Form 40-17F2 FundVantage Trust Filed by: FundVantage Trust

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-17f-2

Certificate of Accounting of Securities and Similar

Investments in the Custody of

Management Investment Companies

Pursuant to Rule 17f-2 [17 CFR 270.17f-2]

 

 

1. Investment Company Act File Number:   811-22027					Date examination completed:   June 29, 2022
2. State identification Number: N/A
	AL	AK	AZ	AR	CA	CO
	CT	DE	DC	FL	GA	HI
	ID	IL	IN	IA	KS	KY
	LA	ME	MD	MA	MI	MN
	MS	MO	MT	NE	NV	NH
	NJ	NM	NY	NC	ND	OH
	OK	OR	PA	RI	SC	SD
	TN	TX	UT	VT	VA	WA
	WV	WI	WY	PUERTO RICO
	Other (specify):
3. Exact name of investment company as specified in registration statement:   FundVantage Trust
4. Address of principal executive office (number, street, city, state, zip code):   301 Bellevue Parkway, Wilmington, DE 19809

 

INSTRUCTIONS

 

This Form must be completed by investment companies that have custody of securities or similar investments.

 

Investment Company

 

1.

All items must be completed by the investment company.

 

2.

Give this Form to the independent public accountant who, in compliance with Rule 17f-2 under the Act and applicable state law, examines securities and similar investments in the custody of the investment company.

 

Accountant

 

3.

Submit this Form to the Securities and Exchange Commission and appropriate state securities administrators when filing the certificate of accounting required by Rule 17f-2 under the Act and applicable state law. File the original and one copy with the Securities and Exchange Commission’s principal office in Washington, D.C., one copy with the regional office for the region in which the investment company’s principal business operations are conducted, and one copy with the appropriate state administrator(s), if applicable.

 

 

THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT

 

SEC’s Collection of Information

An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number. Filing of Form N-17f- is mandatory for an investment company that has custody of securities or similar investments. Rule 17f-2 under section 17(f) of the Investment Company Act of 1940 requires the investment company to retain an independent public accountant to verify the company’s securities and similar investments by actual examination three times during each fiscal year. The accountant must prepare a certificate stating that the examination has occurred and describing the examination, and must transmit the certificate to the Commission with Form N-17f-2 as a cover sheet. The Commission uses the Form to ensure that the certificate is properly attributed to the investment company. The Commission estimates that the burden of completing Form N-17f-2 is approximately 1.0 hours per filing. Any member of the public may direct to the Commission any comments concerning the accuracy of the burden estimate of this Form, and any suggestions for reducing this burden. This collection of information has been reviewed by the Office of Management and Budget in accordance with the clearance requirements of 44 U.S.C. § 3507. Responses to this collection of information will not be kept confidential.

 

 

Independent Accountant’s Report

 

The Board of Trustees of

FundVantage Trust

 

We have examined management’s assertion, included in the accompanying Report of Management on Compliance with Certain Provisions of the Investment Company Act of 1940, that Verplanck Balanced Fund (the “Fund”), one of the series comprising FundVantage Trust, complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (the Act) as of April 30, 2020. Management is responsible for its assertion about compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act (the specified requirements). Our responsibility is to express an opinion on management’s assertion about the Fund’s compliance with the specified requirements based on our examination.

 

Our examination was conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants (“AICPA”). Those standards require that we plan and perform the examination to obtain reasonable assurance about whether management’s assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether management’s assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of management’s assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.

 

We are required to be independent of Verplanck Balanced Fund and to meet our other ethical responsibilities, as applicable for examination engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA.

 

Included among our procedures were the following tests performed as of April 30, 2020 and with respect to agreement of security purchases and sales, for the period from September 30, 2019 (the date of our last examination), through April 30, 2020:

 

●

Confirmation of all securities maintained by Bank of New York Mellon (“Custodian”);

 

●

Confirmation of all securities held by institutions in book entry form by the Depository Trust Company, the Federal Reserve Bank of New York, Euroclear and Goldman Sachs;

 

●

Confirmation of all securities hypothecated, pledged, placed in escrow or out for transfer with brokers, pledgees or transfer agents;

 

●

Reconciliation of all such securities to the books and records of the Fund and the Custodian;

 

●

Agreement of one security purchase and one security sale or maturity since our last report from the books and records of the Fund to broker confirmations.

 

We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Fund’s compliance with specified requirements.

 

In our opinion, management’s assertion that Verplanck Balanced Fund complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2020, with respect to securities reflected in the investment account of the Fund is fairly stated, in all material respects.

 

This report is intended solely for the information and use of management and the Board of Trustees of FundVantage Trust and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

 

/s/ Ernst & Young LLP

 

Philadelphia, Pennsylvania

June 29, 2022

 

 

Report of Management on Compliance with Certain Provisions of the Investment Company Act of 1940

 

June 29, 2022

 

We, as members of management of Verplanck Balanced Fund (the “Fund”), one of the series comprising FundVantage Trust, are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, “Custody of Investments by Registered Management Investment Companies,” of the Investment Company Act of 1940 (“the Act”). We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Fund’s compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of April 30, 2020 and from September 30, 2019 through April 30, 2020.

 

Based on this evaluation, we assert that the Fund was in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of April 30, 2020 and from September 30, 2019 through April 30, 2020, with respect to securities reflected in the investment account of the Fund.

 

 

Sincerely,

FundVantage Trust

 

 

 

 

 

/s/ Joel L. Weiss
Joel L. Weiss
President and Chief Executive Officer

 

 

 

 

 

/s/ T. Richard Keyes
T. Richard Keyes
Treasurer and Chief Financial Officer

 

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Global CIOs geared up to scale AI but organizations aren’t as ready
• AUTODESK ALERT: Bragar Eagel & Squire, P.C. Announces that a Class Action Lawsuit Has Been Filed Against Autodesk, Inc. and Encourages Investors to Contact the Firm
• The Puerto Rico Financial Services Forum Returns: Pioneering Trends in International Banking and Insurance Centers