This is the message - estabrook

This is the message - estabrook

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Annual Investment Adviser’s Report April 30, 2012 (Unaudited) Dear Shareholders, The Estabrook Investment...

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ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Annual Investment Adviser’s Report April 30, 2012 (Unaudited) Dear Shareholders, The Estabrook Investment Grade Fixed Income Fund (the “Fund”) has completed its first full year of operations as of April 30, 2012. The fiscal year was quite volatile as the problems of Europe waxed and waned throughout the year. For the year ending April 30, 2012, the Fund returned 3.52% net. As a comparison, the Fund’s benchmark, the Barclays Intermediate Government/Credit Index returned 5.86% during the same period. The markets were whipsawed during this period as Europe’s problems adversely affected the domestic corporate bond market. The Fund remained overweight in corporate bond securities throughout the year, leading to the underperformance. Yet, a turning point came in early December as the European Central Bank (ECB) injected liquidity into the system through their Long Term Refinancing Operations (LTROs) which was a 3-year loan program to European financial institutions. A dramatic bounce in investment grade corporate bonds followed as market fears over a financial contagion were alleviated. The market response to the ECB intervention could be seen in the performance of the Fund. As we enter the new fiscal year, the market once again is faced with problems emanating out of Europe. Uncertainty as to whether Greek voters will elect to stay in the European Union in addition to increased fears of a Spanish banking crisis has once again put pressure on the credit markets. We have seen investors flock towards the safety of German Bunds and US Treasuries. The 10 year Treasury fell to an all-time low of 1.45% as investors focused on capital preservation even as these securities have negative real yields. Until the politicians in Europe are able to take hard decisive actions to resolve the European crisis, we continue to believe that Europe will remain a drag for the foreseeable future as slower growth and higher unemployment continue to plague the region. We also continue to focus on the politics in the United States. As the fiscal cliff looms, we remain focused on both the results of the upcoming presidential election and the ability of the politicians to avoid the tough austerity measures which are set to kick in. As we deal with future uncertainty in both Europe and the United States, the Fund has taken a more balanced approach. We have extended the duration of our portfolio as we remain defensive while the events in Europe play out. We have increased our Treasury holdings and have continued to add longer duration investment grade corporate bonds. We remain overweight in corporate credit as we believe these securities will benefit from strong balance sheets. We continue to invest in companies such as Ford Motor Company. As one of the Fund’s largest holdings, we invested in the company’s bonds with the view that the company would become an investment grade rated corporation. The Ford Motor Company demonstrated a pattern of deleveraging and the bonds have performed well regardless of the events taking place in Europe.

1

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Annual Investment Adviser’s Report (Concluded) April 30, 2012 (Unaudited) We believe we are well positioned for the upcoming year and continue to be vigilant. If you have any questions or concerns, please feel free to reach out to us. We would once again like to thank you for investing in the Estabrook Investment Grade Fixed Income Fund.

Daniel Oh Portfolio Manager

This letter is intended to assist shareholders in understanding how the Fund performed during the year ended April 30, 2012 and reflects the views of the investment adviser at the time of this writing. Of course, these views may change and do not guarantee the future performance of the Fund or the markets. Portfolio composition is subject to change. The current and future portfolio holdings of the Fund are subject to investment risk.

2

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Annual Report Performance Data April 30, 2012 (Unaudited) Comparison of Change in Value of $100,000 Investment in Class I Shares of the Estabrook Investment Grade Fixed Income Fund vs. Barclays Intermediate Government/Credit Index 110,000 Estabrook Investment Grade Fixed Income Fund - Class I $105,883

D O 100,000 L L A R 90,000 S

Barclays Int. Gov./Cr. Index $108,229

Past performance is not predictive of future results.

80,000 0 0 3/1 1/1 7/2 7/3

10

31/

10/

1

1/1

1/3

1

0/1

4/3

1

1/1

7/3

11

31/

10/

2

1/1

1/3

2

0/1

4/3

Average Annual Total Returns For the Fiscal Year Ended April 30, 2012 Since 1 Year Inception* Class I Shares 3.52% 3.28% Barclays Intermediate Government/Credit Index 5.86% 4.46%** * The Estabrook Investment Grade Fixed Income Fund (the “Fund”) commenced operations on July 23, 2010. ** Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself. The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (888) 447-7443. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The Fund’s total annual Fund gross and net operating expense ratios are 2.65% and 0.70%, respectively, for Class I Shares of the Fund’s average daily net assets. These ratios are stated in the current prospectus dated September 1, 2011, and may differ from the actual expenses incurred by the Fund for the period covered by this report. Estabrook Capital Management LLC (the “Adviser”) has contractually agreed to reduce its fees or reimburse the Fund’s operating expenses in order to limit the total annual operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) for Class I Shares to (i) 0.70% (on an annual basis) of the average daily net assets of the Fund during the period beginning on the

3

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Annual Report Performance Data (Concluded) April 30, 2012 (Unaudited) date of commencement of operations of the Fund and ending August 31, 2012 and (ii) 1.00% (on an annual basis) of average daily net assets of the Fund during the period beginning on September 1, 2012 and ending August 31, 2014. This agreement will terminate on August 31, 2014, unless the Board of Trustees of FundVantage Trust approves an earlier termination.Total returns would be lower had such fees and expenses not been waived and/or reimbursed. A 1% redemption fee applies to shares redeemed within 90 days of purchase. This redemption fee is not reflected in the returns shown above. The Fund intends to evaluate performance as compared to that of the Barclays Intermediate Government/Credit Index (“Barclays Int. Gov./Cr. Index”). The Barclays Int. Gov./Cr. Index is an unmanaged market index that tracks performance of intermediate term U.S. government and corporate bonds. It is impossible to invest directly in an index. The Fund is subject to the same risks as the underlying bonds in the portfolio such as credit, call and interest rate risk. As interest rates rise the value of bond prices will decline. The Fund may invest in high yield debt (also known as junk bonds) which may cause greater volatility and less liquidity. You may lose money by investing in the Fund.

4

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Expense Disclosure April 30, 2012 (Unaudited) As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. This example is based on an investment of $1,000 invested at the beginning of the six-month period from November 1, 2011 through April 30, 2012 and held for the entire period. Actual Expenses The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. Hypothetical Example for Comparison Purposes The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not your Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

5

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Expense Disclosure (Concluded) April 30, 2012 (Unaudited) Estabrook Investment Grade Fixed Income Fund – Class I

Actual Hypothetical (5% return before expenses)

Beginning Account Value November 1, 2011

Ending Account Value April 30, 2012

Expenses Paid During Period*

$1,000.00 1,000.00

$1,046.20 1,021.38

$3.56 3.52

* Expenses are equal to the Fund’s annualized expense ratio for the six-month period ended April 30, 2012 of 0.70%, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (182) then divided by 366 days to reflect the period. The Fund’s ending account value on the first line in the table is based on the actual six-month total return for the Fund of 4.62%.

6

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Portfolio Holdings Summary Table April 30, 2012 (Unaudited)

The following table presents a summary by security type of the portfolio holdings of the Fund: % of Net Assets

Corporate Bonds and Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Treasury Obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other Assets in Excess of Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . NET ASSETS

Value

92.4% $16,127,229 1.7 302,250 5.9 1,034,677 100.0% $17,464,156

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements. 7

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Portfolio of Investments April 30, 2012

Par Value

Par Value

Value

CORPORATE BONDS AND NOTES — 92.4% Airlines — 1.2% Delta Air Lines Series 2010-2, Class B 6.75%, 11/23/2015 (a) . . .$ 200,000 $ 201,000 Banks — 25.3% Ally Financial, Inc. 2.45%, 12/01/2014 (b) . . . Ally Financial, Inc. 5.50%, 02/15/2017 . . . . . Ally Financial, Inc. Callable 06/15/2012 at 100 7.38%, 11/15/2016 . . . . . Citigroup, Inc. 1.24%, 04/01/2014 (b) . . . Fifth Third Capital Trust IV Callable 04/15/2017 at 100 6.50%, 04/15/2037 (c) . . . Goldman Sachs Group, Inc. (The) 3.63%, 02/07/2016 . . . . . Huntington Capital III Callable 05/15/2017 at 100 6.65%, 05/15/2037 (c) . . . JPMorgan Chase & Co. 3.15%, 07/05/2016 . . . . . JPMorgan Chase Capital XVIII 6.95%, 08/17/2036 (c) . . . Morgan Stanley 1.87%, 01/24/2014 (b) . . . Morgan Stanley 4.75%, 03/22/2017 . . . . .

200,000

189,727

300,000

306,609

125,000

122,645

800,000

785,038

700,000

693,000

250,000

251,337

550,000

539,000

100,000

103,640

300,000

300,750

300,000

290,264

250,000

249,546

Value

CORPORATE BONDS AND NOTES — (Continued) Banks — (Continued) Morgan Stanley 5.50%, 07/28/2021 . . . . .$ 300,000 $ 293,290 Wells Fargo & Co. 2.10%, 05/08/2017 . . . . . 300,000 299,760 4,424,606 Beverage — 1.4% Pepsico, Inc. Nc 0.35%, 05/10/2013 (b) . . .

250,000

250,508

Biotechnology — 1.5% Amgen, Inc. Callable 03/15/2021 at 100 4.10%, 06/15/2021 . . . . .

250,000

266,948

150,000

154,985

200,000

206,876

150,000

163,571 525,432

Chemicals — 3.0% Dow Chemical Co. (The) 2.50%, 02/15/2016 . . . . . E.I. Du Pont de Nemours & Co. 1.95%, 01/15/2016 . . . . . Ecolab, Inc. 4.35%, 12/08/2021 . . . . .

Cosmetics / Personal care — 1.7% Colgate-Palmolive Co. 2.30%, 05/03/2022 . . . . . 300,000 Diversified Financial Services — 19.1% American Express Co., Sub Notes Callable 09/01/2016 at 100 6.80%, 09/01/2066 (c) . . . 300,000 American Express Credit Corp. 2.38%, 03/24/2017 . . . . . 200,000

The accompanying notes are an integral part of the financial statements. 8

294,747

306,450

203,936

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Portfolio of Investments (Continued) April 30, 2012

Par Value

Par Value

Value

CORPORATE BONDS AND NOTES — (Continued) Diversified Financial Services — (Continued) Caterpillar Financial Services Corp. 0.60%, 04/01/2014 (b) . . .$ 145,000 $ 145,596 Ford Motor Credit Co., LLC 4.25%, 02/03/2017 . . . . . 230,000 239,925 Ford Motor Credit Co., LLC 5.75%, 02/01/2021 . . . . . 400,000 450,064 Ford Motor Credit Co., LLC 5.88%, 08/02/2021 . . . . . 300,000 339,026 General Electric Capital Corp. 2.10%, 01/07/2014 . . . . . 200,000 203,610 General Electric Capital Corp. 2.30%, 04/27/2017 . . . . . 300,000 300,407 General Electric Capital Corp. Callable 11/15/2017 at 100 6.38%, 11/15/2067 (c) . . . 200,000 205,750 JPMorgan Chase Capital XXVII 7.00%, 11/01/2039 . . . . . 200,000 201,500 Merrill Lynch & Co., Inc. 6.88%, 11/15/2018 . . . . . 250,000 277,153 SLM Corp. 2.54%, 09/15/2014 (b) . . . 270,000 259,713 SLM Corp. 6.25%, 01/25/2016 . . . . . 200,000 206,000 3,339,130 Electronics — 2.0% Jabil Circuit, Inc. 8.25%, 03/15/2018 . . . . .

72,000

Value

CORPORATE BONDS AND NOTES — (Continued) Electronics — (Continued) Jabil Circuit, Inc. 5.63%, 12/15/2020 . . . . .$ 250,000 $ 262,500 346,380 Food — 1.3% Kraft Foods, Inc. 4.13%, 02/09/2016 . . . . .

200,000

218,684

Healthcare-Products — 1.2% Boston Scientific Corp. 4.50%, 01/15/2015 . . . . . 200,000

214,998

Healthcare-Services — 1.2% UnitedHealth Group, Inc. Callable 12/15/2021 at 100 2.88%, 03/15/2022 . . . . . 210,000

209,815

Insurance — 4.5% Lincoln National Corp. Callable 05/17/2016 at 100 7.00%, 05/17/2066 (c) . . . Lincoln National Corp. Callable 04/20/2017 at 100 6.05%, 04/20/2067 (c) . . . MetLife, Inc. 2.38%, 02/06/2014 . . . . . Leisure Time — 1.8% Harley-Davidson Financial Services, Inc. 3.88%, 03/15/2016 (a) . . .

250,000

242,500

300,000

279,000

250,000

255,834 777,334

300,000

314,530

83,880

The accompanying notes are an integral part of the financial statements. 9

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Portfolio of Investments (Continued) April 30, 2012

Par Value

Par Value

Value

CORPORATE BONDS AND NOTES — (Continued) Lodging — 1.4% Wyndham Worldwide Corp. Callable 02/01/2017 at 100 2.95%, 03/01/2017 . . . . .$ 250,000 $ 249,872 Media — 4.5% NBC Universal Media, LLC 2.88%, 04/01/2016 . . . . . Time Warner Cable, Inc. Callable 06/01/2021 at 100 4.00%, 09/01/2021 . . . . . Time Warner, Inc. 3.15%, 07/15/2015 . . . . . Viacom, Inc. 3.88%, 12/15/2021 . . . . . Oil & Gas — 3.9% Anadarko Petroleum Corp. 5.95%, 09/15/2016 . . . . . BP Capital Markets PLC 3.20%, 03/11/2016 . . . . . Marathon Petroleum Corp. 3.50%, 03/01/2016 (a) . . . Rowan Cos., Inc. 5.00%, 09/01/2017 . . . . . Pipelines — 3.8% Enterprise Products Operating LLC Callable 01/15/2018 at 100 7.03%, 01/15/2068 (c) . . .

200,000

103,825

200,000

211,700

250,000

262,071 786,752

200,000

231,229

100,000

106,534

125,000

131,115

200,000

215,859 684,737

235,000

CORPORATE BONDS AND NOTES — (Continued) Pipelines — (Continued) Kinder Morgan Energy Partners LP Callable 06/01/2022 at 100 3.95%, 09/01/2022 . . . . .$ 300,000 $ 302,114 Plains All American Pipeline LP/PAA Finance Corp. 5.63%, 12/15/2013 . . . . . 100,000 106,626 660,778

209,156

100,000

Value

REIT — 5.7% BioMed Realty LP Callable 03/15/2016 at 100 3.85%, 04/15/2016 . . . . . DDR Corp. 5.50%, 05/01/2015 . . . . . DDR Corp. 7.50%, 04/01/2017 . . . . . Digital Realty Trust LP 5.25%, 03/15/2021 . . . . . Health Care REIT, Inc. Callable 01/01/2019 at 100 4.13%, 04/01/2019 . . . . .

252,038

200,000

207,563

165,000

174,410

200,000

229,377

250,000

264,790

120,000

120,912 997,052

Retail — 1.3% Macy’s Retail Holdings, Inc. 5.75%, 07/15/2014 . . . . .

200,000

218,861

Software — 1.2% Microsoft Corp. 2.95%, 06/01/2014 . . . . .

200,000

209,766

Telecommunications — 2.2% Cisco Systems, Inc. 3.15%, 03/14/2017 . . . . . 150,000

163,622

The accompanying notes are an integral part of the financial statements. 10

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Portfolio of Investments (Concluded) April 30, 2012

Par Value

Value

(c) Fix-to Float Bond. Rate shown is as of April 30, 2012.

CORPORATE BONDS AND NOTES — (Continued) Telecommunications — (Continued) Vodafone Group PLC 2.88%, 03/16/2016 . . . . .$ 200,000 $ 210,677 374,299 Transportation — 3.2% Gulfmark Offshore, Inc. Callable 03/15/2017 at 103.19 6.38%, 03/15/2022 (a) . . .

550,000

561,000

TOTAL CORPORATE BONDS AND NOTES (Cost $15,726,154) . . . . . .

16,127,229

U.S. TREASURY OBLIGATIONS — 1.7% United States Treasury Note — 1.7% 2.00%, 02/15/2022. . . . . . . . 300,000 TOTAL U.S. TREASURY OBLIGATIONS (Cost $291,746) . . . . . . . . . . .

302,250

302,250

TOTAL INVESTMENTS - 94.1% (Cost $16,017,900) . . . . OTHER ASSETS IN EXCESS OF LIABILITIES - 5.9% . . . NET ASSETS - 100.0% . . . .

REIT Real Estate Investment Trust

16,429,479 1,034,677 $

17,464,156

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities were purchased in accordance with the guidelines approved by the Fund’s Board of Trustees and may be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2012, these securities amounted to $1,207,645 or 6.9% of net assets. These securities have been determined by the Adviser to be liquid securities. (b) Variable or Floating Rate Security. Rate shown is as of April 30, 2012.

The accompanying notes are an integral part of the financial statements. 11

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Statement of Assets and Liabilities April 30, 2012

Assets Investments, at value (Cost $16,017,900) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable for investments sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dividends and interest receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receivable from Investment Adviser. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Prepaid expenses and other assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Liabilities Payable for investments purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable for capital shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable for distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable for audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable for transfer agent fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable for administration and accounting fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable to custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Payable for legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets Consisted of: Capital stock, $0.01 par value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated net realized loss from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net unrealized appreciation on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Class I: Shares outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net asset value, offering and redemption price per share ($17,464,156 / 1,730,410) . . . . .

The accompanying notes are an integral part of the financial statements. 12

$16,429,479 1,180,872 303,495 159,686 16,278 16,349 18,106,159 594,507 321 14 24,000 7,172 4,995 2,819 1,746 6,429 642,003 $17,464,156 $

17,304 17,294,961 12,152 (271,840) 411,579 $17,464,156

1,730,410 $ 10.09

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Statement of Operations For the Year Ended April 30, 2012

Investment Income Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Expenses Advisory fees (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Administration and accounting fees (Note 2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Registration and filing fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer agent fees (Note 2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Printing and shareholder reporting fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Legal fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Audit fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trustees’ and officers’ fees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Custodian transaction and out of pocket fees (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Other expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total expenses before waivers and reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: waivers and reimbursements (Note 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net expenses after waivers and reimbursements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realized and unrealized gain/(loss) from investments: Net realized loss from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net change in unrealized appreciation on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realized and unrealized gain on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The accompanying notes are an integral part of the financial statements. 13

$ 587,119 587,119 98,460 51,739 46,603 41,440 37,641 35,515 23,946 16,141 13,995 11,319 376,799 (270,765) 106,034 481,085 (180,525) 276,651 96,126 $ 577,211

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Statement of Changes in Net Assets

For the Year Ended April 30, 2012 Increase/(decrease) in net assets from operations: . . . . . . . . . . . . . . Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realized loss from investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net change in unrealized appreciation from investments . . . . . . . . . .

$

Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . Less Dividends and Distributions to Shareholders: Net investment income: Institutional Class . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Increase in Net Assets Derived from Capital Share Transactions (Note 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total increase in net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net assets Beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . End of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accumulated net investment income, end of period. . . . . . . . . . . . . . . *

481,085 (180,525) 276,651

$

185,815 (79,163) 134,928

577,211

241,580

(481,085) (481,085)

(185,815) (185,815)

4,333,832

12,978,433

4,429,958

13,034,198

13,034,198 $17,464,156

— $13,034,198

$

$

12,152

The Fund commenced investment operations on July 23, 2010.

The accompanying notes are an integral part of the financial statements. 14

For the Period Ended April 30, 2011*



ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Financial Highlights

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

Per Share Operating Performance Net asset value, beginning of period. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net investment income(1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net realized and unrealized gain on investments(1) . . . . . . . . . . . . . . . . . . . . . Net increase in net assets resulting from operations . . . . . . . . . . . . . . . . . . . . Dividends and distributions to shareholders from: Net investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net asset value, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total investment return(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio/Supplemental Data Net assets, end of period (000’s omitted) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of expenses to average net assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of expenses to average net assets without waivers and expense reimbursements(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ratio of net investment income to average net assets . . . . . . . . . . . . . . . . . . Portfolio turnover rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . * (1) (2) (3) (4) (5)

For the Year Ended April 30, 2012

For the Period July 23, 2010* to April 30, 2011

$ 10.06

$ 10.00

0.32 0.03 0.35

0.17 0.06 0.23

(0.32) $ 10.09 3.52%

(0.17) $ 10.06 2.29%

$17,464 0.70%

$13,034 0.70%(3)

2.49% 3.18% 50.01%

2.65%(3) 2.24%(3) 98.85%(5)

Commencement of operations. The selected per share data was calculated using the average shares outstanding method for the period. Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns for periods less than one year are not annualized. Annualized. During the period, certain fees were reduced and/or reimbursed. If such fee reductions and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2). Not annualized.

The accompanying notes are an integral part of the financial statements. 15

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements April 30, 2012

1. Organization and Significant Accounting Policies The Estabrook Investment Grade Fixed Income Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), which commenced investment operations on July 23, 2010. The Fund is a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. The Fund offers separate classes of shares, Class A, Class C, Class I and Class R Shares. As of April 30, 2012, Class A, Class C and Class R Shares had not been issued. PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m., Eastern time) on each day the NYSE is open. Securities held by the Fund are valued at their last sale price on the NYSE on the day the security is valued. Lacking any sales on such day, the security will be valued at the mean between the last asked price and the last bid price prior to the market close. Securities listed on other exchanges (and not subject to restriction against sale by the Fund on such exchanges) will be similarly valued, using quotations on the exchange on which the security is traded most extensively. Unlisted securities that are quoted on the National Association of Securities Dealers National Market System, for which there have been sales of such securities on such day, shall be valued at the official closing price on such system on the day the security is valued. If there are no such sales on such day, the value shall be the mean between the last asked price and the last bid price prior to market close. The value of such securities quoted on the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system, but not listed on the National Market System, shall be valued at the mean between closing asked price and the closing bid price. Unlisted securities that are not quoted on the NASDAQ and for which over-the-counter market quotations are readily available will be valued at the mean between the current bid and asked prices for such security in the over-the-counter market. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having a remaining maturity of 60 days or less are generally valued at amortized cost, which approximates fair value. Investments in other open-end investment companies are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Trust’s Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

16

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements (Continued) April 30, 2012



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



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



Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

The fair value of the Fund’s bonds are generally based on quotes received from brokers of 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. The following is a summary of the inputs used, as of April 30, 2012, in valuing the Fund’s investments carried at fair value: Total Value at 04/30/12

Corporate Bonds and Notes . . . U.S. Treasury Obligations. . . . . . Total Investments . . . . . . . . . . . . .

Level 2 Other Significant Observable Inputs

Level 1 Quoted Price

$ 16,127,229 302,250 $ 16,429,479

$ $

— — —

$ 16,127,229 302,250 $ 16,429,479

Level 3 Significant Unobservable Inputs

$ $

— — —

At the end of each calendar 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 Fund’s 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 Fund 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 the year ended April 30, 2012, there were no transfers between Levels 1, 2 and 3 for the Fund. 17

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements (Continued) April 30, 2012

USE OF ESTIMATES — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates and those differences could be material. INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Gains and losses on principal paydowns from mortgage backed securities are recorded as interest income on the Statement of Operations. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. General expenses of the Trust are generally allocated to each fund in proportion to its relative daily net assets. Expenses directly attributable to a particular fund in the Trust are charged directly to such fund. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income are declared and paid monthly to shareholders. Distributions, if any, of net short-term capital gain and net capital gain (the excess of net long-term capital gain over the short-term capital loss) realized by the Fund, after deducting any available capital loss carryovers are declared and paid to its shareholders annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP. These differences include the treatment of non-taxable dividends, expiring capital loss carryforwards and losses deferred due to wash sales and excise tax regulations. Permanent book and tax basis differences relating to shareholder distributions will result in reclassifications within the components of net assets. U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes. OTHER — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote. 2. Transactions with Affiliates and Related Parties Estabrook Capital Management LLC (“Estabrook” or the “Adviser”) serves as the investment adviser 18

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements (Continued) April 30, 2012

to the Fund pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services, the Adviser is paid a monthly fee at the annual rate of 0.65% of the Fund’s average daily net assets. The Adviser has contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding any class-specific fees and expenses, interest, extraordinary items, “Acquired Fund fees and expenses” and brokerage commissions) do not exceed: (i) 0.70% (on an annual basis) of the average daily net assets of the Fund during the period beginning on the date of commencement of operations of the Fund and ending August 31, 2012 and (ii) 1.00% (on an annual basis) of average daily net assets of the Fund during the period beginning on September 1, 2012 and ending August 31, 2014 (the “Expense Limitation”) unless the Board of Trustees approves its earlier termination. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts reduced or reimbursed for a period of up to three (3) years from the year in which the Adviser reduced its compensation and/or assumed expenses for the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation. At April 30, 2012, the amount of potential recovery by the Adviser was as follows: Expiration April 30, 2014

Expiration April 30, 2015

$140,612

$270,765

For the year ended April 30, 2012, investment advisory fees accrued and waived were $98,460 and fees reimbursed by the Adviser were $172,305. BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as administrator and transfer agent for the Fund. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average net assets and is subject to certain minimum monthly fees. For providing transfer agent services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average net assets and is subject to certain minimum monthly fees. The Bank of New York Mellon (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee equal to an annual percentage rate of the Fund’s average net assets and is subject to certain minimum monthly fees. BNY Mellon and the Custodian have the ability to recover such amounts previously waived, if the Fund terminates its agreements with BNY Mellon or the Custodian within three years of signing the agreements.

19

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements (Continued) April 30, 2012

Foreside Funds Distributors LLC (the “Underwriter”), formerly known as BNY Mellon Distributors LLC, provides principal underwriting services to the Fund. The Trust and the Underwriter are parties to an underwriting agreement. For the year ended April 30, 2012, there were no fees paid for the sale of Fund shares. The Trustees of the Trust who are not affiliated with BNY Mellon receive an annual retainer and out-of-pocket expenses for meetings attended.The remuneration paid to the Trustees by the Fund during the year ended April 30, 2012 was $5,389. During the period there were Trustees who were employees of BNY Mellon. They were not entitled to compensation by the Fund during the time of their employment. Effective September 30, 2011, Nicholas M. Marsini, Jr. resigned as a Trustee of the Trust. Certain employees of BNY Mellon are Officers of the Trust. They are not compensated by the Fund or the Trust. 3. Investment in Securities For the year ended April 30, 2012, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows: Investment Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.S. Government Securities. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases

Sales

$11,525,464 291,656

$6,934,186 —

4. Capital Share Transactions For the year ended April 30, 2012 and the period from commencement of operations through April 30, 2011, transactions in capital shares (authorized shares unlimited) were as follows: For the Year Ended April 30, 2012 Shares

Class I Shares Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Reinvestments . . . . . . . . . . . . . . . . . . . . . . . . . . . . Redemptions** . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net increase . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amount

For the Period Ended April 30, 2011* Shares

Amount

401,233 $4,003,121 1,299,809 $13,017,735 48,316 479,170 18,508 185,688 (14,782) (148,459) (22,674) (224,990) 434,767 $4,333,832 1,295,643 $12,978,433

* Class I Shares commenced operations on July 23, 2010. ** There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 90 days or less. The redemption fees are retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in-capital. For the year ended April 30, 2012, there were no redemption fees.

20

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements (Continued) April 30, 2012

5. Federal Tax Information The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. In order to present net asset components on the Statement of Assets and Liabilities that more closely represent their tax character, certain reclassifications are made to the net asset components. Net investment income, net realized gains and net assets were not affected by these adjustments. For the fiscal year ended April 30, 2012, these adjustments were to increase undistributed net investment income and increase accumulated net realized loss by $12,152. These permanent differences were primarily attributable to sales of preferred securities. For the year ended April 30, 2012, the tax character of distributions paid by the Fund was $481,085 of ordinary income dividends. For the period ended April 30, 2011, the tax character of distributions paid by the Fund was $185,815 of ordinary income dividends. Distributions from net investment income and short-term capital gains were treated as ordinary income for federal income tax purposes. As of April 30, 2012, components of distributable earnings on a tax basis were as follows: Capital Loss Carryforward

Undistributed Ordinary Income

Undistributed Long-Term Gain

Unrealized Appreciation/ (Depreciation)

$(271,841)

$14,010



$409,735

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. Short-term capital gains are reported as ordinary income for federal income tax purposes. As of April 30, 2012, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows: Federal tax cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $16,019,744 Gross unrealized appreciation. . . . . . . . . . . . . . . . . Gross unrealized depreciation. . . . . . . . . . . . . . . . . Net unrealized appreciation . . . . . . . . . . . . . . . . . . .

21

$

472,677 (62,942) 409,735

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Notes to Financial Statements (Concluded) April 30, 2012

Accumulated capital losses represent net capital loss carryforwards as of April 30, 2012 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010 (the“Modernization Act”), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. The Fund’s first fiscal year end subject to the Modernization Act is April 30, 2012. As of April 30, 2012, the Fund had capital loss carryforwards of $271,841, of which $4,446 is pre-enactment capital losses and if not utilized against future capital gains, this capital loss carryforward will expire in 2019. Post-enactment capital losses total $267,395, all of which are short-term losses and have an unlimited period of capital loss carryforward. 6. New Accounting Pronouncement In May 2011, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2011-04 “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs.” ASU No. 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and International Financial Reporting Standards (“IFRS”). ASU No. 2011-04 will require reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU No. 2011-04 will require reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. Management is currently evaluating the implications of ASU No. 2011-04 and its impact on the financial statements. 7. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

22

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Report of Independent Registered Public Accounting Firm

To the Board of Trustees of FundVantage Trust and Shareholders of the Estabrook Investment Grade Fixed Income Fund: In our opinion, the accompanying statement of assets and liabilities, including the portfolio of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of the Estabrook Investment Grade Fixed Income Fund (the “Fund”) at April 30, 2012, and the results of its operations, the changes in its net assets and the financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at April 30, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP June 22, 2012

23

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Shareholder Tax Information (Unaudited)

The Fund is required by Subchapter M of the Internal Revenue Code of 1986, as amended, to advise its shareholders within 60 days of the Fund’s fiscal year end (April 30) as of the U.S. federal tax status of distributions received by the Fund’s shareholders in respect of such fiscal year. During the fiscal year ended April 30, 2012, the Fund paid $481,085 of ordinary income dividends to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes. The percentage of ordinary income dividends qualifying for the 15% dividend and interest income tax rate is 5.40%. The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is 97.69%. The percentage of ordinary income dividends qualifying for the corporate dividends received deduction is 5.40%. A total of 0.13% of the dividends distributed during the fiscal year was derived from interest on U.S. government securities, which is generally exempt from state income tax. Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2012. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2013. Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

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ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Other Information (Unaudited)

Proxy Voting Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30 are available without charge, upon request, by calling (888) 447-7443 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov. Quarterly Portfolio Schedules The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended July 31 and January 31) on Form N-Q. The Trust’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the SEC’s Public Reference Room may be obtained by calling 1-800-SEC-0330. Meeting of Shareholders A Special Meeting of Shareholders of the Trust (the “Meeting”) was held on January 9, 2012 to elect five Trustees to the Board of Trustees of the Trust (“the Proposal”). All Trust shareholders of record at the close of business on October 31, 2011 were entitled to attend or submit proxies. As of the record date, the Trust had 151,832,482 shares outstanding. At the Meeting, shareholders elected the five nominees to serve as Trustees of the Board of Trustees of the Trust. The results of the voting for the Proposal were as follows:

Robert J. Christian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Iqbal Mansur . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Donald J. Puglisi . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Stephen M. Wynne . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nancy B. Wolcott . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Shares Voted “FOR”

Shares “WITHHELD”

126,582,827 126,578,118 126,555,390 119,061,523 126,724,201

652,065 656,774 679,502 8,173,369 510,691

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Privacy Notice (Unaudited)

The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account.We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information. We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within FundVantage Trust and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities. To ensure the highest degree of security and confidentiality, FundVantage Trust and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site. If you have questions or comments about our privacy practices, please call us at (888) 447-7443.

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ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Management (Unaudited)

FundVantage Trust (the “Trust”) is governed by a Board of Trustees (the “Trustees”). The primary responsibility of the Trustees is to represent the interest of the Trust’s shareholders and to provide oversight management of the Trust. The following tables present certain information regarding the Trustees and Officers of the Trust. Each person listed under “Interested Trustees” below is an “interested person” of the Trust, an investment adviser of a series of the Trust or the Underwriter within the meaning of the 1940 Act. Each person who is not an “interested person” of the Trust, an investment adviser of a series of the Trust or the Underwriter within the meaning of the 1940 Act is referred to as an “Independent Trustee” and is listed under such heading below. The address of each Trustee and Officer as it relates to the Trust’s business is 760 Moore Road, King of Prussia, PA 19406. The Statement of Additional Information for the Fund contains additional information about the Trustees and is available, without charge, upon request, by calling (888) 447-7443. Name and Date of Birth

Position(s) Held with Trust

Term of Office and Length of Time Served

Principal Occupation(s) for Past Five Years

Number of Funds in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During the Past Five Years

35

Copeland Trust (registered investment company) (1 portfolio); Brandywine Fund Inc.(registered investment company) (1 portfolio); Brandywine Blue Fund Inc. (registered investment company) (2 portfolios); Trustee of Widener University.

INTERESTED TRUSTEES1 STEPHEN M. WYNNE Date of Birth: 1/55

Trustee

Shall serve until death, resignation or removal. Trustee since 2009.

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Retired since December 2010; CEO of US Funds Services, BNY Mellon Asset Servicing from July 2010 to December 2010; Chief Executive Officer of PNC Global Investment Servicing from March 2008 to July 2010; President, PNC Global Investment Servicing 2003 to 2008.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Management (Continued) (Unaudited)

Name and Date of Birth

NANCY B. WOLCOTT Date of Birth: 11/54

Position(s) Held with Trust

Trustee

Term of Office and Length of Time Served

Shall serve until death, resignation or removal. Trustee since 2011.

Principal Occupation(s) for Past Five Years

Head of US Funds Services, BNY Mellon Asset Servicing from July 2010 to present; President of PNC Global Investment Servicing from 2008 to July 2010; Chief Operating Officer of PNC Global Investment Servicing from 2007 to 2008; Executive Vice President of PFPC Worldwide Inc. from 2006 to 2007.

Number of Funds in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During the Past Five Years

35

BNY Mellon International Bank Limited; BNY Mellon Investment Servicing (US) Inc.; BNY Mellon Investment Servicing Trust Company.

1 Prior to March 31, 2012, BNY Mellon Asset Servicing, BNY Mellon Investment Servicing (US) Inc. and the Underwriter were under the common control of The Bank of New York Mellon Corporation. Accordingly, Ms. Wolcott and Mr. Wynne may be deemed “interested persons” of the Underwriter and the Trust as that term is defined in the 1940 Act because of their current or former positions with BNY Mellon Asset Servicing or BNY Mellon Investment Servicing (US) Inc.

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ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Management (Continued) (Unaudited)

Name and Date of Birth

Position(s) Held with Trust

Term of Office and Length of Time Served

Principal Occupation(s) for Past Five Years

Number of Funds in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During the Past Five Years

INDEPENDENT TRUSTEES ROBERT J. CHRISTIAN Date of Birth: 2/49

Trustee and Chairman of the Board

Shall serve until death, resignation or removal. Trustee and Chairman since 2007.

Retired since February 2006; Executive Vice President of Wilmington Trust Company from February 1996 to February 2006; President of Rodney Square Management Corporation (“RSMC”) (investment advisory firm) from 1996 to 2005; Vice President of RSMC from 2005 to 2006.

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WT Mutual Fund (registered investment company) (12 portfolios); Optimum Fund Trust (registered investment company) (6 portfolios); Wilmington Funds (registered investment company) (26 portfolios).

IQBAL MANSUR Date of Birth: 6/55

Trustee

Shall serve until death, resignation or removal. Trustee since 2007.

University Professor, Widener University.

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None

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ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Management (Continued) (Unaudited)

Name and Date of Birth

DONALD J. PUGLISI Date of Birth: 8/45

Position(s) Held with Trust

Trustee

Term of Office and Length of Time Served

Shall serve until death, resignation or removal. Trustee since 2008.

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Principal Occupation(s) for Past Five Years

Managing Director of Puglisi & Associates (financial, administrative and consulting services) from 1973 to present; and MBNA America Professor of Business Emeritus at the University of Delaware from 2001 to present; Commissioner, The State of Delaware Public Service Commission from 1997 to 2004.

Number of Funds in Fund Complex Overseen by Trustee

Other Directorships Held by Trustee During the Past Five Years

35

American Express Receivables Financing Corporation II; BNP US Funding L.L.C.; Merrill Lynch Mortgage Investors, Inc.; and SDG&E Funding LLC; Dole Food Automatic Common Exchange Security Trust; Swift Mandatory Common Exchange Security Trust.

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND Fund Management (Concluded) (Unaudited)

Name and Date of Birth

Position(s) Held with Trust

Term of Office and Length of Time Served

Principal Occupation(s) for Past Five Years

EXECUTIVE OFFICERS JOEL L. WEISS Date of Birth: 1/63

President and Chief Executive Officer

Shall serve until death, resignation or removal. Officer since 2007.

Vice President and Managing Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms since 1993.

JAMES G. SHAW Date of Birth: 10/60

Treasurer and Chief Financial Officer

Shall serve until death, resignation or removal. Officer since 2007.

Vice President and Director of BNY Mellon Investment Servicing (US) Inc. and predecessor firms since 1995.

JENNIFER M. SHIELDS Date of Birth: 7/74

Secretary

Shall serve until death, resignation or removal. Officer since 2008.

Vice President and Counsel Regulatory Administration of BNY Mellon Investment Servicing (US) Inc. and predecessor firms since 2007; Attorney at the law firm of Pepper Hamilton LLP from 2005 to 2007.

SALVATORE FAIA Date of Birth: 12/62

Chief Compliance Officer

Shall serve until death, resignation or removal. Officer since 2007.

President and Founder of Vigilant Compliance Services since 2004.

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Investment Adviser Estabrook Capital Management LLC 875 Third Avenue, 15th Floor New York, NY 10022 Administrator and Fund Accounting Agent BNY Mellon Investment Servicing (US) Inc. 760 Moore Road King of Prussia, PA 19406 Transfer Agent and Dividend Disbursing Agent BNY Mellon Investment Servicing (US) Inc. 4400 Computer Drive Westborough, MA 01581

ESTABROOK INVESTMENT GRADE FIXED INCOME FUND of FundVantage Trust Class I Shares

Underwriter Foreside Funds Distributors LLC 400 Berwyn Park 899 Cassatt Road Berwyn, PA 19132

ANNUAL REPORT April 30, 2012

Custodian The Bank of New York Mellon One Wall Street New York, NY 10286 Independent Registered Public Accounting Firm Pricewaterhouse Coopers LLP Two Commerce Square, Suite 1700 2001 Market Street Philadelphia, PA 19103-7042 Legal Counsel Pepper Hamilton LLP 3000 Two Logan Square 18th and Arch Streets Philadelphia, PA 19103

This report is submitted for the general information of the shareholders of the Estabrook Investment Grade Fixed Income Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Estabrook Investment Grade Fixed Income Fund.