but not listed on the National Market System, shall be valued at the mean between closing asked price and the closing bid price. Unlisted securities that are not quoted on the NASDAQ and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and the asked prices for such security in the over-the-counter market. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of a Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Funds.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. A Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Short Sales — A Fund’s short sales are subject to special risks. A short sale involves the sale by the Funds of a security that it does not own with the hope of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Funds will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Funds. There can be no assurance that the Funds will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Security and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

As of October 31, 2014, the Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund had securities sold short valued at $1,812,684,825, $4,857,181, $1,053,889,215 and $829,032,050, for which securities of $1,852,490,432, $4,844,234, $1,102,603,845, $794,163,928, and cash deposits of $1,677,607,188, $2,284,570, $419,550,989 and $665,846,265, respectively, were pledged as collateral.

In accordance with the terms of its prime brokerage agreements, the Funds may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security. For the six months ended October 31, 2014, Gotham Absolute Return Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund had net charges of $3,868,132, $2,316,471 and $1,400,889 on securities sold short. For the period from July 31, 2014 (commencement of operations) to October 31, 2014, Gotham Absolute 500 Fund had net charges of $2,456 on securities sold short. This amount is included in dividends and fees on securities sold short on the statement of operations.

As of October 31, 2014, the Gotham Absolute Return Fund, Gotham Absolute 500 Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund utilized short sales proceeds of $173,316,126, $2,466,736, $615,544,422 and $161,619,267, and incurred financing charges for the period ended October 31, 2014, of $967,634, $2,517, $1,800,065 and $252,626, respectively,

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

to finance purchases of long securities. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short.

2. Transactions with Affiliates and Related Parties

Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, Gotham is entitled to receive a monthly fee at the annual rate of 2.00% of each Fund’s average daily net assets. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding any class-specific fees and expenses, dividend and interest expense on securities sold short, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 2.25% (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, 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. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation.

For the period ended October 31, 2014, investment advisory fees accrued and waivers were as follows:


	Gross Advisory Fee		Waiver/ Reimbursements			Net Advisory Fee (Reimbursement)
Gotham Absolute Return Fund		$22,016,161		$ —			$22,016,161
Gotham Absolute 500 Fund		25,197		(72,182	)		(46,985	)
Gotham Enhanced Return Fund		10,545,042		—			10,545,042
Gotham Neutral Fund		5,285,869		—			5,285,869

During the period ended October 31, 2014, Gotham Enhanced Return Fund and Gotham Neutral Fund had investments advisory recoupment of $7,031 and $64,972, respectively. As of October 31, 2014, the amount of potential recovery for the Gotham Absolute 500 Fund was as follows:


	Expiration 04/30/2018
Gotham Absolute 500 Fund	$	72,182

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Funds.

For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees, for their services as a Trustee. The remuneration paid to the Trustee by the Funds during the period ended October 31, 2014 was $107,027. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Funds or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014 (Gotham Absolute Return Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund) and from the commencement of operations through October 31, 2014 (Gotham Absolute 500 Fund commenced operations on July 31, 2014), aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
Gotham Absolute Return Fund	$	6,347,897,191	$	4,801,996,011
Gotham Absolute 500 Fund		16,826,350		8,852,255
Gotham Enhanced Return Fund		4,283,680,113		3,426,749,600
Gotham Neutral Fund		2,196,353,574		1,468,364,519

4. Capital Share Transactions

For the six months ended October 31, 2014 (Gotham Absolute Return Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund) and from the commencement of operations through October 31, 2014 (Gotham Absolute 500 Fund commenced operations on July 31, 2014), transactions in capital shares of the Funds (authorized shares unlimited) were as follows:


	For the Period Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014

	Shares			Value			Shares			Value
Gotham Absolute Return Fund:
Institutional Class Shares:
Sales		114,490,034		$	1,567,884,684			114,871,940		$	1,482,840,267
Reinvestments		—			—			753,328			9,522,065
Redemption Fees*		—			165,078			—			64,412
Redemptions		(18,567,620	)		(252,659,090	)		(5,065,727	)		(65,523,177	)

Net Increase		95,922,414		$	1,315,390,672			110,559,541		$	1,426,903,567


Gotham Absolute 500 Fund:
Institutional Class Shares:
Sales		557,978		$	5,576,788			—			—
Reinvestments		—			—			—			—
Redemption Fees*		—			—			—			—
Redemptions		—			—			—			—

Net Increase		557,978		$	5,576,788			—			—

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	For the Period Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014

	Shares			Value			Shares			Value
Gotham Enhanced Return Fund:
Institutional Class Shares:
Sales		43,946,030		$	565,688,309			34,242,031		$	394,564,020
Proceeds from Shares issued in connection with mergers (a)		—			—			33,008,932			371,020,411
Reinvestments		—			—			435,768			4,902,396
Redemption Fees*		—			209,459			—			12,613
Redemptions		(6,684,994	)		(84,632,927	)		(2,905,880	)		(34,062,828	)

Net Increase		37,261,036		$	481,264,841			64,780,851		$	736,436,612


Gotham Neutral Fund:
Institutional Class Shares:
Sales		60,210,179		$	680,652,081			20,810,372		$	223,066,030
Reinvestments		—			—			10,648			111,909
Redemption Fees*		—			80,454			—			28,314
Redemptions		(5,816,999	)		(65,638,598	)		(434,182	)		(4,669,126	)

Net Increase		54,393,180		$	615,093,937			20,386,838		$	218,537,127

*There is a 1.00% redemption fee that may be charged on shares redeemed within 90 days of purchase. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

(a)See Note 7.

5. Securities Lending

Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board of Trustees, is invested in short-term investments and securities consistent with the Fund’s investment objective. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. During the period ended October 31, 2014, the Funds each had securities lending programs. The market value of securities on loan and collateral as of October 31, 2014 and the income generated from the programs during the period ended October 31, 2014 with respect to such loans are as follows:

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	Market Value of Securities Loaned		Market Value of Collateral		Income Received from Securities Lending
Gotham Absolute Return Fund		$594,941,678		$599,423,863		$1,628,555
Gotham Absolute 500 Fund		155,926		157,920		—
Gotham Enhanced Return Fund		391,326,713		394,551,856		1,004,406
Gotham Neutral Fund		68,761,500		72,107,981		224,377

Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received from that counterparty and create one single net payment due to or from the Funds. The following table is a summary of each of the Gotham Absolute Return Fund, the Gotham Absolute Return 500 Fund, the Gotham Enhanced Return Fund and the Gotham Neutral Fund’s open securities lending transactions which are subject to a MSLA as of October 31, 2014:


						Gross Amount Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets and Liabilities	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments*	Cash Collateral Received			Net Amount
Gotham Absolute Return Fund		$594,941,678	$—		$594,941,678	$—		$(594,941,678)		$—
Gotham Absolute 500 Fund		155,926	—		155,926	—		(155,926	)	—
Gotham Enhanced Return Fund		391,326,713	—		391,326,713	—		(391,326,713	)	—
Gotham Neutral Fund		68,761,500	—		68,761,500	—		(68,761,500	)	—

* Amount disclosed is limited to the amount of assets presented in each Statement of Assets and Liabilities. Actual collateral received may be more than the amount shown.

6. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds had determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

The tax character of distributions paid by the Funds during the year ended April 30, 2014 were as follows:


	Ordinary Income Dividend			Long-Term Capital Gain Dividend
Gotham Absolute Return Fund		$	13,141,291		$	50,047
Gotham Absolute 500 Fund			—			—
Gotham Enhanced Return Fund			4,952,065			—

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	Ordinary Income Dividend		Long-Term Capital Gain Dividend
Gotham Neutral Fund		116,920		—

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


	Capital Loss Carryforward		Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation		Other Temporary Difference
Gotham Absolute Return Fund		$—		$26,246,361		$ 3,459,202		$44,147,745		$(974,130	)
Gotham Absolute 500 Fund		—		—		—		—		—
Gotham Enhanced Return Fund		—		29,916,007		12,993,246		91,821,000		(576,163	)
Gotham Neutral Fund		—		5,088,598		—		5,104,734		(236,988	)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:


	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation
Gotham Absolute Return Fund	$	3,390,911,641	$	270,718,843	$	(67,466,848	)	$	203,251,995
Gotham Absolute 500 Fund		8,077,412		384,148		(86,408	)		297,740
Gotham Enhanced Return Fund		2,219,047,204		213,301,298		(40,925,725	)		172,375,573
Gotham Neutral Fund		1,006,658,472		64,079,205		(17,689,086	)		46,390,119

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2014.

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Gotham Absolute Return Fund, Gotham Enhanced Return Fund and Gotham Neutral Fund did not have any capital loss carryforwards.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

7. Fund Mergers

At a meeting of the Board of Trustees of the Trust held on October 29, 2013, the Board of Trustees approved an Agreement and Plan of Reorganization (the “Agreement”) to reorganize each of the Formula Investing U.S. Value 1000 Fund and the Formula Investing U.S. Value Select Fund into the Gotham Enhanced Return Fund, each a series of the Trust. The shareholders of each of the Formula Investing U.S. Value 1000 Fund and the Formula Investing U.S. Value Select Fund approved the Agreement during a special meeting of the shareholders held on February 5, 2014.

Immediately prior to the reorganization, the Formula Investing U.S. Value 1000 Fund had Class A Shares outstanding and the Formula Investing U.S. Value Select Fund had Class A Shares and Class I Shares outstanding, which were exchanged for Institutional Class Shares of the Gotham Enhanced Return Fund. The following is a summary of shares outstanding, net assets and net asset value per share for these Funds before and after the mergers took place after the close of business on February 7, 2014:


	Before Reorganization							After Reorganization
	Formula Investing U.S. Value 1000 Fund		Formula Investing U.S. Value Select Fund		Gotham Enhanced Return Fund			Gotham Enhanced Return Fund
Class A
Shares		4,212,398		15,223,282		NA			NA
Net Assets	$	61,732,742	$	233,895,124		NA			NA
Net Asset Value	$	14.66	$	15.36		NA			NA

Class I
Shares		NA		4,906,586		NA			NA
Net Assets		NA	$	75,392,545		NA			NA
Net Asset Value		NA	$	15.37		NA			NA

Institutional Class
Shares		NA		NA		19,042,428			52,051,360
Net Assets		NA		NA	$	213,989,914		$	585,010,325
Net Asset Value		NA		NA	$	11.24		$	11.24

Fund Total
Shares Outstanding		4,212,398		20,129,868		19,042,428			52,051,360
Net Assets	$	61,732,742	$	309,287,669	$	213,989,914		$	585,010,325
Unrealized Appreciation (Depreciation)	$	11,047,133	$	58,522,211	$	(11,030,934	)	$	58,538,410

Assuming this reorganization had been completed on May 1, 2013, the Gotham Enhanced Return Fund’s results of operations for the year ended April 30, 2014 would have been as follows:

GOTHAM FUNDS

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

Because the combined portfolios of investments have been managed as a single portfolio since the mergers were completed, it is not practical to separate the amounts of revenue and earnings to the Gotham Enhanced Return Fund that have been included in its statements of operations since the mergers.

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

GOTHAM FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how a Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (877) 974-6852 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

Approval of Advisory Agreement

In determining whether to approve the Agreement, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) the services performed or to be performed for the Funds, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of a Fund, (iv) investment performance, (v) the capitalization and financial condition of the Adviser, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Funds and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on the Adviser’s ability to service a Fund; (x) with respect to the Existing Funds, compliance with such Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies) and (xi) compliance with federal securities laws and other regulatory requirements. At the Meeting, the Adviser also provided its most recent Form ADV for the Trustees’ review and consideration. The Trustees noted the reports and discussions with portfolio managers at Board meetings throughout the year covering matters such as the relative performance of the Existing Funds and compliance with the investment objectives, policies, strategies and limitations for the Existing Funds; the compliance of management personnel with the applicable code of ethics; and the adherence to fair value pricing procedures as established by the Board. At the Meeting, the Trustees received and reviewed a memorandum from legal counsel regarding the legal standard applicable to their review of the Agreement.

Representatives from Gotham attended the Meeting both in person and via teleconference. The representatives from Gotham discussed the firm’s history, performance and investment strategies in connection with the proposed approval of the Agreement and answered questions from the Board.

The Trustees considered the investment performance information for the Funds and the Adviser. With respect to the Existing Funds, the Trustees reviewed performance information for the Existing Funds as compared to their respective

GOTHAM FUNDS

Other Information

(Unaudited)

benchmark indices and Lipper categories for the year to date, one year and since inception periods ended March 31, 2014, as applicable. The Trustees also received performance information for the Existing Funds for the one year and since inception periods ended April 30, 2014, as applicable, as compared to their respective benchmark indices and other private funds managed by the Adviser in a similar manner. With respect to the Absolute 500 Fund, the Trustees reviewed performance information for a private fund managed by the Adviser and the performance information of the Absolute Fund including comparisons to the HFRI Equity Hedge Index, for the one year, three year and since inception periods from July 2009 through April 30, 2014. They concluded that the performance of each of the Existing Funds was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the services provided or proposed to be provided to the Funds and any other ancillary benefits resulting from the Adviser’s relationship with the Funds. For each Fund, the Trustees also reviewed information regarding the fees the Adviser charges to other clients and evaluated explanations provided by the Adviser as to differences in fees charged to the Funds and other similarly managed accounts. The Trustees also discussed the limitations of the comparative expense information of the Funds, given the potential varying nature, extent and quality of the services provided by the advisers of other portfolios included in the Funds’ respective Lipper categories. The Trustees reviewed fees charged by other advisers that manage comparable mutual funds with similar strategies to those of the Funds. The Trustees concluded that the advisory fees and services provided by the Adviser are consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Funds as measured by the information provided by Gotham.

The Board considered, among other data, the specific factors and related conclusions set forth below with respect to each Existing Funds:

Absolute Fund. With respect to advisory fees and expenses, the gross advisory fee and net total expense ratio for the Fund’s Institutional Class shares were each higher than the gross advisory fee and net total expense ratio of the median of funds in the Lipper Absolute Return Fund category. With respect to performance, the Trustees noted that the Absolute Fund outperformed the HFRX Equity Hedge Index and the Lipper Absolute Return Fund category for the year to date, one year and since inception periods ended March 31, 2014 and also outperformed a private fund managed by the Adviser in a comparable manner for the one year and since inception periods ended April 30, 2014. Based on their review, the Trustees concluded that the performance of the Fund was satisfactory and that the advisory fee was reasonable in light of the high quality of services received by the Fund from the Adviser.

Enhanced Fund. With respect to advisory fees and expenses, the gross advisory fee and net total expense ratio for the Fund’s Institutional Class shares were each higher than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Long/Short Equity Fund category. With respect to performance, the Trustees noted that the Enhanced Fund outperformed the S&P 500 Daily Reinvestment Index and the Lipper Alternative Long/Short Equity Fund category for the year to date and since inception periods ended March 31, 2014 and also outperformed a private fund managed by the Adviser in a comparable manner for the since inception period ended April 30, 2014. Based on their review, the Trustees concluded that the performance of the Fund was satisfactory and that the advisory fee was reasonable in light of the high quality of services received by the Fund from the Adviser.

Neutral Fund. With respect to advisory fees and expenses, the gross advisory fee and net total expense ratio for the Fund’s Institutional Class shares were each higher than the gross advisory fee and net total expense ratio of the median of funds with a similar share class in the Lipper Alternative Equity Market-Neutral Fund category with $250 million or less in assets. With respect to performance, the Trustees noted that the Neutral Fund outperformed the Bank of America Merrill Lynch 3-Month U.S. Treasury Bill Index and the Lipper Alternative Equity Market-Neutral Fund category for the year to date and since inception periods ended March 31, 2014 and also outperformed a private fund managed by the Adviser in a comparable manner for the since inception period ended April 30, 2014. Based on their review, the Trustees

GOTHAM FUNDS

Other Information (Concluded)

(Unaudited)

concluded that the performance of the Fund was satisfactory and that the advisory fee was reasonable in light of the high quality of services received by the Fund from the Adviser.

The Trustees then considered the level and depth of knowledge of the Adviser, including the professional experience and qualifications of senior personnel. In evaluating the quality of services to be provided by the Adviser, the Board took into account its familiarity with the Adviser’s senior management through Board meetings, discussions and reports during the preceding year. The Board also took into account Gotham’s compliance policies and procedures and reports regarding the Adviser’s compliance operations from the Trust’s CCO. The Board also considered any potential conflicts of interest that may arise in a portfolio manager’s management of the Funds’ investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services provided or to be provided to each Fund by the Adviser and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Agreement, that the quality of the proposed services appeared to be consistent with industry norms and that the Funds are likely to benefit from the provision of those services. They also concluded that the Adviser has sufficient personnel, with the appropriate education and experience, to serve the Funds effectively and had demonstrated its ability to attract and retain qualified personnel.

The Trustees considered the costs of the services provided by the Adviser, the compensation and benefits received by the Adviser in providing services to the Funds, as well as the Adviser’s profitability. The Trustees were provided with the Adviser’s most recent balance sheet. The Trustees considered any direct or indirect revenues which would be received by the Adviser. The Trustees noted that the level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that Gotham’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Funds specifically. Based on the information provided, the Trustees concluded that the Adviser’s advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the current size and projected growth of the Funds.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as each Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Board noted that economies of scale may be achieved at higher asset levels for each of the Funds for the benefit of fund shareholders but the advisory fee structure for the Fund did not currently include breakpoint reductions as asset levels increased.

In voting to approve the Agreement, the Board considered all factors it deemed relevant and the information presented to the Board by the Adviser. In arriving at its decision, the Board did not identify any single factor as being of paramount importance and each member of the Board gave varying weights to each factor according to his or her own judgment. The Board determined that the approval of the Agreement would be in the best interest of each Fund and its shareholders. As a result, the Board, including a majority of the Independent Trustees, unanimously approved the Agreement with respect to the Absolute 500 Fund for an initial two year period and the continuation of the Agreement with respect to each Existing Fund for an additional one year period.

GOTHAM FUNDS

Privacy Notice

(Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.

We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.

To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site www.gothamfunds.com.

If you have questions or comments about our privacy practices, please call us at 1-877-974-6852.

Investment Adviser

Gotham Asset Management, LLC

535 Madison Avenue, 30th Floor

New York, NY 10022

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear Lateef Fund Shareholder:

While we do not take our underperformance this quarter or year to date lightly, our concentrated portfolio and high “active share” (discussed below) can, at times, lead to periods of large dislocation relative to the broad market. We believe that these same factors, however, create the best opportunity for us to not only reverse recent underperformance, but outperform over the long term.

Active share, a term that was introduced to the investment world over the past decade, measures the difference between portfolio weightings and weightings of constituents within a benchmark index. For long-only portfolios, this measurement ranges from 0% to 100% with index funds having an active share of 0% and typical active managers having an active share near 50%. The definition of an active manager has evolved over time. Whereas portfolios with less than 60% active share only accounted for 1.5% of the industry in 1980, they made up 44.8% of the industry in 2003. Conversely, portfolios with greater than 80% active share accounted for 42.8% of the industry in 1980, but only represented 23.3% in 2003.¹

Investment managers have three basic methods to generate active share: (1) exclude stocks held in the benchmark, (2) include stocks not held in the benchmark, and (3) hold different weightings than the benchmark. While most small-cap managers gain active share through the second method, most large-cap managers rely on the third, as not holding the largest weights in a capitalization-weighted index, such as the S&P 500, creates risks for managers. In general, it is the magnitude of difference relative to the largest weightings in an index that matter, not the number of holdings in a portfolio.

With high active share, portfolios become more susceptible to volatility in performance. Market-capitalization weighted indices tend to skew overall index returns towards the largest weighted members regardless of whether they are representative of the full index. As low active share portfolios tend to hold these largest weights, their tracking errors decline.² We would like to note that tracking error suggests difference as opposed to a mistake.

The chart below shows the median active share and tracking error for over 2,000 funds relative to their respective benchmarks. As active share increases, so do the volatility and dispersion of returns relative to the benchmarks. This makes intuitive sense, as having more active share means holding no, or lower, weightings of the companies that are weighted most when calculating market-weighted index returns. This study suggests that a Fund with 98% active share, like the Lateef Fund, could see normal dispersion in results relative to its benchmark of 11% in any given year. The Lateef Fund had an actual tracking error of 4.8% over the past 5 years.

¹	Cremers and Petajiisto. How Active is Your Fund Manager? A New Measure that Predicts Performance. International Center for Finance. Yale School of Management. March 2009.

²	Tracking error measures the deviation of returns relative to a benchmark. It is calculated as the standard deviation of the difference in returns between a portfolio and its benchmark. Tracking error is expressed as a yearly percentage of expected deviation.

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

LOGO

Remembering that tracking error is not akin to underperformance and, in fact, works in both directions, the makeup of tracking error is sector rotation, market timing, and stock selection. Thus, a highly concentrated portfolio that ignores several sectors adopts the risk of having no exposure to an outperforming sector for a period of time, such as old-line technology coming back into favor in 2014.

Active share is a decisive factor in a portfolio’s ability to outperform the S&P 500 after fees, a goal that becomes less attainable when funds hug a benchmark. However, having high active share also opens a manager up to not having exposure in the most heavily weighted names in the S&P 500, potential sector and stock selection risk, and therefore tracking error. Through nine-months of 2014, the 25 largest companies in the S&P 500 accounted for 32.85% of the index and contributed 2.9% to the S&P 500’s total return.³

Our Lateef Fund portfolio is demonstrating this tracking error currently. At Lateef, we construct our portfolio based strictly on our view of price to intrinsic value, not market-capitalization. This, coupled with our concentrated portfolio, produces an active share of 98% and creates periods where our results can differ widely from the S&P 500. The diverse group of investment theses in our portfolio are uncorrelated and progressing in-line with our expectations. We continue to believe that this near term performance will reverse, and that our selection of high quality growth companies creates opportunity for us to not only catch up, but outperform the market over the long run.

³	Calculated by Lateef using Bloomberg market data.

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Divergent Views Implied by Equity and Bond Markets

Looking outside of our Lateef Fund portfolio and into debt and equity markets globally, we find contrasting outlooks and appetites for risk. There has been much speculation that the Federal Reserve is creating an asset bubble due to its accommodative monetary policy. The world’s bond markets have tested the consensus belief that money injected into the economy will lead to inflation. Carmen Reinhart and Kenneth Rogoff’s excellent research on the boom-to-bust cycles of sovereign debt has been often discussed by investors since the credit crisis. In This Time Is Different, the pair claim that that the issuance of sovereign debt inevitably leads to financial inflation. Many investors are familiar with this book. Nonetheless, world bond markets have appeared to be poor students.

As of the writing of this letter in early October, the short-term interest rate in Ireland was negative. Yes, negative. The Fisher Effect, which states that nominal interest rates are equal to the real rate plus inflation expectations, indicates that market must be expecting deflation in Ireland over the next two years. Longer term, inflation expectations are contracting as the 10-year note contracted 70 bps to 1.6% during the third quarter.⁴ Yet, Irish GDP expectations for the year recently increased from 2.5% to 4.5%.⁵ Furthermore, greater austerity has reduced loans to Irish residents from €1.5 million in November 2008 to roughly €700 thousand today. Consumer debt remains at 200% of disposable income and sovereign debt accounts for 124% of GDP.⁶ In 2013, Reinhart and Rogoff stated that “in most advanced economies, debt restructuring or conversions, financial repression, and higher inflation have been integral parts of the resolution of significant debt overhangs.^”7 The tightness of money and the leverage ratios of the nation appear at odds with the price of money.

The effect of this backdrop on investors’ appetite for risk has been interesting. Equity markets appear to be constructive on the economy, yet bond markets are fearful. At the moment, the cost of the 10-year Treasury is higher in the United States than in Spain – apparently, a random number generator has replaced the capital asset pricing model.

The dollar has been strengthening throughout these European bond rallies. This is one of the reasons that Ireland’s economy is growing faster than expected, as exports to the non-euro trade partners of the United States and England are rising.

It is in this environment that we are more diligent on the competitive aspects of our businesses. Broad generalizations are not descriptive of the economic backdrops of various global markets. As we have stated before, we tend to hold companies exposed to capital investment rather than consumer consumption. Ireland provides an example of an economy where growth is resulting from investments rather than increased consumption.

⁴	Bloomberg market data.

⁵	Central Bank of Ireland Quarterly Bulletin. October 2014.

⁶	International Monetary Fund data.

⁷	Reinhart and Rogoff. Financial and Sovereign Debt Crisis: Some Lessons Learned and Those Forgotten. IMF Working Paper. December. 2013.

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

As we peel back the layers of various economies, we are committing more and more of our time to how our companies fit and interact with each. We believe these insights are critical for investing in domestic equities that are situated in a global marketplace and will continue to focus on understanding how local economies impact on our holdings.

Changes to the Fund

During the quarter, we added Celgene Corporation (CELG) to our portfolio. We also sold our position in Motorola Solutions (MSI) and Waters Corporation (WAT).

Celgene (CELG) is a leading biopharmaceutical company that discovers, develops, and commercializes therapies that treat cancer and immune-inflammatory related diseases. We believe that Celgene’s dominant position in the treatment of multiple myeloma creates substantial cash flows that are underappreciated by the market. Its therapy, Revlimid, is considered the backbone for treating multiple myeloma, a disease that inflicts over 24,000 new adults in the US each year. With over $4B of sales in 2013, opportunities to expand both geographic reach and treatment duration, and high incremental margins post initial R&D, we believe Revlimid should generate predictable and growing cash flows until patent expiry.

When we opened our position, a patent infringement dispute over Revlimid had created an overhang on Celgene’s shares (Revlimid’s polymorph patent expires in 2027). Our thesis is agnostic to this patent dispute due to the multitude of outcomes inherent in the business between now and 2024, the year many experts peg as the downside scenario. Instead, we view that the market has substantially undervalued the cash flows generated by Revlimid and Celgene’s other therapies, which holds true regardless of whether Revlimid’s patent protection ends in 2024 or 2027. Wall Street routinely ascribes little to no return on these cash flows as cash deployed toward internal R&D or pipeline acquisitions are highly uncertain and have binary success rates, thus making them hard to model. Outside of Revlimid, Celgene’s other key lines of therapy include Abraxane, which treats breast and pancreatic cancer, and Otezla, which aims to fill the gap between less effective generics and more expensive biologics in the treatment of psoriatic arthritis and psoriasis.

At the end of the third quarter, we exited our position in Motorola Solutions (MSI). Motorola Solutions had a dominant position in mission critical communications equipment, a high degree of predictability from its recurring revenues, and potential to improve operational and ROIC metrics as a pure-play following the split from Motorola Mobility. Our thesis was that a recovery in municipal spending would drive growth in its Government business while a cyclical recovery would drive growth in its Enterprise business. This thesis was challenged as the adoption curve for government entities proved more challenging than anticipated as spending remained constrained by budgets and time. This made Motorola Solutions less tied to a technology upgrade cycle and more tied to economic factors outside of its control than we believed. Further, management announced the sale of its Enterprise business to Zebra Technologies, essentially trading a growing asset for cash without providing shareholders with an adequate premium. Given slower

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

projected top line growth post-Enterprise sale and our lower confidence in Motorola Solution’s ability to drive adoption at the state and local level, we see limited upside in its fair value.

Towards the end of the third quarter, we began selling our position in Waters (WAT). Waters, a manufacturer of analytical instruments, has a leading position in high performance liquid chromatography, a market where its instruments commanded a premium, and significant market share in mass spectrometry. Sales of consumables for these instruments creates a highly predictable stream of recurring revenues. We believed that Waters would benefit from rising pill counts around the world, particularly in emerging markets, given that its analytical instruments facilitate regulatory approval and quality control. We also viewed the company’s below trend line growth in 2012 as an opportunity for reversion to the mean in mature markets and greenfield growth in emerging markets. However, the slowdown in emerging markets along with the cutback in spending by traditional pharmaceutical companies challenged this thesis. The lack of diversification in Waters’ end markets made it more susceptible to delays in large ticket orders and provided few levers to pull as growth slowed. Waters’ inability to drive growth despite a boom in biotechnology and rising pill counts globally raised concerns that a reversion to traditional growth rates would be more difficult than originally modeled. Given these concerns, we lowered our growth estimates and terminal multiple in our valuation model, bringing Waters’ fair value closer to its current share price and limiting its upside.

Adding to these concerns was the clouded long-term path of the company. Long-time CEO Douglas Berthiaume announced plans to retire last August, which was soon followed by the resignation of CFO John Ornell. More than one year has passed and Waters has yet to hire its next set of leaders. An outright sale of the business, which we viewed to be a wildcard, also seems increasingly less likely.

Conclusion

The Lateef Fund trailed the S&P 500’s total return of 1.1% for the third quarter and 8.3% for the nine months ending September 30, 2014. In the third quarter, the Lateef Fund earned a total return of -3.5%⁸, bringing our year-to-date return to -0.3%. The Fund gained 2.76% for the month of October 2014 versus 2.44% for the S&P 500. The annualized, since inception (September 2007) return through October 31, 2014 for the Fund was 7.18% versus the S&P 500’s 6.74%.

As we review and refine our individual company theses in light of new unsystematic events and the increasingly divergent economic backdrops in which they operate, we will continue to search for new investment ideas that fit our strict definition of high quality growth. By building our portfolio based on upside to intrinsic value rather than benchmarks, we will be exposed to the potential volatility that comes with having such high active share. We believe that this same active share, while working against us currently, will enable us to outperform over the long term.

⁸	For the purposes of this letter, we utilize the investment returns for the Lateef Fund Institutional Class I shares (ticker: LIMIX). Please see page 9 for more complete performance information.

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Investing is a tension between reversion to the mean and capital destruction. Our analysis of our portfolio has proven to us that we are due for a reversion to the mean. In our view, the competitive positions of our companies are not weaker now compared to when we started our positions. We believe that their valuations, on a relative basis, create a buying opportunity for this portfolio.

As always, thank you for your support and we look forward to continuing our partnership.

Sincerely,

LOGO

Lateef Investment Management

~ Celebrating 40 Years of Exceptional Results in Investment Management ~

All opinions and data included in this commentary are as of September 30, 2014 and are subject to change. The opinions and views expressed herein are of Lateef Investment Management, L.P. and may differ from others and are not intended to be seen as fact, a forecast of future events, a guarantee of future results or investment advice. This information should not be used as the sole basis to make any investment decision. The statistics have been obtained from sources believed to be reliable, but the accuracy and completeness of this information cannot be guaranteed. Neither Lateef Investment Management nor its information providers are responsible for any damages or losses arising from any use of this information. No investment strategy can assure a profit or protect against loss. Past performance is no guarantee of future results.

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Lateef Fund Q3 Leaders & Laggards

During the quarter, our bottom three performers were Trimble Navigation (TRMB), Wynn Resorts (WYNN), and Nielsen (NLSN). Wynn was one of our bottom contributors in the second quarter.

Trimble Navigation (TRMB) underperformed this quarter as weak demand from its US agriculture end market overshadowed continued strong sales outside of the US and in its other end market of Engineering & Construction. In early July, the company was downgraded by the street due to concerns over low commodity prices suppressing farm income, and thus demand for Trimble’s agriculture solutions. Further, several analysts highlighted a maturing market for farm navigation equipment within the US, a point that management had discussed during their earnings call in May. Trimble’s shares briefly rebounded in early August when the company reported second quarter results that beat expectations. Outside of the expected weakness in North American agriculture, Field Solutions continued to grow at double-digit rate in South America and Asia-Pacific. Trimble also grew at a rapid pace in its fast-adopting end market of Engineering & Construction.

We met with Trimble’s management several times during this quarter to discuss the weakness in agriculture and the threat of a new normal of lower commodity prices. We continue to believe that, over the long-term, Trimble’s ROI-enhancing solutions will provide economic value to farmers through cost reductions and yield improvement, factors that only grow in importance with greater weather pattern fluctuations and lower farm incomes. Assuming low double-digit top line growth and minimal margin improvement, Trimble’s fair value provides significant upside to its current price.

Despite beating expectations during its second quarter earnings announcement at the end of July, shares of Wynn Resorts (WYNN) have declined following several consecutive months of slowing Macau gaming data. Recently, the VIP gaming segment has been pressured by (1) a stricter restriction on Visas limiting duration of stay in Macau, (2) a pullback in credit available to VIP gaming customers from junket operators, and (3) an anti-corruption campaign by the Chinese government that has suppressed visits from both VIP and premium mass market customers. These concerns have weighed on the Macau gaming sector as a whole, causing local operators to decline over 20% during the quarter. Other US-based operators with high Macau exposure, such as Las Vegas Sands, have declined nearly 20% as well.

We continue to view the long-term prospects of Macau gaming positively and believe that VIP gaming, while shrinking currently, will eventually recover and complement the 20%+ growth in mass market gaming. Uncertainty surrounding Wynn’s final table allotment and threat of wage inflation remains; however, we believe today’s valuation provides an adequate margin of safety. Wynn remains on track to potentially double its number of gaming tables and more than double its room capacity with the opening of Wynn Palace in February 2016. At run-rate, the company has potential to more than double its $1.4B in Macau property EBITDA with this new casino resort.

LATEEF FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Shares of Nielsen (NLSN) pulled back this quarter after earning a total return of 9% during the second quarter. Shares nearly breached $50 at the beginning of the quarter before retreating back to the mid-$40s. The company reported second quarter earnings in July. Despite beating on the top and bottom line, management kept their full-year guidance intact, raising concerns over slowing spending by the consumer packaged goods industry and margin compression. While management’s steadfast commitment to expand developing market coverage will weigh on margins near term, they are investing for future growth which we believe should generate attractive returns on these investments long term. With mid-single-digit top line growth, continued operating efficiency improvements, deleveraging, and steady share buybacks, we believe Nielsen can grow earnings per share in the low-to-mid double-digits over the long term.

Celgene (CELG), Robert Half (RHI), and Stanley Black & Decker (SWK) were our top contributors this quarter. As discussed earlier, Celgene is a new position purchased at the beginning of this quarter.

Robert Half (RHI) continues to benefit from an improving job market within the US. Shares spiked to over $52 in late July after the company reported second quarter results that beat both management’s guidance and street expectations. On a same-day, constant-currency basis, global staffing grew 9% year-over-year with temporary staffing and permanent placement growing 8% and 14%, respectively. This was the fastest pace of growth for temporary and permanent placement since the second quarter of 2012. We continue to see upside in Robert Half driven by a recovery in the US and internationally, where staffing currently lags the US, but remains on an upward trajectory.

Stanley Black & Decker (SWK) has been one of the Fund’s top performers through the first nine months of this year. After being our worst performer in the last quarter of 2013, Stanley has since reported two consecutive quarters that beat street estimates. In July, the company reported second quarter earnings that beat estimates as outperformance in its industrials end market along with better cost management throughout the company, offset a miss on the top line. The revenue miss was caused by a shortened outdoor selling season and emerging market volatility. Stanley’s European Security business also showed its first signs of improvement following the company’s restructuring activities that began in the third quarter of 2013. We continue to believe that Stanley’s growth initiatives, such as their rollout of mid-price point tools in emerging markets and their focus on industry verticals in Security, will help drive consistent long-term growth. This, coupled with initiatives to improve top- and bottom-line results in its European Security business gives Stanley continued upside from today’s levels.

This letter is intended to assist shareholders in understanding how the Fund performed during the six months ended October 31, 2014 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund, its holdings or the markets. Discussion of particular Fund holdings is not intended as a recommendation to buy, hold or sell those securities. The Fund’s portfolio composition is subject to change. Current and future portfolio holdings are subject to investment risks. Actual events may differ from the earnings projections and other forward-looking statements presented herein. Visit www.lateef.com to see the Fund’s most recently published holdings list.

LATEEF FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Years	5 Years	Since Inception*
Class A Shares (without sales charge)	3.24%	10.89%	16.26%	15.14%	6.90%
Class A Shares (with sales charge)	-1.94%	5.35%	14.29%	13.96%	6.13%
Class C Shares	2.82%	10.06%	15.38%	14.28%	6.07%
Class I Shares	3.40%	11.16%	16.57%	15.42%	7.18%
Russell 3000^® Index	7.64%	16.07%	19.77%	17.01%	6.98%**
S&P 500^® Index	8.22%	17.27%	19.77%	16.69%	6.74%**

†	Not Annualized.

*	The Lateef Fund (the “Fund”) commenced operations on September 6, 2007.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The returns shown for Class A Shares reflect a deduction for the maximum front-end sales charge of 5.00%. All of the Fund’s share classes apply a 2.00% redemption fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 1.41% and 1.24% for Class A Shares, 2.16% and 1.99% for Class C Shares and 1.16% and 0.99% for Class I Shares, respectively, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Lateef Investment Management, L.P. (“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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.99% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until August 31, 2015, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

All mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Composite Price Index (“S&P 500^®”) and the Russell 3000^® Index. The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. The Russell 3000^® Index is an unmanaged index that measures the performance of the 3,000 largest U.S. stocks, representing about 98% of the total capitalization of the entire U.S. stock market. It is impossible to invest directly in an index.

LATEEF FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any) or redemption fees. Therefore, each hypothetical line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

LATEEF FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Lateef Fund

	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*
Class A Shares
Actual		$1,000.00		$1,032.40		$ 6.35
Hypothetical (5% return before expenses)		1,000.00		1,018.95		6.31
Class C Shares
Actual		$1,000.00		$1,028.20		$10.17
Hypothetical (5% return before expenses)		1,000.00		1,015.17		10.11
Class I Shares
Actual		$1,000.00		$1,034.00		$ 5.08
Hypothetical (5% return before expenses)		1,000.00		1,020.21		5.04

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 1.24%, 1.99%, and 0.99% for Class A, Class C, and Class I Shares, respectively, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in the table are based on the actual six month total returns for the Fund of 3.24%, 2.82%, and 3.40% for Class A, Class C, and Class I Shares, respectively.

LATEEF FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Industrial		13.8	%		$	120,162,847
Commercial Services		10.7				93,193,854
Consumer, Non-cyclical		10.1				88,048,409
Media		9.3				80,922,296
Financial		8.2				71,521,687
Diversified Financial Services		8.1				70,693,243
Lodging		7.3				63,069,449
Electronics		6.7				57,677,900
Hand/Machine Tools		5.6				48,146,036
Machinery-Diversified		5.5				47,962,433
Communications		4.3				37,259,481
Technology		4.0				34,665,253
Real Estate		3.3				28,271,735
Other Assets In Excess of Liabilities		3.1				26,483,863


NET ASSETS		100.0	%		$	868,078,486

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 96.9%
Commercial Services — 10.7%
Robert Half International, Inc.		894,209	$	48,984,769
Towers Watson & Co., Class A		400,844		44,209,085

				93,193,854

Communications — 4.3%
Nielsen Holdings NV (Netherlands)		876,900		37,259,481

Consumer, Non-cyclical — 10.1%
Celgene Corp.*		431,130		46,169,712
Hospira, Inc.*		779,864		41,878,697

				88,048,409

Diversified Financial Services — 8.1%
Affiliated Managers Group, Inc.*		177,116		35,386,006
T. Rowe Price Group, Inc.		430,104		35,307,237

				70,693,243

Electronics — 6.7%
AMETEK, Inc.		1,106,000		57,677,900

Financial — 8.2%
Aon PLC (United Kingdom)		413,650		35,573,900
Progressive Corp. (The)		1,361,143		35,947,787

				71,521,687

Hand/Machine Tools — 5.6%
Stanley Black & Decker, Inc.		514,161		48,146,036

Industrial — 13.8%
Danaher Corp.		531,457		42,729,143
Trimble Navigation Ltd.*		1,358,057		36,477,411


	Number of Shares		Value
COMMON STOCKS — (Continued)
Industrial — (Continued)
Tyco International, Ltd. (Switzerland)		954,025	$	40,956,293

				120,162,847

Lodging — 7.3%
Wynn Resorts, Ltd.		331,927		63,069,449

Machinery-Diversified — 5.5%
Wabtec Corp.		555,764		47,962,433

Media — 9.3%
Scripps Networks Interactive, Inc., Class A		525,430		40,584,213
Twenty-First Century Fox, Inc., Class A		1,169,898		40,338,083

				80,922,296

Real Estate — 3.3%
Jones Lang LaSalle, Inc.		209,095		28,271,735

Technology — 4.0%
Accenture PLC, Class A (Ireland)		427,333		34,665,253

TOTAL COMMON STOCKS (Cost $682,831,788)				841,594,623

TOTAL INVESTMENTS - 96.9% (Cost $682,831,788)				841,594,623

OTHER ASSETS IN EXCESS OF LIABILITIES - 3.1%				26,483,863

NET ASSETS - 100.0%			$	868,078,486

*	Non-income producing.

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $682,831,788)	$	841,594,623
Cash		27,969,680
Receivable for capital shares sold		592,172
Dividends and interest receivable		711,016
Prepaid expenses and other assets		95,427

Total assets		870,962,918

Liabilities
Payable for capital shares redeemed		1,968,384
Payable to Investment Adviser		587,789
Payable for administration and accounting fees		139,998
Payable for transfer agent fees		73,685
Payable for distribution fees		54,158
Payable for custodian fees		14,382
Payable for shareholder service fees		9,962
Accrued expenses		36,074

Total liabilities		2,884,432

Net Assets	$	868,078,486

Net Assets Consisted of:
Capital stock, $0.01 par value	$	586,475
Paid-in capital		642,974,910
Accumulated net investment income		2,586,406
Accumulated net realized gain from investments		63,167,860
Net unrealized appreciation on investments		158,762,835

Net Assets	$	868,078,486

Class A:


Net asset value, offering and redemption price per share ($114,680,905 / 7,821,423 shares)			$14.66

Maximum offering price per share (100/95 of $14.66)			$15.43


Class C:
Net asset value, offering and redemption price per share ($48,933,923 / 3,536,406 shares)			$13.84


Class I:
Net asset value, offering and redemption price per share ($704,463,658 / 47,289,666 shares)			$14.90

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	4,843,518
Less: foreign taxes withheld		(50,509	)
Interest		824

Total investment income		4,793,833

Expenses
Advisory fees (Note 2)		4,279,420
Administration and accounting fees (Note 2)		278,695
Distribution fees (Class C) (Note 2)		189,095
Transfer agent fees (Note 2)		174,531
Distribution fees (Class A) (Note 2)		173,404
Shareholder services fees		63,032
Custodian fees (Note 2)		41,012
Registration and filing fees		39,615
Trustees’ and officers’ fees (Note 2)		34,450
Legal fees		26,554
Printing and shareholder reporting fees		23,994
Audit fees		13,694
Other expenses		32,635

Total expenses before waivers and reimbursements		5,370,131

Less: waivers and reimbursements (Note 2)		(608,328	)

Net expenses after waivers and reimbursements		4,761,803

Net investment income		32,030

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		32,424,024
Net change in unrealized depreciation on investments		(4,998,222	)

Net realized and unrealized gain on investments		27,425,802

Net increase in net assets resulting from operations	$	27,457,832

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
Increase in net assets from operations:
Net investment income		$	32,030			$	3,551,361
Net realized gain from investments and written options			32,424,024				68,671,547
Net change in unrealized appreciation/(depreciation) from investments			(4,998,222	)			65,897,966

Net increase in net assets resulting from operations:			27,457,832				138,120,874

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class A			—				(50,102	)
Class I			—				(946,883	)

Total net investment income			—				(996,985	)

Net realized capital gains:
Class A			—				(6,983,852	)
Class C			—				(2,501,337	)
Class I			—				(29,381,627	)

Total net realized capital gains			—				(38,866,816	)

Net decrease in net assets from dividends and distributions to shareholder			—				(39,863,801	)

Decrease in Net Assets Derived from Capital Share Transactions (Note 4)			(8,810,831	)			104,730,544

Total increase in net assets			18,647,001				202,987,617

Net assets
Beginning of period			849,431,485				646,443,868

End of period		$	868,078,486			$	849,431,485

Accumulated net investment income, end of period		$	2,586,406			$	2,554,376

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Financial Highlights


					Class A

	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Year Ended April 30, 2011				For the Year Ended April 30, 2010
Per Share Operating Performance
Net asset value, beginning of period		$	14.20			$	12.45			$	11.73			$	10.76			$	9.07			$	6.91


Net investment income/(loss)⁽¹⁾			(0.01	)			0.04				—	⁽²⁾			(0.05	)			(0.04	)			(0.05	)
Net realized and unrealized gain on investments			0.47				2.40				1.23				1.02				1.73				2.21


Net increase in net assets resulting from operations			0.46				2.44				1.23				0.97				1.69				2.16


Dividends and distributions to shareholders from:
Net investment income			—				—	⁽²⁾			(0.02	)			—				—				—
Net realized capital gains			—				(0.69	)			(0.49	)			—				—				—


Total dividends and distributions to shareholders			—				(0.69	)			(0.51	)			—				—				—

Net asset value, end of period		$	14.66			$	14.20			$	12.45			$	11.73			$	10.76			$	9.07


Total investment return⁽³⁾			3.24	%			19.92	%			10.92	%			9.02	%			18.63	%			31.26	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	114,681			$	148,897			$	120,871			$	82,128			$	68,230			$	46,570
Ratio of expenses to average net assets			1.24	%⁽⁴⁾			1.24	%			1.24	%			1.24	%			1.30	%			1.76	%
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁵⁾			1.38	%⁽⁴⁾			1.41	%			1.45	%			1.50	%			1.59	%			1.93	%
Ratio of net investment income/(loss) to average net assets			(0.14	)%⁽⁴⁾			0.31	%			0.04	%			(0.44	)%			(0.38	)%			(0.60	)%
Portfolio turnover rate			14.14	%⁽⁶⁾			40.77	%			28.29	%			35.98	%			31.77	%			17.64	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized. Total investment return does not reflect the impact of the maximum front-end sales load of 5.00%. If reflected, the return would be lower.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Financial Highlights


					Class C
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Year Ended April 30, 2011				For the Year Ended April 30, 2010
Per Share Operating Performance
Net asset value, beginning of period		$	13.46			$	11.91			$	11.30			$	10.45			$	8.87			$	6.81


Net investment loss⁽¹⁾			(0.06	)			(0.06	)			(0.08	)			(0.12	)			(0.10	)			(0.11	)
Net realized and unrealized gain on investments			0.44				2.30				1.18				0.97				1.68				2.17


Net increase in net assets resulting from operations			0.38				2.24				1.10				0.85				1.58				2.06


Dividends and distributions to shareholders from:
Net realized capital gains			—				(0.69	)			(0.49	)			—				—				—


Net asset value, end of period		$	13.84			$	13.46			$	11.91			$	11.30			$	10.45			$	8.87

Total investment return⁽²⁾			2.82	%			19.08	%			10.14	%			8.13	%			17.81	%			30.25	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	48,934			$	50,080			$	39,133			$	30,363			$	28,086			$	26,081

Ratio of expenses to average net assets			1.99	%⁽³⁾			1.99	%			1.99	%			1.99	%			2.05	%			2.51	%
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			2.13	%⁽³⁾			2.16	%			2.19	%			2.25	%			2.34	%			2.68	%
Ratio of net investment loss to average net assets			(0.90	)%⁽³⁾			(0.44	)%			(0.71	)%			(1.19	)%			(1.13	)%			(1.35	)%
Portfolio turnover rate			14.14	%⁽⁵⁾			40.77	%			28.29	%			35.98	%			31.77	%			17.64	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. Total return does not reflect any applicable sales charge.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Financial Highlights


					Class I
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Year Ended April 30, 2011				For the Year Ended April 30, 2010
Per Share Operating Performance
Net asset value, beginning of period		$	14.41			$	12.61			$	11.87			$	10.87			$	9.13			$	6.94


Net investment income/(loss)⁽¹⁾			0.01				0.08				0.03				(0.02	)			(0.01	)			(0.03	)
Net realized and unrealized gain on investments			0.48				2.43				1.25				1.02				1.75				2.22

Net increase in net assets resulting from operations			0.49				2.51				1.28				1.00				1.74				2.19

Dividends and distributions to shareholders from:
Net investment income			—				(0.02	)			(0.05	)			—				—				—
Net realized capital gains			—				(0.69	)			(0.49	)			—				—				—

Total dividends and distributions to shareholders			—				(0.71	)			(0.54	)			—				—				—


Net asset value, end of period		$	14.90			$	14.41			$	12.61			$	11.87			$	10.87			$	9.13

Total investment return⁽²⁾			3.40	%			20.21	%			11.22	%			9.20	%			19.06	%			31.56	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	704,464			$	650,454			$	486,440			$	283,124			$	157,616			$	74,896
Ratio of expenses to average net assets			0.99	%⁽³⁾			0.99	%			0.99	%			0.99	%			1.05	%			1.48	%
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			1.13	%⁽³⁾			1.16	%			1.19	%			1.25	%			1.34	%			1.68	%
Ratio of net investment income/(loss) to average net assets			0.10	%⁽³⁾			0.56	%			0.29	%			(0.19	)%			(0.13	)%			(0.35	)%
Portfolio turnover rate			14.14	%⁽⁵⁾			40.77	%			28.29	%			35.98	%			31.77	%			17.64	%

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

LATEEF FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Lateef Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on September 6, 2007. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A, Class C and Class I Shares. Class A Shares are sold subject to a front-end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”) may be applicable to the purchase of Class A Shares. A CDSC, as a percentage of the lower of the original purchase price or net asset value at redemption, of up to 1.00% may be imposed on full or partial redemptions of Class A Shares made within eighteen months of purchase where: (i) $1 million or more of Class A Shares were purchased without an initial sales charge and (ii) the selling broker-dealer received a commission for such sale.

LATEEF FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	841,594,623	$	841,594,623	$	—	$	—

*	Please refer to Portfolio of Investments for details on portfolio holdings.

LATEEF FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting quidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

LATEEF FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Purchased Options — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. The Fund purchases option contracts. This transaction is used to hedge against changes in interest rates, foreign exchange rates and values of equities. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

Options Written — The Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange rates and values of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against

LATEEF FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

During the six months ended October 31, 2014, the Fund did not enter into written option contracts.

2. Transactions with Affiliates and Related Parties

Lateef Investment Management, L.P. (“Lateef” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets under $500 million; 0.95% of the Fund’s average daily net assets of $500 million or more but less than $1 billion; and 0.90% of the Fund’s average daily net assets of $1 billion and over. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.99% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until August 31, 2015, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. Each class of shares of the Fund pays its respective pro-rata portion of the advisory fee payable by the Fund.

As of October 31, 2014, investment advisory fees payable to the Adviser were $587,789. For the six months ended October 31, 2014, the Adviser waived fees of $608,328.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

LATEEF FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Class C Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Class C Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% and 1.00% (0.75% distribution fee and 0.25% shareholder service fee), respectively, on an annualized basis of the average daily net assets of the Fund’s Class A and Class C Shares.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $28,477. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	120,656,862	$	149,034,975

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014

	Shares			Amount			Shares			Amount
Class A Shares
Sales		586,207		$	8,522,434			2,713,614		$	37,019,276
Reinvestments		—			—			385,409			5,233,862
Redemption Fees*		—			1,858			—			3,811
Redemptions		(3,247,337	)		(46,916,524	)		(2,325,423	)		(31,751,065	)


Net Increase/(Decrease)		(2,661,130	)	$	(38,392,232	)		773,600		$	10,505,884

LATEEF FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014

	Shares			Amount			Shares			Amount
Class C Shares
Sales		135,931		$	1,846,084			824,775		$	10,571,222
Reinvestments		—			—			128,974			1,665,060
Redemption Fees*		—			669			—			1,237
Redemptions		(321,392	)		(4,360,802	)		(518,422	)		(6,806,375	)

Net Increase/(Decrease)		(185,461	)	$	(2,514,049	)		435,327		$	5,431,144

Class I Shares
Sales		6,812,877		$	99,984,441			16,766,617		$	231,008,776
Reinvestments		—			—			1,045,072			14,390,642
Redemption Fees*		—			8,916			—			19,183
Redemptions		(4,651,636	)		(67,897,907	)		(11,265,689	)		(156,625,085	)

Net Increase		2,161,241		$	32,095,450			6,546,000		$	88,793,516

Total Increase/(Decrease)		(685,350	)	$	(8,810,831	)		7,754,927		$	104,730,544

* There is a 2.00% redemption fee that may be charged on shares redeemed which have been held 30 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

5. Federal Tax Information

For the year ended April 30, 2014, the tax characters of distributions paid by the Fund was $1,670,074 of ordinary income dividends and $38,193,727 of long-term capital gains dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

LATEEF FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation
$—	$5,645,602	$27,652,610	$163,761,057

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	682,831,788

Gross unrealized appreciation	$	167,705,836
Gross unrealized depreciation		(8,943,001	)

Net unrealized appreciation	$	158,762,835

Accumulated capital losses represent net capital loss carry forwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carry forwards.

6. Subsequent Events

LATEEF FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 499-2151 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) on Form N-Q. The Trust’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Lateef Investment Management, L.P.

300 Drakes Landing Road

Suite 210

Greenbrae, CA 94904

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

LATEEF FUND

FundVantage Trust

Class A Shares

Class C Shares

Class I Shares

SEMI-ANNUAL REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Lateef Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Lateef Fund.

MONTIBUS SMALL CAP GROWTH FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns For the Periods Ended October 31, 2014
	Six Months^†	1 Year	3 Years	5 Years	Since Inception††
Class A Shares (without sales charge)	8.18%	7.96%	16.68%	N/A	11.09%
Class A Shares (with sales charge)	1.93%	1.78%	14.41%	N/A	9.36%
Adviser Class Shares	8.19%	7.97%	16.74%	N/A	11.93%
Institutional Class Shares	8.25%	8.20%	16.99%*	18.27%*	15.41%*
Russell 2000^® Growth Index	6.90%	8.26%	18.42%	18.61%	13.25%^(a)
Russell 2000^® Growth Index	6.90%	8.26%	18.42%	18.61%	14.10%^(b)
Russell 2000^® Growth Index	6.90%	8.26%	18.42%	18.61%	7.16%^(c)

^†	Not annualized.

^††	Class A Shares, Adviser Class Shares and Institutional Class Shares of the Fund commenced operations on February 3, 2011, March 16, 2011 and December 31, 2010, respectively.

Performance shown for the period from November 1, 2007 to December 30, 2010 is the performance of TW Small Cap Growth Fund I, L.P., an unregistered pooled investment vehicle (the “Predecessor Fund”), which transferred its assets to the Fund in connection with the Fund’s commencement of operations on December 31, 2010. Performance from December 31, 2010 to October 31, 2014 is from the performance of the Fund’s Institutional Class Shares. The Predecessor Fund’s performance has been adjusted to reflect the annual deduction of fees and expenses applicable to Institutional Class Shares of the Fund. The Predecessor Fund was not registered as a mutual fund under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended. If the Predecessor Fund had been registered under the 1940 Act, its performance may have been different.

^(a)	Benchmark performance is from the inception date of Class A Shares of the Fund (February 3, 2011) only and is not the inception date of the benchmark itself.

^(b)	Benchmark performance is from the inception date of Adviser Class Shares of the Fund (March 16, 2011) only and is not the inception date of the benchmark itself.

^(c)	Benchmark performance is from inception date of the Predecessor Fund (November 1, 2007) only and is not the inception date of the benchmark itself.

MONTIBUS SMALL CAP GROWTH FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

The returns for Class A Shares reflect a deduction for the maximum front-end sales charge of 5.75%. All of the Fund’s share classes apply a 1.00% fee to the value of shares redeemed within 60 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 2.45% and 1.30% for Class A Shares, 2.45% and 1.30% for Adviser Class Shares and 2.20% and 1.05% for Institutional Class Shares, respectively, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Montibus Capital Management LLC (“Montibus” or the “Adviser”) has contractually agreed to a reduction of its advisory fee and/or reimbursement of other operating expenses in order to limit “Total Annual Fund Operating Expenses,” excluding class specific fees and expenses, extraordinary expenses, brokerage commissions, interest and “Acquired Fund Fees and Expenses,” to 1.05% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until December 31, 2015, unless the Board of Trustees approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.

The Fund intends to evaluate performance as compared to that of the Russell 2000^® Growth Index. The Russell 2000^® Growth Index is an unmanaged index that measures the performance of the small-cap growth market. It is impossible to invest directly in an index.

Investments in small capitalization companies present a greater risk of loss than investments in large companies due to greater volatility and less liquidity.

MONTIBUS SMALL CAP GROWTH FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, if any, and redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees, if any, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), if any, or redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

MONTIBUS SMALL CAP GROWTH FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Montibus Small Cap Growth Fund

	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*
Class A Shares
Actual		$1,000.00		$1,081.80		$6.82
Hypothetical (5% return before expenses)		1,000.00		1,018.65		6.61
Adviser Class Shares
Actual		$1,000.00		$1,081.90		$6.82
Hypothetical (5% return before expenses)		1,000.00		1,018.65		6.61
Institutional Class Shares
Actual		$1,000.00		$1,082.50		$5.51
Hypothetical (5% return before expenses)		1,000.00		1,019.91		5.35

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 1.30%, 1.30% and 1.05% for Class A, Adviser Class and Institutional Class Shares, respectively, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in the table are based on the actual six month total returns for the Fund of 8.18%, 8.19% and 8.25% for Class A, Adviser Class and Institutional Class Shares, respectively.

MONTIBUS SMALL CAP GROWTH FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Internet Software & Services		7.3	%		$	2,496,748
Software		6.6				2,243,493
Health Care Providers & Services		6.5				2,215,385
Specialty Retail		5.9				2,025,720
Hotels, Restaurants & Leisure		5.9				2,004,146
IT Services		5.3				1,798,038
Pharmaceuticals		5.0				1,711,514
Biotechnology		4.6				1,552,160
Semiconductors & Semiconductor Equipment		4.1				1,410,820
Health Care Equipment & Supplies		3.9				1,344,117
Commercial Banks		3.7				1,270,513
Commercial Services & Supplies		3.2				1,088,600
Internet & Catalog Retail		2.9				999,602
REIT		2.6				875,621
Professional Services		2.4				833,762
Construction & Engineering		2.4				830,699
Machinery		2.2				763,108
Trading Companies & Distributors		1.9				642,624
Road & Rail		1.9				632,863
Electronic Equipment, Instruments & Components		1.8				601,695
Communication Equipment		1.7				576,104
Food & Staples Retailing		1.6				530,190
Leisure Equipment & Products		1.4				494,208
Metals & Mining		1.3				441,277
Technology Hardware, Storage & Peripherals		1.3				437,842
Diversified Consumer Services		1.2				408,656
Building Products		1.0				353,155
Real Estate Management & Development		1.0				351,816
Chemicals		1.0				339,076
Energy Equipment & Services		1.0				329,604
Oil, Gas & Consumable Fuels		1.0				324,966
Textiles, Apparel & Luxury Goods		0.8				259,898
Diversified Financial Services		0.8				257,630
Paper & Forest Products		0.6				210,371
Media		0.6				200,770
Air Freight & Logistics		0.5				180,986
Marine		0.4				141,309
Other Assets in Excess of Liabilities		2.7				925,116


NET ASSETS		100.0	%		$	34,104,202

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.3%
Air Freight & Logistics — 0.5%
Hub Group, Inc., Class A*		4,987	$	180,986

Biotechnology — 4.6%
Insmed, Inc.*		22,075		313,244
Isis Pharmaceuticals, Inc.*		16,287		750,179
NewLink Genetics Corp.*		2,965		96,807
Orexigen Therapeutics, Inc.*		38,020		154,361
Puma Biotechnology, Inc.*		948		237,569

				1,552,160

Building Products — 1.0%
USG Corp.*		13,148		353,155

Chemicals — 1.0%
H.B. Fuller Co.		8,079		339,076

Commercial Banks — 3.7%
Bank of the Ozarks, Inc.		13,276		467,846
Banner Corp.		7,933		342,864
South State Corp.		7,624		459,803

				1,270,513

Commercial Services & Supplies — 3.2%
Mobile Mini, Inc.		7,486		328,111
Steelcase, Inc., Class A		22,578		400,082
US Ecology, Inc.		7,168		360,407

				1,088,600

Communications Equipment — 1.7%
Ruckus Wireless, Inc.*		44,384		576,104

Construction & Engineering — 2.4%
EMCOR Group, Inc.		6,525		287,948
Primoris Services Corp.		18,898		542,751

				830,699


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Consumer Services — 1.2%
TAL Education Group, ADR*		12,867	$	408,656

Diversified Financial Services — 0.8%
MarketAxess Holdings, Inc.		3,985		257,630

Electronic Equipment, Instruments & Components — 1.8%
Belden, Inc.		5,072		361,076
FEI Co.		2,855		240,619

				601,695

Energy Equipment & Services — 1.0%
Basic Energy Services, Inc.*		13,246		170,873
Pioneer Energy Services Corp.*		17,291		158,731

				329,604

Food & Staples Retailing — 1.6%
Casey’s General Stores, Inc.		6,476		530,190

Health Care Equipment & Supplies — 3.9%
AngioDynamics, Inc.*		9,827		167,059
DexCom, Inc.*		9,462		425,317
LDR Holding Corp.*		10,447		359,795
Spectranetics Corp.*		12,337		391,946

				1,344,117

Health Care Providers & Services — 6.5%
Acadia Healthcare Co., Inc.*		7,403		459,356
Centene Corp.*		4,611		427,301
ExamWorks Group, Inc.*		14,611		566,615
HealthSouth Corp.		13,031		525,540
Surgical Care Affiliates, Inc.*		7,711		236,573

				2,215,385

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Hotels, Restaurants & Leisure — 5.9%
Fiesta Restaurant Group, Inc.*		13,081	$	721,417
Jack in the Box, Inc.		8,024		570,025
Red Robin Gourmet Burgers, Inc.*		5,693		312,944
Vail Resorts, Inc.		4,629		399,760

				2,004,146

Internet & Catalog Retail — 2.9%
Lands’ End, Inc.*		6,206		294,599
Shutterfly, Inc.*		16,854		705,003

				999,602

Internet Software & Services — 7.3%
Cornerstone OnDemand, Inc.*		13,741		498,386
Dealertrack Technologies, Inc.*		6,945		326,762
Demandware, Inc.*		9,172		549,861
Envestnet, Inc.*		10,888		483,645
SPS Commerce, Inc.*		10,945		638,094

				2,496,748

IT Services — 5.3%
Euronet Worldwide, Inc.*		9,847		528,488
MAXIMUS, Inc.		10,202		494,389
WEX Inc.*		6,826		775,161

				1,798,038

Leisure Equipment & Products — 1.4%
Brunswick Corp.		10,560		494,208

Machinery — 2.2%
Actuant Corp., Class A		13,066		414,062
Lindsay Corp.		3,980		349,046

				763,108


	Number of Shares		Value
COMMON STOCKS — (Continued)
Marine — 0.4%
Diana Shipping, Inc. (Greece)		16,723	$	141,309

Media — 0.6%
IMAX Corp. (Canada)*		6,815		200,770

Metals & Mining — 1.3%
U.S. Silica Holdings, Inc.		9,828		441,277

Oil, Gas & Consumable Fuels — 1.0%
Rosetta Resources, Inc.*		8,545		324,966

Paper & Forest Products — 0.6%
Louisiana-Pacific Corp.*		14,409		210,371

Pharmaceuticals — 5.0%
Aerie Pharmaceuticals, Inc.*		15,619		393,911
Akorn, Inc.*		14,888		663,260
BioDelivery Sciences International, Inc.*		16,250		282,750
Oramed Pharmaceuticals, Inc. (Israel)*		16,827		120,145
Relypsa, Inc.*		12,224		251,448

				1,711,514

Professional Services — 2.4%
The Corporate Executive Board Co.		6,168		454,582
TrueBlue, Inc.*		15,339		379,180

				833,762

Real Estate Management & Development — 1.0%
Jones Lang LaSalle, Inc.		2,602		351,816

REIT — 2.6%
EastGroup Properties, Inc.		6,055		416,947
Pebblebrook Hotel Trust		10,767		458,674

				875,621

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Road & Rail — 1.9%
Swift Transportation Co.*		25,622	$	632,863

Semiconductors & Semiconductor Equipment — 4.1%
Cavium, Inc.*		9,953		510,688
RF Micro Devices, Inc.*		23,241		302,365
Spansion, Inc., Class A*		29,046		597,767

				1,410,820

Software — 6.6%
Aspen Technology, Inc.*		13,115		484,337
Guidewire Software, Inc.*		6,634		331,302
Infoblox, Inc.*		33,686		543,692
Interactive Intelligence Group, Inc.*		5,091		245,692
Qlik Technologies Inc.*		22,521		638,470

				2,243,493

Specialty Retail — 5.9%
Five Below, Inc.*		15,182		605,306
Lithia Motors, Inc., Class A		4,405		341,916
Rush Enterprises, Inc.*		7,181		273,596
Sportsman’s Warehouse
Holdings, Inc. Class A*		21,241		148,475
Tile Shop Holdings, Inc.*		24,241		208,715
Vitamin Shoppe, Inc.*		9,540		447,712

				2,025,720

Technology Hardware, Storage & Peripherals — 1.3%
Nimble Storage, Inc.*		16,003		437,842

Textiles, Apparel & Luxury Goods — 0.8%
Skechers U.S.A., Inc., Class A*		4,747		259,898


	Number of Shares		Value
COMMON STOCKS — (Continued)
Trading Companies & Distributors — 1.9%
Beacon Roofing Supply, Inc.*		7,020	$	194,243
H&E Equipment Services, Inc.		11,992		448,381

				642,624

TOTAL COMMON STOCKS (Cost $26,718,015)				33,179,086

TOTAL INVESTMENTS - 97.3% (Cost $26,718,015)				33,179,086

OTHER ASSETS IN EXCESS OF LIABILITIES - 2.7%				925,116

NET ASSETS - 100.0%			$	34,104,202

*	Non-income producing.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $26,718,015)	$33,179,086
Cash	418,889
Receivable for investments sold	740,507
Dividends and interest receivable	1,301
Receivable from Investment Adviser	9,251
Prepaid expenses and other assets	14,167

Total assets	34,363,201

Liabilities
Payable for investments purchased	163,768
Payable for custodian fees	8,606
Payable for transfer agent fees	41,230
Payable for administration and accounting fees	22,017
Payable for audit fees	10,605
Accrued expenses	12,773

Total liabilities	258,999

Net Assets	$34,104,202

Net Assets Consisted of:
Capital stock, $0.01 par value	$ 23,634
Paid-in capital	23,974,054
Accumulated net investment loss	(90,410	)
Accumulated net realized gain from investments	3,735,853
Net unrealized appreciation on investments	6,461,071

Net Assets	$34,104,202


Class A:
Net asset value, redemption price per share ($667,845 / 46,756 shares)			$14.28

Maximum offering price per share (100/94.25 of $14.28)			$15.15


Adviser Class:
Net asset value, offering and redemption price per share ($192,886 / 13,517 shares)			$14.27


Institutional Class:
Net asset value, offering and redemption price per share ($33,243,471 / 2,303,083 shares)			$14.43

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	82,452
Interest		69

Total investment income		82,521

Expenses
Advisory fees (Note 2)		163,708
Transfer agent fees (Note 2)		56,064
Administration and accounting fees (Note 2)		39,493
Registration and filing fees		30,185
Legal fees		17,491
Custodian fees (Note 2)		13,176
Audit fees		12,247
Printing and shareholder reporting fees		6,839
Trustees’ and officers’ fees (Note 2)		3,642
Distribution fees (Class A) (Note 2)		1,042
Other expenses		3,793

Total expenses before waivers and reimbursements		347,680

Less: waivers and reimbursements (Note 2)		(174,749	)

Net expenses after waivers and reimbursements		172,931

Net investment loss		(90,410	)

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		1,407,772
Net change in unrealized appreciation on investments		1,299,950

Net realized and unrealized gain on investments		2,707,722

Net increase in net assets resulting from operations	$	2,617,312

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Statements of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)			For the Year Ended April 30, 2014
Increase/(decrease) in net assets from operations:
Net investment loss	$	(90,410	)	$	(213,405	)
Net realized gain from investments		1,407,772			5,233,160
Net change in unrealized appreciation on investments		1,299,950			696,373

Net increase in net assets resulting from operations		2,617,312			5,716,128

Less Dividends and Distributions to Shareholders from:
Net realized capital gains:
Class A		—			(24,236	)
Adviser Class		—			(7,505	)
Institutional Class		—			(1,663,344	)

Net decrease in net assets from dividends and distributions to shareholders		—			(1,695,085	)

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)		(23,797	)		1,216,275

Total increase in net assets		2,593,515			5,237,318

Net assets
Beginning of period		31,510,687			26,273,369

End of period	$	34,104,202		$	31,510,687

Accumulated net investment loss, end of period	$	(90,410	)	$	—

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for each Class A Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


					Class A
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period February 3, 2011* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	13.20			$	11.47			$	10.75			$	11.85			$	10.57


Net investment loss⁽¹⁾			(0.05	)			(0.13	)			(0.11	)			(0.13	)			(0.04	)
Net realized and unrealized gain/(loss) on investments			1.13				2.63				0.92				(0.71	)			1.32


Net increase/(decrease) in net assets resulting from operations			1.08				2.50				0.81				(0.84	)			1.28


Dividends and distributions to shareholders from:
Net realized gains			—				(0.77	)			(0.09	)			(0.26	)			—

Net asset value, end of period		$	14.28			$	13.20			$	11.47			$	10.75			$	11.85


Total investment return⁽²⁾			8.18	%			21.72	%			7.65	%			(6.75	)%			12.11	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	668			$	631			$	381			$	458			$	72
Ratio of expenses to average net assets			1.30	%⁽³⁾			1.35	%			1.48	%			1.48	%			1.48	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			2.37	%⁽³⁾			2.45	%			2.90	%			3.67	%			3.75	%⁽³⁾
Ratio of net investment loss to average net assets			(0.80	%)⁽³⁾			(0.93	%)			(1.09	%)			(1.27	)%			(1.34	)%⁽³⁾
Portfolio turnover rate			42.59	%⁽⁵⁾			92.93	%			109.97	%			104.56	%			31.40	%⁽⁶⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

⁽⁶⁾	Reflects portfolio turnover for the Fund for the period December 31, 2010 (commencement of operations) to April 30, 2011. Portfolio turnover is not annualized.

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for each Adviser Class Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


					Adviser Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period March 16, 2011* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	13.19			$	11.46			$	10.74			$	11.85			$	10.40


Net investment loss⁽¹⁾			(0.05	)			(0.13	)			(0.12	)			(0.13	)			(0.02	)
Net realized and unrealized gain/(loss) on investments			1.13				2.63				0.93				(0.72	)			1.47


Net increase/(decrease) in net assets resulting from operations			1.08				2.50				0.81				(0.85	)			1.45


Dividends and distributions to shareholders from:
Net realized gains			—				(0.77	)			(0.09	)			(0.26	)			—

Net asset value, end of period		$	14.27			$	13.19			$	11.46			$	10.74			$	11.85


Total investment return⁽²⁾			8.19	%			21.74	%			7.66	%			(6.84	)%			13.94	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	193			$	185			$	98			$	53			$	28
Ratio of expenses to average net assets .			1.30	%⁽³⁾			1.35	%			1.48	%			1.48	%			1.48	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			2.37	%⁽³⁾			2.45	%			2.88	%			3.61	%			3.49	%⁽³⁾
Ratio of net investment loss to average net assets			(0.80	%)⁽³⁾			(0.93	%)			(1.09	%)			(1.27	)%			(1.29	)%⁽³⁾
Portfolio turnover rate			42.59	%⁽⁵⁾			92.93	%			109.97	%			104.56	%			31.40	%⁽⁶⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

⁽⁶⁾	Reflects portfolio turnover for the Fund for the period December 31, 2010 (commencement of operations) to April 30, 2011. Portfolio turnover is not annualized.

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for each Institutional Class Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


					Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Period December 31, 2010* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$	13.33			$	11.55			$	10.79			$	11.86			$	10.00


Net investment loss⁽¹⁾			(0.04	)			(0.09	)			(0.09	)			(0.11	)			(0.04	)
Net realized and unrealized gain/(loss) on investments			1.14				2.64				0.94				(0.70	)			1.90


Net increase/(decrease) in net assets resulting from operations			1.10				2.55				0.85				(0.81	)			1.86


Dividends and distributions to shareholders from:
Net realized gains			—				(0.77	)			(0.09	)			(0.26	)			—

Net asset value, end of period		$	14.43			$	13.33			$	11.55			$	10.79			$	11.86


Total investment return⁽²⁾			8.25	%			22.02	%			7.99	%			(6.49	)%			18.60	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	33,243			$	30,695			$	25,794			$	20,650			$	18,687
Ratio of expenses to average net assets			1.05	%⁽³⁾			1.10	%			1.23	%			1.23	%			1.23	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			2.12	%⁽³⁾			2.20	%			2.64	%			3.45	%			2.81	%⁽³⁾
Ratio of net investment loss to average net assets			(0.55	%)⁽³⁾			(0.68	%)			(0.84	%)			(1.02	)%			(1.11	)%⁽³⁾
Portfolio turnover rate			42.59	%⁽⁵⁾			92.93	%			109.97	%			104.56	%			31.40	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Montibus Small Cap Growth Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on December 31, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”), which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A, Adviser Class and Institutional Class Shares. Class A Shares are sold subject to a front-end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”), as a percentage of the lower of the original purchase price or net asset value at redemption, of 1.00% may be imposed on full or partial redemptions of Class A Shares made within twelve months of purchase where (i) $1 million or more of Class A Shares was purchased without an initial sales charge and (ii) the selling broker-dealer received a commission for such sale.

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/2014		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	33,179,086	$	33,179,086	$	—	$	—

* Please refer to Portfolio of Investments for details on portfolio holdings.

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the period ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

2. Transactions with Affiliates and Related Parties

Montibus Capital Management LLC (the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund Fees and Expenses” and brokerage commissions) do not exceed 1.05% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until December 31, 2015, unless the Board of Trustees of the Trust 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. As of October 31, 2014, the amount of potential recovery was as follows:

For the period ended October 31, 2014, the advisory fees accrued and waived were $163,708 and fees reimbursed by the Adviser were $11,041.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Adviser Class Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Adviser Class Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25%, on an annualized basis, of the average daily net assets of the Fund’s Class A and Adviser Class Shares.

The Trustees of the Trust who are not affiliated with BNY Mellon receive an annual retainer for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the year ended October 31, 2014 was $2,257. Certain employees of BNY Mellon serve as an Officer or Trustee of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the period ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	13,823,392	$	13,615,689

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class A Shares
Sales		981		$	13,293			25,689		$	346,920
Reinvestments		—			—			1,800			24,012
Redemption Fees*		—			4			—			—
Redemptions		(2,003	)		(27,223	)		(12,939	)		(58,375	)


Net increase/(decrease)		(1,022	)	$	(13,926	)		14,550		$	312,557


Adviser Class Shares
Sales		—		$	—			6,625		$	93,659
Reinvestments		—			—			562			7,505
Redemptions		(506	)		(6,738	)		(1,757	)		(24,491	)

Net increase/(decrease)		(506	)	$	(6,738	)		5,430		$	76,673


Institutional Class Shares
Sales		4,167		$	54,421			65,082		$	898,018
Reinvestments		—			—			123,619			1,662,673
Redemption Fees*		—			185			—			—
Redemptions		(4,238	)		(57,739	)		(119,492	)		(1,733,646	)


Net increase/(decrease)		(71	)	$	(3,133	)		69,209		$	827,045


Total Net increase/ (decrease)		(1,599	)	$	(23,797	)		89,189		$	1,216,275

*	There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 60 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

5. Federal Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $589,721 of ordinary income dividends and $1,105,364 of long term capital gains dividends. Distributions from short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

Capital Loss

Carryforward

Undistributed
Ordinary Income

Undistributed
Long-Term Gain

Unrealized
Appreciation

Qualified Late-Year
Losses

$—

$997,146

$1,508,797

$4,983,259

$—

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	26,718,015

Gross unrealized appreciation	$	7,534,212
Gross unrealized depreciation		(1,073,141	)

Net unrealized appreciation	$	6,461,071

MONTIBUS SMALL CAP GROWTH FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

6. Subsequent Events

MONTIBUS SMALL CAP GROWTH FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 632-9904 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

Approval of Investment Advisory Agreement

At an in-person meeting held on September 22-23, 2014 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”) of FundVantage Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (“1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the advisory agreement between Montibus Capital Management LLC (the “Adviser” or “Montibus”) and the Trust on behalf of the Montibus Small Cap Growth Fund (the “Fund”) (“Agreement”). In determining whether to continue the Agreement, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) services performed for the Fund, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Fund, (iv) investment performance, (v) the capitalization and financial condition of the Adviser, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Fund and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on the Adviser’s ability to service the Fund, and (x) compliance with the Fund’s investment objective, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. The Adviser also provided its most recent Form ADV for the Trustees’ review and consideration. The Trustees noted the reports provided at Board meetings throughout the year covering matters such as the relative performance of the Fund; compliance with the investment objectives, policies, strategies and limitations for the Fund; the compliance of management personnel with the applicable code of ethics; and the adherence to fair

MONTIBUS SMALL CAP GROWTH FUND

Other Information

(Unaudited)

Representatives from Montibus attended the meeting both in person and telephonically and discussed Montibus’ history, performance and investment strategy in connection with the proposed continuation of the Agreement and answered questions from the Board.

The Trustees considered the investment performance of the Fund and the Adviser. The Trustees reviewed the historical performance charts for each of the Fund’s share classes for the year to date, one year, two year, three-year and since inception periods ended March 31, 2014, as compared to (i) the Russell 2000 Total Return Index and (ii) the Lipper Small Cap Growth Fund category, the Fund’s applicable Lipper peer group. The Trustees noted that the Fund’s Class A shares and Adviser Class shares, which had differing inception dates, each underperformed the Russell 2000 Total Return Index and Lipper Small Cap Growth Fund category for the year to date, one year, two year and three year and since inception periods ended June 30, 2014. They further noted that the Fund’s Institutional Class shares outperformed the Russell 2000 Total Return Index and Lipper Small Cap Growth Fund category from commencement of the Fund’s operations through June 30, 2014, and underperformed for the year to date, one year, two year and three year periods.

The Trustees also received performance information for the Fund’s Institutional Class shares (including the performance of the Fund’s predecessor account), as compared to the Fund’s comparable separately managed account composite and the Russell 2000 Growth Index for the one year, three year, five year and since inception periods ended June 30, 2014. The Trustees noted that the Fund underperformed the Russell 2000 Growth Index for the one year, three year and since inception periods ended June 30, 2014, and performed in-line with the index for the 5 year period. The Trustees concluded that, although the Fund had underperformed the Russell 2000 Total Return Index, Russell 2000 Growth Index and the Lipper Small Cap Growth Fund category for certain measurement periods noted above, the Trustees concluded that the performance of the Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the Fund and any other ancillary benefit resulting from the Adviser’s relationship with the Fund. The Trustees considered the fees that the Adviser charges to its separately managed accounts, and evaluated the explanations provided by the Adviser as to differences in fees charged to the Fund and such accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Fund versus other similarly managed funds. The Trustees noted that the net total expenses of the Fund’s Class A shares, Adviser Class shares and Institutional Class shares, shares were each lower than the median of the net total expenses of funds with similar share classes in the Lipper Small Cap Growth Fund category with $250 million or less in assets. Further, the gross advisory fee for the

MONTIBUS SMALL CAP GROWTH FUND

Other Information

(Unaudited)

Fund’s Class A shares, Adviser Class shares and Institutional Class shares, were each higher than the median of the gross advisory fee for funds with a similar share class in the Lipper Small Cap Growth Fund category with $250 million or less in assets. The Trustees concluded that the advisory fee and services provided by the Adviser are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Fund based on the information provided at the Meeting.

The Trustees considered the costs of the services provided by the Adviser, the compensation and benefits received by the Adviser in providing services to the Fund, as well as its profitability. The Trustees were provided with the audited financial statements of Montibus’ parent company as of December 31, 2013. The Trustees noted that the Adviser’s level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that the Adviser’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Fund specifically. The Trustees noted that the Adviser’s contractual advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies. The Trustees also concluded that the overall expense ratio of the Fund was reasonable, taking into account the quality of services provided by the Adviser and the current size and projected growth of the Fund during the renewal term.

MONTIBUS SMALL CAP GROWTH FUND

Other Information

(Unaudited)

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Montibus Capital Management LLC

805 SW Broadway, Suite 2400

Portland, OR 97205

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

MONTIBUS SMALL

CAP GROWTH FUND

FundVantage Trust

Class A Shares (SGWAX)

Adviser Class Shares (SGWYX)

Institutional Class Shares (SGRIX)

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Montibus Small Cap Growth Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Montibus Small Cap Growth Fund.

LOGO

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

FundVantage Trust

Class I Shares

SEMI-ANNUAL REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Mount Lucas U.S. Focused Equity Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Mount Lucas U.S. Focused Equity Fund.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)

Average Annual Total Returns for Periods Ended October 31, 2014

Six Months†

1 Year

3 Years

5 Years

Since Inception

Class I Shares*

3.61%

18.03%

21.08%

18.16%

6.14%

S&P 500^® Index

8.22%

19.73%

22.99%

15.70%

6.02%**

†	Not annualized.

*	Mount Lucas U.S. Focused Equity Fund - Class I Shares (the “Fund”) commenced operations on October 1, 2007.

**	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 1.18% and 0.95%, respectively, for Class I shares of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and reimburse expenses in order to limit expenses until August 31, 2015. Performance would have been lower without fee waivers in effect.

The Fund operated as a series of Scotia Institutional Funds prior to the opening of business on March 24, 2014 (the “Predecessor Fund”), at which time, the Predecessor Fund was reorganized into the Fund.

Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a tax free reorganization (the “Reorganization”). The Reorganization occurred at the opening of business on March 24, 2014. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund prior to the date of the Reorganization. The Fund has the same investment objective and strategies as the Predecessor Fund. The Performance shown for periods prior to March 24, 2014 represents the performance for the Predecessor Fund.

The value of the Fund’s investments in equity securities may fluctuate drastically from day-to-day causing volatility and possible loss of principal. The fund may invest in undervalued securities and is subject to the risk that the securities may not appreciate in value as anticipated.

The Fund is non-diversified and invests in a limited number of securities. As a result, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers. The Fund may invest in undervalued securities and is subject to the risk that the securities may not appreciate in value as anticipated.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Composite Price Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges on purchase payments (if any) or redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Mount Lucas U.S. Focused Equity Fund
	Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*
Class I Shares
Actual		$1,000.00		$1,036.10		$4.88
Hypothetical (5% return before expenses)		1,000.00		1,020.42		4.84

Expenses are equal to the annualized expense ratio for the six-months ended October 31, 2014 of 0.95% for Class I shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365 to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six-month total return for the Fund of 3.61% for Class I shares.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Consumer Discretionary		26.0	%		$	14,578,124
Energy		18.5				10,358,892
Financials		17.9				10,062,631
Industrials		14.8				8,331,246
Materials		8.8				4,938,790
Information Technology		7.6				4,255,554
Consumer Staples		3.3				1,840,481
Health Care		2.1				1,181,371
Other Assets in Excess of Liabilities		1.0				579,328


NET ASSETS		100.0	%		$	56,126,417

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.0%
Consumer Discretionary — 26.0%
Best Buy Co., Inc.		82,219	$	2,806,957
Ford Motor Co.		136,570		1,924,271
GameStop Corp., Class A		55,481		2,372,368
Graham Holdings Co., Class B		3,175		2,487,930
Kohl’s Corp.		37,125		2,012,918
Marriott International, Inc., Class A		7,940		601,455
Staples, Inc.		187,084		2,372,225

				14,578,124

Consumer Staples — 3.3%
CVS Caremark Corp.		14,140		1,213,353
Dr. Pepper Snapple Group, Inc.		9,056		627,128

				1,840,481

Energy — 18.5%
Marathon Petroleum Corp.		25,808		2,345,947
Noble Corp. PLC		88,004		1,841,044
Transocean Ltd.		62,518		1,864,912
Valero Energy Corp.		85,985		4,306,989

				10,358,892

Financials — 17.9%
Allstate Corp. (The)		36,753		2,383,432
Assurant, Inc.		73,294		5,000,117
Blackhawk Network Holdings, Inc., Class B*		—		11
Marsh & McLennan Cos., Inc.		10,683		580,835
Torchmark Corp.		1		26
Unum Group		62,708		2,098,210

				10,062,631

Health Care — 2.1%
Becton Dickinson & Co.		4,543		584,684
CR Bard, Inc.		3,639		596,687

				1,181,371


	Number of Shares		Value
COMMON STOCKS — (Continued)
Industrials — 14.8%
Cintas Corp.		16,931	$	1,240,026
Delta Air Lines, Inc.		115,615		4,651,191
General Dynamics Corp.		9,198		1,285,512
Raytheon Co.		5,241		544,435
Union Pacific Corp.		5,239		610,082

				8,331,246

Information Technology — 7.6%
Amphenol Corp., Class A		10,745		543,482
Fiserv, Inc.*		17,484		1,214,788
Hewlett-Packard Co.		69,601		2,497,284

				4,255,554

Materials — 8.8%
Ball Corp.		8,532		549,717
Cliffs Natural Resources, Inc.		113,671		1,276,525
The Dow Chemical Co.		42,970		2,122,718
Ecolab, Inc.		4,766		530,122
Lyondellbasell Industries NV		5,017		459,708

				4,938,790

TOTAL COMMON STOCKS (Cost $53,905,247)				55,547,089

TOTAL INVESTMENTS - 99.0% (Cost $53,905,247)				55,547,089

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%				579,328

NET ASSETS - 100.0%			$	56,126,417

*	Non-income producing.

PLC	Public Limited Company

The accompanying notes are an integral part of the financial statements.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $53,905,247)	$	55,547,089
Cash		559,042
Receivable for capital shares sold		53,751
Dividends and interest receivable		80,259
Prepaid expenses and other assets		15,025

Total assets		56,255,166

Liabilities
Payable for investments purchased		59,461
Payable for administration and accounting fees		15,750
Payable for audit fees		14,332
Payable to custodian		13,083
Payable for transfer agent fees		10,571
Payable to Investment Adviser		10,016
Payable for capital shares redeemed		107
Other accrued expenses		5,429

Total liabilities		128,749

Net Assets	$	56,126,417

Net Assets Consisted of:
Capital stock, $0.01 par value	$	45,434
Paid-in capital		41,694,117
Accumulated net investment income		827,065
Accumulated net realized gain from investments		11,917,959
Net unrealized appreciation on investments		1,641,842

Net Assets	$	56,126,417


Class I:
Net asset value, offering and redemption price per share ($56,126,417 / 4,543,360 shares)	$	12.35

The accompanying notes are an integral part of the financial statements.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


	Six Months Ended October 31, 2014
Investment Income
Dividends	$	606,162
Interest		36

Total investment income		606,198

Expenses
Advisory fees (Note 2)		224,828
Administration and accounting fees (Note 2)		40,985
Audit fees		28,442
Transfer agent fees (Note 2)		21,695
Printing and shareholder reporting fees		12,985
Legal fees		12,965
Custodian fees (Note 2)		12,328
Registration and filing fees		10,950
Trustees’ and officers’ fees (Note 2)		10,595
Other expenses		1,115

Total expenses before waivers		376,888

Less: waivers (Note 2)		(92,009	)

Net expenses after waivers		284,879

Net investment income		321,319

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		4,666,854
Net change in unrealized appreciation on investments		(3,067,382	)

Net realized and unrealized gain on investments		1,599,472

Net increase in net assets resulting from operations	$	1,920,791

The accompanying notes are an integral part of the financial statements.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Statements of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Seven Months Ended April 30, 2014*				For the Year Ended September 30, 2013
Increase/(Decrease) in net assets from operations:
Net investment income		$	321,319			$	645,017			$	612,727
Net realized gain on investments			4,666,854				7,347,146				5,819,331
Net change in unrealized appreciation/(depreciation) from investments			(3,067,382	)			1,622,739				2,611,774

Net increase in net assets resulting from operations:			1,920,791				9,614,902				9,043,832

Less Dividends and Distributions to Shareholders from:
Net investment income
Class I			—				(519,755	)			(426,207	)
Net realized gains
Class I			—				(5,642,614	)			—

Net decrease in net assets from dividends and distributions to shareholders			—				(6,162,369	)			(426,207	)

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)			(4,960,692	)			10,174,004				10,862,417

Total increase/(decrease) in net assets			(3,039,901	)			13,626,537				19,480,042

Net assets
Beginning of period			59,166,318				45,539,781				26,059,739

End of period		$	56,126,417			$	59,166,318			$	45,539,781

Accumulated net investment income, end of period		$	827,065			$	505,746			$	380,484

*	The Fund changed its fiscal year end to April 30.

The accompanying notes are an integral part of the financial statements.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for Class I Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Seven Months Ended April 30, 2014⁽¹⁾				For the Year Ended September 30, 2013				For the Year Ended September 30, 2012				For the Year Ended September 30, 2011				For the Year Ended September 30, 2010				For the Year Ended September 30, 2009
Per Share Operating Performance
Net asset value, beginning of period		$	11.92			$	11.19			$	8.72			$	7.09			$	7.69			$	6.49			$	7.07

Net investment income⁽²⁾			0.07				0.14				0.17				0.12				0.14				0.07				0.10
Net realized and unrealized gain/(loss) on investments			0.36				2.08				2.43				1.66				(0.81	)			1.19				(0.51	)

Net increase/(decrease) in net assets resulting from operations			0.43				2.22				2.60				1.78				(0.67	)			1.26				(0.41	)

Dividends and distributions to shareholders from:
Net investment income			—				(0.13	)			(0.13	)			(0.16	)			(0.05	)			(0.07	)			(0.17	)
Net realized gains			—				(1.36	)			—				—				—				—				—

Total dividends and distributions to shareholders			—				(1.49	)			(0.13	)			(0.16	)			(0.05	)			(0.07	)			(0.17	)

Adviser Contribution			—				—				—				0.01				0.12				—				—

Redemption fees added to paid-in capital⁽²⁾			—				—				—				—				0.00	⁽³⁾			0.01				0.00	⁽³⁾

Net asset value, end of period		$	12.35			$	11.92			$	11.19			$	8.72			$	7.09			$	7.69			$	6.49

Total investment return⁽⁴⁾			3.61	%			20.54	%			30.16	%			25.38	%⁽⁵⁾			(7.25	)%⁽⁵⁾			19.60	%			(5.16	)%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	56,126			$	59,166			$	45,540			$	26,060			$	17,003			$	9,588			$	3,827
Ratio of expenses to average net assets			0.95	%⁽⁶⁾			0.95	%⁽⁶⁾			0.95	%			0.95	%			0.95	%			0.95	%			0.95	%
Ratio of expenses to average net assets without waivers and expense reimbursements			1.26	%⁽⁶⁾			1.18	%⁽⁶⁾			1.25	%			1.74	%			1.74	%			3.39	%			7.91	%
Ratio of net investment income to average net assets			1.07	%⁽⁶⁾			2.09	%⁽⁶⁾			1.70	%			1.50	%			1.68	%			0.95	%			1.92	%
Portfolio turnover rate			49.57	%⁽⁷⁾			53.87	%⁽⁷⁾			103.55	%			118.67	%			102.57	%			120.20	%			178.60	%

⁽¹⁾	The Fund changed its fiscal year end to April 30.

⁽²⁾	Calculated based on the average number of shares outstanding during the period.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total return for periods less than one year are not annualized.

⁽⁵⁾	Absent the capital contribution between the Predecessor Fund and the investment adviser to the Predecessor Fund, as described in Note 2, total returns would have been 25.23% and (8.82)% for the years ended September 30, 2012 and 2011, respectively.

⁽⁶⁾	Annualized.

⁽⁷⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Mount Lucas U.S. Focused Equity Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class I and Class II. As of October 31, 2014, Class II Shares have not been issued.

Immediately prior to the opening of business on March 24, 2014, the Fund, a series of the Trust, acquired substantially all of the assets and liabilities of the Mount Lucas U.S. Focused Equity Fund, a series of Scotia Institutional Funds (the “Predecessor Fund”) pursuant to an Agreement and Plan of Reorganization. As a result of the reorganization, the Fund is the accounting successor to the Predecessor Fund. See Note 6 for additional information on the reorganization.

The fiscal year end of the Predecessor Fund was September 30. As part of the Trust, the Fund changed its fiscal year end to April 30 to reflect the fiscal year end of the other series of the Trust.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

•

Level 1 — quoted prices in active markets for identical securities;

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

•

Level 3 — significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	55,547,089	$	55,547,089	$	—	$	—

Please refer to Portfolio of Investments for details on portfolio holdings.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, (the “Code”) and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Mount Lucas Management LP (“Mount Lucas” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is entitled to an investment advisory fee of 0.75% (on an annualized basis), which is calculated daily and paid monthly based on the average daily net assets of the Fund.

Prior to March 24, 2014, Scotia Institutional Investments US, LP (the “Former Adviser”) served as the investment adviser to the Predecessor Fund, and was entitled to the same investment advisory fee as listed above. Prior to March 24, 2014, the Former Advisor had a sub-advisory agreement with Mount Lucas. The Former Advisor, not the Predecessor Fund, paid a sub-advisory fee to Mount Lucas. Effective immediately prior to the opening of business on March 24, 2014, Mount Lucas became the investment adviser to the Fund.

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, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.95% (on an annual basis) of the Fund’s average daily net assets of Class I Shares (the “Expense Limitation”). The Expense Limitation shall remain in effect until August 31, 2015, unless the Board of Trustees of the Trust approves its earlier termination. Prior to March 24, 2014, the Former Adviser contractually agreed to waive class level expenses and fund level expenses, to the extent necessary to limit the total annual operating expenses from exceeding 0.95% for the Class I Shares average daily net assets.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. As of October 31, 2014, the amount of potential recovery was as follows:


Expiration
April 30, 2017		April 30, 2018
$22,635		$92,009

As of October 31, 2014, the Adviser earned advisory fees of $224,828. For the six months ended October 31, 2014, the Adviser waived fees of $92,009.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $3,143. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	29,329,895	$	33,945,765

4. Capital Share Transactions

For the six months ended October 31, 2014, the seven months ended April 30, 2014 and year ended September 30, 2013, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Seven Months Ended April 30, 2014						For the Year Ended September 30, 2013
	Shares			Value			Shares			Value			Shares			Value
Class I Shares*
Sales		315,623		$	3,837,604			761,691		$	8,856,951			1,433,027		$	14,406,796
Reinvestments		—			—			537,560			6,048,236			47,058			422,109
Redemptions		(737,797	)		(8,798,296	)		(404,029	)		(4,731,183	)		(396,605	)		(3,966,488	)

Net Increase/Decrease		(422,174	)	$	(4,960,692	)		895,222		$	10,174,004			1,083,480		$	10,862,417

* Information for period prior to March 24, 2014 pertains to the Class I Shares of the Predecessor Fund.

5. Federal Tax Information

For the period ended April 30, 2014, the tax character of distributions paid by the Fund was $1,963,279 of ordinary income dividends and $4,199,090 of long-term capital gains dividends. For the year ended September 30, 2013, the tax character of distributions paid by the Fund was $426,207 of ordinary income dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:

Capital Loss

Carryforward

Undistributed

Ordinary Income

Undistributed

Long-Term Gain

Unrealized

Appreciation

Other Book/Tax
Differences

$—

$1,373,605

$6,428,175

$4,668,758

$(4,464)

The differences between the book and tax basis unrealized depreciation are attributable primarily to the tax deferral of losses on wash sales. Other book/tax differences in treatment of organizational and start-up costs.

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	53,905,247

Gross unrealized appreciation	$	3,706,717
Gross unrealized depreciation		(2,064,875	)

Net unrealized appreciation	$	1,641,842

Accumulated capital losses represent net capital loss carry forwards as of September 30, 2013 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

6. Reorganization

On March 7, 2014, at a special meeting, shareholders of Mount Lucas U.S. Focused Equity Fund, a series of Scotia Institutional Funds, (“Acquired Fund”) approved an Agreement and Plan of Reorganization pursuant to which the assets and identified liabilities of the Acquired Fund were transferred into Class I Shares of the Mount Lucas U.S. Focused Equity Fund of the Trust (“Acquiring Fund”) as noted below. The consummation of the reorganization took place immediately prior to the opening of business on March 24, 2014 in a tax-free exchange of shares.


Mount Lucas (series of Scotia Institutional Funds)	Acquiring Fund (series of FundVantage Trust)	Net Assets		Shares Outstanding
Mount Lucas U.S. Focused	Mount Lucas U.S. Focused
Equity Fund Class I	Equity Fund Class I	$	57,966,637		4,923,325

7. Subsequent Events

MOUNT LUCAS U.S. FOCUSED EQUITY FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (844) 261-6483 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Trust will file its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Mount Lucas Management LP

405 South State Street

Newtown, PA 18940

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

PACIFIC CAPITAL FUNDS

Semi-Annual Report

Pacific Capital Tax-Free Securities Fund

Performance Data

October 31, 2014 (Unaudited)

Credit Quality as of October 31, 2014 (as a percentage of total investments)

LOGO

Credit quality ratings are primarily sourced from Moody’s but in the event that Moody’s has not assigned a rating, the Fund will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Fund will assign a rating of NR (non-rated security). The ratings represent their (Moody’s, S&P, and Fitch) opinions as to the quality of the underlying securities in the fund, and not the fund itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.

Investment Style

High-quality, intermediate-term, tax-exempt

Investment Objective

The Fund seeks high current income that is exempt from federal and Hawaii income tax by normally investing at least 80% of its net assets in investment grade municipal obligations. The Fund normally invests greater than 50% of its assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax.

Investment Considerations

Income received from the Fund may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Generally, bond prices and values fall when interest rates rise, and vice versa. The longer the average maturity of the Fund’s portfolio, the greater the fluctuation in value. Since the Fund invests significantly in securities of issuers in Hawaii, it will also be affected by a variety of Hawaii’s economic and political factors. The values of any of the Fund’s investments may also decline in response to events affecting the issuer or its credit rating.

Investment Process

•Top-down macroeconomic analysis of interest rate trends

•Bottom-up credit research to identify high quality bonds

Investment Management

Advised by Asset Management Group of Bank of Hawaii (AMG)

• As of October 31, 2014, AMG manages $1.1 billion in mutual fund assets. In addition, AMG personnel also manage approximately $1.8 billion in assets on behalf of Bank of Hawaii clients.

PACIFIC CAPITAL FUNDS

Semi-Annual Report

Pacific Capital Tax-Free Securities Fund

Performance Data (Concluded)

October 31, 2014 (Unaudited)

Average Annual Total Returns for the Periods Ended October 31, 2014

Six Months*

1 Year

3 Year

5 Year

10 Year

Class Y Shares

3.24%

6.62%

4.18%

4.35%

3.68%

Barclays Capital Hawaii Municipal Bond Index

3.29%

6.70%

4.46%

4.47%

4.49%

*	Not Annualized

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. To obtain performance information current to the most recent month end, please call (888) 678-6034.

The Fund’s total annual gross and net operating expense ratio for Class Y Shares, as disclosed in the Fund’s prospectus dated September 1, 2014, are 0.31% and 0.11%, respectively, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered in this report. The Adviser has contractually agreed to waive its Advisory fees until August 31, 2015. The waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust. Additional information pertaining to the Fund’s expense ratio for the period ended October 31, 2014 can be found in the financial highlights.

Before the Fund commenced operations, all of the assets of the Tax-Free Securities Fund, a series of Pacific Capital Funds (the “Predecessor Fund”), were transferred to the Fund in a tax-free reorganization (the “Reorganization”). Performance presented prior to June 28, 2010 reflects the performance of the Predecessor Fund.

Total returns reflect the waiver of Advisory fees. Had these waivers not been in effect, performance quoted would have been lower.

The performance of the Fund is measured against the Barclays Capital Hawaii Municipal Bond Index, a rules-based, market-value weighted index engineered for the long-term tax-exempt Hawaii bond market. The index has four main sectors: general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

The Fund is distributed by Foreside Funds Distributors LLC. The Asset Management Group of Bank of Hawaii is the investment adviser to the Fund and receives a fee for its services.

PACIFIC CAPITAL FUNDS

Semi-Annual Report

Pacific Capital Tax-Free Short Intermediate Securities Fund

Performance Data

October 31, 2014 (Unaudited)

Credit Quality as of October 31, 2014 (as a percentage of total investments)

LOGO

Investment Style

High-quality, short-intermediate term, tax-exempt

Investment Objective

Investment Considerations

Income received from the Fund may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Generally, bond prices and values fall when interest rates rise, and vice versa. Intermediate term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Since the Fund invests significantly in securities of issuers in Hawaii, it will also be affected by a variety of Hawaii’s economic and political factors. The values of any of the Fund’s investments may also decline in response to events affecting the issuer or its credit rating.

Investment Process

•Top-down macroeconomic analysis of interest rate trends

•Bottom-up credit research to identify high quality bonds

Investment Management

Advised by Asset Management Group of Bank of Hawaii (AMG)

• As of October 31, 2014, AMG manages $1.1 billion in mutual fund assets. In addition, AMG personnel also manage approximately $1.8 billion in assets on behalf of Bank of Hawaii clients.

PACIFIC CAPITAL FUNDS

Semi-Annual Report

Pacific Capital Tax-Free Short Intermediate Securities Fund

Performance Data (Concluded)

October 31, 2014 (Unaudited)

Average Annual Total Returns for the Periods Ended October 31, 2014

Six Months*

1 Year

3 Year

5 Year

10 Year

Class Y Shares

1.02%

1.66%

1.30%

1.41%

2.02%

Barclays Capital Hawaii
3-Year Municipal Bond Index

0.75%

1.22%

1.57%

1.91%

2.84%

*	Not Annualized

The Fund’s total annual gross and net operating expense ratio for Class Y Shares, as disclosed in the Fund’s prospectus dated September 1, 2014, are 0.40% and 0.20%, respectively, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered in this report. The Adviser has contractually agreed to waive its Advisory fees until August 31, 2015. The waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust. Additional information pertaining to the Fund’s expense ratio for the period ended October 31, 2014 can be found in the financial highlights.

Before the Fund commenced operations, all of the assets of the Tax-Free Short Intermediate Securities Fund, a series of Pacific Capital Funds (the “Predecessor Fund”), were transferred to the Fund in a tax-free reorganization (the “Reorganization”). Performance presented prior to June 28, 2010 reflects the performance of the Predecessor Fund.

Total returns reflect the waiver of Advisory fees. Had these waivers not been in effect, performance quoted would have been lower.

The performance of the Fund is measured against the Barclays Capital Hawaii 3-Year Municipal Bond Index, which is the 2-4 year component of the Barclays Capital Hawaii Municipal Bond Index and is a rules-based, market-value weighted index engineered for the Hawaii tax-exempt bond market. The index has four main sectors: general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.

The Fund is distributed by Foreside Funds Distributors LLC. The Asset Management Group of Bank of Hawaii is the investment adviser to the Fund and receives a fee for its services.

PACIFIC CAPITAL FUNDS

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 and held for the entire period through October 31, 2014.

Actual Expenses

The first line for each Fund in the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line for each Fund in the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PACIFIC CAPITAL FUNDS

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


		Beginning Account Value May 1, 2014		Ending Account Value October 31, 2014		Expenses Paid During Period*		Expense Ratio During Period**
Pacific Capital Tax-Free Securities Fund
Actual Fund Return	Class Y		$1,000.00		$1,032.40		$0.61		0.12	%
Hypothetical Fund Return (5% return before expenses)	Class Y		1,000.00		1,024.60		0.61		0.12	%
Pacific Capital Tax-Free Short Intermediate Securities Fund
Actual Fund Return	Class Y		$1,000.00		$1,010.20		$0.71		0.14	%
Hypothetical Fund Return (5% return before expenses)	Class Y		1,000.00		1,024.50		0.71		0.14	%

Expenses are equal to the average account value times a Fund’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year (184) divided by the number of days in the fiscal year (365). The Funds’ ending account values on the first line in each table are based on the actual six month total returns of 3.24% for the Pacific Capital Tax-Free Securities Fund and 1.02% for the Pacific Capital Tax-Free Short Intermediate Securities Fund.

**	Annualized.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — 97.3%
Arizona — 3.1%
Phoenix Civic Improvement Corp., Civic Plaza, Convertible CAB, Series B, 5.50%, 07/01/31, (NATL-RE, FGIC Insured)		5,000,000		6,536,400

California — 1.5%
Norwalk-La Mirada Unified School District GO, CAB, Series B, 0.00%, 08/01/27, (AGM-CR, FGIC Insured)		5,000,000		3,110,850

Florida — 0.9%
Orlando Utilities Commission, Water and Electric Revenue, Series D, ETM, 6.75%, 10/01/17		1,790,000		1,995,725

Georgia — 1.8%
Municipal Electric Authority Power Revenue, Series W, Unrefunded Portion, 6.60%, 01/01/18, (NATL-RE, IBC, BNYM Insured)		3,470,000		3,804,092

Hawaii — 78.8%
County of Kauai GO, Series A, 5.00%, 08/01/22		315,000		382,936
County of Kauai GO, Series A, Callable 08/01/21 at 100, 3.25%, 08/01/23		1,000,000		1,055,130


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
County of Kauai GO, Series A, Prerefunded 08/01/15 at 100, 5.00%, 08/01/23, (NATL-RE, FGIC Insured)		600,000		621,390
County of Kauai GO, Series A, Callable 08/01/22 at 100, 3.13%, 08/01/27		1,295,000		1,333,177
Hawaii County GO, Series A, 5.25%, 07/15/17		500,000		561,185
Hawaii County GO, Series A, Callable 07/15/18 at 100, 6.00%, 07/15/26		1,655,000		1,934,662
Hawaii County GO, Series A, Callable 03/01/20 at 100, 4.00%, 03/01/28		2,470,000		2,684,322
Hawaii County GO, Series A, Callable 09/01/22 at 100, 5.00%, 09/01/29		500,000		589,460
Hawaii Housing Finance & Development Corp., Multi-Family Housing, Halekauwila Place, Series A, Callable 06/01/15 at 100, 0.70%, 12/01/15		1,000,000		1,000,110
Hawaii Housing Finance & Development Corp., Multi-Family Housing, Iwilei Apartments, Series A, Callable 07/01/22 at 100, 3.75%, 01/01/31, (FHLMC Insured)		3,460,000		3,517,747

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii Housing Finance & Development Corp., Series B, Callable 07/01/21 at 100, 3.88%, 07/01/25, (GNMA/FNMA Insured)		3,890,000		4,166,618
Hawaii State Airports System Revenue, Series A, Callable 07/01/20 at 100, 5.00%, 07/01/22		1,350,000		1,572,588
Hawaii State Airports System Revenue, AMT, Callable 07/01/21 at 100, 5.00%, 07/01/23		3,500,000		4,021,745
Hawaii State Airports System Revenue, Series A, Callable 07/01/20 at 100, 5.25%, 07/01/29		2,000,000		2,321,520
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, 4.00%, 07/01/23		500,000		536,665
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Callable 07/01/23 at 100, 5.00%, 07/01/26		500,000		572,025


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Co., Inc., Series A, 5.50%, 12/01/14, (AMBAC Insured)		2,000,000		2,004,340
Hawaii State Department of Budget & Finance, Special Purpose Revenue, Kahala Nui, Callable 11/15/22 at 100, 5.00%, 11/15/27		1,390,000		1,558,565
Hawaii State Department of Budget & Finance, Special Purpose Revenue, Kahala Nui, Callable 11/15/22 at 100, 5.13%, 11/15/32		550,000		599,610
Hawaii State Department of Hawaiian Home Lands Revenue, 5.00%, 04/01/16		500,000		526,255
Hawaii State Department of Hawaiian Home Lands Revenue, 5.00%, 04/01/18		775,000		850,353
Hawaii State GO, Series CY, 5.75%, 02/01/15, (AGM Insured)		820,000		831,045
Hawaii State GO, Series DI, Callable 03/01/16 at 100, 5.00%, 03/01/26, (AGM Insured)		1,000,000		1,054,030

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DJ, Unrefunded portion, Callable 04/01/17 at 100, 5.00%, 04/01/19, (AMBAC Insured)		890,000		985,639
Hawaii State GO, Series DJ, Prerefunded 04/01/17 at 100, 5.00%, 04/01/19, (AMBAC Insured)		110,000		121,877
Hawaii State GO, Series DJ, Callable 04/01/17 at 100, 5.00%, 04/01/22, (AMBAC Insured)		1,025,000		1,131,241
Hawaii State GO, Series DK, 5.00%, 05/01/17		4,000,000		4,441,520
Hawaii State GO, Series DK, Callable 05/01/18 at 100, 5.00%, 05/01/23		3,100,000		3,512,703
Hawaii State GO, Series DK, Callable 05/01/18 at 100, 5.00%, 05/01/28		3,000,000		3,367,590
Hawaii State GO, Series DN, 5.00%, 08/01/15		1,000,000		1,035,800
Hawaii State GO, Series DT, 5.00%, 11/01/15		1,500,000		1,571,400
Hawaii State GO, Series DT, 5.00%, 11/01/16		1,900,000		2,073,755
Hawaii State GO, Series DT, 5.00%, 11/01/19		3,000,000		3,544,050
Hawaii State GO, Series DZ, Callable 12/01/21 at 100, 5.00%, 12/01/27		4,500,000		5,379,570


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DZ, Callable 12/01/21 at 100, 5.00%, 12/01/29		2,000,000		2,376,420
Hawaii State GO, Series DZ, Callable 12/01/21 at 100, 5.00%, 12/01/30		3,000,000		3,553,800
Hawaii State GO, Series DZ, Callable 12/01/21 at 100, 5.00%, 12/01/31		2,800,000		3,306,828
Hawaii State GO, Series EE, Callable 11/01/22 at 100, 5.00%, 11/01/27		745,000		879,711
Hawaii State GO, Series EE, Callable 11/01/22 at 100, 5.00%, 11/01/29		3,000,000		3,504,600
Hawaii State GO, Series EH, Callable 08/01/23 at 100, 5.00%, 08/01/24		1,000,000		1,215,260
Hawaii State GO, Series EL, 5.00%, 08/01/23		1,000,000		1,227,710
Hawaii State Harbor System Revenue, Series A, 5.00%, 07/01/17		185,000		205,322
Hawaii State Harbor System Revenue, Series A, Callable 07/01/20 at 100, 4.75%, 07/01/24		220,000		248,675
Hawaii State Harbor System Revenue, Series A, Callable 07/01/20 at 100, 5.63%, 07/01/40		3,000,000		3,464,070
Hawaii State Harbor System Revenue, Series A, AMT, 5.25%, 07/01/16, (AGM Insured)		1,105,000		1,188,936

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Highway Revenue, Series A, 5.00%, 01/01/21, (BAM Insured)		500,000		600,240
Hawaii State Highway Revenue, Series A, Callable 01/01/22 at 100, 5.00%, 01/01/27		5,490,000		6,442,899
Hawaii State Highway Revenue, Series A, Callable 01/01/22 at 100, 5.00%, 01/01/28		1,120,000		1,305,573
Hawaii State Highway Revenue, Series B, 4.00%, 01/01/18, (BAM Insured)		750,000		827,355
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/16 at 100, 4.50%, 07/01/23, (NATL-RE Insured)		1,500,000		1,583,175
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/22 at 100, 5.00%, 07/01/26		3,125,000		3,709,250
Honolulu City & County Board of Water Supply System Revenue, Series B, AMT, Callable 07/01/16 at 100, 5.25%, 07/01/17, (NATL-RE Insured)		1,300,000		1,395,381


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, 5.00%, 04/01/18		5,000,000		5,698,650
Honolulu City & County GO, Series A, 5.00%, 11/01/18		1,015,000		1,175,096
Honolulu City & County GO, Series A, Callable 07/01/15 at 100, 5.00%, 07/01/19, (NATL-RE Insured)		6,250,000		6,447,688
Honolulu City & County GO, Series A, Callable 07/01/17 at 100, 5.00%, 07/01/21, (AGM Insured)		4,000,000		4,450,600
Honolulu City & County GO, Series A, 5.00%, 11/01/22		2,000,000		2,447,580
Honolulu City & County GO, Series A, Callable 04/01/19 at 100, 5.00%, 04/01/24		1,110,000		1,285,280
Honolulu City & County GO, Series A, Callable 07/01/15 at 100, 5.00%, 07/01/26, (NATL-RE Insured)		4,000,000		4,126,520
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/26		1,000,000		1,204,920

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, Callable 07/01/15 at 100, 5.00%, 07/01/28, (NATL-RE Insured)		1,275,000		1,315,328
Honolulu City & County GO, Series A, Callable 07/01/15 at 100, 5.00%, 07/01/29, (NATL-RE Insured)		1,000,000		1,031,630
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/32		1,865,000		2,183,076
Honolulu City & County GO, Series A, Refunding, Callable 11/01/22 at 100, 4.00%, 11/01/36		3,000,000		3,174,510
Honolulu City & County GO, Series A, Refunding, Callable 11/01/22 at 100, 4.00%, 11/01/37		3,000,000		3,163,680
Honolulu City & County GO, Series B, Refunding, Callable 12/01/20 at 100, 5.00%, 12/01/34		1,500,000		1,706,400
Honolulu City & County GO, Series D, Callable 07/01/15 at 100, 5.00%, 07/01/20, (NATL-RE Insured)		2,000,000		2,063,260
Honolulu City & County GO, Series D, Callable 09/01/19 at 100, 4.00%, 09/01/21		250,000		276,142


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series F, Callable 07/01/15 at 100, 5.00%, 07/01/22, (NATL-RE, FGIC Insured)		4,165,000		4,296,739
Honolulu City & County Waste Water System Revenue, 1st Bond Resolution, Series A, Callable 07/01/17 at 100, 5.00%, 07/01/31, (NATL-RE Insured)		3,500,000		3,776,745
Honolulu City & County Waste Water System Revenue, Series B-1, Callable 07/01/16 at 100, 5.00%, 07/01/32, (NATL-RE Insured)		4,015,000		4,266,339
Honolulu City & County, GO, Series B, Callable 12/01/20 at 100, 5.00%, 12/01/25		2,000,000		2,404,800
Maui County GO, 5.00%, 03/01/15, (NATL-RE Insured)		2,500,000		2,539,375
Maui County GO, 5.00%, 06/01/20		3,075,000		3,666,384
Maui County GO, Callable 06/01/23 at 100, 3.00%, 06/01/27		540,000		552,733
Maui County GO, Series B, 4.00%, 06/01/16		1,000,000		1,057,500
University of Hawaii Revenue, Series A-2, 4.00%, 10/01/19		1,170,000		1,313,126

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
University of Hawaii Revenue, Series B-2, 5.00%, 10/01/18		1,310,000		1,500,448
University of Hawaii System Revenue, Series A, Callable 07/15/16 at 100, 5.00%, 07/15/24, (AGM-CR, MBIA Insured)		470,000		501,913
University of Hawaii System Revenue, Series A, Callable 10/01/19 at 100, 5.25%, 10/01/34		1,000,000		1,148,500

				167,270,790

Illinois — 2.5%
Chicago Midway Airport Revenue, Series C, 5.50%, 01/01/15, (NATL-RE Insured)		1,000,000		1,008,400
Illinois Municipal Electric Agency Power Supply Revenue, Series C, 5.25%, 02/01/21, (NATL-RE, FGIC Insured)		3,665,000		4,289,882

				5,298,282

Massachusetts — 1.4%
Massachusetts State Department of Transportation, Metropolitan Highway System Revenue, Contract Assistance, Series B, Callable 01/01/20 at 100, 5.00%, 01/01/23		2,500,000		2,900,175


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
New Jersey — 0.2%
Passaic Valley Sewage Commissioner System Revenue Refunding, Series G, 5.75%, 12/01/21		300,000		355,782

Ohio — 0.6%
Ohio State, Infrastructure Improvement GO, Series A, 5.00%, 08/01/21		1,000,000		1,209,250

Texas — 3.2%
Galveston County GO, CAB, Series RD, 0.00%, 02/01/24, (NATL-RE, FGIC Insured)		2,630,000		2,023,075
Houston Water and Sewer System Revenue, Unrefunded Balance CAB, Junior Series A, 0.00%, 12/01/27, (AGM Insured)		2,000,000		1,356,880
San Antonio Electric & Gas Revenue, Series A, 5.00%, 02/01/18		2,000,000		2,270,080
Texas State Tranportation Commission Mobility Fund GO, 5.00%, 10/01/27		1,000,000		1,218,660

				6,868,695

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Virginia — 0.8%
Virginia State College Building Authority, 21st Century College and Equipment, 5.00%, 02/01/22		1,500,000		1,816,440

Washington — 2.5%
King County School District No. 403 Renton GO, Callable 12/01/16 at 100, 5.00%, 12/01/24, (NATL-RE, FGIC Insured, School Bond Guarantee)		3,000,000		3,281,880
Port of Seattle Revenue, Callable 02/01/16 at 100, 5.00%, 02/01/25, (XLCA Insured)		2,000,000		2,102,560

				5,384,440

TOTAL MUNICIPAL BONDS (Cost $194,477,691)				206,550,921


	Shares		Value ($)

REGISTERED INVESTMENT COMPANY — 1.4%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^(a)		2,927,101		2,927,101

TOTAL REGISTERED INVESTMENT COMPANY (Cost $2,927,101)				2,927,101

TOTAL INVESTMENTS - 98.7% (Cost $197,404,792)				209,478,022
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%				2,689,024

NET ASSETS - 100.0%			$	212,167,046

(a)	Rate periodically changes. Rate disclosed is the daily yield on October 31, 2014.

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


AGM		Assured Guaranty Municipal Corp.
AGM-CR		Assured Guaranty Municipal Corp. Custodial Receipts
AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
BAM		Build America Mutual
BNYM		Bank of New York Mellon
CAB		Capital Appreciation Bond
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.


FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
IBC		Insurance Bond Certificate
MBIA		Municipal Bond Investors Assurance
NATL-RE		National Reinsurance Corp.
XLCA		XL Capital Assurance

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — 95.4%
Alaska — 0.4%
Alaska State GO, Series A, 5.00%, 08/01/18		500,000		576,395

Arizona — 1.5%
Maricopa County Elementary School District No 6 Washington, Series A, 5.38%, 07/01/15, (AGM Insured)		1,000,000		1,034,220
Mesa City, Utility Systems Revenue, ETM, 5.25%, 07/01/16, (NATL-RE, FGIC Insured)		1,000,000		1,080,460

				2,114,680

Colorado — 0.4%
Boulder County Sales and Use Tax Revenue, Open Space, 5.00%, 12/15/18, (MAC Insured)		500,000		574,470

Connecticut — 1.2%
State of Connecticut Special Tax Revenue, 5.00%, 11/01/18		1,000,000		1,156,030
State of Connecticut Special Tax Revenue, Series B, 5.00%, 12/01/18		500,000		579,395

				1,735,425

Florida — 0.5%
JEA Electric System Revenue, Sub-Series A, 5.00%, 10/01/18		650,000		749,606


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Georgia — 0.8%
Georgia State GO, Series I, 5.00%, 11/01/17		1,000,000		1,130,460

Guam — 1.0%
Guam Economic Development & Commerce Authority, CAB, Series B, ETM, 5.40%, 05/15/15		1,350,000		1,385,910

Hawaii — 63.5%
County of Kauai GO, Series A, 2.25%, 08/01/17		150,000		156,296
County of Kauai GO, Series A, 3.00%, 08/01/20		295,000		319,240
County of Kauai GO, Series A, 2.00%, 08/01/16		500,000		514,200
Hawaii County GO, Series A, 5.00%, 03/01/15		600,000		609,426
Hawaii County GO, Series A, 4.00%, 03/01/16		400,000		419,568
Hawaii County GO, Series A, 5.25%, 07/15/17		1,155,000		1,296,337
Hawaii County GO, Series A, Callable 07/15/18 at 100, 5.00%, 07/15/21		120,000		136,381
Hawaii County GO, Series B, 4.00%, 09/01/15		500,000		515,770
Hawaii County GO, Series B, 5.00%, 07/15/16, (AMBAC Insured)		1,215,000		1,310,353
Hawaii County GO, Series B, 5.00%, 09/01/16		1,000,000		1,084,000

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii County GO, Series B, 5.00%, 09/01/17		1,000,000		1,119,650
Hawaii State Airports System Revenue, AMT, 4.00%, 07/01/15		515,000		527,607
Hawaii State Airports System Revenue, Refunding, AMT, 5.00%, 07/01/21		1,000,000		1,188,110
Hawaii State Airports System Revenue, Series A, 5.25%, 07/01/20		1,320,000		1,590,600
Hawaii State Airports System Revenue, Series B, AMT, 4.00%, 07/01/15		1,000,000		1,024,480
Hawaii State Department of Budget & Finance Various Revenue, The Queens Health, Series B, Callable 11/11/14 at 100, 0.05%, 07/01/29^(a)		6,700,000		6,700,000
Hawaii State Department of Hawaiian Home Lands, Kapolei Office, Series A, 3.75%, 11/01/15		500,000		516,010
Hawaii State Department of Transportation, AMT, 4.00%, 08/01/18		600,000		660,312
Hawaii State GO, Refunding Series DR, 4.00%, 06/01/16		500,000		528,670


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Refunding Series DT, 4.00%, 11/01/15		500,000		518,860
Hawaii State GO, Refunding Series DY, 4.00%, 02/01/15		770,000		777,153
Hawaii State GO, Refunding Series DY, 4.00%, 02/01/16		745,000		779,344
Hawaii State GO, Refunding, Series EF, 5.00%, 11/01/17		750,000		846,892
Hawaii State GO, Refunding, Series EF, 5.00%, 11/01/18		500,000		578,440
Hawaii State GO, Refunding, Series EJ, 5.00%, 08/01/15		2,000,000		2,071,600
Hawaii State GO, Refunding, Series EK, 5.00%, 08/01/16		2,000,000		2,160,700
Hawaii State GO, Refunding, Series EL, 3.00%, 08/01/17		1,000,000		1,065,380
Hawaii State GO, Series DG, Callable 07/01/15 at 100, 5.00%, 07/01/16, (AMBAC Insured)		2,075,000		2,140,778
Hawaii State GO, Series DI, Prerefunded 03/01/16 at 100, 5.00%, 03/01/25, (AGM Insured)		1,135,000		1,205,654
Hawaii State GO, Series DN, 5.00%, 08/01/15		660,000		683,628

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DQ, 5.00%, 06/01/17		375,000		417,562
Hawaii State GO, Series DT, 5.00%, 11/01/17		200,000		225,838
Hawaii State GO, Series EA, 4.00%, 12/01/20		1,000,000		1,142,070
Hawaii State GO, Series EE, 4.00%, 11/01/22		1,020,000		1,169,114
Hawaii State GO, Series EH, Callable 08/01/23 at 100, 5.00%, 08/01/24		1,000,000		1,215,260
Hawaii State Harbor System Revenue, AMT, Series B, 5.00%, 07/01/15, (AGM Insured)		2,710,000		2,791,896
Hawaii State Harbor System Revenue, Series A, 4.00%, 07/01/16		500,000		528,130
Hawaii State Highway Revenue, 5.50%, 07/01/18		1,000,000		1,163,080
Hawaii State Highway Revenue, Series A, 3.00%, 01/01/16		2,000,000		2,063,420
Hawaii State Highway Revenue, Series A, 4.00%, 01/01/17		325,000		348,845
Hawaii State Highway Revenue, Series A, 3.00%, 01/01/17		2,000,000		2,107,500
Hawaii State Highway Revenue, Series A, 4.00%, 01/01/18		995,000		1,096,311


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Highway Revenue, Series A, 5.00%, 01/01/21		1,000,000		1,196,590
Hawaii State Highway Revenue, Series A, 4.00%, 01/01/21		1,000,000		1,138,250
Hawaii State Highway Revenue, Series A, Callable 07/01/15 at 100, 5.00%, 07/01/22, (AGM Insured)		1,565,000		1,614,501
Hawaii State Highway Revenue, Series B, 5.25%, 07/01/18, (AGM Insured)		500,000		578,425
Hawaii State Housing Finance & Development Corp., Multifamily Housing Halekauwla Place, Series A, Callable 06/01/15 at 100, 0.70%, 12/01/15		2,000,000		2,000,220
Hawaii State Housing Finance & Development Corp., Multifamily Housing Kuhio Park Terrace, Series A, 2.00%, 10/01/15, (FHLMC Insured)		150,000		151,308
Hawaii State Housing Finance & Development Corp., Series A, 2.35%, 07/01/17, (GNMA/FNMA Insured)		555,000		571,922

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Housing Finance & Development Corp., Series A, 2.70%, 07/01/18, (GNMA/FNMA Insured)		565,000		589,024
Honolulu City & County Board of Water Supply System Revenue, AMT, Series B, Callable 7/01/16at 100, 5.25%, 07/01/21, (NATL-RE Insured)		1,335,000		1,431,120
Honolulu City & County Board of Water Supply System Revenue, Series A, 3.00%, 07/01/15		500,000		509,335
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/20		320,000		380,890
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/22		650,000		787,761
Honolulu City & County Board of Water Supply System Revenue, Series A, Unrefunded Portion, Callable 07/01/16 at 100, 4.50%, 07/01/22, (NATL-RE Insured)		1,070,000		1,132,231


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, 4.00%, 08/01/16		500,000		531,610
Honolulu City & County GO, Series A, 5.00%, 04/01/18		200,000		227,946
Honolulu City & County GO, Series A, 5.00%, 11/01/18		1,500,000		1,736,595
Honolulu City & County GO, Series A, 3.00%, 11/01/18		750,000		809,738
Honolulu City & County GO, Series A, Prerefunded 07/01/15 at 100, 5.00%, 07/01/25, (NATL-RE Insured)		1,625,000		1,676,399
Honolulu City & County GO, Series A, Callable 07/01/15 at 100, 5.00%, 07/01/29, (NATL-RE Insured)		1,000,000		1,031,630
Honolulu City & County GO, Series B, 5.00%, 07/01/16, (NATL-RE Insured)		750,000		773,625
Honolulu City & County GO, Series B, 5.00%, 08/01/16		625,000		675,338
Honolulu City & County GO, Series B, Prerefunded 07/01/15 at 100, 5.00%, 07/01/18, (NATL-RE Insured)		1,050,000		1,083,212

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series B, 5.00%, 08/01/19		1,000,000		1,177,560
Honolulu City & County GO, Series B, 5.00%, 11/01/20		500,000		601,145
Honolulu City & County GO, Series B, 5.00%, 11/01/21		955,000		1,161,146
Honolulu City & County GO, Series C, Callable 07/01/15 at 100, 5.00%, 07/01/16, (NATL-RE Insured)		200,000		206,300
Honolulu City & County GO, Series D, Prerefunded 07/01/15 at 100, 5.00%, 07/01/23, (NATL-RE Insured)		375,000		386,861
Honolulu City & County GO, Series D, Callable 09/01/19 at 100, 5.25%, 09/01/23		1,000,000		1,181,460
Honolulu City & County GO, Series E, 5.25%, 07/01/15, (NATL-RE Insured)		500,000		516,735
Honolulu City & County GO, Series F, Callable 07/01/15 at 100, 5.25%, 07/01/17, (NATL-RE, FGIC Insured)		535,000		552,799


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, 5.00%, 07/01/18		1,150,000		1,317,820
Honolulu City & County Wastewater System Revenue, 4.00%, 07/01/19		480,000		541,834
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Senior Sub-Series A, 4.00%, 07/01/16		905,000		959,481
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series-B, 4.25%, 07/01/17, (NATL-RE Insured)		150,000		164,026
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series B, 5.00%, 07/01/20		500,000		597,840
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series B, 4.00%, 07/01/21		500,000		573,425
Honolulu City & County Wastewater System Revenue, Senior Series A, 5.00%, 07/01/19		1,000,000		1,173,030

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, Senior Series A, 3.25%, 07/01/20		1,320,000		1,446,298
Honolulu City & County Wastewater System Revenue, Senior Series A, 4.00%, 07/01/21		1,005,000		1,147,137
Honolulu City & County Wastewater System Revenue, Series A, Prerefunded 07/01/15 at 100, 5.00%, 07/01/16, (NATL-RE Insured)		555,000		572,555
Maui County GO, 4.00%, 06/01/16		500,000		528,750
Maui County GO, Prerefunded 03/01/15 at 100, 5.00%, 03/01/17, (NATL-RE Insured)		90,000		91,411
Maui County GO, 5.00%, 06/01/18		1,000,000		1,145,330
Maui County GO, 5.00%, 06/01/18		300,000		343,599
Maui County GO, 5.00%, 06/01/20		530,000		631,930
Maui County GO, Series A, 3.50%, 07/01/15		200,000		204,402
Maui County GO, Series B, 5.00%, 06/01/18		250,000		286,332


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Maui County GO, Unrefunded Portion, Callable 03/01/15 at 100, 5.00%, 03/01/17, (NATL-RE Insured)		410,000		416,023
University of Hawaii Revenue, Series A, 4.00%, 10/01/16		625,000		667,912
University of Hawaii Revenue, Series A, 5.00%, 10/01/17		1,510,000		1,680,237
University of Hawaii Revenue, Series A, 2.00%, 10/01/18		230,000		233,556

				88,449,069

Idaho — 0.8%
Madison County School District No 321 Rexburg GO, Refunding, Series A, 4.00%, 08/15/18, (ID SLSTAX GTY Insured)		1,000,000		1,113,980

Illinois — 0.2%
Winnebago County School District No 122 Harlem-Loves Park GO, ETM, 0.00%, 01/01/16, (AGM Insured)		215,000		214,183

Indiana — 0.7%
Indiana Finance Authority Revenue Refunding Facilities, Prerefunded 07/01/18 at 100, 5.00%, 07/01/20		865,000		994,266

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Iowa — 0.3%
University of Iowa Facilities Corp. Revenue, Medical Education & Biomed Research Facility, 3.75%, 06/01/18		435,000		477,357

Kansas — 1.2%
City of Wichita GO, Series E, 4.00%, 10/01/17		1,460,000		1,602,759

Maryland — 1.3%
Maryland State GO, Series C, 5.00%, 11/01/18		1,500,000		1,741,710

Massachusetts — 0.8%
Commonwealth of Massachusetts GO, Series C, Prerefunded 08/01/17 at 100, 5.25%, 08/01/22, (AGM Insured)		1,000,000		1,126,700

Michigan — 0.3%
Michigan Municipal Bond Authority Revenue, Clean Water Revolving Fund, Callable 10/01/16 at 100, 5.00%, 10/01/18		365,000		396,547

Missouri — 0.8%
Kansas City Special Obligation Refunding & Improvement Revenue, Series B, 5.00%, 08/01/18		450,000		510,916


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Missouri — (Continued)
St Charles County School District No R-IV Wentzville GO, Refunding, 4.00%, 03/01/19, (ST AID DIR DEP)		500,000		561,485

				1,072,401

Nevada — 1.9%
Clark County GO, Refunding Infrastructure Improvement, Series B, 4.00%, 07/01/18		585,000		646,501
Nevada System of Higher Education, Series B, Prerefunded 01/01/16 at 100, 5.00%, 07/01/26, (AMBAC Insured)		1,900,000		2,003,379

				2,649,880

New York — 0.4%
New York City GO, Series J, 5.00%, 08/01/18		470,000		540,312

Ohio — 2.5%
City of Akron, Prerefunded, 06/01/15 at 100, 5.00%, 12/01/15, (AGM Insured)		1,475,000		1,515,725
Ohio State GO, Infrastructure Improvement, Series A, Callable 03/01/15 at 100, 5.00%, 09/01/19		1,410,000		1,432,109

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Ohio — (Continued)
Reynoldsburg City Capital Facilities GO, Prerefunded 12/01/15 at 100, 4.00%, 12/01/20, (AMBAC Insured)		550,000		572,192

				3,520,026

Oklahoma — 1.3%
Cleveland County Educational Facilities Authority Revenue, 5.00%, 07/01/17		500,000		554,785
Cleveland County Educational Facilities Authority Revenue, 5.00%, 07/01/18		500,000		568,905
Oklahoma Development Finance Authority Health Refunding, INTEGRIS Baptist Medical Center, Series C, 5.00%, 08/15/16		455,000		491,104
Oklahoma Water Resources Board Loan Revenue, Series A, 5.00%, 10/01/20		200,000		239,666

				1,854,460

Oregon — 0.9%
Oregon State GO, University System Revenue, Series A, 5.00%, 08/01/16		100,000		108,054
Portland City, Water System Revenue, First Lien, Series A, 5.00%, 05/01/18		460,000		527,027


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Oregon — (Continued)
State of Oregon, 5.00%, 08/01/35		625,000		647,281

				1,282,362

Texas — 6.2%
Bexar County GO, Edgewood Independent School District, 4.00%, 08/15/21, (PSF-GTD Insured)		450,000		513,508
Carrollton City Improvement Revenue GO, 3.00%, 08/15/23		870,000		929,569
Dallas Independent School District GO, Refunding Series A, 4.00%, 08/15/16, (PSF-GTD Insured)		1,000,000		1,064,260
Dallas Independent School District GO, Refunding Series A, 5.00%, 08/15/19, (PSF-GTD Insured)		1,000,000		1,179,490
Harris County GO, Refunding Road, Series A, 5.00%, 10/01/20		1,000,000		1,202,100
La Joya Independent School District GO, School Building, Prerefunded 02/15/18 at 100, 5.00%, 02/15/34, (PSF-GTD Insured)		590,000		672,683
Texas State GO, Unrefunded Portion Transportation Commission, 5.00%, 04/01/17		905,000		1,002,025

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Texas — (Continued)
University of Texas, Finance System Revenue, Series B, Prerefunded 08/15/16 at 100, 5.00%, 08/15/21		500,000		541,445
University of Texas, Refunding Finance System Revenue, Series B, 5.00%, 08/15/15		400,000		415,136
Ysleta Independent School District GO, Refunding, 4.00%, 08/15/19, (PSF-GTD Insured)		1,000,000		1,129,620

				8,649,836

Utah — 0.8%
Utah State Board of Regents, Student Loan Series EE-2, 5.00%, 11/01/17, (GTD STD LNS Insured)		1,000,000		1,125,000

Virgin Islands — 0.3%
University of The Virgin Islands Improvement Revenue, Series A, Prerefunded 12/01/14 at 100, 5.38%, 06/01/34, (GO of University Insured)		400,000		401,504

Virginia — 0.8%
Virginia Public School Authority Revenue, Series II, 5.00%, 04/15/17		1,000,000		1,107,900


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Washington — 3.1%
County of King GO, Callable 12/01/22 at 100, 5.00%, 06/01/23		1,000,000		1,225,930
County of King GO, Refunding, 5.00%, 12/01/19		1,000,000		1,184,820
Klickitat County Public Utility District No 1 Revenue, Series B, Callable 12/01/16 at 100, 5.25%, 12/01/19, (NATL Insured)		1,500,000		1,636,575
Snohomish County School District GO, Callable 12/01/16 at 100, 5.00%, 12/01/17, (NATL SCH BN GTY Insured)		200,000		218,792

				4,266,117

Wisconsin — 1.5%
Milwaukee City GO, Promissory & Corporate Notes, Series N2, 5.00%, 05/01/20		400,000		474,892
Waukesha City GO, Series A, Unrefunded Balance, Callable 10/01/15 at 100, 5.00%, 10/01/16, (AGM Insured)		340,000		341,176

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Shares		Value ($)

MUNICIPAL BONDS — (Continued)
Wisconsin — (Continued)
Wisconsin State GO, Series 3, 5.00%, 11/01/22		1,000,000		1,222,130

				2,038,198

TOTAL MUNICIPAL BONDS (Cost $131,501,919)				132,891,513


REGISTERED INVESTMENT COMPANY — 3.7%
Dreyfus Tax Exempt Cash Management Fund, Institutional Shares, 0.00%^(a)		5,161,702		5,161,702

TOTAL REGISTERED INVESTMENT COMPANY (Cost $5,161,702)				5,161,702

TOTAL INVESTMENTS - 99.1% (Cost $136,663,621)				138,053,215
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%				1,313,948

NET ASSETS - 100.0%			$	139,367,163

(a)	Floating or variable rate security. Rate disclosed is as of October 31, 2014.

Portfolio holdings are subject to change at any time.




AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond Assurance Corp.
AMT		Subject to Alternative Minimum Tax
CAB		Capital Appreciation Bond
ETM		Escrowed to Maturity
FGIC		Financial Guaranty Insurance Co.
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
GO		General Obligation
GTD STD LNS		Guaranteed Student Loans
ID SLSTAX GTY		Idaho Sales Tax Guaranty
MAC		Municipal Assurance Corp
NATL-RE		National Reinsurance Corp.
NATL SCH BN GTY		National School Board Guarantee
PSF-GTD		Permanent School Fund Guaranteed
ST AID DIR DEP		State Aid Direct Deposit

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


		Pacific Capital Tax-Free Securities Fund		Pacific Capital Tax-Free Short Intermediate Securities Fund


Assets
Investments, at value (Cost $197,404,792 and $136,663,621, respectively)	$	209,478,022		$	138,053,215
Receivable for capital shares sold		106,177			54,766
Dividends and interest receivable		3,037,908			1,648,235
Prepaid expenses and other assets		8,423			5,764

Total assets		212,630,530			139,761,980

Liabilities
Payable for capital shares redeemed		297,003			328,057
Payable for distributions to shareholders		92,345			15,588
Payable for administration and accounting fees		23,026			11,538
Payable for custodian fees		7,966			7,322
Payable for transfer agent fees		7,646			7,649
Accrued expenses		35,498			24,663

Total liabilities		463,484			394,817

Net Assets	$	212,167,046		$	139,367,163

Net Assets Consist of:
Capital stock, $0.01 par value	$	205,276		$	136,434
Paid-in capital		201,533,418			138,631,864
Undistributed net investment income		—			49
Accumulated net realized loss from investments		(1,644,878	)		(790,778	)
Net unrealized appreciation on investments		12,073,230			1,389,594

Net Assets	$	212,167,046		$	139,367,163

Class Y:
Outstanding shares		20,527,599			13,643,387

Net asset value, offering and redemption price per share	$	10.34		$	10.21

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


		Pacific Capital Tax-Free Securities Fund		Pacific Capital Tax-Free Short Intermediate Securities Fund


Investment Income
Interest	$	3,596,453		$	796,915

Total investment income		3,596,453			796,915

Expenses
Advisory fees (Note 2)		214,516			136,735
Administration and accounting fees (Note 2)		40,326			27,634
Legal fees		19,531			9,701
Audit fees		13,029			12,999
Transfer agent fees (Note 2)		11,789			11,733
Trustees’ and officers’ fees (Note 2)		11,259			6,891
Custodian fees (Note 2)		9,215			8,805
Printing and shareholder reporting fees		8,048			5,567
Registration and filing fees		2,196			5,405
Other expenses		14,004			4,723

Total expenses before waivers and reimbursements		343,913			230,193

Less: waivers and reimbursements (Note 2)		(214,516	)		(136,735	)

Net expenses after waivers and reimbursements		129,397			93,458

Net investment income		3,467,056			703,457

Net realized and unrealized gain/(loss) from investments:
Net realized gain/(loss) from investments		33,029			(19,471	)
Net change in unrealized appreciation on investments		3,257,650			640,850

Net realized and unrealized gain on investments		3,290,679			621,379

Net increase in net assets resulting from operations	$	6,757,735		$	1,324,836

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Statement of Changes in Net Assets


		Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014


Increase/(decrease) in net assets from operations:
Net investment income	$	3,467,056		$	8,547,539
Net realized gain/(loss) from investments		33,029			(1,020,304	)
Net change in unrealized appreciation/(depreciation) on investments		3,257,650			(10,425,333	)

Net increase/(decrease) in net assets resulting from operations		6,757,735			(2,898,098	)

Less Dividends and Distributions to Shareholders from:
Net investment income		(3,467,056	)		(8,547,539	)

Net decrease in net assets from dividends and distributions to shareholders		(3,467,056	)		(8,547,539	)

Decrease in Net Assets Derived from Capital Share Transactions (Note 4)		(9,894,772	)		(73,407,685	)

Total decrease in net assets		(6,604,093	)		(84,853,322	)

Net assets
Beginning of period		218,771,139			303,624,461

End of period	$	212,167,046		$	218,771,139

Undistributed net investment income, end of period	$	—		$	—

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Statement of Changes in Net Assets


		Six Months Ended October 31, 2014 (Unaudited)		Year Ended April 30, 2014


Increase/(decrease) in net assets from operations:
Net investment income	$	703,457		$	929,434
Net realized loss from investments		(19,471	)		(37,069	)
Net change in unrealized appreciation/(depreciation) on investments		640,850			(417,183	)

Net increase in net assets resulting from operations		1,324,836			475,182

Less Dividends and Distributions to Shareholders from:
Net investment income		(703,457	)		(929,434	)

Net decrease in net assets from dividends and distributions to shareholders		(703,457	)		(929,434	)

Increase in Net Assets Derived from Capital Share Transactions (Note 4)		30,074,445			46,562,063

Total increase in net assets		30,695,824			46,107,811

Net assets
Beginning of period		108,671,339			62,563,528

End of period	$	139,367,163		$	108,671,339

Undistributed net investment income, end of period	$	49		$	49

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

Financial Highlights

Contained below is per share operating performance data for each Class Y Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


Class Y	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Nine Months Ended April 30, 2011†				For the Year Ended July 31, 2010				For the Year Ended July 31, 2009
Per Share Operating Performance
Net asset value, beginning of period		$	10.18			$	10.51			$	10.41			$	9.92			$	10.16			$	9.97			$	9.94

Net investment income			0.17				0.33				0.34				0.38				0.34				0.37				0.41
Net realized and unrealized gain/(loss) from investments			0.16				(0.33	)			0.11				0.49				(0.25	)			0.20				0.04

Net increase in net assets resulting from operations			0.33				—				0.45				0.87				0.09				0.57				0.45

Dividends and distributions to shareholders from:
Net investment income			(0.17	)			(0.33	)			(0.35	)			(0.38	)			(0.33	)			(0.38	)			(0.41	)
Net realized gains			—				—				—				—				—				—				(0.01	)

Total dividends and distributions to shareholders			(0.17	)			(0.33	)			(0.35	)			(0.38	)			(0.33	)			(0.38	)			(0.42	)

Net asset value, end of period		$	10.34			$	10.18			$	10.51			$	10.41			$	9.92			$	10.16			$	9.97

Total investment return^(a)			3.24	%			0.11	%			4.40	%			8.92	%			0.89	%^(b)			5.77	%			4.75	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	212,167			$	218,771			$	303,624			$	251,290			$	209,482			$	270,644			$	233,348
Ratio of expenses to average net assets			0.12	%*			0.11	%			0.10	%			0.15	%			0.13	%*			0.71	%			0.76	%
Ratio of expenses to average net assets without waivers and expense reimbursements^(c)			0.32	%*			0.31	%			0.30	%			0.35	%			0.33	%*			0.87	%			0.91	%
Ratio of net investment income to average net assets			3.27	%*			3.30	%			3.28	%			3.71	%			4.49	%^(b)*			3.80	%			4.21	%
Portfolio turnover rate			6.18	%**			5.35	%			14.78	%			29.36	%			12.26	%**			12.10	%			23.69	%

†	The Fund changed its fiscal year end to April 30.

^(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

^(b)

During the period, the Fund received a distribution from a ‘fair fund’ established by the Securities and Exchange Commission in connection with a consent order against BISYS Fund Services, Inc. Had this settlement not occurred, the ratio of net investment income to average net assets and total investment return for the Fund would have been 4.08% and 0.59%, respectively.

^(c)	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

*	Annualized.

**	Not annualized.

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

Financial Highlights


Class Y	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014				For the Year Ended April 30, 2013				For the Year Ended April 30, 2012				For the Nine Months Ended April 30, 2011†				For the Year Ended July 31, 2010				For the Year Ended July 31, 2009
Per Share Operating Performance
Net asset value, beginning of period		$	10.17			$	10.30			$	10.33			$	10.28			$	10.39			$	10.32			$	10.20

Net investment income			0.05				0.12				0.17				0.19				0.16				0.15				0.26
Net realized and unrealized gain/(loss) from investments			0.04				(0.13	)			(0.03	)			0.05				(0.11	)			0.06				0.12

Net increase/(decrease) in net assets resulting from operations			0.09				(0.01	)			0.14				0.24				0.05				0.21				0.38

Dividends and distributions to shareholders from:
Net investment income			(0.05	)			(0.12	)			(0.17	)			(0.19	)			(0.16	)			(0.14	)			(0.26	)

Net asset value, end of period		$	10.21			$	10.17			$	10.30			$	10.33			$	10.28			$	10.39			$	10.32

Total investment return^(a)			1.02	%			(0.09	)%			1.39	%			2.37	%			0.45	%^(b)			2.10	%			3.80	%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	139,367			$	108,671			$	62,564			$	52,442			$	57,831			$	68,291			$	61,113
Ratio of expenses to average net assets			0.14	%*			0.19	%			0.25	%			0.30	%			0.30	%*			0.77	%			0.81	%
Ratio of expenses to average net assets without waivers and expense reimbursements^(c)			0.34	%*			0.39	%			0.45	%			0.50	%			0.50	%*			0.88	%			0.91	%
Ratio of net investment income to average net assets			1.04	%*			1.15	%			1.62	%			1.86	%			2.06	%^(b)*			1.46	%			2.47	%
Portfolio turnover rate			9.86	%**			26.98	%			23.97	%			40.55	%			13.20	%**			22.81	%			40.33	%

†	The Fund changed its fiscal year end to April 30.

^(a)	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

^(b)

^(c)	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

*	Annualized.

**	Not annualized.

The accompanying notes are an integral part of the financial statements.

PACIFIC CAPITAL FUNDS

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Pacific Capital Tax-Free Securities Fund and Pacific Capital Tax-Free Short Intermediate Securities Fund (each a “Fund” and together the “Funds”) are non-diversified open-end management investment companies registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Funds are each authorized to issue and offer Class Y shares.

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by each Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost which approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

•

Level 1 — quoted prices in active markets for identical securities;

•

Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

•

Level 3 — significant unobservable inputs (including a Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Funds’ investments carried at fair value:


Funds	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Pacific Capital Tax-Free Securities Fund
Municipal Bonds	$	206,550,921	$	—	$	206,550,921	$	—
Registered Investment Company		2,927,101		2,927,101		—		—

Total	$	209,478,022	$	2,927,101	$	206,550,921	$	—

Pacific Capital Tax-Free Short Intermediate Securities Fund
Municipal Bonds	$	132,891,513	$	—	$	132,891,513	$	—
Registered Investment Company		5,161,702		5,161,702		—		—

Total	$	138,053,215	$	5,161,702	$	132,891,513	$	—

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values a Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Funds to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Funds have an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds have an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3.

Use of Estimates — Each Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by a Fund, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to such Fund’s shareholders, which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, a Fund may enter into contracts that provide general indemnifications. A Fund’s maximum exposure under these arrangements is dependent on claims that may be made against it in the future, and, therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Investment advisory services are provided to the Funds by the Asset Management Group of Bank of Hawaii (the “Adviser”). Under terms of an advisory agreement, each Fund is charged an annual fee of 0.20% which is computed daily and paid monthly based upon average daily net assets. The Adviser has agreed to waive its entire advisory fee (the “Waiver”). The Waiver will remain in effect until August 31, 2015. The Waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees.

Fee rates for the period May 1, 2014 through October 31, 2014, were as follows:


	Maximum Annual Advisory Fee	Net Annual Fees Paid After Contractual Waivers
Pacific Capital Tax-Free Securities Fund	0.20%	0.00%
Pacific Capital Tax-Free Short Intermediate Securities Fund	0.20%	0.00%

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Funds.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Funds.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the period ended October 31, 2014 was $8,343 for the Pacific Capital Tax-Free Securities Fund and $4,927 for the Pacific Capital Tax-Free Short Intermediate Securities Fund. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
Pacific Capital Tax-Free Securities Fund	$	12,670,976	$	23,910,596
Pacific Capital Tax-Free Short Intermediate Securities Fund		41,541,570		12,495,000

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months ended October 31, 2014, and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Pacific Capital Tax-Free Securities Fund
Class Y
Sales		2,311,685		$	23,723,219			3,626,911		$	36,516,750
Reinvestments		4,823			49,645			9,936			99,595
Redemptions		(3,277,097	)		(33,667,636	)		(11,028,779	)		(110,024,030	)

Net decrease		(960,589	)	$	(9,894,772	)		(7,391,932	)	$	(73,407,685	)


Pacific Capital Tax-Free Short Intermediate Securities Fund
Class Y
Sales		3,907,437		$	39,808,425			7,531,186		$	76,188,154
Reinvestments		350			3,571			586			5,947
Redemptions		(954,771	)		(9,737,551	)		(2,914,462	)		(29,632,038	)

Net increase		2,953,016		$	30,074,445			4,617,310		$	46,562,063

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state, and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The tax character of distributions paid during the year ended April 30, 2014, were as follows:


	Net Investment Income		Net Long-Term Capital Gains		Total Taxable Distributions		Tax Exempt Distributions		Total Distributions Paid*
Pacific Capital Tax-Free Securities Fund		$84,496		$—		$84,496		$8,495,357		$8,579,853
Pacific Capital Tax-Free Short Intermediate Securities Fund		2,107		—		2,107		924,386		926,493

*	Distributions will not tie to Statement of Changes because distributions are recognized when actually paid for tax purposes.

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of accumulated earnings/(deficit) on a tax basis were as follows:


	Undistributed Tax-Exempt Income		Qualified Late-Year Losses		Distributions Payable		Capital Loss Carryforwards		Unrealized Appreciation/ (Depreciation)		Total Accumulated Earnings/ Deficit
Pacific Capital Tax-Free Securities Fund		$100,171		$(450,884)		$(100,171)		$(1,227,023)		$8,815,580		$7,137,673
Pacific Capital Tax-Free
Short Intermediate Securities Fund		16,111		—		(16,062)		(771,307)		748,744		(22,514)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

The cost for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/(depreciation) as of October 31, 2014 is as follows:


	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation		Net Unrealized Appreciation
Pacific Capital Tax-Free Securities Fund		$197,404,792		$12,196,117		$(122,887)		$12,073,230
Pacific Capital Tax-Free Short Intermediate Securities Fund		136,663,621		1,437,627		(48,033)		1,389,594

PACIFIC CAPITAL FUNDS

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of April 30, 2014, the Funds had pre-enactment net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.


	Expires April 30,
	2015 ($)			2016 ($)			2017 ($)			2018 ($)			2019 ($)
Pacific Capital Tax-Free Securities Fund		—			—			—			(237,475	)		—
Pacific Capital Tax-Free Short Intermediate Securities Fund		(577,000	)		(49,093	)		(15,122	)		(75,378	)		(17,645	)

6. Concentration of Credit Risk

The Funds primarily invest in debt obligations issued by the state of Hawaii and its political subdivisions, agencies, and public authorities to obtain funds for various public purposes. The Funds are more susceptible to factors adversely affecting issues of Hawaii municipal securities than is a municipal bond fund that is not concentrated in these issuers to the same extent.

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date that the financial statements were issued, and has determined that there were no following subsequent events requiring recognition or disclosure in the financial statements.

PACIFIC CAPITAL FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6034 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Investment Adviser

Asset Management Group of Bank of Hawaii

130 Merchant Street, Suite 370

Honolulu, HI 96813

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

FundVantage Trust

Pacific Capital Tax-Free Securities

Fund

Pacific Capital Tax-Free Short

Intermediate Securities Fund

SEMI-ANNUAL REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Pacific Capital Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Pacific Capital Funds.

PEMBERWICK FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns For the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Year	Since Inception*
Pemberwick Fund	0.38%	0.89%	1.72%	1.36%
Barclays 1-3 Year Government/Credit Index	0.49%	0.89%	0.94%	1.36%

† Not Annualized.

*	The Pemberwick Fund (the “Fund”) commenced operations on February 1, 2010. Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself. The benchmark does not reflect any expenses or transaction costs.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 447-4785.The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s total annual operating expense ratio, as stated in the current prospectus dated September 1, 2014, is 0.76% of the Fund’s average daily net assets, which may differ from the actual expenses incurred by the Fund for the period covered by this report. Pemberwick has voluntarily agreed to waive fees equal to 0.35% of the Fund’s average daily net assets. Such waiver will continue until Pemberwick notifies the Fund of a change in its voluntary waiver or its discontinuation. This waiver can be discontinued at any time at the discretion of Pemberwick.

The Fund intends to evaluate performance as compared to that of the Barclays 1-3 Year Government/Credit Index. The Barclays 1-3 Year Government/Credit Index is an unmanaged market index and should not be considered indicative of any Pemberwick investment. It is impossible to invest directly in an index.

All mutual fund investing involves risk, including possible loss of principal. The Fund is subject to the risks of the fixed-income securities held in its portfolio such as credit, prepayment and interest rate risk. As interest rates rise, the value of bond prices will decline and an investor may lose money. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few issuers or sectors. The Fund could fluctuate in value more than a diversified fund.

PEMBERWICK FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six month period from May 1, 2014, through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PEMBERWICK FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Pemberwick Fund
	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period*
Actual	$1,000.00	$1,003.80	$2.02
Hypothetical (5% return before expenses)	1,000.00	1,023.19	2.04

Expenses are equal to an annualized expense ratio for the six-month period ended October 31, 2014 of 0.40% for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184) then divided by 365 days. The Fund’s ending account values on the first line in each table are based on the actual six-months total return for the Fund of 0.38%.

PEMBERWICK FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets		Value
SECURITY TYPE:
Corporate Bonds and Notes		61.7%	$	108,768,259
U.S. Treasury Obligations		23.6		41,552,482
U.S. Government Agency Obligations		4.3		7,533,793
Collateralized Mortgage Obligations		1.8		3,208,807
Government Bonds		0.0		40,613
Other Assets In Excess of Liabilities		8.6		15,213,559

NET ASSETS		100.0%	$	176,317,513

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — 61.7%
Communications — 0.2%
AT&T, Inc. 2.50%, 08/15/2015		42,000		42,648
AT&T, Inc. 1.40%, 12/01/2017		15,000		14,965
Cisco Systems, Inc. 2.90%, 11/17/2014		30,000		30,026
Cisco Systems, Inc. 1.10%, 03/03/2017		50,000		50,119
Cisco Systems, Inc. 4.95%, 02/15/2019		25,000		27,972
eBay, Inc. 1.63%, 10/15/2015		35,000		35,317
eBay, Inc. 1.35%, 07/15/2017		50,000		49,673
Walt Disney Co. (The) 0.45%, 12/01/2015		60,000		59,993
Walt Disney Co. (The) 0.88%, 05/30/2017		17,000		16,930

				327,643

Consumer, Cyclical — 0.1%
Home Depot, Inc. (The) 2.25%, 09/10/2018		30,000		30,529
McDonald’s Corp. 5.30%, 03/15/2017		25,000		27,510
McDonald’s Corp. 5.35%, 03/01/2018		10,000		11,211
Wal-Mart Stores, Inc. 2.25%, 07/08/2015		25,000		25,340
Wal-Mart Stores, Inc. 2.80%, 04/15/2016		100,000		103,306
Wal-Mart Stores, Inc. 1.00%, 04/21/2017		30,000		30,001

				227,897


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Consumer, Non-cyclical — 0.2%
Coca-Cola Co. (The) 1.50%, 11/15/2015		35,000		35,391
Coca-Cola Co. (The) 1.65%, 03/14/2018		30,000		30,202
GlaxoSmithKline Capital, Inc. 0.70%, 03/18/2016		15,000		15,036
GlaxoSmithKline Capital, Inc. 5.65%, 05/15/2018		15,000		17,007
Johnson & Johnson 0.70%, 11/28/2016		54,000		54,099
PepsiCo, Inc. 1.25%, 08/13/2017		50,000		50,124
Procter & Gamble Co. (The) 0.75%, 11/04/2016		100,000		100,188

				302,047

Energy — 0.1%
Chevron Corp. 0.89%, 06/24/2016		20,000		20,110
Chevron Corp. 1.10%, 12/05/2017		15,000		14,910
Halliburton Co. 1.00%, 08/01/2016		70,000		70,350
Occidental Petroleum Corp. 1.50%, 02/15/2018		60,000		59,771
Shell International Finance BV 3.10%, 06/28/2015		50,000		50,918

				216,059

Financial — 58.9%
American Express Credit Corp. 2.75%, 09/15/2015		30,000		30,595

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
American Express Credit Corp. 2.80%, 09/19/2016		100,000		103,443
American Express Credit Corp. 1.13%, 06/05/2017		25,000		24,890
American Express Credit Corp. 2.25%, 08/15/2019		95,000		95,090
Bank of America Corp. 7.75%, 08/15/2015		2,036,000		2,145,846
Bank of America Corp. 3.63%, 03/17/2016		10,000		10,357
Bank of America Corp. 6.50%, 08/01/2016		230,000		250,909
Bank of America Corp. 0.56%, 08/15/2016^(a)		8,000,000		7,947,256
Bank of America Corp. 5.75%, 08/15/2016		8,000,000		8,620,464
Bank of America Corp. 5.63%, 10/14/2016		1,815,000		1,975,079
Bank of America Corp. 0.78%, 05/02/2017^(a)		1,900,000		1,882,526
Bank of America Corp. 6.40%, 08/28/2017		50,000		56,365
Bank of America Corp. 5.75%, 12/01/2017		1,625,000		1,810,128
Bank of America Corp. 1.30%, 03/22/2018^(a)		2,000,000		2,030,418
Bank of America NA 0.51%, 06/15/2016^(a)		3,160,000		3,148,674
Bank of America NA 0.53%, 06/15/2017^(a)		2,000,000		1,986,408


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
Bank of New York Mellon Corp. (The) 0.70%, 10/23/2015		29,000		29,089
Bank of New York Mellon Corp. (The) 0.70%, 03/04/2016		25,000		25,032
Bank of New York Mellon Corp. (The) 1.30%, 01/25/2018		30,000		29,696
BB&T Corp. 3.20%, 03/15/2016		120,000		123,856
Berkshire Hathaway Finance Corp. 2.45%, 12/15/2015		17,000		17,375
Berkshire Hathaway Finance Corp. 1.30%, 05/15/2018		8,000		7,928
BlackRock, Inc. 3.50%, 12/10/2014		40,000		40,123
Caterpillar Financial Services Corp. 2.65%, 04/01/2016		20,000		20,556
Caterpillar Financial Services Corp. 1.63%, 06/01/2017		60,000		60,717
Caterpillar Financial Services Corp. 1.25%, 08/18/2017		20,000		19,990
Caterpillar Financial Services Corp. 1.25%, 11/06/2017		15,000		14,900
Charles Schwab Corp. (The) 0.85%, 12/04/2015		55,000		55,189
Charles Schwab Corp. (The) 2.20%, 07/25/2018		40,000		40,478

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
Chubb Corp. (The) 5.75%, 05/15/2018		25,000		28,458
Citigroup, Inc. 0.52%, 11/05/2014^(a)		2,525,000		2,525,000
Citigroup, Inc. 6.01%, 01/15/2015		84,000		84,925
Citigroup, Inc. 0.50%, 06/09/2016^(a)		13,000,000		12,894,843
Citigroup, Inc. 3.95%, 06/15/2016		70,000		73,191
Citigroup, Inc. 4.45%, 01/10/2017		20,000		21,301
Citigroup, Inc. 1.55%, 08/14/2017		30,000		29,936
Daimler Finance North America, LLC 1.38%, 08/01/2017		1,000,000		998,564
General Electric Capital Corp. 3.50%, 06/29/2015		20,000		20,417
General Electric Capital Corp. 6.90%, 09/15/2015		50,000		52,808
General Electric Capital Corp. 4.38%, 09/21/2015		110,000		113,837
General Electric Capital Corp. 2.25%, 11/09/2015		277,000		282,193
General Electric Capital Corp. 5.40%, 02/15/2017		75,000		82,192
General Electric Capital Corp. 5.63%, 05/01/2018		80,000		90,524


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
General Electric Capital Corp. 7.13%, 12/29/2049 ^(a)		1,000,000		1,168,750
Goldman Sachs Group, Inc. (The) 0.73%, 01/12/2015 ^(a)		3,400,000		3,400,833
Goldman Sachs Group, Inc. (The) 3.30%, 05/03/2015		1,000,000		1,013,509
Goldman Sachs Group, Inc. (The) 0.63%, 07/22/2015 ^(a)		400,000		400,107
Goldman Sachs Group, Inc. (The) 3.70%, 08/01/2015		90,000		92,023
Goldman Sachs Group, Inc. (The) 5.35%, 01/15/2016		20,000		21,093
Goldman Sachs Group, Inc. (The) 3.63%, 02/07/2016		70,000		72,264
Goldman Sachs Group, Inc. (The) 0.68%, 03/22/2016 ^(a)		4,000,000		3,997,252
Goldman Sachs Group, Inc. (The) 2.23%, 09/20/2016 ^(a)		1,000,000		1,024,940
Goldman Sachs Group, Inc. (The) 2.38%, 01/22/2018		130,000		131,274
Goldman Sachs Group, Inc. (The) 6.15%, 04/01/2018		30,000		33,916

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
Goldman Sachs Group, Inc. (The) 1.43%, 04/30/2018^(a)		9,000,000		9,144,225
Goldman Sachs Group, Inc. (The) 1.33%, 11/15/2018^(a)		2,000,000		2,022,456
HSBC Finance Corp. 0.66%, 06/01/2016^(a)		2,000,000		1,999,926
John Deere Capital Corp. 1.05%, 10/11/2016		18,000		18,072
John Deere Capital Corp. 1.40%, 03/15/2017		50,000		50,444
John Deere Capital Corp. 2.80%, 09/18/2017		15,000		15,657
John Deere Capital Corp. 1.55%, 12/15/2017		25,000		25,050
Morgan Stanley 4.20%, 11/20/2014		250,000		250,422
Morgan Stanley 0.71%, 10/15/2015^(a)		4,000,000		4,013,376
Morgan Stanley 1.49%, 02/25/2016^(a)		942,000		953,974
Morgan Stanley 0.68%, 10/18/2016^(a)		2,500,000		2,505,335
Morgan Stanley 6.25%, 08/28/2017		4,000,000		4,479,880
Morgan Stanley 1.51%, 04/25/2018^(a)		2,000,000		2,046,364
National City Bank 0.58%, 12/15/2016^(a)		4,000,000		3,983,128
National City Bank 0.60%, 06/07/2017^(a)		2,075,000		2,060,008
PACCAR Financial Corp. 1.60%, 03/15/2017		30,000		30,357


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
State Street Corp. 2.88%, 03/07/2016		10,000		10,303
State Street Corp. 5.38%, 04/30/2017		15,000		16,500
State Street Corp. 1.35%, 05/15/2018		32,000		31,582
Toyota Motor Credit Corp. 3.20%, 06/17/2015		55,000		55,977
Toyota Motor Credit Corp. 2.80%, 01/11/2016		50,000		51,343
Toyota Motor Credit Corp. 1.13%, 05/16/2017		30,000		29,975
Toyota Motor Credit Corp. 2.13%, 07/18/2019		40,000		40,091
Travelers Cos, Inc. (The) 6.25%, 06/20/2016		40,000		43,481
US Bancorp 2.88%, 11/20/2014		75,000		75,085
US Bancorp 3.15%, 03/04/2015		45,000		45,413
US Bancorp 2.45%, 07/27/2015		15,000		15,229
US Bancorp 2.20%, 11/15/2016		15,000		15,380
Wachovia Bank NA 4.80%, 11/01/2014		1,000,000		1,000,000
Wachovia Bank NA 0.62%, 11/03/2014 ^(a)		5,000,000		5,000,000
Wachovia Corp. 5.63%, 10/15/2016		100,000		108,711
Wells Fargo & Co. 3.63%, 04/15/2015		25,000		25,367
Wells Fargo & Co. 1.50%, 07/01/2015		20,000		20,153

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Financial — (Continued)
Wells Fargo & Co. 3.68%, 06/15/2016 ^(b)		200,000		209,123
Wells Fargo & Co. 2.63%, 12/15/2016		2,000,000		2,067,278
Wells Fargo & Co. 1.15%, 06/02/2017		40,000		39,900

				103,757,092

Health Care — 0.0%
Pfizer, Inc. 0.90%, 01/15/2017		50,000		49,926

Industrial — 0.1%
Boeing Co. (The) 0.95%, 05/15/2018		50,000		48,883
Emerson Electric Co. 5.00%, 12/15/2014		40,000		40,208
Honeywell International, Inc. 5.30%, 03/01/2018		50,000		56,126
Illinois Tool Works, Inc. 0.90%, 02/25/2017		31,000		30,916
United Parcel Service, Inc. 1.13%, 10/01/2017		30,000		29,920

				206,053

Technology — 2.0%
Apple, Inc. 0.45%, 05/03/2016		49,000		48,992
Apple, Inc. 1.05%, 05/05/2017		41,000		41,022
EMC Corp. 1.88%, 06/01/2018		50,000		49,745
Hewlett-Packard Co. 1.17%, 01/14/2019 ^(a)		1,500,000		1,496,045
Hewlett-Packard Co. 2.75%, 01/14/2019		1,500,000		1,510,122


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Technology — (Continued)
Intel Corp. 1.95%, 10/01/2016		47,000		48,038
International Business Machines Corp. 0.45%, 05/06/2016		120,000		119,865
Microsoft Corp. 1.00%, 05/01/2018		60,000		59,158
Microsoft Corp. 1.63%, 12/06/2018		30,000		30,049
National Semiconductor Corp. 6.60%, 06/15/2017		25,000		28,440
Oracle Corp. 5.25%, 01/15/2016		60,000		63,374
Oracle Corp. 2.38%, 01/15/2019		15,000		15,253

				3,510,103

Utilities — 0.1%
Duke Energy Carolinas, LLC 5.25%, 01/15/2018		20,000		22,262
Duke Energy Florida, Inc. 5.65%, 06/15/2018		25,000		28,496
Georgia Power Co. 5.25%, 12/15/2015		25,000		26,368
PECO Energy Co. 1.20%, 10/15/2016		28,000		28,183
Southern California Edison Co. 1.13%, 05/01/2017		7,000		6,998
Southern California Edison Co. 5.50%, 08/15/2018		30,000		34,086

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

CORPORATE BONDS AND NOTES — (Continued)
Utilities — (Continued)
Wisconsin Electric Power Co. 1.70%, 06/15/2018		25,000		25,046

				171,439

TOTAL CORPORATE BONDS AND NOTES (Cost $107,652,631)				108,768,259


GOVERNMENT BONDS — 0.0%
Province of Ontario Canada 2.70%, 06/16/2015		40,000		40,613

TOTAL GOVERNMENT BONDS (Cost $39,998)				40,613


COLLATERALIZED MORTGAGE OBLIGATIONS — 1.8%
Federal Home Loan Mortgage Corporation REMICS — 0.8%
Series 2542, Class ES 5.00%, 12/15/2017		23,361		24,388
Series 2564, Class HJ 5.00%, 02/15/2018		15,658		16,453
Series 2617, Class TK 4.50%, 05/15/2018		57,859		60,510
Series 2617, Class GR 4.50%, 05/15/2018		30,798		32,205
Series 2611, Class UH 4.50%, 05/15/2018		28,417		29,729
Series 2627, Class MC 4.50%, 06/15/2018		48,567		50,870
Series 2649, Class KA 4.50%, 07/15/2018		39,514		41,375
Series 2693, Class PE 4.50%, 10/15/2018		47,245		49,554


	Par Value($)		Value($)

COLLATERALIZED MORTGAGE OBLIGATIONS — (Continued)
Federal Home Loan Mortgage Corporation REMICS — (Continued)
Series 2746, Class EG 4.50%, 02/15/2019		52,172		54,750
Series 2780, Class JG 4.50%, 04/15/2019		2,688		2,759
Series 2814, Class GB 5.00%, 06/15/2019		9,598		10,119
Series 2924, Class EH 5.25%, 03/15/2024		8,159		8,268
Series 2989, Class TG 5.00%, 06/15/2025		64,116		69,649
Series 3002, Class YD 4.50%, 07/15/2025		25,417		27,569
Series 2526, Class FI 1.15%, 02/15/2032 ^(a)		120,349		123,889
Series 2691, Class ME 4.50%, 04/15/2032		11,362		11,451
Series 2764, Class TE 5.00%, 10/15/2032		4,436		4,445
Series 2760, Class PD 5.00%, 12/15/2032		14,839		14,934
Series 2655, Class QA 5.00%, 02/15/2033		2,746		2,798
Series 2827, Class TE 5.00%, 04/15/2033		57,967		59,076
Series 3067, Class PK 5.50%, 05/15/2034		15,209		15,372
Series 2881, Class AE 5.00%, 08/15/2034		31,941		33,809
Series 2933, Class HD 5.50%, 02/15/2035		42,928		47,627
Series 4305, Class KA 3.00%, 03/15/2038		159,059		164,583

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

COLLATERALIZED MORTGAGE OBLIGATIONS — (Continued)
Federal Home Loan Mortgage Corporation REMICS — (Continued)
Series 3843, Class GH 3.75%, 10/15/2039		117,337		123,219
Series 3786, Class NA 4.50%, 07/15/2040		160,881		174,581
Series 4305, Class A 3.50%, 06/15/2048		165,568		171,815

				1,425,797

Federal National Mortgage Association REMICS — 0.7%
Series 2003-92, Class PE 4.50%, 09/25/2018		43,662		45,775
Series 2003-80, Class YE 4.00%, 06/25/2023		17,024		17,546
Series 2005-40, Class YG 5.00%, 05/25/2025		58,902		63,843
Series 2011-122, Class A 3.00%, 12/25/2025		163,912		169,087
Series 2007-27, Class MQ 5.50%, 04/25/2027		16,547		18,243
Series 2005-12, Class JE 5.00%, 09/25/2033		49,070		49,880
Series 2005-16, Class PE 5.00%, 03/25/2034		18,330		18,814
Series 2005-48, Class AR 5.50%, 02/25/2035		49,365		53,336
Series 2005-62, Class CQ 4.75%, 07/25/2035		23,945		25,454
Series 2005-64, Class PL 5.50%, 07/25/2035		97,154		109,186
Series 2005-68, Class PG 5.50%, 08/25/2035		61,719		68,401


	Par Value($)		Value($)

COLLATERALIZED MORTGAGE OBLIGATIONS — (Continued)
Federal National Mortgage Association REMICS — (Continued)
Series 2010-64, Class EH 5.00%, 10/25/2035		27,672		28,382
Series 2005-83, Class LA 5.50%, 10/25/2035		36,603		40,803
Series 2014-23, Class PA 3.50%, 08/25/2036		178,483		187,948
Series 2007-39, Class NA 4.25%, 01/25/2037		17,425		18,078
Series 2013-83, Class CA 3.50%, 10/25/2037		150,763		158,095
Series 2009-47, Class PA 4.50%, 07/25/2039		36,544		38,629
Series 2011-113, Class NE 4.00%, 03/25/2040		158,103		166,035

				1,277,535

Government National Mortgage Association — 0.3%
Series 2013-88, Class WA 4.98%, 06/20/2030 ^(a)		127,292		138,580
Series 2002-22, Class GF 6.50%, 03/20/2032		59,795		68,235
Series 2002-51, Class D 6.00%, 07/20/2032		75,005		85,622
Series 2008-50, Class NA 5.50%, 03/16/2037		28,574		30,495
Series 2007-11, Class PE 5.50%, 03/20/2037		47,986		53,209

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

COLLATERALIZED MORTGAGE OBLIGATIONS — (Continued)
Government National Mortgage Association — (Continued)
Series 2013-113, Class UB 3.00%, 11/20/2038		124,975		129,334

				505,475

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,182,741)				3,208,807


U.S. GOVERNMENT AGENCY OBLIGATIONS — 4.3%
Federal Home Loan Bank — 0.4%
3.13%, 03/11/2016		165,000		171,180
0.50%, 09/28/2016		305,000		304,480
4.75%, 12/16/2016		170,000		184,545

				660,205

Federal Home Loan Mortgage Corporation — 2.0%
0.63%, 12/29/2014		700,000		700,630
0.50%, 04/17/2015		200,000		200,300
5.25%, 04/18/2016		400,000		428,240
2.50%, 05/27/2016		580,000		598,711
2.00%, 08/25/2016		730,000		748,910
0.88%, 02/22/2017		200,000		200,713
1.25%, 05/12/2017		95,000		95,937
1.00%, 07/28/2017		150,000		150,319
5.50%, 04/01/2021 Gold Pool #G11941		54,152		58,985
5.50%, 11/01/2021 Gold Pool #G12454		27,118		29,535
5.50%, 04/01/2023 Gold Pool #G13145		44,637		48,737


	Par Value($)		Value($)

U.S. GOVERNMENT AGENCY OBLIGATIONS — (Continued)
Federal Home Loan Mortgage Corporation — (Continued)
4.00%, 02/01/2026 Gold Pool #J14494		103,366		110,558
4.00%, 06/01/2026 Gold Pool #J15974		38,626		41,356
4.50%, 06/01/2029 Gold Pool #C91251		35,383		38,528
4.50%, 12/01/2029 Gold Pool #C91281		60,837		66,303
4.50%, 04/01/2030 Gold Pool #C91295		34,930		38,069

				3,555,831

Federal National Mortgage Association — 1.9%
5.00%, 12/01/2014 Pool #255598		628		663
2.38%, 07/28/2015		350,000		355,781
1.63%, 10/26/2015		500,000		506,965
1.50%, 10/28/2015		150,000		151,844
2.25%, 03/15/2016		500,000		512,510
5.00%, 03/15/2016		35,000		37,238
5.25%, 09/15/2016		295,000		320,616
4.88%, 12/15/2016		170,000		185,235
1.25%, 01/30/2017		140,000		141,658
1.13%, 04/27/2017		205,000		206,739
5.38%, 06/12/2017		380,000		423,671
6.00%, 09/01/2019 Pool #735439		9,776		10,277
5.50%, 06/01/2020 Pool #888601		14,795		15,650
5.00%, 05/01/2023 Pool #254762		26,819		29,695

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

U.S. GOVERNMENT AGENCY OBLIGATIONS — (Continued)
Federal National Mortgage Association — (Continued)
5.50%, 01/01/2024 Pool #AD0471		25,874		28,447
5.00%, 07/01/2024 Pool #255320		13,884		15,373
5.00%, 12/01/2025 Pool #256045		53,506		59,244
5.50%, 05/01/2028 Pool #257204		42,090		47,029
4.00%, 08/01/2029 Pool #MA0142		53,670		57,515
5.50%, 04/01/2037 Pool #AD0249		57,895		65,152
7.00%, 04/01/2037 Pool #888366		16,568		18,634
5.00%, 10/01/2039 Pool #AC3237		114,407		127,821

				3,317,757

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $7,459,949)				7,533,793


U.S. TREASURY OBLIGATIONS — 23.6%
U.S. Treasury Notes — 23.6%
0.25%, 11/30/2014		115,000		115,020
0.25%, 02/15/2015		500,000		500,196
0.25%, 03/31/2015		250,000		250,156
0.25%, 05/15/2015		400,000		400,312
0.25%, 08/15/2015		500,000		500,508
0.25%, 09/15/2015		500,000		500,508


	Par Value($)		Value($)

U.S. TREASURY OBLIGATIONS — (Continued)
U.S. Treasury Notes — (Continued)
0.25%, 09/30/2015		300,000		300,352
0.25%, 10/31/2015		750,000		750,821
0.25%, 04/15/2016		800,000		799,562
0.38%, 11/15/2015		900,000		901,969
0.38%, 03/31/2016		500,000		500,664
0.50%, 07/31/2017		490,000		485,253
0.63%, 05/31/2017		890,000		886,315
0.63%, 08/31/2017		1,105,000		1,096,540
0.63%, 09/30/2017		720,000		713,700
0.63%, 11/30/2017		760,000		751,034
0.63%, 04/30/2018		690,000		676,739
0.75%, 06/30/2017		500,000		499,141
0.75%, 10/31/2017		930,000		923,970
0.75%, 12/31/2017		1,120,000		1,109,587
0.75%, 02/28/2018		450,000		444,340
0.75%, 03/31/2018		275,000		271,219
0.88%, 11/30/2016		300,000		302,016
0.88%, 12/31/2016		410,000		412,370
0.88%, 01/31/2017		1,830,000		1,840,151
0.88%, 02/28/2017		400,000		402,031
0.88%, 04/30/2017		475,000		476,596
0.88%, 01/31/2018		850,000		844,289
1.00%, 08/31/2016		720,000		727,256
1.00%, 09/30/2016		790,000		797,591
1.00%, 10/31/2016		1,220,000		1,231,723
1.00%, 03/31/2017		1,170,000		1,178,410
1.00%, 06/30/2019		175,000		170,543
1.00%, 08/31/2019		120,000		116,597
1.25%, 08/31/2015		700,000		706,399
1.25%, 09/30/2015		1,400,000		1,414,109
1.25%, 10/31/2015		100,000		101,086

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Par Value($)		Value($)

U.S. TREASURY OBLIGATIONS — (Continued)
U.S. Treasury Notes — (Continued)
1.25%, 10/31/2018		355,000		353,391
1.25%, 11/30/2018		200,000		198,859
1.25%, 01/31/2019		695,000		689,081
1.38%, 11/30/2015		320,000		324,100
1.38%, 06/30/2018		230,000		231,006
1.38%, 02/28/2019		450,000		447,961
1.50%, 06/30/2016		1,390,000		1,415,519
1.50%, 07/31/2016		1,050,000		1,069,851
1.50%, 12/31/2018		180,000		180,548
1.75%, 07/31/2015		150,000		151,805
1.75%, 05/31/2016		1,165,000		1,190,484
1.88%, 06/30/2015		200,000		202,297
1.88%, 09/30/2017		280,000		287,503
1.88%, 10/31/2017		275,000		282,434
2.00%, 01/31/2016		250,000		255,547
2.00%, 04/30/2016		835,000		855,614
2.13%, 05/31/2015		550,000		556,359
2.13%, 12/31/2015		400,000		408,906
2.13%, 02/29/2016		515,000		527,875
2.25%, 01/31/2015		1,095,000		1,100,817
2.38%, 02/28/2015		560,000		564,200
2.38%, 03/31/2016		770,000		792,439
2.38%, 07/31/2017		300,000		312,375
2.50%, 04/30/2015		265,000		268,126


	Par Value($)		Value($)

U.S. TREASURY OBLIGATIONS — (Continued)
U.S. Treasury Notes — (Continued)
2.63%, 12/31/2014		500,000		502,031
2.63%, 04/30/2016		250,000		258,516
3.00%, 09/30/2016		380,000		398,050
3.13%, 10/31/2016		330,000		347,042
3.13%, 01/31/2017		90,000		94,978
3.13%, 04/30/2017		200,000		211,797
3.25%, 12/31/2016		200,000		211,359
4.00%, 02/15/2015		520,000		525,728
4.13%, 05/15/2015		775,000		791,529
4.25%, 08/15/2015		1,400,000		1,445,282

TOTAL U.S. TREASURY OBLIGATIONS (Cost $41,430,218)				41,552,482


TOTAL INVESTMENTS - 91.4% (Cost $159,765,537)				161,103,954
OTHER ASSETS IN EXCESS OF LIABILITIES - 8.6%				15,213,559

NET ASSETS - 100.0%			$	176,317,513

^(a)	Variable or Floating Rate Security. Rate shown is as of October 31, 2014.

^(b)	Multi-Step Coupon. Rate disclosed is as of October 31, 2014.

REMICs Real Estate Mortgage Investment Conduit

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $159,765,537)	$	161,103,954
Cash		14,729,272
Dividends and interest receivable		605,284
Prepaid expenses and other assets		3,797

Total assets		176,442,307

Liabilities
Payable for distributions to shareholders		2,325
Payable for administration and accounting fees		45,863
Payable for legal fees		15,224
Payable for transfer agent fees		14,991
Payable for Investment Adviser		22,419
Payable for audit fees		9,216
Payable for custodian fees		5,635
Accrued expenses		9,121

Total liabilities		124,794

Net Assets	$	176,317,513

Net Assets Consisted of:
Capital stock, $0.01 par value	$	175,099
Paid-in capital		175,850,580
Accumulated net investment income loss		(575	)
Accumulated net realized loss from investments		(1,046,008	)
Net unrealized appreciation on investments		1,338,417

Net Assets	$	176,317,513


Shares Outstanding		17,509,913

Net asset value, offering and redemption price per share ($176,317,513 / 17,509,913 shares)	$	10.07

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Interest	$	1,173,842

Total investment income		1,173,842

Expenses
Advisory fees (Note 2)		427,972
Administration and accounting fees (Note 2)		95,288
Legal fees		30,908
Transfer agent fees (Note 2)		26,754
Trustees’ and officers’ fees (Note 2)		16,991
Audit fees		12,737
Custodian fees (Note 2)		12,648
Printing and shareholder reporting fees		7,280
Registration and filing fees		6,327
Other expenses		7,847

Total expenses before waivers		644,752

Less: waivers (Note 2)		(299,580	)

Net expenses after waivers		345,172

Net investment income		828,670

Net realized and unrealized gain/(loss) from investments:
Net realized loss from investments		(11,614	)
Net change in unrealized depreciation on investments		(213,726	)

Net realized and unrealized loss on investments		(225,340	)

Net increase in net assets resulting from operations	$	603,330

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Statement of Changes in Net Assets


		For the Six Months Ended October 31, 2014 (Unaudited)		For the Year Ended April 30, 2014


Increase in net assets from operations:
Net investment income	$	828,670		$	1,475,312
Net realized gain/(loss) from investments and payment byaffiliate (See Note 2)		(11,614	)		66,827
Net change in unrealized depreciation from investments		(213,726	)		(400,800	)

Net increase in net assets resulting from operations		603,330			1,141,339

Less Dividends and Distributions to Shareholders from:
Net investment income		(829,323	)		(1,576,711	)

Net decrease in net assets from dividends and distributions toshareholders		(829,323	)		(1,576,711	)

Increase in Net Assets Derived from Capital Share
Transactions (Note 4)		8,655,664			48,529,729

Total increase in net assets		8,429,671			48,094,357

Net assets
Beginning of period		167,887,842			119,793,485

End of period	$	176,317,513		$	167,887,842

Accumulated net investment income/(loss), end of period	$	(575	)	$	78

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Financial Highlights

Contained below is per share operating performance data, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.

For the
Six Months Ended
October 31, 2014
(Unaudited)

For the
Year
Ended
April 30, 2014

For the
Year
Ended
April 30, 2013

For the
Year
Ended
April 30, 2012

For the
Year
Ended
April 30, 2011

For the
Period
February 1, 2010*
to April 30, 2010


Per Share Operating Performance
Net asset value, beginning of period	$ 10.08		$ 10.12		$ 10.03		$ 10.16		$ 10.00		$ 10.00

Net investment income⁽¹⁾	0.05		0.10		0.11		0.13		0.13		0.01
Net realized and unrealized gain/(loss) on investments	(0.01	)	(0.03	)	0.11		(0.12	)⁽²⁾	0.17		—	⁽³⁾

Net increase in net assets resulting from operations	0.04		0.07		0.22		0.01		0.30		0.01

Dividends and distributions to shareholders from:
Net investment income	(0.05	)	(0.11	)	(0.13	)	(0.14	)	(0.14	)	(0.01	)
Tax return of capital	—		—		—		—		—	⁽³⁾	—

Total dividends and distributions to shareholders	(0.05	)	(0.11	)	(0.13	)	(0.14	)	(0.14	)	(0.01	)

Net asset value, end of period	$ 10.07		$ 10.08		$ 10.12		$ 10.03		$ 10.16		$ 10.00

Total investment return⁽⁴⁾	0.38	%	0.68	%	2.19	%	0.12	%	3.01	%	0.07	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$176,318		$167,888		$119,793		$119,521		$162,714		$140,411
Ratio of expenses to average net assets	0.40	%⁽⁵⁾	0.41	%	0.45	%	0.45	%	0.42	%	0.61	%⁽⁵⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁶⁾	0.75	%⁽⁵⁾	0.76	%	0.80	%	0.80	%	0.77	%	0.92	%⁽⁵⁾
Ratio of net investment income to average net assets	0.97	%⁽⁵⁾	1.00	%	1.10	%	1.07	%	1.31	%	0.42	%⁽⁵⁾
Portfolio turnover rate	11.20	%⁽⁷⁾	35.29	%	27.96	%	23.14	%	22.46	%	9.89	%⁽⁷⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Includes payments by affiliate which equaled $0.03 per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁷⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

PEMBERWICK FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Pemberwick Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on February 1, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers one class of shares and is not subject to a front-end sales charge.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m., Eastern time) on each day the NYSE is open. Securities held by the Fund are valued at their last sale price on the NYSE on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the last asked price and the last bid price prior to the market close. Securities listed on other exchanges (and not subject to restriction against sale by the Fund on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Unlisted securities that are quoted on the National Association of Securities Dealers National Market System, for which there have been sales of such securities on such day, shall be valued at the official closing price on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the last asked price and the last bid price prior to market close. The value of such securities quoted on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system, but not listed on the National Market System, shall be value at the mean between closing asked price and the closing bid price. Unlisted securities that are not quoted on NASDAQ and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and asked prices for such securities in the over-the-counter market. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates market value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

PEMBERWICK FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fair Value Measurements — The inputs and valuations techniques used to measure fair value of the Fund’s net assets are summarized into three levels as described in the hierarchy below:

• Level 1 —

quoted prices in active markets for identical securities;

• Level 2 —

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 —

significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The fair value of a Fund’s bonds are generally based on quotes received from brokers or independent pricing services. Bonds with quotes that are based on actual trades with a sufficient level of activity on or near the measurement date are classified as Level 2 assets.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s assets carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	108,768,259	$	—	$	108,768,259	$	—
Government Bonds		40,613		—		40,613		—
Collateralized Mortgage Obligations		3,208,807		—		3,208,807		—
U.S. Government Agency Obligations		7,533,793		—		7,533,793		—
U.S. Treasury Obligations		41,552,482		—		41,552,482		—

Total Investments	$	161,103,954	$	—	$	161,103,954	$	—

PEMBERWICK FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also requires the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Funds had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Gains and losses on principal paydowns from mortgage backed securities are recorded as interest income on the Statement of Operations. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to such fund.

PEMBERWICK FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Dividends and Distributions to Shareholders — Dividends from net investment income are declared daily and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Fund, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Pemberwick Investment Advisors LLC (“Pemberwick” or the “Advisor”) serves as the investment advisor to the Fund pursuant to an investment advisory agreement with the Trust (“Advisory Agreement”). For its services, the Advisor earns a monthly fee at the annual rate of 0.50% of the Fund’s average daily net assets. The Advisor may, in its discretion, voluntarily waive its fees or reimburse certain Fund expenses; however; the Advisor is not required to do so. As of October 31, 2014, investment advisory fees payable to the Advisor were $22,419, net of fee waivers. For the six months ended October 31, 2014, the Advisor waived fees of 0.35% of the Fund’s average daily net assets totaling $299,580.

Pemberwick has retained the services of J.P. Morgan Investment Management Inc. (“Sub-Advisor”) as the sub-advisor to the Fund. The Sub-Advisor provides certain investment services, information, advice, assistance and facilities and performs research, statistical and investment services pursuant to a sub-advisory agreement between the Advisor and the Sub-Advisor. The Sub-Advisor is compensated by the Advisor and not the Fund.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), serves as administrator and transfer agent for the Fund.

PEMBERWICK FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $6,596. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
U.S. Government Securities	$	8,318,089	$	8,811,179
Other Securities		13,562,644		9,205,292

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Value			Shares			Value
Sales		2,690,523		$	27,127,315			6,580,582		$	66,280,642
Reinvestments		81,937			826,201			156,427			1,576,150
Redemptions		(1,913,228	)		(19,297,852	)		(1,918,126	)		(19,327,063	)

PEMBERWICK FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
	Shares		Value		Shares		Value
Net Increase/(Decrease)		859,232	$	8,655,664		4,818,883	$	48,529,729

5. Federal Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state, and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the year ended April 30, 2014, the tax characters of distributions paid by the Fund was $1,576,243 of ordinary income dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Unrealized Appreciation	Qualified Late-Year Losses	Other Temporary Differences
$(1,023,336)	$546	$1,544,947	$(3,862)	$(468)

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	159,765,537

Gross unrealized appreciation	$	1,406,708
Gross unrealized depreciation		(68,291	)

Net unrealized appreciation	$	1,338,417

PEMBERWICK FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law.

As of April 30, 2014, the Fund had pre-enactment capital loss carryforwards of $20,817. If not utilized against future capital gains, $10,862 and $9,955 of this capital loss carryforward will expire in 2018 and 2019, respectively. As of April 30, 2014, the Fund had post-enactment capital loss carryforwards of $1,002,519, of which $179,403 are short-term losses and $823,116 are long-term losses and have an unlimited period of capital loss carryforward.

6. Significant Risks

7. Subsequent Event

PEMBERWICK FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 447-4785 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

The Trust will file its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) on Form N-Q. The Trust’s Forms N-Q will be available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Pemberwick Investment Advisors LLC

340 Pemberwick Road

Greenwich, CT 06831

Sub-Advisor

J.P. Morgan Investment Management Inc.

245 Park Ave.

New York, NY 10167

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassat Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

PEMBERWICK FUND

FundVantage Trust

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Pemberwick Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Pemberwick Fund.

POLEN GROWTH FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Year	Since Inception*
Institutional Shares	9.42%	18.80%	14.83%	15.85%
S&P 500^® Index	8.22%	17.27%	19.77%	17.67%***
Russell 1000^® Growth Index	9.50%	17.11%	19.30%	18.43%***

	Six Months†	1 Year	3 Year	Since Inception**
Retail Shares	9.24%	18.45%	14.53%	12.83%
S&P 500^® Index	8.22%	17.27%	19.77%	15.54%***
Russell 1000^® Growth Index	9.50%	17.11%	19.30%	15.64%***

†	Not Annualized.

*	The Polen Growth Fund (the “Fund”) Institutional Shares commenced operations on September 15, 2010.

**	The Retail Shares commenced operations on December 30, 2010.

***	Benchmark performance is from the inception date of the Class only and is not the inception date of the benchmark itself.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 678-6024. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s total annual gross and net operating expense ratios, as stated in the current prospectus dated September 1, 2014, are 1.27% and 1.00%, respectively, for the Institutional Shares and 1.52% and 1.25%, respectively, for the Retail Shares of the Fund’s average daily net assets, which may differ from the actual expenses incurred by the Fund for the period covered by this report. Polen Capital Management, LLC (“PCM” or the “Adviser”), has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) to 1.00% of average daily net assets of the Fund. Total returns would be lower had such fees and expenses not been waived and/or reimbursed. This agreement will terminate on August 31, 2015, unless the Board of Trustees of the FundVatage Trust (the “Trust”) approves an earlier termination.

A 2.00% redemption fee applies to shares redeemed within 60 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund intends to evaluate performance as compared to that of the S&P 500^® and the Russell 1000^® Growth Index. 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. The Russell 1000^® Growth Index is an unmanaged index that measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000^® Growth Index companies with higher price-to-book ratios and higher forecasted growth values. It is impossible to invest directly in an index.

POLEN GROWTH FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)

All mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a large portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.

POLEN GROWTH FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, each hypothetical line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

POLEN GROWTH FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Polen Growth Fund
	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period*
Institutional Shares
Actual	$1,000.00	$1,094.20	$5.28
Hypothetical (5% return before expenses)	1,000.00	1,020.16	5.09
Retail Shares
Actual	$1,000.00	$1,092.40	$6.59
Hypothetical (5% return before expenses)	1,000.00	1,018.90	6.36

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 1.00% for Institutional Shares and 1.25% for Retail Shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line of each table are based on the actual six month total returns for the Fund of 9.42% and 9.24% for Institutional Shares and Retail Shares, respectively.

POLEN GROWTH FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets		Value
COMMON STOCKS:
Computer Services Software & Systems		17.6%		$	62,300,746
Pharmaceuticals		15.8			55,771,039
Financial Data & Systems		12.5			44,192,072
Specialty Retail		8.4			29,517,036
Back Office Support, HR, and Consulting		8.2			29,113,052
Textiles Apparel & Shoes		6.4			22,778,580
Restaurants		4.8			16,951,282
Computer Technology		4.6			16,126,668
Biotechnology		4.5			15,838,962
Leisure Time		3.9			13,827,991
Foods		3.8			13,574,850
Producer Durables:
Miscellaneous		3.1			10,874,255
Metal Fabricating		2.6			9,107,340
Other Assets In Excess of Liabilities		3.8			13,532,768

NET ASSETS		100.0%		$	353,506,641

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 96.2%
Back Office Support, HR, and Consulting — 8.2%
Accenture PLC, Class A		190,160	$	15,425,779
Automatic Data Processing, Inc.		167,367		13,687,273

				29,113,052

Biotechnology — 4.5%
Regeneron Pharmaceuticals, Inc.*		40,229		15,838,962

Computer Services Software & Systems — 17.6%
CDK Global, Inc.*		55,922		1,878,979
Gartner, Inc.*		157,490		12,711,018
Google, Inc., Class A*		24,707		14,030,364
Google, Inc., Class C*		24,707		13,813,190
Oracle Corp.		508,763		19,867,195

				62,300,746

Computer Technology — 4.6%
Apple, Inc.		149,321		16,126,668

Financial Data & Systems — 12.5%
FactSet Research Systems, Inc.		90,340		11,874,290
MasterCard, Inc., Class A		86,505		7,244,794
Visa, Inc., Class A		103,852		25,072,988

				44,192,072

Foods — 3.8%
Nestle SA, SP ADR		185,120		13,574,850

Leisure Time — 3.9%
priceline.com, Inc.*		11,464		13,827,991


	Number of Shares		Value
COMMON STOCKS — (Continued)
Metal Fabricating — 2.6%
Fastenal Co.		206,797	$	9,107,340

Pharmaceuticals — 15.8%
Abbott Laboratories		508,362		22,159,498
Allergan, Inc.		176,847		33,611,541

				55,771,039

Producer Durables: Miscellaneous — 3.1%
WW Grainger, Inc.		44,061		10,874,255

Restaurants — 4.8%
Starbucks Corp.		224,342		16,951,282

Specialty Retail — 8.4%
O’Reilly Automotive, Inc.*		64,626		11,366,421
TJX Cos., Inc. (The)		286,649		18,150,615

				29,517,036

Textiles Apparel & Shoes — 6.4%
NIKE, Inc., Class B		245,010		22,778,580

TOTAL COMMON STOCKS (Cost $238,912,952)				339,973,873

TOTAL INVESTMENTS - 96.2% (Cost $238,912,952)				339,973,873
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.8%				13,532,768

NET ASSETS - 100.0%			$	353,506,641

*	Non-income producing.

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $238,912,952)	$	339,973,873
Cash		13,525,451
Receivable for capital shares sold		1,111,855
Dividends and interest receivable		367,096
Prepaid expenses and other assets		22,561

Total assets		355,000,836

Liabilities
Payable for capital shares redeemed		1,065,484
Payable to Adviser		207,608
Payable for administration and accounting fees		71,863
Payable for transfer agent fees		61,136
Payable for custodian fees		20,537
Payable for legal fees		19,834
Payable for printing fees		13,020
Payable for audit fees		11,254
Payable for distribution fees		6,008
Accrued expenses		17,451

Total liabilities		1,494,195

Net Assets	$	353,506,641

Net Assets Consisted of:
Capital stock, $0.01 par value	$	196,524
Paid-in capital		228,244,846
Accumulated net investment income		352,182
Accumulated net realized gain from investments		23,652,168
Net unrealized appreciation on investments		101,060,921

Net Assets	$	353,506,641


Institutional Shares:
Shares outstanding		18,000,298

Net asset value, offering and redemption price per share ($324,002,306 / 18,000,298 shares)	$	18.00


Retail Shares:
Shares outstanding		1,652,125

Net asset value, offering and redemption price per share ($29,504,335 / 1,652,125 shares)	$	17.86

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	1,799,038
Interest		620

Total investment income		1,799,658

Expenses
Advisory fees (Note 2)		1,693,453
Transfer agent fees (Note 2)		161,366
Administration and accounting fees (Note 2)		134,287
Distribution fees (Retail Shares) (Note 2)		73,883
Registration and filing fees		29,004
Legal fees		24,548
Custodian fees (Note 2)		24,445
Printing and shareholder reporting fees		18,987
Trustees’ and officers’ fees (Note 2)		14,176
Audit fees		12,270
Other expenses		17,650

Total expenses before waivers and reimbursements		2,204,069

Less: waivers and reimbursements (Note 2)		(436,733	)

Net expenses after waivers and reimbursements		1,767,336

Net investment income		32,322

Net realized and unrealized gain from investments:
Net realized gain from investments		10,848,632
Net change in unrealized appreciation on investments		19,774,251

Net realized and unrealized gain on investments		30,622,883

Net increase in net assets resulting from operations	$	30,655,205

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Statements of Changes in Net Assets


		For the Six Months Ended October 31, 2014 (Unaudited)		For the Year Ended April 30, 2014


Increase in net assets from operations:
Net investment income	$ 32,322		$ 386,535
Net realized gain from investments	10,848,632		29,831,197
Net change in unrealized appreciation on investments	19,774,251		24,808,081

Net increase in net assets resulting from operations	30,655,205		55,025,813

Less Dividends and Distributions to Shareholders from:
Net investment income:
Institutional Shares	—		(601,585	)
Retail Shares	—		(43,205	)

Total net investment income	—		(644,790	)

Net realized capital gains:
Institutional Shares	—		(3,236,891	)
Retail Shares	—		(988,965	)

Total net realized capital gains	—		(4,225,856	)

Net decrease in net assets from dividend and distributions to shareholders	—		(4,870,646	)

Decrease in Net Assets Derived from Capital Share Transactions (Note 4)	(8,689,713	)	(113,880,920	)

Total increase/(decrease) in net assets	21,965,492		(63,725,753	)

Net assets
Beginning of period	331,541,149		395,266,902

End of period	$353,506,641		$331,541,149

Accumulated net investment income, end of period	$ 352,182		$ 319,860

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for Institutional Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


Institutional Shares
For the Six Months Ended October 31, 2014 (Unaudited)	For the Year Ended April 30, 2014	For the Year Ended April 30, 2013	For the Year Ended to April 30, 2012	For the Period September 15, 2010* to April 30, 2011


Per Share Operating Performance
Net asset value, beginning of period	$ 16.45		$ 14.17		$ 13.79		$ 12.10		$10.00

Net investment income/(loss)⁽¹⁾	0.01		0.03		0.03		—	⁽²⁾	(0.02	)
Net realized and unrealized gain on investments	1.54		2.48		0.40		1.68		2.11

Net increase in net assets resulting from operations	1.55		2.51		0.43		1.68		2.09

Dividends and distributions to shareholders from:
Net investment income	—		(0.04	)	—		—		—
Net realized capital gains	—		(0.20	)	(0.06	)	—	⁽²⁾	—	⁽²⁾

Total dividends and distributions to shareholders	—		(0.24	)	(0.06	)	—		—

Redemption fees	0.00	⁽²⁾	0.01		0.01		0.01		0.01

Net asset value, end of period	$ 18.00		$ 16.45		$ 14.17		$ 13.79		$12.10

Total investment return⁽³⁾	9.42	%	17.84	%	3.19	%	13.97	%	21.00	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$324,002		$252,108		$294,408		$215,387		$5,168
Ratio of expenses to average net assets	1.00	%	1.00	%	1.00	%	1.00	%	1.00	%⁽⁴⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁵⁾	1.26	%	1.27	%	1.26	%	1.44	%	8.23	%⁽⁴⁾
Ratio of net investment income/(loss) to average net assets	0.06	%	0.17	%	0.24	%	(0.01	)%	(0.27	)%⁽⁴⁾
Portfolio turnover rate	16.75	%⁽⁶⁾	39.52	%	51.04	%	35.48	%	25.55	%⁽⁶⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the relevant period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for Retail Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


Retail Shares
For the Six Months Ended October 31, 2014 (Unaudited)	For the Year Ended April 30, 2014	For the Year Ended April 30, 2013	For the Year Ended April 30, 2012	For the Period December 30, 2010* April 30, 2011


Per Share Operating Performance
Net asset value, beginning of period	$ 16.35		$ 14.09		$ 13.74		$ 12.09		$11.44

Net investment loss⁽¹⁾	(0.01	)	(0.01	)	—	⁽²⁾	(0.03	)	(0.02	)
Net realized and unrealized gain on investments	1.52		2.47		0.40		1.67		0.66

Net increase in net assets resulting from operations	1.51		2.46		0.40		1.64		0.64

Dividends and distributions to shareholders from:
Net investment income	—		(0.01	)	—		—		—
Net realized capital gains	—		(0.20	)	(0.06	)	—	⁽²⁾	—

Total dividends and distributions to shareholders	—		(0.21	)	(0.06	)	—		—

Redemption fees	0.00	⁽²⁾	0.01		0.01		0.01		0.01

Net asset value, end of period	$ 17.86		$ 16.35		$ 14.09		$ 13.74		$12.09

Total investment return⁽³⁾	9.24	%	17.59	%	2.98	%	13.65	%	5.68	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$29,504		$79,433		$100,859		$101,396		$7,133
Ratio of expenses to average net assets	1.25	%	1.25	%	1.25	%	1.25	%	1.25	%⁽⁴⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁵⁾	1.50	%	1.52	%	1.51	%	1.74	%	6.35	%⁽⁴⁾
Ratio of net investment loss to average net assets	(0.17	)%	(0.08	)%	(0.01	)%	(0.26	)%	(0.50	)%⁽⁴⁾
Portfolio turnover rate	16.75	%⁽⁶⁾	39.52	%	51.04	%	35.48	%	22.55	%⁽⁶⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the relevant period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

POLEN GROWTH FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Polen Growth Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on September 15, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers two separate classes of shares, Retail Class and Institutional Class.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

• Level 1 —

quoted prices in active markets for identical securities;

• Level 2 —

other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3 —

significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

POLEN GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/2014		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs	Level 3 Significant Unobservable Inputs
Investments in Securities*		$339,973,873		$339,973,873	$—	$—

*	Please refer to Portfolio of Investments for details on portfolio holdings.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3.

POLEN GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance under U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Distribution (12b-1) fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are generally allocated to each class based upon the relative daily net assets of each class. General expenses of the Trust are generally allocated to each Fund in proportion to its relative daily net assets. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and are recorded on ex-date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

Polen Capital Management, LLC (“PCM” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets.

POLEN GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

As of October 31, 2014, investment advisory fees payable to the Adviser were $207,608. For the six months ended October 31, 2014, the Adviser waived fees of $436,733.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Retail Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Retail Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% on an annualized basis of the average daily net assets of the Fund’s Retail Shares.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $11,733. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

POLEN GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	54,416,008	$	60,777,569

4. Capital Share Transactions

For the six months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Institutional Shares
Sales		4,659,641		$	78,796,948			6,382,555		$	95,495,153
Reinvestments		—			—			171,648			2,667,403
Redemption Fees*		—			7,905			—			93,690
Redemptions		(1,982,996	)		(33,553,389	)		(12,001,484	)		(179,023,585	)

Net Increase/(Decrease)		2,676,645		$	45,251,464			(5,447,281	)	$	(80,767,339	)

Retail Shares
Sales		112,660		$	1,875,668			996,726		$	14,719,305
Reinvestments		—			—			66,454			1,027,385
Redemption Fees*		—			1,167			—			29,053
Redemptions		(3,320,156	)		(55,818,012	)		(3,359,746	)		(48,889,324	)
Net Decrease		(3,207,496	)	$	(53,941,177	)		(2,296,566	)	$	(33,113,581	)

Total Net Decrease		(530,851	)	$	(8,689,713	)		(7,743,847	)	$	(113,880,920	)

*	There is a 2.00% redemption fee that may be charged on shares redeemed within the first 60 days of their acquisition. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

POLEN GROWTH FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

5. Federal Tax Information

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $644,790 of ordinary income dividends and long-term capital gains of $4,225,856. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014 the components of distributable earnings on a tax basis were as follows:

Capital Loss

Carryforward

Undistributed

Ordinary Income

Undistributed

Long-Term Gain

Unrealized

Appreciation

Qualified Late-Year
Losses

$—

$2,986,505

$11,577,691

$79,845,870

$—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	238,912,952

Gross unrealized appreciation		103,033,598
Gross unrealized depreciation		(1,972,677	)

Net unrealized appreciation	$	101,060,921

POLEN GROWTH FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

During the fiscal year ended April 30, 2014, the Polen fund utilized $4,385,877 of prior year capital loss carryforwards.

6. Subsequent Event

POLEN GROWTH FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6024 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330.

Approval of Advisory Agreement

At an in-person meeting held on September 22-23, 2014 (the “Meeting”), the Board of Trustees (the “Board” or “Trustees”) of FundVantage Trust (“Trust”), including a majority of the Trustees who are not “interested persons” as defined in the Investment Company Act of 1940, as amended (“1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the advisory agreement between Polen Capital Management, LLC (the “Adviser” or “Polen”) and the Trust on behalf of the Polen Growth Fund (the “Fund”) (“Agreement”). In determining whether to continue the Agreement, the Trustees considered information provided by the Adviser in accordance with Section 15(c) of the 1940 Act. The Trustees considered information that the Adviser provided regarding (i) services performed for the Fund, (ii) the size and qualifications of the Adviser’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with a portfolio manager’s management of the Fund, (iv) investment performance, (v) the capitalization and financial condition of the Adviser, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Fund and other clients, (viii) results of any regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on the Adviser’s ability to service the Fund, and (x) compliance with the Fund’s investment objective, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. The Adviser also provided its most recent Form ADV for the Trustees’ review and consideration. The Trustees noted the reports provided at Board meetings throughout the year covering matters such as the relative performance of the Fund; compliance with the investment objectives, policies, strategies and limitations for the Fund; the compliance of management personnel with the applicable code of ethics; and the adherence to fair value pricing procedures as established by

POLEN GROWTH FUND

Other Information

(Unaudited)

the Board. The Trustees also received and reviewed a memorandum from legal counsel regarding the legal standards applicable to their review of the Agreement.

Representatives from Polen attended the meeting both in person and telephonically and discussed Polen’s history, performance and investment strategy in connection with the proposed continuation of the Agreement and answered questions from the Board.

The Trustees considered the investment performance of the Fund and the Adviser. The Trustees reviewed the historical performance charts for the year to date, one year, two year, three year and since inception periods ended June 30, 2014 for (i) the Fund; (ii) the Russell 1000 Total Return Index; (iii) the S&P 500 Daily Reinvested Index and (iv) the Lipper Large Cap Growth Fund category, the Fund’s applicable Lipper peer group. The Trustees noted that both the Institutional Class shares and Retail Class shares of the Fund had underperformed each of the Russell 1000 Total Return Index, the S&P 500 Daily Reinvested Index and the Lipper Large Cap Growth Fund category for the year to date, one year, two year, three year and since inception periods ended June 30, 2014. The Trustees also received performance information for the Fund, the Fund’s comparable separately managed account composite, and the Russell 1000 Growth Index, for the one year, three year and since inception periods ended June 30, 2014. The Trustees concluded that, although the Fund had underperformed for certain measurement periods noted above, the performance of the Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Adviser provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the Fund and any other ancillary benefit resulting from the Adviser’s relationship with the Fund. The Trustees considered the fees that the Adviser charges to its separately managed accounts, and evaluated the explanations provided by the Adviser as to differences in fees charged to the Fund and such accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Fund versus other similarly managed funds. The Trustees noted that net total expense ratios and gross advisory fees for both the Institutional Class shares and the Retail Class shares of the Fund were higher than the median of the net expenses and gross advisory fee of the respective universe of funds with a similar share class in the Lipper Large Cap Growth Fund category with $500 million or less in assets. The Trustees concluded that the advisory fee and services provided by the Adviser are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Fund based on the information provided at the Meeting.

POLEN GROWTH FUND

Other Information

(Unaudited) (Concluded)

arise in a portfolio manager’s management of the Fund’s investments on the one hand, and the investments of other accounts, on the other. The Trustees reviewed the services provided to the Fund by the Adviser and concluded that the nature, extent and quality of the services provided were appropriate and consistent with the terms of the Agreement, that the quality of the services appeared to be consistent with industry norms and that the Fund is likely to benefit from the continued receipt of those services. They also concluded that the Adviser has sufficient personnel, with the appropriate education and experience, to serve the Fund effectively and had demonstrated their ability to attract and retain qualified personnel.

The Trustees considered the costs of the services provided by the Adviser, the compensation and benefits received by the Adviser in providing services to the Fund, as well as its profitability. The

Trustees were provided with the Adviser’s balance sheet and profit and loss statement as of December 31, 2013. The Trustees noted that the Adviser’s level of profitability is an appropriate factor to consider, and the Trustees should be satisfied that the Adviser’s profits are sufficient to continue as a healthy concern generally and as investment adviser of the Fund specifically. The Trustees concluded that the Adviser’s contractual advisory fee level was reasonable in relation to the nature and quality of the services provided, taking into account the fees charged by other advisers for managing comparable mutual funds with similar strategies. The Trustees also concluded that the overall expense ratio of the Fund was reasonable, taking into account the quality of services provided by the Adviser and the current size and projected growth of the Fund during the renewal term.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Polen Capital Management, LLC

1825 NW Corporate Blvd.

Suite 300

Boca Raton, FL 33431

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

Polen Growth Fund

FundVantage Trust

Institutional Shares

Retail Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Polen Growth Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Polen Growth Fund.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear Fellow Shareholder:

We are pleased to report that the Private Capital Management Value Fund (“the Fund”) achieved strong results over the past six months with a return of 10.63% for Class I shares. In all candor, it has been a rather strange period for U.S. equities. Large capitalization stocks achieved record highs with the S&P 500^® Index recording an 8.22% gain over the past six months, while smaller capitalization issues have struggled since the early part of the year with the Russell 2000^® Index gaining 4.83% during the past six months only due to its 6.59% return in October. The divergence was clearly seen from April through September when the large-cap S&P 500^® Index returned 6.42% compared to the -5.46% return of the small-cap Russell 2000^® Index, a differential of almost 12%.

We characterize the period as “strange” because the factors that provoked investor discomfiture with secondary stocks – a witch’s brew of negative news ranging from geopolitical threats such as Russia’s actions in Ukraine and the ascendance of the Islamic State, to economic stagnation in Europe, recession in Japan, and below par growth in China – pose the greatest fundamental threat to some of the large multinational corporations whose stocks have outperformed thus far in 2014.

Rather than spilling additional ink discussing what happened, we think it is more useful to put recent events in context. We have, for some time now, been clear in our view that the U.S. economy is amidst a well-established recovery. Recent statistics affirm this perspective, with GDP growing 3.5% and reported unemployment dropping below 6% (its lowest level in more than six years). Nonetheless, all is not “butterflies and puppy dogs” – labor force participation remains low, which masks true unemployment levels and household income growth is tepid, which dampens consumer spending. More positively, the recent sharp decline in the price of gasoline (under $3.00/gallon for the first time since 2010) is tantamount to a meaningful tax cut for most households. Taken together, it is clear that the key trends are moving in the right direction and the U.S. economy can be viewed like a giant locomotive, slowly but steadily building up speed and momentum.

If one accepts our metaphor for the state of the economy, then far from the apocalyptic event described by some market pundits, it is actually a significant positive that the Federal Reserve (the “Fed”) is winding down its quantitative easing (QE3) activities. We have previously written about our concern that the Fed might not curtail its stimulus programs quickly enough, resulting in a significant escalation in inflationary pressures that would in turn require a rapid increase in short-term interest rates. In contrast, the track we are currently on feels quite orderly. By slowly turning off the spigot of excess liquidity flowing from QE3 and intimating the onset of a modest tightening cycle (read as a small increase in short-term interest rates), the Fed thus far has constrained inflation expectations and precipitated a powerful rally in the U.S. dollar, which through the dollar’s enhanced purchasing power promotes a virtuous cycle that should dampen inflationary realities.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

We continue to believe that these factors are fostering an atmosphere conducive to further growth for the U.S. economy. Recovery from the Great Recession has been slow and painful, particularly for the bottom economic quartile of our population. The upside is an economy with significant slack, minimal speculative excess, and significant headroom for growth. Contrary to the skeptics who argue that the economy has been artificially supported by the Fed’s monetary stimulus, we believe that the baton is in the process of being passed back to the “real economy” and self-sustaining economic growth.

To be clear, our view is that the improving economy will result in higher interest rates, probably sometime next year. While we acknowledge that the specter of rate hikes may continue to drive volatility for equity markets as it did last June when the Fed initially suggested that it might taper its bond-buying program, we see near-term trading disruptions as more likely to create opportunities than true threats for long-term investors. Given current inflationary expectations, interest rate increases will likely be measured, and will still leave borrowing rates at very attractive levels by historical standards. The benefits to corporate earnings and equity returns from a growing economy far outweigh the cost of higher interest rates.

In this context it is a worthwhile exercise to review and compare today’s valuations to 2007, the last time the S&P 500^® Index traded at record highs. Back then, the predominant theme was that investors were benefitting from the “Goldilocks economy” – not too hot as to incite inflation, but not too cold as to risk recession. With the clarity of hindsight it is apparent that the economy back then was largely supported by massive speculative excess, propelled by reckless financial practices and sustained appreciation in the value of residential housing. Time is a great healer and seven years on, we find it is unsurprising that valuations have recovered and the broad indices have reached new highs. That said, in contrast to the euphoria typically concomitant with market peaks, we find market participants more inclined towards trepidation and consternation than approbation and complacency.

Today’s economy presents investors a series of counter-balancing, and in some cases, contradictory forces that are creating opportunities for stock-pickers willing to dig into the details, understand the risks, and take a thoughtful and contextual view of the factors that build lasting shareholder value. Among these counter-balancing forces:

•

Unemployment is falling and jobs are taking longer to fill, which would ordinarily trigger higher wage growth. However, the long-term unemployed are still waiting in the wings, creating a labor reserve that is likely to temper wage growth that might otherwise engender inflation fears. The latest official payroll data showed that despite a drop in the unemployment rate to 5.8%, the number of long-term unemployed was unchanged. The data also showed that the average earnings of American workers has grown only 2% over the past year.

•

While well off its lows, housing remains affordable benefiting from low interest rates and prices still well below the peak. Credit worthy buyers remain in relative short-supply. In fact, the Federal

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

Housing Finance Agency has recently reduced lending standards to encourage more home purchase and mortgage origination activity.

•

Consumer confidence is at its highest levels since 2007, however, spending is not robust across the board. For example, the General Retailers subsector of the S&P 500 Index has returned approximately half of the overall index gain over the past twelve months.

•

Last, and probably most importantly, while the U.S. economy is improving, China’s growth has slowed, Brazil remains weak, Europe is stagnant and Japan has fallen back in recession.

These contradictions are representative of a global economy that is still recovering unevenly from financial crisis. In 2007, there were few worries about anything; now, the scars of 2008-2009 are still raw with investors and many are quick to see the next bogeyman in the form of a “reasonably valued” market. But even when “reasonably valued” describes the market as a whole, individual opportunities exist for the disciplined, bottom-up stock picker.

We are reminded of the statistician’s joke about the man who has his feet in the oven and his head in the freezer: on average, he’s comfortable. In other words, the market contains both overvalued and undervalued companies, which is a much more favorable environment for disciplined value investors like us than a market in which everything goes up in unison. Despite the stock market trading near all-time highs, we are seeing a steady flow of potential opportunities.

In summary, we continue to anticipate additional pockets of volatility as the prospect of higher interest rates is digested, a new Congress takes its place and sets its agenda, and spontaneous yet normal geopolitical events run their course. We continue to selectively take advantage of opportunities across a range of industries as we position the Fund’s portfolio to best capitalize on the environment we envision as we turn our eyes to 2015.

We are most grateful for your continued support.

Private Capital Management

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Semi-Annual Investment Adviser’s Report (Concluded)

October 31, 2014

(Unaudited)

Mutual Fund investing involves risk and it is possible to lose money by investing in a fund. The Fund is non-diversified and may invest a larger portion of its assets in the securities of a single issuer than a more diversified fund causing its value to fluctuate more widely. The Fund may engage in strategies that are considered risky or invest in stocks of companies that are undervalued which may cause greater volatility and less liquidity. Investors should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. This report is not authorized for distribution unless preceded or accompanied by a current prospectus for the Private Capital Management Value Fund. The prospectus contains this and other important information about the Fund. Read it carefully before investing.

Shares of the Private Capital Management Value Fund are distributed by Foreside Funds Distributors LLC, not an adviser affiliate.

Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risks.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Average Annual Total Returns for the Periods Ended October 31, 2014
	Six Months†	1 Year	3 Years	Since Inception*
Class A Shares
(without sales charge)	10.49%	13.99%	17.80%	15.87%
Class A Shares
(with sales charge)	4.95%	8.29%	15.80%	14.42%
S&P 500^® Index	8.22%	17.27%	19.77%	17.02%**
Russell 2000^® Index	4.83%	8.06%	18.18%	15.68%**

†	Not Annualized.

*	Class A Shares of the Private Capital Management Value Fund (the “Fund”) commenced operations on October 6, 2010.

**	Benchmark performance is from the commencement date of Class A Shares (October 6, 2010) only and is not the inception date of the benchmark itself.

Class A Shares of the Fund have a 5.00% maximum sales charge.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 568-1267. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Class A Shares total annual gross and net operating expense ratios are 1.74% and 1.25%, respectively, of the Fund’s average daily net assets. These ratios are stated in the current prospectus dated September 1, 2014, and may differ from the actual expenses incurred by the Fund for the period covered by this report. Private Capital Management, LLC, (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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 1.00% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). This agreement will terminate on August 31, 2015, unless the Board of Trustees of FundVantage Trust approves an earlier termination. Total return would be lower had such fees and expenses not been waived and/or reimbursed.

A 2.00% redemption fee applies to shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^® Index”) and the Russell 2000^® Index. 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. The Russell 2000^® Index is an unmanaged index measuring the performance of the 2,000 smallest companies in the Russell 3000^® Index, which is made up of 3,000 of the biggest U.S. stocks. It is impossible to invest directly in an index.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

Average Annual Total Returns for the Periods Ended October 31, 2014

Six
Months†

1 Year

3 Years

5 Years

10 Years

Class I Shares*

10.63%

14.28%

18.06%

15.67%

6.05%

S&P 500^® Index

8.22%

17.27%

19.77%

16.69%

8.20%

Russell 2000^® Index

4.83%

8.06%

18.18%

17.39%

8.67%

†	Not Annualized.

Performance shown for the period from October 31, 2004 to May 28, 2010 is the performance of a corporate defined contribution plan account (the “Predecessor Account”), which transferred its assets to the Fund in connection with the Fund’s commencement of operations on May 28, 2010. Performance from May 28, 2010 to October 31, 2014 is from the performance of the Class I Shares. The Predecessor Account was not registered as a mutual fund under the Investment Company Act of 1940, as amended (the “1940 Act”), and therefore was not subject to certain investment restrictions, limitations and diversification requirements imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended. If the Predecessor Account had been registered under the 1940 Act, its performance may have been different.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 568-1267. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Class I Shares total annual gross and net operating expense ratios are 1.49% and 1.00%, respectively, of the Fund’s average daily net assets. These ratios are stated in the current prospectus dated September 1, 2014, and may differ from the actual expenses incurred by the Fund for the period covered by this report. Private Capital Management, LLC, (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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 1.00% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). This agreement will terminate on August 31, 2015, unless the Board of Trustees of FundVantage Trust approves an earlier termination. Total return would be lower had such fees and expenses not been waived and/or reimbursed.

A 2.00% redemption fee applies to shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014, through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), if any, and redemption fees. Therefore, each hypothetical line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Private Capital Management Value Fund
	Beginning Account Value May 1, 2014	Ending Account Value October 31, 2014	Expenses Paid During Period*
Class A Shares
Actual	$1,000.00	$1,104.90	$6.63
Hypothetical (5% return before expenses)	1,000.00	1,018.90	6.36
Class I Shares
Actual	$1,000.00	$1,106.30	$5.32
Hypothetical (5% return before expenses)	1,000.00	1,020.16	5.10

Expenses are equal to an annualized expenses ratio for the six-month period ended October 31, 2014 of 1.25% and 1.00% for Class A and Class I Shares, respectively, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in each table are based on the actual six month total return for the Fund of 10.49% and 10.63% for Class A and Class I Shares, respectively.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets		Value
COMMON STOCKS:
Information Technology		25.6%		$	15,337,079
Consumer Discretionary		20.1			12,058,128
Health Care		19.1			11,455,613
Financials		10.8			6,495,209
Industrials		7.1			4,224,913
Energy		5.5			3,310,915
Materials		4.9			2,940,948
Consumer Staples		2.9			1,706,083
Utilities		1.1			681,916
Other Assets in Excess of Liabilities		2.9			1,750,368

NET ASSETS		100.0%		$	59,961,172

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.1%
Consumer Discretionary — 20.1%
Advance Auto Parts, Inc.		10,975	$	1,612,886
American Public Education, Inc.*		18,850		584,161
Ascena Retail Group, Inc.*		93,750		1,167,187
AutoNation, Inc.*		15,375		880,372
Carrols Restaurant Group, Inc.*		74,300		572,853
DeVry Education Group, Inc.		16,975		821,760
Fiesta Restaurant Group, Inc.*		45,425		2,505,189
Gildan Activewear, Inc. (Canada)		17,575		1,047,997
GNC Holdings, Inc., Class A		32,175		1,337,515
Rent-A-Center, Inc.		28,500		882,645
Visteon Corp.*		6,875		645,563

				12,058,128

Consumer Staples — 2.9%
Darling International, Inc.*		30,375		534,600
SpartanNash Co.		52,275		1,171,483

				1,706,083

Energy — 5.5%
Golar LNG, Ltd. (Bermuda)		25,200		1,413,972
Noble Corp. (United Kingdom)		57,875		1,210,745
Paragon Offshore PLC (United Kingdom)*		7,591		36,968
Ultra Petroleum Corp. (Canada)*		28,475		649,230

				3,310,915

Financials — 10.8%
1st United Bancorp, Inc.		73,100		646,935
Charter Financial Corp.		56,000		635,040


	Number of Shares		Value
COMMON STOCKS — (Continued)
Financials — (Continued)
INTL FCStone, Inc.*		66,583	$	1,205,152
Northrim BanCorp, Inc.		11,700		338,130
Oppenheimer Holdings, Inc., Class A		18,943		465,051
Raymond James Financial, Inc.		19,600		1,100,148
State Bank Financial Corp.		34,000		609,280
Suffolk Bancorp		16,500		378,840
Synovus Financial Corp.		24,014		608,995
Willis Group Holdings PLC (Ireland)		12,525		507,638

				6,495,209

Health Care — 19.1%
Actavis PLC (Ireland)*		10,382		2,520,127
Alere, Inc.*		51,750		2,068,447
Covidien PLC (Ireland)		13,090		1,210,040
Universal Health Services, Inc., Class B		15,725		1,630,840
Valeant Pharmaceuticals International, Inc. (Canada)*		20,250		2,694,060
Zimmer Holdings, Inc.		11,975		1,332,099

				11,455,613

Industrials — 7.1%
Air Transport Services Group, Inc.*		125,900		1,029,862
GenCorp, Inc.*		62,450		1,059,152
MSA Safety, Inc.		13,575		780,155
Progressive Waste Solutions Ltd. (Canada)		21,500		628,445
Titan International, Inc.		28,750		303,600
Triumph Group, Inc.		6,085		423,699

				4,224,913

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Information Technology — 25.6%
ACI Worldwide, Inc.*		30,000	$	577,200
CA, Inc.		56,537		1,642,965
Cisco Systems, Inc.		69,275		1,695,159
CoreLogic, Inc.*		25,375		796,014
Electro Rent Corp.		29,180		444,703
Global Cash Access Holdings, Inc.*		89,671		653,702
Imation Corp.*		184,640		540,995
Mentor Graphics Corp.		74,625		1,581,304
Progress Software Corp.*		22,762		589,536
QUALCOMM, Inc.		13,830		1,085,793
Quantum Corp.*		536,075		686,176
Quinstreet, Inc.*		193,786		784,833
Symantec Corp.		52,915		1,313,350
VASCO Data Security International, Inc.*		116,325		2,945,349

				15,337,079

Materials — 4.9%
Celanese Corp.		16,525		970,513
Pope Resources LP		12,100		812,213
Tronox Ltd., Class A (Australia)		47,900		1,158,222

				2,940,948

Utilities — 1.1%
National Fuel Gas Co.		9,850		681,916

TOTAL COMMON STOCKS (Cost $37,803,027)				58,210,804


	Value
TOTAL INVESTMENTS - 97.1% (Cost $37,803,027)	$	58,210,804
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.9%		1,750,368

NET ASSETS - 100.0%	$	59,961,172

*	Non-income producing.

PLC Public Limited Company

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $37,803,027)	$	58,210,804
Cash		2,604,046
Receivable for capital shares sold		6,373
Dividends and interest receivable		17,384
Prepaid expenses and other assets		16,692

Total assets		60,855,299


Liabilities
Payable for investments purchased		721,922
Payable for capital shares redeemed		64,019
Payable for transfer agent fees		27,722
Payable for administration and accounting fees		22,676
Payable to Investment Adviser		18,067
Payable for custodian fees		2,607
Accrued expenses		37,114

Total liabilities		894,127

Net Assets	$	59,961,172


Net Assets Consisted of:
Capital Stock, $0.01 par value	$	35,585
Paid-in capital		36,312,512
Accumulated net investment income		152,384
Accumulated net realized gain from investments		3,052,914
Net unrealized appreciation on investments		20,407,777

Net Assets	$	59,961,172



Class A:
Net asset value, offering and redemption price per share ($4,415,400 / 263,681 shares)			$16.75

Maximum offering price per share (100/95 of $16.75)			$17.63


Class I:
Net asset value, offering and redemption price per share ($55,545,772 / 3,294,830 shares)			$16.86

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	322,266
Less: foreign taxes withheld		(2,107	)

Total investment income		320,159


Expenses
Advisory fees (Note 2)		258,216
Transfer agent fees (Note 2)		39,099
Administration and accounting fees (Note 2)		39,024
Registration and filing fees		25,888
Legal fees		18,890
Audit fees		12,271
Printing and shareholder reporting fees		8,744
Custodian fees (Note 2)		8,159
Distribution fees (Class A) (Note 2)		8,089
Trustees’ and officers’ fees (Note 2)		3,712
Other expenses		4,848

Total expenses before waivers and reimbursements		426,940

Less: waivers (Note 2)		(131,943	)

Net expenses after waivers		294,997

Net investment income		25,162


Net realized and unrealized gain from investments:
Net realized gain from investments		2,725,037
Net change in unrealized appreciation on investments		2,966,766

Net realized and unrealized gain on investments		5,691,803

Net increase in net assets resulting from operations	$	5,716,965

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Statements of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Year Ended April 30, 2014
Increase in net assets from operations:
Net investment income		$	25,162			$	39,350
Net realized gain from investments			2,725,037				1,094,173
Net change in unrealized appreciation on investments			2,966,766				7,503,009

Net increase in net assets resulting from operations			5,716,965				8,636,532


Less Dividends and Distributions to Shareholders from:
Net realized capital gains:
Class A			—				(390,110	)
Class I			—				(2,654,193	)

Total net realized capital gains			—				(3,044,303	)

Net decrease in net assets from dividends and distributions to shareholders			—				(3,044,303	)

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)			(1,368,111	)			4,334,237

Total increase in net assets			4,348,854				9,926,466


Net assets
Beginning of period			55,612,318				45,685,852

End of period		$	59,961,172			$	55,612,318

Accumulated net investment income, end of period		$	152,384			$	127,222

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Financial Highlights


Class A
For the Six Months Ended October 31, 2014 (Unaudited)	For the Year Ended April 30, 2014	For the Year Ended April 30, 2013	For the Year Ended April 30, 2012	For the Period October 6, 2010* to April 30, 2011


Per Share Operating Performance
Net asset value, beginning of period	$15.16		$13.60		$12.12		$12.61		$10.10

Net investment income/(loss)⁽¹⁾	(0.01	)	(0.02	)	0.07		(0.03	)	(0.04	)
Net realized and unrealized gain/(loss) on investments	1.60		2.45		1.48		(0.16	)	2.57

Net increase/(decrease) in net assets resulting from operations	1.59		2.43		1.55		(0.19	)	2.53

Dividends and distributions to shareholders from:
Net investment income	—		—		(0.07	)	—		(0.02	)
Net realized capital gains	—		(0.87	)	—		(0.30	)	—

Total dividends and distributions to shareholders	—		(0.87	)	(0.07	)	(0.30	)	(0.02	)

Redemption fees	—		—	⁽²⁾	—		—	⁽²⁾	—

Net asset value, end of period	$16.75		$15.16		$13.60		$12.12		$12.61

Total investment return⁽³⁾	10.49	%	18.04	%	12.92	%	(1.16	)%	25.08	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)	$4,415		$7,643		$4,921		$2,922		$1,162
Ratio of expenses to average net assets	1.25	%⁽⁴⁾	1.25	%	1.25	%	1.25	%	1.25	%⁽⁴⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁵⁾	1.68	%⁽⁴⁾	1.74	%	1.88	%	1.93	%	2.02	%⁽⁴⁾
Ratio of net investment income/(loss) to average net assets	(0.12	)%⁽⁴⁾	(0.15	)%	0.62	%	(0.26	)%	(0.59	)%⁽⁴⁾
Portfolio turnover rate	14.56	%⁽⁶⁾	19.69	%	11.81	%	18.19	%⁽⁷⁾	21.71	%⁽⁶⁾⁽⁷⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

⁽⁷⁾	Portfolio turnover rate excludes securities received from processing subscription-in-kind.

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Financial Highlights


	Class I
	For the Six Months Ended October 31, 2014 (Unaudited)			For the Year Ended April 30, 2014			For the Year Ended April 30, 2013			For the Year Ended April 30, 2012			For the Period May 28, 2010* to April 30, 2011
Per Share Operating Performance
Net asset value, beginning of period		$ 15.24			$ 13.64			$ 12.15			$ 12.61			$ 10.00

Net investment income⁽¹⁾		0.01			0.02			0.10			—	⁽²⁾		—	⁽²⁾
Net realized and unrealized gain/(loss) on investments		1.61			2.45			1.49			(0.16	)		2.64

Net increase/(decrease) in net assets resulting from operations		1.62			2.47			1.59			(0.16	)		2.64

Dividends and distributions to shareholders from:
Net investment income		—			—			(0.10	)		—	⁽²⁾		(0.03	)
Net realized capital gains		—			(0.87	)		—			(0.30	)		—

Total dividends and distributions to shareholders		—			(0.87	)		(0.10	)		(0.30	)		(0.03	)

Redemption fees		—			—	⁽²⁾		—			—	⁽²⁾		—

Net asset value, end of period		$ 16.86			$ 15.24			$ 13.64			$ 12.15			$ 12.61

Total investment return⁽³⁾		10.63	%		18.29	%		13.21	%		(0.91	)%		26.39	%⁽⁴⁾

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$55,546			$47,969			$40,765			$43,024			$43,914
Ratio of expenses to average net assets		1.00	%⁽⁵⁾		1.00	%		1.00	%		1.00	%		1.00	%⁽⁵⁾
Ratio of expenses to average net assets
without waivers and expense reimbursements⁽⁶⁾		1.46	%⁽⁵⁾		1.49	%		1.62	%		1.67	%		1.84	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets		0.11	%⁽⁵⁾		0.10	%		0.86	%		(0.01	)%		—	%⁽⁵⁾⁽⁷⁾
Portfolio turnover rate		14.56	%⁽⁸⁾		19.69	%		11.81	%		18.19	%⁽⁹⁾		21.71	%⁽⁸⁾⁽⁹⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Total investment return represents performance for Class I Shares since its commencement of operations on May 28, 2010, and does not include performance of the Predecessor Account.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁷⁾	Amount is less than 0.005%.

⁽⁸⁾	Not annualized.

⁽⁹⁾	Portfolio turnover rate excludes securities received from processing subscription-in-kind.

The accompanying notes are an integral part of the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Private Capital Management Value Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on May 28, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A, Class C, Class I and Class R Shares. Class A Shares are sold subject to a front-end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”) of up to 1.00% may apply for investments of $750,000 or more of Class A Shares (and therefore no initial sales charge was paid) and shares are redeemed within 12 months after initial purchase. The CDSC shall not apply to those purchases of Class A Shares of $750,000 or more where a selling broker-dealer did not receive a commission. As of October 31, 2014, Class C and Class R Shares had not been issued.

On August 30, 2013, the Fund’s adviser, Private Capital Management (“PCM or the “Adviser”), completed a transaction whereby PCM’s former parent company sold PCM to Gregg J. Powers, PCM’s CEO and Chief Investment Officer. As part of that transaction, PCM’s legal structure was changed from a limited partnership (wholly-owned and controlled by Legg Mason, Inc.) to a limited liability company (wholly-owned and controlled through certain intermediary companies by Mr. Powers). The Adviser continued its operations (including its role as the manager of the Fund) as Private Capital Management, LLC. In 2014, PCM’s equity ownership structure was further restructured such that various members of PCM’s senior management team received non-voting equity interests in the firm. As a result of this restructuring, Mr. Powers no longer owns 100% of the economic interests in PCM, though he remains in control of 100% of the voting interests in PCM.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Investments in Securities*	$	58,210,804	$	58,210,804	$	—	$	—

*	Please refer to Portfolio of Investments for further details on portfolio holdings.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Distribution (12b-1) fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are generally allocated to each class based upon the relative daily net assets of each class. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

PCM, serves as the investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.90% of the Fund’s average daily net assets. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 1.00% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2015, 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. As of October 31, 2014, the amount of potential recovery was as follows:


Expiration
4/30/2015	4/30/2016	4/30/2017	4/30/2018
$297,140	$271,563	$266,144	$131,943

As of October 31, 2014 investment advisory fees payable to the adviser were $18,067. For the six-months ended October 31, 2014, the Adviser waived fees of $131,943.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $3,029. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six-months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	8,045,481	$	8,206,403

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six-months ended October 31, 2014 and the year ended April 30, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Year Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class A Shares
Sales		33,508		$	533,470			257,448		$	3,894,335
Reinvestments		—			—			26,000			385,316
Redemption Fees*		—			—			—			168
Redemptions		(274,056	)		(4,379,560	)		(140,969	)		(2,121,694	)

Net Increase/(Decrease)		(240,548	)	$	(3,846,090	)		142,479		$	2,158,125

Class I Shares
Sales		527,487		$	8,481,426			678,192		$	10,223,554
Reinvestments		—			—			165,830			2,467,552
Redemption Fees*		—			—			—			250
Redemptions		(380,055	)		(6,003,447	)		(685,594	)		(10,515,244	)

Net Increase		147,432		$	2,477,979			158,428		$	2,176,112

Total Net Increase/(Decrease)		(93,116	)	$	(1,368,111	)		300,907		$	4,334,237

*	There is a 2.00% redemption fee that may be charged on shares redeemed within the first 30 days of their acquisition. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

5. Federal Tax Information

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the year ended April 30, 2014, the tax character of distributions paid by the Fund was $3,044,303 of long-term capital gains dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation/ (Depreciation)	Qualified Late-Year Losses
$—	$—	$608,289	$17,315,519	$(27,698)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.

At October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation/(depreciation) of securities held by the Fund were as follows:


Federal tax cost	$	37,803,027

Gross unrealized appreciation		22,238,213
Gross unrealized depreciation		(1,830,436	)

Net unrealized appreciation	$	20,407,777

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2014. For the fiscal year ended April 30, 2014, the Fund had late year ordinary loss deferrals of $27,698.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date that the financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

PRIVATE CAPITAL MANAGEMENT VALUE FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 568-1267 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Private Capital Management, LLC

8889 Pelican Bay Boulevard

Suite 500

Naples, FL 34108

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1700

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

PRIVATE CAPITAL MANAGEMENT VALUE FUND

FundVantage Trust

Class A Shares

Class I Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Private Capital Management Value Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Private Capital Management Value Fund.

QUALITY DIVIDEND FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)

Average Annual Total Returns For the Periods Ended October 31, 2014^†

Six
Months^††

1 Year

Since
Inception

Class A Shares (without sales charge)

5.76%

13.92%

16.19%

Class A Shares (with sales charge)

-0.31%

7.37%

10.02%

Class C Shares

5.37%

13.17%

15.42%

S&P 500 Index

8.22%

17.27%

20.71%

S&P 500 Index

8.22%

17.27%

19.88%

^**

^†	Class A Shares commenced operations on September 30, 2013; Class C Shares commenced operations on October 1, 2013.

^††	Not annualized.

*	Benchmark performance is from the inception date of Class A Shares of the Fund (September 30, 2013) only and is not the inception date of the benchmark itself.

**	Benchmark performance is from the inception date of Class C Shares of the Fund (October 1, 2013) only and is not the inception date of the benchmark itself.

The returns of Class A shares reflect a deduction for the maximum front end sales charge of 5.75%. All of the Fund’s share classes apply a 1.00% fee to the value of shares redeemed within 60 days of purchase. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 2.97% and 1.24% for Class A Shares and 3.72% and 1.99% for Class C Shares of the Class’ average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Choice Financial Partners, Inc., d/b/a EquityCompass Strategies (“EquityCompass” 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.99% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in effect until September 30, 2016, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. Total fees would be higher had such fees and expenses not been waived and/or reimbursed.

The Fund intends to evaluate performance as compared to that of the S&P 500. The S&P 500 is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

Mutual fund investing involves risk, including possible loss of principal. The Fund’s dividend income and distributions will fluctuate, and at times the Fund may underperform other funds that invest more broadly or that have different

QUALITY DIVIDEND FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

investment styles. Some of the assets in which the Fund may invest entail special risks. Foreign stocks may be affected by currency fluctuations, social and political instability, and lax regulatory and financial reporting standards. Master Limited Partnerships (“MLPs”) may fluctuate abruptly in value and be difficult to liquidate. Real Estate Investment Trusts (“REITs”) entail risks related to real estate, such as tenant defaults, declining occupancy rates, and falling property values due to deteriorating economic conditions. Listed REIT stocks may fluctuate erratically in market price while non-listed REITs may be illiquid.

QUALITY DIVIDEND FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the six month period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), if any, or redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

QUALITY DIVIDEND FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Quality Dividend Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Class A Shares
Actual		$	1,000.00		$	1,057.60		$	6.43
Hypothetical (5% return before expenses)			1,000.00			1,018.95			6.31
Class C Shares
Actual		$	1,000.00		$	1,053.70		$	10.30
Hypothetical (5% return before expenses)			1,000.00			1,015.17			10.11

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 1.24% and 1.99% for Class A and Class C Shares, respectively, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in the table are based on the actual six month total returns for the Fund of 5.76% and 5.37% for Class A and Class C Shares, respectively.

QUALITY DIVIDEND FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
COMMON STOCKS:
Oil, Gas & Consumable Fuels		20.5	%		$	8,261,888
Diversified Telecommunication Services		10.3				4,152,036
REIT		7.2				2,890,227
Electric Utilities		7.1				2,846,216
Pharmaceuticals		6.9				2,763,677
Energy Equipment & Services		3.6				1,470,089
Multi-Utilities		3.6				1,464,630
Computers & Peripherals		3.6				1,453,132
Chemicals		3.6				1,443,567
Communication Equipment		3.5				1,399,121
Tobacco		3.5				1,393,007
Household Products		3.4				1,392,151
Software		3.4				1,389,297
Hotel, Restaurants & Leisure		3.4				1,383,923
Industrial Conglomerates		3.4				1,373,970
Multiline Retail		3.4				1,364,244
Commercial Banks		3.4				1,354,571
Food Products		3.3				1,344,905
Other Assets in Excess of Liabilities		2.9				1,171,825


NET ASSETS		100.0	%		$	40,312,476

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 97.1%
Chemicals — 3.6%
The Dow Chemical Co.		29,222	$	1,443,567

Commercial Banks — 3.4%
Bank of Montreal (Canada)		18,658		1,354,571

Communications Equipment — 3.5%
Cisco Systems, Inc.		57,177		1,399,121

Computers & Peripherals — 3.6%
Seagate Technology PLC (Ireland)		23,128		1,453,132

Diversified Telecommunication Services — 10.3%
AT&T, Inc.		39,828		1,387,608
BCE, Inc. (Canada)		31,102		1,383,106
Verizon Communications, Inc.		27,489		1,381,322

				4,152,036

Electric Utilities — 7.1%
Duke Energy Corp.		17,694		1,453,562
The Southern Co.		30,040		1,392,654

				2,846,216

Energy Equipment & Services — 3.6%
Ensco PLC (United Kingdom)		36,218		1,470,089

Food Products — 3.3%
Kraft Foods Group, Inc.		23,867		1,344,905

Hotels, Restaurants & Leisure — 3.4%
McDonald’s Corp.		14,765		1,383,923

Household Products — 3.4%
Kimberly-Clark Corp.		12,183		1,392,151


	Number of Shares		Value

COMMON STOCKS — (Continued)
Industrial Conglomerates — 3.4%
General Electric Co.		53,234	$	1,373,970

Multiline Retail — 3.4%
Target Corp.		22,068		1,364,244

Multi-Utilities — 3.6%
Consolidated Edison, Inc.		23,116		1,464,630

Oil, Gas & Consumable Fuels — 20.5%
BP PLC, SP ADR		32,384		1,407,409
Buckeye Partners L.P. ^†		17,501		1,319,575
Enbridge Energy Partners L.P. ^†		37,138		1,339,568
Energy Transfer Partners L.P. ^†		22,358		1,440,526
Kinder Morgan, Inc.		35,413		1,370,483
Royal Dutch Shell PLC, ADR		19,283		1,384,327

				8,261,888

Pharmaceuticals — 6.9%
GlaxoSmithKline PLC, SP ADR		29,943		1,362,107
Pfizer, Inc.		46,797		1,401,570

				2,763,677

REIT — 7.2%
Digital Realty Trust, Inc.		20,888		1,441,063
Omega Healthcare Investors, Inc.		37,976		1,449,164

				2,890,227

Software — 3.4%
Microsoft Corp.		29,591		1,389,297

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
Tobacco — 3.5%
Philip Morris International, Inc.		15,650	$	1,393,007

TOTAL COMMON STOCKS
(Cost $36,716,767)				39,140,651

TOTAL INVESTMENTS - 97.1%
(Cost $36,716,767)				39,140,651

OTHER ASSETS IN EXCESS OF LIABILITIES - 2.9%				1,171,825

NET ASSETS - 100.0%			$	40,312,476

ADR	American Depositary Receipt

L.P.	Limited Partnership

PLC	Public Limited Company

REIT	Real Estate Investment Trust

SP ADR Sponsored Depositary Receipt

†	Master Limited Partnerships

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $36,716,767)	$	39,140,651
Cash		553,927
Receivable for capital shares sold		613,851
Dividends and interest receivable		115,570
Prepaid expenses and other assets		15,599

Total assets		40,439,598

Liabilities
Payable for transfer agent fees		49,189
Payable for administration and accounting fees		22,465
Payable for distribution fees		13,124
Payable for audit fees		11,995
Payable for custodian fees		10,516
Payable for Investment Adviser		2,918
Payable for shareholder servicing fees		2,581
Payable for capital shares redeemed		35
Accrued expenses		14,299

Total liabilities		127,122

Net Assets	$	40,312,476

Net Assets Consisted of:
Capital stock, $0.01 par value	$	35,068
Paid-in capital		37,269,328
Accumulated net investment income		208,071
Accumulated net realized gain from investments		376,125
Net unrealized appreciation on investments		2,423,884

Net Assets	$	40,312,476


Class A:
Net asset value, redemption price per share ($27,230,787 / 2,368,755 shares)			$11.50

Maximum offering price per share (100/94.25 of $11.50)			$12.20


Class C:
Net asset value, offering and redemption price per share ($13,081,689 / 1,138,011 shares)			$11.50

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	667,116
Less: foreign taxes withheld		(11,830	)
Interest		48

Total investment income		655,334

Expenses
Advisory fees (Note 2)		101,852
Distribution fees (Class C) (Note 2)		39,755
Administration and accounting fees (Note 2)		38,350
Transfer agent fees (Note 2)		38,258
Distribution fees (Class A) (Note 2)		29,186
Registration and filing fees		27,951
Trustees’ and officers’ fees (Note 2)		13,599
Legal fees		12,179
Custodian fees (Note 2)		11,611
Audit fees		11,582
Shareholder Servicing fees		13,252
Printing and shareholder reporting fees		8,597
Other expenses		3,756

Total expenses before waivers		349,928

Less: waivers (Note 2)		(99,680	)

Net expenses after waivers		250,248

Net investment income		405,086

Net realized and unrealized gain from investments:
Net realized gain from investments		376,127
Net change in unrealized appreciation on investments		982,934

Net realized and unrealized gain on investments		1,359,061

Net increase in net assets resulting from operations	$	1,764,147

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014*
Increase in net assets from operations
Net investment income		$	405,086			$	227,727
Net realized gain from investments			376,127				92,959
Net change in unrealized appreciation on investments			982,934				1,440,950

Net increase in net assets resulting from operations			1,764,147				1,761,636

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class A			(244,813	)			(118,711	)
Class C			(71,842	)			(27,405	)

Total net investment income			(316,655	)			(146,116	)

Net realized capital gain:
Class A			(63,653	)			—
Class C			(29,308	)			—

Total net realized capital gain			(92,961	)			—

Net decrease in net assets from dividends and distributions to shareholders			(409,616	)			(146,116	)

Increase in Net Assets Derived from Capital Share Transactions (Note 4)			10,124,154				27,218,271

Total increase in net assets			11,478,685				28,833,791

Net assets
Beginning of period			28,833,791				—

End of period		$	40,312,476			$	28,833,791

Accumulated net investment income, end of period		$	208,071			$	119,640

*	The Fund commenced operations on September 30, 2013.

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Financial Highlights


	Class A
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period September 30, 2013* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	11.02			$	10.00

Net investment income⁽¹⁾			0.15				0.16
Net realized and unrealized gain on investments			0.48				0.96

Net increase in net assets resulting from operations			0.63				1.12

Dividends and distributions to shareholders from:
Net investment income			(0.12	)			(0.10	)
Net realized capital gain			(0.03	)			—

Total investment income			(0.15	)			(0.10	)

Redemption Fees			—	⁽²⁾			—	⁽²⁾

Net asset value, end of period		$	11.50			$	11.02

Total investment return⁽³⁾			5.76	%			11.27	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	27,231			$	20,745
Ratio of expenses to average net assets⁽⁴⁾			1.24	%			1.24	%
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾⁽⁵⁾			1.83	%			2.97	%
Ratio of net investment income to average net assets⁽⁴⁾			2.62	%			2.65	%
Portfolio turnover rate⁽⁶⁾			16.10	%			10.71	%

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Financial Highlights

Contained below is per share operating performance data for each Class C Share outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been derived from information provided in the financial statements and should be read in conjunction with the financial statements and the notes thereto.


	Class C
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period October 1, 2013* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	11.02			$	10.00

Net investment income⁽¹⁾			0.11				0.12
Net realized and unrealized gain on investments			0.48				0.96

Net increase in net assets resulting from operations			0.59				1.08

Dividends and distributions to shareholders from:
Net investment income			(0.08	)			(0.06	)
Net realized capital gain			(0.03	)			—

Total dividends and distributions			(0.11	)			(0.06	)

Redemption Fees			—	⁽²⁾			—	⁽²⁾
Net asset value, end of period		$	11.50			$	11.02

Total investment return⁽³⁾			5.37	%			10.84	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	13,082			$	8,089
Ratio of expenses to average net assets⁽⁴⁾			1.99	%			1.99	%
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾⁽⁵⁾			2.57	%			3.72	%
Ratio of net investment income to average net assets⁽⁴⁾			1.87	%			1.46	%
Portfolio turnover rate⁽⁶⁾			16.10	%			10.71	%

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. Total return does not reflect any applicable sales charge.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

QUALITY DIVIDEND FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Quality Dividend Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), which commenced investment operations on September 30, 2013. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares; Class A, Class C and Institutional Class Shares. Class A shares are subject to a front end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”), as a percentage of the lower of the original purchase price or net asset value at redemption, of 1.00% may be imposed on full or partial redemptions of Class A Shares made within twelve months of purchase where (i) $1 million or more of Class A Shares was purchased without an initial sales charge and (ii) the selling broker-dealer received a commission for such sale. A CDSC of 1% may apply to Class C Shares when shares are redeemed within 12 months after initial purchase. As of October 31, 2014, Institutional Class Shares have not been issued.

QUALITY DIVIDEND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Market Value at 10/31/14			Level 1 Quoted Price			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Investments in Securities*		$	39,140,651		$	39,140,651		$	—		$	—

Please refer to Portfolio of Investments for further details.

QUALITY DIVIDEND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

MLP Common Units — Master Limited Partnership (“MLP”) common units represent limited partnership interests in the MLP. Common units are generally listed and traded on the U.S. securities exchanges or OTC with their value fluctuating predominantly based on the success of the MLP. Unlike owners of common stock of a corporation, owners of MLP common units have limited voting rights and have no ability to annually elect directors. MLPs generally distribute all available cash flow (cash flow from operations less maintenance capital expenditures) in the form of quarterly distributions. Common unit holders have first priority to receive quarterly cash distributions up to the minimum quarterly distribution and have arrearage

QUALITY DIVIDEND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

rights. In the event of liquidation, common unit holders have preference over subordinated units, but not debt holders or preferred unit holders, to the remaining assets of the MLP.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid quarterly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Fund, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

2. Transactions with Affiliates and Related Parties

Choice Financial Partners, Inc., doing business as EquityCompass Strategies (“EquityCompass” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.60% of the Fund’s average daily net assets. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 0.99% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in effect until September 30, 2016 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

QUALITY DIVIDEND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

At October 31, 2014, the amount of potential recovery was as follows:


Expiration
April 30, 2017	April 30, 2018
$132,314		$99,680

For the six months ended October 31, 2014, the advisory fees accrued were $101,852 and fees waived by the Adviser were $99,680.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee subject to certain minimum and out of pocket expenses.

BNY Mellon and the Custodian have the ability to recover amounts previously waived if the Fund terminates its agreements with BNY Mellon or the Custodian within three years of signing the agreements.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Class C Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Class C Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% and 1.00%, on an annualized basis, of the average daily net assets of the Fund’s Class A and Class C Shares, respectively.

QUALITY DIVIDEND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

the six months ended October 31, 2014 was $2,240. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	15,252,551	$	5,376,279

4. Capital Share Transactions

For the six months ended October 31, 2014 and the period from September 30, 2013, commencement of operations, to October 31, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Period Ended April 30, 2014
	Shares			Amount			Shares			Amount
Class A
Sales		655,835		$	7,425,912			1,891,844		$	19,696,744
Reinvestments		23,432			266,676			9,576			100,233
Redemption Fees*		—			7,615			—			153
Redemptions		(193,389	)		(2,151,036	)		(18,543	)		(196,132	)

Net Increase		485,878		$	5,549,167			1,882,877		$	19,600,998

Class C
Sales		425,185		$	4,809,542			742,148		$	7,703,227
Reinvestments		7,594			86,620			2,171			22,359
Redemption Fees*		—			3,134			—			62
Redemptions		(28,962	)		(324,309	)		(10,125	)		(108,375	)

Net Increase		403,817		$	4,574,987			734,194		$	7,617,273

Total Net Increase		889,695		$	10,124,154			2,617,071		$	27,218,271

* There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 60 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

QUALITY DIVIDEND FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

5. Federal Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the period ended April 30, 2014, the tax character of distributions paid by the Fund was $146,116 of ordinary income dividends. Distributions from short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward		Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation		Other Temporary Differences
	$—		$176,017		$1,625		$1,486,074		$	(10,167	)

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	36,716,767

Gross unrealized appreciation	$	3,031,543
Gross unrealized depreciation		(607,659	)

Net unrealized appreciation	$	2,423,884

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the period ended April 30, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2014. For the period ended April 30, 2014, the Fund had no capital loss deferrals and no late year ordinary loss.

QUALITY DIVIDEND FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

6. Subsequent Events

QUALITY DIVIDEND FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 201-5799 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Choice Financial Partners, Inc.

d/b/a EquityCompass Strategies

501 North Broadway

St. Louis, MO 63102

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

QUALITY DIVIDEND

FUND

FundVantage Trust

Class A Shares (QDVAX)

Class C Shares (QDVCX)

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Quality Dividend Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Quality Dividend Fund.

SIRIOS FOCUS FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)

†	Not Annualized.

*	The Sirios Focus Fund (the “Fund”) commenced operations on December 20, 2013. Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself. The benchmark does not reflect any expenses or transaction costs.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (866) 640-5704. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 1.64% and 1.51%, respectively, for Institutional Class Shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Sirios Capital Management, L.P. (“Sirios” or the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund to the extent that the Fund’s “Total Annual Fund Operating Expenses,” excluding taxes, any class-specific fees and expenses (such as Rule 12b-1 distribution fees), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.50% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees approves its earlier termination. The Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^®Composite Price Index (“S&P 500^®”). The S&P 500^®is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

SIRIOS FOCUS FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

This example is based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014, through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

SIRIOS FOCUS FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	Sirios Focus Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Institutional Class Shares
Actual		$	1,000.00		$	1,065.10		$	7.70
Hypothetical (5% return before expenses)			1,000.00			1,017.74			7.53

Expenses are equal to an annualized expense ratio for the six month period ended October 31, 2014 of 1.48% for the Institutional Class Shares, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184 days), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in the table are based on the actual six month total return for the Fund of 6.51% for the Institutional Class.

SIRIOS FOCUS FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund:


	% of Net Assets		Value
COMMON STOCKS:
Financials		18.9%	$	12,441,550
Communications		18.6		12,301,786
Industrials		17.3		11,409,638
Health Care		13.4		8,846,865
Consumer Discretionary		9.4		6,230,888
Consumer Staples		7.5		4,936,020
Materials		2.7		1,800,898
Warrants		0.6		401,623
Short-Term Investments		11.8		7,769,289
Liabilities In Excess of Other Assets		(0.2)		(152,177)

NET ASSETS		100.0%	$	65,986,380

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 87.8%
Communications — 18.6%
DISH Network Corp., Class A*		39,645	$	2,523,404
Google, Inc., Class A*		1,903		1,080,657
Time Warner, Inc.		33,485		2,661,053
T-Mobile US, Inc.*		64,522		1,883,397
Verizon Communications, Inc.		51,146		2,570,087
Viacom, Inc., Class B		21,783		1,583,188

				12,301,786

Consumer Discretionary — 9.4%
Lithia Motors, Inc., Class A		2,018		156,637
Penske Automotive Group, Inc.		21,777		985,192
Service Corp. International		109,476		2,394,240
Whirlpool Corp.		15,663		2,694,819

				6,230,888

Consumer Staples — 7.5%
Constellation Brands, Inc., Class A*		53,922		4,936,020

Financials — 18.9%
Bank of America Corp.		186,753		3,204,682
Colony Financial, Inc. REIT		43,579		970,940
Comerica, Inc.		50,687		2,419,797
JPMorgan Chase & Co.		10,633		643,084
NorthStar Realty Finance Corp. REIT		143,656		2,669,128
Signature Bank*		20,919		2,533,919

				12,441,550

Health Care — 13.4%
Becton Dickinson and Co.		16,098		2,071,813
Gilead Sciences, Inc.*		11,669		1,306,928
HCA Holdings, Inc.*		5,783		405,099
Merck & Co., Inc.		14,182		821,705


	Number of Shares		Value

COMMON STOCKS — (Continued)
Health Care — (Continued)
Tenet Healthcare Corp.*		5,505	$	308,555
Universal Health Services, Inc., Class B		9,395		974,355
Valeant Pharmaceuticals International, Inc. (Canada)*		22,237		2,958,410

				8,846,865

Industrials — 17.3%
Acuity Brands, Inc.		15,379		2,144,294
Airbus Group NV (France)		26,319		1,569,925
Greenbrier Cos, Inc. (The)		5,691		355,915
JB Hunt Transport Services, Inc.		3,283		261,885
Kansas City Southern		7,082		869,599
Old Dominion Freight Line, Inc.*		23,986		1,747,860
Precision Castparts Corp.		8,062		1,779,283
Saia, Inc.*		21,624		1,060,009
Union Pacific Corp.		13,919		1,620,868

				11,409,638

Materials — 2.7%
Sherwin-Williams Co. (The)		7,845		1,800,898

TOTAL COMMON STOCKS (Cost $54,007,183)				57,967,645

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value

WARRANTS — 0.6%
United States — 0.6%
JPMorgan Chase & Co., strike price @ $42.42, Expires 10/28/18*		20,284	$	401,623

TOTAL WARRANTS
(Cost $371,633)				401,623


SHORT-TERM INVESTMENTS — 11.8%
Money Market Fund — 5.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.01%^(a)		3,772,293		3,772,293


	Par Value
U.S. Treasury Obligations — 6.1%
U.S. Treasury Bill 0.06%09/17/2015^(b)	$	4,000,000		3,996,996

TOTAL SHORT-TERM INVESTMENTS (Cost $7,769,982)				7,769,289


	Value

TOTAL INVESTMENTS - 100.2%
(Cost $62,148,798)	$	66,138,557
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(152,177	)

NET ASSETS - 100.0%	$	65,986,380

*	Non-income producing.

^(a)	Rate periodically changes. Rate disclosed is the daily yield on October 31, 2014.

^(b)	Short-term investments reflect the annualized effective yield on the date of purchase for discounted investments.

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)

Forward foreign currency contracts outstanding as of October 31, 2014 were as follows:

Currency Purchased

Currency Sold

Settle Date

Counterparty

Unrealized
Appreciation/
(Depreciation)

EUR

1,125,000

USD

1,430,402

01/15/15

BNY

$ (19,890)

USD

3,067,687

EUR

2,380,000

01/15/15

BNY

83,671

Net unrealized appreciation on forward foreign currency contracts:

$ 63,781

Legend

BNY	Bank of New York Mellon

EUR

Euro

REIT	Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $62,148,798)	$	66,138,557
Cash		710
Receivable for investments sold		580,686
Receivable for capital shares sold		6,600,000
Dividends and interest receivable		17,748
Prepaid expenses and other assets		21,554
Forward foreign currency contracts appreciation		83,671

Total assets		73,442,926

Liabilities
Payable for investments purchased		7,313,870
Payable to Investment Adviser		30,600
Payable for administration and accounting fees		21,674
Payable for custodian fees		21,034
Payable for transfer agent fees		10,091
Forward foreign currency contracts depreciation		19,890
Accrued expenses		39,387

Total liabilities		7,456,546

Net Assets	$	65,986,380

Net Assets Consisted of:
Capital stock, $0.01 par value	$	62,099
Paid-in capital		61,290,189
Accumulated net investment income		1,695,375
Accumulated net realized loss from investments		(1,114,847	)
Net unrealized appreciation on investments, forward foreign currency contracts and translation of assets and liabilities denominated in foreign currency		4,053,564

Net Assets	$	65,986,380


Institutional Class:
Shares Outstanding:		6,209,852

Net asset value, offering and redemption price per share ($65,986,380 / 6,209,852 shares)	$	10.63

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	455,983
Less: foreign taxes withheld		(3,456	)
Interest		1,496

Total investment income		454,023

Expenses
Advisory fees (Note 2)		328,779
Administration and accounting fees (Note 2)		38,420
Legal fees		19,849
Registration and filing fees		15,708
Transfer agent fees (Note 2)		14,561
Audit fees		14,156
Custodian fees (Note 2)		12,328
Printing and shareholder reporting fees		9,625
Trustees’ and officers’ fees (Note 2)		9,022
Other expenses		3,001

Total expenses before recoupment		465,449

Plus: Expenses recouped (Note 2)		21,856

Net expenses after recoupment		487,305

Net investment loss		(33,282	)

Net realized and unrealized gain/(loss) from investments:
Net realized loss from investments		(459,754	)
Net realized gain from foreign currency transactions*		90,295
Net change in unrealized appreciation on investments		4,476,373
Net change in unrealized depreciation on foreign exchange translation		(279	)
Net change in unrealized appreciation on forward foreign currency contracts**		137,198

Net realized and unrealized gain on investments		4,243,833

Net increase in net assets resulting from operations	$	4,210,551

*	Includes $138,893 realized loss on closed forward foreign currency contracts. Primary risk is foreign currency contracts.

**	Primary risk is foreign currency contracts.

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014*
Increase in net assets from operations:
Net investment income/(loss)		$	(33,282	)		$	1,798,450
Net realized loss from investments, forward foreign exchange currency contracts and foreign currency transactions			(369,459	)			(827,978	)
Net change is unrealized appreciation/(depreciation) from investments, forward foreign currency contracts and foreign currency translations			4,613,292				(559,728	)

Net increase in net assets resulting from operations			4,210,551				410,744

Increase/(Decrease) in Net Assets Derived from Capital Share Transactions (Note 4)			(19,300,000	)			80,665,085

Total increase/(decrease) in net assets			(15,089,449	)			81,075,829

Net assets
Beginning of period			81,075,829				—

End of period		$	65,986,380			$	81,075,829

Accumulated net investment income, end of period		$	1,695,375			$	1,728,657

*	The Fund commenced operations on December 20, 2013.

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Financial Highlights


	Institutional Class
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period December 20, 2013* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	9.98			$	10.00


Net investment income/(loss)⁽¹⁾			(0.01	)			0.33	⁽²⁾
Net realized and unrealized gain/(loss) on investments			0.66				(0.35	)

Net increase/(decrease) in net assets resulting from operations			0.65				(0.02	)

Net asset value, end of period		$	10.63			$	9.98

Total investment return⁽³⁾			6.51	%			(0.20	)%

Ratios/Supplemental Data
Net assets, end of period (000’s omitted)		$	65,986			$	81,076
Ratio of expenses to average net assets⁽⁴⁾			1.48	%			1.50	%
Ratio of expenses to average net assets without waivers, expense reimbursements and recoupments, if any⁽⁴⁾⁽⁵⁾			1.42	%			1.63	%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾			(0.10	)%			9.29	%⁽²⁾
Portfolio turnover rate⁽⁶⁾			103.31	%			76.17	%

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	For the period ended April 30, 2014, net investment income per share reflects the receipt of a special dividend which amounted to $0.35 per share. Excluding the special dividend, the ratio of net investment income to average net assets would have been (0.62)%.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived or recouped. If such fee waivers /recoupments had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

SIRIOS FOCUS FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The Sirios Focus Fund (the “Fund”) is a non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on December 20, 2013. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers Class A, Class C, Institutional Class and Retail Class Shares. As of October 31, 2014, Class A, Class C and Retail Class Shares have not been issued.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the FundVantage Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, which approximates market value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Forward exchange contracts are valued at the forward rate. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith under the direction of the Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to the Adviser the responsibility for applying the valuation methods. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Fair Value Measurements — The inputs and valuations techniques used to measure fair value of the Fund’s net assets are summarized into three levels as described in the hierarchy below:


• Level 1	—	quoted prices in active markets for identical securities;

• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s assets carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	57,967,645	$	57,967,645	$	—	$	—
Warrants		401,623		—		401,623		—
Short-Term Investments		7,769,289		3,772,293		3,996,996		—
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts		83,671		—		83,671		—

Total Assets	$	66,222,228	$	61,739,938	$	4,482,290	$	—

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


	Total Value at 10/31/14			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts	$	(19,890	)	$	—		$ (19,890)	$	—

Total Liabilities	$	(19,890	)	$	—		$ (19,890)	$	—

*	Please refer to Portfolio of Investments for further details on portfolio holdings.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between Levels are based on values at the end of the period. U.S. GAAP also require the Fund to disclose amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Use of Estimates — The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance un U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

Forward Foreign Currency Contracts — A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. A fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. The fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract.

For the six months ended October 31, 2014, the Fund’s average volume of forward foreign currency contracts is as follows:


Forward Foreign Currency Contracts - Payable (Value At Trade Date)		Forward Foreign Currency Contracts - Receivable (Value At Trade Date)
$(2,557,758)		$2,557,758

Currency Risk — The Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

2. Transactions with Affiliates and Related Parties

Sirios Capital Management, L.P. (“Sirios” or the “Adviser”) serves as the investment advisor to the Fund pursuant to an investment advisory agreement with the Trust (“Advisory Agreement”). For its services, the Adviser earns a monthly fee at the annual rate of 1.00% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive or otherwise reduce its annual compensation received from the Fund to the extent that the Fund’s “Total Annual Fund Operating Expenses,” excluding taxes, any class-specific fees and expenses (such as Rule 12b-1 distribution fees), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, exceed 1.50% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2017, unless the Board of Trustees approves its earlier termination. The Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. As of October 31, 2014, the amount of potential recovery is as follows:

Expiration

April 30, 2017

$3,006

As of October 31, 2014, investment advisory fees payable to the Adviser were $30,600. For the six months ended October 31, 2014, the Adviser recouped fees of $21,856 waived in prior periods.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”), serves as administrator and transfer agent for the Fund.

For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average net assets, subject to certain minimum monthly fees.

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six months ended October 31, 2014 was $3,562. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	58,796,301	$	73,550,230

4. Capital Share Transactions

For the six months ended October 31, 2014 and the period ended April 30, 2014 transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Period Ended April 30, 2014
	Shares			Value			Shares			Value
Sales		2,493,718		$	26,050,000			9,654,929		$	95,864,794
Redemptions		(4,409,649	)		(45,350,000	)		(1,529,146	)		(15,199,709	)

Net Increase (Decrease)		(1,915,931	)	$	(19,300,000	)		8,125,783		$	80,665,085

5. Federal Tax Information

SIRIOS FOCUS FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state, and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

For the period ended April 30, 2014, the Fund had no ordinary income dividends. Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized (Depreciation)	Other Temporary Differences
$—	$1,942,932	$—	$(1,511,322)	$(8,069)

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:


Federal tax cost	$	62,148,798

Gross unrealized appreciation	$	4,195,015
Gross unrealized depreciation		(205,256	)

Net unrealized depreciation	$	3,989,759

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the period ended April 30, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2014. For the period ended April 30, 2014, the Fund had no capital loss deferrals.

Accumulated capital losses represent net capital loss carryovers as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

SIRIOS FOCUS FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

6. Subsequent Events

SIRIOS FOCUS FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (866) 640-5704 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Sirios Capital Management, L.P.

One International Place

Boston, MA 02110

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassat Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

SIRIOS FOCUS FUND

FundVantage Trust

Institutional Class Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the Sirios Focus Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Sirios Focus Fund.

SKYBRIDGE DIVIDEND VALUE FUND

Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear Fellow Shareholder,

We are excited to have completed our first semi-annual period of fund operations.

The S&P 500^® was up 8.22% for the six months between April 30th and October 31st. During the same time period, our SkyBridge Dividend Value Fund’s Class I shares (SKYIX) slightly underperformed its benchmark. Underweighting the financial and healthcare sectors hurt relative performance, while underweighting the materials and industrials sectors helped relative performance.

The top three performing companies over the time period were Intel Corporation (represented 4.10% of the fund’s portfolio as of 10/31/14), L Brands, Inc. (0.00%) and Dr. Pepper Snapple Group, Inc. (4.09%). The bottom three performing companies were Tupperware Brands Corporation (represented 2.43% of the fund’s portfolio as of 10/31/14), Mattel, Inc. (2.59%) and Coach, Inc. (2.24%).

The Fund invests primarily in dividend yielding equity securities for which there is no guarantee that a company will increase or continue to pay dividends over time. The Fund is subject to overall market risks which will cause its value to fluctuate over time as well as the Adviser’s ability to select securities to meet its objective.

Our rules-based process allows us to take a long view, and our strategy aims to outperform the S&P 500^® over three year rolling time periods (net of fees and expenses). The repeatable investment process seeks to identify profitable, attractively valued securities with appealing dividends and favors long term gains.

We believe the current low interest rate environment generally favors equities over bonds, especially considering the tax advantages of equity dividends over bond income. As always, we thank you for your support.

Sincerely,

Brendan Voege

Portfolio Manager

Current and future portfolio holdings are subject to change and risk.

SKYBRIDGE DIVIDEND VALUE FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)


Total Returns for the Period Ended October 31, 2014†

	Six Months	Since Inception
Class A Shares (without sales charge)*	N/A		1.68	%
Class A Shares (with sales charge)*	N/A		-4.17	%
S&P 500^® Index	N/A		5.28	%^(a)
Class C Shares*	N/A		6.23	%
S&P 500^® Index	N/A		8.37	%^(b)
Class I Shares**	4.25%		6.55	%
S&P 500^® Index	8.22%		9.41	%^(c)

†	Not Annualized.

*	Class A Shares and Class C Shares of the SkyBridge Dividend Value Fund (the “Fund”) commenced operations on June 13, 2014 and October 17, 2014, respectively.

**	Class I Shares of the SkyBridge Dividend Value Fund (the “Fund”) commenced operations on April 7, 2014.

^(a)	Benchmark performance is from inception date of Class A Shares of the Fund (June 13, 2014) only and is not the inception date of the benchmark itself.

^(b)	Benchmark performance is from inception date of Class C Shares of the Fund (October 17, 2014) only and is not the inception date of the benchmark itself.

^(c)	Benchmark performance is from inception date of Class I Shares of the Fund (April 7, 2014) only and is not the inception date of the benchmark itself.

The returns shown for Class A Shares reflect a deduction for the maximum front-end sales charge of 5.75%. The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated September 1, 2014, are 2.32% and 1.25% for Class A Shares, 3.07% and 2.00% for Class C Shares and 2.07% and 1.00% for Class I Shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. SkyBridge Capital II, LLC (“SkyBridge” or the “Adviser”) has contractually agreed to reduce its management fee and/or reimburse certain expenses so as to limit expenses. The Expense Limitation (the “Expense Limitation”) will remain in place for three (3) years from the date of the Fund’s inception, unless the Board of Trustees approves its earlier termination. Total returns would be lower had such fees and expenses not been waived and/or reimbursed. 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. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

SKYBRIDGE DIVIDEND VALUE FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

The Fund intends to evaluate performance as compared to that of the S&P 500^® Index. The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is not possible to invest in an index.

SKYBRIDGE DIVIDEND VALUE FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the period from May 1, 2014 through October 31, 2014 and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any) or redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

SKYBRIDGE DIVIDEND VALUE FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	SkyBridge Dividend Value
	Beginning Account Value		Ending Account Value October 31, 2014			Expenses Paid During Period*
Class A Shares†
Actual		$1,000.00		$	1,016.80		$	4.73
Hypothetical (5% return before expenses)		1,000.00			1,018.90			6.36
Class C Shares††
Actual		$1,000.00		$	1,062.30		$	0.62
Hypothetical (5% return before expenses)		1,000.00			1,015.12			10.16
Class I Shares
Actual		$1,000.00		$	1,042.50		$	5.15
Hypothetical (5% return before expenses)		1,000.00			1,020.16			5.09

†	Class A Shares commenced operations on June 13, 2014.

††	Class C Shares commenced operations on October 17, 2014.

Expenses are equal to an annualized expense ratio for the period beginning June 13, 2014 and October 17, 2014, commencement of operations, to October 31, 2014 of 1.25% and 2.00% for Class A and Class C, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (137 and 11, respectively), then divided by 365 to reflect the period. The Funds’ ending account values on the first line in the table are based on the actual total returns for a Fund since commencement of operations of 1.68% and 6.23% for Class A and Class C, respectively. Hypothetical expenses are as if the Funds had been in existence from May 1, 2014, and are equal to its annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (184), then divided by 365 to reflect the period. Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended October 31, 2014 of 1.00% for Class I, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184) then divided by 365 days to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six-month total return for the Fund of 4.25%.

SKYBRIDGE DIVIDEND VALUE FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets		Value
COMMON STOCKS:
Consumer Staples		27.6%	$	9,726,358
Consumer Discretionary		19.7		6,945,570
Information Technology		16.9		5,935,154
Telecommunication Services		9.9		3,494,627
Energy		9.6		3,363,010
Industrials		6.5		2,274,650
Health Care		6.2		2,196,017
Short-Term Investment		0.4		125,951
Other Assets in Excess of Liabilities		3.2		1,134,507

NET ASSETS		100.0%	$	35,195,844

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 96.4%
Consumer Discretionary — 19.7%
Coach, Inc.		22,211	$	763,614
GameStop Corp., Class A		25,464		1,088,841
Mattel, Inc.		28,432		883,382
McDonald’s Corp.		11,255		1,054,931
Omnicom Group, Inc.		15,694		1,127,771
Six Flags Entertainment Corp.		29,685		1,196,305
Tupperware Brands Corp.		13,031		830,726

				6,945,570

Consumer Staples — 27.6%
Altria Group, Inc.		28,725		1,388,566
Coca-Cola Co. (The)		27,839		1,165,897
Dr Pepper Snapple Group, Inc.		20,137		1,394,487
Kellogg Co.		16,586		1,060,840
Kraft Foods Group, Inc.		18,659		1,051,435
Lorillard, Inc.		20,137		1,238,425
Philip Morris International, Inc.		13,031		1,159,889
Reynolds American, Inc.		20,137		1,266,819

				9,726,358

Energy — 9.6%
Chevron Corp.		9,182		1,101,381
CVR Energy, Inc.		23,989		1,165,386
PBF Energy, Inc., Class A		42,050		1,096,243

				3,363,010

Health Care — 6.2%
Merck & Co., Inc.		19,838		1,149,414
Pfizer, Inc.		34,945		1,046,603

				2,196,017

Industrials — 6.5%
General Electric Co.		42,050		1,085,310


	Number of Shares		Value

COMMON STOCKS — (Continued)
Industrials — (Continued)
RR Donnelley & Sons Co.		68,157	$	1,189,340

				2,274,650

Information Technology — 16.9%
CA, Inc.		34,945		1,015,502
Cisco Systems, Inc.		47,678		1,166,681
Intel Corp.		41,165		1,400,022
Lexmark International, Inc., Class A		23,692		1,022,547
Symantec Corp.		53,602		1,330,402

				5,935,154

Telecommunication Services — 9.9%
AT&T, Inc.		30,501		1,062,655
Verizon Communications, Inc.		22,211		1,116,103
Windstream Holdings, Inc.		125,560		1,315,869

				3,494,627

TOTAL COMMON STOCKS (Cost $33,782,841)				33,935,386

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Portfolio of Investments (Continued)

October 31, 2014

(Unaudited)


	Number of Shares		Value

SHORT-TERM INVESTMENT — 0.4%
Money Market Fund — 0.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.00%, ^(a)		125,951	$	125,951

TOTAL SHORT-TERM INVESTMENT (Cost $125,951)				125,951

TOTAL INVESTMENTS - 96.8%
(Cost $33,908,792)				34,061,337
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.2%				1,134,507

NET ASSETS - 100.0%			$	35,195,844

^(a)	Rate periodically changes. Rate disclosed is the daily yield on October 31, 2014.

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Statement of Assets and Liabilities

October 31, 2014

(Unaudited)


Assets
Investments, at value (Cost $33,908,792)	$	34,061,337
Cash		114
Receivable from Investment Adviser		13,641
Receivable for capital shares sold		1,111,019
Dividends and interest receivable		25,322
Prepaid expenses and other assets		47,675

Total assets		35,259,108

Liabilities
Payable for capital shares redeemed		848
Payable for administration and accounting fees		20,601
Payable for transfer agent fees		10,857
Payable for custodian fees		7,962
Payable for legal fees		7,607
Payable for audit fees		7,484
Accrued expenses		7,905

Total liabilities		63,264

Net Assets	$	35,195,844

Net Assets Consisted of:
Capital stock, $0.01 par value	$	33,301
Paid-in capital		34,868,324
Accumulated net investment income		12,797
Accumulated net realized gain from investments		128,877
Net unrealized appreciation on investments		152,545

Net Assets	$	35,195,844


Class A:
Net asset value, offering and redemption price per share ($16,477,840 / 1,559,273 shares)			$10.57

Maximum offering price per share (100/94.25 of $10.57)			$11.21

Class C:
Net asset value, offering and redemption price per share ($245,125 / 23,199 shares)			$10.57

Class I:
Net asset value, offering and redemption price per share ($18,472,879 / 1,747,604 shares)			$10.57

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Statement of Operations

For the Six Months Ended October 31, 2014

(Unaudited)


Investment Income
Dividends	$	338,128
Interest		31

Total investment income		338,159

Expenses
Advisory fees (Note 2)		69,015
Administration and accounting fees (Note 2)		38,392
Printing and shareholder reporting fees		31,397
Transfer agent fees (Note 2)		24,493
Audit fees		15,597
Distribution fees (Class A) (Note 2)		14,793
Legal fees		13,901
Custodian fees (Note 2)		9,186
Registration and filing fees		6,895
Trustees’ and officers’ fees (Note 2)		6,614
Distribution fees (Class C) (Note 2)		21
Other expenses		3,752

Total expenses before waivers and reimbursements		234,056

Less: waivers and reimbursements (Note 2)		(127,213	)

Net expenses after waivers and reimbursements		106,843

Net investment income		231,316

Net realized and unrealized gain from investments:
Net realized gain from investments		128,703
Net change in unrealized appreciation on investments		151,060

Net realized and unrealized gain on investments		279,763

Net increase in net assets resulting from operations	$	511,079

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Statement of Changes in Net Assets


	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period Ended April 30, 2014*
Increase in net assets from operations:
Net investment income		$	231,316			$	31
Net realized gain from investments			128,703				174
Net change in unrealized appreciation from investments			151,060				1,485

Net increase in net assets resulting from operations			511,079				1,690

Less Dividends and Distributions to Shareholders from:
Net investment income:
Class A			(114,679	)			—
Class I			(103,871	)			—

Total net investment income			(218,550	)			—

Increase in Net Assets Derived from Capital Share Transactions (Note 4)			34,786,625				115,000

Total increase in net assets			35,079,154				116,690

Net assets
Beginning of period			116,690				—

End of period		$	35,195,844			$	116,690

Accumulated net investment income, end of period		$	12,797			$	31

*	The Fund commenced operations on April 7, 2014.

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Financial Highlights


	Class A
	For the Period June 13, 2014* to October 31, 2014 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$	10.47


Net investment income⁽¹⁾			0.09
Net realized and unrealized gain on investments			0.08

Net increase in net assets resulting from operations			0.17

Dividends and distributions to shareholders from:
Net investment income			(0.07	)

Net asset value, end of period		$	10.57

Total investment return⁽²⁾			1.68	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	16,478
Ratio of expenses to average net assets			1.25	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			2.17	%⁽³⁾
Ratio of net investment income to average net assets			2.47	%⁽³⁾
Portfolio turnover rate			11.08	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Financial Highlights


	Class C
	For the Period October 17, 2014* to October 31, 2014 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$	9.95


Net investment loss⁽¹⁾			(0.01	)
Net realized and unrealized gain on investments			0.63

Net increase in net assets resulting from operations			0.62

Net asset value, end of period		$	10.57

Total investment return⁽²⁾			6.23	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	245
Ratio of expenses to average net assets			2.00	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			3.86	%⁽³⁾
Ratio of net investment loss to average net assets			(2.00	)%⁽³⁾
Portfolio turnover rate			11.08	%⁽⁵⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾

Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. Total return does not reflect any applicable sales charge.

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁵⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Financial Highlights


	Class I
	For the Six Months Ended October 31, 2014 (Unaudited)				For the Period April 7, 2014* to April 30, 2014
Per Share Operating Performance
Net asset value, beginning of period		$	10.23			$	10.00


Net investment income⁽¹⁾			0.13				—	⁽²⁾
Net realized and unrealized gain on investments			0.29				0.23

Net increase in net assets resulting from operations			0.42				0.23

Dividends and distributions to shareholders from:
Net investment income			(0.08	)			—

Net asset value, end of period		$	10.57			$	10.23

Total investment return⁽³⁾			4.25	%			2.30	%

Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	18,473			$	117
Ratio of expenses to average net assets			1.00	%⁽⁴⁾			1.00	%⁽⁴⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁵⁾			3.22	%⁽⁴⁾			646.65	%⁽⁴⁾
Ratio of net investment income to average net assets			2.59	%⁽⁴⁾			0.79	%⁽⁴⁾
Portfolio turnover rate			11.08	%⁽⁶⁾			1.98	%⁽⁶⁾

*	Commencement of operations.

⁽¹⁾	The selected per share data was calculated using the average shares outstanding method for the period.

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁶⁾	Not annualized.

The accompanying notes are an integral part of the financial statements.

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements

October 31, 2014

(Unaudited)

1. Organization and Significant Accounting Policies

The SkyBridge Dividend Value Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced operations on April 7, 2014. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers Class A, Class C and Class I Shares. Class A Shares are sold subject to a front-end sales charge. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”) may be applicable to the purchase of Class A Shares. A CDSC, as a percentage of the lower of the original purchase price or net asset value at redemption, of up to 1.00% may be imposed on full or partial redemptions of Class A Shares made within eighteen months of purchase where: (i) $1 million or more of Class A Shares were purchased without an initial sales charge and (ii) the selling broker-dealer received a commission for such sale.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

•

Level 1 — quoted prices in active markets for identical securities;

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)


• Level 2	—	other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and

• Level 3	—	significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used, as of October 31, 2014, in valuing the Fund’s investments carried at fair value:


	Total Value at 10/31/14		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	33,935,386	$	33,935,386	$	—	$	—
Short-Term Investment		125,951		125,951		—		—

Total Investments	$	34,061,337	$	34,061,337	$	—	$	—

Please refer to Portfolio of Investments for further details on portfolio holdings.

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all transfers in and out of each Level within the three-tier hierarchy are disclosed when the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the six months ended October 31, 2014, there were no transfers between Levels 1, 2 and 3 for the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income are declared and paid quarterly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Fund, after deducting any available capital loss carryovers, are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets.

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.

2. Transactions with Affiliates and Related Parties

SkyBridge Capital II, LLC (“SkyBridge” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.75% of the Fund’s average daily net assets. 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 12b-1 fees and any other expenses designated as being class-specific, as well as interest, extraordinary items, “Acquired Fund fees and expenses” 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 for three years from the date of the Fund’s inception, unless the Board of Trustees approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the year in which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. As of October 31, 2014, the amount of potential recovery was as follows:


Expiration
April 30, 2017		April 30, 2018
$25,454		$127,213

For the six months ended October 31, 2014, the investment adviser waived fees and reimbursed expenses of $69,015 and $58,198, respectively.

BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund.

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

For providing transfer agency services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors LLC (the “Underwriter”) provides principal underwriting services to the Fund.

The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Class C Shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Class C Shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% and 1.00% (0.75% distribution fee and 0.25% shareholder service fee), respectively, on an annualized basis of the average daily net assets of the Fund’s Class A and Class C Shares.

The Trustees of the Trust who are not officers or employees of an investment adviser, sub-adviser or other service provider to the Trust receive compensation in the form of an annual retainer and per meeting fees for their services as a Trustee. The remuneration paid to the Trustees by the Fund during the six-months ended October 31, 2014 was $1,581. Certain employees of BNY Mellon serve as Officers of the Trust. They are not compensated by the Fund or the Trust.

3. Investment in Securities

For the six months ended October 31, 2014, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	35,571,156	$	2,030,353

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements (Continued)

October 31, 2014

(Unaudited)

4. Capital Share Transactions

For the six months or period ended October 31, 2014, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Period Ended April 30, 2014
	Shares			Amount			Shares		Amount
Class A Shares*
Sales		1,593,519		$	16,696,488			—	$	—
Reinvestments		11,079			114,718			—		—
Redemptions		(45,325	)		(473,795	)		—		—

Net increase		1,559,273		$	16,337,411			—	$	—

Class C Shares**
Sales		23,199		$	238,765			—	$	—

Net increase		23,199		$	238,765			—	$	—

Class I Shares
Sales		1,745,049		$	18,303,075			11,412	$	115,000
Reinvestments		10,177			105,131			—		—
Redemptions		(19,034	)		(197,757	)		—		—

Net increase		1,736,192		$	18,210,449			11,412	$	115,000


Total Net Increase		3,318,664		$	34,786,625			11,412	$	115,000

*	Class A Shares commenced operations on June 13, 2014.

**	Class C Shares commenced operations on October 17, 2014.

5. Federal Tax Information

For the period ended April 30, 2014, no distributions were paid by the Fund.

SKYBRIDGE DIVIDEND VALUE FUND

Notes to Financial Statements (Concluded)

October 31, 2014

(Unaudited)

As of April 30, 2014, the components of distributable earnings on a tax basis were as follows:


Capital Loss Carryforward		Undistributed Ordinary Income	Undistributed Long-Term Gain	Unrealized Appreciation
	$ —	$205	$—	$1,485

As of October 31, 2014, the federal tax cost, aggregate gross unrealized appreciation/(depreciation) of securities held by the Fund were as follows:


Federal tax cost	$	33,908,792

Gross unrealized appreciation	$	938,051
Gross unrealized depreciation		(785,506	)

Net unrealized appreciation	$	152,545

Pursuant to the federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the period ended April 30, 2014, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2014. For the period ended April 30, 2014, the Fund had no short-term capital loss deferrals and no long-term capital loss deferrals.

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2014 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of April 30, 2014, the Fund did not have any capital loss carryforwards.

6. Subsequent Events

SKYBRIDGE DIVIDEND VALUE FUND

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 919-6885 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

SkyBridge Capital II, LLC

527 Madison Avenue, 16^th Floor

New York, New York 10022

Administrator

BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

One Wall Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7042

Legal Counsel

Pepper Hamilton LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

LOGO

SkyBridge Dividend

Value Fund

FundVantage Trust

Class A Shares

Class C Shares

Class I Shares

SEMI-ANNUAL

REPORT

October 31, 2014

(Unaudited)

This report is submitted for the general information of the shareholders of the SkyBridge Dividend Value Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the SkyBridge Dividend Value Fund.

WHV INTERNATIONAL EQUITY FUND

Semi-Annual Investment Adviser’s Report

October 31, 2014

(Unaudited)

Dear WHV International Equity Fund Shareholder,

Market Overview

Global markets were mixed during the six months from May 1, 2014 to October 31, 2014 (“the fiscal period”) with the S&P 500 Index^® posting a gain for the fiscal period while the benchmark MSCI EAFE (Gross) Index, which is highly exposed to Japan and the eurozone, closed the fiscal period with a notable -4.63% loss. This growing divergence of global developed markets was mirrored accordingly in the WHV International Equity Fund: our holdings that were most exposed to the strong North American economy — notably Canadian Pacific Railway, Canadian National Railway Company and Novartis — outperformed despite little company-specific news flow during the quarter; and those in the energy sector most affected by the falling price of oil such as Weatherford International, Nabors Industries and Core Laboratories underperformed.

During the fiscal period, disappointing economic growth in the eurozone and China placed downward pressure on our economically sensitive investments. Expectations for global growth were downgraded as the period progressed, which negatively impacted our stocks in the energy and materials sectors. The International Monetary Fund’s (IMF) forecast for the world’s real GDP growth rate for 2014 was reduced from 3.6% to 3.3%¹, which would only be equal to 2013’s tepid growth rate. An acceleration in global growth appears to be delayed a year as the IMF now expects global growth to rise to 3.8%¹ in 2015. We believe that the markets would be expected to resume their focus on WHV’s preferred sectors of energy, materials and industrials once positive growth momentum resumes. Despite the weak six-month period, the WHV International Equity Fund still generated a small positive return for the nine months ending September 30, 2014 compared to a small loss for the benchmark index.

Eurozone growth rate estimates for 2014 deteriorated from 1.2% to only 0.8%¹ as the region continued to be negatively impacted by structural and deflationary forces, which have been deleterious to consumer and business confidence. Lackluster job creation and negligible inflation has discouraged consumer spending and business investment in the region. In our view, the European Central Bank’s (ECB) monetary policies are still not sufficiently stimulative to allow the eurozone to both reduce its unemployment rate from 11.5%² into the single digits and to push its inflation rate significantly above 0.5%³. However, ECB President Mario Draghi has stated that more aggressive monetary accommodation could be implemented if the financial and economic health of the eurozone deteriorates further.

The eurozone’s sluggish growth has been compounded by the turmoil in neighboring Ukraine. The instability instigated by pro-Russian separatists in eastern Ukraine has compelled the United States and Europe to institute multiple rounds of economic sanctions on Russia, a major trading partner of the eurozone. The sanctions will likely have the intended effect of reducing exports from the eurozone to Russia as they will likely cause a lower Russian growth rate and thus, potentially, lower import requirements. The eurozone also relies on Russia for a substantial percentage of its oil and gas supplies, and a potential risk is that Russia retaliates against the West by either curtailing energy exports or raising prices to the eurozone, which would increase Europe’s fuel costs.

China also weighed on global growth during the fiscal period. In March, China’s Premier Li boldly forecasted that his country would grow 7.5% in 2014 and, so far, the government’s micromanagement of their economy with small stimulus programs has brought the country close to that growth target. China’s real GDP growth for the second quarter ticked up to 7.5% compared to 7.4% for the first quarter⁴, more than double the growth rate for the rest of the world. However, some economists are concerned that China’s growth rate gradually slipped during the third

WHV INTERNATIONAL EQUITY FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

quarter as its policymakers engaged in monetary and fiscal policies to rebalance the economy towards consumption and away from industrial production while simultaneously attempting to deleverage the public and private sectors.

We would expect China’s policymakers to engage in additional mini-stimulus programs if its growth rate slips below 7% during the 2014 to 2015 period — as they have historically — as we believe history has shown that higher unemployment could lead to social instability and threaten the state. The Communist Party of China has witnessed how mass social unrest can develop quickly into full-scale revolution that can then overthrow unpopular regimes: examples include Eastern Europe (1989), Soviet Union (1991), Egypt (2011), Libya (2011), Tunisia (2011) and Ukraine (2014). China has the potential financial firepower to cushion shortfalls in economic growth and job creation if it were to deploy part of its massive foreign exchange reserves of $4 trillion to support its economy. We believe the financial strength of a nation may be expressed in the value of its currency, and China’s currency has been one of the strongest in the world.

Finally, there was the drop in the price of oil. North Sea Brent crude oil prices fell during the fiscal period as the Islamic terrorist group ISIS’ invasion into oil-rich Iraq was halted by a U.S.-Arab coalition in Iraq and Syria. In addition, the conflict between the Ukrainian government and Russian-supported separatists in eastern Ukraine has evolved into an uneasy stalemate with periodic ceasefires interrupted by violence. Market participants pushed oil prices up during the second quarter with the expectation that oil production in Iraq and/or Russia would be threatened, and then they liquidated long oil positions in the third quarter as major oil production curtailments appeared highly unlikely over the short-term. However, heightened security risks, economic sanctions and the potential for energy resource nationalization may motivate Western energy companies to deploy fewer investment funds to Iraq and Russia, which would reduce the oil production growth profile for both countries and tighten the longer term supply/demand balance for oil. In our view, the instability in Syria, Iraq, Ukraine and Russia could continue for an indefinite period and support a geopolitical risk premium for the crude oil markets and energy equities.

In summary, events in the eurozone and China appeared to lead a deceleration of global growth during the fiscal period, which appeared to act as a headwind for WHV’s economically sensitive investments. We would expect the ECB to launch more aggressive monetary easing programs to strengthen the eurozone’s weak banking system and stimulate both economic growth and moderate inflation as its unemployment rate has only improved marginally from its Great Recession peak. While China’s policymakers have stated that they will not engage in any major new stimulus policies, additional mini-stimulus actions would be expected if the country’s growth rate falls significantly short of its announced growth targets since the Communist Party of China’s primary goal is social stability. Such a potential acceleration in the rate of global growth in 2015 would tend to favor WHV’s energy, materials and industrials investments, and the WHV International Equity Fund.

Performance Review

During the fiscal period May 1, 2014 to October 31, 2014, the WHV International Equity Fund posted a loss of -5.78% (Class I shares), -5.88% (Class A shares at net asset value) and -11.28% (Class A shares with maximum 5.75% load) versus the -4.63% return of the of the benchmark MSCI EAFE Index (Gross) Index during the same period.

WHV INTERNATIONAL EQUITY FUND

Semi-Annual Investment Adviser’s Report (Continued)

October 31, 2014

(Unaudited)

WHV International Equity Fund Top Contributors and Detractors⁵


Largest Contributors	Average Weight (%)	Contribution (%)
Canadian Pacific Railway, Ltd.	7.43	1.97
Canadian National Railway, Co.	5.04	0.87
NovartisAG	3.23	0.19
Ingersoll-Rand PLC	2.56	0.18
Brookfield Asset Management, Inc.	1.09	0.18

Largest Detractors	Average Weight (%)	Contribution (%)
Weatherford International PLC	5.70	(1.29)
Nabors Industries Ltd.	3.71	(1.13)
Core Laboratories NV	3.17	(0.92)
BHP Billiton, Ltd.	4.51	(0.64)
Canadian Natural Resources, Ltd.	4.06	(0.60)

Strong stock selection within the underperforming industrials sector contributed to the Fund’s relative performance during the fiscal period. Positive stock selection effect within the sector was primarily driven by our two railroad holdings — Canadian Pacific Railway and Canadian National Railway Company — as they continued their long streak of superior performance driven by continually improving company-specific factors and their leverage to the North American economic recovery.

Energy was the worst performing sector, with the Fund’s heavy overweight to this underperforming sector weighing heavily on relative performance. In addition to the falling oil prices seen in the third quarter that negatively affected portfolio holdings like Weatherford International plc and Nabors Industries, the downward pressure this has placed on day rates caused our drillers to underperform, as well.

Additionally, our overweight to the underperforming materials sector coupled with poor performance by key holdings, including Vale and BHP Billiton, detracted from relative portfolio performance. Our metals and mining holdings have been under pressure during the fiscal period due to fears about the weakening strength of iron ore demand growth in China. However, demand remains strong and we believe that our iron ore producers — Vale, BHP Billiton and Rio Tinto — will fare well during the current lower price environment as we find them to be among the lowest cost, highest quality producers of iron ore in the world.

Outlook

Our top-down investment style overweights what we believe to be the most attractive global economic sectors and underweights what we believe to be the least attractive sectors. The sector strategy is based on identifying investment supercycle growth trends projected over the long term.

One of the key pillars of our current positioning is our belief that the world will continue to struggle to fulfill its ever-growing demand for oil. This may surprise some who have read about the significant increase in oil production in the United States over the past five years due to horizontal drilling and fracking technology unlocking shale oil reserves. While

WHV INTERNATIONAL EQUITY FUND

Semi-Annual Investment Adviser’s Report (Concluded)

October 31, 2014

(Unaudited)

we acknowledge that this is an exciting development, and one which we have monitored closely, oil markets are global and therefore one must consider the global supply and demand picture when forecasting oil price direction.

We find that despite the U.S. shale oil revolution, the global oil supply picture remains constrained. Whether for political or geological reasons, the path towards oil exploration and production outside of the U.S. remains challenging and increasingly expensive. This year’s conflict between Ukraine and Russia has garnered the most energy-related headlines, but the past year has also seen curtailed production in Libya, Iran, Iraq, Nigeria, Venezuela and South Sudan.

The Fund’s underperformance during the last six months was driven by energy as weak global demand and strong production outweighed the concerns about the impact of unrest in Iraq and tensions between Russia and the West on global oil supply.

WHV believes that the current oil price weakness is not sustainable as it threatens future supply growth. It is possible that oil prices may remain weaker than we have seen in recent years due to weak demand out of Europe and China coupled with the strong U.S. dollar. However, we expect that the strong long-term fundamentals of the global oil supply and demand picture — namely, challenging and increasingly expensive supply clashing with demand growth driven by the emerging markets — will eventually reassert themselves. We believe the portfolio is positioned to benefit from this secular trend through our positions in oil services companies and select oil producers.

We thank you for your investment in the Fund and for your continued support of our firm.

WHV Investments, Inc.

¹Source: International Monetary Fund. Data as of April 7, 2014 and October 7, 2014.

²Source: Eurostat. Data as of September 30, 2014.

³Source: Morgan Stanley. Data as of September 30, 2014.

⁴Source: National Bureau of Statistics-China. Data as of September 30, 2014.

⁵The holdings identified above may not be representative of the Fund’s current or future investments and are subject to risk. Holdings are provided for informational purposes only and should not be construed as a recommendation to buy or sell the securities mentioned. Financial professionals, please contact the WHV Sales Support team at (855) 417-8474; direct investors, please call (888) 948-4685; to obtain the methodology for calculating the top and bottom performance contribution holdings, and a list showing every holding’s contribution to the overall Fund’s performance during the quarter. Past performance does not guarantee future results.

WHV INTERNATIONAL EQUITY FUND

Semi-Annual Report

Performance Data

October 31, 2014

(Unaudited)

Average Annual Total Returns For the Periods Ended October 31, 2014

6 Months†

1 Year

3 Years

5 Years

Since
Inception

Class A Shares (without sales charge)*

-5.88

0.38

6.44

6.14

7.55

Class A Shares (with sales charge)*

-11.28

-5.39

4.36

4.89

6.34

Class I Shares**

-5.78

0.61

6.71

6.40

14.90

MSCI EAFE Index (Gross)

-4.63

-0.19

10.17

6.99

8.24

%***

MSCI EAFE Index (Gross)

-4.63

-0.19

10.17

6.99

10.67

%****

†	Not Annualized.

*	Class A Shares of the WHV International Equity Fund (the “Fund”) commenced operations on July 31, 2009.

**	Class I Shares of the Fund commenced operations on December 19, 2008.

***	Benchmark performance is from the inception date of Class A Shares of the Fund (July 31, 2009) only and is not the inception date of the benchmark itself.

****	Benchmark performance is from the inception date of Class I Shares of the Fund (December 19, 2008) only and is not the inception date of the benchmark itself.

Class A Shares of the Fund have a 5.75% maximum sales charge.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 948-4685. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

The Fund’s total annual Fund gross and net operating expense ratios are 1.45% and 1.49%, respectively, for Class A Shares and 1.20% and 1.24%, respectively, for Class I Shares of the Fund’s average daily net assets. These ratios are stated in the current prospectus dated September 1, 2014, and may differ from the actual expenses incurred by the Fund for the period covered by this report. WHV Investments, Inc. (the “Adviser”), formerly WHV Investment Management, Inc. 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 any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed 1.25% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2016 unless the Board of Trustees approves its earlier termination. The Advisor is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period up to three years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. Total returns would be lower had such fees and expenses not been waived and/or reimbursed, or been higher had such fees and expenses not been recouped.

The Fund evaluates its performance as compared to that of the MSCI EAFE^® Index (Europe, Australasia, Far East), which is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. & Canada. As of October 31, 2014, the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. It is impossible to invest directly in an index.

WHV INTERNATIONAL EQUITY FUND

Semi-Annual Report

Performance Data (Concluded)

October 31, 2014

(Unaudited)

WHV INTERNATIONAL EQUITY FUND

Fund Expense Disclosure

October 31, 2014

(Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, if any, and redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, if any, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from May 1, 2014 through October 31, 2014 for the Fund, and held for the entire period.

Actual Expenses

Hypothetical Examples for Comparison Purposes

The second line of each accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), if any, or redemption fees. Therefore, the second line of each accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

WHV INTERNATIONAL EQUITY FUND

Fund Expense Disclosure (Concluded)

October 31, 2014

(Unaudited)


	WHV International Equity Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Class A Shares
Actual		$	1,000.00		$	941.20		$	7.09
Hypothetical (5% return before expenses)			1,000.00			1,017.90			7.37
Class I Shares
Actual		$	1,000.00		$	942.20		$	5.87
Hypothetical (5% return before expenses)			1,000.00			1,019.16			6.11

*Expenses are equal to an annualized expense ratio for the six-month period ended October 31, 2014 of 1.45% and 1.20% for Class A and Class I Shares, respectively, for the Fund, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (184), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in the table are based on the actual six-month total returns for the Fund of (5.88%) and (5.78%) for Class A and Class I Shares, respectively.

WHV INTERNATIONAL EQUITY FUND

Portfolio Holdings Summary Table

October 31, 2014

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets		Value
COMMON STOCKS:
Energy Equipment & Services		24.1%		$	98,774,188
Road & Rail		13.3			54,681,463
Metals & Mining		10.7			43,961,762
Oil, Gas & Consumable Fuels		9.2			37,650,958
Chemicals		7.7			31,575,910
Food Products		6.4			26,184,311
Beverages		3.6			14,763,945
Pharmaceuticals		3.4			13,774,197
Tobacco		2.9			11,791,503
Machinery		2.7			11,057,440
Electrical Equipment		2.6			10,590,602
Real Estate Management & Development		1.2			4,912,181
Insurance		1.2			4,895,230
Building Products		0.8			3,124,877
Capital Markets		0.2			1,026,028
Trading Companies & Distributors		0.1			563,319
Other Assets in Excess of Liabilities		9.9			40,753,761

NET ASSETS		100.0%		$	410,081,675

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

WHV INTERNATIONAL EQUITY FUND

Portfolio of Investments

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 90.1%
Australia — 4.2%
BHP Billiton, Ltd., SP ADR		289,555	$	17,211,149

Bermuda — 4.6%
Bunge, Ltd.		27,765		2,461,367
Nabors Industries Ltd.		749,332		13,375,576
PartnerRe Ltd.		26,155		3,025,872

				18,862,815

Brazil — 1.9%
Vale SA, SP ADR		772,320		7,792,709

Canada — 29.4%
Agrium, Inc.		100,265		9,807,922
Brookfield Asset Management, Inc., Class A		100,310		4,912,181
Canadian National Railway Co.		312,040		22,023,783
Canadian Natural Resources, Ltd.		521,000		18,172,480
Canadian Pacific Railway, Ltd.		157,250		32,657,680
Ensign Energy Services, Inc.		44,810		504,113
Finning International, Inc.		21,775		563,319
Manulife Financial Corp.		45,730		867,498
Potash Corp. of Saskatchewan, Inc.		286,680		9,795,856
Suncor Energy, Inc.		538,195		19,127,450
Talisman Energy, Inc.		55,020		351,028
Teck Resources, Ltd., Class B		111,925		1,766,176

				120,549,486

Curacao — 5.4%
Schlumberger, Ltd.		222,770		21,978,488


	Number of Shares		Value

COMMON STOCKS — (Continued)
France — 0.2%
AXA SA, SP ADR		43,165	$	1,001,860

Germany — 2.4%
BASF SE, SP ADR		109,830		9,689,203

Ireland — 10.5%
Allegion PLC		58,860		3,124,877
Eaton Corp. PLC		154,856		10,590,602
Ingersoll-Rand PLC		176,580		11,057,440
Weatherford International PLC*		1,105,310		18,149,190

				42,922,109

Luxembourg — 4.4%
Tenaris SA, ADR		452,620		17,941,857

Netherlands — 4.6%
Core Laboratories NV		84,300		11,762,379
Unilever NV, New York Registry Shares		188,275		7,291,891

				19,054,270

Norway — 0.2%
Yara International ASA, ADR		16,160		742,229

Switzerland — 8.0%
Nestle SA, SP ADR		224,070		16,431,053
Novartis AG, ADR		148,605		13,774,197
Syngenta AG, ADR		24,850		1,540,700
UBS AG, Registered Shares		59,035		1,026,028

				32,771,978

United Kingdom — 14.3%
British American Tobacco PLC, SP ADR		103,835		11,791,503
Diageo PLC, SP ADR		125,150		14,763,945
Ensco PLC, Class A		124,800		5,065,632

The accompanying notes are an integral part of the financial statements.

WHV INTERNATIONAL EQUITY FUND

Portfolio of Investments (Concluded)

October 31, 2014

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
United Kingdom — (Continued)
Noble Corp. PLC		443,455	$	9,277,079
Paragon Offshore PLC*		147,818		719,874
Rio Tinto PLC, SP ADR		358,385		17,191,728

				58,809,761

TOTAL COMMON STOCKS (Cost $311,004,232)				369,327,914

TOTAL INVESTMENTS - 90.1% (Cost $311,004,232)				369,327,914
OTHER ASSETS IN EXCESS OF LIABILITIES - 9.9%				40,753,761

NET ASSETS - 100.0%			$	410,081,675

*	Non-income producing.

ADR	American Depositary Receipt

SP ADR


Assets
Investments, at value (Cost $311,004,232 )	$	369,327,914
Cash		39,921,738
Receivable for capital shares sold		1,154,567
Dividends and interest receivable		699,606
Prepaid expenses and other assets		34,327

Total assets		411,138,152

Liabilities
Payable for capital shares redeemed		524,287
Payable to Investment Adviser		337,164
Payable for administration and accounting fees		78,004
Payable for transfer agent fees		57,954
Payable for custodian fees		22,256
Accrued expenses		36,812

Total liabilities		1,056,477

Net Assets	$	410,081,675

Net Assets Consist of:
Capital stock, $0.01 par value	$	185,001
Paid-in capital		354,864,997
Accumulated net investment income		4,044,579
Accumulated net realized loss from investments		(7,336,584	)
Net unrealized appreciation on investments		58,323,682

Net Assets	$	410,081,675



Class A:
Net asset value, offering and redemption price per share ($37,307,166 / 1,688,213 shares)			$22.10

Maximum offering price per share (100/94.25 of $22.10)			$23.45


Class I:
Net asset value, offering and redemption price per share ($372,774,509 / 16,811,893 shares)			$22.17


Investment Income
Dividends	$	4,285,153
Less: foreign taxes withheld		(358,722	)
Interest		1,677

Total investment income		3,928,108

Expenses
Advisory fees (Note 2)		2,091,856
Administration and accounting fees (Note 2)		169,355
Transfer agent fees (Note 2)		72,071
Distribution fees (Class A) (Note 2)		55,144
Professional fees		51,832
Registration and filing fees		38,271
Printing and shareholder reporting fees		25,586
Custodian fees (Note 2)		19,136
Trustees’ and officers’ fees (Note 2)		17,671
Other expenses		21,434

Total expenses		2,562,356

Net investment income		1,365,752

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments		689,190
Net change in unrealized depreciation on investments		(27,185,313	)

Net realized and unrealized loss on investments		(26,496,123	)

Net decrease in net assets resulting from operations	$	(25,130,371	)


Federal tax cost	$	311,004,232

Gross unrealized appreciation	$	86,695,335
Gross unrealized depreciation		(28,371,653	)

Net unrealized appreciation	$	58,323,682


Largest Contributors	Average Weight	Contribution (%)
Triple-S Management Corp.	2.45	0.88
OmniVision Technologies, Inc.	1.88	0.69
FreightCar America, Inc.	1.66	0.48
j2 Global, Inc.	2.41	0.41
International Bancshares Corp.	1.54	0.37

Largest Detractors	Average Weight	Contribution (%)
Hercules Offshore, Inc.	1.58	(1.34)
Stone Energy Corp.	1.69	(1.18)
Energy XXI Bermuda Ltd.	0.51	(1.13)
McDermott International, Inc.	1.96	(1.08)
PhotoMedex, Inc.	1.12	(1.03)


	WHV/Seizert Small Cap Value Equity Fund
	Beginning Account Value May 1, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Class A Shares
Actual		$	1,000.00		$	946.50		$	7.36
Hypothetical (5% return before expenses)			1,000.00			1,017.64			7.63
Class I Shares
Actual		$	1,000.00		$	947.50		$	6.14
Hypothetical (5% return before expenses)			1,000.00			1,018.90			6.36


	Number of Shares		Value

COMMON STOCKS — 97.9%
Auto Components — 1.8%
Superior Industries International, Inc.		10,753	$	209,791

Biotechnology — 6.1%
Emergent Biosolutions, Inc.*		10,930		247,237
Myriad Genetics, Inc.*		4,315		170,399
PDL BioPharma, Inc.		36,629		312,445

				730,081

Capital Markets — 2.5%
Investment Technology Group, Inc.*		16,865		302,390

Commercial Banks — 12.0%
Centerstate Banks, Inc.		14,025		163,251
HomeTrust Bancshares, Inc.*		7,131		110,174
International Bancshares Corp.		8,320		236,038
National Bank Holdings Corp., Class A		9,135		178,955
OFG Bancorp		13,120		204,279
Popular, Inc.*		8,650		275,762
Republic Bancorp, Inc., Class A		10,436		253,073

				1,421,532

Commercial Services & Supplies — 2.3%
Quad/Graphics, Inc.		12,395		273,310

Construction & Engineering — 1.0%
KBR, Inc.		6,110		116,579

Electronic Equipment, Instruments & Components — 6.9%
AVX Corp.		12,490		180,356
Celestica, Inc. (Canada)*		22,495		246,995


Assets
Investments, at value (Cost $12,004,583)	$	11,625,142
Cash		300,304
Receivable for investments sold		13,636
Receivable for capital shares sold		14,124
Dividends and interest receivable		1,089
Receivable from Investment Adviser		8,851
Prepaid expenses and other assets		21,593

Total assets		11,984,739

Liabilities
Payable for investments purchased		45,358
Payable for administration and accounting fees		20,958
Payable for audit fees		12,024
Payable for transfer agent fees		11,643
Payable for legal fees		8,936
Payable for custodian fees		4,166
Accrued expenses		3,181

Total liabilities		106,266

Net Assets	$	11,878,473

Net Assets Consist of:
Capital stock, $0.01 par value	$	11,171
Paid-in capital		12,276,636
Accumulated net investment income		18,962
Accumulated net realized loss from investments		(48,855	)
Net unrealized depreciation on investments		(379,441	)

Net Assets	$	11,878,473



Class A:
Net asset value, redemption price per share ($2,532,498 / 238,604 shares)			$10.61

Maximum offering price per share (100/94.25 of $10.61)			$11.26


Class I:
Net asset value, offering and redemption price per share ($9,345,975 / 878,532 shares)			$10.64


Investment Income
Dividends	$	77,108
Less: foreign taxes withheld		(842	)
Interest		91

Total investment income		76,357

Expenses
Advisory fees (Note 2)		46,249
Administration and accounting fees (Note 2)		37,595
Transfer agent fees (Note 2)		34,204
Audit fees		12,691
Custodian fees (Note 2)		6,320
Legal fees		5,790
Registration and filing fees		5,193
Trustees’ and officers’ fees (Note 2)		3,520
Distribution fees (Class A) (Note 2)		2,732
Printing and shareholder reporting fees		192
Other expenses		1,843

Total expenses before waivers and reimbursements		156,329

Less: waivers and reimbursements (Note 2)		(95,785	)

Net expenses after waivers and reimbursements		60,544

Net investment income		15,813

Net realized and unrealized (loss) from investments:
Net realized loss from investments		(88,792	)
Net change in unrealized depreciation on investments		(508,375	)

Net realized and unrealized loss on investments		(597,167	)

Net decrease in net assets resulting from operations	$	(581,354	)


	For the Six Months Ended October 31, 2014 (Unaudited)						For the Period Ended April 30, 2014*
	Shares			Amount			Shares			Amount
Class A Shares
Sales		94,096		$	1,018,040			146,978		$	1,590,851
Redemptions**		(2,470	)		(26,970	)		—			—

Net increase		91,626		$	991,070			146,978		$	1,590,851

Class I Shares
Sales		643,311		$	7,158,382			315,059		$	3,423,543
Redemptions**		(79,820	)		(874,794	)		(18	)		(186	)

Net increase		563,491		$	6,283,588			315,041		$	3,423,357

Total net increase		655,117		$	7,274,658			462,019		$	5,014,208


Federal tax cost	$	12,004,583

Gross unrealized appreciation	$	525,031
Gross unrealized depreciation		(904,472	)

Net unrealized depreciation	$	(379,441	)


Total Returns For the Period Ended October 31, 2014†
	Since Inception†
Class A Shares (without sales charge)*		-2.20	%
Class A Shares (with sales charge)*		-7.82	%
Class I Shares*		-2.20	%
Russell Global ex-U.S. Small Cap Growth Index		-5.07	%**


	WHV/EAM International Small Cap Equity Fund
	Beginning Account Value May 27, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Class A Shares
Actual		$	1,000.00		$	978.00		$	7.02
Hypothetical (5% return before expenses)			1,000.00			1,016.89			8.39
Class I Shares
Actual		$	1,000.00		$	978.00		$	5.96
Hypothetical (5% return before expenses)			1,000.00			1,018.15			7.12


	WHV/EAM Emerging Markets Small Cap Equity Fund
	Beginning Account Value May 27, 2014			Ending Account Value October 31, 2014			Expenses Paid During Period*
Class A Shares
Actual		$	1,000.00		$	993.00		$	8.57
Hypothetical (5% return before expenses)			1,000.00			1,015.12			10.16
Class I Shares
Actual		$	1,000.00		$	995.00		$	7.51
Hypothetical (5% return before expenses)			1,000.00			1,016.38			8.89


	Number of Shares		Value

COMMON STOCKS — 93.4%
Australia — 6.0%
Domino’s Pizza Enterprises, Ltd.		266	$	6,340
Echo Entertainment Group, Ltd.		1,345		4,516
G8 Education, Ltd.		1,150		5,082
iiNET, Ltd.		620		4,375
Sims Metal Management, Ltd.		385		3,844
Sirtex Medical, Ltd.		287		6,590
Slater & Gordon, Ltd.		864		4,668
Vocus Communications, Ltd.		983		5,128

				40,543

Austria — 0.7%
ams AG		127		4,554

Brazil — 1.9%
GAEC Educacao SA		386		4,907
Linx SA		190		3,947
Smiles SA		232		4,007

				12,861

Canada — 3.1%
Home Capital Group, Inc.		86		4,122
NuVista Energy, Ltd.*		392		3,607
Sierra Wireless, Inc.*		155		4,244
TransForce, Inc.		173		4,230
WestJet Airlines, Ltd.		184		5,214

				21,417

China — 8.7%
China Creative Home Group, Ltd.		16,940		4,213
China Medical System Holdings, Ltd.		3,267		6,023


	Number of Shares		Value

EXCHANGE TRADED FUNDS — 2.4%
India — 2.4%
Market Vectors India Small-Cap Index ETF		343	$	15,991

TOTAL EXCHANGE TRADED FUNDS (Cost $16,445)				15,991

REGISTERED INVESTMENT COMPANY — 12.7%
BlackRock Liquidity Funds TempCash Portfolio, Institutional Shares		86,563		86,563

TOTAL REGISTERED INVESTMENT COMPANY (Cost $86,563)				86,563

TOTAL INVESTMENTS - 108.5% (Cost $711,347)				737,074
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.5)%				(57,588	)

NET ASSETS - 100.0%			$	679,486


	Number of Shares		Value

COMMON STOCKS — 94.6%
Brazil — 3.7%
GAEC Educacao SA		417	$	5,301
Linx SA		195		4,051
Qualicorp SA*		500		5,085
Sao Martinho SA		293		4,612
Smiles SA		261		4,508

				23,557

China — 17.0%
ANTA Sports Products, Ltd.		2,334		4,581
AviChina Industry & Technology Co., Ltd., Class H		6,421		4,891
China Animal Healthcare, Ltd.		7,169		5,918
China Creative Home Group, Ltd.		19,536		4,859
China Medical System Holdings, Ltd.		3,240		5,974
China Singyes Solar Technologies Holdings, Ltd.		3,211		6,149
China Zhongwang Holdings, Ltd.		10,376		5,465
CT Environmental Group, Ltd.		5,298		5,658
Dynagreen Environmental Protection Group Co., Ltd., Class H*		7,002		4,939
Guotai Junan International Holdings, Ltd.		7,366		5,145
Hollysys Automation Technologies, Ltd.*		213		5,225
Huadian Fuxin Energy Corp, Ltd., Class H		9,739		5,603


	Number of Shares		Value

WARRANTS — 0.0%
Thailand — 0.0%
Minor International PCL Expires 11/17/17		218	$	—

TOTAL WARRANTS (Cost $ — )				—


REGISTERED INVESTMENT COMPANY — 9.4%
BlackRock Liquidity Funds TempCash Portfolio, Institutional Shares		59,622		59,622

TOTAL REGISTERED INVESTMENT COMPANY (Cost $59,622)				59,622

TOTAL INVESTMENTS - 106.1% (Cost $640,816)				671,274
LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1)%				(38,860	)

NET ASSETS - 100.0%			$	632,414


	WHV/EAM International Small Cap Equity Fund				WHV/EAM Emerging Markets Small Cap Equity Fund
Assets
Investments, at value (Cost $711,347 and $640,816, respectively)		$	737,074			$	671,274
Foreign currency (Cost $405 and $465, respectively)			410				462
Receivable for investments sold			13,335				14,859
Dividends and interest receivable			472				264
Receivable from Investment Adviser			30,300				30,408
Prepaid expenses and other assets			812				855

Total assets			782,403				718,122

Liabilities
Payable for investments purchased			27,114				10,202
Payable for transfer agent fees			23,158				23,158
Payable for administration and accounting fees			14,122				14,125
Payable for custodian fees			8,252				8,252
Payable for audit fees			8,101				8,101
Payable for Trustees and Officers			5,678				5,678
Payable for printing fees			4,629				4,534
Payable for legal fees			4,373				4,384
Accrued expenses			7,490				7,274

Total liabilities			102,917				85,708

Net Assets		$	679,486			$	632,414

Net Assets Consist of:
Capital stock, $0.01 par value		$	695			$	636
Paid-in capital			693,418				642,557
Accumulated net investment income			99				787
Accumulated net realized loss from investments			(40,416	)			(41,983	)
Net unrealized appreciation on investments and foreign currency transactions			25,690				30,417

Net Assets		$	679,486			$	632,414


	WHV/EAM International Small Cap Equity Fund				WHV/EAM Emerging Markets Small Cap Equity Fund
Investment Income
Dividends		$	2,958			$	4,557
Less: foreign taxes withheld			(265	)			(553	)

Total investment income			2,693				4,004

Expenses
Advisory fees (Note 2)			2,066				2,669
Transfer agent fees (Note 2)			34,886				34,886
Administration and accounting fees (Note 2)			34,121				34,121
Custodian fees (Note 2)			14,563				14,563
Audit fees			8,101				8,101
Trustees’ and officers’ fees (Note 2)			5,692				5,692
Printing and shareholder reporting fees			4,629				4,629
Registration and filing fees			1,490				1,490
Distribution fees (Class A) (Note 2)			79				98
Legal fees			6,712				6,713
Other expenses			6,714				6,719

Total expenses before waivers and reimbursements			119,053				119,681

Less: waivers and reimbursements (Note 2)			(116,459	)			(116,464	)

Net expenses after waivers and reimbursements			2,594				3,217

Net investment income			99				787

Net realized and unrealized gain/(loss) from investments:
Net realized loss from investments			(39,849	)			(40,986	)
Net realized loss from foreign currency transactions			(567	)			(997	)
Net change in unrealized appreciation on investments			25,727				30,458
Net change in unrealized depreciation on foreign currency transactions			(37	)			(41	)

Net realized and unrealized loss on investments			(14,726	)			(11,566	)

Net decrease in net assets resulting from operations		$	(14,627	)		$	(10,779	)


	Class A
	For the Period May 27, 2014* to October 31, 2014 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$	10.00

Net investment loss⁽¹⁾			(0.01	)
Net realized and unrealized loss on investments			(0.21	)

Net decrease in net assets resulting from operations			(0.22	)

Redemption fees			—	⁽²⁾

Net asset value, end of period		$	9.78

Total investment return⁽³⁾			(2.20	)%
Ratio/Supplemental Data
Net assets, end of period (000’s omitted)		$	130
Ratio of expenses to average net assets			1.65	%⁽⁴⁾
Ratio of expenses to average net assets without waivers, expense reimbursements and/or recoupment⁽⁵⁾			58.65	%⁽⁴⁾
Ratio of net investment income to average net assets			(0.15	%)⁽⁴⁾
Portfolio turnover rate			88.00	%⁽⁶⁾


WHV/EAM International Small Cap Equity Fund	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks:
Australia	$	40,543	$	—	$	40,543	$	—
Austria		4,554		—		4,554		—
Brazil		12,861		12,861		—		—
Canada		21,417		21,417		—		—
China		59,377		4,681		54,696		—
Denmark		5,388		—		5,388		—
Germany		10,051		—		10,051		—
Hong Kong		33,151		—		33,151		—
Indonesia		9,309		4,129		5,180		—
Israel		12,841		8,463		4,378		—
Italy		9,469		—		9,469		—
Japan		138,010		—		138,010		—
Luxembourg		3,970		—		3,970		—
Malaysia		5,655		—		5,655		—


WHV/EAM Emerging Markets Small Cap Equity Fund	Total Value at 10/31/14		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks:
Brazil	$	23,557	$	23,557	$	—	$	—
China		107,546		10,164		97,382		—
Hong Kong		43,804		—		43,804		—
India		4,219		4,219		—		—
Indonesia		16,632		4,801		11,831		—
Malaysia		10,352		—		10,352		—
Mexico		29,850		29,850		—		—
Philippines		25,815		—		25,815		—
South Africa		52,711		18,946		33,765		—
South Korea		141,391		—		141,391		—


	Expiration April 30, 2017
WHV/EAM International Small Cap Equity Fund	$	86,075
WHV/EAM Emerging Markets Small Cap Equity Fund		86,080


	WHV/EAM International Small Cap Equity Fund*
	For the Period Ended October 31, 2014 (Unaudited)
	Shares			Amount
Class A Shares
Sales		13,317		$	135,000

Net increase		13,317		$	135,000


Class I Shares
Sales		56,138		$	559,147
Redemptions		(4	)		(34	)

Net increase		56,134		$	559,113

Total net increase		69,451		$	694,113


	WHV/EAM Emerging Markets Small Cap Equity Fund*
	For the Period Ended October 31, 2014 (Unaudited)
	Shares			Amount
Class A Shares
Sales		15,029		$	155,000

Net increase		15,029		$	155,000


Class I Shares
Sales		48,586		$	488,228
Redemptions		(4	)		(35	)

Net increase		48,582		$	488,193

Total net increase		63,611		$	643,193



By (Signature and Title)* /s/ Joel L. Weiss
		Joel L. Weiss, President and Chief Executive Officer
		(principal executive officer)



By (Signature and Title)* /s/ James G. Shaw
		James G. Shaw, Treasurer and Chief Financial Officer
		(principal financial officer)