0001388485 fvt:C000086266Member 2025-05-01 2025-10-31 0001388485 2025-05-01 2025-10-31 0001388485 fvt:C000086266Member 2025-10-31 0001388485 fvt:C000086266Member oef:CommunicationsSectorMember 2025-10-31 0001388485 fvt:C000086266Member oef:ConsumerDiscretionarySectorMember 2025-10-31 0001388485 fvt:C000086266Member us-gaap:EnergySectorMember 2025-10-31 0001388485 fvt:C000086266Member us-gaap:FinancialServicesSectorMember 2025-10-31 0001388485 fvt:C000086266Member us-gaap:HealthcareSectorMember 2025-10-31 0001388485 fvt:C000086266Member oef:IndustrialSectorMember 2025-10-31 0001388485 fvt:C000086266Member oef:InformationTechnologySectorMember 2025-10-31 0001388485 fvt:LiabilitiesInExcessOfOtherAssetsMember fvt:C000086266Member 2025-10-31 0001388485 fvt:C000086266Member us-gaap:RealEstateSectorMember 2025-10-31 0001388485 us-gaap:ShortTermInvestmentsMember fvt:C000086266Member 2025-10-31 iso4217:USD pure fvt:Holding 0001388485 false N-1A N-CSRS FundVantage Trust 2025-10-31 Private Capital Management Value Fund Class I VFPIX This semi-annual shareholder report contains important information about the Private Capital Management Value Fund (the “Fund”) for the period of May 1, 2025 to October 31, 2025. semi-annual shareholder report You can find additional information about the Fund at <span style="text-decoration-line:underline;white-space:nowrap">https://www.private‑cap.com/prospectus‑and‑documents/</span>. You can also request this information by contacting us at (888) 568‑1267. https://www.private‑cap.com/prospectus‑and‑documents/ (888) 568‑1267 <div style="margin-top:0px;font-family:'arial';color:rgb(35, 69, 103);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">What were the Fund costs for the last six months?</div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">(Based on a hypothetical $10,000 investment)</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="break-after:avoid;border-bottom-style:solid;border-bottom-width:1pt;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(102, 102, 102)"> <td style="break-inside: avoid-page; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; text-align: left; vertical-align: bottom;"><strong>Fund (Class)</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><strong>Costs of a $10,000 investment</strong></td> <td style="break-inside: avoid-page; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt; vertical-align: bottom;"><strong>Costs paid as a percentage<br/> of a $10,000 investment*</strong></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Private Capital Management Value Fund<br/> (Class I / VFPIX)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>63</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">1.20<span>%</span><span>*</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; font-style: italic; font-size: 7.5pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; width: 100%;">* <div style="margin-top:0px;font-family:'arial';font-style:italic;font-size:7.5pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;display:inline;">Annualized</div></td> </tr> </table> 63 0.0120 <div style="font-family:'arial';color:rgb(35, 69, 103);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:10pt;">Key Fund Statistics (as of October 31, 2025) </div><div style="margin-top:0px;margin-bottom:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;">The following table outlines key Fund statistics that you should pay attention to.</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; font-family: 'Arial'; width: 75%;">Fund net assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>71,367,830</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; font-family: 'Arial'; width: 75%;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">31</td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; font-family: 'Arial'; width: 75%;">Total advisory fee paid, net</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;"><span style="float:none">$</span>254,080</td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; color: rgb(0, 0, 0); font-size: 9pt; font-weight: bold; text-align: left; font-family: 'Arial'; width: 75%;">Portfolio turnover rate as of the end of the reporting period</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2<span>%</span></td> </tr> </table> 71367830 31 254080 0.02 <div style="margin-top:0px;font-family:'arial';color:rgb(35, 69, 103);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;">Portfolio Holdings Summary Table (as of October 31, 2025)</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">The following table presents a summary by sector of the portfolio holdings of the Fund, as a percentage of net assets:</div><div style="border-bottom-width:1pt;border-bottom-style:solid;font-family:'arial';letter-spacing:1.25px;text-transform:uppercase;font-size:9pt;text-align:center;padding-bottom:5pt;margin-top:5pt;margin-bottom:0px;color:rgb(0, 0, 0);border-bottom-color:rgb(0, 0, 0);">SECTOR ALLOCATION*</div> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Financials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">27.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Health Care</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">16.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Industrials</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Information Technology</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.9<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Communication Services</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">11.2<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Consumer Discretionary</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">7.8<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Energy</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">3.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Real Estate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">2.6<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Short-Term Investment</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">8.0<span>%</span></td> </tr> <tr style="border-bottom-width:0.5pt;border-bottom-style:solid;break-inside:avoid-page;height:20pt;border-bottom-color:rgb(0, 0, 0)"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">Liabilities in Excess of Other Assets</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">(0.2<span>)</span><span>%</span></td> </tr> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;height:20pt;border-bottom-color:initial"> <td style="break-inside: avoid-page; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; text-align: left; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">TOTAL</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; white-space: nowrap; font-family: 'Arial'; color: rgb(0, 0, 0); font-size: 9pt;">100.0<span>%</span></td> </tr> </table> <table style="width:100%;border-collapse:collapse;break-inside:avoid"> <tr style="border-bottom-width:initial;border-bottom-style:none;break-inside:avoid-page;border-bottom-color:initial;height:auto"> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; vertical-align: top; width: 2%;"> <div style="margin-top:0px;font-family:'arial';font-style:italic;font-size:8pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">​^*</div></td> <td style="break-inside: avoid-page; font-family: 'Arial'; font-style: italic; font-size: 8pt; color: rgb(0, 0, 0); text-align: left; padding-top: 0; padding-right: 0; padding-bottom: 0; padding-left: 0; margin-bottom: 0; vertical-align: top;"> <div style="margin-top:0px;font-family:'arial';font-style:italic;font-size:8pt;color:rgb(0, 0, 0);text-align:left;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom:0px;">The Fund is a diversified fund, but nevertheless has invested a significant portion of its assets in the securities of a small number of issuers, which may cause the Fund’s value to fluctuate more widely than some other diversified funds. As a result of the Fund’s investment approach and the relative price movements of certain Fund holdings, at times the Fund’s holdings profile may approximate a portfolio of securities with percentage weightings typically associated with a non-diversified fund.</div></td> </tr> </table> 0.272 0.160 0.119 0.119 0.112 0.078 0.036 0.026 0.080 -0.002 1.000 <div style="font-family:'arial';color:rgb(35, 69, 103);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:20pt;">Material Fund Changes During the Period</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:7.5pt;">There were no material changes to the Fund.</div> <div style="font-family:'arial';color:rgb(35, 69, 103);font-size:11.52pt;font-weight:bold;margin-bottom:3pt;margin-top:4pt;">Changes in and Disagreements with Accountants</div><div style="margin-top:0px;font-family:'arial';color:rgb(0, 0, 0);font-size:9pt;margin-bottom:10pt;">There were no changes in or<span style="white-space:nowrap"> </span> disagreements with accountants.</div> The Fund is a diversified fund, but nevertheless has invested a significant portion of its assets in the securities of a small number of issuers, which may cause the Fund’s value to fluctuate more widely than some other diversified funds. As a result of the Fund’s investment approach and the relative price movements of certain Fund holdings, at times the Fund’s holdings profile may approximate a portfolio of securities with percentage weightings typically associated with a non-diversified fund. Annualized