N-CSR 1 d516896dncsr.htm FUNDVANTAGE TRUST FundVantage Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22027                

                                     FundVantage Trust                                    

(Exact name of registrant as specified in charter)

301 Bellevue Parkway

                                            Wilmington, DE 19809                                           

(Address of principal executive offices) (Zip code)

Joel L. Weiss

JW Fund Management LLC

1636 N. Cedar Crest Blvd.

Suite #161

                          Allentown, PA 18104                        

(Name and address of agent for service)

Registrant’s telephone number, including area code:  856-528-3500

Date of fiscal year end: April 30

Date of reporting period: April 30, 2023

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

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


Item 1. Reports to Stockholders.

 

  (a)

The Report to Shareholders is attached herewith.


of
FundVantage Trust
Class A
Class C
Institutional Class
ANNUAL REPORT
April 30, 2023
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

 



 


EIC VALUE FUND
Annual Investment Adviser's Report
April 30, 2023
(Unaudited)
Dear Fellow Shareholder,
Thank you for reviewing our annual report. In it, we discuss our perspective on the market, the EIC Value Fund’s (the “Fund”) Institutional Class performance, and some of the Fund’s recent purchase and sale activity. A listing of the Fund’s investments and other financial information follow our comments.
Perspective on the Market
The big story in the stock market so far this year is the turmoil within the banking system. The March failures of Silicon Valley Bank (SIVB) and Signature Bank (SBNY) led to a sharp decline in the financial sector. At first glance, it’s surprising that banks could fail in the current environment. Credit quality remains strong, and higher interest rates have significantly increased the earnings power of the banking industry. However, sharply higher rates created significant unrealized losses in the investment portfolios of many banks, especially those that extended duration in their portfolios. While typically not an issue if the banks can hold these investments to maturity, deposit flight can force a bank to realize these losses. The diversity and stability of an institution’s deposit base should help protect it from this risk, as should a high proportion of FDIC-insured deposits, which are much less likely to flee.
We believe SIVB and SBNY had unique characteristics that significantly increased their risk profiles. For instance, from December 2019 to March 2022, deposits at the two institutions roughly tripled.1 Notably, less than 10% of domestic deposits were in accounts covered by FDIC insurance.2 Both banks had few branches concentrated in specific geographies (California and New York, respectively) and customer types (venture-backed startups and cryptocurrency, respectively). In short, neither bank had well-diversified and sticky deposit franchises.
Nevertheless, SIVB and SBNY quickly invested deposits in long-dated U.S. Treasuries and mortgage-backed securities (MBS) while interest rates were extremely low. When rates began to rise and deposit balances began to shrink (down approximately 15% from March to December 2022), both banks were forced to sell these securities at losses, which impaired their regulatory capital ratios.3 Word quickly spread, and a bank run ensued, leading to the banks’ collapse and takeover by the FDIC.
The Federal Reserve quickly acted to provide a new loan facility called the Bank Term Funding Program (BTFP) that offers depository institutions access to loans of up to one year in length. Critically, the facility will accept U.S. Treasuries, agencies, and agency-backed MBS as collateral at par. This is intended to prevent banks, savings associations, or credit unions from being forced to sell substantial amounts of securities at a loss, eroding or eliminating equity balances important for calculating regulatory capital, in the event of a run on deposits.
The BTFP should help alleviate concerns about cascading bank failures. Recent regulatory actions (e.g., the FDIC covering uninsured deposits at SIVB and SBNY and the BTFP) should calm depositors and reduce the risk of deposit flight. Moreover, the deposit franchises of most other banks (and the banks the Fund owns, in particular) are much more diversified and less at risk of a run. In fact, we believe the health of the banking industry is dramatically better than it was during the global financial crisis of mid-2007 through early 2009, yet valuations are attractive by historical standards. Thus, we viewed the recent selloff in bank stocks as an opportunity to add modestly to some of the Fund’s existing positions.
Signals remain mixed when looking at the broader economy. Some forecasts are for continued growth, but an inverted yield curve points to an eventual slowdown and perhaps a recession. Interest rate and inflation expectations have moderated somewhat but remain elevated compared to the recent past. Against this backdrop, the first four months of 2023 can best be described as a “worst

1 Data Source: S&P Capital IQPRO. December 31, 2019 and March 31, 2022 total deposits on balance sheets of SIVB and SBNY.

2 Data Source: Federal Financial Institutions Examination Council. Consolidated Reports of Condition and Income for SIVB and SBNY as of December 31, 2022. Deposit accounts of $250,000 or less as a percentage of total deposit liabilities of the bank.

3 Data Source: S&P Capital IQPRO. March 31, 2022 and December 31, 2022 total deposits on balance sheets of SIVB and SBNY.
1

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Continued)
April 30, 2023
(Unaudited)
to first” market — an inverse relationship existed between a stock’s performance last year and its performance so far this year. The following table shows the Russell 3000® Index returns by quintile of performance.4
Table 1 Data Source: S&P Capital IQPRO.5 Through April 30, 2023. Indexes are unmanaged and cannot be invested in directly. Past performance does not guarantee future results.
Many of the expensive stocks that fell the most last year have rallied the most so far this year. Loss-making companies provide one of the more egregious examples — after declining 51% last year, they have outperformed the Russell 3000® Index in the first four months of this year.6 Given the recent bank failures and increasing concerns about a recession, we would expect investors to prefer profitable companies. For now, however, risk-on speculation appears to be back in favor.
It has become second nature for investors to “buy the dip” after stock declines. In the long run, stocks go up, and all else being equal, declines should result in more attractive purchase prices. Since 1929, the S& P 500® Index has posted a negative return in 26 calendar years. In 17 of those years, the market rebounded and was positive the following year. Therefore, buying the dip was the correct course of action in most cases. Still, the exceptions were notable — stocks declined for multi-year periods in 1929–32, 1939–41, 1973–74, and 2000–02.7 All featured markets with some combination of significant overvaluation, earnings weakness, or macroeconomic shocks (war or inflation).

4 The Russell 3000® Index measures the performance of the largest 3,000 U.S. companies representing approximately 96% of the investable U.S. equity market and is constructed to provide a comprehensive, unbiased, and stable barometer of the broad market.

5 Price/Projected Earnings (P/E) as of April 30, 2023, 2022 annual and year-to-date 2023 total return of Russell 3000® Index constituents. Constituents that were public for all of 2022 are divided equally into five buckets by annual total return as of December 31, 2022. For each bucket 2023 total return metrics and forward P/E are calculated as of April 30, 2023 on an index-weighted basis using weights at December 31, 2022.

6 Data Source: S&P Capital IQPRO. Loss-making companies are Russell 3000® Index constituents that were expected to be unprofitable over the next 12 months from January 1, 2022 and produced an index-weighted -51% total return for 2022. Constituents that were expected to be unprofitable over the next 12 months from January 1, 2023 produced an index-weighted 10.5% total return for year-to-date 2023 as of April 30, 2023.

7 Data Source: S&P Capital IQPRO. Annual returns calculated from quarterly price returns of the S&P 500® Index for January 1, 1929 through December 31, 1936 and quarterly total returns for January 1, 1937 through December 31, 2022.
2

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Continued)
April 30, 2023
(Unaudited)
With this in mind, we note that valuations for growth stocks remain very high relative to history. Over the last 30+ years, growth stocks have only been this expensive going into or coming out of valuation bubbles, as seen in the chart below. History suggests value could outperform growth by 5–7% per year for the next decade at these respective valuation levels.8
Data Source: S& P Capital IQPRO.9 Indexes are unmanaged and cannot be invested in directly. Past performance does not guarantee future results.
The absolute return expectations for value and growth are also notable. At current valuation levels, value stocks have historically delivered reasonable yearly returns in the mid-to-high single digits. In contrast, growth stocks have produced minimal to negative returns, as shown in the next charts.

8 Russell 3000® Growth Index modified CAPE premium over Russell 3000® Value Index modified CAPE at each month-end January 31, 1990 to April 30, 2013, plotted against the subsequent annualized 10-year total return difference between the Russell 3000® Growth Index and Russell 3000® Value Index for each month-end January 31, 2000 through April 30, 2023. Modified CAPE (Cyclically Adjusted Price-to-Earnings) is the ratio of index prices to trailing 10-year index-level earnings before taxes (EBT) on a time-weighted basis. Annual index level EBT is imputed by dividing the year-end index price by an aggregated price to EBT multiple of index constituents. A 16.4x valuation premium of growth over value  indicates 5–7% per year historical underperformance of growth versus value over the following 10 years.

9 Russell 3000® Growth Index modified CAPE (red line), Russell 3000® Value Index modified CAPE (green line), Russell 3000® Growth Index modified CAPE premium over Russell 3000® Value Index modified CAPE (gray area) at each month-end from
January 31, 1990 to April 30, 2023.
3

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Continued)
April 30, 2023
(Unaudited)
Data Source: S& P Capital IQPRO.10 Indexes are unmanaged and cannot be invested in directly. Past performance does not guarantee future results.
Moreover, we believe the Fund’s odds of outperforming the Russell 3000® Value Index are good as we continue to find pockets of attractive investment opportunities within the value universe.
Compounding the high hurdle of starting valuations, estimates of earnings growth continue to trend downward and are now flat for the full-year 2023.11 Accordingly, the Fund continues to tilt heavily toward well-capitalized, high-quality value stocks that offer reasonable return prospects amid an uncertain and overvalued market environment.

10 (Left Chart) Russell 3000® Value Index modified CAPE at each month-end January 31, 1990 to April 30, 2013, plotted against the subsequent annualized 10-year total return of the Russell 3000® Value Index for each month-end January 31, 2000 through April 30, 2023. (Right Chart) Russell 3000® Growth Index modified CAPE at each month-end from January 31, 1990 to April 30, 2013, plotted against the subsequent annualized 10-year total return of the Russell 3000® Growth Index for each month-end January 31, 2000 through April 30, 2023.

11 Data Source: S&P Capital IQPRO. Monthly trend of S&P 500 Index Aggregate Bottom Up earnings per share estimates for 2023 from September 6, 2022 through May 3, 2023.
4

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Continued)
April 30, 2023
(Unaudited)
Fund Performance
For the 12 months ended April 30, 2023, the Fund’s Institutional Class (EICIX) gained 2.06% net of expenses. The Russell 3000® Value Index, the Fund’s primary benchmark, increased 0.67%, while the S&P 500® Index rose 2.66%. Performance attribution for the 12 months follows. Fund results are compared to those of the Russell 3000® Value Index.
The Fund’s outperformance relative to its benchmark was primarily attributable to stock selection in the consumer staples and health care sectors and an overweight in energy, the market’s top-performing sector.
We do not target sector weightings, either in an absolute sense or relative to market indexes; instead, they are principally a by-product of stock selection. Nonetheless, it is at times instructive to see how sector allocations affected Fund returns. Over the trailing 12 months, they were positive, adding  0.7% to the Fund’s relative performance.
Six of the stock market’s eleven sectors posted positive returns for the 12 months ended April 30, 2023. For the second year in a row, energy was easily the top performer, climbing 18.9%. (It was the worst-performing sector in 2018, 2019, and 2020.) Industrials, up 7.3%, and communication services, up 6.0%, also performed reasonably well. Relative to the index, the Fund was overweight in energy and communication services but underweight in industrials.
In contrast, the worst-performing sector was real estate, dropping 17.1%. Financials, down 3.2%, materials, down 3.2%, and information technology, down 3.0%, also performed poorly. Compared to its benchmark, the Fund was underweight in real estate, materials, and information technology but overweight in financials.
Stock selection in the consumer staples sector positively impacted Fund performance. The Fund’s holdings in this sector posted a collective return of 16.3%, while the index’s consumer staples gained 1.0%. Ingredion Inc. (INGR) and Haleon plc (HLN) were the Fund’s top performers in this sector, rising 28.6% and 27.1%, respectively.
Stock selection in the health care sector also helped Fund performance. The Fund’s holdings in this sector increased a combined 9.2% versus a 1.1% gain for the index’s health care stocks. Cardinal Health Inc. (CAH) performed well for the Fund, surging 35.8% before we sold it last November.
Other notable Fund holdings included Netflix Inc. (NFLX), up 80.1%, FedEx Corp. (FDX), up 55.3%, TotalEnergies SE (TTE), up 39.6%, Unilever plc (UL), up 24.6%, and Shell plc (SHEL), up 20.3%. (We purchased NFLX for the Fund in May 2022 and sold it in November when it hit our target sell price.)

The performance data quoted represents past performance and may not be indicative of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than original cost. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (855) 430-6487.
Securities in the Fund do not match those in the index and performance of the Fund will differ. Indexes are unmanaged, do not incur management fees, costs, and expenses, and cannot be invested in directly.
Sectors are determined using the Global Industry Classification Standard (“GICS”). GICS® was developed by, and is the exclusive property of, Standard & Poor’s Financial Services LLC (“S&P”) and MSCI Inc. (“MSCI”). GICS is the trademark of S&P and MSCI. “Global Industry Classification Standard (GICS)” and “GICS Direct” are service marks of S&P and MSCI.
Fund holdings and sector allocations are subject to change. Please see the schedule of investments section for a complete list of Fund holdings.
5

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Continued)
April 30, 2023
(Unaudited)
On the other hand, stock selection in the financial sector hurt Fund performance. Fund holdings declined a combined 8.1%, trailing the index’s financial stocks, which decreased 3.2%. In particular, the Fund’s bank holdings were not immune to the recent turmoil in the banking system –Truist Financial Corp. (TFC), US Bancorp (USB), and The PNC Financial Services Group Inc. (PNC), fell 29.6%, 26.1%, and 18.3% respectively, while Wells Fargo & Co. (WFC) held up better but still dropped 6.5%.
Stock selection in the energy sector also adversely affected Fund performance. Though Fund holdings gained 11.3%, they trailed the index’s energy holdings, which climbed 18.9%. The Fund’s worst-performing holdings in this sector were The Williams Companies Inc. (WMB), which fell 6.9%, and Coterra Energy Inc. (CTRA), which dropped 2.5%.
Other notable stocks detracting from Fund performance included Warner Brothers Discovery Inc. (WBD), down 36.1%, Empire State Realty Trust Inc. (ESRT), down 27.8%, The Charles Schwab Corp. (SCHW), down 20.3%, GSK plc (GSK), down 17.9%, and National Fuel Gas Company (NFG), down 17.8%. (We sold WBD from the Fund last December. Our sale was based on fundamental disappointment coupled with an increasing debt burden.)
Portfolio Positioning and Recent Activity
We believe the current disparity between growth and value stocks continues to offer attractive investment opportunities, even amid an overall market that is richly priced. As seen in the chart below, specific sectors remain especially cheap compared to their history, while others are quite expensive.
Chart 3 Data Source: S&P Capital IQPRO.12 Index sectors are unmanaged and cannot be invested in directly. Past performance does not guarantee future results.
Relative to its benchmark, the Fund remains overweight in financials, energy, consumer staples, and communication services, while its largest underweights are in information technology, industrials, consumer discretionary, and health care. In fact, the Fund’s largest sector exposure was in financials – as of April 30, 2023, 27.1% of the Fund was invested in financials, including 9.1% in four

12 Russell 3000® Index sector valuation relative to Russell 3000® Index valuation based on constituent price to prior three-year peak earnings for month-end periods from January 31, 1990 to April 30, 2023. Real Estate sector excluded.
6

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Continued)
April 30, 2023
(Unaudited)
banks (PNC, TFC, USB, and WFC). In contrast to SIVB and SBNY, the Fund’s bank holdings are, in our view, financially strong, well-capitalized, and have diverse deposit bases and access to ample liquidity. (During the first quarter of 2023, S&P Dow Jones and MSCI revised sector classifications resulting in two Fund holdings, Global Payments Inc. (GPN) and Fidelity National Information Services Inc. (FIS), moving from information technology to financials, thus amplifying the Fund’s respective under and overweight in those two sectors.)
In April 2023, we purchased a new position in Expedia Group Inc. (EXPE) for the Fund. The company is the world’s second-largest online travel agency behind Booking Holdings Inc. (BKNG), which the fund owned from March 2019 to November 2020. EXPE owns several travel brands (e.g., Expedia, Vrbo, Hotels.com, Travelocity, Hotwire, trivago, and Orbitz) and generates approximately 75% of revenue from hotel bookings and 65% of revenue from the U.S. market. Shares trade at less than 15x our estimate of normalized earnings and roughly a 50% discount to their typical valuation level.13 Expedia is investment-grade rated (BBB).14
We have not sold out of any Fund positions so far in 2023 but have taken advantage of the market volatility by adding to and trimming from several Fund holdings. Driven primarily by valuation, we added to the Fund’s existing position in GSK in January. We trimmed the Fund’s holding in Meta Platforms Inc. (META) in early February after it rose sharply. In March, we pared AGNC Investment Corp. (AGNC) and trimmed The Travelers Companies Inc. (TRV)  to partially offset additions to USB, TFC, and SCHW. We also trimmed the Fund’s position in ESRT.
Aside from valuation risk, there remains a pervasive and perhaps long-lasting hangover in the market. The last decade-plus of low interest rates led to low stock-market volatility and bred complacency, encouraging risk-taking. From poorly run banks collapsing due to liquidity mismatches to outright fraud in cryptocurrencies and fintech, these recent incidents all seem to have a common cause. Opportunistic management teams eschewed traditional risk management or, emboldened by poor regulatory oversight, bent and sometimes broke the rules to succeed. In a quest for gains in a low-rate environment, investors often rewarded them for doing so. Many of these problems cannot be simply or quickly fixed, and the remedies could have far-reaching consequences. With higher rates and a fragile economy, opportunity costs have become more meaningful, so scrutiny from investors and regulators alike will increase. Due diligence is coming back in favor and will be critical for success. As Warren Buffett said, “You only find out who is swimming naked when the tide goes out.”15
As always, we strive to construct portfolios designed to minimize the prevalence and impact of significant investment mistakes. We do so by attempting to avoid investing in businesses that are overly expensive, in secular decline, use aggressive accounting practices, or have too much leverage. Rather, we seek out high-quality companies diversified across a range of economic outcomes. Importantly, each company’s stock is priced based on reasonable assumptions to deliver good absolute returns. In this regard, we pay little attention to the overall market, instead building portfolios from the bottom up, one stock at a time. As currently constructed, we feel the Fund has attractive characteristics, trading at 13.0x trailing earnings, with an 18.3% trailing return on equity and 10.7% expected long-term earnings growth at the end of April. 16

13 Normalized earnings are EIC’s estimate of a company’s annual earnings per share when adjusting for temporary, unusual, or non-recurring items (e.g., margin pressure from supply chain bottlenecks, pandemic-related revenues, unusually high or low commodity prices, etc.).

14 Data Source: S&P Capital IQPRO. All credit-quality ratings discussed in this section represent Standard & Poor’s (S&P) opinion as to the quality of the securities they rate as of April 30, 2023, unless otherwise indicated. The ratings range from AAA (extremely strong capacity to meet its financial commitments) to D (in default). Ratings are relative and subjective and are not absolute standards of quality.

15 Buffett, Warren E., Chairman’s Letter, 28 February 2002. Berkshire Hathaway Inc. Annual Report 2001. https://www. berkshirehathaway.com/ 2001ar/2001letter.html.

16 Data Source: Morningstar Direct℠ as of April 30, 2023. Weighted average trailing twelve-month Price/Earnings Ratio, trailing twelve-month return on equity, and estimated five-year long-term earnings growth for The EIC Value Fund, as calculated by Morningstar.
7

 


EIC VALUE FUND
Annual Investment Adviser’s Report (Concluded)
April 30, 2023
(Unaudited)
Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risk.
This letter is intended to assist shareholders in understanding how the Fund performed during the fiscal year ended April 30, 2023 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund or the markets.
The above commentary is for informational purposes only and does not represent an offer, recommendation, or solicitation to buy, hold, or sell any security. The specific securities identified and described do not represent all of the securities purchased or sold and you should not assume that investments in the securities identified and discussed will be profitable.
London Stock Exchange Group plc (LSE Group) is the source and owner of FTSE Russell index data. FTSE Russell is a trading name of certain of the LSE Group companies. Russell® is a trademark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor, or endorse the content of this communication.
8

 


EIC VALUE FUND
Annual Report
Performance Data
April 30, 2023
(Unaudited)  
Comparison of Change in Value of $10,000 Investment in EIC Value Fund’s Class A vs. Russell 3000® Value Index
and S&P 500® Index
Class A of an assumed $10,000 investment is adjusted for the maximum sales charge of 5.50%. This results in a net investment of $9,450. Performance of Class C will vary from Class A due to differences in class-specific fees.
Average Annual Total Returns for the Years Ended April 30, 2023
  1 Year   3 Years   5 Years   10 Years
Class A (with sales charge) -3.82%   15.71%   8.41%   8.19%
Class A (without sales charge) 1.80%   17.90%   9.64%   8.80%
Russell 3000® Value Index 0.67%   14.46%   7.48%   8.98%
S&P 500® Index 2.66%   14.52%   11.45%   12.20%
Average Annual Total Returns for the Years Ended April 30, 2023
  1 Year   3 Years   5 Years   10 Years
Class C (with CDSC charge) 0.12%   17.03%   8.80%   7.99%
Class C (without CDSC charge) 1.07%   17.03%   8.80%   7.99%
Russell 3000® Value Index 0.67%   14.46%   7.48%   8.98%
S&P 500® Index 2.66%   14.52%   11.45%   12.20%
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (855) 430-6487.
9

 


EIC VALUE FUND
Annual Report
Performance Data (Continued)
April 30, 2023
(Unaudited)  
Comparison of Change in Value of $100,000 Investment in EIC Value Fund’s Institutional Class vs. Russell 3000® Value Index
and S&P 500® Index
Average Annual Total Returns for the Years Ended April 30, 2023
  1 Year   3 Years   5 Years   10 Years
Institutional Class 2.06%   18.18%   9.90%   9.07%
Russell 3000® Value Index 0.67%   14.46%   7.48%   8.98%
S&P 500® Index 2.66%   14.52%   11.45%   12.20%
The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (855) 430-6487.
The returns shown for Class A shares reflect a deduction for the maximum front-end sales charge of 5.50%. The returns shown for Class C shares reflect a maximum deferred sales charge of 1.00% if shares are redeemed within 18 months after initial purchase. All of the Fund’s share classes apply a 2.00% fee to the value of shares redeemed within 30 days of purchase. This redemption fee is not reflected in the returns shown above. As stated in the current prospectus dated September 1, 2022, as supplemented, the Fund’s “Total Annual Fund Operating Expenses” are 1.25%, 2.00% and 1.00%, and the Fund’s “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” are 1.20%, 1.95% and 0.95% for Class A shares, Class C shares and Institutional Class Shares, respectively, of the Fund Class’ average daily net assets. The ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Equity Investment Corporation (the “Adviser”) has contractually agreed to waive or otherwise reduce its annual compensation received from and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, fees and expenses attributable to a distribution or service plan adopted by FundVantage Trust (the “Trust”), “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, do not exceed 0.95% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2023, unless the Board of Trustees of the Trust approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. Total returns would be lower had such fees and expenses not been waived and/or reimbursed.
Mutual fund investing involves risk, including possible loss of principal. Value investing involves the risk that the Fund’s investing in companies believed to be undervalued will not appreciate as anticipated. The Fund faces the risk of loss or lower investment performance as a result of incorrect estimation or other errors by the Adviser in its fundamental analysis regarding the companies in which the Fund invests.
10

 


EIC VALUE FUND
Annual Report
Performance Data (Concluded)
April 30, 2023
(Unaudited)  
The Fund evaluates its performance as compared to that of the Standard & Poor’s 500 (“S&P 500®”) Index and the Russell 3000® Value Index. The S&P 500® Index is a widely recognized, unmanaged index of 500 common stocks, which are generally representative of the U.S. stock market as a whole. The Russell 3000® Value Index is an unmanaged index that measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000® Index companies with lower price-to-value ratios and lower forecasted growth rates. It is impossible to invest directly in an index.
11

 


EIC VALUE FUND
Fund Expense Disclosure
April 30, 2023
(Unaudited)
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (if any) or redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the six-month period from November 1, 2022 through April 30, 2023 and held for the entire period. 
Actual Expenses
The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Examples for Comparison Purposes
The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any) or redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning Account Value
November 1, 2022
  Ending Account Value
April 30, 2023
  Annualized
Expense Ratio
  Expenses Paid
During Period*
EIC Value Fund
Class A              
Actual $1,000.00   $1,046.70   1.20%   $6.09
Hypothetical (5% return before expenses) 1,000.00   1,018.84   1.20%   6.01
Class C              
Actual $1,000.00   $1,043.20   1.95%   $9.88
Hypothetical (5% return before expenses) 1,000.00   1,015.12   1.95%   9.74
Institutional Class              
Actual $1,000.00   $1,048.00   0.95%   $4.82
Hypothetical (5% return before expenses) 1,000.00   1,020.08   0.95%   4.76

* Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended April 30, 2023 of 1.20%, 1.95%, and 0.95% for Class A, Class C, and Institutional Class shares, respectively, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Fund’s ending account values on the first line in each table are based on the actual six-month total returns for the Fund of 4.67%, 4.32%, and 4.80% for Class A, Class C, and Institutional Class shares, respectively.
12

 


EIC Value Fund
Portfolio Holdings Summary Table
April 30, 2023
(Unaudited)
The following table presents a summary by sector of the portfolio holdings of the Fund:
  % of Net
Assets
  Value
COMMON STOCKS:      
Financial 25.3%   $ 64,694,922
Consumer, Non-cyclical 23.3   59,640,970
Communications 13.8   35,354,532
Energy 11.5   29,498,571
Industrial 7.3   18,580,635
Basic Materials 4.0   10,240,399
Utilities 3.7   9,527,516
Consumer, Cyclical 3.7   9,488,943
Technology 2.0   5,221,676
Exchange Traded Funds 1.0   2,544,168
Short-Term Investment 2.7   6,778,453
Other Assets in Excess of Liabilities 1.7   4,420,728
NET ASSETS 100.0%   $255,991,513

Portfolio holdings are subject to change at any time.
The accompanying notes are an integral part of the financial statements.
13

 


EIC VALUE FUND
Portfolio of Investments
April 30, 2023
  Number
of Shares
  Value
COMMON STOCKS — 94.6%
Basic Materials — 4.0%
Barrick Gold Corp.   247,850   $   4,719,064
PPG Industries, Inc.    39,365     5,521,335
       10,240,399
Communications — 13.8%
AT&T, Inc.   538,325     9,512,203
Cisco Systems, Inc.    83,625     3,951,281
Expedia Group, Inc.*    53,900     5,064,444
Meta Platforms, Inc., Class A*    25,950     6,236,304
Verizon Communications, Inc.   272,735    10,590,300
       35,354,532
Consumer, Cyclical — 3.7%
Dollar Tree, Inc.*    32,750     5,034,002
Honda Motor Co. Ltd., SP ADR   167,605     4,454,941
        9,488,943
Consumer, Non-cyclical — 23.3%
AmerisourceBergen Corp.    42,275     7,053,584
Global Payments, Inc.    51,650     5,821,471
GSK PLC, SP ADR   260,611     9,389,814
Haleon PLC, SP ADR   316,155     2,804,295
Ingredion, Inc.    89,160     9,466,117
Johnson & Johnson    21,835     3,574,390
Medtronic PLC    82,425     7,496,554
Sanofi, SP ADR   138,480     7,429,452
Unilever PLC, SP ADR   118,950     6,605,293
       59,640,970
Energy — 11.5%
Coterra Energy, Inc.   290,913     7,447,373
Shell PLC, SP ADR    75,875     4,702,732
TotalEnergies SE, SP ADR   158,075    10,105,735
Williams Cos., Inc. (The)   239,350     7,242,731
       29,498,571
Financial — 25.3%
AGNC Investment Corp., REIT   449,065     4,450,235
American Express Co.    37,215     6,004,268
Charles Schwab Corp. (The)   110,690     5,782,446
Empire State Realty Trust, Inc., Class A, REIT   320,250     1,956,728
Globe Life, Inc.    56,037     6,081,135
Hartford Financial Services Group, Inc. (The)   101,450     7,201,936
Jones Lang LaSalle, Inc.*    32,060     4,457,622
PNC Financial Services Group, Inc. (The)    33,845     4,408,311
Travelers Cos., Inc. (The)    30,295     5,487,636
  Number
of Shares
  Value
COMMON STOCKS — (Continued)
Financial — (Continued)
Truist Financial Corp.   137,892   $   4,492,521
US Bancorp   214,215     7,343,290
Wells Fargo & Co.   176,825     7,028,794
       64,694,922
Industrial — 7.3%
FedEx Corp.    23,375     5,324,358
General Dynamics Corp.    27,280     5,956,315
Oshkosh Corp.    41,400     3,167,928
United Parcel Service, Inc., Class B    22,980     4,132,034
       18,580,635
Technology — 2.0%
Fidelity National Information Services, Inc.    88,925     5,221,676
Utilities — 3.7%
Constellation Energy Corp.    21,728     1,681,747
National Fuel Gas Co.    67,475     3,771,853
OGE Energy Corp.    14,000       525,560
PPL Corp.   123,550     3,548,356
        9,527,516
TOTAL COMMON STOCKS
(Cost $192,264,660)
    242,248,164
 
EXCHANGE TRADED FUNDS — 1.0%
iShares 0-3 Month Treasury Bond ETF    25,300     2,544,168
Total Exchange Traded Funds
(Cost $2,538,855)
      2,544,168
SHORT-TERM INVESTMENT — 2.7%
Money Market Fund — 2.7%
Dreyfus Institutional Preferred Treasury Securities Money Market Fund, Hamilton Shares 4.28%(a) 6,778,453     6,778,453
TOTAL SHORT-TERM INVESTMENT
(Cost $6,778,453)
      6,778,453
 
TOTAL INVESTMENTS - 98.3%
(Cost $201,581,968)
    251,570,785
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7%       4,420,728
NET ASSETS - 100.0%     $255,991,513

 
The accompanying notes are an integral part of the financial statements.
14

 


EIC VALUE FUND
Portfolio of Investments (Concluded)
April 30, 2023
* Non-income producing.
(a) Rate disclosed is the 7-day yield at April 30, 2023.
ETF Exchange-Traded Fund
PLC Public Limited Company
REIT Real Estate Investment Trust
SP ADR Sponsored American Depository Receipt
 
The accompanying notes are an integral part of the financial statements.
15

 


EIC VALUE FUND
Statement of Assets and Liabilities
April 30, 2023
Assets  
Investments, at value (Cost $201,581,968) $251,570,785
Receivables:  
Investments sold 3,734,108
Capital shares sold 437,056
Dividends and interest 694,248
Prepaid expenses and other assets 13,405
Total Assets 256,449,602
Liabilities  
Payables:  
Capital shares redeemed 165,774
Investment adviser 126,622
Transfer agent fees 47,967
Administration and accounting fees 36,286
Audit fees 33,755
Shareholder reporting fees 25,522
Distribution fees (Class A and C Shares) 8,429
Shareholder servicing fees 1,327
Accrued expenses 12,407
Total Liabilities 458,089
Net Assets $255,991,513
Net Assets Consisted of:  
Capital stock, $0.01 par value $ 165,809
Paid-in capital 204,769,945
Total distributable earnings 51,055,759
Net Assets $255,991,513
Class A Shares:  
Net assets $ 21,775,861
Shares outstanding 1,411,313
Net asset value, redemption price per share $ 15.43
Maximum offering price per share (100/94.50 of $15.43) $ 16.33
Class C Shares:  
Net assets $ 6,371,446
Shares outstanding 426,219
Net asset value, offering and redemption price per share $ 14.95
Institutional Class Shares:  
Net assets $227,844,206
Shares outstanding 14,743,320
Net asset value, offering and redemption price per share $ 15.45
The accompanying notes are an integral part of the financial statements.
16

 


EIC VALUE FUND
Statement of Operations
For the Year Ended April 30, 2023
Investment income  
Dividends $ 8,178,109
Less: foreign taxes withheld (221,637)
Total investment income 7,956,472
Expenses  
Advisory fees (Note 2) 1,871,193
Transfer agent fees (Note 2) 171,097
Administration and accounting fees (Note 2) 141,265
Registration and filing fees 79,951
Shareholder reporting fees 63,261
Distribution fees (Class C)(Note 2) 56,765
Trustees’ and officers’ fees(Note 2) 51,139
Distribution fees (Class A)(Note 2) 50,174
Custodian fees(Note 2) 45,606
Legal fees 43,400
Audit fees 33,755
Shareholder servicing fees (Class C) 18,922
Other expenses 21,148
Total expenses before waivers and reimbursements 2,647,676
Less: waivers and reimbursements(Note 2) (151,677)
Net expenses after waivers and reimbursements 2,495,999
Net investment income 5,460,473
Net realized and unrealized gain/(loss) from investments:  
Net realized loss from investments (4,190,123)
Net change in unrealized appreciation on investments 3,506,318
Net realized and unrealized loss on investments (683,805)
Net increase in net assets resulting from operations $ 4,776,668
The accompanying notes are an integral part of the financial statements.
17

 


EIC VALUE FUND
Statements of Changes in Net Assets
  For the Year
Ended
April 30, 2023
  For the Year
Ended
April 30, 2022
Net increase/(decrease) in net assets from operations:      
Net investment income $ 5,460,473   $ 3,226,519
Net realized gains/(losses) from investments (4,190,123)   23,688,598
Net change in unrealized appreciation/(depreciation) on investments 3,506,318   (13,539,396)
Net increase in net assets resulting from operations 4,776,668   13,375,721
Less dividends and distributions to shareholders from:      
Total distributable earnings:      
Class A (1,180,466)   (1,699,293)
Class C (425,777)   (993,191)
Institutional Class (12,910,018)   (16,626,160)
Net decrease in net assets from dividends and distributions to shareholders (14,516,261)   (19,318,644)
Increase in net assets derived from capital share transactions (Note 4) 29,838,380   64,164,853
Total increase in net assets 20,098,787   58,221,930
Net assets      
Beginning of year 235,892,726   177,670,796
End of year $255,991,513   $235,892,726
The accompanying notes are an integral part of the financial statements.
18

 


EIC VALUE FUND
Financial Highlights

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

  Class A
  For the
Year Ended
April 30,
2023
  For the
Year Ended
April 30,
2022
  For the
Year Ended
April 30,
2021
  For the
Year Ended
April 30,
2020
  For the
Year Ended
April 30,
2019
Per Share Operating Performance                  
Net asset value, beginning of year $ 16.08   $ 16.48   $ 11.75   $13.98   $ 14.33
Net investment income(1) 0.31   0.24   0.20   0.23   0.21
Net realized and unrealized gain/(loss) on investments (0.04)   1.10   5.33   (1.42)   0.68
Total from investment operations 0.27   1.34   5.53   (1.19)   0.89
Dividends and distributions to shareholders from:                  
Net investment income   (0.23)   (0.23)   (0.21)   (0.16)
Net realized capital gains (0.92)   (1.51)   (0.57)   (0.83)   (1.08)
Total dividends and distributions to shareholders (0.92)   (1.74)   (0.80)   (1.04)   (1.24)
Redemption fees 0.00 (2)   0.00 (2)   0.00 (2)   0.00 (2)   0.00 (2)
Net asset value, end of year $ 15.43   $ 16.08   $ 16.48   $11.75   $ 13.98
Total investment return(3) 1.80%   8.39%   48.52%   (9.54)%   6.86%
Ratios/Supplemental Data                  
Net assets, end of year (in 000s) $21,776   $19,522   $11,784   $8,347   $15,019
Ratio of expenses to average net assets 1.20%   1.20%   1.18%   1.15%   1.18%
Ratio of expenses to average net assets without waivers and/or reimbursements 1.26% (4)   1.25% (4)   1.32% (4)   1.24% (4)   1.23% (4)
Ratio of net investment income to average net assets 1.99%   1.44%   1.45%   1.67%   1.47%
Portfolio turnover rate 39%   33%   41%   36%   42%

(1) The selected per share data was calculated using the average shares outstanding method for the year.
(2) Amount is less than $0.005 per share.
(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total investment return does not reflect the impact of the maximum front-end sales load of 5.50% or any applicable sales charge. If reflected, the return would be lower.
(4) During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).
The accompanying notes are an integral part of the financial statements.
19

 


EIC VALUE FUND
Financial Highlights (Continued)

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

  Class C
  For the
Year Ended
April 30,
2023
  For the
Year Ended
April 30,
2022
  For the
Year Ended
April 30,
2021
  For the
Year Ended
April 30,
2020
  For the
Year Ended
April 30,
2019
Per Share Operating Performance                  
Net asset value, beginning of year $15.72   $16.10   $ 11.52   $ 13.73   $ 14.12
Net investment income(1) 0.19   0.11   0.09   0.12   0.10
Net realized and unrealized gain/(loss) on investments (0.04)   1.07   5.22   (1.41)   0.67
Total from investment operations 0.15   1.18   5.31   (1.29)   0.77
Dividends and distributions to shareholders from:                  
Net investment income   (0.05)   (0.16)   (0.09)   (0.08)
Net realized capital gains (0.92)   (1.51)   (0.57)   (0.83)   (1.08)
Total dividends and distributions to shareholders (0.92)   (1.56)   (0.73)   (0.92)   (1.16)
Redemption fees 0.00 (2)   0.00 (2)   0.00 (2)   0.00 (2)   0.00 (2)
Net asset value, end of year $14.95   $15.72   $ 16.10   $ 11.52   $ 13.73
Total investment return(3) 1.07%   7.56%   47.46%   (10.30)%   6.05%
Ratios/Supplemental Data                  
Net assets, end of year (in 000s) $6,371   $8,933   $16,926   $17,926   $27,407
Ratio of expenses to average net assets 1.95%   1.95%   1.93%   1.90%   1.93%
Ratio of expenses to average net assets without waivers and/or reimbursements 2.01% (4)   2.00% (4)   2.07% (4)   1.99% (4)   1.98% (4)
Ratio of net investment income to average net assets 1.24%   0.69%   0.70%   0.92%   0.71%
Portfolio turnover rate 39%   33%   41%   36%   42%

(1) The selected per share data was calculated using the average shares outstanding method for the year.
(2) Amount is less than $0.005 per share.
(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge.
(4) During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).
The accompanying notes are an integral part of the financial statements.
20

 


EIC VALUE FUND
Financial Highlights (Concluded)

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

  Institutional Class
  For the
Year Ended
April 30,
2023
  For the
Year Ended
April 30,
2022
  For the
Year Ended
April 30,
2021
  For the
Year Ended
April 30,
2020
  For the
Year Ended
April 30,
2019
Per Share Operating Performance                  
Net asset value, beginning of year $ 16.06   $ 16.46   $ 11.73   $ 13.97   $ 14.37
Net investment income(1) 0.35   0.28   0.23   0.26   0.24
Net realized and unrealized gain/(loss) on investments (0.04)   1.10   5.32   (1.42)   0.69
Total from investment operations 0.31   1.38   5.55   (1.16)   0.93
Dividends and distributions to shareholders from:                  
Net investment income   (0.27)   (0.25)   (0.25)   (0.25)
Net realized capital gains (0.92)   (1.51)   (0.57)   (0.83)   (1.08)
Total dividends and distributions to shareholders (0.92)   (1.78)   (0.82)   (1.08)   (1.33)
Redemption fees 0.00 (2)   0.00 (2)   0.00 (2)   0.00 (2)   0.00 (2)
Net asset value, end of year $ 15.45   $ 16.06   $ 16.46   $ 11.73   $ 13.97
Total investment return(3) 2.06%   8.64%   48.85%   (9.36)%   7.16%
Ratios/Supplemental Data                  
Net assets, end of year (in 000s) $227,844   $207,437   $148,961   $113,292   $173,468
Ratio of expenses to average net assets 0.95%   0.95%   0.93%   0.90%   0.93%
Ratio of expenses to average net assets without waivers and/or reimbursements 1.01% (4)   1.00% (4)   1.07% (4)   0.99% (4)   0.99% (4)
Ratio of net investment income to average net assets 2.24%   1.69%   1.70%   1.91%   1.72%
Portfolio turnover rate 39%   33%   41%   36%   42%

(1) The selected per share data was calculated using the average shares outstanding method for the year.
(2) Amount is less than $0.005 per share.
(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any.
(4) During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).
The accompanying notes are an integral part of the financial statements.
21

 


EIC VALUE FUND
Notes to Financial Statements
April 30, 2023
1. Organization and Significant Accounting Policies
The EIC Value Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced operations on May 1, 2011. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares: Class A, Class C, Institutional Class and Retail Class shares. Class A shares are sold subject to a front-end sales charge of 5.50%. Front-end sales charges may be reduced or waived under certain circumstances. A contingent deferred sales charge (“CDSC”) may be applicable to the redemption of Class C shares. A CDSC, as a percentage of the lower of the original purchase price or net asset value at redemption, of up to 1.00% may be imposed on full or partial redemptions of Class A shares made within eighteen months of purchase where: (i) $1 million or more of Class A shares were purchased without an initial sales charge, and (ii) the Fund’s principal underwriter, Foreside Funds Distributors LLC (the “Underwriter”), paid a commission to the selling broker-dealer for such sale. A CDSC of up to 1.00% is assessed on redemptions of Class C Shares made within eighteen months after the initial purchase where the broker-dealer was paid a commission for such sale. Class C shares of the Fund will automatically convert into Class A shares of the Fund after they have been held for eight years. As of April 30, 2023, the Retail Class Shares have not been issued.
The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.
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 (“OTC”) 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. 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). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of 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. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. 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 pursuant to its policies and procedures. On a quarterly basis, the Adviser’s fair valuation determinations will be reviewed by the Trust’s Board of Trustees.
Fair Value Measurements The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:
•  Level 1 — quoted prices in active markets for identical securities;
•  Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.); and
•  Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.
22

 


EIC VALUE FUND
Notes to Financial Statements (Continued)
April 30, 2023
The following is a summary of the inputs used, as of April 30, 2023, in valuing the Fund's investments carried at fair value:
  Total
Value at
04/30/23
  Level 1
Quoted
Prices
  Level 2
Other
Significant
Observable
Inputs
  Level 3
Significant
Unobservable
Inputs
Assets              
Common Stocks* $ 242,248,164   $ 242,248,164   $   $
Exchange Traded Funds* 2,544,168   2,544,168    
Short-Term Investments* 6,778,453   6,778,453    
Total Assets $ 251,570,785   $ 251,570,785   $   $

* Please refer to Portfolio of Investments for further details on portfolio holdings.
At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third-party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1 and Level 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.
Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund 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 present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. 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 Level 3 are disclosed when the Fund had an amount of transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.
For the year ended April 30, 2023, there were no transfers in or out of Level 3.
Use of EstimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.
Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. The Fund may be subject to foreign taxes on income, a portion of which may be recoverable. The Fund applies for refunds where available. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. Distribution (12b-1) fees and shareholder services fees relating to a specific class are charged directly to that class. Fund level expenses common to all classes, investment income and realized and unrealized gains and losses on investments are allocated to each class based upon relative daily net assets of each class. General expenses of the Trust are generally allocated to each fund under methodologies approved by the Board Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund. 
23

 


EIC VALUE FUND
Notes to Financial Statements (Continued)
April 30, 2023
Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes. 
Other In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
2.  Transactions with Related Parties and Other Service Providers
Equity Investment Corporation (“EIC” or the “Adviser”) serves as investment adviser to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.75% of the Fund’s average daily net assets under $500 million; 0.65% of the Fund’s average daily net assets of $500 million or more, but less than $1 billion; and 0.50% of the Fund’s average daily net assets of $1 billion and over. The Adviser has contractually agreed to waive or otherwise reduce its annual compensation received from and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, fees and expenses attributable to a distribution or service plan adopted by the Trust, “Acquired Fund Fees and Expenses,” interest, extraordinary items and brokerage commissions, do not exceed 0.95% of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until August 31, 2023, unless the Board of Trustees of the Trust approves its earlier termination. Subject to approval by the Board of Trustees, the Adviser may recoup any expenses or fees it has reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund operating expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.
As of April 30, 2023, the amount of potential recovery was as follows:
  Expiration
  04/30/2024   04/30/2025   04/30/2026   Total
  $189,225   $104,148   $151,677   $445,050
For the year ended April 30, 2023, the Adviser earned advisory fees of $1,871,193 and waived fees of $151,677.
Other Service Providers
The Bank of New York Mellon ("BNY Mellon") serves as administrator and custodian for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
BNY Mellon Investment Servicing (US) Inc. (the “Transfer Agent”) provides transfer agent services to the Fund. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.
The Trust, on behalf of the Fund, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Fund and have
24

 


EIC VALUE FUND
Notes to Financial Statements (Continued)
April 30, 2023
agreed to compensate the intermediaries for providing those services. The fees incurred by the Fund for these services are included in Transfer agent fees in the Statement of Operations.
Foreside Funds Distributors LLC (the "Underwriter") provides principal underwriting services to the Fund pursuant to an underwriting agreement between the Trust and the Underwriter.
The Trust and the Underwriter are parties to an underwriting agreement. The Trust has adopted a distribution plan for Class A and Class C shares in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Class A and Class C shares plan, the Fund compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25% and 1.00% (0.75% Rule 12b-1 distribution fee and 0.25% shareholder service fee) on an annualized basis of the average daily net assets of the Fund’s Class A and Class C shares, respectively.
Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY Mellon serves as the Secretary of the Trust and is not compensated by the Fund or the Trust.
JW Fund Management LLC ("JWFM") provides a Principal Executive Officer and Principal Financial Officer to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. Prior to December 1, 2022, ACA Group ("ACA"), operating through its subsidiary, Foreside Fund Officer Services LLC, provided the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust. ACA was compensated for its services provided to the Trust through November 30, 2022.
3. Investment in Securities
For the year ended April 30, 2023, aggregated purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:
  Purchases   Sales
Investment Securities $113,095,838   $91,022,099
4. Capital Share Transactions
For the years ended April 30, 2023 and 2022, transactions in capital shares (authorized shares unlimited) were as follows: 
  For the Year Ended
April 30, 2023
  For the Year Ended
April 30, 2022
  Shares   Amount   Shares   Amount
Class A              
Sales 326,841   $ 5,075,997   552,866   $ 9,249,204
Reinvestments 71,941   1,089,899   99,610   1,565,872
Redemption Fees*   411     444
Redemptions (201,732)   (3,117,450)   (153,445)   (2,582,919)
Net increase 197,050   $ 3,048,857   499,031   $ 8,232,601
25

 


EIC VALUE FUND
Notes to Financial Statements (Continued)
April 30, 2023
  For the Year Ended
April 30, 2023
  For the Year Ended
April 30, 2022
  Shares   Amount   Shares   Amount
 
Class C              
Sales 108,951   $ 1,656,613   53,779   $ 879,446
Reinvestments 27,557   405,649   62,070   956,505
Redemption Fees*   144     260
Redemptions (278,587)   (4,186,873)   (599,087)   (9,784,506)
Net decrease (142,079)   $ (2,124,467)   (483,238)   $ (7,948,295)
 
Institutional Class              
Sales 4,735,378   $ 73,679,118   4,706,008   $ 78,828,319
Reinvestments 788,658   11,956,048   1,038,153   16,288,620
Redemption Fees*   4,516     4,766
Redemptions (3,695,740)   (56,725,692)   (1,880,784)   (31,241,158)
Net increase 1,828,296   $ 28,913,990   3,863,377   $ 63,880,547
 
Total net increase 1,883,267   $ 29,838,380   3,879,170   $ 64,164,853

* There is a 2.00% redemption fee that may be charged on shares redeemed which have been held 30 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.
5. Federal Tax Information
The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.
Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. For the year ended April 30, 2023, these adjustments were to increase paid-in capital by $76,378 and decrease total distributable earnings by $76,378. These permanent differences were primarily attributable to the utilization of earnings and profits on shareholder redemptions (a tax accounting practice known as equalization). Net investment income, net realized gains and net assets were not affected by these adjustments.
For the year ended April 30, 2023, the tax character of distributions paid by the Fund was $464 of ordinary income dividends and $14,515,797 of long-term capital gains dividends. For the year ended April 30, 2022, the tax character of distributions paid by the Fund was $3,658,880 of ordinary income dividends and $15,659,764 of long-term capital gains dividends. Distributions from net investment income and short-term gains are treated as ordinary income for federal income tax purposes.
26

 


EIC VALUE FUND
Notes to Financial Statements (Concluded)
April 30, 2023
As of April 30, 2023, the components of distributable earnings on a tax basis were as follows:
  Capital Loss
Carryforward
  Undistributed
Ordinary
Income
  Unrealized
Appreciation/
(Depreciation)
  $(4,201,943)   $5,383,631   $49,874,071
           
The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.
As of April 30, 2023, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:
Federal Tax Cost $201,696,714
Unrealized Appreciation 52,825,799
Unrealized Depreciation (2,951,728)
Net Unrealized Appreciation $ 49,874,071
Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2023. For the year ended April 30, 2023, the Fund had no post October capital loss deferrals or late year ordinary loss deferrals.
Accumulated capital losses represent net capital loss carry forwards as of April 30, 2023 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2023, the Fund had capital loss carryforward of $4,201,943, of which $3,758,734 are short-term losses and $443,209 are long-term losses and have an unlimited period of capital loss carryforward.
6. Subsequent Events
Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.
27

 


EIC VALUE FUND
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of FundVantage Trust and
Shareholders of EIC Value Fund
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of EIC Value Fund (the “Fund”) (one of the series constituting FundVantage Trust (the “Trust”)), including the portfolio of investments, as of April 30, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the series constituting FundVantage Trust) at April 30, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of April 30, 2023, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more Equity Investment Corporation investment companies since 2012.
Philadelphia, Pennsylvania
June 27, 2023  
28

 


EIC VALUE FUND
Shareholder Tax Information
(Unaudited)
The Fund is required by Subchapter M of the Internal Revenue Code to advise its shareholders of the U.S. federal tax status of distributions received by the Fund’s shareholders in respect of such fiscal year. During the fiscal year ended April 30, 2023, the Fund paid $464 of ordinary income dividends and $14,515,797 of long-term capital gain dividends to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.
The Fund designates 100.00% of the ordinary income distribution as qualified dividend income pursuant to the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The percentage of ordinary income dividends qualifying for the corporate dividends received deduction is 97.65%.
The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations received is 5.37%.
The Fund designated $14,515,797, as long-term capital gains distributions during the year ended April 30, 2023. Distributable long-term gains are based on net realized long-term gains determined on a tax basis and may differ from such amounts for financial reporting purposes.
All designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.
Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2023. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2024.
Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.
In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.
Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.  
29

 


EIC VALUE FUND
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (855) 430-6487 and on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.
Quarterly Portfolio Schedules
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at http://www.sec.gov.
Board Considerations with Respect to the Approval of the Continuation of the Investment Advisory Agreement with Equity Investment Corporation
At an in-person meeting held on December 1-2, 2022 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between Equity Investment Corporation (“EIC” or the “Adviser”) and the Trust (the “EIC Agreement”) on behalf of the EIC Value Fund (the “EIC Fund”). At the Meeting, the Board considered the continuation of the EIC Agreement with respect to the EIC Fund for an additional one-year period.
In determining whether to continue the EIC Agreement for an additional one-year period, the Trustees, including the Independent Trustees, considered information provided by EIC in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “EIC 15(c) Response”) regarding (i) the services performed by EIC for the EIC Fund, (ii) the composition and qualifications of EIC’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the EIC Fund, (iv) investment performance of the EIC Fund, (v) the financial condition of EIC, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the EIC Fund and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on EIC’s ability to service the EIC Fund, and (x) compliance with the EIC Fund’s investment objective, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information in the EIC 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the relative performance of the EIC Fund; compliance with the EIC Fund’s investment objective, policies, strategy and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and the adherence to pricing procedures as established by the Board.
The Board considered additional information provided by representatives from EIC invited to participate in the Meeting regarding EIC’s history, performance, investment strategy, and compliance program. Representatives of EIC responded to questions from the Board. In addition to the foregoing information, the Trustees also considered all other factors they believed to be relevant to considering the continuation of the EIC Agreement, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the EIC Fund and EIC, as provided by the terms of the EIC Agreement, including the advisory fee under the EIC Agreement, was fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.
Based on the EIC 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided by EIC are appropriate and consistent with the terms of the EIC Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the EIC Fund is likely to benefit from the continued provision of those services, (iv) EIC has sufficient personnel, with the appropriate skills and experience, to serve the EIC Fund effectively and has demonstrated its continuing
30

 


EIC VALUE FUND
Other Information (Concluded)
(Unaudited)
ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the EIC Fund is likely to continue under the EIC Agreement.
The Trustees considered the investment performance for the EIC Fund and EIC. The Trustees reviewed the historical performance charts for the year-to-date, one year, three year, five year and ten year periods ended September 30, 2022, as applicable for the EIC Fund, the Russell 3000 Value Total Return Index, the S&P 500 Total Return Index and the Lipper Multi-Cap Value Funds Index (the EIC Fund’s Lipper index). The Trustees noted that the Institutional Class shares of the EIC Fund outperformed the Russell 3000 Value Total Return Index for the year-to-date, one year, three year and five year periods ended September 30, 2022 and underperformed for the ten year period ended September 30, 2022. The Trustees further noted that the Institutional Class shares of the EIC Fund outperformed the S&P 500 Total Return Index for the year-to-date, one year and three year periods ended September 30, 2022 and underperformed for the five year and ten year periods ended September 30, 2022. The Trustees further noted that the Institutional Class shares of the EIC Fund outperformed the Lipper MultiCap Value Funds Index for the year-to-date, one year, three year and five year periods ended September 30, 2022 and underperformed for the ten year period ended September 30, 2022.
The Trustees also considered information regarding EIC’s advisory fee and an analysis of these fees in relation to the delivery of services to the EIC Fund and any other ancillary benefit resulting from EIC’s relationship with the EIC Fund. The Trustees considered the fees that EIC charges to its separately managed accounts, and evaluated the explanations provided by EIC as to differences in fees charged to the EIC Fund and separately managed accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the EIC Fund versus other funds in the EIC Fund’s Lipper category (the “Peer Group”). The Trustees noted that, for the EIC Fund’s Institutional Class shares, the contractual advisory fee and net total expense ratio for the EIC Fund were higher than the median of the contractual advisory fee and net total expense ratio of the Peer Group as of April 30, 2022. The Trustees concluded that the advisory fees and services provided by EIC are consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the EIC Fund based on the information provided at the Meeting.
The Trustees considered the costs of the services provided by EIC, the compensation and benefits received by EIC in providing services to the EIC Fund, the profitability and certain additional information related to the financial condition of EIC. In addition, the Trustees considered any direct or indirect revenues received by affiliates of EIC.
The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the EIC Fund grows, and whether the Advisory fee levels reflect these economies of scale for the benefit of shareholders. The Trustees considered and determined that economies of scale for the benefit of Fund shareholders should be achieved as assets of the EIC Fund increase as a result of breakpoint reductions in the Advisory fee rate at specific asset levels which are reflected in the fee schedule of the EIC Agreement. In addition, the Trustees also considered the Adviser's efforts to grow the EIC Fund's assets as economies of scale may be achieved due to the ability of the EIC Fund to spread its fixed costs across a larger asset base.
At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the EIC Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.
31

 


EIC VALUE FUND
Privacy Notice
(Unaudited)
The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.
We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.
To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site.
If you have questions or comments about our privacy practices, please call us at (855) 430-6487.
32

 


EIC VALUE FUND
Fund Management
(Unaudited)
FundVantage Trust (the "Trust") is governed by a Board of Trustees (the "Trustees"). The primary responsibility of the Trustees is to represent the interest of the Trust's shareholders and to provide oversight management of the Trust.
The following tables present certain information regarding the Board of Trustees and officers of the Trust. None of the Trustees are an "interested person" of the Trust, the Adviser, another investment adviser of a series of the Trust, or Foreside Funds Distributors LLC, the principal underwriter of the Trust (the "Underwriter"), within the meaning of the 1940 Act and each Trustee is referred to as an "Independent Trustee" and is listed under such heading below. Employees of certain service providers to the Trust serve as officers of the Trust; such persons are not compensated by the Fund. The address of each Trustee and officer as it relates to the Trust's business is 301 Bellevue Parkway, 2nd Floor, Wilmington, DE 19809.
The Statement of Additional Information for the Fund contains additional information about the Trustees and is available, without charge, upon request by calling . 
Name
and Date of Birth
Position(s)
Held
with Trust
Term of Office
and Length of
Time Served
Principal Occupation(s)
During Past Five Years
Number of
Funds in
Trust
Complex
Overseen
by
Trustee
Other
Directorships
Held by
Trustee
INDEPENDENT TRUSTEES
ROBERT J. CHRISTIAN
Date of Birth: 2/49
Trustee Shall serve until
death, resignation
or removal.
Trustee since
2007. Chairman
from 2007 until
September 30,
2019.
Retired since February 2006; Executive Vice
President of Wilmington Trust Company from
February 1996 to February 2006; President of
Rodney Square Management Corporation
(“RSMC”) (investment advisory firm) from 1996
to 2005; Vice President of RSMC from 2005 to 2006.
36 Optimum Fund
Trust
(registered
investment
company with
6 portfolios);
Third Avenue
Trust
(registered
investment
company with
4 portfolios);
Third Avenue
Variable Series
Trust
(registered
investment
company with
1 portfolio).
IQBAL MANSUR
Date of Birth: 6/55
Trustee Shall serve until
death, resignation
or removal.
Trustee since
2007.
Retired since September 2020; Professor of
Finance, Widener University from 1998 to August 2020; Member of the Investment Committee of ChristianaCare Health System from January 2022 to present.
36 Third Avenue
Trust
(registered
investment
company with
4 portfolios);
Third Avenue
Variable Series
Trust
(registered
investment
company with
1 portfolio).
33

 


EIC VALUE FUND
Fund Management (Continued)
(Unaudited)
Name
and Date of Birth
Position(s)
Held
with Trust
Term of Office
and Length of
Time Served
Principal Occupation(s)
During Past Five Years
Number of
Funds in
Trust
Complex
Overseen
by
Trustee
Other
Directorships
Held by
Trustee
NICHOLAS M.
MARSINI, JR.
Date of Birth: 8/55
Trustee and
Chairman of
the Board
Shall serve until
death, resignation
or removal.
Trustee since
2016. Chairman
since October 1,
2019.
Retired since March 2016. President of PNC Bank Delaware from June 2011 to March 2016;
Executive Vice President of Finance of BNY Mellon from July 2010 to January 2011; Executive Vice President and Chief Financial Officer of PNC Global Investment Servicing from September 1997 to July 2010.
36 Brinker Capital
Destinations
Trust
(registered
investment
company with
10 portfolios);
Third Avenue
Trust
(registered
investment
company with
4 portfolios);
Third Avenue
Variable Series
Trust
(registered
investment
company with
1 portfolio).
NANCY B. WOLCOTT
Date of Birth: 11/54
Trustee Shall serve until
death, resignation
or removal.
Trustee since
2011.
Retired since May 2014; EVP, Head of GFI Client Service Delivery, BNY Mellon from January 2012 to May 2014; EVP, Head of US Funds Services, BNY Mellon from July 2010 to January 2012; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007. 36 Lincoln
Variable
Trust
Products Trust
(registered
investment
company with
97 portfolios);
Third Avenue
Trust
(registered
investment
company with
4 portfolios);
Third Avenue
Variable Series
Trust
(registered
investment
company with
1 portfolio).
34

 


EIC VALUE FUND
Fund Management (Concluded)
(Unaudited)
Name
and Date of Birth
Position(s)
Held
with Trust
Term of Office
and Length of
Time Served
Principal Occupation(s)
During Past Five Years
Number of
Funds in
Trust
Complex
Overseen
by
Trustee
Other
Directorships
Held by
Trustee
STEPHEN M. WYNNE
Date of Birth: 1/55
Trustee Shall serve until
death, resignation
or removal.
Trustee since
2009.
Retired since December 2010; Chief Executive
Officer of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing from 2003 to 2008.
36 Copeland Trust
(registered
investment
company with
3 portfolios);
Third Avenue
Trust
(registered
investment
company with
4 portfolios);
Third Avenue
Variable Series
Trust
(registered
investment
company with
1 portfolio).
Name
and Date of Birth
Position(s) Held
with Trust
Term of Office
and Length of
Time Served
Principal Occupation(s)
During Past Five Years
EXECUTIVE OFFICERS
JOEL L. WEISS
Date of Birth: 1/63
President and Chief
Executive Officer
Shall serve until death,
resignation or removal. Officer
since 2007.
President of JW Fund Management LLC since June 2016; Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from 1993 to June 2016.
CHRISTINE S. CATANZARO
Date of Birth: 8/84
Treasurer and Chief Financial Officer Shall serve until death,
resignation or removal. Officer
since 2022.
Financial Reporting Consultant from October 2020 to September 2022; Senior Manager, Ernst & Young LLP from March 2013 to October 2020.
T. RICHARD KEYES
Date of Birth: 1/57
Vice President
Shall serve until death,
resignation or removal. Officer
since 2016.
President of TRK Fund Consulting LLC since July 2016; Head of Tax — U.S. Fund Services of BNY Mellon Investment Servicing (US) Inc. and predecessor firms from February 2006 to July 2016.
GABRIELLA
MERCINCAVAGE
Date of Birth: 6/68
Assistant Treasurer Shall serve until death,
resignation or removal. Officer
since 2019.
Fund Administration Consultant since January 2019; Fund
Accounting and Tax Compliance Accountant to financial
services companies from November 2003 to July 2018.
VINCENZO A. SCARDUZIO
Date of Birth: 4/72
Secretary Shall serve until death,
resignation or removal. Officer
since 2012.
Director and Vice President Regulatory Administration of The Bank of New York Mellon and predecessor firms since 2001.
JOHN CANNING
Date of Birth: 11/70
Chief Compliance
Officer and Anti-Money
Laundering Officer
Shall serve until death,
resignation or removal. Officer
since 2022.
Director of Chenery Compliance Group, LLC from March 2021 to present; Senior Consultant of Foreside Financial Group from August 2020 to March 2021; Chief Compliance Officer & Chief Operating Officer of Schneider Capital Management LP from May 2019 to July 2020; Chief Operating Officer and Chief Compliance Officer of Context Capital Partners, LP from March 2016 to March 2018 and February 2019, respectively.
35

 


Investment Adviser
Equity Investment Corporation
1776 Peachtree Street, NW
Suite 600S
Atlanta, GA 30309
Administrator
The Bank of New York Mellon
301 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Principal Underwriter
Foreside Funds Distributors LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
Custodian
The Bank of New York Mellon
240 Greenwich Street
New York, NY 10286
Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103-7096
Legal Counsel
Troutman Pepper Hamilton Sanders LLP
3000 Two Logan Square
18th and Arch Streets
Philadelphia, PA 19103
EIC-0423


Pacific Capital Tax-Free Securities Fund
Pacific Capital Tax-Free Short Intermediate Securities Fund
of
FundVantage Trust
Class Y
ANNUAL REPORT
April 30, 2023
This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

 



 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Pacific Capital Tax-Free Short Intermediate Securities Fund
Annual Investment Adviser's Report
April 30, 2023 (Unaudited)
Dear Shareholder:
U.S. Economy
The market has been extremely volatile for the past 12 months. After reaching historic highs in anticipation of the aggressive Federal Reserve rate hike cycle, the yield curve has inverted. Fortunately, the increase in rates has succeed in easing inflationary pressures but at the cost of slowing economic growth. Inflation continues to be a problem, running well above the Fed’s target of 2%. Employment has continued to be an economic bright spot, exhibiting strength in the form of steady job gains and extremely low levels of unemployment. The dramatic rise in rates has caused a few cracks to emerge as several regional banks have failed and required assistance from the FDIC and other regulators. To combat this the Fed has created liquidity programs to support other struggling banks and ease the concerns that a systemic banking crisis is underway. Despite the concerns in the banking sector, the Fed continued to raise rates another 25bps in a demonstration of their steadfast determination to rein in inflation. The Fed has maintained their position that they expect to hold short term rates around the 5% level until the end of 2023 despite market pricing reflecting an expectation that the Fed will need to cut rates below 5% before December. Given the persistence of inflation in the services sector our outlook is more in line with the Fed’s projections of “higher for longer” (i.e., interests rates will have to be kept higher for a longer period of time).
Municipal Market
After a rough 2022, the municipal market has enjoyed a rebound in 2023. One of the drivers has been declining yields due to fewer supply chain issues and consequently a lower level of inflation. During the first quarter, the Bloomberg Municipal Index and the Bloomberg Hawaii Index increased 3.6% and 2.2%, respectively. Another reason for the rebound in municipal bonds has been the decrease in the supply of newly issued bonds. According to Bloomberg, the national municipal 10 year maturity “AAA” yield decreased from 2.6% to 2.3%.  Meanwhile, the Hawaiian 10 year maturity “AAA” yield fell from 2.8% to 2.3%. Market issuers have not needed to issue new bonds as they continue to be flush with funds and have little appetite with rates so elevated. According to Bond Buyer, issuance of new national bonds fell by 27% and by an astounding 92% in Hawaii over the one year period ended March 31, 2023. This has contributed to a positive quarter following the negative performance of the fixed income markets in 2022.
We should also make the point that your Pacific Capital Funds Advisor diligently locates Hawaiian bonds from numerous mainland securities brokers and investment managers from very early in the morning until market close. We have over 40 different counterparties whom we regularly put in competition to ensure best execution. Our objective is to opportunistically bring Hawaii bonds home in the secondary market from our mainland peers. In addition, being located in Hawaii helps with our understanding of local credit trends and issuers. For the primary market, we maintain strong relationships with all of the island issuers. This relationship is two-way, with us staying close to the Hawaii market and frequently participating in new bond issuance throughout the State. We remain determined to not only bring a higher yield to the Funds, but also deliver a durable future income stream exempt from State and Federal taxation.
Hawaii Economy
The local Hawaii economy has continued to benefit from the rebound in tourism, even with tourism from Japan being substantially lower than it had been before the pandemic. In the fourth quarter 2022, the total number of visitors increased by 16%. The State’s general fund tax revenue ended up as well, notching an increase of 3.1% compared to Q4 2021. There was a decline in the individual income tax collections but that was more than offset by an increase in the excise tax collection and the TAT tax collection, or transient accommodations tax.
During a revision to the Moody's credit rating methodology for general obligation bonds, the counties of Maui and Honolulu were downgraded by one notch from Aa1 to Aa2. The downgrades occurred in November 2022 for Maui and February 2023 for Honolulu. While the counties maintained solid mid-Aa ratings and stable outlooks, Moody's cited concerns with reliance on tourism, higher debt levels, and challenges with pension funding. On the positive side, Moody's did note strong cash positions, experienced management,
1

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Pacific Capital Tax-Free Short Intermediate Securities Fund
Annual Investment Adviser’s Report (Concluded)
April 30, 2023 (Unaudited)
favorable financial flexibility, and diversified economic support particularly from military bases and operations on Oahu. For credit upgrades, the Honolulu Board of Water was awarded with an AAA from Fitch in March following the S&P upgrade to AAA in February 2022.
Fund Performance
The Pacific Capital Tax-Free Short Intermediate Securities Fund (PTFSX) had a total return of 2.16% for the year ended April 30, 2023, and outperformed the Bloomberg Hawaii 3-Year Municipal Bond Index return of 1.90% for the same period. The outperformance was due to the Fund’s higher exposure to the 4-10 year area of the curve, where rates rallied the most. The Pacific Capital Tax-Free Securities Fund (PTXFX) had a total return of 2.49% for the year ended April 30, 2023 and underperformed the Bloomberg Hawaii Municipal Bond Index return of 3.11% for the same period. The Fund’s lower exposure to the 3-10 year area of the curve, where rates rallied the most, contributed to the Fund’s under-performance.
Outlook and Strategy
Going forward, we suspect that while the Fed is aiming to hold rates higher for longer, they are nearer to the end of their hiking cycle than the beginning. The impact of the elevated rates should begin to slow the economy and consequently bring inflation down closer to the Fed’s 2% target. It remains to be seen if this goal can be achieved without putting the economy into a recession. For now, we continue to be constructive on the performance of the investment grade municipal bond market. We have continued to extend the average maturity of the Funds to lock in the elevated rates in an effort to increase the forward return potential of the Funds and continue to benefit from the double tax exempt income.
These comments reflect the investment adviser’s views in general regarding the market and the economy and are compiled from Asset Management Group of Bank of Hawaii (“AMG”) research. These comments reflect opinions as of the date written and are subject to change.
This letter is intended to assist shareholders in understanding how the Funds performed for the period ending April 30, 2023 and reflects the views of the investment adviser as of the date written. Of course, these views may change and do not guarantee the future performance of the Funds or the markets.
Portfolio composition is subject to change. The current and future portfolio holdings of the Funds are subject to investment risk.
All mutual fund investing involves risk, including possible loss of principal. The Funds are non-diversified, which means that a portion of the Funds’ assets may be invested in one or fewer companies or sectors. The Funds could fluctuate in value more than a diversified fund.
2

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Annual Report
Performance Data
April 30, 2023
(Unaudited)
Investment Style
High-quality, intermediate-term, tax-exempt
Investment Objective
The Pacific Capital Tax-Free Securities Fund (the “Fund”) seeks high current income that is exempt from federal and Hawaii income tax by normally investing at least 80% of its net assets in investment grade municipal obligations. The Fund normally invests greater than 50% of its assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax.
Investment Considerations
Income received from the Fund may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Generally, bond prices and values fall when interest rates rise, and vice versa. The longer the average maturity of the Fund’s portfolio, the greater the fluctuation in value. Since the Fund invests significantly in securities of issuers in Hawaii, it will also be affected by a variety of Hawaii’s economic and political factors. The values of any of the Fund’s investments may also decline in response to events affecting the issuer or its credit rating.
Investment Process
•  Top-down macroeconomic analysis of interest rate trends
•  Bottom-up credit research to identify high quality bonds
Investment Management
Advised by Asset Management Group of Bank of Hawaii (“AMG”)
• As of April 30, 2023, AMG managed $803.2 million in mutual fund assets. In addition, AMG personnel also managed approximately $350.4 million in assets on behalf of Bank of Hawaii clients. 
3

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Annual Report
Performance Data (Concluded)
April 30, 2023
(Unaudited)
Comparison of Change in Value of $10,000 Investment in Pacific Capital Tax-Free Securities Fund's Class Y Shares vs. Bloomberg Hawaii Municipal Bond Index
Average Annual Total Returns for the Years Ended April 30, 2023
 
  1 Year   3 Years   5 Years   10 Years
Class Y 2.49%   0.36%   1.88%   1.84%
Bloomberg Hawaii Municipal Bond Index 3.11%   0.54%   2.05%   2.15%
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost; and current performance may be lower or higher than the performance data quoted. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. To obtain performance information current to the most recent month end, please call (888) 678-6034.
As stated in the current prospectus dated September 1, 2022, as supplemented, the Fund’s “Total Annual Fund Operating Expenses” are 0.32%, and the Fund’s “Total Annual Fund Operating Expenses After Fee Waiver” are 0.12%, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered in this report. The Adviser has contractually agreed to waive its advisory fee (the “Waiver”) until August 31, 2023. The Waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust (the “Trust”).
Total returns reflect the waiver of advisory fees. Had these waivers not been in effect, performance quoted would have been lower.
The performance of the Fund is measured against the Bloomberg Hawaii Municipal Bond Index,  a rules-based, market-value weighted index engineered for the long-term tax-exempt Hawaii bond market. The index has four main sectors: general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.
The Fund is distributed by Foreside Funds Distributors LLC.
All mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.   
4

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Annual Report
Performance Data
April 30, 2023
(Unaudited)
Investment Style
High-quality, short-intermediate term, tax-exempt
Investment Objective
The Pacific Capital Tax-Free Short Intermediate Securities Fund (the “Fund”) seeks high current income that is exempt from federal and Hawaii income tax by normally investing at least 80% of its net assets in investment grade municipal obligations. The Fund normally invests greater than 50% of its assets in Hawaii municipal obligations — debt securities issued by or on behalf of the State of Hawaii and its political subdivisions, agencies and instrumentalities that pay interest which is exempt from Hawaii income tax as well as federal income tax. The Fund seeks to provide greater price stability than a long-term bond fund.
Investment Considerations
Income received from the Fund may be subject to certain state and local taxes and, depending on one’s tax status, to the federal alternative minimum tax. Bonds offer a relatively stable level of income, although bond prices will fluctuate, providing the potential for principal gain or loss. Generally, bond prices and values fall when interest rates rise, and vice versa. Intermediate term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Since the Fund invests significantly in securities of issuers in Hawaii, it will also be affected by a variety of Hawaii’s economic and political factors. The values of any of the Fund’s investments may also decline in response to events affecting the issuer or its credit rating.
Investment Process
•  Top-down macroeconomic analysis of interest rate trends
•  Bottom-up credit research to identify high quality bonds
Investment Management
Advised by Asset Management Group of Bank of Hawaii (“AMG”)
• As of April 30, 2023, AMG managed $803.2 million in mutual fund assets. In addition, AMG personnel also managed approximately $350.4 million in assets on behalf of Bank of Hawaii clients. 
5

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Annual Report
Performance Data (Concluded)
April 30, 2023
(Unaudited)
Comparison of Change in Value of $10,000 Investment in Pacific Capital Tax-Free Short Intermediate Securities Fund's Class Y Shares vs. Bloomberg Hawaii 3-Year Municipal Bond Index
Average Annual Total Returns for the Years Ended April 30, 2023
 
  1 Year   3 Years   5 Years   10 Years
Class Y 2.16%   0.49%   1.29%   0.92%
Bloomberg Hawaii 3-Year Municipal Bond Index 1.90%   -0.15%   1.12%   0.95%
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost; and current performance may be lower or higher than the performance data quoted. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. To obtain performance information current to the most recent month end, please call (888) 678-6034.
As stated in the current prospectus dated September 1, 2022, as supplemented, the Fund’s “Total Annual Fund Operating Expenses” are 0.58%, and the Fund’s “Total Annual Fund Operating Expenses After Fee Waiver” are 0.38%, of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered in this report. The Adviser has contractually agreed to waive its advisory fee (the “Waiver”) until August 31, 2023. The Waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust (the “Trust”).
Total returns reflect the waiver of advisory fees. Had these waivers not been in effect, performance quoted would have been lower.
The performance of the Fund is measured against the Bloomberg Hawaii 3-Year Municipal Bond Index, which is the 2-4 year component of the Bloomberg Hawaii Municipal Bond Index and is a rules-based, market-value weighted index engineered for the Hawaii tax-exempt bond market. The index has four main sectors: general obligation bonds, revenue bonds, insured bonds and prerefunded bonds. The index is unmanaged and does not reflect the deduction of fees associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these services. Investors cannot invest directly in an index.
The Fund is distributed by Foreside Funds Distributors LLC.
All mutual fund investing involves risk, including possible loss of principal. The Fund is non-diversified, which means that a portion of the Fund’s assets may be invested in one or few companies or sectors. The Fund could fluctuate in value more than a diversified fund.   
6

 


PACIFIC CAPITAL FUNDS
Fund Expense Disclosure
April 30, 2023
(Unaudited)
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.
These examples are based on an investment of $1,000 invested at the beginning of the six-month period from November 1, 2022 through April 30, 2023 and held for the entire period. 
Actual Expenses
The first line of each accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.
Hypothetical Examples for Comparison Purposes
The second line of each accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund(s) and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any) or redemption fees. Therefore, the second line of each accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
  Beginning Account Value
November 1, 2022
  Ending Account Value
April 30, 2023
  Annualized
Expense Ratio
  Expenses Paid
During Period*
Pacific Capital Tax-Free Securities Fund
Class Y              
Actual $1,000.00   $1,059.00   0.14%   $0.71
Hypothetical (5% return before expenses) 1,000.00   1,024.10   0.14%   0.70
Pacific Capital Tax-Free Short Intermediate Securities Fund
Class Y              
Actual $1,000.00   $1,032.40   0.36%   $1.81
Hypothetical (5% return before expenses) 1,000.00   1,023.01   0.36%   1.81

* Expenses are equal to an annualized expense ratio for the six-month period ended April 30, 2023 of 0.14% for the Pacific Capital Tax-Free Securities Fund and 0.36% for the Pacific Capital Tax-Free Short Intermediate Securities Fund, multiplied by average account value over the period, multiplied by the number of days in the most recent period (181), then divided by 365 to reflect the period. The Funds’ ending account values on the first line in each table are based on the actual six-month total returns of 5.90% for the Pacific Capital Tax-Free Securities Fund and 3.24% for the Pacific Capital Tax-Free Short Intermediate Securities Fund.
7

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio Holdings Summary Table
April 30, 2023
(Unaudited)
The following table presents a summary by credit quality of the portfolio holdings of the Fund:
Credit Quality: % of Total Investments
Pre-refunded/Escrowed to Maturity 0.99%
Aaa 8.28
Aa 77.37
A 8.02
Baa 4.94
Cash 0.40
Total 100.00%

Portfolio holdings are subject to change at any time.
Credit quality ratings are primarily sourced from Moody’s but in the event that Moody’s has not assigned a rating, the Fund will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Fund will assign a rating of NR (non-rated security). The ratings represent their (Moody’s, S&P, and Fitch) opinions as to the quality of the underlying securities in the Fund, and not the Fund itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.
The accompanying notes are an integral part of the financial statements.
8

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — 98.7%
Arizona — 2.6%
State of Arizona Distribution Revenue, Civic Plaza, Convertible CAB, OID, Series B,
5.50%, 07/01/31, (NATL-RE Insured)
 5,000,000     6,098,223
California — 1.8%
Norwalk-La Mirada Unified School District GO, CAB, OID, Series B
0.00%, 08/01/27, (AGM-CR, FGIC Insured)(a)
 5,000,000     4,410,851
Hawaii — 93.6%
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,
5.00%, 09/01/31
 5,045,000     5,484,223
Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,
5.00%, 09/01/34
 4,775,000     5,156,298
Hawaii County GO, Series A, Refunding, Callable 09/01/30 at 100,
4.00%, 09/01/40
 1,000,000     1,003,617
Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 02/21/2023 at 100,
3.75%, 01/01/31
 3,120,000     3,121,366
Hawaii State Airports System Revenue, AMT, OID, COP, Callable 08/01/23 at 100,
5.00%, 08/01/28
   400,000       401,028
Hawaii State Airports System Revenue, OID, Series B, Callable 07/01/25 at 100,
4.00%, 07/01/45
    50,000        49,074
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/25 at 100,
5.00%, 07/01/41
 4,000,000     4,052,258
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/31
 1,000,000     1,075,268
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/33
  500,000       536,724
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,
5.00%, 07/01/48
1,500,000     1,541,288
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/30 at 100,
4.00%, 07/01/35
2,000,000     2,039,732
Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/32 at 100,
5.00%, 07/01/51
2,000,000     2,087,570
Hawaii State Airports System Revenue, Series C, Callable 07/01/30 at 100,
5.00%, 07/01/50
  130,000       138,986
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series A, Refunding,
5.00%, 07/01/23
  100,000       100,244
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding,
4.00%, 07/01/23
  500,000       500,415
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding, Callable 07/01/23 at 100,
5.00%, 07/01/29
  225,000       225,198
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100,
5.00%, 07/01/26
1,330,000     1,332,165
 
The accompanying notes are an integral part of the financial statements.
9

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Callable 10/01/24 at 100,
3.50%, 10/01/49
2,750,000     2,195,206
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,
3.10%, 05/01/26
3,800,000     3,692,435
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, Callable 03/01/27 at 100,
4.00%, 03/01/37
1,650,000     1,585,242
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, MWC, Refunding, Callable 07/01/29 at 100,
3.20%, 07/01/39
4,200,000     3,555,728
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/30
  225,000       226,769
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, Callable 01/01/30 at 100,
4.00%, 01/01/31
  525,000       528,193
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/35
10,000,000    10,381,222
Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/23 at 100,
6.00%, 07/01/33
3,165,000     3,178,405
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,
5.00%, 11/01/28
1,170,000     1,285,018
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,
5.00%, 11/01/30
  800,000       875,448
Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,
5.00%, 11/01/31
  815,000       890,419
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/24
  500,000       507,886
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/28
  945,000     1,020,597
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/32
  335,000       357,696
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,
5.00%, 08/01/24
  305,000       306,255
Hawaii State GO, Series EH, Prerefunded, ETM,
5.00%, 08/01/23
  445,000       446,832
Hawaii State GO, Series EH, Prerefunded, ETM,
5.00%, 08/01/23
  120,000       120,494
Hawaii State GO, Series EH, Unrefunded portion,
5.00%, 08/01/23
  345,000       346,506
 
The accompanying notes are an integral part of the financial statements.
10

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series EL, Refunding,
5.00%, 08/01/23
1,000,000     1,004,365
Hawaii State GO, Series EO, Callable 08/01/24 at 100,
5.00%, 08/01/32
1,285,000     1,315,448
Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100,
5.00%, 08/01/26
  140,000       143,248
Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100,
5.00%, 08/01/26
2,660,000     2,723,028
Hawaii State GO, Series EP, Refunding,
5.00%, 08/01/24
1,000,000     1,024,313
Hawaii State GO, Series EY, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/27
3,040,000     3,201,556
Hawaii State GO, Series FB,
5.00%, 04/01/25
5,000,000     5,203,931
Hawaii State GO, Series FB, Callable 04/01/26 at 100,
4.00%, 04/01/29
2,000,000     2,077,267
Hawaii State GO, Series FG, Callable 10/01/26 at 100,
5.00%, 10/01/30
10,000,000    10,761,985
Hawaii State GO, Series FG, Callable 10/01/26 at 100,
4.00%, 10/01/35
1,000,000     1,021,336
Hawaii State GO, Series FK, Callable 05/01/27 at 100,
5.00%, 05/01/33
2,500,000     2,712,971
Hawaii State GO, Series FK, Callable 05/01/27 at 100,
4.00%, 05/01/37
2,000,000     2,033,449
Hawaii State GO, Series FN, Refunding,
5.00%, 10/01/26
2,500,000     2,693,040
Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/36
4,000,000     4,369,908
Hawaii State GO, Series FT, Callable 01/01/28 at 100,
5.00%, 01/01/38
2,845,000     3,071,089
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State GO, Series FW, Callable 01/01/29 at 100,
4.00%, 01/01/34
2,000,000     2,103,164
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/33
1,500,000     1,537,742
Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/37
5,000,000     4,982,172
Hawaii State Harbor System Revenue, Series C, Refunding, Callable 07/01/30 at 100,
4.00%, 07/01/39
3,065,000     3,091,710
Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,
5.00%, 01/01/37
5,000,000     5,665,283
Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,
5.00%, 01/01/40
1,295,000     1,442,952
Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100,
5.00%, 01/01/37
3,500,000     3,858,147
Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,
5.00%, 01/01/31
  800,000       817,021
Honolulu City & County Board of Water Supply System Revenue, Series A,
5.00%, 07/01/29
1,170,000     1,342,890
Honolulu City & County Board of Water Supply System Revenue, Series A,
5.00%, 07/01/30
  200,000       233,691
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100,
4.00%, 07/01/35
1,770,000     1,880,856
 
The accompanying notes are an integral part of the financial statements.
11

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
3.00%, 07/01/34
  650,000       640,347
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
4.00%, 07/01/35
  730,000       783,509
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
4.00%, 07/01/36
1,010,000     1,065,574
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,
5.00%, 07/01/50
3,515,000     3,861,691
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/32 at 100,
5.00%, 07/01/48
4,290,000     4,770,283
Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/33 at 100,
5.00%, 07/01/48
4,645,000     5,191,263
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,
5.00%, 07/01/25
1,500,000     1,532,779
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,
5.00%, 07/01/26
   65,000        66,465
Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,
5.00%, 07/01/27
  850,000       869,164
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, OID, Series E, Refunding, Callable 09/01/27 at 100,
3.00%, 09/01/31
  250,000       251,923
Honolulu City & County GO, Series A, Callable 03/03/2023 at 100,
4.00%, 11/01/37
1,000,000     1,000,316
Honolulu City & County GO, Series A, Callable 09/01/27 at 100,
5.00%, 09/01/41
1,390,000     1,481,150
Honolulu City & County GO, Series A, Callable 09/01/28 at 100,
5.00%, 09/01/34
  200,000       223,445
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/27
  500,000       526,452
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/31
2,175,000     2,281,222
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/35
3,075,000     3,195,995
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/37
1,000,000     1,033,471
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/38
1,040,000     1,073,592
Honolulu City & County GO, Series A, Callable 10/01/25 at 100,
5.00%, 10/01/39
1,000,000     1,030,665
Honolulu City & County GO, Series B, Callable 07/01/32 at 100,
5.00%, 07/01/43
3,960,000     4,438,653
 
The accompanying notes are an integral part of the financial statements.
12

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/26
  500,000       527,292
Honolulu City & County GO, Series C, Callable 07/01/30 at 100,
4.00%, 07/01/39
1,050,000     1,071,588
Honolulu City & County GO, Series C, Callable 07/01/30 at 100,
5.00%, 07/01/42
  345,000       379,321
Honolulu City & County GO, Series C, Callable 07/01/30 at 100,
5.00%, 07/01/45
1,000,000     1,092,421
Honolulu City & County GO, Series C, Callable 08/01/29 at 100,
4.00%, 08/01/36
1,400,000     1,451,825
Honolulu City & County GO, Series C, Callable 08/01/29 at 100,
4.00%, 08/01/43
2,000,000     2,005,425
Honolulu City & County GO, Series C, Callable 08/01/29 at 100,
5.00%, 08/01/44
1,830,000     1,983,919
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/27
2,000,000     2,105,808
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,
5.00%, 10/01/29
4,115,000     4,327,770
Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,
4.00%, 10/01/33
  500,000       512,044
Honolulu City & County GO, Series E, Refunding, Callable 09/01/27 at 100,
5.00%, 09/01/30
1,500,000     1,650,424
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 07/01/29 at 100,
4.00%, 07/01/34
2,130,000     2,219,902
Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/30
4,000,000     4,172,504
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/26
1,000,000     1,045,483
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/27
  325,000       339,712
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 01/01/28 at 100,
5.00%, 07/01/36
2,000,000     2,188,537
Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 07/01/25 at 100,
5.00%, 07/01/29
  395,000       412,458
Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 07/01/26 at 100,
5.00%, 07/01/35
  125,000       131,937
Honolulu City & County Wastewater System Revenue, Series A, 1st Bond Resolution, Callable 07/01/29 at 100,
4.00%, 07/01/38
  800,000       814,041
Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 07/01/32 at 100,
5.25%, 07/01/51
5,000,000     5,620,963
 
The accompanying notes are an integral part of the financial statements.
13

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Continued)
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Kauai County GO,
5.00%, 08/01/23
  395,000       396,724
Kauai County GO,
5.00%, 08/01/27
  250,000       274,754
Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/31
  250,000       272,437
Kauai County GO, Callable 08/01/27 at 100,
4.00%, 08/01/33
  295,000       310,320
Kauai County GO, Callable 08/01/27 at 100,
5.00%, 08/01/37
   40,000        43,008
Kauai County GO, Refunding, Callable 08/01/27 at 100,
5.00%, 08/01/42
  775,000       823,750
Kauai County GO, Series A, Refunding,
5.00%, 08/01/24
  930,000       952,381
Maui County GO, Callable 03/01/31 at 100,
4.00%, 03/01/36
  750,000       786,909
Maui County GO, Callable 03/01/31 at 100,
4.00%, 03/01/38
1,020,000     1,050,865
Maui County GO, Refunding,
5.00%, 06/01/23
  300,000       300,429
Maui County GO, Refunding,
5.00%, 03/01/28
1,175,000     1,310,144
Maui County GO, Refunding,
5.00%, 09/01/28
1,070,000     1,206,901
Maui County GO, Refunding, Callable 03/01/30 at 100,
3.00%, 03/01/31
  500,000       506,007
Maui County GO, Refunding, Callable 03/01/30 at 100,
5.00%, 03/01/32
  415,000       480,737
Maui County GO, Refunding, Callable 09/01/25 at 100,
3.00%, 09/01/32
  195,000       195,329
Maui County GO, Refunding, Callable 09/01/28 at 100,
4.00%, 09/01/31
5,305,000     5,710,810
University of Hawaii Revenue, Series B, Refunding,
4.00%, 10/01/24
  165,000       166,886
  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     1,036,757
University of Hawaii Revenue, Series E, Refunding,
5.00%, 10/01/24
3,000,000     3,079,205
University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100,
5.00%, 10/01/31
1,000,000     1,062,074
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,
5.00%, 10/01/36
3,000,000     3,245,118
University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,
5.00%, 10/01/37
2,000,000     2,154,589
      225,395,834
Texas — 0.7%
Houston City Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A, Refunding
0.00%, 12/01/27, (AGM Insured)(a)
2,000,000     1,731,721
TOTAL MUNICIPAL BONDS
(Cost $243,993,096)
    237,636,629
  Shares  
REGISTERED INVESTMENT COMPANY — 0.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%(b) 1,035,110   1,035,110
TOTAL REGISTERED INVESTMENT COMPANY
(Cost $1,035,110)
    1,035,110
 
TOTAL INVESTMENTS - 99.1%
(Cost $245,028,206)
  238,671,739
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%     2,134,983
NET ASSETS - 100.0%   $240,806,722

 
The accompanying notes are an integral part of the financial statements.
14

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Securities Fund
Portfolio of Investments (Concluded)
April 30, 2023
(a) Zero coupon bond.
(b) Rate disclosed is the 7-day yield at April 30, 2023.
AGM Assured Guaranty Municipal Corp.
AGM-CR Assured Guaranty Municipal Corp. Custodial Receipts
AMT Alternative Minimum Tax
CAB Capital Appreciation Bond
COP Certificate of Participation
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
GO General Obligation
MWC Make Whole Callable
NATL-RE National Reinsurance Corp.
OID Original Issue Discount
The accompanying notes are an integral part of the financial statements.
15

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio Holdings Summary Table
April 30, 2023
(Unaudited)
The following table presents a summary by credit quality of the portfolio holdings of the Fund:
Credit Quality: % of Total Investments
Pre-refunded/Escrowed to Maturity 8.57%
Aaa 9.96
Aa 61.19
A 10.71
Baa 8.67
Cash 0.90
Total 100.00%

Portfolio holdings are subject to change at any time.
Credit quality ratings are primarily sourced from Moody’s but in the event that Moody’s has not assigned a rating, the Fund will use S&P or Fitch. If these ratings are in conflict, S&P will be used before Fitch. If none of the major rating agencies have assigned a rating, the Fund will assign a rating of NR (non-rated security). The ratings represent their (Moody’s, S&P, and Fitch) opinions as to the quality of the underlying securities in the Fund, and not the Fund itself. The ratings range from AAA (extremely strong capacity to meet financial commitment) to D (in default). Ratings are relative and subjective and are not absolute standards of quality. A pre-refunded bond is secured by an escrow fund of U.S. government obligations (i.e. Treasury securities) and assumes the superior credit rating of the government obligation. The ratings do not predict performance and are subject to change.
The accompanying notes are an integral part of the financial statements.
16

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio of Investments
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — 91.3%
Colorado — 3.0%
Regional Transportation District, Series A, Refunding, COP, Callable 06/01/23 at 100,
5.00%, 06/01/24
1,305,000    1,306,854
Florida — 0.3%
Florida Housing Finance Corp. Revenue, Series 1, Callable 07/01/29 at 100,
2.00%, 07/01/32, (GNMA/FNMA/FHLMC Collateralized)
  175,000      147,387
Hawaii — 81.5%
Hawaii County GO, Series A, Refunding,
5.00%, 09/01/24
  320,000      328,187
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,
5.00%, 09/01/26
  200,000      212,458
Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,
5.00%, 09/01/29
  450,000      477,779
Hawaii County GO, Series B, Refunding, Callable 03/01/26 at 100,
5.00%, 09/01/27
  525,000      557,999
Hawaii County GO, Series D, Refunding,
4.00%, 09/01/26
  500,000      521,791
Hawaii State Airports System Revenue, AMT, COP,
5.00%, 08/01/23
  915,000      917,172
Hawaii State Airports System Revenue, AMT, COP, Callable 08/01/23 at 100,
5.00%, 08/01/27
  300,000      300,790
Hawaii State Airports System Revenue, Series B,
5.00%, 07/01/27
  910,000      992,536
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding,
4.00%, 07/01/23
  505,000      505,419
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100,
5.00%, 07/01/24
290,000      290,792
Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100,
5.00%, 07/01/26
200,000      200,326
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,
3.25%, 01/01/25
500,000      493,052
Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,
3.10%, 05/01/26
3,110,000    3,021,966
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/25
 20,000       19,951
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/26
 25,000       24,978
Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,
4.00%, 01/01/30
250,000      251,966
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding,
5.00%, 07/01/24
100,000      101,955
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding,
5.00%, 07/01/25
400,000      416,225
 
The accompanying notes are an integral part of the financial statements.
17

 


PACIFIC CAPITAL FUNDS
Pacific Capital Tax-Free Short Intermediate Securities Fund
Portfolio of Investments (Continued)
April 30, 2023
  Principal
Amount($)
  Value ($)
MUNICIPAL BONDS — (Continued)
Hawaii — (Continued)
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/27
550,000      574,596
Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,
5.00%, 07/01/35
1,000,000    1,038,122
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/24
 25,000       25,394
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,
5.00%, 04/01/27
100,000      108,657
Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,
5.00%, 04/01/29
 55,000       59,167
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,
5.00%, 08/01/24
295,000      296,214
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,
5.00%, 08/01/25
1,155,000    1,159,898
Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,
5.00%, 08/01/30
 80,000       80,329
Hawaii State GO, Series EH, Unrefunded portion, Prerefunded, Callable 08/01/23 at 100,
5.00%, 08/01/24
895,000