# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0001193125-26-001671
**Filing Date:** 2026-1
**Character Count:** 120695
**Document Hash:** a4f554c82383741421565847b88aafe1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-001671.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001193125-26-001671

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 26504229

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

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

## Series and Classes Contracts Data

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

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

### Pacific Capital Tax-Free Short Intermediate Securities Fund (Series ID: S000029048)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000089188 | Class Y      | PTFSX           |

?xml version='1.0' encoding='ASCII'? FundVantage Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-22027

#### FundVantage Trust
(Exact name of registrant as specified in charter)

------

103 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (ZIP code)

------

Joel L. Weiss

FundVantage Trust

1636 N. Cedar Crest Blvd.

Suite #161

Allentown, PA 18104

(Name and address of agent for service)

------

#### Registrant's telephone number, including area code:

#### 856-528-3500

#### Date of fiscal year end:

#### April 30

#### Date of reporting period:

#### October 31, 2025
 **Item 1. Report to Stockholders.**

(a) The registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:

Pacific Capital Tax-Free

Securities Fund

Class Y \| PTXFX

Semi-Annual Shareholder Report — October 31, 2025

![TSR_Pacific Capital_Logo](g65638images_30019.jpg)

This semi-annual shareholder report contains important information about the Pacific Capital Tax-Free Securities Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.boh.com/personal/mutual-funds. You can also request this information by contacting us at (888) 678-6034.

 **This report describes planned changes made to the Fund since the beginning of the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Pacific Capital Tax-Free Securities Fund<br> (Class Y / PTXFX) | $7 | 0.13%\* |

---

*\* *Annualized*

#### Key Fund Statistics (as of October 31, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$250571219 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;24% |

---

#### Portfolio Holdings Summary Table (as of October 31, 2025)
The following table presents a summary by credit quality of the portfolio holdings of the Fund, as a percentage of net assets:

CREDIT QUALITY

---

| | |
|:---|:---|
| AAA | 6.2% |
| AA | 85.4% |
| A | 6.8% |
| BAA | 0.3% |
| Cash | 1.3% |

---

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

#### Material Fund Changes During the Period
Following is a summary of material changes planned for the Fund since the beginning of the reporting period:

On December 2, 2025, the Fund's Board of Trustees approved the reorganization of the Pacific Capital Tax-Free Short Intermediate Securities Fund into the Fund (the "Reorganization"). The Reorganization has not occurred as of the date the shareholder report was issued.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.boh.com/personal/mutual-funds.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (888) 678-6034, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Pacific Capital Tax-Free Securities Fund Class Y (PTXFX)**

Semi-Annual Shareholder Report — October 31, 2025 PTXFX-10/25-SAR

Pacific Capital Tax-Free Short Intermediate Securities Fund

Class Y \| PTFSX

Semi-Annual Shareholder Report — October 31, 2025

![TSR_Pacific Capital_Logo](g65638images_30019.jpg)

This semi-annual shareholder report contains important information about the Pacific Capital Tax-Free Short Intermediate Securities Fund (the "Fund") for the period of May 1, 2025 to October 31, 2025. You can find additional information about the Fund at https://www.boh.com/personal/mutual-funds. You can also request this information by contacting us at (888) 678-6034.

 **This report describes planned changes made to the Fund since the beginning of the reporting period.**

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br> of a $10,000 investment\*** |
| Pacific Capital Tax-Free Short Intermediate Securities Fund<br> (Class Y / PTFSX) | $22 | 0.43%\* |

---

*\* *Annualized*

#### Key Fund Statistics (as of October 31, 2025)
The following table outlines key Fund statistics that you should pay attention to.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$41161609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total advisory fee paid, net** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;30% |

---

#### Portfolio Holdings Summary Table (as of October 31, 2025)
The following table presents a summary by credit quality of the portfolio holdings of the Fund, as a percentage of net assets:

CREDIT QUALITY

---

| | |
|:---|:---|
| AAA | 0.4% |
| AA | 86.2% |
| A | 7.0% |
| BAA | 3.8% |
| Cash | 2.6% |

---

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

#### Material Fund Changes During the Period
Following is a summary of material changes planned for the Fund since the beginning of the reporting period:

On December 2, 2025, the Fund's Board of Trustees approved the reorganization of the Fund into the Pacific Capital Tax-Free Securities Fund (the "Reorganization"). The Reorganization has not occurred as of the date the shareholder report was issued.

#### Availability of Additional Information
You can find additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, at https://www.boh.com/personal/mutual-funds.

#### Householding
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (888) 678-6034, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

 **Pacific Capital Tax-Free Short Intermediate Securities Fund Class Y (PTFSX)**

Semi-Annual Shareholder Report — October 31, 2025 PTFSX-10/25-SAR

------

(b) Not applicable.

#### Item 2. Code of Ethics.
Not applicable.

#### Item 3. Audit Committee Financial Expert.
Not applicable.

#### Item 4. Principal Accountant Fees and Services.
Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) The Registrant's "Schedule I – Investments in securities of unaffiliated issuers" as of the close of the reporting period is included as part of the Financial Statements filed under Item 7 of this form.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![](g65638img721b40611.gif)

Pacific Capital Tax-Free Securities Fund <br> Pacific Capital Tax-Free Short Intermediate Securities Fund

#### of

#### FundVantage Trust
Class Y

## Semi-Annual Financials and Additional Information
October 31, 2025

(Unaudited)

This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

------

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Portfolio of Investments](#xx_d6d56627-79d7-4c52-93c2-3cbe87ce1aef_1)<br>| 1 |
| [Financial Statements:](#xx_a6dac675-83f5-4e40-9838-c804f4e757ad_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#xx_a6dac675-83f5-4e40-9838-c804f4e757ad_1)<br>| 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#xx_0817082e-5b5c-4df3-a103-c4c7e2b1a8ed_1)<br>| 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#xx_2ce279aa-6356-41c4-9f47-8d1f5a163b11_1)<br>| 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights](#xx_c0f4ce3d-0203-4cba-b403-96c74d962e2f_1)<br>| 13 |
| [Notes to Financial Statements](#xx_62b3fde5-5c3b-401a-b552-066835b91224_1)<br>| 15 |
| [Other Information](#xx_3839f763-9950-4055-85b8-73b43e104f52_1)<br>| 22 |

---

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 97.7%** | **MUNICIPAL BONDS — 97.7%** | **MUNICIPAL BONDS — 97.7%** |
| **California — 1.9%** | **California — 1.9%** | **California — 1.9%** |
| Norwalk-La Mirada Unified School District GO, CAB, OID, Series B<br> 0.00%, 8/1/27, (AGM-CR FGIC)<sup>(a)</sup> | $5000000 | $4771541 |
| **Florida — 1.3%** | **Florida — 1.3%** | **Florida — 1.3%** |
| Central Florida Tourism Oversight District GO, Series A, Callable 6/1/34 at 100,<br> 5.00%, 6/1/44 | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3213897 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| Atlanta City Department of Aviation Revenue, Series A, Refunding, Callable 7/1/32 at 100,<br> 5.00%, 7/1/47 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045635 |
| **Hawaii — 85.5%** | **Hawaii — 85.5%** | **Hawaii — 85.5%** |
| Hawaii County GO, Callable 9/1/33 at 100,<br> 5.00%, 9/1/41 | &nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956177 |
| Hawaii County GO, Callable 9/1/35 at 100,<br> 5.25%, 9/1/45 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5517488 |
| Hawaii County GO, Series A, Refunding, Callable 3/1/27 at 100,<br> 5.00%, 9/1/34 | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4595744 |
| Hawaii County GO, Series A, Refunding, Callable 9/1/30 at 100,<br> 4.00%, 9/1/40 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010092 |
| Hawaii Housing Finance & Development Corp. Revenue, Hale Moiliili, Putable,<br> 3.30%, 12/1/29<sup>(b)</sup> | &nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6541245 |
| Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 11/23/25 at 100,<br> 3.75%, 1/1/31 | &nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3121141 |
| Hawaii State Airports System Revenue, AMT, OID, COP, Callable 11/23/25 at 100,<br> 5.00%, 8/1/28 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400371 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/28 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1513574 |

---

---

| | | |
|:---|:---|:---|
|  | **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 7/1/30 at 100,<br> 4.00%, 7/1/35 | &nbsp;&nbsp;$2000000 | $2036819 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/35 at 100,<br> 5.25%, 7/1/51 | &nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17932188 |
| Hawaii State Airports System Revenue, Series B, OID, Callable 12/3/25 at 100,<br> 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48426 |
| Hawaii State Airports System Revenue, Series C, Callable 7/1/30 at 100,<br> 5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133849 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627303 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3937501 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding, Callable 7/1/33 at 100,<br> 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635732 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding, Callable 7/1/33 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2754371 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding, Callable 7/1/33 at 100,<br> 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2874657 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series B, Refunding,<br> 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;2715000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030896 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### October 31, 2025
(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, Mid-Pacific Project, Refunding,<br> 4.00%, 1/1/30 | &nbsp;&nbsp;$225000 | $228650 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding, Callable 1/1/30 at 100,<br> 4.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532880 |
| Hawaii State Department of Budget & Finance Revenue, The Queen's Health Systems, Series A, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5538369 |
| Hawaii State Department of Budget & Finance Revenue, The Queen's Health Systems, Series A, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5480445 |
| Hawaii State Department of Budget & Finance Revenue, The Queen's Health Systems, Series A, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1231348 |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/1/27 at 100,<br> 5.00%, 11/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1219715 |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/1/27 at 100,<br> 5.00%, 11/1/30 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832570 |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/1/27 at 100,<br> 5.00%, 11/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846734 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 4/1/27 at 100,<br> 5.00%, 4/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1071211 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Revenue, Refunding, Callable 4/1/27 at 100,<br> 5.00%, 4/1/32 | &nbsp;&nbsp;$335000 | $343928 |
| Hawaii State GO, Series EO, Callable 12/3/25 at 100,<br> 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289818 |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 12/3/25 at 100,<br> 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;2660000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2669713 |
| Hawaii State GO, Series EY, Refunding, Callable 12/3/25 at 100,<br> 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642397 |
| Hawaii State GO, Series FG, Callable 10/1/26 at 100,<br> 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4073254 |
| Hawaii State GO, Series FG, Callable 10/1/26 at 100,<br> 4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004473 |
| Hawaii State GO, Series FK,<br> 5.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429874 |
| Hawaii State GO, Series FK, Callable 5/1/27 at 100,<br> 5.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1545528 |
| Hawaii State GO, Series FK, Callable 5/1/27 at 100,<br> 4.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009482 |
| Hawaii State GO, Series FT, Callable 1/1/28 at 100,<br> 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4166160 |
| Hawaii State GO, Series FT, Callable 1/1/28 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;2845000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2950042 |
| Hawaii State GO, Series FW, Callable 1/1/29 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1595489 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834216 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1438675 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/37 | &nbsp;&nbsp;$5000000 | $5043566 |
| Hawaii State Harbor System Revenue, Series C, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;3415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3459608 |
| Hawaii State Highway Fund Revenue, Callable 1/1/31 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4933334 |
| Hawaii State Highway Fund Revenue, Callable 1/1/31 at 100,<br> 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385336 |
| Hawaii State Highway Fund Revenue, Series A, Callable 1/1/29 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3694908 |
| Hawaii State Highway Fund Revenue, Series A, Callable 12/3/25 at 100,<br> 5.00%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800932 |
| Honolulu City & County Board of Water Supply Revenue, Callable 7/1/33 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;4645000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4897354 |
| Honolulu City & County Board of Water Supply Revenue, Series A, Refunding, Callable 7/1/34 at 100,<br> 5.25%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;3760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4072657 |
| Honolulu City & County GO, Series A, Callable 12/3/25 at 100,<br> 4.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1000249 |
| Honolulu City & County GO, Series A, Callable 7/1/34 at 100,<br> 5.25%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;3225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3510853 |
| Honolulu City & County GO, Series C, Callable 8/1/29 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001445 |
| Honolulu City & County GO, Series D, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11412605 |
| Honolulu City & County GO, Series E, OID, Refunding, Callable 9/1/27 at 100,<br> 3.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250565 |

---

---

| | | |
|:---|:---|:---|
|  | **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, 1st Bond Resolution, Senior, Series A, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/38 | &nbsp;&nbsp;$4525000 | $5222051 |
| Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 7/1/29 at 100,<br> 4.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203927 |
| Honolulu City & County Wastewater System Revenue, Senior Lien Green Bond, Callable 7/1/33 at 100,<br> 5.25%, 7/1/53 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10689019 |
| Honolulu City & County Wastewater System Revenue, Senior Series B, Refunding, Callable 7/1/26 at 100,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126164 |
| Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 7/1/32 at 100,<br> 5.25%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5309522 |
| Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 7/1/34 at 100,<br> 5.00%, 7/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;6995000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7659297 |
| Honolulu City & County Wastewater System Revenue, Series B, Senior Green Bond, Callable 7/1/35 at 100,<br> 5.25%, 7/1/55 | &nbsp;&nbsp;&nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9749976 |
| Kauai County GO,<br> 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260345 |
| Kauai County GO, Callable 8/1/27 at 100,<br> 5.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259216 |
| Kauai County GO, Callable 8/1/27 at 100,<br> 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300807 |
| Kauai County GO, Callable 8/1/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40857 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Kauai County GO, Callable 8/1/27 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;$775000 | $783231 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3154710 |
| Maui County GO, Callable 3/1/31 at 100,<br> 4.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048048 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858875 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2425233 |
| Maui County GO, Refunding,<br> 5.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1141405 |
| Maui County GO, Refunding, Callable 12/3/25 at 100,<br> 3.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194122 |
| Maui County GO, Refunding, Callable 9/1/28 at 100,<br> 4.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;5305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5495918 |
| University of Hawaii Revenue, Medical School Project, Series E, Refunding, Callable 10/1/26 at 100,<br> 5.00%, 10/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023225 |
| University of Hawaii Revenue, Series B, Refunding, Callable 12/3/25 at 100,<br> 5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601137 |
| University of Hawaii Revenue, Series B, Refunding, Callable 12/3/25 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1001856 |
| University of Hawaii Revenue, Series D, Refunding, Callable 10/1/30 at 100,<br> 4.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331301 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/1/27 at 100,<br> 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3109242 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/1/27 at 100,<br> 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2067758 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214163199 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Michigan — 1.0%** | **Michigan — 1.0%** | **Michigan — 1.0%** |
| Michigan State University Revenue, Series A, Refunding, Callable 2/15/33 at 100,<br> 5.00%, 8/15/41 | &nbsp;&nbsp;$2160000 | $2340087 |
| **Missouri — 0.6%** | **Missouri — 0.6%** | **Missouri — 0.6%** |
| St Louis City Airport Revenue, Series A, Callable 7/1/34 at 100,<br> 5.00%, 7/1/41, (AGM) | &nbsp;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518451 |
| **Ohio — 1.1%** | **Ohio — 1.1%** | **Ohio — 1.1%** |
| Ohio State GO, Series A, Callable 6/15/35 at 100,<br> 5.00%, 6/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2774852 |
| **Pennsylvania — 0.5%** | **Pennsylvania — 0.5%** | **Pennsylvania — 0.5%** |
| Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, Series B, Callable 12/1/28 at 100,<br> 5.00%, 12/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328280 |
| **Tennessee — 0.9%** | **Tennessee — 0.9%** | **Tennessee — 0.9%** |
| Metropolitan Nashville Airport Authority Revenue, Series A, Callable 7/1/30 at 100,<br> 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315415 |
| **Texas — 2.8%** | **Texas — 2.8%** | **Texas — 2.8%** |
| Board of Regents of the University of Texas System Revenue, Series B, Refunding, Callable 8/15/34 at 100,<br> 5.00%, 8/15/42 | &nbsp;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3502095 |
| Dallas Area Rapid Transit Revenue, Senior Lien, Series B, Refunding, Callable 12/1/30 at 100,<br> 5.00%, 12/1/47 | &nbsp;&nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665450 |
| Houston City Combined Utility System Revenue, Unrefunded Balance CAB, OID, Junior Series A, Refunding<br> 0.00%, 12/1/27, (AGM)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1878395 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7045940 |
| **Virginia — 1.2%** | **Virginia — 1.2%** | **Virginia — 1.2%** |
| Hampton Roads Transportation Accountability Commission Revenue, Senior Lien, Series A, Callable 7/1/34 at 100,<br> 5.00%, 7/1/49 | &nbsp;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3005722 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Concluded)

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Washington — 0.5%** | **Washington — 0.5%** | **Washington — 0.5%** |
| Port of Seattle Revenue, Series B, AMT, Refunding, Callable 7/1/34 at 100,<br> 5.25%, 7/1/43 | &nbsp;&nbsp;$1175000 | $1266110 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $243,383,881) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244789129 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** |  |
| **SHORT-TERM INVESTMENT — 1.3%** |  |  |
| **Money Market Fund — 1.3%** | **Money Market Fund — 1.3%** | **Money Market Fund — 1.3%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>(c)</sup> | 3312801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312801 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $3,312,801) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312801 |
| TOTAL INVESTMENTS - 99.0%<br> (Cost $246,696,682) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248101930 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2469289 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$250571219 |

---

------

<sup>(a)</sup> Zero coupon bond.

<sup>(b)</sup> Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

<sup>(c)</sup> Rate disclosed is the 7-day yield at October 31, 2025.

---

| | |
|:---|:---|
| 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 |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| OID | Original Issue Discount |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

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

#### Portfolio of Investments

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 96.5%** | **MUNICIPAL BONDS — 96.5%** | **MUNICIPAL BONDS — 96.5%** |
| **Florida — 0.4%** | **Florida — 0.4%** | **Florida — 0.4%** |
| Florida Housing Finance Corp. Revenue, Series 1, Callable 7/1/29 at 100,<br> 2.00%, 7/1/32, (GNMA/FNMA/FHLMC) | $170000 | $153028 |
| **Guam — 2.9%** | **Guam — 2.9%** | **Guam — 2.9%** |
| Guam Government Waterworks Authority Revenue, Series A, Callable 7/1/35 at 100,<br> 5.25%, 7/1/39 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435951 |
| Guam Government Waterworks Authority Revenue, Series A, Callable 7/1/35 at 100,<br> 5.50%, 7/1/43 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218194 |
| **Hawaii — 89.4%** | **Hawaii — 89.4%** | **Hawaii — 89.4%** |
| Hawaii County GO, Refunding, Callable 9/1/33 at 100,<br> 5.00%, 9/1/40 | &nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1995506 |
| Hawaii Housing Finance & Development Corp. Revenue, Hale Moiliili, Putable,<br> 3.30%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509518 |
| Hawaii State Airports System Revenue, AMT, COP, Callable 11/23/25 at 100,<br> 5.00%, 8/1/27 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300261 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/28 at 100,<br> 5.00%, 7/1/33 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235142 |
| Hawaii State Airports System Revenue, Series B,<br> 5.00%, 7/1/27 | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944879 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/30 at 100,<br> 5.00%, 7/1/33 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356517 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/30 at 100,<br> 5.00%, 7/1/34 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191272 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415275 |

---

---

| | | |
|:---|:---|:---|
|  | **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 Health Obligation Group, Series B, Refunding,<br> 5.00%, 7/1/28 | $500000 | $528087 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,<br> 4.00%, 1/1/26 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24993 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,<br> 4.00%, 1/1/30 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254056 |
| Hawaii State Department of Budget & Finance Revenue, The Queen's Health Systems, Series A, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/36 | &nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2191609 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,<br> 5.00%, 4/1/27 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103137 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 4/1/27 at 100,<br> 5.00%, 4/1/29 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56643 |
| Hawaii State GO, Series EY, Refunding, Callable 12/3/25 at 100,<br> 5.00%, 10/1/27 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400585 |
| Hawaii State GO, Series FH, Refunding,<br> 5.00%, 10/1/26 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173691 |
| Hawaii State GO, Series FK, Callable 5/1/27 at 100,<br> 4.00%, 5/1/32 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015549 |
| Hawaii State GO, Series FT, Callable 1/1/28 at 100,<br> 5.00%, 1/1/30 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31563 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding,<br> 5.00%, 7/1/26 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505782 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/31 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1030630 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

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

#### Portfolio of Investments (Continued)

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Harbor System Revenue, Series C, Refunding,<br> 5.00%, 7/1/29 | $400000 | $433816 |
| Hawaii State Highway Fund Revenue, Series B, Refunding, Callable 7/1/26 at 100,<br> 5.00%, 1/1/29 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027820 |
| Honolulu City & County GO, Series A, Callable 7/1/33 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105831 |
| Honolulu City & County GO, Series C,<br> 5.00%, 7/1/26 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233569 |
| Honolulu City & County GO, Series C,<br> 4.00%, 8/1/26 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202048 |
| Honolulu City & County GO, Series C,<br> 5.00%, 7/1/28 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271215 |
| Honolulu City & County GO, Series C, Callable 8/1/29 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;3260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376815 |
| Honolulu City & County GO, Series E, Refunding,<br> 5.00%, 3/1/29 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215771 |
| Honolulu City & County GO, Series F, Refunding,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778023 |
| Honolulu City & County Multifamily Housing Revenue, Maunakea Tower Apartments, Putable,<br> 5.00%, 6/1/27, (HUD SECT 8)<sup>(a)</sup> | &nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1111371 |
| Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series A, Callable 7/1/29 at 100,<br> 4.00%, 7/1/35 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 925484 |
| Honolulu City & County Wastewater System Revenue, 2nd Bond Resolution, Junior, Series A, Refunding, Callable 7/1/34 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2257218 |
| Honolulu City & County Wastewater System Revenue, Senior Lien, Green bond,<br> 5.00%, 7/1/32 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2302097 |

---

---

| | | |
|:---|:---|:---|
|  | **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, Series A, Senior Green Bond,<br> 5.00%, 7/1/31 | $1800000 | $2034609 |
| Honolulu City & County Wastewater System Revenue, Series B, Senior Green Bond, Callable 7/1/35 at 100,<br> 5.25%, 7/1/40 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2303167 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1172415 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/37 | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697078 |
| University of Hawaii Revenue, Medical School Project, Series E, Refunding, Callable 10/1/26 at 100,<br> 5.00%, 10/1/30 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634400 |
| University of Hawaii Revenue, Series D, Refunding, Callable 10/1/30 at 100,<br> 4.00%, 10/1/32 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475003 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36822445 |
| **Michigan — 1.3%** | **Michigan — 1.3%** | **Michigan — 1.3%** |
| Grosse Pointe Public School System GO, Refunding, Callable 5/1/29 at 100,<br> 5.00%, 5/1/38 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528158 |
| **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |
| Central Puget Sound Regional Transit Authority Revenue, Series S1, Prerefunded, Callable 11/1/25 at 100,<br> 4.00%, 11/1/34 | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 |
| Central Puget Sound Regional Transit Authority Revenue, Series S1, Prerefunded, Callable 11/1/25 at 100,<br> 5.00%, 11/1/36 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1025000 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $39,172,290) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39746825 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

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

#### Portfolio of Investments (Concluded)

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 2.6%** |  |  |
| **Money Market Fund — 2.6%** | **Money Market Fund — 2.6%** | **Money Market Fund — 2.6%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>(b)</sup> | 1058412 | $1058412 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,058,412) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058412 |
| TOTAL INVESTMENTS - 99.1%<br> (Cost $40,230,702) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40805237 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356372 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41161609 |

---

------

<sup>(a)</sup> Variable or Floating rate security. Rate shown is the rate in effect as of period end. Certain variable rate securities are not based on a published reference rate and spread, rather are determined by the issuer or agent and are based on current market conditions. Reference rate is as of reset date, which may vary by security. These securities may not indicate a reference rate and/or spread in their description.

<sup>(b)</sup> Rate disclosed is the 7-day yield at October 31, 2025.

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| HUD SECT 8 | Housing and Urban Development Section 8 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Statements of Assets and Liabilities

#### October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Pacific Capital<br> Tax-Free<br> Securities<br> Fund** | &nbsp;&nbsp;**Pacific Capital<br> Tax-Free<br> Short<br> Intermediate<br> Securities Fund** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value<sup>\*</sup> | &nbsp;&nbsp;$248101930 | &nbsp;&nbsp;$40805237 |
| &nbsp;&nbsp;&nbsp;Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530721 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | &nbsp;&nbsp;&nbsp;&nbsp;251439421 | &nbsp;&nbsp;&nbsp;&nbsp;41336284 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174675 |
| Net Assets | &nbsp;&nbsp;$250571219 | &nbsp;&nbsp;$41161609 |
| **Net Assets Consisted of:** |  |  |
| &nbsp;&nbsp;&nbsp;Capital stock, $0.01 par value | &nbsp;&nbsp;$256816 | &nbsp;&nbsp;$41702 |
| &nbsp;&nbsp;&nbsp;Paid-in capital | &nbsp;&nbsp;&nbsp;&nbsp;256941071 | &nbsp;&nbsp;&nbsp;&nbsp;41731184 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6626668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(611277) |
| Net Assets | &nbsp;&nbsp;$250571219 | &nbsp;&nbsp;$41161609 |
| **Class Y:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets | &nbsp;&nbsp;$250571219 | &nbsp;&nbsp;$41161609 |
| &nbsp;&nbsp;&nbsp;Shares outstanding | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25681619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170176 |
| &nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.87 |
| \* Investments, at cost | &nbsp;&nbsp;$246696682 | &nbsp;&nbsp;$40230702 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Statements of Operations

#### For the Six Months Ended October 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Pacific Capital<br> Tax-Free<br> Securities<br> Fund** | &nbsp;&nbsp;**Pacific Capital<br> Tax-Free<br> Short<br> Intermediate<br> Securities Fund** |
| **Investment income** |  |  |
| &nbsp;&nbsp;&nbsp;Interest | &nbsp;&nbsp;$4235410 | &nbsp;&nbsp;$664924 |
| &nbsp;&nbsp;&nbsp;Dividends | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4379497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696510 |
| **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;Advisory fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41791 |
| &nbsp;&nbsp;&nbsp;Trustees' and officers' fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9865 |
| &nbsp;&nbsp;&nbsp;Legal fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4682 |
| &nbsp;&nbsp;&nbsp;Audit fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18747 |
| &nbsp;&nbsp;&nbsp;Administration and accounting fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19713 |
| &nbsp;&nbsp;&nbsp;Custodian fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5022 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11759 |
| &nbsp;&nbsp;&nbsp;Shareholder reporting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11227 |
| &nbsp;&nbsp;&nbsp;Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2210 |
| &nbsp;&nbsp;&nbsp;Other expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: waivers(Note 2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(244428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41791) |
| &nbsp;&nbsp;&nbsp;Net expenses after waivers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88833 |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4216302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607677 |
| **Net realized and unrealized gain/(loss) from investments:** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117544) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605476 | &nbsp;&nbsp;&nbsp;&nbsp;1260615 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376100 | &nbsp;&nbsp;&nbsp;&nbsp;1143071 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp;$11592402 | &nbsp;&nbsp;$1750748 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Pacific Capital Tax-Free Securities Fund** | &nbsp;&nbsp;**Pacific Capital Tax-Free Securities Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months Ended<br> October 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$4216302 | &nbsp;&nbsp;$7132852 |
| &nbsp;&nbsp;&nbsp;Net realized losses from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(229376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3010393) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7605476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2086114 |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11592402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6208573 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4215998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7133182) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4215998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7133182) |
| **Increase/(decrease) in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8600873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(98275) |
| Total increase/(decrease) in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15977277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1022884) |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp;234593942 | &nbsp;&nbsp;&nbsp;&nbsp;235616826 |
| &nbsp;&nbsp;&nbsp;End of year/period | &nbsp;&nbsp;$250571219 | &nbsp;&nbsp;$234593942 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Statements of Changes in Net Assets (Concluded)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Pacific Capital Tax-Free Short Intermediate<br> Securities Fund** | &nbsp;&nbsp;**Pacific Capital Tax-Free Short Intermediate<br> Securities Fund** |
|  | &nbsp;&nbsp;**For the<br> Six Months Ended<br> October 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year<br> Ended<br> April 30, 2025** |
| **Net increase/(decrease) in net assets from operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;$607677 | &nbsp;&nbsp;$1207316 |
| &nbsp;&nbsp;&nbsp;Net realized losses from investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117544) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21971) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1260615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(142352) |
| Net increase in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042993 |
| **Less dividends and distributions to shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;Total distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Y | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607678) | &nbsp;&nbsp;&nbsp;&nbsp;(1207312) |
| Net decrease in net assets from dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(607678) | &nbsp;&nbsp;&nbsp;&nbsp;(1207312) |
| **Decrease in net assets derived from capital share transactions (Note 4)** | &nbsp;&nbsp;&nbsp;&nbsp;(1775106) | &nbsp;&nbsp;&nbsp;&nbsp;(2212165) |
| Total decrease in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(632036) | &nbsp;&nbsp;&nbsp;&nbsp;(2376484) |
| **Net assets** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year/period | &nbsp;&nbsp;&nbsp;&nbsp;41793645 | &nbsp;&nbsp;&nbsp;&nbsp;44170129 |
| &nbsp;&nbsp;&nbsp;End of year/period | &nbsp;&nbsp;$41161609 | &nbsp;&nbsp;$41793645 |

---

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Securities Fund

#### Financial Highlights

------

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> October 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$9.68 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.61 | &nbsp;&nbsp;$10.30 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| **Dividends and distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| Net asset value, end of year/period | &nbsp;&nbsp;$9.76 | &nbsp;&nbsp;$9.47 | &nbsp;&nbsp;$9.51 | &nbsp;&nbsp;$9.68 | &nbsp;&nbsp;$9.69 | &nbsp;&nbsp;$10.61 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6.56)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$250571 | &nbsp;&nbsp;$234594 | &nbsp;&nbsp;$235617 | &nbsp;&nbsp;$240807 | &nbsp;&nbsp;$259354 | &nbsp;&nbsp;$275648 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11% |
| Ratio of expenses to average net assets without waivers<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9% |

---

------

(1) The selected per share data was calculated using the average shares outstanding method for the year.

(2) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

(5) Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

Pacific Capital Tax-Free Short Intermediate Securities Fund

#### Financial Highlights (Concluded)

------

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** | &nbsp;&nbsp;&nbsp;**Class Y shares** |
|  | &nbsp;&nbsp;&nbsp;**For the<br> Six Months Ended<br> October 31,<br> 2025<br> (Unaudited)** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2025** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2024** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2023** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2022** | &nbsp;&nbsp;&nbsp;**For the<br> Year Ended<br> April 30,<br> 2021** |
| **Per Share Operating Performance** |  |  |  |  |  |  |
| Net asset value, beginning of year/period | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$9.65 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$9.78 | &nbsp;&nbsp;$10.28 | &nbsp;&nbsp;$10.12 |
| Net investment income<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| Net realized and unrealized gain/(loss) on investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| **Dividends and distributions to shareholders from:** |  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net realized capital gains | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total dividends and distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.15) |
| Net asset value, end of year/period | &nbsp;&nbsp;$9.87 | &nbsp;&nbsp;$9.60 | &nbsp;&nbsp;$9.65 | &nbsp;&nbsp;$9.83 | &nbsp;&nbsp;$9.78 | &nbsp;&nbsp;$10.28 |
| Total investment return<sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3.61)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04% |
| **Ratios/Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of year/period (in 000s) | &nbsp;&nbsp;$41162 | &nbsp;&nbsp;$41794 | &nbsp;&nbsp;$44170 | &nbsp;&nbsp;$44439 | &nbsp;&nbsp;$47329 | &nbsp;&nbsp;$50023 |
| Ratio of expenses to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28% |
| Ratio of expenses to average net assets without waivers<sup>(4)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48% |
| Ratio of net investment income to average net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91%<sup>(3)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43% |
| Portfolio turnover rate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30%<sup>(5)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22% |

---

------

(1) The selected per share data was calculated using the average shares outstanding method for the year.

(2) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total returns for periods less than one year are not annualized.

(3) Annualized.

(4) During the period, certain fees were waived. If such fee waivers had not occurred, the ratios would have been as indicated (See Note 2).

(5) Not annualized.

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

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements

#### October 31, 2025
(Unaudited)

1. Organization and Significant Accounting Policies

The Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund (each a "Fund" and together the "Funds") are non-diversified, open-end management investment companies registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Funds are each a separate series of FundVantage Trust (the "Trust") which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a "series trust" authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Funds are each authorized to issue and offer Class Y shares.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") *Accounting Standards Codification* ("ASC") Topic 946.

***Portfolio Valuation — Each Fund's 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 Board of Trustees of the Trust ("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 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.

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements (Continued)

#### October 31, 2025
(Unaudited)

The following is a summary of the inputs used, as of October 31, 2025, in valuing each Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total Value at<br> 10/31/25** | &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;$244789129 | $— | &nbsp;&nbsp;$244789129 | $— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312801 | &nbsp;&nbsp;3312801 | &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;$248101930 | $3312801 | &nbsp;&nbsp;$244789129 | $— |
| **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;$39746825 | $— | &nbsp;&nbsp;$39746825 | $— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1058412 | &nbsp;&nbsp;1058412 | &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;$40805237 | $1058412 | &nbsp;&nbsp;$39746825 | $— |

---

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 six months ended October 31, 2025, there were no transfers in or out of Level 3.

***Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material.***

***Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis.***

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements (Continued)

#### October 31, 2025
(Unaudited)

Dividends are recorded on the ex-dividend date. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

***Dividends and Distributions to Shareholders — Dividends from net investment income for each Fund are declared daily and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by a Fund, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.***

***U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Internal Revenue Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.***

***Other — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.***

***Segment Reporting — In accordance with the FASB Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, each Fund has evaluated its business activities and determined that it operates as a single reportable segment.***

The Chief Operating Decision Maker ("CODM") is the Investment Adviser Oversight Committee at the Adviser, the Principal Executive Officer ("PEO") and the Principal Financial Officer ("PFO") of the Funds. The CODM has concluded that each Fund operates as a single operating segment since each Fund has a single investment strategy as disclosed in its prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within each Fund's financial statements.

***Recent Accounting Pronouncement — On December 14, 2023, the FASB issued ASU 2023-09, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. ASU 2023-09 applies to all entities that are subject to ASC 740, Income Taxes. The ASU is effective for annual periods beginning after December 15, 2024. Management is currently evaluating the impact of ASU 2023-09 and does not believe it will have a material impact on each Fund's financial statements.***

2. Transactions with Related Parties and Other Service Providers

Investment advisory services are provided to the Funds by the Asset Management Group of Bank of Hawaii (the "Adviser"). Under terms of an advisory agreement, the Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund are charged an annual fee of 0.20% which is computed daily and paid monthly based upon average daily net assets. The Adviser has contractually agreed to waive its advisory fee (the "Waiver"). The Waiver will remain in effect until August 31, 2027. The Waiver may not be terminated at any time prior to that date without the consent of the Board of Trustees of FundVantage Trust (the "Trust"). While the Adviser is currently waiving its entire investment advisory fee, investors who invest in a Fund through a bank trust account may be subject to account level fees applicable to such amount charged by affiliates of the Adviser, including Bank of Hawaii's Trust Services Group.

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements (Continued)

#### October 31, 2025
(Unaudited)

Fee rates for the six months ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Maximum Annual<br> Advisory Fee** | &nbsp;&nbsp;**Net Annual<br> Fees Paid After<br> Contractual<br> Waivers** |
| Pacific Capital Tax-Free Securities Fund | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.00% |
| Pacific Capital Tax-Free Short Intermediate Securities Fund | &nbsp;&nbsp;0.20% | &nbsp;&nbsp;0.00% |

---

#### Other Service Providers
The Bank of New York Mellon ("BNY") serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY is entitled to receive a monthly fee equal to an annual percentage rate of the Funds' average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

BNY Investment Servicing (US) Inc. (the "Transfer Agent") provides transfer agent services to the Funds. The Transfer Agent is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

The Trust, on behalf of the Funds, has entered into agreements with financial intermediaries to provide recordkeeping, processing, shareholder communications and other services to customers of the intermediaries investing in the Funds and has agreed to compensate the intermediaries for providing those services. The fees incurred by the Funds for these services are included in Transfer agent fees in the Statements of Operations.

Foreside Funds Distributors LLC (the "Underwriter") provides principal underwriting services to the Funds pursuant to an underwriting agreement between the Trust and the Underwriter.

#### Trustees and Officers
The Trust is governed by its Board of Trustees. The Trustees receive compensation in the form of an annual retainer and per meeting fees for their services to the Trust. An employee of BNY serves as the Secretary of the Trust and is not compensated by the Funds or the Trust.

Prior to July 31, 2025, JW Fund Management LLC ("JWFM") provided a PEO and a PFO to the Trust. Effective August 1, 2025, Tidal ETF Services LLC ("Tidal") provides a PEO and a PFO to the Trust. Chenery Compliance Group, LLC ("Chenery") provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. Tidal and Chenery are compensated for their services provided to the Trust. JWFM was compensated for its services provided to the Trust through July 31, 2025.

3. Investment in Securities

For the six months ended October 31, 2025, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Purchases** | &nbsp;&nbsp;**Sales** |
| Pacific Capital Tax-Free Securities Fund | &nbsp;&nbsp;$65732839 | &nbsp;&nbsp;$56765050 |
| Pacific Capital Tax-Free Short Intermediate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;12002525 | &nbsp;&nbsp;&nbsp;&nbsp;13763874 |

---

The Funds are permitted to purchase or sell securities, which have a readily available market quotation, from or to certain other affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees. The procedures have been designed to provide assurances that any purchase or sale of securities by the Funds from or to another fund that is or could be

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements (Continued)

#### October 31, 2025
(Unaudited)

considered an affiliate by virtue of having a common investment adviser (or affiliated investment adviser), common Trustees and/or common officers complies with Rule 17a-7 under the 1940 Act. Further, as defined under the procedures, each transaction is effective at the current market price.

For the six months ended October 31, 2025, the Pacific Capital Tax-Free Securities Fund engaged in security purchase of $3,093,530 with an affiliated fund under Rule 17a-7.

4. Capital Share Transactions

For the six months ended October 31, 2025 and the year ended April 30, 2025, transactions in capital shares (authorized shares unlimited) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**For the Six Months Ended<br> October 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Six Months Ended<br> October 31, 2025<br> (Unaudited)** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** | &nbsp;&nbsp;**For the Year Ended<br> April 30, 2025** |
|  | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| Pacific Capital Tax-Free Securities Fund: |  |  |  |  |
| Class Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;4857922 | &nbsp;&nbsp;$46207704 | &nbsp;&nbsp;&nbsp;2979671 | &nbsp;&nbsp;$28569129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;(3949374) | &nbsp;&nbsp;&nbsp;&nbsp;(37627567) | &nbsp;&nbsp;(2988647) | &nbsp;&nbsp;&nbsp;&nbsp;(28703235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910720 | &nbsp;&nbsp;$8600873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5243) | &nbsp;&nbsp;$(98275) |
| Pacific Capital Tax-Free Short Intermediate Securities Fund: |  |  |  |  |
| Class Y |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273248 | &nbsp;&nbsp;$2654306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490356 | &nbsp;&nbsp;$4777484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reinvestments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redemptions | &nbsp;&nbsp;&nbsp;&nbsp;(456117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4432096) | &nbsp;&nbsp;&nbsp;&nbsp;(717630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6994590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;(182593) | &nbsp;&nbsp;$(1775106) | &nbsp;&nbsp;&nbsp;&nbsp;(226765) | &nbsp;&nbsp;$(2212165) |

---

5. Federal Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

The tax character of distributions paid during the year ended April 30, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Ordinary<br> Income<br> Distributions** | &nbsp;&nbsp;**Total<br> Taxable<br> Distributions** | &nbsp;&nbsp;**Tax<br> Exempt<br> Distributions** | &nbsp;&nbsp;**Total<br> Distributions<br> Paid** |
| Pacific Capital Tax-Free Securities Fund | &nbsp;&nbsp;$337656 | &nbsp;&nbsp;$337656 | &nbsp;&nbsp;$6795526 | &nbsp;&nbsp;$7133182 |
| Pacific Capital Tax-Free Short Intermediate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53217 | &nbsp;&nbsp;&nbsp;&nbsp;1154095 | &nbsp;&nbsp;&nbsp;&nbsp;1207312 |

---

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements (Continued)

#### October 31, 2025
(Unaudited)

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

As of April 30, 2025, the components of distributable earnings/(loss) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward** | &nbsp;&nbsp;**Undistributed<br> Tax Exempt<br> Income** | &nbsp;&nbsp;**Distributions<br> Payable** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** |
| Pacific Capital Tax-Free Securities Fund | &nbsp;&nbsp;$(7802529) | &nbsp;&nbsp;$628058 | &nbsp;&nbsp;$(628373) | &nbsp;&nbsp;$(6200228) |
| Pacific Capital Tax-Free Short Intermediate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;(1029056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(686455) |

---

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes.

The cost for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized depreciation as of October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Federal<br> Tax Cost\*** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation** |
| Pacific Capital Tax-Free Securities Fund | &nbsp;&nbsp;$246696682 | &nbsp;&nbsp;$3863046 | &nbsp;&nbsp;$(2457798) | &nbsp;&nbsp;$1405248 |
| Pacific Capital Tax-Free Short Intermediate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40230702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(128692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574535 |

---

------

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and April 30 and late year ordinary losses ((i) ordinary losses between January 1 and April 30, and (ii) specified ordinary and currency losses between November 1 and April 30) as occurring on the first day of the following tax year. For the year ended April 30, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until May 1, 2025. For the year ended April 30, 2025, the Funds did not have late year ordinary loss deferrals and capital loss deferrals.

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2025 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. As of April 30, 2025, the Funds' capital loss carryforwards, which were comprised of both short-term losses and long-term losses, and had an unlimited period of capital loss carryforward were as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss Carryforward** | &nbsp;&nbsp;**Capital Loss Carryforward** |
|  | &nbsp;&nbsp;**Short-Term** | &nbsp;&nbsp;**Long-Term** |
| Pacific Capital Tax-Free Securities Fund | &nbsp;&nbsp;$2114394 | &nbsp;&nbsp;$5688135 |
| Pacific Capital Tax-Free Short Intermediate Securities Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953904 |

---

6. Concentration of Credit Risk

The Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund primarily invest in debt obligations issued by the state of Hawaii and its political subdivisions, agencies, and public authorities to obtain funds for various public purposes. The Funds are more susceptible to factors adversely affecting issues of Hawaii municipal securities than is a municipal bond fund that is not concentrated in these issuers to the same extent.

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Notes to Financial Statements (Concluded)

#### October 31, 2025
(Unaudited)

7. Debt Investment Risk

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

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued, and has determined that there was the following subsequent event:

On December 2, 2025, the Board of Trustees approved the reorganization of the Pacific Capital Tax-Free Short Intermediate Securities Fund into the Pacific Capital Tax-Free Securities Fund (the "Reorganization"). The Reorganization has not occurred as of the date the financial statements were issued.

Management has evaluated and has determined there were no additional subsequent events.

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

PACIFIC CAPITAL FUNDS

#### Other Information
(Unaudited)

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Trustees, Officers, and Others of Open-End Management Investment Companies.
Each Fund's disclosure of remuneration items is included as part of the Semi-Annual Financials and Additional Information.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Proxy Voting
Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 678-6034 and on the Securities and Exchange Commission's ("SEC") website at *http://www.sec.gov.*

#### Quarterly Portfolio Schedules
Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) as an exhibit to its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at *http://www.sec.gov.*

------

[**Table of Contents**](#JOB_FundV_b2cd6941-237d-4947-b436-e5897f84b257_TOC)

#### Investment Adviser
Asset Management Group of Bank of Hawaii

111 South King Street, 4<sup>th</sup> Floor,

Honolulu, HI 96813

#### Administrator
The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

#### Transfer Agent
BNY Mellon Investment Servicing (US) Inc.

500 Ross Street, 154-0520

Pittsburgh, PA 15262

#### Principal Underwriter
Foreside Funds Distributors LLC

190 Middle Street Suite 301

Portland, ME 04101

#### Custodian
The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

#### Legal Counsel
Troutman Pepper Locke LLP

3000 Two Logan Square

18<sup>th</sup> and Arch Streets

Philadelphia, PA 19103

PAC-1025

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Each Fund's disclosure of remuneration items is included as part of the Semi-Annual Financials and Additional Information filed under Item 7 of this form.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not Applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications of Principal Executive Officer and Principal Financial Officer.](d65638dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d65638dex99906cert.htm) |

---

------

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

(Registrant) <u>FundVantage Trust</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer)<br>|
| Date: <u>January 5, 2026</u> |  |

---

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

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Joel L. Weiss |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer)<br>|
| Date: <u>January 5, 2026</u>  |  |
| By (Signature and Title)\* | /s/ Christine S. Catanzaro |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer)<br>|
| Date: <u>January 5, 2026</u> |  |

---

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Joel L. Weiss, certify that:

1. I have reviewed this report on Form N-CSR of FundVantage Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: <u>January 5, 2026</u>  | <u>/s/ Joel L. Weiss</u>  |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

------

**Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act** 

I, Christine S. Catanzaro, certify that:

1. I have reviewed this report on Form N-CSR of FundVantage Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

------

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
|  Date: <u>January 5, 2026</u>  | <u>/s/ Christine S. Catanzaro</u>  |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act**

I, Joel L. Weiss, President and Chief Executive Officer of FundVantage Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: <u>January 5, 2026</u>  | <u>/s/ Joel L. Weiss</u>  |
|  | Joel L. Weiss, President and |
|  | Chief Executive Officer |
|  | (principal executive officer) |

---

I, Christine S. Catanzaro, Treasurer and Chief Financial Officer of FundVantage Trust (the "Registrant"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
|  Date: <u>January 5, 2026</u>  | <u>/s/ Christine S. Catanzaro</u>  |
|  | Christine S. Catanzaro, Treasurer and |
|  | Chief Financial Officer |
|  | (principal financial officer) |

---