# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001752724-23-063311
**Filing Date:** 2023-3
**Character Count:** 101264
**Document Hash:** 37d510f448efdc858b6b08bd99c13d8f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-063311.hdr.sgml**: 20230322

**ACCESSION NUMBER**: 0001752724-23-063311

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230322

**DATE AS OF CHANGE**: 20230322

**PERIOD START**: 20230430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FundVantage Trust
- **CENTRAL INDEX KEY:** 0001388485
- **IRS NUMBER:** 000000000

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 23752201

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 3027911906

**MAIL ADDRESS:**
- **STREET 1:** 301 BELLEVUE PARKWAY
- **CITY:** WILMINGTON
- **STATE:** DE
- **ZIP:** 19809

## Series and Classes Contracts Data

### Pacific Capital Tax-Free Securities Fund (Series ID: S000029047)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000089187 | Class Y      | PTXFX           |

## Nport-Ex

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — 96.1%** | **MUNICIPAL BONDS — 96.1%** | **MUNICIPAL BONDS — 96.1%** |
| **Arizona — 2.6%** | **Arizona — 2.6%** | **Arizona — 2.6%** |
| Phoenix City Civic Improvement Corp. Revenue, Civic Plaza, Convertible CAB, OID, Series B,<br> 5.50%, 07/01/31, (NATL-RE Insured) | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;6147519 |
| **California — 1.8%** | **California — 1.8%** | **California — 1.8%** |
| Norwalk-La Mirada Unified School District GO, CAB, OID, Series B<br> 0.00%, 08/01/27, (AGM-CR, FGIC Insured)<sup>(a)</sup> | 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4427600 |
| **Hawaii — 91.0%** | **Hawaii — 91.0%** | **Hawaii — 91.0%** |
| Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 09/01/31 | 5045000 | &nbsp;&nbsp; 5588445 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/27 at 100,<br> 5.00%, 09/01/34 | 4775000 | &nbsp;&nbsp; 5236533 |
| Hawaii County GO, Series A, Refunding, Callable 09/01/30 at 100,<br> 4.00%, 09/01/40 | 1000000 | &nbsp;&nbsp; 1016302 |
| Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 02/21/2023 at 100,<br> 3.75%, 01/01/31 | 3120000 | &nbsp;&nbsp; 3121864 |
| Hawaii State Airports System Revenue, AMT, OID, COP, Callable 08/01/23 at 100,<br> 5.00%, 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 403610 |
| Hawaii State Airports System Revenue, OID, Series B, Callable 07/01/25 at 100,<br> 4.00%, 07/01/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 49642 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/25 at 100,<br> 5.00%, 07/01/41 | 4000000 | &nbsp;&nbsp; 4097747 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,<br> 5.00%, 07/01/31 | 1000000 | &nbsp;&nbsp; 1093848 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,<br> 5.00%, 07/01/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 544651 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/28 at 100,<br> 5.00%, 07/01/48 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1553261 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/30 at 100,<br> 4.00%, 07/01/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2008574 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 07/01/32 at 100,<br> 5.00%, 07/01/51 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2106847 |
| Hawaii State Airports System Revenue, Series C, Callable 07/01/30 at 100,<br> 5.00%, 07/01/50 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp; 140708 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series A, Refunding,<br> 5.00%, 07/01/23 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 100967 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding,<br> 4.00%, 07/01/23 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502793 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding, Callable 07/01/23 at 100,<br> 5.00%, 07/01/29 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 226301 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100,<br> 5.00%, 07/01/26 | &nbsp;&nbsp;1330000 | &nbsp;&nbsp; 1340161 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Callable 10/01/24 at 100,<br> 3.50%, 10/01/49 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp; 2250029 |
| Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,<br> 3.10%, 05/01/26 | &nbsp;&nbsp;3800000 | &nbsp;&nbsp; 3761907 |
| Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding, Callable 03/01/27 at 100,<br> 4.00%, 03/01/37 | &nbsp;&nbsp;1650000 | &nbsp;&nbsp; 1605154 |
| Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, MWC, Refunding, Callable 07/01/29 at 100,<br> 3.20%, 07/01/39 | &nbsp;&nbsp;4200000 | &nbsp;&nbsp; 3620406 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding,<br> 4.00%, 01/01/30 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 230351 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding, Callable 01/01/30 at 100,<br> 4.00%, 01/01/31 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp; 536337 |
| Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 07/01/35 | 10000000 | &nbsp;&nbsp; 10447296 |
| Hawaii State Department of Budget & Finance Revenue, Series A, Refunding, Callable 07/01/23 at 100,<br> 6.00%, 07/01/33 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1013380 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,<br> 5.00%, 11/01/28 | &nbsp;&nbsp;1170000 | &nbsp;&nbsp; 1309278 |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,<br> 5.00%, 11/01/30 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 891803 |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/01/27 at 100,<br> 5.00%, 11/01/31 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp; 906976 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,<br> 5.00%, 04/01/24 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 514260 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 04/01/28 | &nbsp;&nbsp; 945000 | &nbsp;&nbsp; 1039711 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 04/01/32 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 364142 |
| Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,<br> 5.00%, 08/01/24 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 308891 |
| Hawaii State GO, Series EH, Prerefunded, ETM,<br> 5.00%, 08/01/23 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp; 450677 |
| Hawaii State GO, Series EH, Prerefunded, ETM,<br> 5.00%, 08/01/23 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp; 121531 |
| Hawaii State GO, Series EH, Unrefunded portion,<br> 5.00%, 08/01/23 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 349625 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series EL, Refunding,<br> 5.00%, 08/01/23 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1013405 |
| Hawaii State GO, Series EO, Callable 08/01/24 at 100,<br> 5.00%, 08/01/32 | &nbsp;&nbsp;1285000 | &nbsp;&nbsp; 1334657 |
| Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100,<br> 5.00%, 08/01/26 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 145305 |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 08/01/24 at 100,<br> 5.00%, 08/01/26 | &nbsp;&nbsp;2660000 | &nbsp;&nbsp; 2766388 |
| Hawaii State GO, Series EP, Refunding,<br> 5.00%, 08/01/24 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1040748 |
| Hawaii State GO, Series EY, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/27 | &nbsp;&nbsp;3040000 | &nbsp;&nbsp; 3256249 |
| Hawaii State GO, Series FB,<br> 5.00%, 04/01/25 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5288061 |
| Hawaii State GO, Series FB, Callable 04/01/26 at 100,<br> 4.00%, 04/01/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2102465 |
| Hawaii State GO, Series FG, Callable 10/01/26 at 100,<br> 5.00%, 10/01/30 | 10000000 | &nbsp;&nbsp; 10965221 |
| Hawaii State GO, Series FG, Callable 10/01/26 at 100,<br> 4.00%, 10/01/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1032884 |
| Hawaii State GO, Series FK, Callable 05/01/27 at 100,<br> 5.00%, 05/01/33 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2763926 |
| Hawaii State GO, Series FK, Callable 05/01/27 at 100,<br> 4.00%, 05/01/37 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2056788 |
| Hawaii State GO, Series FN, Refunding,<br> 5.00%, 10/01/26 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp; 2745930 |
| Hawaii State GO, Series FT, Callable 01/01/28 at 100,<br> 5.00%, 01/01/36 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp; 4407213 |
| Hawaii State GO, Series FT, Callable 01/01/28 at 100,<br> 5.00%, 01/01/38 | &nbsp;&nbsp;2845000 | &nbsp;&nbsp; 3099520 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series FW, Callable 01/01/29 at 100,<br> 4.00%, 01/01/34 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2138856 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 07/01/33 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1579723 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 07/01/37 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5096558 |
| Hawaii State Harbor System Revenue, Series C, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 07/01/39 | &nbsp;&nbsp;3065000 | &nbsp;&nbsp; 3134035 |
| Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,<br> 5.00%, 01/01/37 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5727853 |
| Hawaii State Highway Fund Revenue, Callable 01/01/31 at 100,<br> 5.00%, 01/01/40 | &nbsp;&nbsp;1295000 | &nbsp;&nbsp; 1462899 |
| Hawaii State Highway Fund Revenue, Series A, Callable 01/01/29 at 100,<br> 5.00%, 01/01/37 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp; 3893566 |
| Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,<br> 5.00%, 01/01/31 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 829242 |
| Honolulu City & County Board of Water Supply System Revenue, Series A,<br> 5.00%, 07/01/29 | &nbsp;&nbsp;1170000 | &nbsp;&nbsp; 1364348 |
| Honolulu City & County Board of Water Supply System Revenue, Series A,<br> 5.00%, 07/01/30 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 237491 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100,<br> 4.00%, 07/01/35 | &nbsp;&nbsp;1770000 | &nbsp;&nbsp; 1900091 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,<br> 3.00%, 07/01/34 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 660607 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,<br> 4.00%, 07/01/35 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 790558 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,<br> 4.00%, 07/01/36 | &nbsp;&nbsp;1010000 | &nbsp;&nbsp; 1075239 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/31 at 100,<br> 5.00%, 07/01/50 | &nbsp;&nbsp;3515000 | &nbsp;&nbsp; 3970593 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/32 at 100,<br> 5.00%, 07/01/48 | &nbsp;&nbsp;4290000 | &nbsp;&nbsp; 4843334 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,<br> 5.00%, 07/01/25 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1554615 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,<br> 5.00%, 07/01/26 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 67413 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,<br> 5.00%, 07/01/27 | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 881551 |
| Honolulu City & County GO, OID, Series E, Refunding, Callable 09/01/27 at 100,<br> 3.00%, 09/01/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 255740 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County GO, Series A, Callable 03/03/2023 at 100,<br> 4.00%, 11/01/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1000492 |
| Honolulu City & County GO, Series A, Callable 09/01/27 at 100,<br> 5.00%, 09/01/41 | &nbsp;&nbsp;1390000 | &nbsp;&nbsp; 1507037 |
| Honolulu City & County GO, Series A, Callable 09/01/28 at 100,<br> 5.00%, 09/01/34 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 226407 |
| Honolulu City & County GO, Series A, Callable 10/01/25 at 100,<br> 5.00%, 10/01/27 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 534897 |
| Honolulu City & County GO, Series A, Callable 10/01/25 at 100,<br> 5.00%, 10/01/31 | &nbsp;&nbsp;2175000 | &nbsp;&nbsp; 2323889 |
| Honolulu City & County GO, Series A, Callable 10/01/25 at 100,<br> 5.00%, 10/01/35 | &nbsp;&nbsp;3075000 | &nbsp;&nbsp; 3256853 |
| Honolulu City & County GO, Series A, Callable 10/01/25 at 100,<br> 5.00%, 10/01/37 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1054387 |
| Honolulu City & County GO, Series A, Callable 10/01/25 at 100,<br> 5.00%, 10/01/38 | &nbsp;&nbsp;1040000 | &nbsp;&nbsp; 1096015 |
| Honolulu City & County GO, Series A, Callable 10/01/25 at 100,<br> 5.00%, 10/01/39 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1052284 |
| Honolulu City & County GO, Series B, Callable 07/01/32 at 100,<br> 5.00%, 07/01/43 | &nbsp;&nbsp;3960000 | &nbsp;&nbsp; 4509952 |
| Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 535299 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County GO, Series C, Callable 07/01/30 at 100,<br> 4.00%, 07/01/39 | &nbsp;&nbsp;1050000 | &nbsp;&nbsp; 1080665 |
| Honolulu City & County GO, Series C, Callable 07/01/30 at 100,<br> 5.00%, 07/01/42 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp; 384865 |
| Honolulu City & County GO, Series C, Callable 07/01/30 at 100,<br> 5.00%, 07/01/45 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1108278 |
| Honolulu City & County GO, Series C, Callable 08/01/29 at 100,<br> 4.00%, 08/01/36 | &nbsp;&nbsp;1400000 | &nbsp;&nbsp; 1467048 |
| Honolulu City & County GO, Series C, Callable 08/01/29 at 100,<br> 4.00%, 08/01/43 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2024734 |
| Honolulu City & County GO, Series C, Callable 08/01/29 at 100,<br> 5.00%, 08/01/44 | &nbsp;&nbsp;1830000 | &nbsp;&nbsp; 2008323 |
| Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/27 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2139587 |
| Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/29 | &nbsp;&nbsp;4115000 | &nbsp;&nbsp; 4399996 |
| Honolulu City & County GO, Series C, Refunding, Callable 10/01/25 at 100,<br> 4.00%, 10/01/33 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 518479 |
| Honolulu City & County GO, Series E, Refunding, Callable 09/01/27 at 100,<br> 5.00%, 09/01/30 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp; 1682207 |
| Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 07/01/29 at 100,<br> 4.00%, 07/01/34 | &nbsp;&nbsp;2130000 | &nbsp;&nbsp; 2288572 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 07/01/30 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp; 4236181 |
| Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 07/01/26 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1065104 |
| Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 07/01/27 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 346238 |
| Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 01/01/28 at 100,<br> 5.00%, 07/01/36 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp; 2208290 |
| Honolulu City & County Wastewater System Revenue, Senior 1st Bond Resolution, Series A, Callable 07/01/25 at 100,<br> 5.00%, 07/01/29 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 419278 |
| Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 07/01/26 at 100,<br> 5.00%, 07/01/35 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134378 |
| Honolulu City & County Wastewater System Revenue, Series A, 1st Bond Resolution, Callable 07/01/29 at 100,<br> 4.00%, 07/01/38 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 826378 |
| Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 07/01/32 at 100,<br> 5.25%, 07/01/51 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp; 5682158 |
| Kauai County GO,<br> 5.00%, 08/01/23 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp; 400098 |
| Kauai County GO,<br> 5.00%, 08/01/27 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280063 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Kauai County GO, Callable 08/01/27 at 100,<br> 5.00%, 08/01/31 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277571 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 4.00%, 08/01/33 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp; 315143 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 5.00%, 08/01/37 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 43786 |
| Kauai County GO, Callable 08/01/27 at 100,<br> 5.00%, 08/01/42 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 838113 |
| Kauai County GO, Series A, Refunding,<br> 5.00%, 08/01/24 | &nbsp;&nbsp; 930000 | &nbsp;&nbsp; 966218 |
| Maui County GO, Callable 03/01/31 at 100,<br> 4.00%, 03/01/36 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 792903 |
| Maui County GO, Callable 03/01/31 at 100,<br> 4.00%, 03/01/38 | &nbsp;&nbsp;1020000 | &nbsp;&nbsp; 1059510 |
| Maui County GO, Refunding,<br> 5.00%, 06/01/23 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 302590 |
| Maui County GO, Refunding,<br> 5.00%, 03/01/28 | &nbsp;&nbsp;1175000 | &nbsp;&nbsp; 1333940 |
| Maui County GO, Refunding,<br> 5.00%, 09/01/28 | &nbsp;&nbsp;1070000 | &nbsp;&nbsp; 1227928 |
| Maui County GO, Refunding, Callable 03/01/30 at 100,<br> 3.00%, 03/01/31 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517584 |
| Maui County GO, Refunding, Callable 03/01/30 at 100,<br> 5.00%, 03/01/32 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 490228 |
| Maui County GO, Refunding, Callable 09/01/25 at 100,<br> 3.00%, 09/01/32 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp; 196693 |
| Maui County GO, Refunding, Callable 09/01/28 at 100,<br> 4.00%, 09/01/31 | &nbsp;&nbsp;5305000 | &nbsp;&nbsp; 5784428 |
| University of Hawaii Revenue, Series B, Refunding,<br> 4.00%, 10/01/24 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 169246 |
| University of Hawaii Revenue, Series B, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/35 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1053861 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| University of Hawaii Revenue, Series E, Refunding,<br> 5.00%, 10/01/24 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp; 3126180 |
| University of Hawaii Revenue, Series E, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/01/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp; 1081854 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/01/36 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp; 3297146 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/01/27 at 100,<br> 5.00%, 10/01/37 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2189640 |
|  |  | 221200074 |
| **Texas — 0.7%** | **Texas — 0.7%** | **Texas — 0.7%** |
| Houston City Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A, Refunding<br> 0.00%, 12/01/27, (AGM Insured)<sup>(a)</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1744928 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $237,642,335) |  | 233520121 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REGISTERED INVESTMENT COMPANY — 3.2%** | **REGISTERED INVESTMENT COMPANY — 3.2%** | **REGISTERED INVESTMENT COMPANY — 3.2%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(b)</sup> | 7814843 | &nbsp;&nbsp;&nbsp; 7814843 |
| &nbsp;&nbsp;&nbsp;TOTAL REGISTERED INVESTMENT COMPANY<br> (Cost $7,814,843) |  | &nbsp;&nbsp;&nbsp; 7814843 |
| TOTAL INVESTMENTS - 99.3%<br> (Cost $245,457,178) |  | &nbsp;&nbsp;&nbsp;&nbsp;241334964 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% |  | &nbsp;&nbsp;&nbsp; 1818223 |
| NET ASSETS - 100.0% |  | $243153187 |

---

------

<sup>(a)</sup> Zero coupon bond. <br> <sup>(b)</sup> Rate disclosed is the 7-day yield at January 31, 2023.

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Concluded)

#### January 31, 2023
(Unaudited)

Portfolio holdings are subject to change at any time.<br>

---

| | |
|:---|:---|
| 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 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Short Intermediate Securities Fund

#### Portfolio of Investments

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — 90.5%** | **MUNICIPAL BONDS — 90.5%** | **MUNICIPAL BONDS — 90.5%** |
| **Colorado — 2.8%** | **Colorado — 2.8%** | **Colorado — 2.8%** |
| Regional Transportation District, Series A, Refunding, COP, Callable 06/01/23 at 100,<br> 5.00%, 06/01/24 | 1305000 | 1315902 |
| **Florida — 0.3%** | **Florida — 0.3%** | **Florida — 0.3%** |
| Florida Housing Finance Corp. Revenue, Series 1, Callable 07/01/29 at 100,<br> 2.00%, 07/01/32, (GNMA/FNMA/FHLMC Collateralized) | &nbsp;&nbsp;&nbsp;&nbsp;175000 | &nbsp;&nbsp;&nbsp;&nbsp;148600 |
| **Hawaii — 80.2%** | **Hawaii — 80.2%** | **Hawaii — 80.2%** |
| Hawaii County GO, Series A, Refunding,<br> 5.00%, 09/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;320000 | &nbsp;&nbsp; 333274 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,<br> 5.00%, 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 216646 |
| Hawaii County GO, Series A, Refunding, Callable 03/01/26 at 100,<br> 5.00%, 09/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp; 486893 |
| Hawaii County GO, Series B, Refunding, Callable 03/01/26 at 100,<br> 5.00%, 09/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;525000 | &nbsp;&nbsp; 568858 |
| Hawaii County GO, Series D, Refunding,<br> 4.00%, 09/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 531286 |
| Hawaii State Airports System Revenue, AMT, COP,<br> 5.00%, 08/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;915000 | &nbsp;&nbsp; 923180 |
| Hawaii State Airports System Revenue, AMT, COP, Callable 08/01/23 at 100,<br> 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;300000 | &nbsp;&nbsp; 302704 |
| Hawaii State Airports System Revenue, Series B,<br> 5.00%, 07/01/27 | 1010000 | &nbsp;&nbsp; 1126539 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, OID, Refunding,<br> 4.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;505000 | &nbsp;&nbsp; 507820 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100,<br> 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;290000 | &nbsp;&nbsp; 292867 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Pacific Health Obligation, Series B, Refunding, Callable 07/01/23 at 100,<br> 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 201528 |
| Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,<br> 3.25%, 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 497390 |
| Hawaii State Department of Budget & Finance Revenue, Hawaiian Electric Company, AMT, MWC, Refunding,<br> 3.10%, 05/01/26 | 3110000 | &nbsp;&nbsp; 3078823 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,<br> 4.00%, 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20160 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Projects, Refunding,<br> 4.00%, 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp; 255946 |
| Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding,<br> 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 206688 |
| Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding,<br> 5.00%, 07/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 423039 |
| Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp; 583206 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Short Intermediate Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Budget & Finance Revenue, Queens Health System, Series A, Refunding, Callable 07/01/25 at 100,<br> 5.00%, 07/01/35 | 1000000 | &nbsp;&nbsp; 1044730 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,<br> 5.00%, 04/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 25713 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,<br> 5.00%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 110733 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 04/01/27 at 100,<br> 5.00%, 04/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;55000 | &nbsp;&nbsp; 60261 |
| Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,<br> 5.00%, 08/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;295000 | &nbsp;&nbsp; 298763 |
| Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,<br> 5.00%, 08/01/25 | 1155000 | &nbsp;&nbsp; 1170022 |
| Hawaii State GO, Series EH, Prerefunded 08/01/23 at 100,<br> 5.00%, 08/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 81021 |
| Hawaii State GO, Series EH, Unrefunded portion, Prerefunded, Callable 08/01/23 at 100,<br> 5.00%, 08/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;895000 | &nbsp;&nbsp; 906641 |
| Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100,<br> 5.00%, 08/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp; 10379 |
| Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100,<br> 5.00%, 08/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp; 20758 |
| Hawaii State GO, Series EO, Prerefunded 08/01/24 at 100,<br> 5.00%, 08/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 31137 |
| Hawaii State GO, Series ET, OID, Prerefunded 10/01/25 at 100,<br> 3.25%, 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;25000 | &nbsp;&nbsp; 25666 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series FN, Refunding,<br> 5.00%, 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 101785 |
| Hawaii State GO, Series FT, Callable 01/01/28 at 100,<br> 5.00%, 01/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;30000 | &nbsp;&nbsp; 33895 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding,<br> 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 534810 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding,<br> 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;120000 | &nbsp;&nbsp; 132695 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 07/01/30 at 100,<br> 4.00%, 07/01/31 | 1000000 | &nbsp;&nbsp; 1061840 |
| Hawaii State Harbor System Revenue, Series C, Refunding,<br> 5.00%, 07/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 464108 |
| Hawaii State Highway Fund Revenue, Series A,<br> 4.00%, 01/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 507576 |
| Hawaii State Highway Fund Revenue, Series A, Callable 07/01/24 at 100,<br> 5.00%, 01/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;555000 | &nbsp;&nbsp; 575849 |
| Honolulu City & County Board of Water Supply System Revenue, Series A,<br> 5.00%, 07/01/27 | 1095000 | &nbsp;&nbsp; 1223301 |
| Honolulu City & County Board of Water Supply System Revenue, Series A,<br> 5.00%, 07/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;880000 | &nbsp;&nbsp; 1005318 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Callable 07/01/30 at 100,<br> 5.00%, 07/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;50000 | &nbsp;&nbsp; 59292 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Short Intermediate Securities Fund

#### Portfolio of Investments (Continued)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,<br> 5.00%, 07/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;150000 | &nbsp;&nbsp; 155568 |
| Honolulu City & County Board of Water Supply System Revenue, Series A, Refunding, Callable 07/01/24 at 100,<br> 5.00%, 07/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp; 316321 |
| Honolulu City & County GO, Honolulu Rail Transit Project, Series A,<br> 5.00%, 09/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;615000 | &nbsp;&nbsp; 640705 |
| Honolulu City & County GO, Honolulu Rail Transit Project, Series B, Refunding,<br> 5.00%, 03/01/25 | 1000000 | &nbsp;&nbsp; 1055657 |
| Honolulu City & County GO, Series A, Refunding,<br> 5.00%, 11/01/25 | 1380000 | &nbsp;&nbsp; 1483831 |
| Honolulu City & County GO, Series B,<br> 5.00%, 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;125000 | &nbsp;&nbsp; 126895 |
| Honolulu City & County GO, Series B, Callable 07/01/32 at 100,<br> 5.00%, 07/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 609406 |
| Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;765000 | &nbsp;&nbsp; 819007 |
| Honolulu City & County GO, Series B, Refunding, Callable 10/01/25 at 100,<br> 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;380000 | &nbsp;&nbsp; 406216 |
| Honolulu City & County GO, Series C,<br> 4.00%, 07/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp; 503351 |
| Honolulu City & County GO, Series C,<br> 4.00%, 08/01/23 | 1250000 | &nbsp;&nbsp; 1260115 |
| Honolulu City & County GO, Series D, Refunding,<br> 5.00%, 09/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;580000 | &nbsp;&nbsp; 588793 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County GO, Series E, Refunding,<br> 5.00%, 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;200000 | &nbsp;&nbsp; 231937 |
| Honolulu City & County GO, Series F, Refunding,<br> 5.00%, 07/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp; 386902 |
| Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A,<br> 5.00%, 07/01/23 | 1000000 | &nbsp;&nbsp; 1010751 |
| Honolulu City & County Wastewater System Revenue, Junior Series A, Refunding,<br> 5.00%, 07/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;695000 | &nbsp;&nbsp; 720699 |
| Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond,<br> 5.00%, 07/01/31 | 2000000 | &nbsp;&nbsp; 2408720 |
| Kauai County GO, Series A, Refunding,<br> 5.00%, 08/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;535000 | &nbsp;&nbsp; 555835 |
| Maui County GO,<br> 5.00%, 03/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;245000 | &nbsp;&nbsp; 251956 |
| Maui County GO,<br> 5.00%, 03/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp; 318913 |
| Maui County GO, Refunding,<br> 5.00%, 09/01/23 | 1010000 | &nbsp;&nbsp; 1025371 |
| Maui County GO, Refunding,<br> 5.00%, 03/01/25 | &nbsp;&nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp; 105524 |
| Maui County GO, Refunding,<br> 5.00%, 03/01/26 | &nbsp;&nbsp;&nbsp;&nbsp;270000 | &nbsp;&nbsp; 292808 |
| Maui County GO, Refunding,<br> 5.00%, 03/01/28 | &nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp; 90821 |
| University of Hawaii Revenue, Medical School Project, Series E, Refunding, Callable 10/01/26 at 100,<br> 5.00%, 10/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;620000 | &nbsp;&nbsp; 673009 |
| University of Hawaii Revenue, Series B, Refunding,<br> 4.00%, 10/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;565000 | &nbsp;&nbsp; 570973 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Short Intermediate Securities Fund

#### Portfolio of Investments (Concluded)

#### January 31, 2023
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| University of Hawaii Revenue, Series B, Refunding,<br> 4.00%, 10/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;530000 | &nbsp;&nbsp; 543640 |
| University of Hawaii Revenue, Series D, Refunding, Callable 10/01/30 at 100,<br> 4.00%, 10/01/32 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;494046 |
|  |  | 37690910 |
| **Iowa — 0.8%** | **Iowa — 0.8%** | **Iowa — 0.8%** |
| The University of Iowa Revenue, Utility System, Series S, Refunding, Callable 11/01/23 at 100,<br> 2.50%, 11/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;375000 | &nbsp;&nbsp;&nbsp;&nbsp;374804 |
| **North Carolina — 4.5%** | **North Carolina — 4.5%** | **North Carolina — 4.5%** |
| Mecklenburg County GO, Series A, Callable 04/01/25 at 100,<br> 5.00%, 04/01/29 | 2000000 | 2123199 |
| **Texas — 1.9%** | **Texas — 1.9%** | **Texas — 1.9%** |
| Pflugerville Independent School District GO, Refunding, Callable 02/15/24 at 100,<br> 5.00%, 02/15/26, (PSF-GTD Insured) | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp; 410371 |
| San Antonio City Electric & Gas Systems Revenue, ETM, Refunding,<br> 5.00%, 02/01/23 | &nbsp;&nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;910371 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $42,777,705) |  | 42563786 |
| **MUNICIPAL COMMERCIAL PAPER — 6.4%** | **MUNICIPAL COMMERCIAL PAPER — 6.4%** | **MUNICIPAL COMMERCIAL PAPER — 6.4%** |
| Hawaii County GO, Series C, Bond Anticipation Notes,<br> 4.03%, 07/19/23 | 3000000 | 3007782 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount($)** | **Value ($)** |
| **MUNICIPAL COMMERCIAL PAPER — (Continued)** | **MUNICIPAL COMMERCIAL PAPER — (Continued)** | **MUNICIPAL COMMERCIAL PAPER — (Continued)** |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL COMMERCIAL PAPER<br> (Cost $3,000,000) |  | 3007782 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **REGISTERED INVESTMENT COMPANY — 2.2%** | **REGISTERED INVESTMENT COMPANY — 2.2%** | **REGISTERED INVESTMENT COMPANY — 2.2%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>(a)</sup> | 1015819 | &nbsp;&nbsp;&nbsp; 1015819 |
| &nbsp;&nbsp;&nbsp;TOTAL REGISTERED INVESTMENT COMPANY<br> (Cost $1,015,819) |  | &nbsp;&nbsp;&nbsp; 1015819 |
| TOTAL INVESTMENTS - 99.1%<br> (Cost $46,793,524) |  | &nbsp;&nbsp;&nbsp;&nbsp;46587387 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% |  | &nbsp;&nbsp;&nbsp; 418359 |
| NET ASSETS - 100.0% |  | $47005746 |

---

------

<sup>(a)</sup> Rate disclosed is the 7-day yield at January 31, 2023.

Portfolio holdings are subject to change at any time.<br>

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| COP | Certificate of Participation |
| ETM | Escrowed to Maturity |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| MWC | Make Whole Callable |
| OID | Original Issue Discount |
| PSF-GTD | Permanent School Fund Guaranteed |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### January 31, 2023
(Unaudited)

***Portfolio Valuation – The Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund's (each a "Fund" and together the "Funds") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as discussed in their prospectuses). 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 Funds' investments are summarized into three levels as described in the hierarchy below:***

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

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

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

------

PACIFIC CAPITAL FUNDS

#### Notes to the Quarterly Portfolio of Investments (Concluded)

#### January 31, 2023
(Unaudited)

The following is a summary of the inputs used, as of January 31, 2023, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Funds | &nbsp;&nbsp;**Total Value at<br> 01/31/23** | &nbsp;&nbsp;**Level 1<br> Quoted<br> Price** | &nbsp;&nbsp;**Level 2<br> Other<br> Significant<br> Observable<br> Inputs** | &nbsp;&nbsp;**Level 3<br> Significant<br> Unobservable<br> Inputs** |
| **Pacific Capital Tax-Free Securities Fund** | **Pacific Capital Tax-Free Securities Fund** | **Pacific Capital Tax-Free Securities Fund** | **Pacific Capital Tax-Free Securities Fund** |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$233520121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$233520121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Registered Investment Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7814843 | &nbsp;&nbsp;7814843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$241334964 | $7814843 | &nbsp;&nbsp;$233520121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Pacific Capital Tax-Free Short Intermediate Securities Fund** | **Pacific Capital Tax-Free Short Intermediate Securities Fund** | **Pacific Capital Tax-Free Short Intermediate Securities Fund** | **Pacific Capital Tax-Free Short Intermediate Securities Fund** |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$42563786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$42563786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Municipal Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3007782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Registered Investment Company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015819 | &nbsp;&nbsp;1015819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total Assets | &nbsp;&nbsp;$46587387 | $1015819 | &nbsp;&nbsp;$45571568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles ("U.S. GAAP") require the Funds to present a reconciliation of the beginning to ending balances for reported market values that 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 Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their net assets as of the end of the reporting period.

For the period ended January 31, 2023, there were no transfers in or out of Level 3.

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** FundVantage Trust

- **b. Investment Company Act file number:** 811-22027

- **c. CIK number of Registrant:** 0001388485

- **d. LEI of Registrant:** 549300C6U7XKIL1IY249

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 301 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

  - **Telephone number:** 856-528-3500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Pacific Capital Tax-Free Securities Fund

- **b. EDGAR series identifier (if any):** S000029047

- **c. LEI of Series:** 549300X4730M5K0N2K06

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-04-30

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $243809600.26

**Total Liabilities:** $659370.40

**Net Assets:** $243150229.86

**Cash Not Reported:** $215606.53

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 231.05509000 | **1-Year:** 14526.51522000 | **5-Year:** 43031.97384000 | **10-Year:** 70975.65740000 | **30-Year:** 6828.36231000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089187 | 3.68%                | 0.33%                | 2.10%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-39976.29               | $8145961.14                                |
| Month 2  | $-5868.34                | $199595.67                                 |
| Month 3  | $0.00                    | $4471665.67                                |

### Schedule of Portfolio Investments

| Name                               | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689NM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1364348.35   | 0.56%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687NV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $384865.20    | 0.16%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670G54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000492.40   | 0.41%             | 2037-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    945000 | PA      | $1039710.92   | 0.43%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LHB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $169246.41    | 0.07%             | 2024-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792LM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10965221.00  | 4.51%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2189640.40   | 0.90%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792XX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2138855.60   | 0.88%             | 2034-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701ZM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065103.70   | 0.44%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701P40<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2208290.20   | 0.91%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670X30<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1096015.44   | 0.45%             | 2038-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 4197916K9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1285000 | PA      | $1334657.03   | 0.55%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3040000 | PA      | $3256249.18   | 1.34%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701ZN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $346237.74    | 0.14%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792QK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2660000 | PA      | $2766387.76   | 1.14%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689HY0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $67412.76     | 0.03%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116E69<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    930000 | PA      | $966217.73    | 0.40%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $3620406.30   | 1.49%             | 2039-07-01      | Fixed         | 3.20%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CLS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $829241.52    | 0.34%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 4387012Y9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5682158.00   | 2.34%             | 2051-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670X48<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052283.80   | 0.43%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689HZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $881551.49    | 0.36%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701L36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $134377.54    | 0.06%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T61<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $826377.52    | 0.34%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689MM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1010000 | PA      | $1075238.63   | 0.44%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116E36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $838113.21    | 0.34%             | 2042-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687CG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $255739.70    | 0.11%             | 2031-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1650000 | PA      | $1605153.66   | 0.66%             | 2037-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CQF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1295000 | PA      | $1462899.08   | 0.60%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 419722U50<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5045000 | PA      | $5588445.38   | 2.30%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670V81<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $534896.80    | 0.22%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116B88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $400098.11    | 0.16%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800KL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1330000 | PA      | $1340161.07   | 0.55%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue               | CUSIP: 41981THD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1579723.35   | 0.65%             | 2033-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116D60<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $43785.55     | 0.02%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 4197912Y3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013404.70   | 0.42%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772856D6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1070000 | PA      | $1227927.51   | 0.51%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670X22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1054387.40   | 0.43%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689ML2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $790558.25    | 0.33%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LHN9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1053861.00   | 0.43%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794ZN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4097747.20   | 1.69%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687JN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2024734.20   | 0.83%             | 2043-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794ZW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $544651.25    | 0.22%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3800000 | PA      | $3761906.52   | 1.55%             | 2026-05-01      | Fixed         | 3.10%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue               | CUSIP: 41981THH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5096558.50   | 2.10%             | 2037-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794D66<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    130000 | PA      | $140707.52    | 0.06%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687JF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1467047.54   | 0.60%             | 2036-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORWALK-LA MIRADA CA UNIF SCH      | Norwalk-La Mirada Unified School District           | CUSIP: 669096PX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4427600.00   | 1.82%             | 2027-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116D29<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    295000 | PA      | $315142.60    | 0.13%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LLQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3297146.40   | 1.36%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    815000 | PA      | $906976.34    | 0.37%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CQC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5727853.50   | 2.36%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689KZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1770000 | PA      | $1900091.46   | 0.78%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792UN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $121530.88    | 0.05%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 4197916U7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1040747.50   | 0.43%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792QJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $145305.12    | 0.06%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792SF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2745930.50   | 1.13%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792HW9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2102465.00   | 0.86%             | 2029-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687NR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1080664.83   | 0.44%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 4386702D2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4115000 | PA      | $4399995.85   | 1.81%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2250028.55   | 0.93%             | 2049-10-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772855Q8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | PA      | $196693.22    | 0.08%             | 2032-09-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687NZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1108278.40   | 0.46%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C46<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280062.65    | 0.12%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $536337.38    | 0.22%             | 2031-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772856Z7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517584.20    | 0.21%             | 2031-03-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792WY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2845000 | PA      | $3099520.24   | 1.27%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772856G9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5305000 | PA      | $5784428.23   | 2.38%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800KP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $226301.06    | 0.09%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670W49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2175000 | PA      | $2323888.76   | 0.96%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772854L0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $302590.23    | 0.12%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800JV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1013379.90   | 0.42%             | 2033-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792PX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    445000 | PA      | $450677.00    | 0.19%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689MK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $660606.57    | 0.27%             | 2034-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $364142.39    | 0.15%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DREYFUS GOVERNMENT CASH MANAGEMENT | DREYFUS GOVERN CASH MGMT-I                          | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   7599236 | NS      | $7599235.98   | 3.13%             |  |  |  | No            |                  1 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792WV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4407213.20   | 1.81%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792UR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    345000 | PA      | $349624.62    | 0.14%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF TRANSPRTN AR     | State of Hawaii Airports System Revenue             | CUSIP: 419808AM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $403609.96    | 0.17%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772856W4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1175000 | PA      | $1333939.78   | 0.55%             | 2028-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1830000 | PA      | $2008323.44   | 0.83%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687VF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3960000 | PA      | $4509952.13   | 1.85%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LJQ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1081853.70   | 0.44%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687CF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1682207.40   | 0.69%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701YK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $419278.04    | 0.17%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701B86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4236180.80   | 1.74%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 4386702B6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2139587.20   | 0.88%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1309277.50   | 0.54%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX WTR & SWR SYS REVEN     | City of Houston TX Combined Utility System Revenue  | CUSIP: 4424366C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1744928.40   | 0.72%             | 2027-12-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                  | CUSIP: 41981CPK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3893565.90   | 1.60%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800LL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10447296.00  | 4.30%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794A51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1553261.10   | 0.64%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670Y54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $535299.00    | 0.22%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689PE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4290000 | PA      | $4843333.64   | 1.99%             | 2048-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 419722Z55<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016301.50   | 0.42%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772857A1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $490227.67    | 0.20%             | 2032-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794ZU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093847.90   | 0.45%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689HX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1554615.30   | 0.64%             | 2025-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 41980PBP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $514260.15    | 0.21%             | 2024-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792RR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2763926.25   | 1.14%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687AY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1507037.03   | 0.62%             | 2041-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794ZP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $49641.59     | 0.02%             | 2045-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792HS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5288061.50   | 2.17%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHOENIX AZ CIVIC IMPT CORP DIS     | City of Phoenix Civic Improvement Corp              | CUSIP: 71884WAV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $6147519.50   | 2.53%             | 2031-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue | CUSIP: 438701T20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2130000 | PA      | $2288571.68   | 0.94%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438687FK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $226407.16    | 0.09%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800KH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502792.50    | 0.21%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689MF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $237491.48    | 0.10%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794C75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2008573.80   | 0.83%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792LS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1032884.30   | 0.42%             | 2035-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M     | Hawaii Housing Finance & Development Corp           | CUSIP: 41981PCB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3120000 | PA      | $3121863.89   | 1.28%             | 2031-01-01      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 4386702L4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $518479.45    | 0.21%             | 2033-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772858B8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1059510.31   | 0.44%             | 2038-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue               | CUSIP: 41981THZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3065000 | PA      | $3134034.53   | 1.29%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue             | CUSIP: 419794H62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2106847.40   | 0.87%             | 2051-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800MG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $230351.20    | 0.09%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands   | CUSIP: 419801BH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $891802.88    | 0.37%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                 | CUSIP: 419722U84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4775000 | PA      | $5236532.88   | 2.15%             | 2034-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                | CUSIP: 91428LJL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126180.30   | 1.29%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792UZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    305000 | PA      | $308890.98    | 0.13%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                   | CUSIP: 5772857Z6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $792902.55    | 0.33%             | 2036-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI BRD OF     | Honolulu City & County Board of Water Supply        | CUSIP: 438689MU2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3515000 | PA      | $3970592.51   | 1.63%             | 2050-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance      | CUSIP: 419800JP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100967.01    | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                        | CUSIP: 438670W80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3075000 | PA      | $3256853.35   | 1.34%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                     | CUSIP: 419792RX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2056787.80   | 0.85%             | 2037-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                  | CUSIP: 486116C87<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277570.63    | 0.11%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-22

**Name of Applicant:** FundVantage Trust

**Signature:** T. Richard Keyes

**Name of Signer:** T. Richard Keyes

**Title:** Treasurer and Chief Financial Officer