FundVantage Trust

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q 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 the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


	Number of Shares		Value

RIGHTS — 0.0%
Brazil — 0.0%
Multiplan Empreendimentos Imobiliarios SA Expires 02/13/2017 BRL 58.50*		408	$	577

TOTAL RIGHTS (Cost $ — )				577


COMMON STOCKS — 84.9%
Argentina — 0.5%
Adecoagro SA*		6,500		75,205

Brazil — 53.3%
Alupar Investimento SA		33,500		196,358
Ambev SA, SP ADR		58,200		313,698
B2W Cia Digital*		55,000		209,451
Banco do Brasil SA		43,200		426,502
BB Seguridade Participacoes SA		31,100		275,460
BM&FBovespa SA - Bolsa de Valores Mercadorias e Futuros		63,500		372,605
BR Malls Participacoes SA*		61,000		283,987
BRF SA		6,900		97,355
BRF SA, ADR		9,100		128,583
CCR SA		11,900		58,573
Cosan SA Industria e Comercio		13,700		175,081
CPFL Energia SA		—		4
EcoRodovias Infraestrutura e Logistica SA		131,734		356,603
Energisa SA		43,100		278,616
Hypermarcas SA		96,500		855,947


	Number of Shares		Value

COMMON STOCKS — (Continued)
Brazil — (Continued)
Itau Unibanco Holding SA, SP ADR		97,290	$	1,148,995
Klabin SA		28,000		144,305
Linx SA		39,328		225,152
Lojas Renner SA		45,500		344,813
Multiplan Empreendimentos Imobiliarios SA		7,500		148,639
Petroleo Brasileiro SA, SP ADR*		93,200		956,232
Qualicorp SA		12,500		81,757
Telefonica Brasil SA		19,547		236,901
Vale SA, SP ADR		70,600		684,114
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA		—		1

				7,999,732

Chile — 6.6%
Colbun SA		1,166,000		224,903
Itau CorpBanca		15,800,000		129,528
Parque Arauco SA		143,439		346,802
SACI Falabella		36,000		291,847

				993,080

Colombia — 0.9%
Grupo de Inversiones Suramericana SA		10,100		135,300

Mexico — 21.0%
Alsea SAB de CV		38,200		110,569
Arca Continental SAB de CV		44,200		237,665
Cemex SAB de CV, SP ADR*		50,300		465,778


	Number of Shares		Value

COMMON STOCKS — (Continued)
Mexico — (Continued)
Concentradora Fibra Danhos SA de CV, REIT		61,650	$	93,006
Gentera SAB de CV		96,800		141,346
Gruma SAB de CV, Class B		23,000		308,865
Grupo Aeroportuario Del Sureste SAB de CV, Class B		24,400		354,285
Grupo Financiero Banorte SAB de CV, Class O		122,800		588,575
PLA Administradora Industrial S de RL de CV REIT		56,600		77,462
Rassini SAB de CV		74,100		273,396
Wal-Mart de Mexico SAB de CV		280,300		495,987

				3,146,934

Peru — 2.6%
Credicorp Ltd.		2,400		392,832

TOTAL COMMON STOCKS (Cost $12,333,139)				12,743,083


PREFERRED STOCKS — 13.3%
Brazil — 12.5%
Cia Energetica de Sao Paulo, Class B		87,600		483,717
Itausa - Investimentos Itau SA		315,700		929,738
Suzano Papel e Celulose SA, Class A		108,000		459,268

				1,872,723


	Number of Shares		Value

PREFERRED STOCKS — (Continued)
Colombia — 0.8%
Bancolombia SA		12,600	$	118,816

TOTAL PREFERRED STOCKS (Cost $1,697,707)				1,991,539


REGISTERED INVESTMENT COMPANY — 1.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.47%^(a)		280,567	$	280,567

TOTAL REGISTERED INVESTMENT COMPANY (Cost $280,567)				280,567

TOTAL INVESTMENTS - 100.1% (Cost $14,311,413)**				15,015,766
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%				(13,256	)

NET ASSETS - 100.0%			$	15,002,510

*	Non-income producing.

**	The cost and unrealized appreciation and unrealized depreciation in the value by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	14,311,413

Gross unrealized appreciation	$	1,488,013
Gross unrealized depreciation		(783,660	)

Net unrealized appreciation	$	704,353

***

Because tax adjustments are calculated annually at the end of the Fund’s fiscal year, the above table does not reflect tax adjustments for the current fiscal year. For the previous year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent annual report.

^(a)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2017.


ADR		American Depository Receipt
REIT		Real Estate Investment Trust
SP ADR		Sponsored American Depository Receipt


	Par Value		Value

CORPORATE BONDS AND NOTES — 90.0%
Austria — 0.1%
OAS Investments GmbH 8.25%, 10/19/2019^(a)(b)	$	200,000	$	6,500

Brazil — 32.1%
Banco Daycoval SA 5.75%, 03/19/2019		200,000		206,000
Banco do Brasil SA 5.88%, 01/19/2023		700,000		720,440
Banco Santander Brasil SA 4.63%, 02/13/2017		200,000		200,000
BM&FBovespa SA 5.50%, 07/16/2020		1,500,000		1,576,875
Centrais Eletricas Brasileiras SA 5.75%, 10/27/2021		500,000		503,600
Cia Brasileira de Aluminio 4.75%, 06/17/2024		200,000		187,500
Embraer SA 5.15%, 06/15/2022		500,000		526,875
Itau Unibanco Holding SA 5.75%, 01/22/2021		200,000		210,640
Itau Unibanco Holding SA 5.65%, 03/19/2022		300,000		311,250
Itau Unibanco Holding SA 5.50%, 08/06/2022		200,000		207,440
Votorantim Cimentos SA 7.25%, 04/05/2041		400,000		389,960

				5,040,580

Canada — 1.9%
St Marys Cement, Inc. 5.75%, 01/28/2027^(b)		300,000		293,250


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Cayman Islands — 22.5%
BR Malls International Finance Ltd. 8.50%, 01/29/2049^(b)(c)	$	400,000	$	400,400
Braskem Finance Ltd. 7.00%, 05/07/2020		250,000		272,500
Braskem Finance Ltd. 5.75%, 04/15/2021		200,000		211,000
Cosan Overseas Ltd. 8.25%, 11/29/2049^(b)(c)		600,000		601,200
Fibria Overseas Finance Ltd. 5.25%, 05/12/2024		400,000		404,600
Marfrig Overseas Ltd. 9.50%, 05/04/2020^(b)		200,000		206,250
Suzano Trading Ltd. 5.88%, 01/23/2021		200,000		211,500
Vale Overseas Ltd. 4.38%, 01/11/2022		500,000		504,375
Vale Overseas Ltd. 6.25%, 08/10/2026		200,000		215,000
Vale Overseas Ltd. 6.88%, 11/10/2039		500,000		514,375

				3,541,200

Chile — 1.3%
Itau CorpBanca 3.88%, 09/22/2019		200,000		205,980

Colombia — 2.8%
Bancolombia SA 5.95%, 06/03/2021		400,000		439,240

Luxembourg — 7.4%
Cosan Luxembourg SA 7.00%, 01/20/2027		400,000		415,520
Klabin Finance SA 5.25%, 07/16/2024		360,000		353,232


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Luxembourg — (Continued)
Ultrapar International SA 5.25%, 10/06/2026	$	400,000	$	390,880

				1,159,632

Mexico — 7.9%
Alfa SAB de CV 5.25%, 03/25/2024^(b)		500,000		508,150
America Movil SAB de CV 5.00%, 03/30/2020		300,000		319,122
Grupo Bimbo SAB de CV 4.50%, 01/25/2022		400,000		417,963

				1,245,235

Netherlands — 10.7%
Petrobras Global Finance BV 8.38%, 05/23/2021		500,000		557,500
Petrobras Global Finance BV 8.75%, 05/23/2026		1,000,000		1,126,400

				1,683,900

Virgin Islands — 3.3%
Gerdau Trade, Inc. 5.75%, 01/30/2021		500,000		523,750

TOTAL CORPORATE BONDS AND NOTES (Cost $14,055,822)				14,139,267


GOVERNMENT BONDS — 8.0%
Brazilian Government International Bond 5.88%, 01/15/2019		300,000		321,750
Brazilian Government International Bond 7.13%, 01/20/2037		300,000		329,250


	Par Value		Value

GOVERNMENT BONDS — (Continued)
Mexico Government International Bond 4.13%, 01/21/2026	$	600,000	$	601,800

TOTAL GOVERNMENT BONDS (Cost $1,217,996)				1,252,800


	Contracts

OPTIONS PURCHASED — 0.8%
Put Options — 0.8%
10-Year US Treasury Note Futures Expires 02/24/2017 Strike Price $125		126		124,031
TOTAL OPTIONS PURCHASED (Cost $116,156)				124,031
	Number of Shares

REGISTERED INVESTMENT COMPANY — 0.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.47%^(d)		101,676		101,676
TOTAL REGISTERED INVESTMENT COMPANY (Cost $101,676)				101,676
TOTAL INVESTMENTS - 99.4% (Cost $15,491,650)*				15,617,774
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%				98,078

NET ASSETS - 100.0%			$	15,715,852

*	The cost and unrealized appreciation and unrealized depreciation in the value by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	15,491,650

Gross unrealized appreciation	$	391,530
Gross unrealized depreciation		(265,406	)

Net unrealized appreciation	$	126,124

^(a)	Investment with a total aggregate value of $6,500 or 0.04% of net assets was in default as of January 31, 2017.

^(b)	This security is callable.

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

^(d)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2017.

Portfolio Valuation — Bradesco Latin American Equity Fund and Bradesco Latin American Hard Currency Bond Fund (each a “Fund” and together the “Funds”) 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, provided such amount 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. Futures contracts are generally valued using the settlement price determined by the relevant exchange. 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 accordance with procedure adopted by the Trust’s 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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

The fair value of a Fund’s bonds is 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.

The following is a summary of the inputs used, as of January 31, 2017, in valuing each Fund’s investments carried at fair value:


	Bradesco Latin American Equity Fund
	Total Value at 01/31/17		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Rights	$	577	$	577	$	—	$	—
Common Stocks	$	12,743,083	$	12,743,083	$	—	$	—
Preferred Stocks		1,991,539		1,991,539		—		—
Registered Investment Company		280,567		280,567		—		—

Total Assets	$	15,015,766	$	15,015,766	$	—	$	—


	Bradesco Latin American Hard Currency Bond Fund
	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	14,139,267	$	—	$	14,139,267	$	—
Government Bonds		1,252,800		—		1,252,800		—
Purchased Options on Interest Rate Contracts		124,031		—		124,031		—
Registered Investment Company		101,676		101,676		—		—

Total Assets	$	15,617,774	$	101,676	$	15,516,098	$	—

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 Funds’ 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 January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Funds.

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.

Futures Contracts — The Funds may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Funds must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Funds agree to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Funds as an unrealized gain or loss. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of)

the closing transactions and the Funds’ basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of short futures contracts subjects the Funds to unlimited risk of loss. As of January 31, 2017, the Funds had no open futures contracts.

Purchased Options — The Funds may purchase option contracts. They are subject to interest rate and other risk exposure in the normal course of pursuing their investment objectives. The risk associated with purchasing an option is that the Funds pay a premium whether or not the option is exercised. Additionally, the Funds bear 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.

For the period ended January 31, 2017, the Bradesco Latin American Hard Currency Bond Fund’s quarterly average volume of derivatives was as follows:

Options Written — The Funds are subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge the 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 Funds 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 Funds 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 default. A Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid. As of January 31, 2017, the Funds had no written options.

The Bradesco Latin American Hard Currency Bond Fund had transactions in options written during the nine month period ended January 31, 2017 as follows:

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.

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 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.

Debt Investment Risk — Debt investments are affected primarily by the financial condition of the companies or other entities that have issued them and by changes in interest rates. There is a risk that an issuer of a Fund’s debt investments may not be able to meet its financial obligations (e.g., may not be able to make principal and/or interest payments when they are due or otherwise default on other financial terms) and/or go bankrupt. Securities such as high-yield/high-risk bonds, e.g., bonds with low credit ratings by Moody’s (Ba or lower) or Standard & Poor’s (BB and lower) or if unrated are of comparable quality as determined by the manager, are especially subject to credit risk during periods of economic uncertainty or during economic downturns and are more likely to default on their interest and/or principal payments than higher rated securities. Debt investments may be affected by changes in interest rates. Debt investments with longer durations tend to be more sensitive to changes in interest rates, making them more volatile than debt investments with shorter durations or floating or adjustable interest rates. The value of debt investments may fall when interest rates rise.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 93.2%
Argentina — 1.5%
Banco Macro SA, ADR		3,810	$	286,283
YPF SA, SP ADR		6,812		147,616

				433,899

Brazil — 3.8%
Ambev SA		54,100		295,369
Embraer SA		55,900		319,303
Even Construtora e Incorporadora SA		128,500		183,121
Iochpe Maxion SA		41,000		169,041
Multiplus SA		11,300		127,590

				1,094,424

China — 20.2%
Air China Ltd., Class H		436,000		311,971
China Construction Bank Corp., Class H		1,144,000		848,149
China Mobile, Ltd.		69,668		783,948
China Overseas Land & Investment, Ltd.		172,000		505,070
CIMC Enric Holdings, Ltd.		360,000		200,867
CNOOC, Ltd.		364,000		454,547
Dongfeng Motor Group Co., Ltd., Class H		362,000		383,770
Haitian International Holdings, Ltd.		91,000		185,115
Industrial & Commercial Bank of China, Ltd., Class H		446,000		272,678
NetEase, Inc., ADR		2,427		616,215
Shenzhou International Group Holdings, Ltd.		37,000		228,231
Sinotrans, Ltd., Class H		621,000		258,931
Tencent Holdings Ltd.		29,700		776,518

				5,826,010


	Number of Shares		Value

COMMON STOCKS — (Continued)
Czech Republic — 1.7%
Komercni Banka AS		13,941	$	492,990

Greece — 0.5%
JUMBO SA		9,598		134,774

Hungary — 1.3%
OTP Bank PLC		12,531		385,334

India — 7.1%
Coal India, Ltd.		65,501		298,971
HCL Technologies, Ltd.		39,209		469,563
ICICI Bank, Ltd., SP ADR		37,367		289,594
Oil India, Ltd.		106,992		520,264
Reliance Industries Ltd., SP GDR^(a)		15,381		476,811

				2,055,203

Indonesia — 2.0%
Bank Mandiri Persero Tbk PT		282,400		230,659
Bank Rakyat Indonesia Persero Tbk PT		408,700		358,877

				589,536

Malaysia — 1.7%
Genting Bhd		129,096		239,121
Malayan Banking Bhd		131,630		244,284

				483,405

Mexico — 5.6%
Cemex SAB de CV, SP ADR*		61,460		569,120
Fibra Uno Administracion Sa de CV, REIT		271,900		389,593
Grupo Financiero Inbursa SAB de CV		216,900		322,435
Ternium SA, SP ADR		14,751		337,208

				1,618,356


	Number of Shares		Value

COMMON STOCKS — (Continued)
Pakistan — 1.5%
Lucky Cement Ltd., GDR		13,472	$	429,906

Poland — 1.6%
Bank Handlowy w Warszawie SA		9,039		173,452
Bank Pekao SA		8,879		300,384

				473,836

Russia — 3.9%
Globaltrans Investment PLC, SP GDR		65,568		413,078
Magnit PJSC, SP GDR		9,414		345,580
Novolipetsk Steel PJSC, GDR		12,164		240,404
PhosAgro PJSC, GDR		8,760		134,466

				1,133,528

South Africa — 10.8%
Barclays Africa Group, Ltd.		36,608		431,148
MTN Group, Ltd.		35,525		331,265
Naspers, Ltd.		6,249		995,540
Reunert, Ltd.		48,164		245,288
Sasol, Ltd.		17,438		520,210
Telkom SA SOC, Ltd.		66,383		363,798
Tsogo Sun Holdings, Ltd.		111,323		218,457

				3,105,706

South Korea — 14.0%
Hyundai Department Store Co., Ltd.		1,611		133,272
Hyundai Mobis Co., Ltd.		2,183		454,143
Hyundai Motor Co.		2,687		323,483
LG Chem, Ltd.		1,715		386,726
Samsung Electronics Co., Ltd.		1,134		1,928,680
Samsung Life Insurance Co., Ltd.		3,410		325,823


	Number of Shares		Value

COMMON STOCKS — (Continued)
South Korea — (Continued)
Shinhan Financial Group Co., Ltd.		12,298	$	486,045

				4,038,172

Taiwan — 10.4%
Asustek Computer, Inc.		24,000		209,758
Chicony Electronics Co., Ltd.		139,148		328,268
Chipbond Technology Corp.		160,000		231,854
CTBC Financial Holding Co., Ltd.		638,919		363,937
Hon Hai Precision Industry Co., Ltd.		208,705		559,701
Novatek Microelectronics Corp.		72,692		257,469
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		29,397		908,661
Teco Electric and Machinery Co., Ltd.		164,000		148,239

				3,007,887

Thailand — 3.8%
Advanced Info Service PCL		64,600		291,791
Bangkok Bank PCL, NVDR		39,100		193,847
Kasikornbank PCL, NVDR		63,670		341,157
PTT Exploration & Production PCL		96,500		268,670

				1,095,465

Turkey — 1.8%
Enka Insaat ve Sanayi As		202,216		307,841


COMMON STOCKS — (Continued)
Turkey — (Continued)
Turkcell Iletisim Hizmetleri AS*	67,161	$	201,998

			509,839

TOTAL COMMON STOCKS (Cost $24,275,416)			26,908,270


PREFERRED STOCKS — 3.7%
Brazil — 3.7%
Itau Unibanco Holding SA	46,109		544,801
Marcopolo SA	197,200		180,175
Suzano Papel e Celulose SA, Class A	79,400		337,703

			1,062,679

TOTAL PREFERRED STOCKS (Cost $776,812)			1,062,679


EXCHANGE TRADED FUNDS — 2.0%
iShares MSCI Emerging Market Index Fund	15,548		580,562

TOTAL EXCHANGE TRADED FUNDS (Cost $544,585)			580,562


TOTAL INVESTMENTS - 98.9% (Cost $25,596,813)**			28,551,511
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%			311,175

NET ASSETS - 100.0%		$	28,862,686

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	25,596,813

Gross unrealized appreciation	$	4,478,294
Gross unrealized depreciation		(1,523,596	)

Net unrealized appreciation	$	2,954,698

***

^(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 January 31, 2017 this security amounted to $476,811 or 1.7% of net assets. This security has been determined by the Adviser to be a liquid security.


ADR		American Depository Receipt
GDR		Global Depository Receipt
NVDR		Non-voting Depository Receipt
PCL		Public Company Limited
PLC		Public Limited Company
REIT		Real Estate Investment Trust
SP ADR		Sponsored American Depository Receipt
SP GDR		Sponsored Global Depository Receipt


	Par* Value		Value

CORPORATE BONDS AND NOTES — 24.8%
Austria — 0.0%
OGX Austria GmbH 8.38%, 04/01/2022^(a)	$	200,000	$	2

Cayman Islands — 3.4%
China Evergrande Group Ltd. 8.75%, 10/30/2018		200,000		206,440

Israel — 3.8%
Israel Electric Corp., Ltd. 6.88%, 06/21/2023^(b)		200,000		230,730

Netherlands — 6.2%
Majapahit Holding BV 7.88%, 06/29/2037^(b)		150,000		182,866
Petrobras Global Finance BV 4.38%, 05/20/2023		100,000		92,250
Petrobras Global Finance BV 6.88%, 01/20/2040		100,000		89,052
Petrobras Global Finance BV 6.85%, 06/05/2115		10,000		8,403

				372,571

Russia — 5.8%
Gazprom OAO Via Gaz Capital SA 8.63%, 04/28/2034		150,000		193,125


	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	$	158,775

				351,900

Venezuela — 5.6%
Petroleos de Venezuela SA 6.00%, 11/15/2026^(b)		300,000		113,895
Petroleos de Venezuela SA 6.00%, 11/15/2026		100,000		37,965
Petroleos de Venezuela SA 5.38%, 04/12/2027		350,000		132,125
Petroleos de Venezuela SA 5.50%, 04/12/2037		150,000		57,000

				340,985

TOTAL CORPORATE BONDS AND NOTES (Cost $1,660,379)				1,502,628


		Par* Value		Value

FOREIGN GOVERNMENT BONDS & NOTES — 66.0%
Argentina — 5.7%
Argentine Republic Government International Bond 7.63%, 04/22/2046^(b)	$		190,000	$	187,815
Argentine Republic Government International Bond 6.88%, 01/26/2027^(b)			160,000		158,400

					346,215

Brazil — 5.2%
Brazil Notas do Tesouro Nacional Serie F 10.00%, 01/01/2021	BRL		1,000,000		311,463

Colombia — 3.6%
Colombia Government International Bond 10.38%, 01/28/2033			150,000		219,750

Costa Rica — 3.1%
Costa Rica Government International Bond 4.25%, 01/26/2023			200,000		189,500

Croatia — 3.6%
Croatia Government International Bond 6.00%, 01/26/2024			200,000		218,884

Dominican Republic — 3.5%
Dominican Republic International Bond 7.45%, 04/30/2044			200,000		211,000

Egypt — 1.5%
Egypt Government International Bond 6.88%, 04/30/2040			100,000		88,710


	Par* Value			Value

FOREIGN GOVERNMENT BONDS & NOTES — (Continued)
Greece — 1.4%
Hellenic Republic Government Bond 3.00%, 02/24/2027^(c)		EUR	100,000	$	78,323
Hellenic Republic Government Bond 3.00%, 02/24/2035^(c)		EUR	10,000		6,497

					84,820

Hungary — 1.2%
Hungary Government International Bond 7.63%, 03/29/2041			50,000		69,688

Lebanon — 0.8%
Lebanon Government International Bond 6.38%, 03/09/2020			50,000		50,802

Mexico — 8.7%
Mexican Bonos 10.00%, 12/05/2024		MXN	1,200,000		66,564
Mexican Bonos 10.00%, 11/20/2036		MXN	2,000,000		114,789
Petroleos Mexicanos 6.50%, 06/02/2041			125,000		116,188
Petroleos Mexicanos 5.50%, 06/27/2044			200,000		164,042
Petroleos Mexicanos 5.63%, 01/23/2046			50,000		41,712
Petroleos Mexicanos 6.75%, 09/21/2047			25,000		23,592

					526,887

Mongolia — 3.5%
Mongolia Government International Bond 10.88%, 04/06/2021^(b)			200,000		210,932


	Par* Value		Value

FOREIGN GOVERNMENT BONDS & NOTES — (Continued)
Morocco — 3.4%
Morocco Government International Bond 4.25%, 12/11/2022^(b)	$	200,000	$	205,300

Pakistan — 1.6%
Pakistan Government International Bond 7.88%, 03/31/2036		100,000		97,897

Romania — 1.0%
Romanian Government International Bond 6.13%, 01/22/2044		50,000		58,998

Serbia — 0.2%
Republic of Serbia 6.75%, 11/01/2024^(c)		9,083		9,175

South Africa — 3.3%
Eskom Holdings SOC Ltd. 6.75%, 08/06/2023		200,000		202,048

Sri Lanka — 3.4%
Sri Lanka Government International Bond 6.00%, 01/14/2019^(b)		200,000		206,157

Turkey — 3.4%
Export Credit Bank of Turkey 5.88%, 04/24/2019^(b)		200,000		204,928

Ukraine — 7.9%
Privatbank CJSC Via UK SPV Credit Finance PLC 10.25%, 01/23/2018		160,000		46,432


	Par* Value		Value

FOREIGN GOVERNMENT BONDS & NOTES — (Continued)
Ukraine — (Continued)
Ukraine Government International Bond 0.00%, 05/31/2040^(b)(d)	$	50,000	$	14,768
Ukreximbank Via Biz Finance PLC 9.75%, 01/22/2025^(b)		250,000		239,875
Ukreximbank Via Biz Finance PLC 8.16%, 02/09/2023^(b)(d)		210,000		178,542

				479,617

TOTAL FOREIGN GOVERNMENT BONDS & NOTES (Cost $4,177,949)				3,992,771


	Number of Shares

COMMON STOCKS — 0.0%
Brazil — 0.0%
OGX Petroleo e Gas SA, SP ADR**		3,188		2,009

TOTAL COMMON STOCKS (Cost $ — )				2,009


TOTAL INVESTMENTS - 90.8% (Cost $5,838,328)***				5,497,408
OTHER ASSETS IN EXCESS OF LIABILITIES - 9.2%				555,317

NET ASSETS - 100.0%			$	6,052,725

*	Par amount denominated in USD unless otherwise noted.

**	Non-income producing.

***	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost****	$	5,838,328

Gross unrealized appreciation	$	279,520
Gross unrealized depreciation		(620,440	)

Net unrealized depreciation	$	(340,920	)

****

^(a)	Investments with a total aggregate value of $2 or 0.00% of net assets were in default as of January 31, 2017.

^(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 January 31, 2017 these securities amounted to $2,134,208 or 35% of net assets. This security has been determined by the Adviser to be a liquid security.

^(c)	Multi-Step Coupon. Rate disclosed is as of January 31, 2017.

Forward foreign currency contracts outstanding as of January 31, 2017 were as follows:

Portfolio Valuation — DuPont Capital Emerging Markets Fund and DuPont Capital Emerging Markets Debt Funds’ (each a “Fund” and together the “Funds”) 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 approved by the Board of Trustees. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount 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 accordance with the procedure adopted by the Trust’s 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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:

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of Valuation Time, as provided by an independent pricing service approved by the Board of Trustees.

The following is a summary of the inputs used, as of January 31, 2017, in valuing each Fund’s investments carried at fair value:


	DuPont Capital Emerging Markets Fund

	Total Value at 01/31/17		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks
Argentina	$	433,899	$	433,899	$	—	$	—
Brazil		1,094,424		—		1,094,424		—
China		5,826,010		616,215		5,209,795		—
Czech Republic		492,990		—		492,990		—
Greece		134,774		—		134,774		—
Hungary		385,334		—		385,334		—
India		2,055,203		766,405		1,288,798		—
Indonesia		589,536		—		589,536		—
Malaysia		483,405		—		483,405		—
Mexico		1,618,356		1,618,356		—		—
Pakistan		429,906		—		429,906		—
Poland		473,836		—		473,836		—
Russia		1,133,528		547,544		585,984		—
South Africa		3,105,706		—		3,105,706		—
South Korea		4,038,172		—		4,038,172		—
Taiwan		3,007,887		908,661		2,099,226		—
Thailand		1,095,465		—		1,095,465		—
Turkey		509,839		—		509,839		—
Preferred Stocks		1,062,679		—		1,062,679		—
Exchange Traded Funds		580,562		580,562		—		—

Total Investments	$	28,551,511	$	5,471,642	$	23,079,869	$	—


	DuPont Capital Emerging Markets Debt Fund

Assets	Total Value at 01/31/17			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	1,502,628		$	—	$	1,502,628		$	—
Foreign Government Bonds & Notes		3,992,771			—		3,992,771			—
Common Stocks		2,009			2,009		—			—

Total Assets	$	5,497,408		$	2,009	$	5,495,399		$	—


Liabilities	Total Value at 01/31/17			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts	$	(1,011	)	$	—	$	(1,011	)	$	—

Total Liabilities	$	(1,011	)	$	—	$	(1,011	)	$	—

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 period ended January 31, 2017, The DuPont Capital Emerging Markets Fund had transfers from Level 1 to Level 2 of $2,064,687. There were no transfers between Levels 1, 2, and 3 in the DuPont Capital Emerging Markets Debt Fund.

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 period ended January 31, 2017, the DuPont Capital Emerging Markets Debt Fund’s average monthly volume of forward foreign currency contracts was as follows:

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 86.4%
Basic Materials — 2.7%
PPG Industries, Inc.		79,650	$	7,965,796

Communications — 8.1%
Cisco Systems, Inc.		194,905		5,987,482
eBay, Inc.*		393,575		12,527,492
Verizon Communications, Inc.		114,450		5,609,194

				24,124,168

Consumer, Cyclical — 11.5%
CVS Health Corp.		60,025		4,730,570
Honda Motor Co. Ltd., SP ADR		235,939		7,012,107
Target Corp.		159,625		10,292,620
Wal-mart Stores, Inc.		187,480		12,512,415

				34,547,712

Consumer, Non-cyclical — 19.8%
Baxter International, Inc.		—		1
Express Scripts Holding Co.*		59,235		4,080,107
GlaxoSmithKline PLC, SP ADR		235,875		9,272,246
Johnson & Johnson		69,135		7,829,539
McKesson Corp.		32,250		4,487,588
Medtronic PLC		105,625		8,029,612
Pepsico, Inc.		107,125		11,117,432
Procter & Gamble Co. (The)		95,370		8,354,412
Whole Foods Market, Inc.		197,515		5,968,903

				59,139,840

Energy — 6.6%
ConocoPhillips		122,775		5,986,509
Diamond Offshore Drilling, Inc.*		205,590		3,367,564


	Number of Shares		Value

COMMON STOCKS — (Continued)
Energy — (Continued)
Exxon Mobil Corp.		123,350	$	10,347,832

				19,701,905

Financial — 24.3%
American Express Co.		120,120		9,174,766
Charles Schwab Corp. (The)		120,500		4,969,420
Franklin Resources, Inc.		84,175		3,345,114
PNC Financial Services Group, Inc. (The)		81,900		9,865,674
SunTrust Banks, Inc.		151,980		8,635,504
Torchmark Corp.		77,505		5,699,718
Travelers Cos, Inc. (The)		75,610		8,905,346
US Bancorp		211,050		11,111,782
Wells Fargo & Co.		192,500		10,843,525

				72,550,849

REITs-Diversified — 1.6%
Annaly Capital Management, Inc. REIT		458,485		4,685,717

REITs-Office Property — 1.0%
Mack-Cali Realty Corp. REIT		110,830		3,105,457

Technology — 6.6%
Microsoft Corp.		133,230		8,613,320
QUALCOMM, Inc.		95,000		5,075,850
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		201,210		6,219,401

				19,908,571

Utilities — 4.2%
Exelon Corp.		348,755		12,513,330

TOTAL COMMON STOCKS (Cost $208,811,098)				258,243,345


	Number of Shares		Value

SHORT-TERM INVESTMENT — 14.0%
Money Market Fund — 14.0%
Dreyfus Institutional Treasury Securities Advantage Fund, Premier Shares 0.08%^(a)		41,687,303	$	41,687,303

TOTAL SHORT-TERM INVESTMENT (Cost $41,687,303)				41,687,303


TOTAL INVESTMENTS - 100.4% (Cost $250,498,401)**				299,930,648
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%				(1,117,722	)

NET ASSETS - 100.0%			$	298,812,926

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	250,498,401

Gross unrealized appreciation	$	54,034,703
Gross unrealized depreciation		(4,602,456	)

Net unrealized appreciation	$	49,432,247

***

^(a)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2017.


PLC		Public Limited Company
REIT		Real Estate Investment Trust
SP ADR		Sponsored American Depository Receipt

Portfolio Valuation – The EIC Value Fund’s (the “Fund”) 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. 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 valued at amortized cost, provided such amount approximates market value. 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 FundVantage 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuations 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 January 31, 2017, in valuing the Fund’s investments carried at fair value:


	Total Value at 01/31/17		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Common Stocks*	$	258,243,345	$	258,243,345	$	—	$	—
Short-Term Investment		41,687,303		41,687,303		—		—

Total Investments	$	299,930,648	$	299,930,648	$	—	$	—

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 may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or are 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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Par Value		Value

CORPORATE BONDS AND NOTES — 73.5%
Applications Software — 3.7%
Microsoft Corp. 1.100%, 08/08/2019	$	500,000	$	492,589
Microsoft Corp. Callable 11/06/2026 at 100 3.300%, 02/06/2027		750,000		750,178

				1,242,767

Auto-Cars/Light Trucks — 8.9%
Ford Motor Credit Co., LLC 2.021%, 05/03/2019		500,000		495,513
Ford Motor Credit Co., LLC 3.336%, 03/18/2021		500,000		505,042
Ford Motor Credit Co., LLC 3.096%, 05/04/2023		500,000		484,248
General Motors Financial Co., Inc. 2.350%, 10/04/2019		500,000		495,489
General Motors Financial Co., Inc. Callable 06/06/2021 at 100 3.200%, 07/06/2021		500,000		497,634
General Motors Financial Co., Inc. Callable 03/09/2023 at 100 3.700%, 05/09/2023		500,000		496,422

				2,974,348

Beverages-Non-alcoholic — 1.5%
Coca-Cola Co. (The) 1.375%, 05/30/2019		500,000		498,200

Commercial Banks Non-US — 0.8%
Santander UK PLC 3.050%, 08/23/2018		250,000		254,372


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Commercial Banks-Eastern US — 1.3%
CIT Group, Inc. 5.000%, 08/01/2023	$	400,000	$	417,000

Computers — 4.5%
Apple, Inc. Callable 07/04/2021 at 100 1.550%, 08/04/2021		500,000		483,254
Apple, Inc. Callable 05/04/2026 at 100 2.450%, 08/04/2026		500,000		465,216
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. Callable 03/15/2026 at 100 6.020%, 06/15/2026 ^(a)		500,000		539,840

				1,488,310

Diversified Banking Institutions — 22.0%
Bank of America Corp. 6.875%, 11/15/2018		250,000		270,974
Barclays PLC 3.200%, 08/10/2021		500,000		497,156
Barclays PLC Callable 01/10/2022 at 100 2.635%, 01/10/2023 ^(b)		500,000		502,104
Citigroup, Inc. Callable 11/08/2021 at 100 2.021%, 12/08/2021 ^(b)		500,000		500,010
Citigroup, Inc. Callable 01/10/2027 at 100 3.887%, 01/10/2028 ^(b)		250,000		249,832


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Diversified Banking Institutions — (Continued)
Credit Suisse Group AG Callable 01/09/2027 at 100 4.282%, 01/09/2028 ^(a)	$	250,000	$	248,745
Goldman Sachs Group, Inc. (The) Callable 10/28/2026 at 100 2.789%, 10/28/2027 ^(b)		1,000,000		1,017,480
Goldman Sachs Group, Inc. (The) Callable 05/10/2020 at 100 5.375%, 12/29/2049 ^(b)(c)(d)		500,000		511,500
JPMorgan Chase & Co. Callable 01/15/2022 at 100 1.942%, 01/15/2023 ^(b)		500,000		502,155
JPMorgan Chase & Co. Callable 10/24/2022 at 100 2.273%, 10/24/2023 ^(b)		500,000		508,565
JPMorgan Chase & Co. Callable 01/01/2026 at 100 3.300%, 04/01/2026		500,000		488,958
Morgan Stanley Callable 10/24/2022 at 100 2.443%, 10/24/2023 ^(b)		1,000,000		1,011,840
Morgan Stanley Callable 07/15/2020 at 100 5.550%, 12/29/2049 ^(b)(c)(d)		500,000		513,125


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Diversified Banking Institutions — (Continued)
UBS AG 2.350%, 03/26/2020	$	500,000	$	498,981

				7,321,425

Diversified Financial Services — 1.5%
General Electric Co. Callable 12/09/2019 at 100 2.200%, 01/09/2020		500,000		505,790

Electronic Components-Semiconductor — 1.5%
Intel Corp. 2.450%, 07/29/2020		250,000		253,930
Texas Instruments, Inc. 1.000%, 05/01/2018		250,000		248,865

				502,795

Enterprise Software/Services — 1.5%
Oracle Corp. 1.602%, 01/15/2019 ^(b)		500,000		504,371

Finance-Auto Loans — 5.3%
Ally Financial, Inc. 3.250%, 11/05/2018		750,000		755,625
Ally Financial, Inc. 3.750%, 11/18/2019		500,000		508,125
Ally Financial, Inc. 4.250%, 04/15/2021		500,000		505,000

				1,768,750

Finance-Consumer Loans — 1.5%
Synchrony Financial Callable 05/04/2026 at 100 3.700%, 08/04/2026		500,000		484,014

Hotels&Motels — 0.8%
Wyndham Worldwide Corp. 2.950%, 03/01/2017		250,000		250,352


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Life/Health Insurance — 2.0%
Lincoln National Corp. Callable 03/06/2017 at 100 3.399%, 05/17/2066 ^(b)	$	500,000	$	427,500
Prudential Financial, Inc. 1.819%, 08/15/2018 ^(b⁾		250,000		250,989

				678,489

Multi-line Insurance — 2.2%
Genworth Holdings, Inc. Callable 03/06/2017 at 100 3.042%, 11/15/2066 ^(b)		475,000		179,312
MetLife, Inc. Callable 06/15/2020 at 100 5.250%, 12/29/2049 ^(b)(c)		250,000		255,625
MetLife, Inc. Callable 08/01/2034 at 100 10.750%, 08/01/2069 ^(d)		200,000		309,500

				744,437

Oil Comp-Integrated — 0.7%
Exxon Mobil Corp. Callable 12/01/2025 at 100 3.043%, 03/01/2026		250,000		247,772

Pipelines — 2.2%
Enterprise Products Operating LLC Callable 01/15/2018 at 100 7.034%, 01/15/2068 ^(b)		235,000		244,370


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Pipelines — (Continued)
Phillips 66 Partners LP Callable 07/01/2026 at 100 3.550%, 10/01/2026	$	500,000	$	485,616

				729,986

Reinsurance — 1.2%
Berkshire Hathaway, Inc. 1.550%, 02/09/2018		400,000		400,856

REITS-Shopping Centers — 1.4%
DDR Corp. 7.500%, 04/01/2017		200,000		201,990
Kimco Realty Corp. Callable 03/01/2021 at 100 3.200%, 05/01/2021		250,000		254,245

				456,235

REITS-Warehouse/Industry — 1.5%
Prologis LP Callable 11/01/2020 at 100 3.350%, 02/01/2021		500,000		514,716

Retail-Discount — 0.7%
Wal-Mart Stores, Inc. 1.125%, 04/11/2018		250,000		249,614

Super-Regional Banks-US — 4.5%
Wells Fargo & Co. Callable 10/31/2022 at 100 2.269%, 10/31/2023 ^(b)		500,000		505,383
Wells Fargo & Co. Callable 01/24/2022 at 100 2.153%, 01/24/2023 ^(b)		500,000		502,230


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Super-Regional Banks-US — (Continued)
Wells Fargo & Co. Callable 01/24/2022 at 100 3.069%, 01/24/2023	$	500,000	$	499,480

				1,507,093

Telephone-Integrated — 2.3%
AT&T, Inc. Callable 01/01/2024 at 100 3.800%, 03/01/2024		500,000		499,700
AT&T, Inc. Callable 12/01/2026 at 100 4.250%, 03/01/2027		250,000		249,840

				749,540

TOTAL CORPORATE BONDS AND NOTES (Cost $24,714,314)				24,491,232


	Par Value		Value

U.S. TREASURY OBLIGATIONS — 15.5%
Sovereign — 15.5%
1.000%, 05/31/2018	$	1,400,000	$	1,400,055
2.125%, 06/30/2022		475,000		477,579
2.000%, 07/31/2022		750,000		748,711
1.625%, 02/15/2026		1,000,000		933,984
1.500%, 08/15/2026		1,750,000		1,608,906

				5,169,235

TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,298,229)				5,169,235

TOTAL INVESTMENTS - 89.0% (Cost $30,012,543)*				29,660,467
OTHER ASSETS IN EXCESS OF LIABILITIES - 11.0%				3,654,403

NET ASSETS - 100.0%			$	33,314,870

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	30,012,543

Gross unrealized appreciation	$	238,395
Gross unrealized depreciation		(590,471	)

Net unrealized depreciation	$	(352,076	)

Please note that securities are classified according to the Bloomberg Sub-Industry Categories. The Fund’s investment adviser has selected this classification system because they believe that it best reflects the industry and risks associated with each position.

Portfolio Valuation – The Estabrook Investment Grade Fixed Income Fund’s (the “Fund”) 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, provided such amount 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 FundVantage 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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

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 January 31, 2017, in valuing the Fund’s investments carried at fair value:


	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	24,491,232	$	—	$	24,491,232	$	—
U.S. Treasury Obligations		5,169,235		—		5,169,235		—

Total Investments	$	29,660,467	$	—	$	29,660,467	$	—

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

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 January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

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 January 31, 2017, these securities amounted to $12,551,948 or 31.3% of net assets. These securities have been determined by the Adviser to be liquid securities, unless otherwise noted.

Portfolio Valuation — The Insight Investment Grade Bond Fund’s (the “Fund”), 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, provided such amount 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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

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 January 31, 2017, in valuing the Fund’s investments carried at fair value:


	Total Value at 01/31/17		Level 1 Quoted Prices		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Corporate Bonds and Notes	$	21,141,984	$	—	$	21,141,984	$	—
Asset Backed Securities		5,438,400		—		5,438,400		—
Commercial Mortgage-Backed Securities		2,274,272		—		2,274,272		—
Residential Mortgage-Backed Securities		5,193,927		—		5,193,927		—
Municipal Bonds		397,445		—		397,445		—
U.S. Treasury Obligations		4,966,893		—		4,966,893		—
Preferred Stock		531,700		531,700		—		—
Registered Investment Company		5,781,537		5,781,537		—		—

Total Investments	$	45,726,158	$	6,313,237	$	39,412,921	$	—

For the period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 100.1%
Communications — 4.0%
Nielsen Holdings PLC		137,476	$	5,624,143

Consumer, Cyclical — 16.8%
Advance Auto Parts, Inc.		32,039		5,262,085
Delphi Automotive PLC		65,516		4,590,051
Dollar General Corp.		93,017		6,866,515
Newell Brands, Inc.		146,367		6,927,550

				23,646,201

Consumer, Non-cyclical — 23.3%
Allergan PLC (Ireland)*		23,737		5,195,792
Celgene Corp.*		73,290		8,512,634
Hologic, Inc.*		142,299		5,767,379
Quintiles IMS Holdings, Inc.*		109,917		8,627,385
Sabre Corp.		197,654		4,842,523

				32,945,713

Energy — 5.9%
Schlumberger Ltd.		98,702		8,262,344

Financial — 12.6%
Northern Trust Corp.		77,968		6,468,225
SVB Financial Group*		31,985		5,508,777
Willis Towers Watson PLC		46,403		5,806,407

				17,783,409

Industrial — 8.7%
Canadian Pacific Railway Ltd.		36,384		5,499,078
Danaher Corp.		81,644		6,851,565

				12,350,643

Technology — 28.8%
Alphabet, Inc., Class A*		12,555		10,297,485


	Number of Shares		Value

COMMON STOCKS — (Continued)
Technology — (Continued)
Autodesk, Inc.*		121,923	$	9,917,217
Facebook, Inc., Class A*		77,638		10,117,784
Visa, Inc., Class A		125,537		10,383,165

				40,715,651

TOTAL COMMON STOCKS (Cost $ 124,372,065)				141,328,104

TOTAL INVESTMENTS - 100.1% (Cost $ 124,372,065)**.				141,328,104

LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%				(178,026	)

NET ASSETS - 100.0%			$	141,150,078

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	124,372,065

Gross unrealized appreciation	$	18,755,221
Gross unrealized depreciation		(1,799,182	)

Net unrealized appreciation	$	16,956,039

***


PLC		Public Limited Company

Portfolio Valuation – The Lateef Fund’s (the “Fund”) 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. 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, provided such amount approximates fair value. 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 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 FundVantage Trust’s Board of Trustees. Options are valued at last sale price. 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuations 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 January 31, 2017, in valuing the Fund’s investments carried at fair value:

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 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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent Fund’s prospectus filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 99.5%
Consumer Discretionary — 23.0%
Best Buy Co., Inc.		15,721	$	699,899
Ford Motor Co.		46,231		571,415
GameStop Corp., Class A		19,799		484,877
General Motors Co.		38,759		1,418,967
Kohl’s Corp.		13,947		555,509
McDonald’s Corp.		1,229		150,639

				3,881,306

Consumer Staples — 14.5%
Archer-Daniels-Midland Co.		16,315		722,102
Campbell Soup Co.		2,337		145,430
Clorox Co. (The)		1,184		142,080
General Mills, Inc.		2,464		153,951
Kellogg Co.		1,975		143,602
Kimberly-Clark Corp.		1,121		135,787
McCormick & Co., Inc.		1,580		150,969
Procter & Gamble Co. (The)		1,712		149,971
Sysco Corp.		3,043		159,636
Wal-Mart Stores, Inc.		8,208		547,802

				2,451,330

Energy — 4.3%
Transocean Ltd. (Switzerland)*		51,944		725,658

Financials — 36.7%
Assurant, Inc.		6,801		660,581
Fifth Third Bancorp		29,358		766,244
Hartford Financial Services Group, Inc. (The)		13,263		646,041
Marsh & McLennan Cos, Inc.		2,276		154,814
Navient Corp.		50,401		758,031
Principal Financial Group, Inc.		12,368		706,089
Prudential Financial, Inc.		8,151		856,752
Unum Group		35,986		1,634,844

				6,183,396

Health Care — 0.9%
Becton Dickinson and Co.		851		150,874

Industrials — 5.8%
3M Co.		854		149,296
Illinois Tool Works, Inc.		1,291		164,215
Northrop Grumman Corp.		706		161,730


	Number of Shares		Value

COMMON STOCKS — (Continued)
Industrials — (Continued)
Raytheon Co.		1,097	$	158,144
Republic Services, Inc.		3,166		181,665
Waste Management, Inc.		2,378		165,271

				980,321

Information Technology — 5.1%
Corning, Inc.		26,404		699,442
Paychex, Inc.		2,590		156,151

				855,593

Real Estate — 0.7%
Public Storage REIT		586		125,990

Telecommunication Services — 8.5%
AT&T, Inc.		19,971		841,977
CenturyLink, Inc.		22,572		583,712

				1,425,689


TOTAL COMMON STOCKS (Cost $15,184,573)				16,780,157

TOTAL INVESTMENTS - 99.5% (Cost $15,184,573)**				16,780,157

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%				79,233

NET ASSETS - 100.0%			$	16,859,390

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	15,184,573

Gross unrealized appreciation	$	1,901,716
Gross unrealized depreciation		(306,132	)

Net unrealized appreciation	$	1,595,584

***


REIT		Real Estate Investment Trust

Portfolio Valuation – The Mount Lucas U.S. Focused Equity Fund’s (the “Fund”) 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. 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. 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 FundVantage 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuations 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 January 31, 2017, in valuing the Fund’s investments carried at fair value:

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 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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — 98.0%
Alaska — 0.1%
Matanuska-Susitna AK, Prerefunded 09/01/19 at 100, 6.00%, 09/01/28, (AGC Insured)		380,000		425,231

Arizona — 2.0%
Phoenix Civic Improvement Corp., Civic Plaza, Convertible CAB, Series B, 5.50%, 07/01/31, (NATL-RE, FGIC Insured)		5,000,000		6,104,950

California — 1.1%
Norwalk-La Mirada Unified School District GO, CAB, Series B, 0.00%, 08/01/27, (AGM-CR, FGIC Insured)		5,000,000		3,413,650

Florida — 0.9%
Orlando Utilities Commission, Water and Electric Revenue, Series D, ETM, 6.75%, 10/01/17		640,000		664,525
Tampa Bay Water, Series B, Prerefunded, ETM, 5.00%, 10/01/18		2,000,000		2,122,880

				2,787,405

Georgia — 0.7%
Metropolitan Atlanta Rapid Transit Authority, Series C, Callable 07/01/26 at 100, 5.00%, 07/01/29		1,620,000		1,923,345


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Georgia — (Continued)
Municipal Electric Authority Power Revenue, Series W, Unrefunded portion, 6.60%, 01/01/18, (NATL-RE, IBC, BNYM Insured)		260,000		272,315

				2,195,660

Guam — 0.7%
Territory Of Guam, Series A, Prerefunded 11/15/19 at 100, 6.75%, 11/15/29		1,775,000		2,033,813

Hawaii — 85.7%
Hawaii County GO, Anticipation Note, Series D, 1.73%, 06/28/17		8,000,000		8,002,240
Hawaii County GO, Series A, 5.25%, 07/15/17		500,000		510,270
Hawaii County GO, Series A, Prerefunded 07/15/18 at 100, 6.00%, 07/15/26		1,655,000		1,772,571
Hawaii County GO, Series A, Prerefunded 03/01/20 at 100, 4.00%, 03/01/28		2,470,000		2,664,315
Hawaii County GO, Series A, Callable 09/01/22 at 100, 5.00%, 09/01/29		500,000		573,665
Hawaii County GO, Series D, 5.00%, 09/01/24		1,450,000		1,738,652
Hawaii County GO, Series D, Callable 03/01/26 at 100, 5.00%, 09/01/28		1,000,000		1,196,510
Hawaii County GO, Series E, 5.00%, 09/01/24		1,000,000		1,199,070


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii Housing Finance & Development Corp., Multi-Family Housing, Iwilei Apartments, Series A, Callable 01/01/31 at 100, 3.75%, 01/01/31, (FHLMC Insured)		3,120,000		3,202,243
Hawaii Housing Finance & Development Corp., Series B, Callable 07/01/21 at 100, 3.88%, 07/01/25, (GNMA/FNMA Insured)		3,705,000		3,867,538
Hawaii State Airports System Revenue, AMT, Callable 08/01/23 at 100, 5.00%, 08/01/28		400,000		442,412
Hawaii State Airports System Revenue, Series A, Callable 07/01/20 at 100, 5.00%, 07/01/22		2,700,000		3,007,341
Hawaii State Airports System Revenue, Series A, Callable 07/01/20 at 100, 5.25%, 07/01/28		1,010,000		1,130,816
Hawaii State Airports System Revenue, AMT, Callable 07/01/21 at 100, 5.00%, 07/01/23		3,500,000		3,867,850


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Airports System Revenue, Series A, Callable 07/01/20 at 100, 5.25%, 07/01/29		2,040,000		2,282,597
Hawaii State Airports System Revenue, Series A, 5.25%, 07/01/20		1,320,000		1,487,270
Hawaii State Airports System Revenue, Series A, Callable 07/01/20 at 100, 5.25%, 07/01/21		1,000,000		1,122,460
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, 4.00%, 07/01/23		500,000		549,765
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Callable 07/01/23 at 100, 5.00%, 07/01/26		1,330,000		1,502,262
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company Subsidary, Callable 07/01/19 at 100, 6.50%, 07/01/39		600,000		654,474


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
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		1,496,724
Hawaii State Department of Budget & Finance, Special Purpose Revenue, Kahala Nui, Callable 11/15/22 at 100, 5.13%, 11/15/32		550,000		586,900
Hawaii State Department of Budget & Finance, Series A, Queens Health System, Callable 07/01/25 at 100, 5.00%, 07/01/35		11,000,000		12,269,290
Hawaii State Department of Hawaiian Home Lands Revenue, 5.00%, 04/01/18		775,000		808,480
Hawaii State GO, Series DJ, Unrefunded portion, Callable 04/01/17 at 100, 5.00%, 04/01/19, (AMBAC Insured)		890,000		896,088
Hawaii State GO, Series DJ, Prerefunded 04/01/17 at 100, 5.00%, 04/01/19, (AMBAC Insured)		110,000		110,752
Hawaii State GO, Series DJ, Prerefunded 04/01/17 at 100, 5.00%, 04/01/22, (AMBAC Insured)		980,000		986,703


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DJ, Unrefunded portion, Callable 04/01/17 at 100, 5.00%, 04/01/22, (AMBAC Insured)		140,000		140,958
Hawaii State GO, Series DK, 5.00%, 05/01/17		4,000,000		4,042,800
Hawaii State GO, Series DK, Prerefunded 05/01/18 at 100, 5.00%, 05/01/23		2,390,000		2,508,807
Hawaii State GO, Series DK, Prerefunded 05/01/18 at 100, 5.00%, 05/01/23		710,000		744,847
Hawaii State GO, Series DK, Prerefunded 05/01/18 at 100, 5.00%, 05/01/28		2,985,000		3,131,504
Hawaii State GO, Series DK, Unrefunded portion, Callable 05/01/18 at 100, 5.00%, 05/01/23		75,000		78,728
Hawaii State GO, Series DK, Unrefunded portion, Callable 05/01/18 at 100, 5.00%, 05/01/28		75,000		78,728
Hawaii State GO, Series DQ, Prerefunded 06/01/19 at 100, 5.00%, 06/01/23		1,660,000		1,802,743
Hawaii State GO, Series DT, 5.00%, 11/01/19		3,000,000		3,298,260
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/30		1,765,000		2,034,710


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/22		155,000		178,686
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/23		875,000		1,008,709
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/25		885,000		1,020,237
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/26		1,150,000		1,325,732
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/27		2,150,000		2,478,542
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/27		1,620,000		1,867,552
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/28		935,000		1,077,877
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/29		1,700,000		1,959,777
Hawaii State GO, Series DZ, Prerefunded 12/01/21 at 100, 5.00%, 12/01/31		1,730,000		1,994,361


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100, 5.00%, 12/01/27		730,000		837,171
Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100, 5.00%, 12/01/29		300,000		342,699
Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100, 5.00%, 12/01/30		1,235,000		1,408,937
Hawaii State GO, Series DZ, Unrefunded portion, Callable 12/01/21 at 100, 5.00%, 12/01/31		1,070,000		1,219,115
Hawaii State GO, Series EA, 5.00%, 12/01/19		265,000		292,054
Hawaii State GO, Series EA, 5.00%, 12/01/21		2,000,000		2,308,640
Hawaii State GO, Series EE, 4.00%, 11/01/17		450,000		460,868
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/24		1,605,000		1,885,008
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/26		1,435,000		1,685,350
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/27		645,000		757,527


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EE, Prerefunded 11/01/22 at 100, 5.00%, 11/01/28		740,000		869,100
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/24		155,000		180,294
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/26		1,450,000		1,684,914
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/27		180,000		209,056
Hawaii State GO, Series EE, Unrefunded portion, Callable 11/01/22 at 100, 5.00%, 11/01/28		360,000		417,053
Hawaii State GO, Series EH, 5.00%, 08/01/23		455,000		538,051
Hawaii State GO, Series EH, 5.00%, 08/01/23		445,000		528,313
Hawaii State GO, Series EH, Callable 08/01/23 at 100, 5.00%, 08/01/24		1,000,000		1,173,210
Hawaii State GO, Series EL, 5.00%, 08/01/23		1,000,000		1,182,530
Hawaii State GO, Series EO, Callable 08/01/24 at 100, 5.00%, 08/01/32		1,285,000		1,481,489
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100, 5.00%, 08/01/26		140,000		168,448


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100, 5.00%, 08/01/26		1,560,000		1,841,377
Hawaii State GO, Series EP, 5.00%, 08/01/24		1,000,000		1,191,720
Hawaii State GO, Series ET, 4.00%, 10/01/22		1,000,000		1,118,460
Hawaii State GO, Series EW, 5.00%, 10/01/18		2,000,000		2,130,060
Hawaii State GO, Series EY, Callable 10/01/25 at 100, 5.00%, 10/01/27		2,980,000		3,554,306
Hawaii State GO, Series EZ, 5.00%, 10/01/21		4,000,000		4,602,600
Hawaii State GO, Series FB, 5.00%, 04/01/25		5,000,000		5,990,950
Hawaii State GO, Series FB, Callable 04/01/26 at 100, 4.00%, 04/01/29		4,000,000		4,341,560
Hawaii State GO, Series FG, Callable 10/01/26 at 100, 5.00%, 10/01/30		10,000,000		11,822,700
Hawaii State Harbor System Revenue, Series A, 5.00%, 07/01/17		185,000		188,112
Hawaii State Harbor System Revenue, Series A, Callable 07/01/20 at 100, 4.75%, 07/01/24		220,000		240,002
Hawaii State Harbor System Revenue, Series A, Callable 07/01/20 at 100, 5.63%, 07/01/40		3,000,000		3,351,540
Hawaii State Highway Revenue, Series A, 4.00%, 01/01/19		380,000		400,782


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Highway Revenue, Series A, 5.00%, 01/01/21, (BAM Insured)		1,250,000		1,415,575
Hawaii State Highway Revenue, Series A, Prerefunded 01/01/22 at 100, 5.00%, 01/01/27		5,490,000		6,331,673
Hawaii State Highway Revenue, Series A, Prerefunded 01/01/22 at 100, 5.00%, 01/01/28		1,120,000		1,291,707
Hawaii State Highway Revenue, Series B, Callable 07/01/26 at 100, 5.00%, 01/01/28		875,000		1,051,724
Hawaii State Highway Revenue, Series B, Callable 07/01/26 at 100, 5.00%, 01/01/29		5,000,000		5,972,900
Honolulu City & County Board of Water Supply System Revenue, Series A, 5.00%, 07/01/24		500,000		596,380
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/24 at 100, 5.00%, 07/01/27		300,000		354,897


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
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		3,605,219
Honolulu City & County Board of Water Supply, System Revenue, Series A, Callable 07/01/24 at 100, 5.00%, 07/01/25		1,500,000		1,803,930
Honolulu City & County GO, Series A, 5.00%, 11/01/18		1,015,000		1,084,101
Honolulu City & County GO, Series A, Prerefunded 07/01/17 at 100, 5.00%, 07/01/21, (AGM Insured)		4,000,000		4,067,600
Honolulu City & County GO, Series A, 5.00%, 11/01/22		2,000,000		2,341,780
Honolulu City & County GO, Series A, Prerefunded 04/01/19 at 100, 5.00%, 04/01/24		1,110,000		1,199,455
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/25		4,855,000		5,621,556
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/26		3,365,000		3,890,377


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/31		2,175,000		2,538,856
Honolulu City & County GO, Series A, Callable 11/01/22 at 100, 5.00%, 11/01/32		1,970,000		2,250,075
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/35		3,000,000		3,434,850
Honolulu City & County GO, Series A, Callable 10/01/25 at 100, 5.00%, 10/01/39		1,000,000		1,137,610
Honolulu City & County GO, Series A, Refunding, 5.00%, 04/01/18		4,790,000		5,007,131
Honolulu City & County GO, Series A, Refunding, 5.00%, 04/01/18		210,000		219,794
Honolulu City & County GO, Series A, Refunding, 5.00%, 10/01/19		1,000,000		1,097,830
Honolulu City & County GO, Series A, Refunding, Callable 11/01/22 at 100, 4.00%, 11/01/37		1,000,000		1,034,730
Honolulu City & County GO, Series B, Callable 11/01/22 at 100, 5.00%, 11/01/23		2,000,000		2,313,440
Honolulu City & County GO, Series B, Callable 12/01/20 at 100, 5.00%, 12/01/25		2,280,000		2,573,915


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series B, Refunding, 5.00%, 10/01/18		1,000,000		1,065,030
Honolulu City & County GO, Series B, Refunding, 5.00%, 12/01/18		1,000,000		1,070,930
Honolulu City & County GO, Series B, Refunding, 5.00%, 08/01/19		1,175,000		1,283,793
Honolulu City & County GO, Series B, Refunding, 5.00%, 10/01/22		1,000,000		1,169,130
Honolulu City & County GO, Series B, Refunding, 5.00%, 10/01/25		2,300,000		2,785,093
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/27		2,000,000		2,380,280
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/29		3,500,000		4,126,745
Honolulu City & County GO, Series D, Prerefunded 09/01/19 at 100, 4.00%, 09/01/21		250,000		267,120
Honolulu City & County Waste Water System Revenue, 1st Bond Resolution, Series A, Prerefunded 07/01/17 at 100, 5.00%, 07/01/31, (NATL-RE Insured)		3,500,000		3,559,150


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Waste Water System Revenue, Junior Series A, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/30		4,000,000		4,635,840
Honolulu City & County Waste Water System Revenue, Senior 1st Bond Resolution, Refunding, 5.00%, 07/01/20		250,000		279,785
Honolulu City & County Waste Water System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/26		3,000,000		3,608,550
Honolulu City & County Waste Water System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100, 5.00%, 07/01/27		2,000,000		2,378,800
Honolulu City & County Waste Water System Revenue, Senior 1st Bond Resolution, Series B, Refunding, 4.00%, 07/01/19		1,000,000		1,065,110
Honolulu City & County Waste Water System Revenue, Senior 1st Bond Resolution, Series B, Refunding, 4.00%, 07/01/21		1,520,000		1,672,714


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Kauai County GO, Series A, Callable 08/01/21 at 100, 3.25%, 08/01/23		1,000,000		1,039,480
Kauai County GO, Series A, Refunding, 5.00%, 08/01/19		250,000		272,115
Kauai County GO, Series A, Refunding, 5.00%, 08/01/22		315,000		365,183
Kauai County GO, Series A, Callable 08/01/22 at 100, 3.13%, 08/01/27		1,295,000		1,321,599
Maui County GO, Refunding, 5.00%, 06/01/20		3,075,000		3,436,835
Maui County GO, Refunding, 5.00%, 06/01/21		1,500,000		1,715,100
Maui County GO, Refunding, 5.00%, 06/01/23		300,000		354,213
Maui County GO, Series A, Prerefunded 07/01/17 at 100, 5.00%, 07/01/19		1,000,000		1,016,900
University of Hawaii Revenue, Series A, Callable 10/01/19 at 100, 5.25%, 10/01/34		1,000,000		1,095,520
University of Hawaii Revenue, Series A-2, 4.00%, 10/01/19		1,170,000		1,254,263
University of Hawaii Revenue, Series B, Refunding, 4.00%, 10/01/24		665,000		755,480


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100, 5.00%, 10/01/35		1,000,000		1,147,400
University of Hawaii Revenue, Series B-2, 5.00%, 10/01/18		1,310,000		1,394,967
University of Hawaii Revenue, Series E, Refunding, 5.00%, 10/01/24		4,600,000		5,550,176
University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100, 5.00%, 10/01/29		1,000,000		1,183,200

				264,594,418

Illinois — 1.3%
Illinois Municipal Electric Agency Power Supply Revenue, Series C, 5.25%, 02/01/21, (NATL-RE, FGIC Insured)		3,665,000		4,142,660

Maine — 0.8%
Maine State GO, Series B, 5.00%, 06/01/24		2,000,000		2,390,460

Massachusetts — 0.9%
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		2,751,300


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
New Jersey — 0.1%
Passaic Valley Sewage Commissioner System Revenue Refunding, Series G, 5.75%, 12/01/21		300,000		349,863

Ohio — 2.1%
Ohio State GO, Series A, 5.00%, 09/01/25		2,395,000		2,893,687
Ohio State, Infrastructure Improvement GO, Series A, 5.00%, 08/01/21		1,000,000		1,145,940
Ohio Water Development Authority Water Pollution Control Loan Fund, Revenue, Series B, 5.00%, 12/01/22		2,000,000		2,352,520

				6,392,147

Texas — 1.5%
Galveston County GO, CAB, Series RD, 0.00%, 02/01/24, (NATL-RE)		2,630,000		2,215,065
Houston Water and Sewer System Revenue, Unrefunded Balance CAB, Junior Series A, 0.00%, 12/01/27, (AGM Insured)		2,000,000		1,392,760
Texas State Transportation Commission Mobility Fund GO, Callable 04/01/24 at 100, 5.00%, 10/01/27		1,000,000		1,166,520

				4,774,345


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Washington — 0.1%
Clark County School District No 117 Camas, Prerefunded 12/01/17 at 100, 5.00%, 12/01/25, (AGM Insured)		285,000		294,490
TOTAL MUNICIPAL BONDS (Cost $299,093,045)				302,650,392
	Shares

REGISTERED INVESTMENT COMPANY — 0.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.47%^(a)		1,135,788		1,135,788
TOTAL REGISTERED INVESTMENT COMPANY (Cost $1,135,788)				1,135,788

TOTAL INVESTMENTS - 98.4% (Cost $300,228,833)*				303,786,180
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6%				5,028,282

NET ASSETS - 100.0%			$	308,814,462

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	300,228,833

Gross unrealized appreciation	$	7,399,954
Gross unrealized depreciation		(3,842,607	)

Net unrealized appreciation	$	3,557,347

^(a)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2017.

Portfolio holdings are subject to change at any time.


AGC		Assured Guaranty Corp.
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
NATL-RE		National Reinsurance Corp.


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — 97.3%
Alaska — 0.7%
Alaska State GO, Series A, 5.00%, 08/01/18		500,000		529,210

Colorado — 0.7%
Boulder County Sales and Use Tax Revenue, Open Space, 5.00%, 12/15/18, (MAC Insured)		500,000		535,830

Florida — 1.0%
JEA Electric System Revenue, Sub-Series A, 5.00%, 10/01/18		650,000		691,606

Georgia — 1.4%
Georgia State GO, Series I, 5.00%, 11/01/17		1,000,000		1,031,100

Hawaii — 79.4%
Hawaii County GO, Anticipation Note, Series D, 1.73%, 06/28/17		2,000,000		2,000,560
Hawaii County GO, Refunding, Series B, 4.00%, 09/01/19		1,185,000		1,266,149
Hawaii County GO, Series A, Callable 07/15/18 at 100, 5.00%, 07/15/21		120,000		126,803
Hawaii County GO, Refunding, Series B, 5.00%, 07/15/17, (AMBAC INSURED)		300,000		305,826


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Airports System Revenue, AMT, Callable 08/01/2023 at 100, 5.00%, 08/01/27		260,000		289,505
Hawaii State Airports System Revenue, Refunding AMT, 5.00%, 07/01/19		135,000		145,779
Hawaii State Airports System Revenue, Refunding, AMT, 5.00%, 07/01/21		2,000,000		2,238,620
Hawaii State Airports System Revenue, Refunding, AMT, Callable 07/01/21 at 100, 4.13%, 07/01/24		500,000		531,575
Hawaii State Department of Budget & Finance, Pacific Health Obligation, 5.00%, 07/01/17		680,000		691,696
Hawaii State Department of Budget & Finance, Pacific Health Obligation, 5.00%, 07/01/18		830,000		874,837
Hawaii State Department of Budget & Finance, Pacific Health Obligation, 5.00%, 07/01/22		105,000		120,207
Hawaii State Department of Budget & Finance, Series A, Queens Health System, 3.00%, 07/01/17		2,000,000		2,018,020


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance, Series A, Queens Health System, 4.00%, 07/01/18		630,000		655,238
Hawaii State Department of Budget & Finance, Series A, Queens Health System, 4.00%, 07/01/19		400,000		423,296
Hawaii State Department of Budget & Finance, Series A, Queens Health System, 5.00%, 07/01/22		40,000		46,125
Hawaii State GO, Prerefunded Series DN, Callable 08/01/18 at 100, 5.13%, 08/01/24		275,000		291,530
Hawaii State GO, Prerefunded Series DQ, Callable 06/01/19 at 100, 5.00%, 06/01/24		75,000		81,449
Hawaii State GO, Refunding, Series EA, 5.00%, 12/01/18		500,000		535,465
Hawaii State GO, Refunding, Series EF, Callable 11/01/22 at 100, 5.00%, 11/01/24		960,000		1,116,663
Hawaii State GO, Series FG, 3.00%, 10/01/20		1,000,000		1,055,430


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Unrefunded Series EE, Callable 11/01/22 at 100, 5.00%, 11/01/24		70,000		81,423
Hawaii State GO, Refunding, Series DT, 5.00%, 11/01/17		200,000		206,312
Hawaii State GO, Refunding, Series DT, 5.00%, 11/01/19		150,000		164,913
Hawaii State GO, Refunding, Series EA, 4.00%, 12/01/20		1,000,000		1,093,820
Hawaii State GO, Refunding, Series EA, Callable 12/01/21 at 100, 5.00%, 12/01/23		1,025,000		1,177,530
Hawaii State GO, Refunding, Series EF, 5.00%, 11/01/17		750,000		773,670
Hawaii State GO, Refunding, Series EL, 3.00%, 08/01/17		1,000,000		1,011,480
Hawaii State GO, Refunding, Series EP, 5.00%, 08/01/19		500,000		545,910
Hawaii State GO, Refunding, Series EP, 5.00%, 08/01/20		500,000		560,995
Hawaii State GO, Refunding, Series EP, 5.00%, 08/01/22		1,000,000		1,168,400
Hawaii State GO, Series DQ, 5.00%, 06/01/17		395,000		400,625


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series DQ, 5.00%, 06/01/18		90,000		94,699
Hawaii State GO, Series DZ, Prerefunded, Callable 12/01/21 at 100, 5.00%, 12/01/30		500,000		576,405
Hawaii State GO, Series EE, 4.00%, 11/01/22		1,040,000		1,161,899
Hawaii State GO, Series EE, Prerefunded, Callable 11/01/22 at 100, 5.00%, 11/01/24		430,000		505,018
Hawaii State GO, Series EH, Callable 08/01/23 at 100, 5.00%, 08/01/24		1,000,000		1,173,210
Hawaii State GO, Series FG, 5.00%, 10/01/22		310,000		363,339
Hawaii State GO, Unrefunded Balance, Series DJ, Callable 04/01/17 at 100, 5.00%, 04/01/20, (AMBAC INSURED)		1,880,000		1,892,859
Hawaii State Harbor System Revenue, Series A, Callable 07/01/20 at 100, 4.50%, 07/01/22		25,000		27,102


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Harbor System Revenue, Series A, Callable 07/01/20 at 100, 5.00%, 07/01/24		10,000		11,026
Hawaii State Highway Revenue, Refunding, Series B, 4.00%, 01/01/18		750,000		771,322
Hawaii State Highway Revenue, Series A, 4.00%, 01/01/18		995,000		1,023,288
Hawaii State Highway Revenue, Series A, 5.00%, 01/01/20		545,000		602,579
Hawaii State Highway Revenue, Series A, 5.00%, 01/01/21		1,000,000		1,132,460
Hawaii State Highway Revenue, Series A, 4.00%, 01/01/21		1,000,000		1,094,610
Hawaii State Highway Revenue, Series B, 5.25%, 07/01/18, (AGM Insured)		500,000		530,135
Hawaii State Housing Finance & Development Corp., Refunding, Series A, 2.35%, 07/01/17, (GNMA/FNMA/FHLMC Insured)		525,000		527,278


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Housing Finance & Development Corp., Refunding, Series A, 2.70%, 07/01/18, (GNMA/FNMA/FHLMC Insured)		535,000		543,854
Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, 3.00%, 07/01/17		300,000		302,865
Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, 5.00%, 07/01/20		320,000		356,877
Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, 5.00%, 07/01/22		650,000		753,142
Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, 5.00%, 07/01/23		500,000		590,485
Honolulu City & County Board of Water Supply System Revenue, Refunding, Series A, Callable 07/01/24 at 100, 5.00%, 07/01/26		15,000		17,892
Honolulu City & County GO, Series A, 5.00%, 10/01/18		1,000,000		1,065,030


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series A, 5.00%, 11/01/18		1,500,000		1,602,120
Honolulu City & County GO, Series A, 3.00%, 11/01/18		800,000		826,888
Honolulu City & County GO, Series A, 3.00%, 10/01/19		1,000,000		1,045,650
Honolulu City & County GO, Series A, Callable 08/01/21 at 100, 4.00%, 08/01/29		20,000		22,037
Honolulu City & County GO, Series A, Prerefunded, 5.00%, 04/01/18		175,000		182,933
Honolulu City & County GO, Series A, Prerefunded, 4.00%, 08/01/18		35,000		36,495
Honolulu City & County GO, Series A, Unrefunded, 5.00%, 04/01/18		25,000		26,166
Honolulu City & County GO, Series B, 5.00%, 11/01/20		535,000		603,967
Honolulu City & County GO, Series D, Callable 09/01/19 at 100, 5.25%, 09/01/23		1,000,000		1,100,070


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Refunding, Senior Series A, 5.00%, 07/01/19		1,000,000		1,088,780
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Refunding, Senior Series A, 5.00%, 07/01/20		1,000,000		1,119,140
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Refunding, Senior Series A, 5.00%, 07/01/21		1,000,000		1,142,860
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Refunding, Senior Series B, 4.00%, 07/01/19		700,000		745,577
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Refunding, Series B, 4.25%, 07/01/17, (NATL-RE Insured)		150,000		152,200


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Senior Series A, 3.00%, 07/01/18		90,000		92,516
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Senior Series A, Callable 07/01/2022 at 100, 5.00%, 07/01/23		500,000		583,540
Honolulu City & County Wastewater System Revenue, 2nd Bond Resolution, Refunding, Series A, Callable 07/01/18 at 100, 5.00%, 07/01/20, (AGM Insured)		125,000		131,896
Honolulu City & County Wastewater System Revenue, Refunding, Junior Series A, 5.00%, 07/01/19		815,000		884,715
Honolulu City & County Wastewater System Revenue, Refunding, Senior 1st Bond Resolution, Series B, 5.00%, 07/01/20		500,000		559,570


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, Refunding, Senior 1st Bond Resolution, Series B, 4.00%, 07/01/21		500,000		550,235
Honolulu City & County Wastewater System Revenue, Refunding, Senior Series B, 5.00%, 07/01/23		1,250,000		1,476,212
Honolulu City & County Wastewater System Revenue, Senior Series A, 4.00%, 07/01/21		1,005,000		1,105,972
Honolulu City & County Wastewater System Revenue, Senior Series A, Callable 07/01/21 at 100, 5.25%, 07/01/36		20,000		23,125
Kauai County GO, Refunding, Series A, 2.25%, 08/01/17		150,000		151,161
Kauai County GO, Refunding, Series A, 3.00%, 08/01/20		295,000		309,700
Kauai County GO, Refunding, Series A, 3.00%, 08/01/18		250,000		257,360
Kauai County GO, Refunding, Series A, 4.00%, 08/01/19		75,000		79,802


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Maui County GO, Series B, 5.00%, 06/01/18		250,000		263,255
Maui County GO, Refunding, 5.00%, 06/01/17		1,000,000		1,014,240
Maui County GO, Refunding, 5.00%, 06/01/18		300,000		315,906
Maui County GO, Refunding, 5.00%, 06/01/19		125,000		135,870
Maui County GO, Refunding, 5.00%, 09/01/19		70,000		76,619
Maui County GO, Refunding, 5.00%, 06/01/20		630,000		704,132
Maui County GO, Refunding, 5.00%, 06/01/21		200,000		228,680
Maui County GO, Refunding, 5.00%, 09/01/21		20,000		22,961
University of Hawaii Revenue, Refunding, Series A, 2.00%, 10/01/18		230,000		233,588
University of Hawaii Revenue, Refunding, Series B, 4.00%, 10/01/23		500,000		563,725


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
University of Hawaii Revenue, Series B-2, 5.00%, 10/01/18		75,000		79,864

				56,656,752

Idaho — 1.5%
Madison County School District No 321 Rexburg GO, Refunding, Series A, 4.00%, 08/15/18, (ID SLSTAX GTY Insured)		1,000,000		1,044,750

Indiana — 1.3%
Indiana Finance Authority Revenue, Refunding Facilities, Callable 07/01/18 at 100, 5.00%, 07/01/20		865,000		912,099

Iowa — 0.6%
University of Iowa Facilities Corp. Revenue, Medical Education & Biomed Research Facility, 3.75%, 06/01/18		435,000		450,325

Michigan — 0.1%
Michigan Municipal Bond Authority Revenue, Unrefunded Portion Clean Water Revolving, Callable 03/06/17 at 100, 5.00%, 10/01/18		70,000		70,247


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Missouri — 1.4%
Kansas City Special Obligation Refunding & Improvement Revenue, Series B, 5.00%, 08/01/18		450,000		475,322
St Charles County School District No R-IV Wentzville GO, Refunding, 4.00%, 03/01/19, (ST AID DIR DEP Insured)		500,000		528,535

				1,003,857

New York — 0.7%
New York City GO, Refunding, Series J, 5.00%, 08/01/18		470,000		497,819

Oklahoma — 1.8%
Cleveland County Educational Facilities Authority Revenue, 5.00%, 07/01/17		500,000		508,285
Cleveland County Educational Facilities Authority Revenue, 5.00%, 07/01/18		500,000		526,790
Oklahoma Water Resources Board Loan Revenue, Series A, 5.00%, 10/01/20		200,000		224,842

				1,259,917


	Principal Amount ($)		Value ($)

MUNICIPAL BONDS — (Continued)
Texas — 2.7%
Bexar County GO, Edgewood Independent School District, Refunding, 4.00%, 08/15/21, (PSF-GTD Insured)		450,000		495,594
Carrollton City Improvement Revenue GO, 3.00%, 08/15/23		870,000		921,939
University of Texas System (The), Refunding, Series A, 5.00%, 08/15/17		500,000		511,235

				1,928,768

Washington — 1.7%
County of King GO, Callable 12/01/22 at 100, 5.00%, 06/01/23		1,000,000		1,181,730

Wisconsin — 2.3%
Milwaukee City GO, Promissory & Corporate Notes, Series N2, 5.00%, 05/01/20		400,000		445,108
Wisconsin State GO, Refunding, Series 3, 5.00%, 11/01/22		1,000,000		1,170,300

				1,615,408

TOTAL MUNICIPAL BONDS (Cost $69,014,420)				69,409,418


	Shares		Value ($)

REGISTERED INVESTMENT COMPANY — 0.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.47%^(b)		596,060		596,060

TOTAL REGISTERED INVESTMENT COMPANY (Cost $596,060)				596,060


TOTAL INVESTMENTS - 98.1% (Cost $69,610,480)*				70,005,478
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9%				1,337,122

NET ASSETS - 100.0%			$	71,342,600

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	69,610,480

Gross unrealized appreciation	$	557,246
Gross unrealized depreciation		(162,248	)

Net unrealized appreciation	$	394,998

^(b)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2017.

Portfolio Valuation – Pacific Capital Tax-Free Securities Fund and Pacific Capital Tax-Free Short Intermediate Securities Fund’s (each a “Fund” and together the “Funds”) 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, provided such amount 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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:

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 January 31, 2017, in valuing each Fund’s investments carried at fair value:


					Level 2
					Other		Level 3
			Level 1		Significant		Significant
	Total Value at		Quoted		Observable		Unobservable
Funds	01/31/17		Price		Inputs		Inputs
Pacific Capital Tax-Free Securities Fund
Municipal Bonds	$	302,650,392	$	—	$	302,650,392	$	—
Registered Investment Company		1,135,788		1,135,788		—		—

Total	$	303,786,180	$	1,135,788	$	302,650,392	$	—

Pacific Capital Tax-Free Short Intermediate Securities Fund
Municipal Bonds	$	69,409,418	$	—	$	69,409,418	$	—
Registered Investment Company		596,060		596,060		—		—

Total	$	70,005,478	$	596,060	$	69,409,418	$	—

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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 96.4%
Apparel Stores — 4.8%
TJX Cos., Inc. (The)		827,516	$	61,997,499

Biotechnology — 10.3%
Celgene Corp.*		599,931		69,681,986
Regeneron Pharmaceuticals, Inc.*		176,986		63,589,300

				133,271,286

Business Services — 6.0%
Automatic Data Processing, Inc.		769,322		77,693,829

Credit Services — 9.8%
Mastercard, Inc., Class A		249,707		26,551,345
Visa, Inc., Class A		1,198,592		99,135,544

				125,686,889

Discount Stores — 3.1%
Dollar General Corp.		540,644		39,910,340

Footwear & Accessories — 5.8%
NIKE, Inc., Class B		1,414,617		74,833,239

Information Technology Services — 8.4%
Accenture PLC, Class A		548,774		62,488,895
Gartner, Inc.*		454,698		45,178,793

				107,667,688

Internet Content & Information — 17.9%
Alphabet, Inc., Class A*		71,428		58,584,531
Alphabet, Inc., Class C*		105,690		84,212,735
Facebook, Inc., Class A*		668,982		87,181,734

				229,979,000

Leisure — 4.7%
Priceline Group, Inc. (The)*		38,221		60,203,044

Medical Devices — 2.7%
Align Technology, Inc.*		381,747		35,002,383


	Number of Shares		Value

COMMON STOCKS — (Continued)
Packaged Foods — 4.0%
Nestle SA, SP ADR*		711,954	$	52,129,272

Restaurants — 5.6%
Starbucks Corp.		1,294,990		71,509,348

Software Application — 4.9%
Adobe Systems, Inc.*		555,106		62,937,918

Software Infrastructure — 4.6%
Oracle Corp.		1,468,624		58,906,509

Specialty Retail — 3.8%
O’Reilly Automotive, Inc.*		186,409		48,889,489

TOTAL COMMON STOCKS (Cost $1,050,496,367)				1,240,617,733

TOTAL INVESTMENTS - 96.4% (Cost $1,050,496,367)**				1,240,617,733
OTHER ASSETS IN EXCESS OF LIABILITIES - 3.6%				46,583,458

NET ASSETS - 100.0%			$	1,287,201,191

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	1,050,496,367

Gross unrealized appreciation	$	201,504,550
Gross unrealized depreciation		(11,383,184	)

Net unrealized appreciation	$	190,121,366

***

PLC Public Limited Corporation

SP ADR Sponsored American Depository Receipt


	Number of Shares		Value

COMMON STOCKS — 90.9%
Australia — 2.4%
CSL, Ltd.		4,700	$	400,674

Cayman Islands — 6.9%
Alibaba Group Holding, Ltd., SP ADR*		4,322		437,862
Tencent Holdings, Ltd.		26,300		687,624

				1,125,486

Denmark — 1.2%
Novo Nordisk A/S, SP ADR		5,301		191,737

France — 2.7%
Essilor International SA		3,733		437,944

Hong Kong — 3.3%
AIA Group, Ltd.		86,000		532,456

Ireland — 3.8%
Accenture PLC, Class A		5,534		630,157

Israel — 2.9%
Check Point Software Technologies, Ltd.*		4,752		469,355

Switzerland — 6.6%
Nestle SA, Registered Shares		10,103		740,192
SGS SA, Registered Shares		159		337,364

				1,077,556

United Kingdom — 2.3%
Reckitt Benckiser Group PLC		4,326		371,196

United States — 58.8%
Adobe Systems, Inc.*		5,578		632,434
Align Technology, Inc.*		5,295		485,498
Alphabet, Inc., Class C*		1,328		1,057,892
Apple, Inc.		3,156		382,981
Automatic Data Processing, Inc.		5,621		567,665
Celgene Corp.*		2,509		291,420


	Number of Shares		Value

COMMON STOCKS — (Continued)
United States — (Continued)
Facebook, Inc., Class A*		5,214	$	679,488
Fastenal Co.		8,386		416,616
Mastercard, Inc., Class A		5,668		602,678
NIKE, Inc., Class B		13,352		706,321
O’Reilly Automotive, Inc.*		2,729		715,735
Priceline Group, Inc. (The)*		307		483,565
Regeneron Pharmaceuticals, Inc.*		1,212		435,459
Starbucks Corp.		12,148		670,813
TJX Cos, Inc. (The)		7,356		551,111
Visa, Inc., Class A		10,816		894,591

				9,574,267

TOTAL COMMON STOCKS (Cost $13,505,830)				14,810,828

TOTAL INVESTMENTS - 90.9% (Cost $13,505,830)**				14,810,828
OTHER ASSETS IN EXCESS OF LIABILITIES - 9.1%				1,480,386

NET ASSETS - 100.0%			$	16,291,214

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	13,505,830

Gross unrealized appreciation	$	1,620,389
Gross unrealized depreciation		(315,391	)

Net unrealized appreciation	$	1,304,998

***


PLC		Public Limited Corporation
SP ADR		Sponsored American Depository Receipt


	Number of Shares		Value

COMMON STOCKS — 91.3%
Australia — 3.4%
CSL, Ltd.		600	$	51,150

Cayman Islands — 8.5%
Alibaba Group Holding, Ltd., SP ADR*		500		50,655
Tencent Holdings, Ltd.		3,000		78,436

				129,091

China — 3.0%
Baidu, Inc., SP ADR*		265		46,394

Denmark — 6.2%
Chr. Hansen Holding A/S		785		47,919
Coloplast A/S, Class B		643		46,106

				94,025

France — 5.8%
Dassault Systemes SE		757		58,602
Essilor International SA		258		30,268

				88,870

Germany — 7.8%
adidas AG		275		43,397
SAP SE		830		75,904

				119,301

Ireland — 12.6%
Accenture PLC, Class A		620		70,599
Experian PLC		3,000		57,937
ICON PLC*		770		64,726

				193,262

Israel — 3.3%
Check Point Software Technologies, Ltd.*		515		50,867

Mexico — 1.9%
Wal-Mart de Mexico SAB de CV		16,200		28,666


	Number of Shares		Value

COMMON STOCKS — (Continued)
Netherlands — 3.8%
RELX NV		3,450	$	58,273

Spain — 5.6%
Amadeus IT Group SA		950		43,948
Industria De Diseno Textil SA		1,278		42,271

				86,219

Switzerland — 9.5%
Actelion, Ltd., Registered Shares		100		26,109
Nestle SA, Registered Shares		1,006		73,704
SGS SA, Registered Shares		21		44,557

				144,370

United Kingdom — 19.9%
Bunzl PLC		1,700		44,813
Compass Group PLC		3,200		56,951
Reckitt Benckiser Group PLC		867		74,394
Sage Group PLC (The)		7,200		55,686
Unilever PLC		1,800		72,911

				304,755

TOTAL COMMON STOCKS (Cost $1,347,007)				1,395,243

TOTAL INVESTMENTS - 91.3% (Cost $1,347,007)**				1,395,243
OTHER ASSETS IN EXCESS OF LIABILITIES - 8.7%				133,180

NET ASSETS - 100.0%			$	1,528,423

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	1,347,007

Gross unrealized appreciation	$	58,184
Gross unrealized depreciation		(9,948	)

Net unrealized appreciation	$	48,236

***


PLC		Public Limited Corporation
SP ADR		Sponsored American Depository Receipt

Portfolio Valuation – The Polen Growth Fund, Polen Global Growth Fund and Polen International Growth Fund (each a “Fund” and together the “Funds”) 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 Funds 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 Funds’ equity securities listed on any national 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 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. 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 a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair 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 each 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 or that have been subject to a significant event occurring between the time of the last sales price and the close of the NYSE 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Securities listed on certain non-U.S. exchanges that close at a substantially earlier time than the NYSE (such as most European or Asian exchanges) are fair valued daily by an independent fair value pricing service approved by the Board of Trustees. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which

daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of the time of valuation, as provided by an independent pricing service approved by the Board of Trustees.

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

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

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 the Polen Global Growth Fund and Polen International Growth Fund each calculates its NAV (generally, the close of the NYSE) that may impact the value of securities traded in these foreign markets. As a result, the Polen Global Growth Fund and Polen International Growth Fund each 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.

The following is a summary of the inputs used, as of January 31, 2017, in valuing the Funds’ investments carried at fair value:

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 Funds’ 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.

For the period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Funds.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 88.2%
Consumer Discretionary — 18.2%
American Public Education, Inc.*		33,425	$	812,228
Carrols Restaurant Group, Inc.*		184,300		2,644,705
Fiesta Restaurant Group, Inc.*		30,745		808,594
Fogo De Chao, Inc.*		129,585		1,788,273
Gildan Activewear, Inc. (Canada)		61,850		1,618,614
Jamba, Inc.*		105,713		961,988
Stoneridge, Inc.*		125,717		2,063,016
Visteon Corp.*		31,360		2,808,915

				13,506,333
Consumer Staples — 3.1%
SpartanNash Co.		60,425		2,287,690

Energy — 0.7%
Golar LNG, Ltd. (Bermuda)		21,315		551,206

Financials — 25.0%
Charter Financial Corp.		90,461		1,554,120
INTL FCstone, Inc.*		61,986		2,286,044
KKR & Co. LP		196,620		3,413,323
Northrim Bancorp, Inc.		26,200		740,150
Oceanfirst Financial Corp.		41,560		1,180,720
Old National Bancorp		42,560		755,440
Oppenheimer Holdings, Inc., Class A		86,434		1,478,021
Raymond James Financial, Inc.		32,600		2,442,718
Seacoast Banking Corp. Of Florida*		1,636		35,632
State Bank Financial Corp.		49,600		1,311,424
Suffolk Bancorp		13,920		576,566


	Number of Shares		Value

COMMON STOCKS — (Continued)
Financials — (Continued)
Synovus Financial Corp.		37,014	$	1,542,744
Valley National Bancorp		57,059		690,985
Willis Towers Watson PLC (Ireland)		4,003		500,895

				18,508,782

Health Care — 10.9%
Alere, Inc.*^(a)		45,300		1,676,100
Allergan PLC (Ireland)*		13,327		2,917,147
Universal Health Services, Inc., Class B		11,750		1,323,402
Valeant Pharmaceuticals International, Inc. (Canada)*		42,210		581,654
Zimmer Holdings, Inc.		12,980		1,535,923

				8,034,226

Industrials — 3.6%
Air Transport Services Group, Inc.*		110,900		1,788,817
Caesarstone Ltd. (Israel)*		12,800		388,480
Triumph Group, Inc.		18,235		487,786

				2,665,083

Information Technology — 13.4%
Avid Technology, Inc.*		88,500		473,475
CA, Inc.		43,232		1,351,865
Everi Holdings, Inc.*		350,271		1,033,300
Mentor Graphics Corp.		96,790		3,572,519
Quantum Corp.*		1,303,078		1,159,739
Quinstreet, Inc.*		295,112		1,032,892
VASCO Data Security International, Inc.*		83,530		1,269,656

				9,893,446

Materials — 9.8%
Celanese Corp., Class A		13,970		1,179,068


	Number of Shares		Value

COMMON STOCKS — (Continued)
Materials — (Continued)
Pope Resources LP		10,600	$	716,560
Real Industry, Inc.*		196,389		1,060,501
Tronox Ltd., Class A (Australia)		343,475		4,300,307

				7,256,436

Utilities — 3.5%
National Fuel Gas Co.		46,265		2,597,780
TOTAL COMMON STOCKS (Cost $45,446,647)				65,300,982


	Value

TOTAL INVESTMENTS - 88.2% (Cost $45,446,647)**	$	65,300,982
OTHER ASSETS IN EXCESS OF LIABILITIES - 11.8%		8,744,099

NET ASSETS - 100.0%	$	74,045,081

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	45,446,647

Gross unrealized appreciation	$	23,639,508
Gross unrealized depreciation		(3,785,173	)

Net unrealized appreciation	$	19,854,335

***

^(a)

The Fund’s portfolio manager is a member of the company’s board of directors and is subject to limited discretionary trading in company securities during periods proximate to earnings announcements (“Restricted Periods”). The security was subject to the Restricted Period from December 16, 2016 through the third business day following the company’s public release of its earnings. The value of the security was $1,676,100 at January 31, 2017, which represents 2.3% of the Fund’s net assets.

PLC Public Limited Company

Portfolio Valuation – The Private Capital Management Value Fund’s (the “Fund”) 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. 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, provided such amount approximates fair value. 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 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 FundVantage 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements – The inputs and valuations 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 January 31, 2017, in valuing the Fund’s investments carried at fair value:


	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Common Stocks*	$	65,300,982	$	65,300,982	$	—	$	—

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

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 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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 97.3%
Aerospace & Defense — 4.1%
Boeing Co. (The)		16,992	$	2,776,833

Beverages — 3.5%
Coca-Cola Co. (The)		56,852		2,363,338

Chemicals — 4.0%
Dow Chemical Co. (The)		45,343		2,703,803

Commercial Banks — 8.1%
JPMorgan Chase & Co.		32,257		2,729,910
Wells Fargo & Co.		48,375		2,724,964

				5,454,874

Communications Equipment — 3.5%
Cisco Systems, Inc.		77,630		2,384,794

Containers & Packaging — 4.2%
International Paper Co.		49,975		2,828,585

Diversified Telecommunication Services — 7.2%
AT&T, Inc.		59,873		2,524,246
Verizon Communications, Inc.		46,839		2,295,579

				4,819,825

Electric Utilities — 10.7%
Duke Energy Corp.		30,593		2,402,774
General Electric Co.		80,960		2,404,512
Southern Co. (The)		48,068		2,376,001

				7,183,287

Hotels, Restaurants & Leisure — 3.7%
McDonald’s Corp.		20,412		2,501,899

Household Products — 7.1%
Kimberly-Clark Corp.		19,410		2,351,133
Procter & Gamble Co. (The)		27,966		2,449,822

				4,800,955


	Number of Shares		Value

COMMON STOCKS — (Continued)
Multiline Retail — 3.1%
Target Corp.		32,734	$	2,110,688

Oil, Gas & Consumable Fuels — 7.3%
Buckeye Partners L.P.^†		35,055		2,443,684
Spectra Energy Corp.		58,545		2,438,399

				4,882,083

Pharmaceuticals — 13.1%
AbbVie, Inc.		37,375		2,283,986
Johnson & Johnson		20,494		2,320,946
Pfizer, Inc.		70,181		2,226,843
Teva Pharmaceutical Industries Ltd. ADR (Israel)		59,961		2,004,496

				8,836,271

REITs — 10.3%
Digital Realty Trust, Inc.		24,718		2,660,398
Omega Healthcare Investors, Inc.		67,251		2,156,739
Welltower, Inc.		31,802		2,108,473

				6,925,610

Software — 3.9%
Microsoft Corp.		40,081		2,591,237

Tobacco — 3.5%
Philip Morris International, Inc.		24,488		2,354,031

TOTAL COMMON STOCKS (Cost $57,216,748)				65,518,113


	Number of Shares		Value
	Number of Shares		Value

EXCHANGE TRADED FUND — 1.4%
SPDR S&P Dividend ETF		10,770	$	928,159

TOTAL EXCHANGE TRADED FUND (Cost $857,996)				928,159

TOTAL INVESTMENTS - 98.7% (Cost $58,074,744)*				66,446,272

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%				893,858

NET ASSETS - 100.0%			$	67,340,130

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	58,074,744

Gross unrealized appreciation	$	8,871,486
Gross unrealized depreciation		(499,958	)

Net unrealized appreciation	$	8,371,528


ADR		American Depository Receipt
L.P.		Limited Partnership
REIT		Real Estate Investment Trust
SPDR		Standard & Poor’s Depository Receipt
†		Master Limited Partnership

Portfolio Valuation — The Quality Dividend Fund’s (the “Fund”) 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. 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. 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 FundVantage 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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 January 31, 2017, in valuing the Fund’s investments carried at fair value:

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

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 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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 98.5%
Australia — 3.9%
BHP Billiton, Ltd.		82,050	$	1,664,645

Belgium — 3.0%
KBC Group NV		19,695		1,279,141

Brazil — 2.4%
Banco Bradesco SA, ADR		100,550		1,038,682

Canada — 2.7%
Alimentation Couche-Tard, Inc., Class B		25,350		1,161,278

China — 5.5%
NetEase, Inc., ADR		4,500		1,142,550
Tencent Holdings Ltd.		45,700		1,194,844

				2,337,394

France — 8.7%
BNP Paribas SA		18,200		1,164,294
Thales SA		13,200		1,238,361
TOTAL SA		25,570		1,293,726

				3,696,381

Germany — 2.0%
Hannover Rueck SE		7,610		838,242

Hong Kong — 3.4%
AIA Group Ltd.		236,700		1,465,493

Indonesia — 2.1%
Bank Rakyat Indonesia Persero Tbk PT		515,400		452,569
Telekomunikasi Indonesia Persero Tbk PT, SP ADR		14,500		426,590

				879,159

Ireland — 2.9%
CRH PLC		35,415		1,228,401


	Number of Shares		Value

COMMON STOCKS — (Continued)
Israel — 3.4%
Nice Ltd., SP ADR		20,480	$	1,437,286

Japan — 22.0%
CyberAgent, Inc.		43,300		1,072,918
Daikin Industries Ltd.		6,700		665,059
Daito Trust Construction Co., Ltd.		4,400		615,117
ITOCHU Corp.		108,600		1,496,063
Komatsu Ltd.		43,500		1,030,020
Mitsubishi UFJ Financial Group, Inc.		186,600		1,194,897
Murata Manufacturing Co., Ltd.		6,800		915,854
ORIX Corp.		73,200		1,104,386
Start Today Co., Ltd.		66,500		1,252,561

				9,346,875

Luxembourg — 3.3%
ArcelorMittal*		179,485		1,399,550

Netherlands — 2.1%
Koninklijke Ahold Delhaize NV		1		16
Unilever NV		22,020		895,113

				895,129

Poland — 2.4%
KGHM Polska Miedz SA		33,171		1,028,830

Singapore — 3.0%
DBS Group Holdings Ltd.		95,100		1,285,750

Sweden — 2.5%
SKF AB, Class B		52,100		1,048,347

Switzerland — 8.0%
Givaudan SA		650		1,171,846
Glencore PLC*		219,376		908,590


	Number of Shares		Value

COMMON STOCKS — (Continued)
Switzerland — (Continued)
Nestle SA, SP ADR		18,250	$	1,336,265

				3,416,701

Taiwan — 2.7%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		37,400		1,156,034

Thailand — 3.2%
Bangkok Bank PCL		261,000		1,345,707

United Kingdom — 9.3%
ASOS PLC*		16,940		1,125,351
BP PLC		249,650		1,491,049
Intertek Group PLC		31,050		1,329,152

				3,945,552

TOTAL COMMON STOCKS (COST $34,100,158)				41,894,577


TOTAL INVESTMENTS - 98.5% (COST $34,100,158)**				41,894,577
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%				658,246

NET ASSETS - 100.0%			$	42,552,823

*	Non-income producing.

**	The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis are as follows:


Aggregate cost***	$	34,100,158

Gross unrealized appreciation	$	7,971,153
Gross unrealized depreciation		(176,734	)

Net unrealized appreciation	$	7,794,419

***


ADR		American Depository Receipt
PLC		Public Limited Company
SP ADR		Sponsored American Depository Receipt

Portfolio Valuation — The Shelton International Select Equity Fund, (formerly WHV International Equity Fund’s), (the “Fund”) 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 sale or official 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. 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, provided such amount approximates fair 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. Investments in other open-end investment companies are valued based on the NAV of such investment companies (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 accordance with procedures adopted by the Trust’s 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 Shelton Capital Management (“Shelton” or 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuations 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 January 31, 2017, in valuing the Fund’s investments carried at fair value:


	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs

Common Stocks:
Australia	$	1,664,645	$	—	$	1,664,645	$	—
Belgium		1,279,141		—		1,279,141		—
Brazil		1,038,682		1,038,682		—		—
Canada		1,161,278		1,161,278		—		—
China		2,337,394		1,142,550		1,194,844		—
France		3,696,381		—		3,696,381		—
Germany		838,242		—		838,242		—
Hong Kong		1,465,493		—		1,465,493		—
Indonesia		879,159		426,590		452,569		—
Ireland		1,228,401		—		1,228,401		—
Israel		1,437,286		1,437,286		—		—
Japan		9,346,875		—		9,346,875		—
Luxembourg		1,399,550		—		1,399,550		—

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 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, accounting principles generally accepted in the United States of America (“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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Par Value		Value

CORPORATE BONDS AND NOTES — 88.8%
Commercial Services — 6.1%
Herc Rentals, Inc. 7.50%, 06/01/2022 ^(a)	$	2,000,000	$	2,160,000

Computers — 10.5%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp. 7.13%, 06/15/2024 ^(a)		1,250,000		1,368,599
Western Digital Corp. 10.50%, 04/01/2024 ^(a)		2,000,000		2,355,000

				3,723,599

Diversified Financial Services — 6.4%
Icahn Enterprises LP / Icahn Enterprises Finance Corp. 6.75%, 02/01/2024		1,250,000		1,245,625
Jefferies Finance, LLC 7.50%, 04/15/2021 ^(a)		1,000,000		1,007,500

				2,253,125

Food — 7.3%
Post Holdings, Inc. 7.75%, 03/15/2024 ^(a)		1,000,000		1,106,880
SUPERVALU, Inc. 7.75%, 11/15/2022		1,500,000		1,458,750

				2,565,630

Healthcare-Products — 3.9%
Kinetic Concepts, Inc. / KCI USA, Inc. 12.50%, 11/01/2021 ^(a)		1,250,000		1,393,750

Healthcare-Services — 5.1%
CHS/Community Health Systems, Inc. 6.88%, 02/01/2022		1,000,000		727,500
Tenet Healthcare Corp. 7.50%, 01/01/2022 ^(a)		1,000,000		1,072,500

				1,800,000

Holding Companies-Diversified — 3.5%
Argos Merger Sub, Inc. 7.13%, 03/15/2023 ^(a)		1,250,000		1,228,125

Machinery-Construction & Mining — 2.8%
BlueLine Rental Finance Corp. 7.00%, 02/01/2019 ^(a)		1,000,000		987,500

Media — 3.7%
WideOpenwest Finance, LLC / WideOpenwest Capital Corp. 10.25%, 07/15/2019		1,250,000		1,317,975

Metal-Fabricate/Hardware — 3.6%
Novelis Corp. 6.25%, 08/15/2024 ^(a)		1,200,000		1,263,000


	Par Value		Value

CORPORATE BONDS AND NOTES — (Continued)
Oil & Gas Services — 4.5%
Transocean, Inc. (Cayman Islands) 9.00%, 07/15/2023	$	1,500,000	$	1,593,750

Retail — 0.4%
Neiman Marcus Group Ltd., LLC 8.00%, 10/15/2021 ^(a)		250,000		154,375

Software — 8.1%
First Data Corp. 7.00%, 12/01/2023 ^(a)		1,250,000		1,325,625
Inception Merger Sub, Inc. / Rackspace Hosting, Inc. 8.63%, 11/15/2024 ^(a)		1,500,000		1,556,250

				2,881,875

Telecommunications — 22.9%
Altice Luxembourg SA 7.63%, 02/15/2025 ^(a)		1,500,000		1,586,250
CenturyLink, Inc. 7.50%, 04/01/2024		1,000,000		1,058,750
Frontier Communications Corp., Sr. Unsec. Notes 11.00%, 09/15/2025		1,500,000		1,516,875
Intelsat Jackson Holdings SA (Luxembourg) 8.00%, 02/15/2024 ^(a)		1,250,000		1,296,875
Sprint Corp. 7.63%, 02/15/2025		1,500,000		1,607,812
Wind Acquisition Finance SA (Luxembourg) 7.38%, 04/23/2021 ^(a)		1,000,000		1,039,900

				8,106,462

TOTAL CORPORATE BONDS AND NOTES (Cost $29,987,305)				31,429,166

	Contracts

OPTIONS PURCHASED — 0.4%
Put Options — 0.4%
iShares iBoxx $ High Yield Corporation Bond ETF Expires 02/17/2017 Strike Price $86		840		22,680
iShares iBoxx $ High Yield Corporation Bond ETF Expires 03/17/2017 Strike Price $86		500		38,500
SPDR S&P 500 ETF Trust Expires 02/17/2017 Strike Price $226		200		25,800


	Contracts			Value

OPTIONS PURCHASED — (Continued)
Put Options — (Continued)
SPDR S&P 500 ETF Trust Expires 03/17/2017 Strike Price $226		150		$	44,850

TOTAL OPTIONS PURCHASED (Cost $216,591)					131,830


	Number of Shares

REGISTERED INVESTMENT COMPANY — 2.6%
BlackRock Liquidity Funds FedFund Portfolio, Institutional Shares, 0.47%^(b)		910,328			910,328
TOTAL REGISTERED INVESTMENT COMPANY (Cost $910,328)					910,328

EXCHANGE TRADED FUNDS — 5.7%
SPDR Bloomberg Barclays High Yield Bond Fund		54,600			2,015,286
TOTAL EXCHANGE TRADED FUNDS (Cost $1,981,429)					2,015,286
TOTAL INVESTMENTS - 97.5% (Cost $33,095,653)*					34,486,610

	Contracts

OPTIONS WRITTEN — (0.1)%
Put Options — (0.1)%
iShares iBoxx $ High Yield Corporation Bond ETF Expires 03/17/2017 Strike Price $82		(500	)		(8,000	)
SPDR S&P 500 ETF Trust Expires 02/17/2017 Strike Price $215		(200	)		(4,400	)
SPDR S&P 500 ETF Trust Expires 03/17/2017 Strike Price $215		(150	)		(14,700	)
TOTAL OPTIONS WRITTEN (Premium received $49,398)					(27,100	)
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.6%					909,472

NET ASSETS - 100.0%				$	35,368,982

*	The cost and unrealized appreciation and unrealized depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	33,095,653

Gross unrealized appreciation	$	1,701,364
Gross unrealized depreciation		(310,407	)

Net unrealized appreciation	$	1,390,957

^(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 January 31, 2017, these securities amounted to $20,902,129 or 59.1% of net assets. These securities have been determined by the Adviser to be liquid securities.

⁽^b)	Rate periodically changes. Rate disclosed is the daily yield on January 31, 2017.

SPDR Standard & Poor’s Depository Receipt

Portfolio Valuation — The Shelton Tactical Credit Fund, (formerly WHV/Acuity Tactical Credit Long/Short Fund’s) (the “Fund”) 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 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 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 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, provided such amount 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 FundVantage Trust’s Board of Trustees. Options are valued at last sale price. 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuations 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 January 31, 2017, in valuing the Fund’s investments carried at fair value:


	Total Value at 01/31/17			Level 1 Quoted Price			Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Assets:
Corporate Bonds and Notes	$	31,429,166		$	—		$	31,429,166	$	—
Purchased Options on Equity Contracts		131,830			131,830			—		—
Registered Investment Company		910,328			910,328			—		—
Exchange Traded Funds		2,015,286			2,015,286			—		—

Total Assets	$	34,486,610		$	3,057,444		$	31,429,166	$	—


Liabilities:
Written Options on Equity Contracts		(27,100	)		(27,100	)		—		—

Total Liabilities	$	(27,100	)	$	(27,100	)	$	—	$	—

For the period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Funds.

Short Sales — A Fund’s short sales are subject to special risks. A short sale involves the sale by the Fund 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 Fund 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 Fund. There can be no assurance that the Fund 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 Fund will comply with guidelines established by the Security and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

Options Purchased — 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 the values of equities. 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 the 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 (“OTC”) 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 default. The Fund’s maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid. As of January 31, 2017, all of the Fund’s written options are exchange-traded options.

The Fund had transactions in written options for the period ended January 31, 2017 as follows:

For the period ended January 31, 2017, the Fund’s average quarterly volume of derivatives was as follows:

Payment-In-Kind Securities — The Fund may invest in payment-in-kind securities (“PIK”). PIKs give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates, interest rates, and associated risks as the original bonds. For the period ended January 31, 2017, there were no in-kind payments received by the Fund with respect to PIK securities.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.


	Number of Shares		Value

COMMON STOCKS — 99.9%
Consumer Discretionary — 36.8%
Best Buy Co., Inc.		526,524	$	23,440,849
Coach, Inc.		406,818		15,194,652
GameStop Corp., Class A		537,592		13,165,628
Gannett Co., Inc.		1,026,127		9,871,342
Gap, Inc. (The)		664,722		15,308,548
Garmin Ltd. (Switzerland)		400,041		19,317,980
Kohl’s Corp.		365,547		14,559,737
L Brands, Inc.		196,941		11,857,818
Macy’s, Inc.		399,540		11,802,412
Mattel, Inc.		490,826		12,864,549
Staples, Inc.		1,438,622		13,235,322
Tupperware Brands Corp.		276,099		16,665,336

				177,284,173

Energy — 14.2%
Chevron Corp.		164,577		18,325,649
Exxon Mobil Corp.		190,526		15,983,226
HollyFrontier Corp.		624,289		18,085,652
PBF Energy, Inc., Class A		696,692		16,156,288

				68,550,815

Health Care — 10.3%
AbbVie, Inc.		271,140		16,569,365
Merck & Co., Inc.		286,373		17,752,262
Pfizer, Inc.		487,803		15,477,989

				49,799,616

Industrials — 12.1%
Boeing Co. (The)		123,974		20,259,831
Caterpillar, Inc.		213,230		20,397,582
Pitney Bowes, Inc.		752,068		11,972,923
RR Donnelley & Sons Co.		326,610		5,601,362

				58,231,698

Information Technology — 20.6%
CA, Inc.		527,751		16,502,774


	Number of Shares		Value

COMMON STOCKS — (Continued)
Information Technology — (Continued)
Cisco Systems, Inc.		572,539	$	17,588,398
Intel Corp.		501,220		18,454,920
International Business Machines Corp.		106,149		18,525,123
Western Digital Corp.		349,917		27,898,882

				98,970,097

Telecommunication Services — 5.9%
CenturyLink, Inc.		527,054		13,629,616
Verizon Communications, Inc.		303,826		14,890,512

				28,520,128

TOTAL COMMON STOCKS (Cost $466,733,643)				481,356,527

TOTAL INVESTMENTS - 99.9% (Cost $466,733,643)*				481,356,527
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				401,899

NET ASSETS - 100.0%			$	481,758,426

*	The cost and unrealized appreciation and depreciation in the value of the investments owned by the Fund, as computed on a federal income tax basis are as follows:


Aggregate cost**	$	466,733,643

Gross unrealized appreciation	$	41,470,844
Gross unrealized depreciation		(26,847,960	)

Net unrealized appreciation	$	14,622,884

Portfolio Valuation – The SkyBridge Dividend Value Fund’s (the “Fund”) 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. 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, provided such amount approximates fair value. 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 FundVantage 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

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 January 31, 2017, in valuing the Fund’s investments carried at fair value:

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 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 period ended January 31, 2017, there were no transfers between Levels 1, 2 and 3 for the Fund.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


•	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 Funds’ own assumptions in determining the fair value of investments).


	Number of Contracts		Premium
Outstanding, April 30, 2016		—		$ —
Options Written		133		49,813
Options Closed		(133)		(49,813	)
Outstanding, January 31, 2017		—		$ —


•	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 Funds’ own assumptions in determining the fair value of investments).


Forward Foreign Currency Contracts - Payable (Value At Trade Date)		Forward Foreign Currency Contracts - Receivable (Value At Trade Date)
$(114,468)		$114,468


•		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 Funds’ own assumptions in determining the fair value of investments).


BRL		Brazilian Real
EUR		Euro
MXN		Mexican Peso
SP ADR		Sponsored American Depository Receipt
SSB		State Street Bank
USD		United States Dollar


	Moody’s/ Standard & Poor’s Rating^(a)	Principal Amount (000’s)		Value
CORPORATE BONDS AND NOTES — 52.7%
Agriculture — 0.5%
Reynolds American, Inc., Co. Gty., 4.45%, 06/12/25 ^(b)	Baa3/BBB	$	180	$	188,668

Airlines — 1.7%
American Airlines 2013-2 Class B Pass Through Trust, 5.60%, 01/15/22 144A^(c)	NR/BBB-		317		327,690
American Airlines 2017-1 Class AA Pass Through Trust, 3.65%, 08/15/30	Aa3/NR		200		201,000
British Airways 2013-1 Class B Pass Through Trust, 5.625%, 12/20/21 144A^(c)	A3/BBB		147		154,172

					682,862

Beverages — 1.0%
Anheuser-Busch InBev Finance, Inc., Co. Gty., 3.70%, 02/01/24	A3/A-		145		149,244
Anheuser-Busch InBev Finance, Inc., Co. Gty., 4.70%, 02/01/36 ^(b)	A3/A-		115		120,384
Anheuser-Busch InBev Finance, Inc., Co. Gty., 4.90%, 02/01/46 ^(b)	A3/A-		138		147,675

					417,303

Chemicals — 1.0%
Axalta Coating Systems, LLC, Co. Gty., 4.875%, 08/15/24 144A^(b)	B1/BB-		215		217,688
Solvay Finance America, LLC, Co. Gty., 3.40%, 12/03/20 144A^(b)	Baa2/BBB-		200		204,163

					421,851

Diversified Financial Services — 18.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, Co. Gty., 3.50%, 05/26/22 ^(b)	Ba1/BBB-		150		149,709
Bank of America Corp., Sr. Unsec. Notes, 5.75%, 12/01/17	Baa1/BBB+		210		217,035
Bank of America Corp., Sr. Unsec. Notes, 5.875%, 01/05/21	Baa1/BBB+		320		356,546
Bank of America Corp., Sub. Notes, 4.45%, 03/03/26	Baa3/BBB		118		120,427
Bear Stearns Cos., LLC (The), Sr. Unsec. Notes, 6.40%, 10/02/17	A3/A-		267		275,670
Citigroup, Inc., Sr. Unsec. Notes, 2.361%, 09/01/23 ^(b)(d)	Baa1/BBB+		425		432,160
Citigroup, Inc., Sr. Unsec. Notes, 3.887%, 01/10/28 ^(b)(d)	Baa1/BBB+		200		199,866
Citigroup, Inc., Sub. Notes, 4.60%, 03/09/26	Baa3/BBB		365		375,254
Citigroup, Inc., Sub. Notes, 5.30%, 05/06/44	Baa3/BBB		174		186,520
GE Capital International Funding Co., Co. Gty., 2.342%, 11/15/20	A1/AA-		215		215,566
General Electric Capital Corp., Sub. Notes, 5.30%, 02/11/21	A2/A+		75		83,204
General Electric Co., Jr. Sub. Notes, 5.00%, 01/21/21 ^(b)(d)(e)	A3/A		437		454,480
Goldman Sachs Group, Inc. (The), Sr. Unsec. Notes, 2.375%, 01/22/18	A3/BBB+		91		91,638
Goldman Sachs Group, Inc. (The), Sr. Unsec. Notes, 3.50%, 11/16/26 ^(b)	A3/BBB+		182		176,611
Goldman Sachs Group, Inc. (The), Sr. Unsec. Notes, 2.789%, 10/28/27 ^(b)(d)	A3/BBB+		250		254,370
HSBC Capital Funding LP/Jersey Channel Islands, Ltd., Co. Gty., 10.176%, 12/29/49 144A^(b)(d)(e)	Baa1/BBB-		325		482,625
ING Bank NV, Sub. Notes, 4.125%, 11/21/23 ^(b)(d)	Baa2/BBB+		350		355,302
Intesa Sanpaolo SpA., Co. Gty, 3.875%, 01/15/19	Baa1/BBB-		200		204,414
Intesa Sanpaolo SpA., Sub. Notes, 5.71%, 01/15/26 144A	Ba1/BB		225		213,282
JPMorgan Chase & Co., Jr. Sub. Notes, 7.90%, 12/29/49 ^(b)(d)(e)	Baa3/BBB-		387		398,610
JPMorgan Chase & Co., Sr. Unsec. Notes, 2.70%, 05/18/23 ^(b)	A3/A-		260		253,630
Liberty Property LP, Sr. Unsec. Notes, REIT, 3.25%, 10/01/26 ^(b)	Baa1/BBB		310		296,782
Morgan Stanley, Sr. Unsec. Notes, 5.50%, 07/24/20	A3/BBB+		425		464,228
Morgan Stanley, Sr. Unsec. Notes, 4.30%, 01/27/45	A3/BBB+		40		39,079
Nasdaq Inc., Sr. Unsec. Notes, 3.85%, 06/30/26 ^(b)	Baa3/BBB		238		237,079


Aggregate Cost***	$	45,436,405

Gross unrealized appreciation	$	705,180
Gross unrealized depreciation		(415,427	)

Net unrealized appreciation	$	289,753


Legend
CLO		Collateralized Loan Obligation
Co. Gty.		Company Guaranty
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
FREMF		Federal Home Loan Mortgage Corp. (Multi-Family)
GNMA		Government National Mortgage Association
GO		General Obligations
Jr.		Junior
LLC		Limited Liability Company
LP		Limited Partnership
Ltd.		Limited
NR		Not Rated
PLC		Public Limited Company
REIT		Real Estate Investment Trust
Sec.		Secured
Sr.		Senior
Sub.		Subordinated
TBA		To Be Announced
Unsec.		Unsecured


AGM		Assured Guaranty Municipal Corp.
AMBAC		American Municipal Bond
		Assurance Corp.
AMT		Alternative Minimum Tax
FHLMC		Federal Home Loan Mortgage
		Corp.
FNMA		Federal National Mortgage
		Association
GNMA		Government National Mortgage
		Association
GO		General Obligation
ID SLSTAX GTY		Idaho Sales Tax Guaranty
MAC		Municipal Assurance Corp
NATL-RE		National Reinsurance Corp.
PSF-GTD		Permanent School Fund
		Guaranteed
ST AID DIR DEP		State Aid Direct Deposit


Funds	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Polen Growth Fund
Investments in Securities*	$	1,240,617,733	$	1,240,617,733	$	—	$	—


Funds	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Polen Global Growth Fund
Australia	$	400,674	$	—	$	400,674	$	—
Cayman Islands		1,125,486		437,862		687,624		—
Denmark		191,737		191,737		—		—
France		437,944		—		437,944		—
Hong Kong		532,456		—		532,456		—
Ireland		630,157		630,157		—		—
Israel		469,355		469,355		—		—
Switzerland		1,077,556		—		1,077,556		—
United Kingdom		371,196		—		371,196		—
United States		9,574,267		9,574,267		—		—

Total	$	14,810,828	$	11,303,378	$	3,507,450	$	—

Funds	Total Value at 01/31/17		Level 1 Quoted Price		Level 2 Other Significant Observable Inputs		Level 3 Significant Unobservable Inputs
Polen International Growth Fund
Australia	$	51,150	$	—	$	51,150	$	—
Cayman Islands		129,091		50,655		78,436		—
China		46,394		46,394		—		—
Denmark		94,025		—		94,025		—
France		88,870		—		88,870		—
Germany		119,301		—		119,301		—
Ireland		193,262		135,325		57,937		—
Israel		50,867		50,867		—		—
Mexico		28,666		28,666		—		—
Netherlands		58,273		—		58,273		—
Spain		86,219		—		86,219		—
Switzerland		144,370		—		144,370		—
United Kingdom		304,755		—		304,755		—

Total	$	1,395,243	$	311,907	$	1,083,336	$	—


• 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).


By (Signature and Title)*		/s/ Joel L. Weiss
		Joel L. Weiss, President and
		Chief Executive Officer
		(principal executive officer)


By (Signature and Title)*		/s/ T. Richard Keyes
		T. Richard Keyes, Treasurer and
		Chief Financial Officer
		(principal financial officer)