# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001829126-26-002952
**Filing Date:** 2026-4
**Character Count:** 37041
**Document Hash:** f872f567924b6e894f248d3a781aa41f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-002952.hdr.sgml**: 20260401

**ACCESSION NUMBER**: 0001829126-26-002952

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260401

**DATE AS OF CHANGE**: 20260331

**EFFECTIVENESS DATE**: 20260401

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-141120
- **FILM NUMBER:** 26823836

**BUSINESS ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 103 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

**AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 31** **, 2026**

**File No. 333-141120**

SECURITIES AND EXCHANGE COMMISSION<br> WASHINGTON, D.C. 20549

**FORM N-14**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

Pre-Effective Amendment No.

Post-Effective Amendment No. 1

**FUNDVANTAGE TRUST** **** <br> (Exact Name of Registrant as Specified in Charter)

103 Bellevue Parkway, Wilmington, DE 19809<br> (Address of Principal Executive Offices)

(856) 528-3500<br> (Registrant's Area Code and Telephone Number)

With copies to:

Joel L. Weiss 1636 N Cedar Crest Blvd., Suite #161 Allentown, PA 18104 John M. Ford, Esq. Troutman Pepper Locke LLP 3000 Two Logan Square Philadelphia, PA 19103

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.

Title of Securities Being Registered: Shares of beneficial interest, no par value per share, of the Pacific Capital Tax-Free Securities Fund, a series of the Registrant. No filing fee is due because Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, which permits registration of an indefinite number of shares.

It is proposed that this filing will become effective immediately, pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

**EXPLANATORY NOTE**

This Post-Effective Amendment is being filed solely for the purpose of filing the final tax opinion as Exhibit No. (12) to this Registration Statement on Form N-14.

The Registrant hereby incorporates by reference the Information Statement/Prospectus and Statement of Additional Information filed to Registrant's Form N-14 on January 23, 2026 (File No. 333-292933) and subsequently filed in definitive form pursuant to Rule 497 on February 24, 2026 (SEC Accession No. 0001829126-26-001607). This Amendment does not modify any other part of the Registration Statement.

There have been no changes to the Information Statement/Prospectus or Statement of Additional Information as filed by the Registrant pursuant to Rule 497 on February 24, 2026.

**PART C**

**OTHER INFORMATION**

**FUNDVANTAGE TRUST**

**Item 15.** **Indemnification.**

No change from the information set forth in Item 30 of the most recently filed Registration Statement of the Registrant for Polen 5Perspectives Large Growth ETF, a series of FundVantage Trust, on Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 (File Nos. 333-141120 and 811-22027), as filed with the Securities and Exchange Commission on February 20, 2026 (Accession No. 0001829126-26-001539), which information is incorporated herein by reference.

**Item 16.** **Exhibits.**

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| | |
|:---|:---|
| (1)<br>(a) | [Second Amended and Restated Agreement and Declaration of Trust (the "Trust Agreement"). Incorporated by reference to Exhibit (a)(i) to Post-Effective Amendment No. 334 to Registrant's Registration Statement as filed with the Commission on March 3, 2025.](https://www.sec.gov/Archives/edgar/data/1388485/000182912625001400/fundvantage_exai.htm) |
| (b) | [Amended and Restated Schedule A to the Trust Agreement dated February 1, 2026. Incorporated by reference to Exhibit (a)(i)(B) to Post-Effective Amendment No. 344 to Registrant's Registration as filed with the Commission on February 6, 2026.](https://www.sec.gov/Archives/edgar/data/1388485/000182912626001069/fundvantage_exaib.htm) |
| (c) | [Certificate of Trust. Incorporated by reference to Exhibit (a)(ii) to Registrant's Initial Registration Statement as filed with the Commission on March 7, 2007.](http://www.sec.gov/Archives/edgar/data/1388485/000113542807000099/ex23aii.htm) |
| (2) | [By-Laws. Incorporated by reference to Exhibit (b) to Post-Effective Amendment No. 169 to Registrant's Registration Statement as filed with the Commission on August 28, 2017.](http://www.sec.gov/Archives/edgar/data/1388485/000110465917054016/a17-20266_1ex99dbb.htm) |
| (3) | Not applicable. |
| (4) | [Agreement and Plan of Reorganization as Exhibit A to the information statement/prospectus included in this Registration Statement on Form N-14 filed with the Commission on January 23, 2026.](https://www.sec.gov/Archives/edgar/data/1388485/000182912626000515/fundvantage_ex4.htm) |
| (5) | [See, Articles 3, 7 and 8 of Exhibit (a)(i) to the Trust Agreement as filed with the Commission on December 19, 2024.](https://www.sec.gov/Archives/edgar/data/1388485/000182912624008395/fundvantage_exai.htm) |
| (6) (a) | [Investment Advisory Agreement with the Asset Management Group of Bank of Hawaii ("AMG of BOH") dated June 25, 2010. Incorporated by reference to Exhibit (d)(x) to Post-Effective Amendment No. 28 to Registrant's Registration Statement as filed with the Commission on July 1, 2010.](https://www.sec.gov/Archives/edgar/data/1388485/000095012310063211/b78120bexv99w28wdwx.htm) |
| (b) | [Amended and Restated Schedules A and B to the Investment Advisory Agreement with AMG of BOH dated May 16, 2018. Incorporated by reference to Exhibit (d)(ix)(B) to Post-Effective Amendment No. 190 to Registrant's Registration Statement as filed with the Commission on January May 16, 2018.](https://www.sec.gov/Archives/edgar/data/1388485/000161577418003945/s110241_ex99dixb.htm) |
| (7) (a) | [Underwriting Agreement with Foreside Funds Distributors LLC ("Foreside") dated April 1, 2012. Incorporated by reference to Exhibit (e) to Post-Effective Amendment No. 55 to Registrant's Registration Statement as filed with the Commission on April 13, 2012.](http://www.sec.gov/Archives/edgar/data/1388485/000110465912025279/a12-9002_1ex99db28e.htm) |
| (b) | [Amendment to Underwriting Agreement with Foreside effective September 30, 2021. Incorporated by reference to Exhibit (e)(ii) to Post-Effective Amendment No. 266 to Registrant's Registration Statement as filed with the Commission on January 28, 2022.](http://www.sec.gov/Archives/edgar/data/1388485/000182912622002021/fundvantage_exeii.htm) |

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| | |
|:---|:---|
| (c) | [First Amendment to Underwriting Agreement with Foreside dated December 2, 2021. Incorporated by reference to Exhibit (e)(iii) to Post-Effective Amendment No. 266 to Registrant's Registration Statement as filed with the Commission on January 28, 2022.](http://www.sec.gov/Archives/edgar/data/1388485/000182912622002021/fundvantage_exeiii.htm) |
| (d) | [Second Amendment to Underwriting Agreement with Foreside dated March 15, 2022. Incorporated by reference to Exhibit (e)(iv) to Post-Effective Amendment No. 284 to Registrant's Registration Statement as filed with the Commission on August 29, 2022.](https://www.sec.gov/Archives/edgar/data/1388485/000182912622016264/fundvantage_ex99eiv.htm) |
| (e) | [Third Amendment to Underwriting Agreement with Foreside dated June 30, 2022. Incorporated by reference to Exhibit (e)(v) to Post-Effective Amendment No. 299 to Registrant's Registration Statement as filed with the Commission on January 30, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623001144/fundvantage_exev.htm) |
| (f) | [Fourth Amendment to Underwriting Agreement with Foreside dated December 2, 2022. Incorporated by reference to Exhibit (e)(vi) to Post-Effective Amendment No. 299 to Registrant's Registration Statement as filed with the Commission on January 30, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623001144/fundvantage_exevi.htm) |
| (g) | [Fifth Amendment to Underwriting Agreement with Foreside dated June 1, 2023. Incorporated by reference to Exhibit (e)(vii) to Post-Effective Amendment No. 319 to Registrant's Registration Statement as filed with the Commission on August 28, 2023](https://www.sec.gov/Archives/edgar/data/1388485/000182912623005688/fundvantage_exevii.htm). |
| (h) | [Sixth Amendment to Underwriting Agreement with Foreside dated June 21, 2023. Incorporated by reference to Exhibit (e)(viii) to Post-Effective Amendment No. 319 to Registrant's Registration Statement as filed with the Commission on August 28, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623005688/fundvantage_exeviii.htm) |
| (i) | [Seventh Amendment to Underwriting Agreement with Foreside dated December 8, 2023. Incorporated by reference to Exhibit (e)(ix) to Post-Effective Amendment No. 328 to the Registrant's Registration Statement as filed with the Commission on January 29, 2024.](https://www.sec.gov/Archives/edgar/data/0001388485/000182912624000531/fundvantage_exeix.htm) |
| (j) | [Eighth Amendment to Underwriting Agreement with Foreside dated December 21, 2023. Incorporated by reference to Exhibit (e)(x) to Post-Effective Amendment No. 328 to the Registrant's Registration Statement as filed with the Commission on January 29, 2024.](https://www.sec.gov/Archives/edgar/data/0001388485/000182912624000531/fundvantage_exex.htm) |
| (k) | [Ninth Amendment to Underwriting Agreement with Foreside dated May 8, 2024. Incorporated by reference to Exhibit (e)(xi) to Post-Effective Amendment No. 331 to the Registrant's Registration Statement as filed with the Commission on August 28, 2024.](https://www.sec.gov/Archives/edgar/data/1388485/000182912624005904/fundvantage_exexi.htm) |
| (8) | Not applicable. |
| (9) (a) | [Custody Agreement with The Bank of New York Mellon ("BNY") dated March 14, 2011. Incorporated by reference to Exhibit (g)(i) to Post-Effective Amendment No. 52 to Registrant's Registration Statement as filed with the Commission on August 29, 2011.](https://www.sec.gov/Archives/edgar/data/1388485/000095012311080998/w83456bexv99w28wgwi.htm) |
| (b) | [Amended and Restated Schedule II to the Custody Agreement with BNY dated July 21, 2023. Incorporated by reference to Exhibit (g)(i)(B) to Post-Effective Amendment No. 319 to Registrant's Registration Statement as filed with the Commission on August 28, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623005688/fundvantage_exgib.htm) |
| (c) | [Amendment to Custody Agreement with BNY effective August 4, 2025 to amend and restate Schedule II to the Custody Agreement. Incorporated by reference to Exhibit (g)(i)(C) to Post-Effective Amendment No. 340 to Registrant's Registration Statement as filed with the Commission on August 28, 2025.](https://www.sec.gov/Archives/edgar/data/1388485/000182912625006834/fundvantage_exgic.htm) |

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| | |
|:---|:---|
| (d) | [Foreign Custody Manager Agreement with BNY dated March 14, 2011. Incorporated by reference to Exhibit (g)(ii) to Post-Effective Amendment No. 52 to Registrant's Registration Statement as filed with the Commission on August 29, 2011.](https://www.sec.gov/Archives/edgar/data/1388485/000095012311080998/w83456bexv99w28wgwii.htm) |
| (10) (a) | [12b-1 Plan for Pacific Capital U.S. Government Money Market Fund dated March 14, 2018. Incorporated by reference to Exhibit (m)(xix) to Post-Effective Amendment No. 190 to Registrant's Registration Statement as filed with the Commission on May 16, 2018.](https://www.sec.gov/Archives/edgar/data/1388485/000161577418003945/s110241_ex99mxix.htm) |
| (b) | [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3. Incorporated by reference to Exhibit (n) to Post-Effective Amendment No. 316 to Registrant's Registration Statement as filed with the Commission on July 21, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623004823/fundvantage_exn.htm) |
| (11) | [Opinion and Consent of Troutman Pepper Locke LLP, dated January 23, 2026. Incorporated by reference to Exhibit 11 to Registrant's Form N-14 filed with the Commission on January 23, 2026.](https://www.sec.gov/Archives/edgar/data/1388485/000182912626000515/fundvantage_ex11.htm) |
| (12) | [Opinion and Consent of Troutman Pepper Locke LLP, dated March 23, 2026, supporting the tax matters and consequences of securities being issued is filed herewith.](fundvantage_ex12.htm) |
| (13) (a) | [Amended and Restated Fee Waiver Agreement with AMG of BOH for the Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund dated June 25, 2010. Incorporated by reference to Exhibit (h)(v) to Post-Effective Amendment No. 339 to the Registrant's Registration Statement as filed with the Commission on July 28, 2025.](https://www.sec.gov/Archives/edgar/data/1388485/000182912625005423/fundvantage_exhv.htm) |
| (b) | [Transfer Agency and Shareholder Services Agreement with BNY Mellon Investment Servicing (US) Inc. dated October 30, 2018. Incorporated by reference to Exhibit (h)(1)(A) to Post-Effective Amendment No. 205 to Registrant's Registration Statement as filed with the Commission on January 28, 2019.](http://www.sec.gov/Archives/edgar/data/1388485/000161577419001085/s115431_exhia.htm) |
| (c) | [First Amendment to Transfer Agency and Shareholder Services Agreement dated December 31, 2018. Incorporated by reference to Exhibit (h)(i)(B) to Post-Effective Amendment No. 205 to Registrant's Registration Statement as filed with the Commission on January 28, 2019.](http://www.sec.gov/Archives/edgar/data/1388485/000161577419001085/s115431_exhib.htm) |
| (d) | [Second Amendment to Transfer Agency and Shareholder Services Agreement dated October 12, 2020. Incorporated by reference to Exhibit (h)(i)(C) to Post-Effective Amendment No. 255 to Registrant's Registration Statement as filed with the Commission on January 28, 2021.](http://www.sec.gov/Archives/edgar/data/1388485/000182912621000154/fundvantage_exhic.htm) |
| (e) | [Third Amendment to Transfer Agency and Shareholder Services Agreement dated March 31, 2021. Incorporated by reference to Exhibit (h)(i)(D) to Post-Effective Amendment No. 258 to Registrant's Registration Statement as filed with the Commission on August 30, 2021.](http://www.sec.gov/Archives/edgar/data/1388485/000182912621008893/fundvantage_ex99h1d.htm) |
| (f) | [Fourth Amendment to Transfer Agency and Shareholder Services Agreement dated December 2, 2021. Incorporated by reference to Exhibit (h)(i)(E) to Post-Effective Amendment No. 266 to Registrant's Registration Statement as filed with the Commission on January 28, 2022.](http://www.sec.gov/Archives/edgar/data/1388485/000182912622002021/fundvantage_exhie.htm) |
| (g) | [Fifth Amendment to Transfer Agency and Shareholder Services Agreement dated June 9, 2022. Incorporated by Reference to Exhibit (h)(i)(F) to Post-Effective Amendment No. 284 to Registrant's Registration Statement as filed with the Commission on August 29, 2022.](https://www.sec.gov/Archives/edgar/data/1388485/000182912622016264/fundvantage_ex99hif.htm) |
| (h) | [Sixth Amendment to Transfer Agency and Shareholder Services Agreement dated December 30, 2022. Incorporated by reference to Exhibit (h)(i)(G) to Post-Effective Amendment No. 299 to Registrant's Registration Statement as filed with the Commission on January 30, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623001144/fundvantage_exhig.htm) |

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| | | |
|:---|:---|:---|
|  | (i) | [Seventh Amendment to Transfer Agency and Shareholder Services Agreement dated July 21, 2023. Incorporated by reference to Exhibit (h)(i)(H) to Post-Effective Amendment No. 319 to Registrant's Registration Statement as filed with the Commission on August 28, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623005688/fundvantage_exhih.htm) |
|  | (j) | [Administration and Accounting Services Agreement with BNY Mellon Investment Servicing (US) Inc. (formerly, PFPC Inc.) dated July 19, 2007. Incorporated by reference to Exhibit (h)(ii) to Pre-Effective Amendment No. 1 to Registrant's Registration Statement as filed with the Commission on July 27, 2007.](http://www.sec.gov/Archives/edgar/data/1388485/000111650207001396/exhibit23hii.htm) |
|  | (k) | [Amended and Restated Exhibit A to the Administration and Accounting Services Agreement dated July 21, 2023. Incorporated by reference to Exhibit (h)(ii)(B) to Post-Effective Amendment No. 319 to Registrant's Registration Statement as filed with the Commission on August 28, 2023.](https://www.sec.gov/Archives/edgar/data/1388485/000182912623005688/fundvantage_exhiib.htm) |
|  | (l) | [Fair Value Services Amendment to the Administration and Accounting Services Agreement dated August 12, 2010. Incorporated by reference to Exhibit (h)(xvii) to Post-Effective Amendment No. 33 to Registrant's Registration Statement as filed with the Commission on August 30, 2010.](http://www.sec.gov/Archives/edgar/data/1388485/000095012310082365/b78894bexv99w28whwxvii.htm) |
|  | (m) | [Amendment to the Administration and Accounting Services Agreement dated December 2, 2010. Incorporated by reference to Exhibit (h)(xxv) to Post-Effective Amendment No. 52 to Registrant's Registration Statement as filed with the Commission on August 29, 2011.](http://www.sec.gov/Archives/edgar/data/1388485/000095012311080998/w83456bexv99w28whwxxv.htm) |
|  | (n) | [Amendment to the Administration and Accounting Services Agreement dated June 14, 2017. Incorporated by reference to Exhibit (h)(ii)(E) to Post-Effective Amendment No. 169 to Registrant's Registration Statement as filed with the Commission on August 28, 2017.](http://www.sec.gov/Archives/edgar/data/1388485/000110465917054016/a17-20266_1ex99dbhiie.htm) |
|  | (o) | [Amendment to the Administration and Accounting Services Agreement dated July 21, 2022. Incorporated by Reference to Exhibit (h)(ii)(F) to Post-Effective Amendment No. 284 to Registrant's Registration Statement as filed with the Commission on August 29, 2022.](https://www.sec.gov/Archives/edgar/data/1388485/000182912622016264/fundvantage_ex99hiif.htm) |
|  | (p) | [Amendment to the Administration and Accounting Services Agreement effective August 4, 2025 to amend and restate Exhibit A. Incorporated by reference to Exhibit (h)(ii)(G) to Post-Effective Amendment No. 340 to Registrant's Registration Statement as filed with the Commission on August 28, 2025.](https://www.sec.gov/Archives/edgar/data/1388485/000182912625006834/fundvantage_exhiig.htm) |
| (14) | [Consent of Independent Registered Public Accounting Firm dated January 20, 2026. Incorporated by reference to Exhibit 14 to Registrant's Form N-14 filed with the Commission on January 23, 2026.](https://www.sec.gov/Archives/edgar/data/1388485/000182912626000515/fundvantage_ex14.htm) | [Consent of Independent Registered Public Accounting Firm dated January 20, 2026. Incorporated by reference to Exhibit 14 to Registrant's Form N-14 filed with the Commission on January 23, 2026.](https://www.sec.gov/Archives/edgar/data/1388485/000182912626000515/fundvantage_ex14.htm) |
| (15) | Not applicable. | Not applicable. |
| (16) | [Powers of Attorney for Robert J. Christian, Iqbal Mansur, Nicholas M. Marsini, Jr., Nancy B. Wolcott and Stephen M. Wynne. Incorporated by reference to Exhibit 16 to Registrant's Pre-Effective Amendment No. 1 to Registrant's Form N-14 as filed with the Commission on May 9, 2025.](https://www.sec.gov/Archives/edgar/data/1388485/000182912625003530/fundvantage_ex16.htm) | [Powers of Attorney for Robert J. Christian, Iqbal Mansur, Nicholas M. Marsini, Jr., Nancy B. Wolcott and Stephen M. Wynne. Incorporated by reference to Exhibit 16 to Registrant's Pre-Effective Amendment No. 1 to Registrant's Form N-14 as filed with the Commission on May 9, 2025.](https://www.sec.gov/Archives/edgar/data/1388485/000182912625003530/fundvantage_ex16.htm) |
| (17) | [Code of Ethics of the Registrant. Incorporated by reference to Exhibit (p)(i) to Post-Effective Amendment No. 196 to Registrant's Registration Statement as filed with the Commission on August 28, 2018.](http://www.sec.gov/Archives/edgar/data/1388485/000161577418008707/s112173_ex99pi.htm) | [Code of Ethics of the Registrant. Incorporated by reference to Exhibit (p)(i) to Post-Effective Amendment No. 196 to Registrant's Registration Statement as filed with the Commission on August 28, 2018.](http://www.sec.gov/Archives/edgar/data/1388485/000161577418008707/s112173_ex99pi.htm) |

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**Item 17.** **Undertakings.**

(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act 17 CFR 230.145c, the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned registrant agrees to file as an exhibit to this Registration Statement the final tax opinion, the form of which is included as an exhibit hereto, following the closing of the Reorganization.

**SIGNATURES**

As required by the Securities Act of 1933, this registration statement on Form N-14 has been signed on behalf of the registrant, in the City of Wilmington, State of Delaware on the 31st day of March, 2026.

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| | |
|:---|:---|
| **FUNDVANTAGE TRUST** | **FUNDVANTAGE TRUST** |
| By: | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and CEO |

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Pursuant to the requirements of the Securities Act of 1933, this registration statement on Form N-14 has been signed below by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| /s/ Robert J. Christian\* | Trustee | March 31, 2026 |
| Robert J. Christian |  |  |
| /s/ Iqbal Mansur\* | Trustee | March 31, 2026 |
| Iqbal Mansur |  |  |
| /s/ Nicholas M. Marsini, Jr.\* | Trustee | March 31, 2026 |
| Nicholas M. Marsini, Jr. |  |  |
| /s/ Nancy B. Wolcott\* | Trustee | March 31, 2026 |
| Nancy B. Wolcott |  |  |
| /s/ Stephen M. Wynne\* | Trustee | March 31, 2026 |
| Stephen M. Wynne |  |  |
| /s/ Christine S. Catanzaro | Treasurer and CFO | March 31, 2026 |
| Christine S. Catanzaro |  |  |
| /s/ Joel L. Weiss | President and CEO | March 31, 2026 |
| Joel L. Weiss |  |  |

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| | |
|:---|:---|
| \* By: | /s/ Joel L. Weiss |
|  | Joel L. Weiss |
|  | Attorney-in-Fact |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| **EXHIBIT NO.** | **DESCRIPTION OF EXHIBIT** |
| (12) | [Tax Opinion of Troutman Pepper Locke LLP](fundvantage_ex12.htm) |

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## Ex-12

**Exhibit 12**

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| | |
|:---|:---|
| Troutman Pepper Locke LLP<br> 875 Third Avenue<br> New York, NY 10022<br>troutman.com | ![](ex12_001.jpg) |

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March 23, 2026

Board of Trustees

Pacific Capital Funds

103 Bellevue Parkway

Wilmington, DE 19809

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| | |
|:---|:---|
| **Re:** | **Agreement and Plan of Reorganization, dated March 20, 2026 (the "Agreement"), by and between the FundVantage Trust, a Delaware statutory trust (the "Trust"), on behalf of Pacific Capital Tax-Free Securities Fund (the "Acquiring Fund"), and the Trust, on behalf of Pacific Capital Tax-Free Short Intermediate Securities Fund (the "Acquired Fund")** |

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Ladies and Gentlemen:

You have requested our opinion concerning certain federal income tax consequences of the reorganization of the Acquired Fund pursuant to which: (i) the Acquired Fund will transfer of all of its assets, property and goodwill in exchange for Class Y shares (the "Acquiring Fund Shares"), which are voting securities, of the Acquiring Fund; (ii) the Acquiring Fund will assume all of the liabilities of the Acquired Fund; and (iii) the Acquired Fund will distribute Acquiring Fund Shares to the holders of shares of the Acquired Fund, which are voting securities of the Acquired Fund; and (iv) the Acquired Fund will completely liquidate, all upon the terms and conditions set forth in the Agreement (such transaction, the "Reorganization").

In rendering our opinion, we have reviewed and relied upon, with your permission (without any independent investigation or review thereof, other than such investigation and review as we have deemed necessary to comply with our professional obligations under IRS Circular 230 or otherwise), upon the truth and accuracy, at all relevant times, of the statements, covenants, representations and warranties contained in the following documents (the "Documents"): (i) a copy of the executed Agreement; (ii) the combined prospectus statement (the "Prospectus/Information Statement") provided to shareholders of the Acquired Fund dated February 23, 2026; (iii) certain representations concerning the Reorganization made to us by the Trust, on behalf of the Acquired Fund and the Acquiring Fund, in letters dated March 23, 2026, (the "Representation Letters"); (iv) all other documents, financial and other reports and corporate minutes we deemed relevant or appropriate; and (v) such statutes, regulations, rulings and decisions as we deemed material in rendering this opinion. Capitalized terms not otherwise defined herein shall have the meanings assigned to them in the Agreement.

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|:---|:---|
| March 23, 2026<br> Page 2 | ![](ex12_001.jpg)<br>|

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For purposes of this opinion, we have assumed, with your permission and without independent investigation (other than such investigation as we have deemed necessary to comply with our professional obligations under IRS Circular 230 or otherwise), (i) that the Reorganization will be consummated in the manner contemplated by the Prospectus/Information Statement and in accordance with the provisions of the Agreement without the waiver of any conditions to any party's obligation to effect the Reorganization, (ii) that original documents (including signatures) are authentic, (iii) that documents submitted to us as copies conform to the original documents, (iv) that there has been (or will be by the date of the Reorganization) due execution and delivery of all documents where due execution and delivery are prerequisites to the effectiveness of those documents, (v) the accuracy of statements and representations contained in the Documents, (vi) that all parties will comply with the covenants and warranties set forth in the Documents and (vii) that the Reorganization will be effective under applicable law.

Furthermore, we have assumed, with your permission and without independent investigation (other than such investigation as we have deemed necessary to comply with our professional obligations under IRS Circular 230 or otherwise), that, as to all matters in which a person or entity making a representation has represented that such person or entity or a related party is not a party to, does not have, or is not aware of, any plan, intention, understanding or agreement to take action, there is in fact no plan, intention, understanding or agreement and such action will not be taken, and we have further assumed that any statement made "to the knowledge of" or otherwise similarly qualified is correct without such qualification.

For purposes of this opinion, we have assumed that the Acquired Fund, on the Closing Date of the Reorganization, satisfies, and immediately following the Closing Date of the Reorganization, the Acquiring Fund will continue to satisfy, the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for qualification as regulated investment companies.

Subject to the foregoing and any other assumptions, limitations and qualifications specified herein, and based upon the statements in the Representation Letters for the Acquired Fund and the Acquiring Fund, it is our opinion, with respect to the Reorganization, that for federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The acquisition by the Acquiring Fund of all of the assets of the Acquired Fund solely in exchange for Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund, followed by the distribution by the Acquired Fund to its shareholders of the Acquiring Fund Shares in complete liquidation of the Acquired Fund, will constitute a reorganization within the meaning of Section 368(a) of the Code, and the Acquired Fund and the Acquiring Fund each will be a "party to the reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Under Code Section 361 of the Code, no gain or loss will be recognized by the Acquired Fund (i) upon the transfer of all of the Acquired Fund's assets to the Acquiring Fund solely in exchange for the Acquiring Fund shares and the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund or (ii) upon the distribution (whether actual or constructive) of the Acquiring Fund shares by the Acquired Fund to such Acquired Fund shareholders in liquidation, as contemplated in the Agreement and Plan of Reorganization.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Under Section 1032 of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Acquired Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of all of the liabilities of the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Under Section 362(b) of the Code, the tax basis of the assets of the Acquired Fund received by the Acquiring Fund will be the same as the tax basis of such assets to the Acquired Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Under Section 1223(2) of the Code, the holding periods of the assets of the Acquired Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Acquired Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Under Section 354(a) of the Code, no gain or loss will be recognized by the shareholders of the Acquired Fund upon the exchange of all of their Acquired Fund Shares for the Acquiring Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Under Section 358(a)(1) of the Code, the aggregate tax basis of the Acquiring Fund Shares to be received by each shareholder of the Acquired Fund will be the same as the aggregate tax basis of Acquired Fund Shares exchanged therefor by such shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Under Section 1223(1) of the Code. the holding period of Acquiring Fund Shares received by a shareholder of the Acquired Fund will include the holding period of the Acquired Fund Shares exchanged therefor, provided that the shareholder held Acquired Fund Shares as a capital asset on the Closing Date of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Acquiring Fund will succeed to and take into account the items of the Acquired Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury regulations thereunder.

This opinion is limited to the issues set forth above and does not address any other tax issues, including without limitation, the following: (1) the effect of the Reorganization on (i) any asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting, (ii) any applicable Acquired Fund shareholder or Acquiring Fund shareholder that is required to recognize unrealized gains and losses for U.S. federal income tax purposes under a mark-to-market system of accounting (iii) with respect to any stock held of a controlled foreign corporation as defined in Section 957(a) of the Code, (iv) with respect to any stock held of a passive foreign investment company as defined in Section 1297(a) of the Code, or (v) any limitations on the use or availability of capital losses, net operating losses, unrealized gain or loss or other losses under the Code, and (2) any other federal, state, local or foreign tax issues of any kind.

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This opinion is based upon the Code, regulations promulgated thereunder, administrative pronouncements and judicial authority, all as in effect as of the date hereof. It represents our best legal judgment as to the matters addressed herein but is not binding on the Internal Revenue Service or the courts. Accordingly, no assurance can be given that the Internal Revenue Service would agree with the opinion expressed herein or, if contested, the opinion would be sustained by a court. Furthermore, the authorities upon which we rely may be changed at any time, potentially with retroactive effect. No assurances can be given as to the effect of any such changes or that such changes may not adversely affect the conclusion expressed in this opinion. We undertake no responsibility to advise you of any new developments in the application or interpretation of relevant federal tax laws. If any of the facts or assumptions pertinent to the U.S. federal income tax treatment of the Reorganization specified herein or any of the statements, covenants, representations or warranties contained in the Documents are, or later become, inaccurate, such inaccuracy may adversely affect the conclusions expressed in this opinion. In addition, our opinion is limited to the tax matters specifically covered hereby, and we have not been asked to address, nor have we addressed, any other tax consequences of the Reorganization or any other transactions.

This opinion is being delivered solely to you in connection with the Reorganization and is not to be quoted, circulated, published, or otherwise referred to for any other purpose, in whole or in part, without our express prior written consent. This opinion may be disclosed to shareholders of the Acquired Fund and the Acquiring Fund, and they may rely on it in connection with the Reorganization, it being understood that we are not establishing any attorney-client relationship with any such shareholder. This letter is not to be relied upon for the benefit of any other person or for any other purpose.

Our opinion is conditioned upon the performance by the Trust, on behalf of the Acquired Fund and the Acquiring Fund, of their undertakings, responsibilities and obligations set forth in the Agreement and the truth and correctness of the representations and statements set forth in the Representation Letters. Our opinion is limited to the federal income tax consequences of the Reorganization set forth above, and we express no other opinion to any party as to any other tax consequences, whether federal, state, local or foreign, with respect to (i) the Reorganization or any transaction related to or contemplated by such Reorganization (or incident thereto) or (ii) the effect, if any, of the Reorganization on any other transaction and/or the effect, if any, of any such other transaction on the Reorganization.

We hereby consent to the use of this opinion as an exhibit to the Prospectus/Information Statement of the Acquiring Fund on Form N-14, and any amendments thereto, covering the registration of Acquiring Fund Shares under the Securities Act of 1933, as amended, to be issued in the Reorganization.

Sincerely,

<u>/s/ Troutman Pepper Locke LLP</u>

Troutman Pepper Locke LLP