# EDGAR Filing Document

**Accession Number:** 0001388485
**File Stem:** 0000940400-25-002001
**Filing Date:** 2025-9
**Character Count:** 74348
**Document Hash:** 3ec7697e55c94f55db36199b847afaed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-002001.hdr.sgml**: 20250923

**ACCESSION NUMBER**: 0000940400-25-002001

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250923

**DATE AS OF CHANGE**: 20250923

**PERIOD START**: 20260430

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22027
- **FILM NUMBER:** 251334222

**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 Short Intermediate Securities Fund (Series ID: S000029048)

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

## Nport-Ex

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 98.8%** | **MUNICIPAL BONDS — 98.8%** | **MUNICIPAL BONDS — 98.8%** |
| **Arizona — 0.9%** | **Arizona — 0.9%** | **Arizona — 0.9%** |
| Phoenix City Civic Improvement Corp. Revenue, Civic Plaza, Convertible CAB, OID, Series B,<br> 5.50%, 7/1/31, (NATL) | $2000000 | $2282392 |
| **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> | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp; 4723621 |
| **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;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp; 3067759 |
| **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;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp; 1011149 |
| **Hawaii — 85.8%** | **Hawaii — 85.8%** | **Hawaii — 85.8%** |
| Hawaii County GO, Callable 9/1/33 at 100,<br> 5.00%, 9/1/41 | &nbsp;&nbsp;&nbsp;&nbsp; 870000 | &nbsp;&nbsp;&nbsp;&nbsp; 912372 |
| Hawaii County GO, Callable 9/1/35 at 100,<br> 5.25%, 9/1/45 | &nbsp;&nbsp;&nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5265023 |
| Hawaii County GO, Series A, Refunding, Callable 3/1/27 at 100,<br> 5.00%, 9/1/34 | &nbsp;&nbsp;&nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4615759 |
| Hawaii County GO, Series A, Refunding, Callable 9/1/30 at 100,<br> 4.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 938627 |
| Hawaii Housing Finance & Development Corp. Revenue, Hale Moiliili, Putable,<br> 3.30%, 12/1/29<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 6500000 | &nbsp;&nbsp;&nbsp;&nbsp; 6561194 |
| Hawaii Housing Finance & Development Corp. Revenue, Multi-Family Housing, Iwilei Apartments, Series A, Callable 8/21/25 at 100,<br> 3.75%, 1/1/31 | &nbsp;&nbsp;&nbsp;&nbsp; 3120000 | &nbsp;&nbsp;&nbsp;&nbsp; 3120651 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Airports System Revenue, AMT, OID, COP, Callable 8/21/25 at 100,<br> 5.00%, 8/1/28 | $400000 | $400397 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/28 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1474345 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/30 at 100,<br> 4.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1969791 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/35 at 100,<br> 5.25%, 7/1/51 | &nbsp;&nbsp;&nbsp;&nbsp;17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 17240584 |
| Hawaii State Airports System Revenue, Series B, OID, Callable 8/31/25 at 100,<br> 4.00%, 7/1/45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45161 |
| Hawaii State Airports System Revenue, Series C, Callable 7/1/30 at 100,<br> 5.00%, 7/1/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 130820 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 598514 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3753704 |
| 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;&nbsp;&nbsp;&nbsp;2310000 | &nbsp;&nbsp;&nbsp;&nbsp; 2553220 |
| 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;&nbsp;&nbsp;&nbsp;2430000 | &nbsp;&nbsp;&nbsp;&nbsp; 2659854 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### July 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, Hawaii Health Obligation Group, Series A, Refunding, Callable 7/1/33 at 100,<br> 5.00%, 7/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;$2550000 | $2765357 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series B, Refunding,<br> 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2715000 | &nbsp;&nbsp;&nbsp;&nbsp; 3001667 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,<br> 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228269 |
| 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;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 529059 |
| 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;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5287224 |
| 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;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5234846 |
| 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;&nbsp;&nbsp;&nbsp;1135000 | &nbsp;&nbsp;&nbsp;&nbsp; 1176864 |
| 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;&nbsp;&nbsp;&nbsp;1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1224137 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Department of Hawaiian Home Lands, Kapolei Office Facility, Series A, Refunding, COP, Callable 11/1/27 at 100,<br> 5.00%, 11/1/30 | $800000 | $835237 |
| 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;&nbsp;&nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 849812 |
| 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;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075400 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 4/1/27 at 100,<br> 5.00%, 4/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 345518 |
| Hawaii State GO, Series EO, Callable 8/31/25 at 100,<br> 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1286888 |
| Hawaii State GO, Series EO, Unrefunded portion, Callable 8/31/25 at 100,<br> 5.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2660000 | &nbsp;&nbsp;&nbsp;&nbsp; 2665089 |
| Hawaii State GO, Series EY, Refunding, Callable 10/1/25 at 100,<br> 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1645619 |
| Hawaii State GO, Series FG, Callable 10/1/26 at 100,<br> 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4097341 |
| Hawaii State GO, Series FG, Callable 10/1/26 at 100,<br> 4.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 999986 |
| Hawaii State GO, Series FK,<br> 5.00%, 5/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 433015 |
| Hawaii State GO, Series FK, Callable 5/1/27 at 100,<br> 5.00%, 5/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1548333 |
| Hawaii State GO, Series FK, Callable 5/1/27 at 100,<br> 4.00%, 5/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1987554 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series FT, Callable 1/1/28 at 100,<br> 5.00%, 1/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;$4000000 | $4119988 |
| Hawaii State GO, Series FT, Callable 1/1/28 at 100,<br> 5.00%, 1/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2845000 | &nbsp;&nbsp;&nbsp;&nbsp; 2908922 |
| Hawaii State GO, Series FW, Callable 1/1/29 at 100,<br> 4.00%, 1/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2041359 |
| Hawaii State GO, Series FW, Callable 1/1/29 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1510000 | &nbsp;&nbsp;&nbsp;&nbsp; 1566594 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding,<br> 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 183220 |
| 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;&nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp; 818784 |
| 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;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1406143 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 4760303 |
| Hawaii State Harbor System Revenue, Series C, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065000 | &nbsp;&nbsp;&nbsp;&nbsp; 2914462 |
| Hawaii State Highway Fund Revenue, Callable 1/1/31 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 4799580 |
| Hawaii State Highway Fund Revenue, Callable 1/1/31 at 100,<br> 5.00%, 1/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1295000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341916 |
| Hawaii State Highway Fund Revenue, Series A, Callable 1/1/29 at 100,<br> 5.00%, 1/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3638004 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State Highway Fund Revenue, Series A, Callable 8/31/25 at 100,<br> 5.00%, 1/1/31 | $800000 | $801097 |
| 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;&nbsp;&nbsp;&nbsp;3760000 | &nbsp;&nbsp;&nbsp;&nbsp; 3925411 |
| Honolulu City & County Board of Water Supply System Revenue, Callable 7/1/33 at 100,<br> 5.00%, 7/1/48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645000 | &nbsp;&nbsp;&nbsp;&nbsp; 4700816 |
| Honolulu City & County GO, Series A, Callable 10/1/25 at 100,<br> 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1003832 |
| Honolulu City & County GO, Series A, Callable 10/1/25 at 100,<br> 5.00%, 10/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1043985 |
| Honolulu City & County GO, Series A, Callable 7/1/34 at 100,<br> 5.25%, 7/1/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3225000 | &nbsp;&nbsp;&nbsp;&nbsp; 3366193 |
| Honolulu City & County GO, Series A, Callable 8/31/25 at 100,<br> 4.00%, 11/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 990871 |
| Honolulu City & County GO, Series B, Callable 7/1/32 at 100,<br> 5.00%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3960000 | &nbsp;&nbsp;&nbsp;&nbsp; 4065664 |
| Honolulu City & County GO, Series C, Callable 8/1/29 at 100,<br> 5.00%, 8/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 973400 |
| Honolulu City & County GO, Series D, Refunding, Callable 7/1/35 at 100,<br> 5.00%, 7/1/39 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10782829 |
| Honolulu City & County GO, Series E, OID, Refunding, Callable 9/1/27 at 100,<br> 3.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 247087 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **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;&nbsp;&nbsp;$4525000 | $4950389 |
| 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;&nbsp;&nbsp;&nbsp;2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 2162771 |
| Honolulu City & County Wastewater System Revenue, Senior Lien Green Bond, Callable 7/1/33 at 100,<br> 5.25%, 7/1/53 | &nbsp;&nbsp;&nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10226775 |
| 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;&nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126757 |
| 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;&nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp; 5105793 |
| 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;&nbsp;&nbsp;&nbsp;6995000 | &nbsp;&nbsp;&nbsp;&nbsp; 7299659 |
| Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond, Callable 7/1/34 at 100,<br> 5.25%, 7/1/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2061348 |
| Kauai County GO,<br> 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262502 |
| Kauai County GO, Callable 8/1/27 at 100,<br> 5.00%, 8/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 260163 |
| Kauai County GO, Callable 8/1/27 at 100,<br> 4.00%, 8/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 298465 |
| Kauai County GO, Callable 8/1/27 at 100,<br> 5.00%, 8/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40906 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $775000 | $781252 |
| Kauai County GO, Refunding,<br> 5.00%, 8/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp; 3098489 |
| Maui County GO, Callable 3/1/31 at 100,<br> 4.00%, 3/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1007339 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600000 | &nbsp;&nbsp;&nbsp;&nbsp; 1753788 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;&nbsp; 2300122 |
| Maui County GO, Refunding,<br> 5.00%, 9/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 500989 |
| Maui County GO, Refunding,<br> 5.00%, 9/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1070000 | &nbsp;&nbsp;&nbsp;&nbsp; 1149746 |
| Maui County GO, Refunding, Callable 9/1/25 at 100,<br> 3.00%, 9/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 189841 |
| Maui County GO, Refunding, Callable 9/1/28 at 100,<br> 4.00%, 9/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5305000 | &nbsp;&nbsp;&nbsp;&nbsp; 5459274 |
| 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;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1024335 |
| University of Hawaii Revenue, Series B, Refunding, Callable 10/1/25 at 100,<br> 5.00%, 10/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 601761 |
| University of Hawaii Revenue, Series B, Refunding, Callable 10/1/25 at 100,<br> 5.00%, 10/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1002783 |
| University of Hawaii Revenue, Series D, Refunding, Callable 10/1/30 at 100,<br> 4.00%, 10/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 323604 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/1/27 at 100,<br> 5.00%, 10/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;$3000000 | $3084325 |
| University of Hawaii Revenue, Series F, Refunding, Callable 10/1/27 at 100,<br> 5.00%, 10/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 2048650 |
|  |  | &nbsp;&nbsp;&nbsp;208979517 |
| **Michigan — 0.9%** | **Michigan — 0.9%** | **Michigan — 0.9%** |
| Michigan State University Revenue, Series A, Refunding, Callable 2/15/33 at 100,<br> 5.00%, 8/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160000 | &nbsp;&nbsp;&nbsp; 2230448 |
| **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;&nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp; 1459287 |
| **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;&nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp; 2638711 |
| **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;&nbsp;&nbsp;&nbsp;1290000 | &nbsp;&nbsp;&nbsp; 1290757 |
| **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;&nbsp;&nbsp;&nbsp;2255000 | &nbsp;&nbsp;&nbsp; 2242041 |
| **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;&nbsp;&nbsp;&nbsp;3195000 | &nbsp;&nbsp;&nbsp;&nbsp; 3323682 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Texas — (Continued)** | **Texas — (Continued)** | **Texas — (Continued)** |
| 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 | $1609521 |
| 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;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp; 1868386 |
|  |  | &nbsp;&nbsp;&nbsp; 6801589 |
| **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;&nbsp;&nbsp;&nbsp;2840000 | &nbsp;&nbsp;&nbsp; 2884544 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175000 | &nbsp;&nbsp;&nbsp; 1195581 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $247,288,736) |  | &nbsp;&nbsp;&nbsp;240807396 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Pacific Capital Tax-Free Securities Fund

#### Portfolio of Investments (Concluded)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 0.8%** |  |  |
| **Money Market Fund — 0.8%** | **Money Market Fund — 0.8%** | **Money Market Fund — 0.8%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.20%<sup>(c)</sup> | 1849935 | $1849935 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,849,935) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1849935 |
| TOTAL INVESTMENTS - 99.6%<br> (Cost $249,138,671) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242657331 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982906 |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;$243640237 |

---

------

<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 July 31, 2025.

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

---

| | |
|:---|:---|
| AGM | Assured Guaranty Municipal Corp. |
| AGM-CR | Assured Guaranty Municipal Corp. - Custodial Receipts |
| AMT | Alternative Minimum Tax |
| CAB | Capital Appreciation Bond |
| COP | Certificate of Participation |
| FGIC | Financial Guaranty Insurance Co. |
| GO | General Obligation |
| NATL | National Public Finance Guarantee Corp. |
| OID | Original Issue Discount |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

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

#### Portfolio of Investments

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — 103.4%** | **MUNICIPAL BONDS — 103.4%** | **MUNICIPAL BONDS — 103.4%** |
| **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 | $151056 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415762 |
| Guam Government Waterworks Authority Revenue, Series A, Callable 7/1/35 at 100,<br> 5.50%, 7/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 754993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1170755 |
| **Hawaii — 90.5%** | **Hawaii — 90.5%** | **Hawaii — 90.5%** |
| Hawaii County GO, Refunding, Callable 9/1/33 at 100,<br> 5.00%, 9/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2010643 |
| Hawaii Housing Finance & Development Corp. Revenue, Hale Moiliili, Putable,<br> 3.30%, 12/1/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514122 |
| Hawaii State Airports System Revenue, AMT, COP, Callable 8/21/25 at 100,<br> 5.00%, 8/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300313 |
| Hawaii State Airports System Revenue, Series A, AMT, Callable 7/1/28 at 100,<br> 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232034 |
| Hawaii State Airports System Revenue, Series B,<br> 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952530 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/30 at 100,<br> 5.00%, 7/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351176 |
| Hawaii State Airports System Revenue, Series D, Refunding, Callable 7/1/30 at 100,<br> 5.00%, 7/1/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187829 |
| Hawaii State Department of Budget & Finance Revenue, Hawaii Health Obligation Group, Series A, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425147 |

---

---

| | | |
|:---|:---|:---|
|  | **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 | $531771 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,<br> 4.00%, 1/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25012 |
| Hawaii State Department of Budget & Finance Revenue, Mid-Pacific Project, Refunding,<br> 4.00%, 1/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253632 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1102942 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding,<br> 5.00%, 4/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103940 |
| Hawaii State Department of Hawaiian Home Lands Revenue, Refunding, Callable 4/1/27 at 100,<br> 5.00%, 4/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56845 |
| Hawaii State GO, Series ET, OID, Prerefunded, Callable 10/1/25 at 100,<br> 3.25%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25027 |
| Hawaii State GO, Series EY, Refunding, Callable 10/1/25 at 100,<br> 5.00%, 10/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401370 |
| Hawaii State GO, Series FE, Refunding,<br> 5.00%, 10/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301216 |
| Hawaii State GO, Series FH, Refunding,<br> 5.00%, 10/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175071 |
| Hawaii State GO, Series FK, Callable 5/1/27 at 100,<br> 4.00%, 5/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011503 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

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

#### Portfolio of Investments (Continued)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Hawaii State GO, Series FT, Callable 1/1/28 at 100,<br> 5.00%, 1/1/30 | $30000 | $31614 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding,<br> 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508944 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126589 |
| Hawaii State Harbor System Revenue, Series A, AMT, Refunding, Callable 7/1/30 at 100,<br> 4.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1016538 |
| Hawaii State Harbor System Revenue, Series C, Refunding,<br> 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436066 |
| Hawaii State Highway Fund Revenue, Series B, Refunding, Callable 7/1/26 at 100,<br> 5.00%, 1/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2041759 |
| Honolulu City & County GO, Series A, Callable 7/1/33 at 100,<br> 5.00%, 7/1/40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052483 |
| Honolulu City & County GO, Series A, Callable 7/1/33 at 100,<br> 5.00%, 7/1/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2388922 |
| Honolulu City & County GO, Series C,<br> 5.00%, 7/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235250 |
| Honolulu City & County GO, Series C,<br> 4.00%, 8/1/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202992 |
| Honolulu City & County GO, Series C,<br> 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251217 |
| Honolulu City & County GO, Series C,<br> 5.00%, 7/1/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273055 |
| Honolulu City & County GO, Series C,<br> 5.00%, 7/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289411 |

---

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Honolulu City & County GO, Series C, Callable 8/1/29 at 100,<br> 5.00%, 8/1/44 | &nbsp;&nbsp;&nbsp;&nbsp;$3260000 | $3291988 |
| Honolulu City & County GO, Series E, Refunding,<br> 5.00%, 3/1/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217042 |
| Honolulu City & County GO, Series F, Refunding,<br> 5.00%, 7/1/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1703623 |
| Honolulu City & County Multifamily Housing Revenue, Maunakea Tower Apartments, Putable,<br> 5.00%, 6/1/27, (HUD SECT 8)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1117811 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908949 |
| Honolulu City & County Wastewater System Revenue, 1st Bond Resolution, Series B, Refunding,<br> 5.00%, 7/1/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141309 |
| 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2148082 |
| Honolulu City & County Wastewater System Revenue, Senior Lien, Green bond,<br> 5.00%, 7/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246820 |
| Honolulu City & County Wastewater System Revenue, Series A, Senior Green Bond,<br> 5.00%, 7/1/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2006563 |
| Kauai County GO, Series A, Refunding,<br> 5.00%, 8/1/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270000 |
| Maui County GO, Callable 3/1/32 at 100,<br> 5.00%, 3/1/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228829 |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

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

#### Portfolio of Investments (Concluded)

#### July 31, 2025
(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Principal<br> Amount** | **Value** |
| **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** | **MUNICIPAL BONDS — (Continued)** |
| **Hawaii — (Continued)** | **Hawaii — (Continued)** | **Hawaii — (Continued)** |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;$1000000 | $1112684 |
| Maui County GO, Callable 9/1/35 at 100,<br> 5.00%, 9/1/37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657670 |
| University of Hawaii Revenue, Medical School Project, Series E, Refunding, Callable 10/1/26 at 100,<br> 5.00%, 10/1/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635448 |
| University of Hawaii Revenue, Series D, Refunding, Callable 1/1/30 at 100,<br> 4.00%, 10/1/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 465440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;36969221 |
| **Massachusetts — 3.2%** | **Massachusetts — 3.2%** | **Massachusetts — 3.2%** |
| Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue, Series A, Callable 8/31/25 at 100,<br> 5.00%, 6/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1327053 |
| **Michigan — 2.2%** | **Michigan — 2.2%** | **Michigan — 2.2%** |
| Grosse Pointe Public School System GO, Refunding, Callable 5/1/29 at 100,<br> 5.00%, 5/1/38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 906270 |
| **Nevada — 1.7%** | **Nevada — 1.7%** | **Nevada — 1.7%** |
| Las Vegas City GO, Series A, Callable 3/1/33 at 100,<br> 5.00%, 3/1/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 685584 |
| **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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527075 |
| Central Puget Sound Regional Transit Authority Revenue, Series S1, Prerefunded, Callable 11/1/25 at 100,<br> 5.00%, 11/1/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 503212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1030287 |
| &nbsp;&nbsp;&nbsp;TOTAL MUNICIPAL BONDS<br> (Cost $42,662,819) |  | &nbsp;&nbsp;&nbsp;&nbsp;42240226 |

---

---

| | | |
|:---|:---|:---|
|  | **Number<br> of Shares** | **Value** |
| **SHORT-TERM INVESTMENT — 3.3%** |  |  |
| **Money Market Fund — 3.3%** | **Money Market Fund — 3.3%** | **Money Market Fund — 3.3%** |
| Dreyfus Government Cash Management Fund, Institutional Shares, 4.20%<sup>(b)</sup> | 1347628 | $1347628 |
| &nbsp;&nbsp;&nbsp;TOTAL SHORT-TERM INVESTMENT<br> (Cost $1,347,628) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1347628 |
| TOTAL INVESTMENTS - 106.7%<br> (Cost $44,010,447) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43587854 |
| LIABILITIES IN EXCESS OF OTHER ASSETS - (6.7)% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2718285) |
| NET ASSETS - 100.0% |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40869569 |

---

------

<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 July 31, 2025.

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

---

| | |
|:---|:---|
| 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 |
| OID | Original Issue Discount |

---

See accompanying Notes to the Quarterly Portfolio of Investments.

------

PACIFIC CAPITAL FUNDS

#### Notes to the Quarterly Portfolio of Investments

#### July 31, 2025
(Unaudited)

***Portfolio Valuation — The Pacific Capital Tax-Free Securities Fund and the Pacific Capital Tax-Free Short Intermediate Securities Fund's (each a "Fund" and together the "Funds") net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Fixed income securities having a remaining maturity of greater than 60 days are valued using an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Debt securities are valued on the basis of broker quotations or valuations provided by a pricing service, which utilizes information with respect to recent sales, market transactions in comparable securities, quotations from dealers, and various relationships between securities in determining value. Valuations developed through pricing techniques may materially vary from the actual amounts realized upon sale of the securities. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as discussed in their prospectuses). Securities that do not have a readily available current market value are valued in good faith by the Adviser as "valuation designee" under the oversight of the 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.

------

PACIFIC CAPITAL FUNDS

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

#### July 31, 2025
(Unaudited)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Funds** | &nbsp;&nbsp;**Total Value at<br> 07/31/25** | &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;$240807396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$240807396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849935 | &nbsp;&nbsp;1849935 | &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;$242657331 | $1849935 | &nbsp;&nbsp;$240807396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| **Pacific Capital Tax-Free Short Intermediate Securities Fund** | **Pacific Capital Tax-Free Short Intermediate Securities Fund** | **Pacific Capital Tax-Free Short Intermediate Securities Fund** | **Pacific Capital Tax-Free Short Intermediate Securities Fund** |  |
| **Assets** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;$42240226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;$42240226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |
| Short-Term Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1347628 | &nbsp;&nbsp;1347628 | &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;$43587854 | $1347628 | &nbsp;&nbsp;$42240226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to their net assets. The amounts and reasons for all transfers in and out of Level 3 are disclosed when the Funds had an amount of transfers during the reporting period that was meaningful in relation to their net assets as of the end of the reporting period.

For the period ended July 31, 2025, there were no transfers in or out of Level 3.

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

  - **Street Address 1:** 103 Bellevue Parkway

  - **City:** Wilmington

  - **State:** DE

  - **Foreign country:** US

  - **Zip / Postal Code:** 19809

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

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

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

- **b. EDGAR series identifier (if any):** S000029048

- **c. LEI of Series:** 5493006HJ96S6ATQGX29

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

- **a. Date of fiscal year-end:** 2026-04-30

- **b. Date as of which information is reported:** 2025-07-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $45618552.12

**Total Liabilities:** $4774042.96

**Net Assets:** $40844509.16

**Delayed Delivery Securities:** $2934942.55

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 107.08439000 | **1-Year:** 1543.25396000 | **5-Year:** 6458.85015000 | **10-Year:** 16024.83796000 | **30-Year:** 126.76937000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000089188 | 0.45%                | 0.54%                | 0.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $933.22                  | $67208.81                                  |
| Month 2  | $-35602.40               | $196226.07                                 |
| Month 3  | $-66058.47               | $53.35                                     |

### Schedule of Portfolio Investments

| Name                               | Title                                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| HAWAII ST                          | State of Hawaii                                                               | CUSIP: 419792JZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $301215.72    | 0.74%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687WM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $2388922.05   | 5.85%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue                                         | CUSIP: 41981THB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1016538.40   | 2.49%             | 2031-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GROSSE POINTE MI PUBLIC SCH SY     | Grosse Pointe Public School System                                            | CUSIP: 399100KY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    875000 | PA      | $906270.14    | 2.22%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance                                | CUSIP: 419800MC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25011.59     | 0.06%             | 2026-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII CNTY HI                     | County of Hawaii HI                                                           | CUSIP: 4197223A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1900000 | PA      | $2010642.70   | 4.92%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687ZW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $251216.69    | 0.62%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | COUNTY OF MAUI HI                                                             | CUSIP: 577286BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1112684.00   | 2.72%             | 2036-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue                           | CUSIP: 438701U85<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $141309.39    | 0.35%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance                                | CUSIP: 419800MG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253632.13    | 0.62%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HIGHWAY REVENUE          | State of Hawaii State Highway Fund                                            | CUSIP: 41981CNT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2041759.40   | 5.00%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687TZ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $217042.12    | 0.53%             | 2029-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue                                       | CUSIP: 419794B92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $187829.39    | 0.46%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue                                       | CUSIP: 419794B84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $351175.57    | 0.86%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management | Dreyfus Government Cash Management                                            | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |   3026728 | NS      | $3026727.99   | 7.41%             |  |  |  | No            |                  1 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands                             | CUSIP: 41980PBS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $103940.34    | 0.25%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue                                         | CUSIP: 41981TGW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508943.55    | 1.25%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAS VEGAS NV                       | City of Las Vegas NV                                                          | CUSIP: 517697CS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    670000 | PA      | $685584.27    | 1.68%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                               | CUSIP: 419792MH6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $175071.36    | 0.43%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue                           | CUSIP: 438701T38<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $908948.70    | 2.23%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance                                | CUSIP: 419800NP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531771.25    | 1.30%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue                                         | CUSIP: 41981TGY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    120000 | PA      | $126588.86    | 0.31%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue                           | CUSIP: 4387014Q4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2148082.40   | 5.26%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KAUAI CNTY HI                      | County of Kauai HI                                                            | CUSIP: 486116E77<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    270000 | PA      | $270000.00    | 0.66%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue                           | CUSIP: 4387012J2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1800000 | PA      | $2006563.14   | 4.91%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687JP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3260000 | PA      | $3291988.10   | 8.06%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF HAWAIIAN HOM     | State of Hawaii Department of Hawaiian Home Lands                             | CUSIP: 41980PBU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $56844.84     | 0.14%             | 2029-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | COUNTY OF MAUI HI                                                             | CUSIP: 577286BH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $657670.38    | 1.61%             | 2037-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue                                       | CUSIP: 419794B27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    910000 | PA      | $952529.94    | 2.33%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687ZX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | PA      | $273055.10    | 0.67%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS     | Guam Government Waterworks Authority                                          | CUSIP: 40065FFF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $754992.53    | 1.85%             | 2043-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA     | Central Puget Sound Regional Transit Authority                                | CUSIP: 15504RGF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $503211.75    | 1.23%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HSG FIN & DEV CORP M     | Hawaii Housing Finance & Development Corp                                     | CUSIP: 41981PCG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1514121.60   | 3.71%             | 2029-12-01      | Variable      | 3.30%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI MF REV     | City & County of Honolulu HI                                                  | CUSIP: 438697BQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1117811.20   | 2.74%             | 2027-06-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687R49<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1703623.05   | 4.17%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST ARPTS SYS REVENUE        | State of Hawaii Airports System Revenue                                       | CUSIP: 419794ZW5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $232033.86    | 0.57%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                               | CUSIP: 419792AQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25026.79     | 0.06%             | 2032-10-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687ZV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    230000 | PA      | $235249.59    | 0.58%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST HARBOR SYS REVENUE       | State of Hawaii Harbor System Revenue                                         | CUSIP: 41981THP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $436066.36    | 1.07%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MAUI CNTY HI                       | County of Maui HI                                                             | CUSIP: 577286AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    205000 | PA      | $228829.00    | 0.56%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                                          | CUSIP: 91428LJS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    620000 | PA      | $635447.80    | 1.56%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI WSTWTR     | City & County Honolulu HI Wastewater System Revenue                           | CUSIP: 4387013E2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2246819.80   | 5.50%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687WL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1052483.40   | 2.58%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE          | University of Hawaii                                                          | CUSIP: 91428LPD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $465439.55    | 1.14%             | 2032-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687HV0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202991.78    | 0.50%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HONOLULU CITY & CNTY HI            | City & County of Honolulu HI                                                  | CUSIP: 438687ZY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | PA      | $289411.06    | 0.71%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance                                | CUSIP: 419800MT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1340000 | PA      | $1425146.95   | 3.49%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF TRANSPRTN AR     | State of Hawaii Airports System Revenue                                       | CUSIP: 419808AL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300312.60    | 0.74%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                               | CUSIP: 419792RQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1011502.60   | 2.48%             | 2032-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CENTRL PUGET SOUND WA REGL TRA     | Central Puget Sound Regional Transit Authority                                | CUSIP: 15504RGD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    525000 | PA      | $527075.43    | 1.29%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU     | Florida Housing Finance Corp                                                  | CUSIP: 34074MUF6<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |    170000 | PA      | $151055.49    | 0.37%             | 2032-07-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                               | CUSIP: 419792CF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $401370.40    | 0.98%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                          | State of Hawaii                                                               | CUSIP: 419792WJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31614.28     | 0.08%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST DEPT OF BUDGET & FIN     | State of Hawaii Department of Budget & Finance                                | CUSIP: 419800QJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1102942.50   | 2.70%             | 2036-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST FEDERAL HIGHW     | Commonwealth of Massachusetts Federal Highway Grant Anticipation Note Revenue | CUSIP: 57583PGE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1325000 | PA      | $1327053.35   | 3.25%             | 2027-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GUAM GOVT WTRWKS AUTH WTR & WS     | Guam Government Waterworks Authority                                          | CUSIP: 40065FFB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $415762.23    | 1.02%             | 2039-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-09-23

**Name of Applicant:** FundVantage Trust

**Signature:** Christine S. Catanzaro

**Name of Signer:** Christine S. Catanzaro

**Title:** Treasurer and Chief Financial Officer