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FundVantage Trust
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Pacific Capital Tax-FreeSecurities Fund
Class Y
PTXFX
This annual shareholder report contains important information about the Pacific Capital Tax-Free Securities Fund (the “Fund”) for the period of May 1, 2025 to April 30, 2026.
annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; white-space: nowrap;">https://www.boh.com/personal/mutual‑funds</span>. You can also request this information by contacting us at (888) 678‑6034.
https://www.boh.com/personal/mutual‑funds
(888) 678‑6034
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;"><b>This report describes planned changes made to the Fund since the beginning of the reporting period.</b></div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last year?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Fund (Class)</strong></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs of a $10,000 investment</strong></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); vertical-align: bottom; padding: 6.5pt 3pt 3pt 3pt;"><strong>Costs paid as a percentage<br/>of a $10,000 investment</strong></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Pacific Capital Tax-Free Securities Fund<br/>(Class Y / PTXFX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;"><span style="float: none;">$</span>15</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.14<span>%</span></td> </tr> </table>
15
0.0014
<div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 14pt;">Management’s Discussion of Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The Pacific Capital Tax-Free Securities Fund returned 6.27% (gross of fees) over the trailing one-year period, outperforming the Bloomberg Hawaii Municipal Bond Index’s 6.13% return. Market yields have increased recently due to geopolitical tensions and rising oil prices, alongside a shift in Federal Reserve rate expectations from cuts to increases to combat inflation, contributing to market volatility. Performance attribution shows that an overweight in longer maturities positively impacted returns, benefiting from a steeper municipal maturity curve and higher tax-equivalent yields, while underperformance was linked to a higher quality bias in Hawaii-based credit.</div>
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Fund Performance</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following is a comparison of the change in value of a $10,000 investment in Pacific Capital Tax-Free Securities Fund’s Class Y vs. the Bloomberg Municipal Bond Index and the Bloomberg Hawaii Municipal Bond Index.</div> <div style="margin-top: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(34, 30, 31); letter-spacing: 1.25px; text-transform: uppercase; margin-bottom: 3pt;"><b>Growth of $</b> <b>10,000</b></div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">For the years April 30, 2016 through April 30, 2026</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); margin-bottom: 20pt;">
<img alt="Fund Performance - Growth of 10K" src="g942727chartimages_11862685.jpg" style="display: block; margin-right: auto; margin-left: auto; width: 410pt;"/> </div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(102, 102, 102); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; width: 60%; padding: 6.5pt 3pt 3pt 3pt;"><strong>Average Annual Total Returns</strong></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>1 Year</strong></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>5 Years</strong></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); white-space: nowrap; padding: 6.5pt 3pt 3pt 50pt;"><strong>10 Years</strong></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Class Y</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.27<span>%</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.08<span>%</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.97<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Bloomberg Municipal Bond Index</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.34<span>%</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.90<span>%</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.20<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Bloomberg Hawaii Municipal Bond Index</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.13<span>%</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.84<span>%</span></td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">1.98<span>%</span></td> </tr> </table>
Class Y
0.0627
0.0108
0.0197
Bloomberg Municipal Bond Index
0.0634
0.0090
0.0220
Bloomberg Hawaii Municipal Bond Index
0.0613
0.0084
0.0198
The Fund’s past performance is not a good predictor of how the Fund will perform in the future.
The above table and graph do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares.
Please visit <span style="text-decoration-line: underline;">https://www.boh.com/personal/mutual-funds</span> for performance data current to the most recent month-end.
<div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of April 30, 2026)</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0);">The following table outlines key Fund statistics that you should pay attention to.</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>282,340,210</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">124</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Total advisory fee paid, net</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; font-weight: bold; padding: 6.5pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 10pt 3pt 10pt;">36<span>%</span></td> </tr> </table>
282340210
124
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<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">Portfolio Holdings Summary Table (as of April 30, 2026)</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">The following table presents a summary by credit quality of the portfolio holdings of the Fund, as a percentage of net assets:</div> <div style="font-family: 'times new roman'; font-size: 9pt; color: rgb(0, 0, 0); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; padding-bottom: 5pt; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 1pt; margin: 5pt 0px 0px 0px;"><b>CREDIT QUALITY</b></div>
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<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">AAA</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">AA</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">85.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">A</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">6.4<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 0, 0); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">BAA</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">0.8<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); text-align: left; padding: 6.5pt 3pt 3pt 3pt;">Cash</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Times New Roman'; font-size: 9pt; color: rgb(0, 0, 0); padding: 6.5pt 3pt 3pt 3pt;">2.2<span>%</span></td> </tr> </table> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">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.<span style="white-space: nowrap;"> </span> A pre-refunded bond (if any) 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.</div>
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0.851
0.064
0.008
0.022
<div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">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.<span style="white-space: nowrap;"> </span> A pre-refunded bond (if any) 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.</div>
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.
<div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 20pt;">Material Fund Changes During the Period</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); font-size: inherit; margin-bottom: 7.5pt;">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 took place after the close of business on March 20, 2026. Immediately prior to the Reorganization, the Pacific Capital Tax-Free Short Intermediate Securities Fund’s Class Y Shares outstanding were exchanged for the Class Y Shares of the Fund.</div>
<div style="font-family: 'times new roman'; color: rgb(35, 69, 103); font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt; margin-top: 4pt;">Changes in and Disagreements with Accountants</div> <div style="margin-top: 0px; font-family: 'times new roman'; color: rgb(0, 0, 0); margin-bottom: 10pt; font-size: inherit;">There were no changes in and/or disagreements with accountants.</div>