FundVantage Trust NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-22027

FundVantage Trust

(Exact name of registrant as specified in charter)

301 Bellevue Parkway

Wilmington, DE 19809

(Address of principal executive offices) (Zip code)

Joel L. Weiss

JW Fund Management LLC

100 Springdale Rd., Suite A3-416

Cherry Hill, NJ 08003

(Name and address of agent for service)

Registrant’s telephone number, including area code: 856-528-3500

Date of fiscal year end: September 30

Date of reporting period: March 31, 2021

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

(a)

The Report to Shareholders is attached herewith.

(b)

Not applicable.

GOTHAM FUNDS

FundVantage Trust

Gotham Absolute Return Fund

Gotham Enhanced Return Fund

Gotham Neutral Fund

Gotham Index Plus Fund

Gotham Large Value Fund

Gotham Enhanced S&P 500 Index Fund

Gotham Hedged Core Fund

SEMI-ANNUAL REPORT

March 31, 2021

(Unaudited)

Important Notice: As permitted by the Securities and Exchange Commission, paper copies of the Gotham Funds’ annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically request paper copies of the shareholder reports from the Gotham Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports are available on the Gotham Funds website (www.GothamFunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future annual and semi-annual shareholder reports in paper, free of charge. To elect to receive paper copies of shareholder reports through the mail or otherwise change your delivery method, contact your financial intermediary or, if you hold your shares directly through the Gotham Funds, call the Gotham Funds toll-free at 1 (877) 974-6852 or write to the Gotham Funds at Gotham Funds, FundVantage Trust, c/o BNY Mellon Investment Servicing, P.O. Box 9829, Providence, RI 02940-8029. Your election to receive shareholder reports in paper will apply to all Gotham Funds that you hold through the financial intermediary, or directly with the Gotham Funds.

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

GOTHAM FUNDS

SEMI-ANNUAL REPORT

AS OF MARCH 31, 2021

TABLE OF CONTENTS


Important Information			1

Performance Data			2

Fund Expense Disclosure			9

Portfolio Holdings Summary Tables			11

Portfolio of Investments			18

Financial Statements:

Statements of Assets and Liabilities			164

Statements of Operations			167

Statements of Changes in Net Assets			169

Statement of Cash Flow			173

Financial Highlights			174

Notes to Financial Statements			182

Other Information			195

Statement Regarding Liquidity Risk Management Program			196

GOTHAM FUNDS

Important Information

The performance data quoted in this report represents past performance and does not guarantee future results. The investment return and principal value of an investment in a Gotham Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained by calling (877) 974-6852.

Each Gotham Fund covered by this report (each a “Fund”) compares its performance to an unmanaged index. An index does not reflect operational and transactional costs which apply to a mutual fund. It is not possible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. Each Fund except Gotham Large Value Fund and Gotham Enhanced S&P 500 Index Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Each Fund, except Gotham Large Value Fund and Gotham Enhanced S&P 500 Index Fund, will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. Gotham Absolute Return Fund, Gotham Enhanced Return Fund, Gotham Neutral Fund and Gotham Index Plus Fund utilize one or more swap agreements in their investment programs. The use of derivatives, such as swaps, exposes a Fund to additional risks including increased volatility, lack of liquidity and possible losses greater than a Fund’s initial investments. Certain Funds may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. Each Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to a Fund. There can be no guarantee that a Fund will achieve its objectives.

A prospective investor should consider the investment objectives, risks, charges and expenses of a Fund carefully before investing. The prospectus and summary prospectus contains this and other information about the Funds, and should be read carefully before investing. A copy of the prospectus or summary prospectus is available at www.GothamFunds.com or by calling (877) 974-6852.

GOTHAM FUNDS

Gotham Absolute Return Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 Year

3 Year

5 Year

Inception

Institutional Class Shares

9.59%

22.25%

2.51%

4.62%

6.44%**

HFRX Equity Hedge Index

10.63%

23.88%

2.10%

4.08%

3.41%*

*	Not Annualized.

**	The Gotham Absolute Return Fund (the “Fund”) commenced operations on August 31, 2012.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Past performance does not guarantee future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.73% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Prior to February 1, 2021, the Expense Limitation was 1.50%. The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the Hedge Fund Research Inc. Equity Hedge Index (“HFRX”). The HFRX is an index of quantitatively-selected hedge funds which maintain positions both long and short in primarily equity and equity derivative securities. Constituents of the HFRX report net of all fees returns.

GOTHAM FUNDS

Gotham Enhanced Return Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 Year

3 Year

5 Year

Inception

Institutional Class Shares

16.13%

38.84%

5.07%

8.41%

9.09%**

S&P 500^®Total Return Index

19.07%

56.35%

16.78%

16.29%

14.31%*

*	Not Annualized.

**	The Gotham Enhanced Return Fund (the “Fund”) commenced operations on May 31, 2013.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.67% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Prior to February 1, 2021, the Expense Limitation was 1.50%. The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Total Return Index (“S&P 500^® Total Return Index”). The S&P 500^® Total Return Index is a market capitalization weighted index of 500 large-capitalization stocks commonly used to represent the U.S. equity market. Its returns reflect reinvested dividends.

GOTHAM FUNDS

Gotham Neutral Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 Year

3 Year

5 Year

Inception

Institutional Class Shares

-2.07%

-4.56%

-5.40%

-2.34%

-0.96%

BofA Merrill Lynch 3-Month U.S. Treasury Bill Index

0.06%

0.12%

1.49%

1.19%

0.81%

***

*	Not Annualized.

**	The Gotham Neutral Fund (the “Fund”) commenced operations on August 30, 2013.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.74% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.50% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.50% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (the “Index”). The Index is an index comprised of a single Treasury bill issue purchased at the beginning of the month and held for a full month, then sold and rolled into a newly selected Treasury bill issue.

GOTHAM FUNDS

Gotham Index Plus Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 Year

3 Year

5 Year

Inception

Institutional Class Shares

17.20%

50.83%

11.33%

13.86%

12.38%*

Investor Class Shares

16.96%

50.39%

11.05%

13.58%

9.51%*

S&P 500^®Total Return Index

19.07%

56.35%

16.78%

16.29%

13.74%*

*	Not Annualized.

**	Institutional Class shares and Investor Class shares of the Gotham Index Plus Fund (the “Fund”) incepted on March 31, 2015 and December 29, 2017, respectively.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Past performance does not guarantee future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class and Investor Class to the value of shares redeemed within 30 days of purchase.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.25% and 1.15% for Institutional Class shares, respectively, and 1.50% and 1.40% for Investor Class shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.15% with respect to Institutional Class shares (on an annual basis) and 0.15% with respect to Investor Class shares (on an annual basis), of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Large Value Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 Year

3 Year

5 Year

Inception

Institutional Class Shares

24.10%

54.73%

12.13%

13.38%

13.47%*

S&P 500^®Total Return Index

19.07%

56.35%

16.78%

16.29%

15.76%*

*	Not Annualized.

**	The Gotham Large Value Fund (the “Fund”) commenced operations on December 31, 2015.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.03% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.75% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Enhanced S&P 500 Index Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 Year

3 years

Inception

Institutional Class Shares

17.06%

50.70%

15.03%

16.52%*

S&P 500^®Total Return Index

19.07%

56.35%

16.78%

16.70%*

*	Not Annualized.

**	The Gotham Enhanced S&P 500 Index Fund (the “Fund”) commenced operations on December 30, 2016.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 0.65% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 0.50% for Institutional Class shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.00% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). Prior to February 1, 2021, the Expense Limitations was 0.50% . The Expense Limitation will remain in place until January 31, 2023, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

GOTHAM FUNDS

Gotham Hedged Core Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six

Since

Months*

1 year

3 Year

Inception

Institutional Class Shares

8.33%

27.98%

7.90%

9.52%**

HFRX Equity Hedge Index

10.63%

23.88%

2.10%

4.01%*

*	Not Annualized.

**	The Gotham Hedged Core Fund (the “Fund”) commenced operations on September 30, 2016.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” is 0.85% for Institutional Class Shares of the Fund’s average daily net assets. This ratio may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.85% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Fund Expense Disclosure

March 31, 2021

(Unaudited)

As a shareholder of a 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 a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from October 1, 2020, and held for the entire period through March 31, 2021.

Actual Expenses

The first line for each Fund in 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 for each Fund in 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.



	Beginning Account Value			Ending Account Value			Annualized			Expenses Paid
	October 1, 2020			March 31, 2021			Expense Ratio*			During Period**
Gotham Absolute Return Fund
Institutional Class
Actual		$	1,000.00		$	1,095.90		1.50	%		$	7.84
Hypothetical (5% return before expenses)			1,000.00			1,017.45		1.50	%			7.54

Gotham Enhanced Return Fund
Institutional Class
Actual		$	1,000.00		$	1,161.30		1.50	%		$	8.08
Hypothetical (5% return before expenses)			1,000.00			1,017.45		1.50	%			7.54

Gotham Neutral Fund
Institutional Class
Actual		$	1,000.00		$	979.30		1.50	%		$	7.40
Hypothetical (5% return before expenses)			1,000.00			1,017.45		1.50	%			7.54

GOTHAM FUNDS

Fund Expense Disclosure (Concluded)

March 31, 2021

(Unaudited)



	Beginning Account Value			Ending Account Value			Annualized			Expenses Paid
	October 1, 2020			March 31, 2021			Expense Ratio*			During Period**
Gotham Index Plus Fund
Institutional Class
Actual		$	1,000.00		$	1,172.00		1.15	%		$	6.23
Hypothetical (5% return before expenses)			1,000.00			1,019.19		1.15	%			5.79
Investor Class
Actual		$	1,000.00		$	1,169.60		1.40	%		$	7.58
Hypothetical (5% return before expenses)			1,000.00			1,017.94		1.40	%			7.05

Gotham Large Value Fund
Institutional Class
Actual		$	1,000.00		$	1,241.00		0.75	%		$	4.19
Hypothetical (5% return before expenses)			1,000.00			1,021.19		0.75	%			3.78

Gotham Enhanced S&P 500 Index Fund
Institutional Class
Actual		$	1,000.00		$	1,170.60		0.50	%		$	2.73
Hypothetical (5% return before expenses)			1,000.00			1,022.42		0.50	%			2.54

Gotham Hedged Core Fund
Institutional Class
Actual		$	1,000.00		$	1,083.30		0.85	%		$	4.41
Hypothetical (5% return before expenses)			1,000.00			1,020.69		0.85	%			4.28

*	Annualized expense ratios include dividend expense on securities sold short and interest expense on securities sold short and borrowings, except for Gotham Large Value Fund and Gotham Enhanced S&P 500 Index Fund, which do not short securities or use leverage.

Expenses are equal to a Fund’s annualized expense ratio, in the table above, which include waived fees or reimbursement expenses for the six-month period ended March 31, 2021, multiplied by the average account value over the period, multiplied by the number of days in the most recent period, then divided by 365 to reflect the period. Hypothetical expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by 365 to reflect the period.

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Absolute Return Fund


	% of Net
	Assets			Value
Common Stocks:
Software & Services		12.5	%		$	58,748,209
Capital Goods		11.8				55,081,041
Retailing		8.8				41,388,477
Media & Entertainment		8.0				37,473,302
Health Care Equipment & Services		6.1				28,495,987
Pharmaceuticals, Biotechnology & Life Sciences		5.8				27,205,898
Technology Hardware & Equipment		5.8				26,944,042
Materials		5.5				25,613,600
Semiconductors & Semiconductor Equipment		4.8				22,458,535
Consumer Durables & Apparel		3.4				15,932,116
Consumer Services		3.4				15,768,364
Food, Beverage & Tobacco		3.3				15,444,816
Energy		3.3				15,284,055
Transportation		2.2				10,502,786
Commercial & Professional Services		2.0				9,186,346
Automobiles & Components		1.9				9,044,858
Food & Staples Retailing		1.7				7,791,791
Utilities		1.6				7,675,230
Household & Personal Products		1.2				5,873,352
Telecommunication Services		1.2				5,599,951
Diversified Financials		1.2				5,487,298
Corporate Bonds and Notes:
Capital Goods		0.0				801

Total Investments		95.5				447,000,855

Other Assets in Excess of Liabilities		4.5				21,165,970

NET ASSETS		100.0	%		$	468,166,825

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Enhanced Return Fund


	% of Net
	Assets			Value
Common Stocks:
Software & Services		13.0	%		$	28,597,250
Capital Goods		10.1				22,341,635
Retailing		8.3				18,310,079
Media & Entertainment		7.8				17,132,009
Health Care Equipment & Services		6.6				14,501,304
Pharmaceuticals, Biotechnology & Life Sciences		5.9				13,033,628
Semiconductors & Semiconductor Equipment		5.5				12,119,808
Technology Hardware & Equipment		5.3				11,680,954
Materials		4.9				10,790,995
Consumer Durables & Apparel		3.4				7,454,276
Food, Beverage & Tobacco		3.3				7,246,422
Energy		3.3				7,224,353
Consumer Services		3.2				7,168,641
Diversified Financials		2.3				5,131,149
Transportation		2.2				4,982,067
Automobiles & Components		2.1				4,698,157
Utilities		2.1				4,638,304
Commercial & Professional Services		1.9				4,109,246
Food & Staples Retailing		1.5				3,428,023
Telecommunication Services		1.3				2,922,222
Household & Personal Products		1.3				2,834,637

Total Common Stocks		95.3				210,345,159

Other Assets in Excess of Liabilities		4.7				10,337,649

NET ASSETS		100.0	%		$	220,682,808

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Neutral Fund


	% of Net
	Assets			Value
Common Stocks:
Capital Goods		14.2	%		$	5,681,956
Retailing		11.2				4,476,718
Software & Services		10.7				4,296,213
Materials		7.9				3,174,389
Health Care Equipment & Services		5.7				2,298,494
Pharmaceuticals, Biotechnology & Life Sciences		4.8				1,933,066
Consumer Durables & Apparel		4.7				1,873,812
Consumer Services		4.6				1,845,179
Media & Entertainment		4.4				1,746,748
Energy		4.2				1,676,619
Technology Hardware & Equipment		4.2				1,663,612
Semiconductors & Semiconductor Equipment		3.8				1,542,029
Food, Beverage & Tobacco		3.0				1,208,690
Commercial & Professional Services		2.8				1,115,249
Transportation		2.1				848,908
Automobiles & Components		2.0				814,795
Food & Staples Retailing		1.6				655,498
Utilities		1.2				490,204
Household & Personal Products		1.2				469,382
Telecommunication Services		0.7				264,925
Diversified Financials		0.5				196,461
Corporate Bonds and Notes:
Capital Goods		0.0				730

Total Investments		95.5				38,273,677

Other Assets in Excess of Liabilities		4.5				1,807,575

NET ASSETS		100.0	%		$	40,081,252

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Index Plus Fund


	% of Net
	Assets			Value
COMMON STOCKS:
Software & Services		11.3	%		$	48,269,891
Capital Goods		10.1				42,918,150
Retailing		8.3				35,544,708
Health Care Equipment & Services		6.0				25,673,738
Media & Entertainment		5.6				23,868,230
Pharmaceuticals, Biotechnology & Life Sciences		5.5				23,471,009
Materials		5.0				21,247,408
Semiconductors & Semiconductor Equipment		4.8				20,331,877
Diversified Financials		4.2				17,977,760
Food, Beverage & Tobacco		3.9				16,663,178
Technology Hardware & Equipment		3.4				14,536,136
Consumer Durables & Apparel		3.2				13,507,862
Banks		3.1				13,433,311
Energy		3.1				13,331,495
Utilities		2.7				11,627,983
Insurance		2.2				9,461,451
Real Estate		2.2				9,386,244
Transportation		2.0				8,369,577
Household & Personal Products		1.8				7,725,013
Commercial & Professional Services		1.7				7,197,363
Consumer Services		1.4				6,173,357
Telecommunication Services		1.4				5,958,208
Food & Staples Retailing		1.3				5,538,617
Automobiles & Components		0.4				1,879,802

Total Common Stocks		94.6				404,092,368

Other Assets in Excess of Liabilities		5.4				23,001,582

NET ASSETS		100.0	%		$	427,093,950

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Large Value Fund


	% of Net
	Assets			Value
COMMON STOCKS:
Capital Goods		14.2	%		$	13,023,433
Retailing		8.4				7,757,593
Food, Beverage & Tobacco		8.3				7,617,198
Materials		7.2				6,648,944
Pharmaceuticals, Biotechnology & Life Sciences		6.7				6,184,037
Diversified Financials		6.5				5,977,321
Semiconductors & Semiconductor Equipment		5.4				4,992,280
Health Care Equipment & Services		5.2				4,784,268
Technology Hardware & Equipment		5.1				4,650,994
Banks		4.4				4,079,776
Software & Services		4.0				3,646,487
Transportation		3.9				3,561,135
Telecommunication Services		2.5				2,279,387
Insurance		2.4				2,177,799
Automobiles & Components		2.4				2,163,584
Media & Entertainment		2.1				1,946,296
Household & Personal Products		2.0				1,871,217
Consumer Durables & Apparel		1.7				1,578,589
Food & Staples Retailing		1.7				1,511,282
Energy		1.6				1,476,166
Utilities		1.3				1,148,486
Commercial & Professional Services		1.0				927,081
Real Estate		0.8				771,421
Consumer Services		0.6				558,889

Total Common Stocks		99.4				91,333,663

Other Assets in Excess of Liabilities		0.6				545,269

NET ASSETS		100.0	%		$	91,878,932

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Enhanced S&P 500 Index Fund


	% of Net
	Assets			Value
COMMON STOCKS:
Software & Services		15.2	%		$	2,029,144
Retailing		11.7				1,556,627
Media & Entertainment		9.2				1,226,692
Technology Hardware & Equipment		9.1				1,209,583
Capital Goods		8.9				1,187,366
Food, Beverage & Tobacco		5.3				704,520
Pharmaceuticals, Biotechnology & Life Sciences		4.7				630,702
Diversified Financials		4.5				602,988
Materials		4.4				585,871
Telecommunication Services		4.4				584,996
Health Care Equipment & Services		4.1				551,459
Semiconductors & Semiconductor Equipment		3.0				399,559
Automobiles & Components		2.4				327,626
Food & Staples Retailing		2.2				295,189
Energy		1.7				225,601
Transportation		1.6				213,053
Household & Personal Products		1.5				198,365
Insurance		1.5				194,884
Real Estate		1.1				141,277
Consumer Durables & Apparel		1.0				135,377
Utilities		1.0				134,794
Banks		0.4				60,302
Commercial & Professional Services		0.4				49,318
Consumer Services		0.2				25,762

Total Common Stocks		99.5				13,271,055

Other Assets in Excess of Liabilities		0.5				71,269

NET ASSETS		100.0	%		$	13,342,324

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Hedged Core Fund


	% of Net
	Assets			Value
LONG POSITIONS:
Common Stocks:
Food, Beverage & Tobacco		23.6	%		$	2,784,627
Capital Goods		14.0				1,652,398
Retailing		12.6				1,489,051
Software & Services		9.4				1,110,643
Pharmaceuticals, Biotechnology & Life Sciences		9.1				1,078,874
Health Care Equipment & Services		9.0				1,063,589
Media & Entertainment		8.4				987,113
Household & Personal Products		8.2				964,442
Technology Hardware & Equipment		7.8				916,398
Materials		6.6				781,158
Food & Staples Retailing		5.8				686,191
Diversified Financials		3.9				457,055
Telecommunication Services		3.6				430,836
Transportation		3.1				361,806
Insurance		2.9				341,599
Utilities		2.5				291,913
Consumer Durables & Apparel		2.2				261,928
Consumer Services		1.8				209,118
Semiconductors & Semiconductor Equipment		1.7				198,914
Automobiles & Components		1.1				130,842
Energy		0.9				103,245
Commercial & Professional Services		0.6				69,158
Real Estate		0.2				24,325
Banks		0.0				487

Total Long Positions		139.0				16,395,710


	% of Net
	Assets			Value
SHORT POSITIONS:
Common Stocks:
Consumer Services		(0.1	)%		$	(9,946	)
Transportation		(0.2	)			(20,775	)
Automobiles & Components		(0.2	)			(24,713	)
Commercial & Professional Services		(0.2	)			(25,890	)
Consumer Durables & Apparel		(0.4	)			(46,525	)
Telecommunication Services		(0.6	)			(70,664	)
Banks		(0.7	)			(78,617	)
Energy		(1.0	)			(114,627	)
Diversified Financials		(1.0	)			(120,460	)
Materials		(1.1	)			(124,594	)
Technology Hardware & Equipment		(1.3	)			(158,637	)
Insurance		(1.4	)			(162,811	)
Real Estate		(1.8	)			(208,407	)
Capital Goods		(1.8	)			(213,082	)
Pharmaceuticals, Biotechnology & Life Sciences		(2.6	)			(308,130	)
Software & Services		(3.5	)			(413,852	)
Semiconductors & Semiconductor Equipment		(3.8	)			(453,114	)
Retailing		(4.0	)			(467,311	)
Health Care Equipment & Services		(5.1	)			(602,851	)
Utilities		(9.5	)			(1,126,416	)

Total Short Positions		(40.3	)			(4,751,422	)

Other Assets in Excess of Liabilities		1.3				151,808

NET ASSETS		100.0	%		$	11,796,096

Portfolio holdings are subject to change at any time.

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number
	of Shares		Value
COMMON STOCKS — 95.5%
Automobiles & Components — 1.9%
Adient PLC (Ireland)*		11,637	$	514,355
American Axle & Manufacturing Holdings, Inc.*		59,946		579,078
Aptiv PLC (Jersey)*		4,666		643,441
BorgWarner, Inc.		1,287		59,665
Cooper Tire & Rubber Co.		2,414		135,136
Ford Motor Co.*		174,381		2,136,167
General Motors Co.		37,795		2,171,701
Gentex Corp.		14,295		509,903
Gentherm, Inc.*		3,310		245,304
Magna International, Inc. (Canada)		13,192		1,161,424
Tenneco, Inc., Class A*		39,880		427,514
Visteon Corp.*		2,460		299,997
Winnebago Industries, Inc.		2,097		160,861
XPEL, Inc.*		6		312

				9,044,858

Capital Goods — 11.8%
3M Co.^(a)		12,097		2,330,850
A.O. Smith Corp.		2,871		194,108
Acuity Brands, Inc.		3,056		504,240
Advanced Drainage Systems, Inc.		6,028		623,235
AECOM*		15,009		962,227
AeroVironment, Inc.*		1,763		204,614
Alamo Group, Inc.		209		32,635
Albany International Corp., Class A		668		55,758
Altra Industrial Motion Corp.		2,037		112,687
AMETEK, Inc.		10,877		1,389,319
Apogee Enterprises, Inc.		3,673		150,152
Applied Industrial Technologies, Inc.		1,652		150,613
Atkore, Inc.*		7,089		509,699
Ballard Power Systems, Inc. (Canada)*		5,003		121,773
Barnes Group, Inc.		1,931		95,662
Beacon Roofing Supply, Inc.*		3,355		175,534
Boise Cascade Co.		1,357		81,189
Chart Industries, Inc.*		5,143		732,106
Colfax Corp.^(a)*		44,358		1,943,324
Cubic Corp.		4,132		308,123
Cummins, Inc.		1,386		359,126
Deere & Co.^(a)		6,079		2,274,397
Donaldson Co., Inc.		2,899		168,606
Dover Corp.		8,710		1,194,402
Dycom Industries, Inc.*		10,578		982,167


	Number
	of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Eaton Corp. PLC (Ireland)		4,438	$	613,687
EMCOR Group, Inc.		3,263		365,978
Emerson Electric Co.		17,521		1,580,745
Enerpac Tool Group Corp.		216		5,642
EnerSys		420		38,136
Fastenal Co.		2,700		135,756
Flowserve Corp.		14,606		566,859
Fortive Corp.		12,358		872,969
Fortune Brands Home & Security, Inc.		14,072		1,348,379
Franklin Electric Co., Inc.		3,736		294,920
Generac Holdings, Inc.*		856		280,297
General Dynamics Corp.		4,631		840,804
Gibraltar Industries, Inc.*		2,536		232,069
GMS, Inc.*		2,371		98,989
Granite Construction, Inc.		3,166		127,432
HEICO Corp.		665		83,657
Herc Holdings, Inc.*		861		87,245
Honeywell International, Inc.		5,405		1,173,263
Howmet Aerospace, Inc.^(a)*		137,356		4,413,248
Huntington Ingalls Industries, Inc.		1,555		320,097
Illinois Tool Works, Inc.		342		75,760
Ingersoll Rand, Inc.*		4,101		201,810
John Bean Technologies Corp.		69		9,200
Johnson Controls International PLC (Ireland)		7,034		419,719
Lockheed Martin Corp.^(a)		5,486		2,027,077
Masco Corp.		24,840		1,487,916
Masonite International Corp. (Canada)*		1,604		184,845
MasTec, Inc.*		6,112		572,694
Middleby Corp. (The)*		5,550		919,912
MRC Global, Inc.*		7,040		63,571
MSC Industrial Direct Co., Inc., Class A		1,342		121,035
Mueller Industries, Inc.		6,382		263,896
Nordson Corp.		1,015		201,660
Northrop Grumman Corp.		2,955		956,356
NOW, Inc.*		27,102		273,459
nVent Electric PLC (Ireland)		3,326		92,829
Owens Corning		7,526		693,069
PACCAR, Inc.		1,156		107,416
Parker-Hannifin Corp.		2,427		765,549
Pentair PLC (Ireland)		22,499		1,402,138

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Primoris Services Corp.		1,565	$	51,848
Quanta Services, Inc.^(a)		24,949		2,195,013
RBC Bearings, Inc.*		887		174,535
Regal Beloit Corp.		1,693		241,557
REV Group, Inc.		917		17,570
Rexnord Corp.		4,172		196,459
Sensata Technologies Holding PLC (United Kingdom)*		759		43,984
Simpson Manufacturing Co., Inc.		5,904		612,422
SiteOne Landscape Supply, Inc.*		934		159,471
Snap-on, Inc.		4,820		1,112,167
Stanley Black & Decker, Inc.		5,573		1,112,761
Toro Co. (The)		2,593		267,442
TPI Composites, Inc.*		6,058		341,853
Trane Technologies PLC (Ireland)		10,635		1,760,731
TransDigm Group, Inc.*		2,664		1,566,219
UFP Industries, Inc.		5,860		444,422
United Rentals, Inc.^(a)*		9,799		3,226,909
Univar Solutions, Inc.*		18,271		393,557
Valmont Industries, Inc.		2,063		490,313
Wabash National Corp.		10,040		188,752
Watsco, Inc.		633		165,055
Westinghouse Air Brake Technologies Corp.		1,070		84,701
WW Grainger, Inc.		296		118,675
Xylem, Inc.		1,312		137,996

				55,081,041

Commercial & Professional Services — 2.0%
ABM Industries, Inc.		8,252		420,935
ASGN, Inc.*		158		15,080
Booz Allen Hamilton Holding Corp.		1,686		135,774
Brady Corp., Class A		37		1,978
Brink’s Co. (The)		1,332		105,534
CACI International, Inc., Class A*		827		203,988
CBIZ, Inc.*		628		20,510
Cimpress PLC (Ireland)*		6,362		637,027
Cintas Corp.		564		192,499
Clean Harbors, Inc.*		2,386		200,567
Copart, Inc.*		3,393		368,514
CoreLogic, Inc.		6,482		513,698
Covanta Holding Corp.		64,287		891,018
FTI Consulting, Inc.*		695		97,376
Healthcare Services Group, Inc.		21,127		592,190


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
ICF International, Inc.		485	$	42,389
Jacobs Engineering Group, Inc.		4,110		531,300
ManpowerGroup, Inc.		5,636		557,400
Nielsen Holdings PLC (United Kingdom)		21,378		537,657
Republic Services, Inc.		8,150		809,702
Robert Half International, Inc.		2,631		205,402
Rollins, Inc.		10,520		362,098
Science Applications International Corp.		2,672		223,352
Steelcase, Inc., Class A		14,426		207,590
Thomson Reuters Corp. (Canada)		6,908		604,934
TransUnion		1,152		103,680
TriNet Group, Inc.*		3,914		305,135
UniFirst Corp.		719		160,847
Verisk Analytics, Inc.		782		138,172

				9,186,346

Consumer Durables & Apparel — 3.4%
BRP, Inc. (Canada)		4		348
Brunswick Corp.		5,987		570,980
Callaway Golf Co.		2,173		58,128
Capri Holdings Ltd. (British Virgin Islands)*		17,555		895,305
Cavco Industries, Inc.*		401		90,470
Crocs, Inc.*		1,189		95,655
Deckers Outdoor Corp.*		1,224		404,434
DR Horton, Inc.		13,913		1,239,927
Garmin Ltd. (Switzerland)		6,295		829,996
G-III Apparel Group Ltd.*		14,607		440,255
Gildan Activewear, Inc. (Canada)		4,522		138,645
Hanesbrands, Inc.		6,985		137,395
Hasbro, Inc.		1,903		182,916
Helen of Troy Ltd. (Bermuda)*		235		49,505
Kontoor Brands, Inc.		11,655		565,617
La-Z-Boy, Inc.		7,122		302,543
Lovesac Co. (The)*		1,033		58,468
Mattel, Inc.*		6,549		130,456
Mohawk Industries, Inc.^(a)*		10,957		2,107,141
Newell Brands, Inc.		7,883		211,107
NIKE, Inc., Class B		8,092		1,075,346
Polaris, Inc.		2,033		271,406
PulteGroup, Inc.		10,711		561,685
PVH Corp.		5,359		566,446
Skyline Champion Corp.*		184		8,328

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Smith & Wesson Brands, Inc.		25,894	$	451,850
Sonos, Inc.*		13,907		521,095
Steven Madden Ltd.		28,342		1,056,023
Sturm Ruger & Co., Inc.		8,260		545,738
Tapestry, Inc.		6,867		282,989
Tempur Sealy International, Inc.		27,112		991,215
TopBuild Corp.*		203		42,514
Tupperware Brands Corp.*		8,156		215,400
Under Armour, Inc., Class C*		408		7,532
Whirlpool Corp.		2,166		477,278
YETI Holdings, Inc.*		4,819		347,980

				15,932,116

Consumer Services — 3.4%
Adtalem Global Education, Inc.*		12,906		510,303
Airbnb, Inc., Class A*		3,719		698,949
Bloomin’ Brands, Inc.*		50,111		1,355,503
Boyd Gaming Corp.*		15,873		935,872
Chipotle Mexican Grill, Inc.*		263		373,676
Chuy’s Holdings, Inc.*		265		11,745
Dine Brands Global, Inc.		12,559		1,130,687
Graham Holdings Co., Class B		405		227,788
Grand Canyon Education, Inc.*		4,323		462,993
Jack in the Box, Inc.		4,205		461,625
Laureate Education, Inc., Class A*		39,408		535,555
Marriott International, Inc., Class A*		5,821		862,148
McDonald’s Corp.		7,131		1,598,342
MGM Resorts International		45,152		1,715,324
Papa John’s International, Inc.		3,992		353,851
Penn National Gaming, Inc.*		5,507		577,354
Perdoceo Education Corp.*		33,251		397,682
Red Rock Resorts, Inc., Class A		33,854		1,103,302
Service Corp. International		7,592		387,572
Strategic Education, Inc.		3,426		314,884
Wendy’s Co. (The)		13,121		265,831
Wingstop, Inc.		610		77,574
WW International, Inc.*		625		19,550
Wyndham Hotels & Resorts, Inc.		3,253		226,994
Yum! Brands, Inc.		10,753		1,163,260

				15,768,364

Diversified Financials — 1.2%
Berkshire Hathaway, Inc., Class B*		1,510		385,760
BlackRock, Inc.		1,383		1,042,727
Donnelley Financial Solutions, Inc.*		854		23,767


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Federated Hermes, Inc.		4,131	$	129,300
Intercontinental Exchange, Inc.		6,038		674,324
Invesco Ltd. (Bermuda)		7,989		201,483
Morningstar, Inc.		478		107,569
Nasdaq, Inc.		6,177		910,860
S&P Global, Inc.		3,519		1,241,750
Sprott, Inc. (Canada)		157		5,966
T Rowe Price Group, Inc.		4,451		763,792

				5,487,298

Energy — 3.3%
Antero Midstream Corp.		64,278		580,430
Antero Resources Corp.*		25,791		263,068
APA Corp.		49,791		891,259
Archrock, Inc.		8,404		79,754
Cactus, Inc., Class A		7,894		241,714
Callon Petroleum Co.*		839		32,343
Canadian Natural Resources Ltd. (Canada)		10,403		321,141
Cenovus Energy, Inc. (Canada)		17,321		130,254
Centennial Resource Development, Inc., Class A*		6,511		27,346
Cheniere Energy, Inc.*		2,169		156,190
Clean Energy Fuels Corp.*		19,823		272,368
Core Laboratories NV (Netherlands)		8,064		232,163
Devon Energy Corp.		42,748		934,044
DHT Holdings, Inc. (Marshall Islands)		37,682		223,454
EOG Resources, Inc.		14,849		1,076,998
Exxon Mobil Corp.		17,027		950,617
Green Plains, Inc.*		5,558		150,455
Halliburton Co.		54,539		1,170,407
Kosmos Energy Ltd.		176,404		541,560
Magnolia Oil & Gas Corp., Class A*		20,055		230,231
Marathon Oil Corp.		84,587		903,389
Marathon Petroleum Corp.		8,370		447,711
New Fortress Energy, Inc.		4,953		227,392
NexTier Oilfield Solutions, Inc.*		1,260		4,687
NOV, Inc.		12,689		174,093
Occidental Petroleum Corp.		65,444		1,742,119
Oceaneering International, Inc.*		14,366		164,060
Range Resources Corp.*		47,086		486,398
SM Energy Co.		30,824		504,589
Targa Resources Corp.		4,259		135,223
TechnipFMC PLC (United Kingdom)		364		2,810

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Vermilion Energy, Inc. (Canada)		14,802	$	107,759
Whiting Petroleum Corp.*		2,199		77,955
Williams Cos., Inc. (The)		45,887		1,087,063
World Fuel Services Corp.		20,256		713,011

				15,284,055

Food & Staples Retailing — 1.7%
Costco Wholesale Corp.		2,812		991,174
Kroger Co. (The)		22,605		813,554
PriceSmart, Inc.		175		16,931
Sprouts Farmers Market, Inc.*		13,930		370,817
Sysco Corp.		7,273		572,676
United Natural Foods, Inc.*		15,812		520,847
US Foods Holding Corp.*		5,611		213,891
Walgreens Boots Alliance, Inc.		13,887		762,396
Walmart, Inc.^(a)		25,842		3,510,119
Weis Markets, Inc.		343		19,386

				7,791,791

Food, Beverage & Tobacco — 3.3%
Altria Group, Inc.		23,358		1,194,995
Archer-Daniels-Midland Co.		3,417		194,769
Bunge Ltd. (Bermuda)		3,253		257,865
Coca-Cola Co. (The)		24,322		1,282,013
Coca-Cola Consolidated, Inc.		145		41,873
Conagra Brands, Inc.		13,525		508,540
Constellation Brands, Inc., Class A		6,915		1,576,620
Darling Ingredients, Inc.*		3,486		256,500
Flowers Foods, Inc.		6,190		147,322
General Mills, Inc.		10,209		626,016
Hain Celestial Group, Inc. (The)*		6,263		273,067
JM Smucker Co. (The)		7,594		960,869
Kellogg Co.		6,001		379,863
Kraft Heinz Co. (The)		43,134		1,725,360
Molson Coors Beverage Co., Class B		2,654		135,752
Mondelez International, Inc., Class A		17,357		1,015,905
Monster Beverage Corp.*		22,486		2,048,250
PepsiCo, Inc.		7,043		996,232
Philip Morris International, Inc.		9,477		840,989
SunOpta, Inc. (Canada)*		7,031		103,848
Tyson Foods, Inc., Class A		11,427		849,026
Vector Group Ltd.		2,089		29,142

				15,444,816

Health Care Equipment & Services — 6.1%
Abbott Laboratories		9,838		1,178,986


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Acadia Healthcare Co., Inc.*		2,833	$	161,878
Align Technology, Inc.*		1,079		584,311
Allscripts Healthcare Solutions, Inc.*		9,927		149,054
AmerisourceBergen Corp.		210		24,795
AngioDynamics, Inc.*		92		2,153
Anthem, Inc.		3,166		1,136,436
Becton Dickinson and Co.		3,618		879,717
BioLife Solutions, Inc.*		827		29,772
Cerner Corp.		9,813		705,358
Chemed Corp.		161		74,031
Community Health Systems, Inc.*		8,164		110,377
CONMED Corp.		907		118,445
CorVel Corp.*		5		513
CVS Health Corp.		6,514		490,048
Danaher Corp.		6,667		1,500,608
DaVita, Inc.*		2,637		284,189
DENTSPLY SIRONA, Inc.		4,615		294,483
Ensign Group, Inc. (The)		1,730		162,343
Envista Holdings Corp.*		5,056		206,285
Fulgent Genetics, Inc.*		4,752		459,138
Glaukos Corp.*		924		77,551
HCA Healthcare, Inc.		6,174		1,162,811
Hill-Rom Holdings, Inc.		1,500		165,720
Hologic, Inc.^(a)*		31,763		2,362,532
Humana, Inc.		1,861		780,224
ICU Medical, Inc.*		702		144,219
IDEXX Laboratories, Inc.*		2,371		1,160,154
Laboratory Corp. of America Holdings*		4,550		1,160,386
LeMaitre Vascular, Inc.		626		30,536
McKesson Corp.		3,938		768,068
Medtronic PLC (Ireland)		13,279		1,568,648
Meridian Bioscience, Inc.*		5,709		149,861
Merit Medical Systems, Inc.*		4,764		285,268
ModivCare , Inc.*		957		141,751
Natus Medical, Inc.*		1,142		29,247
Omnicell, Inc.*		4,027		522,986
Option Care Health, Inc.*		1,299		23,044
Owens & Minor, Inc.		5,831		219,187
Patterson Cos., Inc.		37,671		1,203,588
Progyny, Inc.*		609		27,107
Quest Diagnostics, Inc.		3,674		471,521
Quidel Corp.*		2,938		375,858

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Select Medical Holdings Corp.*		21,554	$	734,991
STERIS PLC (Ireland)		887		168,956
Stryker Corp.		1,968		479,365
Teladoc Health, Inc.*		1,716		311,883
Tenet Healthcare Corp.*		8,781		456,612
Tivity Health, Inc.*		26,190		584,561
UnitedHealth Group, Inc.		4,677		1,740,171
Universal Health Services, Inc., Class B		4,609		614,795
Us Physical Therapy, Inc.		3		312
Varian Medical Systems, Inc.*		6,502		1,147,798
Veeva Systems, Inc., Class A*		515		134,539
Vocera Communications, Inc.*		1,150		44,229
West Pharmaceutical Services, Inc.		2,465		694,588

				28,495,987

Household & Personal Products — 1.2%
BellRing Brands, Inc., Class A*		20		472
Clorox Co. (The)		3,477		670,644
Colgate-Palmolive Co.		17,933		1,413,658
Edgewell Personal Care Co.		2,845		112,662
elf Beauty, Inc.*		12,591		337,817
Estee Lauder Cos., Inc. (The), Class A		4,169		1,212,554
Inter Parfums, Inc.		543		38,515
Procter & Gamble Co. (The)		12,372		1,675,540
Spectrum Brands Holdings, Inc.		3,375		286,875
WD-40 Co.		407		124,615

				5,873,352

Materials — 5.5%
Agnico Eagle Mines Ltd. (Canada)		1,308		75,615
Allegheny Technologies, Inc.*		37,281		785,138
Amcor PLC (Jersey)		34,690		405,179
Ashland Global Holdings, Inc.		2,434		216,066
Avient Corp.		36,412		1,721,195
Balchem Corp.		3		376
Barrick Gold Corp. (Canada)		15,432		305,554
Berry Global Group, Inc.*		2,974		182,604
Cabot Corp.		881		46,200
Carpenter Technology Corp.		10,562		434,626
CF Industries Holdings, Inc.		13,097		594,342
Chemours Co. (The)		40,061		1,118,103
Coeur Mining, Inc.*		5,007		45,213
Commercial Metals Co.		22,824		703,892
Corteva, Inc.		6,312		294,265


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Crown Holdings, Inc.		3,023	$	293,352
Dow, Inc.		19,902		1,272,534
DuPont de Nemours, Inc.		2,705		209,042
Eastman Chemical Co.		3,519		387,512
Element Solutions, Inc.		1,800		32,922
First Majestic Silver Corp. (Canada)*		10,079		157,031
FMC Corp.		2,355		260,487
Franco-Nevada Corp. (Canada)		1,601		200,589
Freeport-McMoRan, Inc.		53,111		1,748,945
IAMGOLD Corp. (Canada)*		75,444		224,823
Ingevity Corp.*		5,147		388,753
Innospec, Inc.		1,026		105,360
International Paper Co.		10,765		582,064
Kaiser Aluminum Corp.		1,138		125,749
Kinross Gold Corp. (Canada)		77,618		517,712
Kraton Corp.*		8,767		320,785
Linde PLC (Ireland)		7,296		2,043,901
Louisiana-Pacific Corp.		2,312		128,224
Martin Marietta Materials, Inc.		1,289		432,872
Newmont Corp.		16,785		1,011,632
Nucor Corp.		8,330		668,649
Nutrien Ltd. (Canada)		2,917		157,197
O-I Glass, Inc.*		50,144		739,123
Pan American Silver Corp. (Canada)		19,561		587,417
PPG Industries, Inc.		6,327		950,695
PQ Group Holdings, Inc.		323		5,394
Pretium Resources, Inc. (Canada)*		31,584		327,526
Ranpak Holdings Corp.*		1,009		20,241
Reliance Steel & Aluminum Co.		722		109,953
RPM International, Inc.		3,909		359,042
Sealed Air Corp.		9,273		424,889
Sensient Technologies Corp.		3,779		294,762
Sherwin-Williams Co. (The)		2,341		1,727,681
Sonoco Products Co.		1,384		87,607
Southern Copper Corp.		2,979		202,185
Summit Materials, Inc., Class A*		3,585		100,452
Trinseo SA (Luxembourg)		3,415		217,433
United States Steel Corp.		24,879		651,083
Westrock Co.		3,495		181,915
Worthington Industries, Inc.		6,375		427,699

				25,613,600

Media & Entertainment — 8.0%
Activision Blizzard, Inc.		6,580		611,940

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Alphabet, Inc., Class A^(a)*		3,436	$	7,086,819
AMC Networks, Inc., Class A*		207		11,004
Cable One, Inc.		106		193,806
Cargurus, Inc.*		4,676		111,429
Charter Communications, Inc., Class A^(a)*		3,677		2,268,783
DISH Network Corp., Class A*		30,368		1,099,322
EW Scripps Co. (The), Class A		2,166		41,739
Facebook, Inc., Class A^(a)*		35,455		10,442,561
Fox Corp., Class A		28,743		1,037,910
Glu Mobile, Inc.*		982		12,255
Gray Television, Inc.		6,266		115,294
Interpublic Group of Cos., Inc. (The)		30,767		898,396
Lions Gate Entertainment Corp., Class B (Canada)*		1,532		19,763
Madison Square Garden Sports Corp.*		2,323		416,886
Meredith Corp.*		5,462		162,658
MSG Networks, Inc., Class A*		1,795		26,997
Netflix, Inc.^(a)*		6,804		3,549,375
News Corp., Class A^(a)		103,007		2,619,468
Nexstar Media Group, Inc., Class A		2,295		322,287
TechTarget, Inc.*		1,579		109,662
TEGNA, Inc.		13,662		257,255
Twitter, Inc.^(a)*		54,117		3,443,465
ViacomCBS, Inc., Class B		2,511		113,246
Walt Disney Co. (The)^(a)*		11,980		2,210,550
Warner Music Group Corp., Class A		8,460		290,432

				37,473,302

Pharmaceuticals, Biotechnology & Life Sciences — 5.8%
AbbVie, Inc.		8,272		895,196
Agilent Technologies, Inc.		5,940		755,212
Alexion Pharmaceuticals, Inc.*		6,093		931,681
Avantor, Inc.*		6,725		194,554
Bausch Health Cos., Inc. (Canada)*		3,249		103,123
Biogen, Inc.*		2,635		737,141
Bio-Rad Laboratories, Inc., Class A*		1,489		850,472
Blueprint Medicines Corp.*		1,024		99,564
Denali Therapeutics, Inc.*		7,857		448,635
Emergent BioSolutions, Inc.*		3,233		300,378
Essa Pharma, Inc. (Canada)*		154		4,474
Gilead Sciences, Inc.		17,019		1,099,938
Halozyme Therapeutics, Inc.*		11,127		463,885


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
HEICO Corp. (Canada)*		58,641	$	379,994
Horizon Therapeutics PLC (Ireland)*		14,094		1,297,212
Illumina, Inc.*		749		287,661
ImmunoGen, Inc.*		18,529		150,085
Innoviva, Inc.*		12,242		146,292
Jazz Pharmaceuticals PLC (Ireland)* .		3,657		601,101
Johnson & Johnson^(a)		11,275		1,853,046
Luminex Corp.		2,598		82,876
MacroGenics, Inc.*		4,011		127,750
Merck & Co., Inc.^(a)		34,342		2,647,425
Mettler-Toledo International, Inc.*		136		157,174
Morphic Holding, Inc.*		535		33,855
Ocular Therapeutix, Inc.*		9,316		152,876
PerkinElmer, Inc.		15,163		1,945,261
Pfizer, Inc.^(a)		101,706		3,684,808
Precigen, Inc.*		282		1,943
Prestige Consumer Healthcare, Inc.*		4,672		205,942
Prothena Corp. PLC (Ireland)*		1,915		48,105
Sage Therapeutics, Inc.*		7,906		591,764
Seagen, Inc.*		5,077		704,992
Thermo Fisher Scientific, Inc.^(a)		5,986		2,731,891
Translate Bio, Inc.*		5,349		88,205
United Therapeutics Corp.*		3,413		570,893
Vanda Pharmaceuticals, Inc.*		1,337		20,082
Waters Corp.*		2,306		655,296
Zoetis, Inc.		7,335		1,155,116

				27,205,898

Retailing — 8.8%
Abercrombie & Fitch Co., Class A		7,369		252,830
Advance Auto Parts, Inc.		2,041		374,503
Amazon.com, Inc.^(a)*		1,656		5,123,796
American Eagle Outfitters, Inc.		21,928		641,175
AutoNation, Inc.*		5,264		490,710
AutoZone, Inc.*		479		672,660
Best Buy Co., Inc.		2,059		236,394
Booking Holdings, Inc.^(a)*		1,248		2,907,640
Boot Barn Holdings, Inc.*		1,862		116,021
Buckle, Inc. (The)		10,362		407,019
Caleres, Inc.		359		7,826
Citi Trends, Inc.		1,307		109,500
Dillard’s, Inc., Class A		909		87,782
Dollar General Corp.		2,289		463,797
Dollar Tree, Inc.*		3,533		404,387

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
eBay, Inc.^(a)		51,192	$	3,134,998
Etsy, Inc.*		11,639		2,347,237
Expedia Group, Inc.		4,877		839,429
Foot Locker, Inc.		1,318		74,137
Gap, Inc. (The)		18,278		544,319
Genuine Parts Co.		7,793		900,793
Group 1 Automotive, Inc.		2,231		352,029
Guess?, Inc.		38,324		900,614
Home Depot, Inc. (The)		4,701		1,434,980
L Brands, Inc.^(a)*		57,631		3,565,054
Lands’ End, Inc.*		24		595
LKQ Corp.*		13,615		576,323
Lowe’s Cos., Inc.^(a)		16,009		3,044,592
Macy’s, Inc.		40,988		663,596
Murphy USA, Inc.		4,918		710,946
National Vision Holdings, Inc.*		4,768		208,981
ODP Corp. (The)*		3,096		134,026
Ollie’s Bargain Outlet Holdings, Inc.*		3,092		269,004
O’Reilly Automotive, Inc.*		1,176		596,526
Overstock.com, Inc.*		2,308		152,928
Quotient Technology, Inc.*		2,572		42,026
Qurate Retail, Inc., Series A		61,066		718,136
Shoe Carnival, Inc.		111		6,869
Shutterstock, Inc.		7,275		647,766
Signet Jewelers Ltd. (Bermuda)*		66,431		3,851,669
Sleep Number Corp.*		4,359		625,473
Sonic Automotive, Inc., Class A		23,743		1,176,941
Stamps.com, Inc.*		645		128,684
Target Corp.		2,531		501,315
Urban Outfitters, Inc.*		6,080		226,115
Wayfair, Inc., Class A*		1,184		372,664
Zumiez, Inc.*		8,011		343,672

				41,388,477

Semiconductors & Semiconductor Equipment — 4.8%
Alpha & Omega Semiconductor Ltd. (Bermuda)*		96		3,139
Amkor Technology, Inc.		24,352		577,386
Analog Devices, Inc.		600		93,048
Applied Materials, Inc.		12,579		1,680,554
Axcelis Technologies, Inc.*		3,357		137,939
Broadcom, Inc.		1,165		540,164
Cohu, Inc.*		4,394		183,845
Enphase Energy, Inc.*		1,050		170,268
First Solar, Inc.*		2,746		239,726


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Intel Corp.		15,169	$	970,816
KLA Corp.		4,773		1,576,999
MACOM Technology Solutions Holdings, Inc.*		28,699		1,665,116
Marvell Technology Group Ltd. (Bermuda)		12,437		609,164
Maxim Integrated Products, Inc.		15,353		1,402,804
Microchip Technology, Inc.		3,169		491,892
Monolithic Power Systems, Inc.		920		324,953
NXP Semiconductors NV (Netherlands)		10,134		2,040,380
ON Semiconductor Corp.*		11,129		463,078
Qorvo, Inc.*		1,041		190,191
QUALCOMM, Inc.^(a)		20,639		2,736,525
Rambus, Inc.*		8,579		166,776
Skyworks Solutions, Inc.^(a)		11,133		2,042,683
SMART Global Holdings, Inc. (Cayman Islands)*		377		17,350
Synaptics, Inc.*		12,551		1,699,656
Teradyne, Inc.		3,061		372,462
Texas Instruments, Inc.		6,699		1,266,044
Ultra Clean Holdings, Inc.*		7,696		446,676
Veeco Instruments, Inc.*		1,822		37,788
Xilinx, Inc.		2,511		311,113

				22,458,535

Software & Services — 12.5%
Accenture PLC, Class A (Ireland)		5,802		1,602,802
ACI Worldwide, Inc.*		1,587		60,385
Adobe, Inc.*		4,314		2,050,746
Alliance Data Systems Corp.		2,278		255,341
Amdocs, Ltd. (Guernsey)		2,264		158,820
Aspen Technology, Inc.*		1,115		160,928
Autodesk, Inc.*		1,296		359,186
Automatic Data Processing, Inc.		7,809		1,471,762
Blackbaud, Inc.*		5,369		381,629
Brightcove, Inc.*		1,734		34,888
Broadridge Financial Solutions, Inc.		8,281		1,267,821
Cadence Design Systems, Inc.^(a)*		16,399		2,246,499
CDK Global, Inc.		462		24,976
Cerence, Inc.*		4,122		369,249
CGI, Inc. (Canada)*		2,738		227,856
Cloudera, Inc.*		1,383		16,831
CommVault Systems, Inc.*		59		3,805

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Cornerstone OnDemand, Inc.*		3,013	$	131,307
Crowdstrike Holdings, Inc., Class A*		1,690		308,442
CSG Systems International, Inc.		1,942		87,176
Descartes Systems Group, Inc. (The) (Canada)*		513		31,247
Digital Turbine, Inc.*		6,464		519,447
Dynatrace, Inc.*		7,791		375,838
Fiserv, Inc.*		11,081		1,319,082
FleetCor Technologies, Inc.*		429		115,242
Fortinet, Inc.*		6,775		1,249,446
Gartner, Inc.*		6,338		1,157,002
Globant SA (Luxembourg)*		244		50,657
InterDigital, Inc.		2,584		163,955
International Business Machines Corp.		8,848		1,179,084
Jack Henry & Associates, Inc.		2,318		351,687
Manhattan Associates, Inc.*		1,099		129,001
Mastercard, Inc., Class A		1,227		436,873
McAfee Corp., Class A		380		8,641
Microsoft Corp.^(a)		20,048		4,726,717
NortonLifeLock, Inc.		54,900		1,167,174
Open Text Corp. (Canada)		9,946		474,524
Oracle Corp.^(a)		89,163		6,256,568
Paychex, Inc.^(a)		25,176		2,467,752
Paylocity Holding Corp.*		17		3,057
PayPal Holdings, Inc.^(a)*		19,920		4,837,373
Perficient, Inc.*		133		7,810
Progress Software Corp.		2,853		125,703
PTC, Inc.*		14,546		2,002,257
QAD, Inc., Class A		64		4,261
Sailpoint Technologies Holdings, Inc.*		23,163		1,172,974
salesforce.com, Inc.*		7,002		1,483,514
ServiceNow, Inc.^(a)*		8,547		4,274,440
Shopify, Inc., Class A (Canada)*		730		807,745
SPS Commerce, Inc.*		2,088		207,359
Sykes Enterprises, Inc.*		79		3,482
Synopsys, Inc.*		8,320		2,061,530
Teradata Corp.*		19,872		765,867
Trade Desk, Inc. (The), Class A*		2,562		1,669,553
Tyler Technologies, Inc.*		335		142,218
Varonis Systems, Inc.*		1,785		91,642
Verint Systems, Inc.*		10,332		470,003
VeriSign, Inc.*		4,069		808,754
Visa, Inc., Class A		8,518		1,803,516


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Western Union Co. (The)		29,373	$	724,338
WEX, Inc.*		634		132,645
Workiva, Inc.*		1,868		164,870
Xperi Holding Corp.		6,298		137,107
Zoom Video Communications, Inc., Class A*		4,500		1,445,805

				58,748,209

Technology Hardware & Equipment — 5.8%
Amphenol Corp., Class A		3,737		246,530
Apple, Inc.^(a)		64,935		7,931,810
Arrow Electronics, Inc.*		11,723		1,299,143
Badger Meter, Inc.		4,486		417,512
Calix, Inc.*		1,620		56,149
CDW Corp.		2,266		375,589
Cisco Systems, Inc.^(a)		41,936		2,168,511
Cognex Corp.		1,518		125,979
Corning, Inc.		13,143		571,852
CTS Corp.		195		6,057
Dell Technologies, Inc., Class C*		10,522		927,514
Diebold Nixdorf, Inc.*		27,627		390,370
Dolby Laboratories, Inc., Class A		1,479		146,007
EchoStar Corp., Class A*		5,095		122,280
FARO Technologies, Inc.*		793		68,650
Hewlett Packard Enterprise Co.		46,751		735,861
HP, Inc.^(a)		90,735		2,880,836
II-VI, Inc.*		5,260		359,626
Jabil, Inc.		2,615		136,398
Juniper Networks, Inc.		13,081		331,342
Lumentum Holdings, Inc.*		916		83,677
Methode Electronics, Inc.		1,065		44,709
NCR Corp.*		6,237		236,694
NetApp, Inc.		12,674		921,020
NETGEAR, Inc.*		4,885		200,774
NetScout Systems, Inc.*		24		676
Plantronics, Inc.*		4,440		172,760
Sanmina Corp.*		13,234		547,623
Seagate Technology PLC (Ireland)		10,030		769,802
SYNNEX Corp.		7,114		816,972
TE Connectivity Ltd. (Switzerland)		5,885		759,812
TTM Technologies, Inc.*		11,918		172,811
Ubiquiti, Inc.		1,864		556,031
Vontier Corp.*		21,893		662,701
Western Digital Corp.		12,124		809,277

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Xerox Holdings Corp.		5,973	$	144,965
Zebra Technologies Corp., Class A*		1,537		745,722

				26,944,042

Telecommunication Services — 1.2%
AT&T, Inc.		58,301		1,764,771
Iridium Communications, Inc.*		14,791		610,129
Lumen Technologies, Inc.		19,698		262,968
T-Mobile US, Inc.*		8,109		1,015,977
Verizon Communications, Inc.		33,467		1,946,106

				5,599,951

Transportation — 2.2%
Alaska Air Group, Inc.*		898		62,151
ArcBest Corp.		476		33,496
Atlas Air Worldwide Holdings, Inc.*		3,210		194,012
CSX Corp.		12,940		1,247,675
Echo Global Logistics, Inc.*		10		314
Expeditors International of Washington, Inc.		1		108
FedEx Corp.		9,164		2,602,943
Golden Ocean Group Ltd. (Bermuda)		59		2,261
Kansas City Southern		1		264
Norfolk Southern Corp.^(a)		9,356		2,512,273
Old Dominion Freight Line, Inc.		1,715		412,303
Ryder System, Inc.		4,797		362,893
Saia, Inc.*		520		119,902
Schneider National, Inc., Class B		8,467		211,421
SkyWest, Inc.		10,173		554,225
Southwest Airlines Co.		8,900		543,434
Union Pacific Corp.		3,233		712,586
United Parcel Service, Inc., Class B		5,474		930,525

				10,502,786

Utilities — 1.6%
AES Corp. (The)		24,802		664,942
Alliant Energy Corp.		1,507		81,619
Dominion Energy, Inc.^(a)		35,876		2,725,141
Duke Energy Corp.		5,520		532,846
Exelon Corp.		30,220		1,321,823
IDACORP, Inc.		1,237		123,663
MDU Resources Group, Inc.		3,642		115,124
NextEra Energy, Inc.		3,226		243,918
NiSource, Inc.		31,992		771,327
NRG Energy, Inc.		11,795		445,025
South Jersey Industries, Inc.		7,019		158,489


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Southern Co. (The)		7,904	$	491,313

				7,675,230

TOTAL COMMON STOCKS (Cost $318,291,887)				447,000,054

	Par
	Value
CORPORATE BONDS AND NOTES — 0.0%
Capital Goods — 0.0%
Mueller Industries, Inc. 6.00%, 03/01/2027	$	785		801

TOTAL CORPORATE BONDS AND NOTES (Cost $785)				801

TOTAL INVESTMENTS - 95.5%				447,000,855

(Cost $318,292,672)

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.5%				21,165,970

NET ASSETS - 100.0%			$	468,166,825

^(a)	Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC Public Limited Company

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Over-the-counter total return swaps outstanding as of March 31, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between July 23, 2025 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (35.5)% of net assets as of March 31, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of March 31, 2021:

Total Return Swaps


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Long
Automobiles & Components
American Axle & Manufacturing Holdings, Inc.	Morgan Stanley		1,078		$	7,681		$	10,413		$	2,714
Aptiv PLC (Jersey)	Morgan Stanley		3,628			535,026			500,301			(34,743	)
BorgWarner, Inc.	Morgan Stanley		1			36			46			(8	)
Cooper Tire & Rubber Co.	Morgan Stanley		6,315			217,393			353,514			137,898
Ford Motor Co.	Morgan Stanley		102,648			927,830			1,257,438			329,590
General Motors Co.	Morgan Stanley		23,327			1,016,094			1,340,369			324,680
Gentex Corp.	Morgan Stanley		3,824			133,427			136,402			2,957
Gentherm, Inc.	Morgan Stanley		63			4,355			4,669			296
Magna International, Inc. (Canada)	Morgan Stanley		1,457			125,515			128,274			3,081
Tenneco, Inc., Class A	Morgan Stanley		2,050			20,350			21,976			1,608
Visteon Corp.	Morgan Stanley		153			18,559			18,658			81
Winnebago Industries, Inc.	Morgan Stanley		549			41,058			42,114			1,038
XPEL, Inc.	Morgan Stanley		1			53			52			(19	)

			145,094			3,047,377			3,814,226			769,173

Capital Goods
3M Co.	Morgan Stanley		4,602			746,872			886,713			155,782
A.O. Smith Corp.	Morgan Stanley		6,677			372,455			451,432			81,006
Advanced Drainage Systems, Inc.	Morgan Stanley		1,503			105,963			155,395			49,656
AECOM	Morgan Stanley		1			53			64			(7	)
AeroVironment, Inc.	Morgan Stanley		563			64,047			65,342			1,277
Alamo Group, Inc.	Morgan Stanley		96			15,080			14,990			(108	)
Altra Industrial Motion Corp.	Morgan Stanley		774			42,148			42,818			687
AMETEK, Inc.	Morgan Stanley		2,052			211,701			262,102			51,237
Apogee Enterprises, Inc.	Morgan Stanley		3,209			72,587			131,184			59,766
Applied Industrial Technologies, Inc.	Morgan Stanley		1			59			91			14
Atkore, Inc.	Morgan Stanley		8,474			223,571			609,281			385,691
Barnes Group, Inc.	Morgan Stanley		288			10,122			14,268			4,233
Beacon Roofing Supply, Inc.	Morgan Stanley		2,104			100,953			110,081			9,110
Boise Cascade Co.	Morgan Stanley		613			24,018			36,676			13,332
Cubic Corp.	Morgan Stanley		6,680			418,730			498,128			80,661
Cummins, Inc.	Morgan Stanley		6,293			1,211,065			1,630,579			443,663
Deere & Co.	Morgan Stanley		135			41,166			50,509			9,484
Donaldson Co., Inc.	Morgan Stanley		3,282			182,399			190,881			9,185
Dover Corp.	Morgan Stanley		138			15,273			18,924			3,754
Dycom Industries, Inc.	Morgan Stanley		7,477			314,689			694,239			379,532

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Capital Goods — (continued)
Eaton Corp. PLC (Ireland)	Morgan Stanley		86		$	11,696		$	11,892		$	178
EMCOR Group, Inc.	Morgan Stanley		1,116			110,356			125,171			14,796
Emerson Electric Co.	Morgan Stanley		341			28,579			30,765			2,247
Enerpac Tool Group Corp.	Morgan Stanley		58			1,510			1,515			(13	)
EnerSys	Morgan Stanley		109			9,960			9,897			(81	)
Fastenal Co.	Morgan Stanley		297			13,782			14,933			2,727
Flowserve Corp.	Morgan Stanley		52			2,010			2,018			(12	)
Fortive Corp.	Morgan Stanley		7,281			449,837			514,330			66,713
Fortune Brands Home & Security, Inc.	Morgan Stanley		48			4,090			4,599			496
Franklin Electric Co., Inc.	Morgan Stanley		1			68			79			(8	)
Generac Holdings, Inc.	Morgan Stanley		224			67,869			73,349			5,462
General Dynamics Corp.	Morgan Stanley		2,172			327,947			394,348			66,383
Gibraltar Industries, Inc.	Morgan Stanley		216			11,238			19,766			8,509
GMS, Inc.	Morgan Stanley		2,468			60,418			103,039			42,602
Granite Construction, Inc.	Morgan Stanley		970			36,770			39,043			2,367
HEICO Corp.	Morgan Stanley		173			21,379			21,763			366
Herc Holdings, Inc.	Morgan Stanley		4,563			169,159			462,369			293,192
Honeywell International, Inc.	Morgan Stanley		171			34,716			37,119			2,493
Howmet Aerospace, Inc.	Morgan Stanley		15,484			261,671			497,501			235,812
Huntington Ingalls Industries, Inc.	Morgan Stanley		381			67,326			78,429			12,251
Ingersoll Rand, Inc.	Morgan Stanley		1,059			52,303			52,113			(208	)
John Bean Technologies Corp.	Morgan Stanley		18			2,389			2,400			(7	)
Johnson Controls International PLC (Ireland)	Morgan Stanley		6,645			304,715			396,507			95,075
Lockheed Martin Corp.	Morgan Stanley		1,027			360,072			379,477			21,739
Masco Corp.	Morgan Stanley		321			18,538			19,228			671
Masonite International Corp. (Canada)	Morgan Stanley		457			52,165			52,665			481
MasTec, Inc.	Morgan Stanley		1,885			171,967			176,625			4,639
Middleby Corp. (The)	Morgan Stanley		1,117			178,599			185,143			6,411
MRC Global, Inc.	Morgan Stanley		12,735			78,829			114,997			36,149
MSC Industrial Direct Co., Inc., Class A .	Morgan Stanley		774			63,205			69,807			7,149
Mueller Industries, Inc.	Morgan Stanley		61			1,683			2,522			839
Nordson Corp.	Morgan Stanley		283			54,732			56,226			1,499
Northrop Grumman Corp.	Morgan Stanley		1,233			369,168			399,048			30,945
NOW, Inc.	Morgan Stanley		27,932			234,159			281,834			47,656
nVent Electric PLC (Ireland)	Morgan Stanley		1			18			28			(9	)
PACCAR, Inc.	Morgan Stanley		292			23,984			27,133			4,259
Parker-Hannifin Corp.	Morgan Stanley		1,946			502,056			613,827			113,282
Pentair PLC (Ireland)	Morgan Stanley		4,311			203,609			268,662			66,298
Primoris Services Corp.	Morgan Stanley		411			13,425			13,616			191
Quanta Services, Inc.	Morgan Stanley		547			27,199			48,125			20,964
RBC Bearings, Inc.	Morgan Stanley		204			24,876			40,141			15,247
Regal Beloit Corp.	Morgan Stanley		46			5,521			6,563			1,045
REV Group, Inc.	Morgan Stanley		240			4,522			4,598			58
Sensata Technologies Holding PLC (United Kingdom)	Morgan Stanley		196			11,388			11,358			(48	)
Simpson Manufacturing Co., Inc.	Morgan Stanley		2			183			207			6

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Capital Goods — (continued)
Snap-on, Inc.	Morgan Stanley		3,741		$	547,350		$	863,198		$	327,807
SPX FLOW, Inc.	Morgan Stanley		12,198			479,625			772,499			293,953
Stanley Black & Decker, Inc.	Morgan Stanley		2,376			415,005			474,416			61,633
Toro Co. (The)	Morgan Stanley		699			62,718			72,095			9,530
TPI Composites, Inc.	Morgan Stanley		543			21,414			30,641			9,209
Trane Technologies PLC (Ireland)	Morgan Stanley		370			50,042			61,257			11,509
UFP Industries, Inc.	Morgan Stanley		88			4,653			6,674			2,027
United Rentals, Inc.	Morgan Stanley		409			71,146			134,688			63,523
Watsco, Inc.	Morgan Stanley		189			42,626			49,282			8,388
Westinghouse Air Brake Technologies Corp.	Morgan Stanley		1			57			79			4
WW Grainger, Inc.	Morgan Stanley		79			29,271			31,673			2,447
Xylem, Inc.	Morgan Stanley		344			33,222			36,182			3,025

			175,953			10,379,766			14,061,156			3,761,821

Commercial & Professional Services
ABM Industries, Inc.	Morgan Stanley		11,257			415,952			574,219			163,619
ASGN, Inc.	Morgan Stanley		42			3,951			4,008			39
Booz Allen Hamilton Holding Corp.	Morgan Stanley		4,657			400,167			375,028			(24,830	)
Brady Corp., Class A	Morgan Stanley		10			543			535			(27	)
Brink’s Co. (The)	Morgan Stanley		313			24,683			24,799			98
CACI International, Inc., Class A	Morgan Stanley		1,003			212,964			247,400			34,452
CBIZ, Inc.	Morgan Stanley		142			4,587			4,638			32
Cintas Corp.	Morgan Stanley		1,466			450,680			500,360			55,762
Copart, Inc.	Morgan Stanley		1,663			182,816			180,618			(2,528	)
CoreLogic, Inc.	Morgan Stanley		3,314			268,990			262,635			(6,375	)
Covanta Holding Corp.	Morgan Stanley		308			2,588			4,269			1,719
FTI Consulting, Inc.	Morgan Stanley		301			34,942			42,173			8,775
Healthcare Services Group, Inc.	Morgan Stanley		2,233			58,816			62,591			4,120
ICF International, Inc.	Morgan Stanley		148			13,020			12,935			(87	)
Jacobs Engineering Group, Inc.	Morgan Stanley		1,631			183,792			210,839			27,274
ManpowerGroup, Inc.	Morgan Stanley		10			966			989			4
Nielsen Holdings PLC (United Kingdom).	Morgan Stanley		1,125			20,999			28,294			7,354
Republic Services, Inc.	Morgan Stanley		4,193			360,977			416,575			60,860
Robert Half International, Inc.	Morgan Stanley		693			52,280			54,103			1,885
Rollins, Inc.	Morgan Stanley		3,008			104,128			103,535			(976	)
Science Applications International Corp.	Morgan Stanley		89			7,584			7,440			(163	)
Steelcase, Inc., Class A	Morgan Stanley		1,135			12,568			16,333			3,959
Thomson Reuters Corp. (Canada)	Morgan Stanley		2,647			221,985			231,798			10,642
TriNet Group, Inc.	Morgan Stanley		1			58			78			1
UniFirst Corp.	Morgan Stanley		51			11,455			11,409			(65	)
Verisk Analytics, Inc.	Morgan Stanley		209			37,512			36,928			(1,592	)

			41,649			3,089,003			3,414,529			343,952

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Consumer Durables & Apparel
BRP, Inc. (Canada)	Morgan Stanley		1		$	87		$	87		$	8
Callaway Golf Co.	Morgan Stanley		447			11,969			11,957			(31	)
Capri Holdings Ltd. (British Virgin Islands)	Morgan Stanley		4,350			63,592			221,850			158,240
Cavco Industries, Inc.	Morgan Stanley		431			77,240			97,238			20,063
Crocs, Inc.	Morgan Stanley		207			16,205			16,653			390
Deckers Outdoor Corp.	Morgan Stanley		367			118,539			121,264			2,707
DR Horton, Inc.	Morgan Stanley		343			25,780			30,568			4,825
Garmin Ltd. (Switzerland)	Morgan Stanley		721			68,811			95,064			27,085
G-III Apparel Group Ltd.	Morgan Stanley		18,012			203,954			542,882			338,909
Gildan Activewear, Inc. (Canada)	Morgan Stanley		3,464			65,323			106,206			40,849
Hanesbrands, Inc.	Morgan Stanley		182			3,569			3,580			(8	)
Hasbro, Inc.	Morgan Stanley		630			59,068			60,556			1,653
Helen of Troy Ltd. (Bermuda)	Morgan Stanley		62			13,135			13,061			(92	)
Kontoor Brands, Inc.	Morgan Stanley		1,715			37,093			83,229			47,489
La-Z-Boy, Inc.	Morgan Stanley		1,252			40,116			53,185			13,431
Lovesac Co. (The)	Morgan Stanley		273			14,864			15,452			569
Mattel, Inc.	Morgan Stanley		1,759			33,163			35,039			1,858
Mohawk Industries, Inc.	Morgan Stanley		1,334			113,166			256,542			143,357
Newell Brands, Inc.	Morgan Stanley		2,850			59,982			76,323			17,258
NIKE, Inc., Class B	Morgan Stanley		2,991			355,309			397,474			46,360
Polaris, Inc.	Morgan Stanley		554			50,206			73,959			24,427
PulteGroup, Inc.	Morgan Stanley		221			10,764			11,589			815
PVH Corp.	Morgan Stanley		8,829			450,417			933,225			482,790
Skyline Champion Corp.	Morgan Stanley		49			2,155			2,218			44
Smith & Wesson Brands, Inc.	Morgan Stanley		8,214			135,887			143,334			8,162
Sonos, Inc.	Morgan Stanley		3,657			140,747			137,028			(3,737	)
Steven Madden Ltd.	Morgan Stanley		1,860			38,497			69,304			31,068
Sturm Ruger & Co., Inc.	Morgan Stanley		2,381			163,757			157,313			(2,221	)
Tapestry, Inc.	Morgan Stanley		1,792			73,727			73,848			102
Tempur Sealy International, Inc.	Morgan Stanley		629			12,820			22,996			10,202
TopBuild Corp.	Morgan Stanley		1			190			209			1
Tupperware Brands Corp.	Morgan Stanley		2,144			29,336			56,623			27,268
Under Armour, Inc., Class C	Morgan Stanley		101			1,793			1,864			53
Whirlpool Corp.	Morgan Stanley		1,008			167,968			222,113			57,168
YETI Holdings, Inc.	Morgan Stanley		1,470			95,449			106,149			10,690

			74,301			2,754,678			4,249,982			1,511,752

Consumer Services
Adtalem Global Education, Inc.	Morgan Stanley		10,758			334,300			425,371			91,053
Airbnb, Inc., Class A	Morgan Stanley		858			157,009			161,253			4,225
Chipotle Mexican Grill, Inc.	Morgan Stanley		69			98,733			98,037			(715	)
Chuy’s Holdings, Inc.	Morgan Stanley		70			3,003			3,102			81
Graham Holdings Co., Class B	Morgan Stanley		380			184,194			213,727			29,927
Grand Canyon Education, Inc.	Morgan Stanley		1,511			147,563			161,828			14,246
Jack in the Box, Inc.	Morgan Stanley		4,740			433,111			520,357			90,001
Laureate Education, Inc., Class A	Morgan Stanley		22,211			268,343			301,847			33,486

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Consumer Services — (continued)
Marriott International, Inc., Class A	Morgan Stanley		2,226		$	279,057		$	329,693		$	50,352
McDonald’s Corp.	Morgan Stanley		1,722			362,601			385,969			25,620
Papa John’s International, Inc.	Morgan Stanley		1,644			131,938			145,724			15,088
Penn National Gaming, Inc.	Morgan Stanley		1,447			157,887			151,703			(6,202	)
Perdoceo Education Corp.	Morgan Stanley		5,134			61,404			61,403			(20	)
Red Rock Resorts, Inc., Class A	Morgan Stanley		22,003			244,614			717,078			472,445
Service Corp. International	Morgan Stanley		1,381			60,669			70,500			11,397
Strategic Education, Inc.	Morgan Stanley		448			38,830			41,176			2,844
Wendy’s Co. (The)	Morgan Stanley		4,307			88,888			87,260			(1,408	)
Wingstop, Inc.	Morgan Stanley		163			20,432			20,729			1,150
WW International, Inc.	Morgan Stanley		167			5,033			5,224			172
Yum! Brands, Inc.	Morgan Stanley		8,356			781,599			903,952			133,527

			89,595			3,859,208			4,805,933			967,269

Diversified Financials
Berkshire Hathaway, Inc., Class B	Morgan Stanley		16,737			3,687,260			4,275,801			588,487
BlackRock, Inc.	Morgan Stanley		1,093			610,262			824,078			221,966
Donnelley Financial Solutions, Inc.	Morgan Stanley		230			6,378			6,401			4
Federated Hermes, Inc.	Morgan Stanley		2,476			53,976			77,499			28,150
Intercontinental Exchange, Inc.	Morgan Stanley		1,583			177,318			176,789			(170	)
Invesco Ltd. (Bermuda)	Morgan Stanley		2,102			51,491			53,012			1,503
Morningstar, Inc.	Morgan Stanley		176			40,254			39,607			(665	)
Nasdaq, Inc.	Morgan Stanley		2,142			268,655			315,859			49,127
S&P Global, Inc.	Morgan Stanley		930			305,084			328,169			24,204
Sprott, Inc. (Canada)	Morgan Stanley		63			2,380			2,394			(5	)
T Rowe Price Group, Inc.	Morgan Stanley		1,295			175,487			222,222			48,756

			28,827			5,378,545			6,321,831			961,357

Energy
Antero Midstream Corp.	Morgan Stanley		1,170			9,449			10,565			1,098
Antero Resources Corp.	Morgan Stanley		20,988			194,713			214,078			19,372
APA Corp.	Morgan Stanley		1,554			28,220			27,817			(421	)
Archrock, Inc.	Morgan Stanley		21,113			189,468			200,362			13,571
Cactus, Inc., Class A	Morgan Stanley		318			5,837			9,737			3,939
Callon Petroleum Co.	Morgan Stanley		221			8,079			8,520			422
Canadian Natural Resources Ltd. (Canada)	Morgan Stanley		10,606			168,903			327,407			163,439
Centennial Resource Development, Inc., Class A	Morgan Stanley		1,712			7,031			7,190			141
Clean Energy Fuels Corp.	Morgan Stanley		19,899			51,672			273,412			221,722
Devon Energy Corp.	Morgan Stanley		19,415			410,125			424,218			19,145
DHT Holdings, Inc. (Marshall Islands)	Morgan Stanley		77,669			422,230			460,577			65,941
EOG Resources, Inc.	Morgan Stanley		9,372			355,396			679,751			330,956
Exxon Mobil Corp.	Morgan Stanley		4,482			244,920			250,230			5,818
Green Plains, Inc.	Morgan Stanley		1,506			38,635			40,767			2,114
Halliburton Co.	Morgan Stanley		3,931			46,965			84,359			37,728
Kosmos Energy Ltd.	Morgan Stanley		693			1,114			2,128			995
Magnolia Oil & Gas Corp., Class A	Morgan Stanley		1,127			8,454			12,938			4,490

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Energy — (continued)
Marathon Oil Corp.	Morgan Stanley		21,637		$	241,149		$	231,083		$	(11,169	)
Marathon Petroleum Corp.	Morgan Stanley		12,020			438,355			642,950			231,610
New Fortress Energy, Inc.	Morgan Stanley		1,300			63,313			59,683			(3,571	)
NexTier Oilfield Solutions, Inc.	Morgan Stanley		255			927			949			(8	)
NOV, Inc.	Morgan Stanley		5,487			68,664			75,282			6,903
Occidental Petroleum Corp.	Morgan Stanley		47,623			865,631			1,267,724			402,809
Oceaneering International, Inc.	Morgan Stanley		3,742			48,359			42,734			(5,644	)
Range Resources Corp.	Morgan Stanley		7,210			73,208			74,479			1,145
SM Energy Co.	Morgan Stanley		17,698			104,129			289,716			185,569
Targa Resources Corp.	Morgan Stanley		1,102			35,164			34,989			(194	)
Vermilion Energy, Inc. (Canada)	Morgan Stanley		4,478			25,974			32,600			6,607
Whiting Petroleum Corp.	Morgan Stanley		579			19,489			20,526			1,018
Williams Cos., Inc. (The)	Morgan Stanley		7,204			164,779			170,663			6,556
World Fuel Services Corp.	Morgan Stanley		15,104			415,846			531,661			119,146

			341,215			4,756,198			6,509,095			1,831,247

Food & Staples Retailing
Costco Wholesale Corp.	Morgan Stanley		326			110,954			114,908			5,575
Kroger Co. (The)	Morgan Stanley		4,965			158,367			178,690			20,874
PriceSmart, Inc.	Morgan Stanley		45			4,277			4,354			59
Sprouts Farmers Market, Inc.	Morgan Stanley		5,400			110,624			143,748			33,105
Sysco Corp.	Morgan Stanley		3,299			212,284			259,763			50,832
United Natural Foods, Inc.	Morgan Stanley		2,671			94,950			87,983			(6,986	)
US Foods Holding Corp.	Morgan Stanley		1,469			31,661			55,998			24,319
Walgreens Boots Alliance, Inc.	Morgan Stanley		3,778			151,580			207,412			58,492
Walmart, Inc.	Morgan Stanley		2,126			292,138			288,774			(2,300	)
Weis Markets, Inc.	Morgan Stanley		92			5,258			5,200			(76	)

			24,171			1,172,093			1,346,830			183,894

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		4,223			175,911			216,049			48,451
Archer-Daniels-Midland Co.	Morgan Stanley		841			48,354			47,937			(435	)
Bunge Ltd. (Bermuda)	Morgan Stanley		1,880			141,919			149,028			7,300
Coca-Cola Co. (The)	Morgan Stanley		870			44,154			45,858			1,685
Coca-Cola Consolidated, Inc.	Morgan Stanley		254			63,440			73,350			10,100
Conagra Brands, Inc.	Morgan Stanley		6,475			227,287			243,460			18,361
Constellation Brands, Inc., Class A	Morgan Stanley		145			30,052			33,060			3,070
Darling Ingredients, Inc.	Morgan Stanley		916			65,336			67,399			2,045
Flowers Foods, Inc.	Morgan Stanley		4,620			107,716			109,956			3,875
General Mills, Inc.	Morgan Stanley		5,772			337,473			353,939			20,112
Hain Celestial Group, Inc. (The)	Morgan Stanley		1,821			78,089			79,396			1,288
JM Smucker Co. (The)	Morgan Stanley		3,034			335,404			383,892			54,534
Kellogg Co.	Morgan Stanley		2,542			151,197			160,909			13,446
Kraft Heinz Co. (The)	Morgan Stanley		13,343			416,702			533,720			126,768
Molson Coors Beverage Co., Class B	Morgan Stanley		9,320			346,542			476,718			130,158
Mondelez International, Inc., Class A	Morgan Stanley		4,518			249,417			264,439			16,758
Monster Beverage Corp.	Morgan Stanley		8,308			699,130			756,776			57,891
PepsiCo, Inc.	Morgan Stanley		299			39,957			42,294			2,591

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Food, Beverage & Tobacco — (continued)
Philip Morris International, Inc.	Morgan Stanley		2,566		$	200,766		$	227,707		$	33,658
SunOpta, Inc. (Canada)	Morgan Stanley		1,852			27,098			27,354			237
Tyson Foods, Inc., Class A	Morgan Stanley		3,179			193,694			236,200			45,959
Vector Group Ltd.	Morgan Stanley		553			7,836			7,714			(79	)

			77,331			3,987,474			4,537,155			597,773

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		2,496			294,705			299,121			2,952
Acadia Healthcare Co., Inc.	Morgan Stanley		1,788			101,789			102,166			359
Align Technology, Inc.	Morgan Stanley		1,491			792,297			807,421			11,466
Allscripts Healthcare Solutions, Inc.	Morgan Stanley		12,900			109,007			193,694			84,668
AmerisourceBergen Corp.	Morgan Stanley		5,903			593,318			696,967			106,278
AngioDynamics, Inc.	Morgan Stanley		26			605			608			(15	)
Anthem, Inc.	Morgan Stanley		657			190,454			235,830			46,149
Becton Dickinson and Co.	Morgan Stanley		4,058			1,021,008			986,703			(34,528	)
BioLife Solutions, Inc.	Morgan Stanley		187			7,068			6,732			(355	)
Cerner Corp.	Morgan Stanley		1,204			86,138			86,544			(144	)
Chemed Corp.	Morgan Stanley		102			45,580			46,902			1,166
Community Health Systems, Inc.	Morgan Stanley		21,456			175,179			290,085			114,888
CorVel Corp.	Morgan Stanley		2			208			205			(21	)
CVS Health Corp.	Morgan Stanley		3,482			223,538			261,951			41,149
Danaher Corp.	Morgan Stanley		3,272			692,427			736,462			45,493
DENTSPLY SIRONA, Inc.	Morgan Stanley		1			52			64			(6	)
Ensign Group, Inc. (The)	Morgan Stanley		1,254			73,951			117,675			44,054
Envista Holdings Corp.	Morgan Stanley		6,064			187,351			247,411			60,042
Fulgent Genetics, Inc.	Morgan Stanley		1,181			121,536			114,108			(7,446	)
Glaukos Corp.	Morgan Stanley		244			20,794			20,479			(333	)
HCA Healthcare, Inc.	Morgan Stanley		247			40,213			46,520			6,401
Hill-Rom Holdings, Inc.	Morgan Stanley		392			39,979			43,308			3,416
Hologic, Inc.	Morgan Stanley		3,722			229,681			276,842			47,143
ICU Medical, Inc.	Morgan Stanley		225			46,104			46,224			102
IDEXX Laboratories, Inc.	Morgan Stanley		1,153			457,122			564,174			107,034
Laboratory Corp. of America Holdings	Morgan Stanley		3,250			677,489			828,848			151,888
LeMaitre Vascular, Inc.	Morgan Stanley		175			8,479			8,537			46
McKesson Corp.	Morgan Stanley		900			154,900			175,536			20,908
Medtronic PLC (Ireland)	Morgan Stanley		632			72,154			74,658			2,835
Meridian Bioscience, Inc.	Morgan Stanley		3,308			63,013			86,835			23,834
Merit Medical Systems, Inc.	Morgan Stanley		2,437			135,010			145,928			11,041
ModivCare, Inc.	Morgan Stanley		357			35,804			52,879			17,835
Natus Medical, Inc.	Morgan Stanley		2,046			43,566			52,398			9,012
Omnicell, Inc.	Morgan Stanley		1,055			135,383			137,013			1,646
Option Care Health, Inc.	Morgan Stanley		347			6,113			6,156			24
Owens & Minor, Inc.	Morgan Stanley		2,060			55,306			77,435			26,748
Patterson Cos., Inc.	Morgan Stanley		141			4,417			4,505			68
Progyny, Inc.	Morgan Stanley		157			6,787			6,988			182
Quest Diagnostics, Inc.	Morgan Stanley		4,752			579,155			609,872			33,240
Quidel Corp.	Morgan Stanley		775			115,899			99,146			(16,772	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Health Care Equipment & Services — (continued)
Select Medical Holdings Corp.	Morgan Stanley		45		$	1,498		$	1,535		$	18
Stryker Corp.	Morgan Stanley		228			53,876			55,536			1,750
Tivity Health, Inc.	Morgan Stanley		321			7,417			7,165			(271	)
UnitedHealth Group, Inc.	Morgan Stanley		1,251			423,195			465,459			43,511
US Physical Therapy, Inc.	Morgan Stanley		1			106			104			(21	)
Varian Medical Systems, Inc.	Morgan Stanley		1,704			294,089			300,807			6,795
Veeva Systems, Inc., Class A	Morgan Stanley		137			34,767			35,790			957
Vocera Communications, Inc.	Morgan Stanley		302			11,820			11,615			(224	)
West Pharmaceutical Services, Inc.	Morgan Stanley		161			45,140			45,366			(738	)

			100,049			8,515,487			9,518,307			1,014,224

Household & Personal Products
BellRing Brands, Inc., Class A	Morgan Stanley		4			95			94			(19	)
Clorox Co. (The)	Morgan Stanley		3,524			736,420			679,709			(54,447	)
Colgate-Palmolive Co.	Morgan Stanley		5,981			451,527			471,482			23,649
Estee Lauder Cos., Inc. (The), Class A	Morgan Stanley		1,134			265,747			329,824			65,230
Inter Parfums, Inc.	Morgan Stanley		157			11,432			11,136			(299	)
Procter & Gamble Co. (The)	Morgan Stanley		1,440			185,551			195,019			9,450
Spectrum Brands Holdings, Inc.	Morgan Stanley		886			72,770			75,310			2,663
WD-40 Co.	Morgan Stanley		107			32,122			32,761			621

			13,233			1,755,664			1,795,335			46,848

Materials
Agnico Eagle Mines Ltd. (Canada)	Morgan Stanley		5,730			383,043			331,251			(50,616	)
Amcor PLC (Jersey)	Morgan Stanley		27,185			289,075			317,521			34,879
Ashland Global Holdings, Inc.	Morgan Stanley		3,406			293,215			302,351			9,814
Avient Corp.	Morgan Stanley		1,948			47,410			92,082			45,867
Balchem Corp.	Morgan Stanley		1			126			125			(6,531	)
Barrick Gold Corp. (Canada)	Morgan Stanley		4,043			80,776			80,051			(427	)
Berry Global Group, Inc.	Morgan Stanley		2,006			115,204			123,168			8,165
Carpenter Technology Corp.	Morgan Stanley		10,578			218,583			435,285			221,527
CF Industries Holdings, Inc.	Morgan Stanley		1,076			28,424			48,829			21,032
Coeur Mining, Inc.	Morgan Stanley		1,317			11,633			11,893			241
Corteva, Inc.	Morgan Stanley		1,757			81,057			81,911			891
Crown Holdings, Inc.	Morgan Stanley		1,091			100,767			105,871			5,323
Dow, Inc.	Morgan Stanley		624			28,086			39,899			12,667
DuPont de Nemours, Inc.	Morgan Stanley		1			71			77			(12	)
Eastman Chemical Co.	Morgan Stanley		712			58,100			78,405			21,494
Element Solutions, Inc.	Morgan Stanley		474			8,693			8,669			(42	)
FMC Corp.	Morgan Stanley		25			2,668			2,765			100
Franco-Nevada Corp. (Canada)	Morgan Stanley		1,017			123,787			127,420			2,022
Freeport-McMoRan, Inc.	Morgan Stanley		2,162			69,487			71,195			1,689
IAMGOLD Corp. (Canada)	Morgan Stanley		48,451			166,023			144,384			(21,657	)
Ingevity Corp.	Morgan Stanley		23			1,591			1,737			135
Innospec, Inc.	Morgan Stanley		11			708			1,130			409
International Paper Co.	Morgan Stanley		3,473			171,965			187,785			17,087
Kaiser Aluminum Corp.	Morgan Stanley		2,372			161,326			262,106			104,048
Kinross Gold Corp. (Canada)	Morgan Stanley		49,098			348,482			327,484			(19,546	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Materials — (continued)
Linde PLC (Ireland)	Morgan Stanley		345		$	86,594		$	96,648		$	10,401
Louisiana-Pacific Corp.	Morgan Stanley		1,170			40,870			64,888			24,392
Martin Marietta Materials, Inc.	Morgan Stanley		314			87,101			105,447			18,520
Newmont Corp.	Morgan Stanley		1,979			118,991			119,274			2,111
Nucor Corp.	Morgan Stanley		410			17,276			32,911			16,113
Nutrien Ltd. (Canada)	Morgan Stanley		765			42,378			41,226			(928	)
O-I Glass, Inc.	Morgan Stanley		4,575			48,876			67,436			18,541
Pan American Silver Corp. (Canada)	Morgan Stanley		1,910			57,081			57,357			311
PPG Industries, Inc.	Morgan Stanley		1,992			250,857			299,318			51,144
PQ Group Holdings, Inc.	Morgan Stanley		95			1,594			1,587			(26	)
Pretium Resources, Inc. (Canada)	Morgan Stanley		12,640			151,899			131,077			(20,840	)
Ranpak Holdings Corp.	Morgan Stanley		268			5,440			5,376			(83	)
RPM International, Inc.	Morgan Stanley		1,241			107,338			113,986			8,129
Sealed Air Corp.	Morgan Stanley		1,974			80,280			90,449			10,786
Sherwin-Williams Co. (The)	Morgan Stanley		691			474,863			509,965			36,907
Sonoco Products Co.	Morgan Stanley		361			21,767			22,851			1,140
Southern Copper Corp.	Morgan Stanley		171			11,791			11,606			(203	)
Trinseo SA (Luxembourg)	Morgan Stanley		833			49,049			53,037			3,969
United States Steel Corp.	Morgan Stanley		5,607			105,220			146,735			41,520
Westrock Co.	Morgan Stanley		1,031			42,975			53,663			10,876
Worthington Industries, Inc.	Morgan Stanley		1,799			81,185			120,695			40,918

			208,752			4,673,725			5,328,926			682,257

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		11,682			912,470			1,086,426			172,030
Alphabet, Inc., Class A	Morgan Stanley		113			214,028			233,065			19,799
AMC Networks, Inc., Class A	Morgan Stanley		52			2,801			2,764			(56	)
Cable One, Inc.	Morgan Stanley		39			71,920			71,306			(633	)
Cargurus, Inc.	Morgan Stanley		1,671			44,246			39,820			(4,445	)
Charter Communications, Inc., Class A .	Morgan Stanley		178			107,017			109,830			2,795
DISH Network Corp., Class A	Morgan Stanley		6,432			188,585			232,838			44,235
EW Scripps Co. (The), Class A	Morgan Stanley		548			11,584			10,560			(1,042	)
Facebook, Inc., Class A	Morgan Stanley		140			38,602			41,234			2,613
Fox Corp., Class A	Morgan Stanley		3,428			95,263			123,785			30,292
Glu Mobile, Inc.	Morgan Stanley		272			3,393			3,395			(17	)
Gray Television, Inc.	Morgan Stanley		6,670			115,792			122,728			7,451
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		5,540			107,575			161,768			58,075
Lions Gate Entertainment Corp., Class B(Canada)	Morgan Stanley		402			5,466			5,186			(299	)
Madison Square Garden Sports Corp.	Morgan Stanley		1,951			320,936			350,126			29,296
Meredith Corp.	Morgan Stanley		3,317			67,069			98,780			31,693
MSG Networks, Inc., Class A	Morgan Stanley		6,826			71,544			102,663			31,101
Netflix, Inc.	Morgan Stanley		1,104			571,024			575,913			4,870
News Corp., Class A	Morgan Stanley		482			11,288			12,257			999
Nexstar Media Group, Inc., Class A	Morgan Stanley		599			86,199			84,118			(2,100	)
TechTarget, Inc.	Morgan Stanley		410			29,961			28,475			(1,505	)
TEGNA, Inc.	Morgan Stanley		4,577			73,869			86,185			12,580

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Media & Entertainment — (continued)
Twitter, Inc.	Morgan Stanley		1,352		$	82,572		$	86,028		$	3,438
ViacomCBS, Inc., Class B	Morgan Stanley		660			29,554			29,766			193
Walt Disney Co. (The)	Morgan Stanley		118			21,538			21,773			105
Warner Music Group Corp. Class A	Morgan Stanley		2,262			77,866			77,654			(154	)

			60,825			3,362,162			3,798,443			441,314

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		1,593			168,949			172,395			3,427
Agilent Technologies, Inc.	Morgan Stanley		1,159			121,350			147,355			26,506
Alexion Pharmaceuticals, Inc.	Morgan Stanley		2,694			414,105			411,940			(2,184	)
Avantor, Inc.	Morgan Stanley		3,161			92,111			91,448			(682	)
Bausch Health Cos., Inc. (Canada)	Morgan Stanley		851			26,330			27,011			662
Biogen, Inc.	Morgan Stanley		585			157,336			163,654			6,299
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		975			572,185			556,891			(15,312	)
Blueprint Medicines Corp.	Morgan Stanley		270			25,332			26,252			902
Denali Therapeutics, Inc.	Morgan Stanley		2,431			147,669			138,810			(8,877	)
Emergent BioSolutions, Inc.	Morgan Stanley		820			76,871			76,186			(1,012	)
Essa Pharma, Inc. (Canada)	Morgan Stanley		42			1,266			1,220			(64	)
Gilead Sciences, Inc.	Morgan Stanley		2,820			178,889			182,257			6,254
Halozyme Therapeutics, Inc.	Morgan Stanley		3,013			134,419			125,612			(8,826	)
HEXO Corp. (Canada)	Morgan Stanley		29,115			201,848			188,665			(15,393	)
Horizon Therapeutics PLC (Ireland)	Morgan Stanley		4,329			385,296			398,441			13,127
Illumina, Inc.	Morgan Stanley		197			76,189			75,660			(548	)
ImmunoGen, Inc.	Morgan Stanley		5,186			45,603			42,007			(3,615	)
Innoviva, Inc.	Morgan Stanley		5,429			58,566			64,877			6,292
Jazz Pharmaceuticals PLC (Ireland)	Morgan Stanley		1,146			191,245			188,368			(2,895	)
Johnson & Johnson	Morgan Stanley		1,189			173,480			195,412			23,068
Luminex Corp.	Morgan Stanley		1,180			25,896			37,642			11,963
MacroGenics, Inc.	Morgan Stanley		1,130			33,545			35,991			2,427
Merck & Co., Inc.	Morgan Stanley		6,728			507,721			518,662			14,642
Mettler-Toledo International, Inc.	Morgan Stanley		92			103,615			106,323			2,690
Morphic Holding, Inc.	Morgan Stanley		163			10,515			10,315			(218	)
Ocular Therapeutix, Inc.	Morgan Stanley		5,612			113,963			92,093			(22,520	)
PerkinElmer, Inc.	Morgan Stanley		394			46,835			50,546			3,735
Pfizer, Inc.	Morgan Stanley		11,947			416,765			432,840			16,057
Precigen, Inc.	Morgan Stanley		57			376			393			(1	)
Prestige Consumer Healthcare, Inc.	Morgan Stanley		906			32,012			39,936			7,906
Prothena Corp. PLC (Ireland)	Morgan Stanley		507			11,866			12,736			851
Sage Therapeutics, Inc.	Morgan Stanley		2,078			162,554			155,538			(7,034	)
Seagen, Inc.	Morgan Stanley		1,244			187,194			172,742			(14,471	)
Thermo Fisher Scientific, Inc.	Morgan Stanley		1,770			823,601			807,793			(24,235	)
Translate Bio, Inc.	Morgan Stanley		1,409			30,698			23,234			(7,482	)
United Therapeutics Corp.	Morgan Stanley		897			149,276			150,041			747
Vanda Pharmaceuticals, Inc.	Morgan Stanley		349			5,757			5,242			(534	)
Waters Corp.	Morgan Stanley		603			163,204			171,354			8,202
Zoetis, Inc.	Morgan Stanley		2,082			327,710			327,873			805

			106,153			6,402,142			6,425,755			20,659

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Retailing
Abercrombie & Fitch Co., Class A	Morgan Stanley		16,271		$	215,284		$	558,258		$	342,956
Advance Auto Parts, Inc.	Morgan Stanley		6,181			931,828			1,134,152			211,689
Amazon.com, Inc.	Morgan Stanley		74			228,924			228,962			(758	)
American Eagle Outfitters, Inc.	Morgan Stanley		19,415			570,546			567,695			(1,120	)
AutoNation, Inc.	Morgan Stanley		6,999			373,782			652,447			278,646
AutoZone, Inc.	Morgan Stanley		105			118,009			147,452			29,424
Best Buy Co., Inc.	Morgan Stanley		6			689			689			(19	)
Booking Holdings, Inc.	Morgan Stanley		26			56,843			60,576			3,714
Boot Barn Holdings, Inc.	Morgan Stanley		1,115			66,169			69,476			3,322
Buckle, Inc. (The)	Morgan Stanley		4,591			100,329			180,334			90,489
Caleres, Inc.	Morgan Stanley		96			2,007			2,093			67
Citi Trends, Inc.	Morgan Stanley		304			26,507			25,469			(1,057	)
Dillard’s, Inc., Class A	Morgan Stanley		263			22,619			25,398			3,021
Dollar Tree, Inc.	Morgan Stanley		1,047			111,234			119,840			8,611
eBay, Inc.	Morgan Stanley		504			28,078			30,865			2,832
Etsy, Inc.	Morgan Stanley		5,020			787,805			1,012,383			224,560
Expedia Group, Inc.	Morgan Stanley		2,867			376,524			493,468			116,926
Foot Locker, Inc.	Morgan Stanley		3,387			119,372			190,519			74,079
Gap, Inc. (The)	Morgan Stanley		1			25			30			(14	)
Genuine Parts Co.	Morgan Stanley		1,849			180,229			213,726			36,562
Group 1 Automotive, Inc.	Morgan Stanley		527			80,613			83,155			2,625
Guess?, Inc.	Morgan Stanley		492			11,794			11,562			(251	)
Home Depot, Inc. (The)	Morgan Stanley		24			7,239			7,326			69
L Brands, Inc.	Morgan Stanley		712			38,893			44,044			5,782
Lands’ End, Inc.	Morgan Stanley		9			219			223			(13	)
LKQ Corp.	Morgan Stanley		10,252			292,133			433,967			141,815
Lowe’s Cos., Inc.	Morgan Stanley		44			8,071			8,368			314
Macy’s, Inc.	Morgan Stanley		10,188			59,661			164,944			105,264
Murphy USA, Inc.	Morgan Stanley		159			19,769			22,985			4,976
National Vision Holdings, Inc.	Morgan Stanley		12			517			526			(9	)
Ollie’s Bargain Outlet Holdings, Inc.	Morgan Stanley		811			70,291			70,557			248
O’Reilly Automotive, Inc.	Morgan Stanley		432			189,400			219,132			29,838
Overstock.com, Inc.	Morgan Stanley		509			33,523			33,726			185
Quotient Technology, Inc.	Morgan Stanley		681			10,415			11,128			694
Qurate Retail, Inc., Series A	Morgan Stanley		19,068			164,053			224,240			81,622
Shoe Carnival, Inc.	Morgan Stanley		30			1,784			1,856			54
Shutterstock, Inc.	Morgan Stanley		3,969			266,919			353,400			87,686
Signet Jewelers Ltd. (Bermuda)	Morgan Stanley		1			55			58			(15	)
Sonic Automotive, Inc., Class A	Morgan Stanley		266			10,606			13,186			2,603
Stamps.com, Inc.	Morgan Stanley		41			7,435			8,180			810
Target Corp.	Morgan Stanley		1,147			175,136			227,186			57,674
Urban Outfitters, Inc.	Morgan Stanley		1,761			36,369			65,491			29,104
Wayfair, Inc., Class A	Morgan Stanley		339			107,288			106,700			(745	)
Zumiez, Inc.	Morgan Stanley		3,562			98,010			152,810			54,779

			125,157			6,006,996			7,978,582			2,029,039

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Semiconductors & Semiconductor Equipment
Alpha & Omega Semiconductor Ltd. (Bermuda)	Morgan Stanley		25		$	813		$	818		$	(39	)
Amkor Technology, Inc.	Morgan Stanley		7,884			92,838			186,930			94,704
Analog Devices, Inc.	Morgan Stanley		75			11,157			11,631			456
Axcelis Technologies, Inc.	Morgan Stanley		3,541			86,657			145,500			58,824
Broadcom, Inc.	Morgan Stanley		3,675			1,210,028			1,703,951			529,186
Cohu, Inc.	Morgan Stanley		1,925			82,213			80,542			(1,689	)
Enphase Energy, Inc.	Morgan Stanley		238			33,772			38,594			5,826
First Solar, Inc.	Morgan Stanley		1			61			87			7
Intel Corp.	Morgan Stanley		19,853			1,099,546			1,270,592			177,590
KLA Corp.	Morgan Stanley		494			107,690			163,218			56,110
MACOM Technology Solutions Holdings, Inc.	Morgan Stanley		5,171			187,284			300,021			112,719
Marvell Technology Group Ltd. (Bermuda)	Morgan Stanley		3,210			142,970			157,226			14,604
Maxim Integrated Products, Inc.	Morgan Stanley		967			79,104			88,355			9,232
Microchip Technology, Inc.	Morgan Stanley		968			95,546			150,253			55,689
Monolithic Power Systems, Inc.	Morgan Stanley		1			365			353			41
NXP Semiconductors NV (Netherlands) .	Morgan Stanley		2,611			505,656			525,699			20,024
ON Semiconductor Corp.	Morgan Stanley		2,254			88,643			93,789			5,310
Qorvo, Inc.	Morgan Stanley		8,463			1,013,435			1,546,190			532,737
QUALCOMM, Inc.	Morgan Stanley		9,023			1,289,738			1,196,360			(86,204	)
Rambus, Inc.	Morgan Stanley		2,273			46,748			44,187			(2,579	)
Skyworks Solutions, Inc.	Morgan Stanley		8			1,338			1,468			112
SMART Global Holdings, Inc. (Cayman Islands)	Morgan Stanley		106			4,624			4,878			236
Teradyne, Inc.	Morgan Stanley		806			92,761			98,074			5,295
Texas Instruments, Inc.	Morgan Stanley		1,708			257,990			322,795			67,486
Ultra Clean Holdings, Inc.	Morgan Stanley		15			324			871			528
Veeco Instruments, Inc.	Morgan Stanley		475			9,903			9,851			(70	)
Xilinx, Inc.	Morgan Stanley		618			79,642			76,570			(3,297	)

			76,388			6,620,846			8,218,803			1,652,838

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		938			216,321			259,123			43,758
ACI Worldwide, Inc.	Morgan Stanley		5,385			151,226			204,899			53,655
Adobe, Inc.	Morgan Stanley		446			203,961			212,015			8,035
Alliance Data Systems Corp.	Morgan Stanley		4,422			197,925			495,662			300,503
Amdocs, Ltd. (Guernsey)	Morgan Stanley		457			34,879			32,059			(2,690	)
Aspen Technology, Inc.	Morgan Stanley		372			50,399			53,691			3,273
Autodesk, Inc.	Morgan Stanley		223			59,224			61,804			2,562
Automatic Data Processing, Inc.	Morgan Stanley		2,313			357,996			435,931			80,556
Brightcove, Inc.	Morgan Stanley		970			21,782			19,516			(2,284	)
Broadridge Financial Solutions, Inc.	Morgan Stanley		2,336			320,251			357,642			40,426
Cadence Design Systems, Inc.	Morgan Stanley		792			87,845			108,496			20,633
CDK Global, Inc.	Morgan Stanley		3,528			158,842			190,724			36,461
Cerence, Inc.	Morgan Stanley		1,742			193,124			156,048			(37,094	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Software & Services — (continued)
CGI, Inc. (Canada)	Morgan Stanley		2,040		$	142,897		$	169,769		$	26,853
Cloudera, Inc.	Morgan Stanley		8,926			109,666			108,629			(1,498	)
CommVault Systems, Inc.	Morgan Stanley		15			969			968			(50	)
Cornerstone OnDemand, Inc.	Morgan Stanley		218			7,517			9,500			1,965
Crowdstrike Holdings, Inc., Class A	Morgan Stanley		262			49,607			47,818			(1,808	)
CSG Systems International, Inc.	Morgan Stanley		881			41,254			39,548			(1,529	)
Descartes Systems Group, Inc. (The) (Canada)	Morgan Stanley		108			6,567			6,578			(7	)
Digital Turbine, Inc.	Morgan Stanley		1,697			125,796			136,371			10,557
Dynatrace, Inc.	Morgan Stanley		2,043			101,122			98,554			(2,586	)
Fiserv, Inc.	Morgan Stanley		6,451			619,858			767,927			148,051
FleetCor Technologies, Inc.	Morgan Stanley		112			30,742			30,087			(674	)
Fortinet, Inc.	Morgan Stanley		675			113,991			124,484			10,474
Gartner, Inc.	Morgan Stanley		71			12,066			12,961			877
Globant SA (Luxembourg)	Morgan Stanley		63			12,688			13,079			373
International Business Machines Corp.	Morgan Stanley		2,267			291,361			302,100			10,721
Jack Henry & Associates, Inc.	Morgan Stanley		630			99,463			95,584			(3,384	)
Manhattan Associates, Inc.	Morgan Stanley		287			33,930			33,688			(261	)
Mastercard, Inc., Class A	Morgan Stanley		322			115,516			114,648			(887	)
McAfee Corp., Class A	Morgan Stanley		100			2,210			2,274			45
Microsoft Corp.	Morgan Stanley		1,061			246,145			250,152			3,988
NortonLifeLock, Inc.	Morgan Stanley		605			11,312			12,862			1,666
Open Text Corp. (Canada)	Morgan Stanley		6,129			260,722			292,415			33,500
Oracle Corp.	Morgan Stanley		2,232			142,233			156,619			14,368
Paychex, Inc.	Morgan Stanley		140			12,643			13,723			1,061
Paylocity Holding Corp.	Morgan Stanley		5			888			899			(7	)
PayPal Holdings, Inc.	Morgan Stanley		2,659			634,781			645,712			8,554
Perficient, Inc.	Morgan Stanley		34			1,986			1,996			(8	)
Progress Software Corp.	Morgan Stanley		2,145			75,949			94,509			19,640
PTC, Inc.	Morgan Stanley		49			6,252			6,745			468
QAD, Inc., Class A	Morgan Stanley		15			960			999			20
salesforce.com, Inc.	Morgan Stanley		2,488			550,403			527,133			(23,289	)
ServiceNow, Inc.	Morgan Stanley		149			77,113			74,516			(2,616	)
Shopify, Inc., Class A (Canada)	Morgan Stanley		190			200,020			210,235			10,197
SPS Commerce, Inc.	Morgan Stanley		4,798			362,599			476,489			113,872
Sykes Enterprises, Inc.	Morgan Stanley		19			840			838			(21	)
Synopsys, Inc.	Morgan Stanley		146			35,040			36,176			1,118
Teradata Corp.	Morgan Stanley		5,287			113,812			203,761			89,931
Trade Desk, Inc. (The), Class A	Morgan Stanley		672			486,906			437,916			(49,009	)
Tyler Technologies, Inc.	Morgan Stanley		89			36,546			37,783			1,269
Varonis Systems, Inc.	Morgan Stanley		443			29,464			22,744			(6,757	)
Verint Systems, Inc.	Morgan Stanley		2,706			132,264			123,096			(9,187	)
VeriSign, Inc.	Morgan Stanley		618			121,230			122,834			1,480
Visa, Inc., Class A	Morgan Stanley		466			94,663			98,666			3,687
Western Union Co. (The)	Morgan Stanley		7,150			160,164			176,319			20,367
Workiva, Inc.	Morgan Stanley		809			68,719			71,402			2,664
Xperi Holding Corp.	Morgan Stanley		1,653			37,786			35,986			(1,784	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Software & Services — (continued)
Zoom Video Communications, Inc., Class A	Morgan Stanley		1,182		$	419,187		$	379,765		$	(44,831	)

			95,031			8,291,622			9,214,467			935,367

Technology Hardware & Equipment
Badger Meter, Inc.	Morgan Stanley		317			20,156			29,503			9,484
Calix, Inc.	Morgan Stanley		451			16,173			15,632			(559	)
CDW Corp.	Morgan Stanley		1,660			206,966			275,145			69,261
Cisco Systems, Inc.	Morgan Stanley		2,284			96,304			118,106			22,397
Cognex Corp.	Morgan Stanley		329			25,677			27,304			1,609
Corning, Inc.	Morgan Stanley		3,395			107,902			147,716			47,550
CTS Corp.	Morgan Stanley		57			1,742			1,770			10
Dell Technologies, Inc., Class C	Morgan Stanley		3,273			276,763			288,515			11,733
Diebold Nixdorf, Inc.	Morgan Stanley		61,578			392,583			870,097			477,496
Dolby Laboratories, Inc., Class A	Morgan Stanley		199			17,964			19,645			1,706
EchoStar Corp., Class A	Morgan Stanley		26,998			717,700			647,952			(69,767	)
FARO Technologies, Inc.	Morgan Stanley		253			22,819			21,902			(936	)
Hewlett Packard Enterprise Co.	Morgan Stanley		14,083			138,854			221,666			87,366
HP, Inc.	Morgan Stanley		11,321			228,803			359,442			135,559
II-VI, Inc.	Morgan Stanley		1,381			94,836			94,419			(436	)
Jabil, Inc.	Morgan Stanley		683			34,454			35,625			1,152
Juniper Networks, Inc.	Morgan Stanley		3,431			83,568			86,907			3,559
Lumentum Holdings, Inc.	Morgan Stanley		157			12,550			14,342			3,377
Methode Electronics, Inc.	Morgan Stanley		279			12,035			11,712			(341	)
NCR Corp.	Morgan Stanley		18,425			340,944			699,229			358,266
NetApp, Inc.	Morgan Stanley		6,942			309,038			504,475			203,253
NETGEAR, Inc.	Morgan Stanley		2,823			99,358			116,025			16,649
NetScout Systems, Inc.	Morgan Stanley		6			169			169			(18	)
Plantronics, Inc.	Morgan Stanley		1,166			46,945			45,369			(1,595	)
Sanmina Corp.	Morgan Stanley		4,152			111,601			171,810			60,191
Seagate Technology PLC (Ireland)	Morgan Stanley		1,532			112,725			117,581			5,707
SYNNEX Corp.	Morgan Stanley		601			54,606			69,019			14,442
TE Connectivity Ltd. (Switzerland)	Morgan Stanley		236			29,672			30,470			842
TTM Technologies, Inc.	Morgan Stanley		8,094			104,696			117,363			12,648
Ubiquiti, Inc.	Morgan Stanley		33			6,836			9,844			3,617
Vontier Corp.	Morgan Stanley		11,049			326,744			334,453			7,635
Western Digital Corp.	Morgan Stanley		3,200			193,880			213,600			19,702
Xerox Holdings Corp.	Morgan Stanley		81			1,275			1,966			733
Zebra Technologies Corp., Class A	Morgan Stanley		130			49,504			63,073			13,551

			190,599			4,295,842			5,781,846			1,515,843

Telecommunication Services
AT&T, Inc.	Morgan Stanley		8,214			235,433			248,638			15,354
Iridium Communications, Inc.	Morgan Stanley		3,604			122,102			148,665			26,544
Lumen Technologies, Inc.	Morgan Stanley		6,828			75,363			91,154			17,103
T-Mobile US, Inc.	Morgan Stanley		1,880			221,274			235,545			14,253

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Telecommunication Services — (continued)
Verizon Communications, Inc.	Morgan Stanley		4,693			$	258,120			$	272,898			$	14,759

			25,219				912,292				996,900				88,013

Transportation
Alaska Air Group, Inc.	Morgan Stanley		11,194				413,382				774,737				361,336
ArcBest Corp.	Morgan Stanley		10,339				316,493				727,555				413,525
Atlas Air Worldwide Holdings, Inc.	Morgan Stanley		9,034				518,022				546,015				27,974
CSX Corp.	Morgan Stanley		1,877				135,543				180,980				46,821
Echo Global Logistics, Inc.	Morgan Stanley		3,420				89,295				107,422				18,261
Expeditors International of Washington, Inc.	Morgan Stanley		8,954				719,812				964,256				249,082
FedEx Corp.	Morgan Stanley		1,898				517,677				539,108				21,578
Golden Ocean Group Ltd. (Bermuda)	Morgan Stanley		17				114				652				519
Kansas City Southern	Morgan Stanley		1				174				264				1,430
Norfolk Southern Corp.	Morgan Stanley		67				16,809				17,991				1,163
Old Dominion Freight Line, Inc.	Morgan Stanley		222				47,896				53,371				5,472
Ryder System, Inc.	Morgan Stanley		2,223				129,475				168,170				40,437
Saia, Inc.	Morgan Stanley		132				26,914				30,437				3,669
Schneider National, Inc., Class B	Morgan Stanley		9,877				247,772				246,629				21,299
SkyWest, Inc.	Morgan Stanley		8,201				237,804				446,790				208,968
Southwest Airlines Co.	Morgan Stanley		2,044				118,452				124,807				6,336
Union Pacific Corp.	Morgan Stanley		881				185,046				194,181				9,687
United Parcel Service, Inc., Class B	Morgan Stanley		1,460				229,241				248,185				21,449

			71,841				3,949,921				5,371,550				1,459,006

Utilities
AES Corp. (The)	Morgan Stanley		11,430				302,246				306,438				4,573
Alliant Energy Corp.	Morgan Stanley		383				20,000				20,743				735
Dominion Energy, Inc.	Morgan Stanley		13,744				977,147				1,043,994				71,128
Duke Energy Corp.	Morgan Stanley		4,909				416,406				473,866				68,553
Exelon Corp.	Morgan Stanley		13,306				508,732				582,004				83,376
IDACORP, Inc.	Morgan Stanley		1,392				123,399				139,158				19,285
MDU Resources Group, Inc.	Morgan Stanley		2				48				63				(3	)
NextEra Energy, Inc.	Morgan Stanley		848				61,514				64,117				2,584
NiSource, Inc.	Morgan Stanley		19,069				432,022				459,754				32,705
NRG Energy, Inc.	Morgan Stanley		15,466				514,796				583,532				80,611
South Jersey Industries, Inc.	Morgan Stanley		1,854				44,208				41,863				(2,237	)
Southern Co. (The)	Morgan Stanley		2,029				120,766				126,123				6,226

			84,432				3,521,284				3,841,655				367,536

Total Reference Entity — Long							96,732,325				117,331,306				21,181,182

Short
Automobiles & Components
Dana, Inc.	Morgan Stanley		(9,740	)			(227,331	)			(236,974	)			(12,455	)
Fox Factory Holding Corp.	Morgan Stanley		(9,768	)			(1,164,730	)			(1,241,122	)			(77,648	)
LCI Industries	Morgan Stanley		(2,855	)			(345,042	)			(377,659	)			(42,118	)
Lear Corp.	Morgan Stanley		(5,542	)			(908,923	)			(1,004,488	)			(105,360	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Automobiles & Components — (continued)
Patrick Industries, Inc.	Morgan Stanley		(7,960	)		$	(590,176	)		$	(676,600	)		$	(90,950	)
Thor Industries, Inc.	Morgan Stanley		(7,507	)			(984,718	)			(1,011,493	)			(30,888	)
Workhorse Group, Inc.	Morgan Stanley		(131,810	)			(1,920,477	)			(1,815,024	)			103,395

			(175,182	)			(6,141,397	)			(6,363,360	)			(256,024	)

Capital Goods
Allegion PLC (Ireland)	Morgan Stanley		(2,212	)			(274,579	)			(277,871	)			(4,094	)
American Woodmark Corp.	Morgan Stanley		(1,414	)			(131,114	)			(139,392	)			(9,142	)
Arcosa, Inc.	Morgan Stanley		(6,120	)			(374,465	)			(398,351	)			(24,302	)
Armstrong World Industries, Inc.	Morgan Stanley		(7,999	)			(642,290	)			(720,630	)			(87,012	)
Bloom Energy Corp., Class A	Morgan Stanley		(12,613	)			(281,546	)			(341,182	)			(67,977	)
Boeing Co. (The)	Morgan Stanley		(2,624	)			(653,890	)			(668,385	)			(111,556	)
BWX Technologies, Inc.	Morgan Stanley		(10,768	)			(666,069	)			(710,042	)			(45,620	)
CAE, Inc. (Canada)	Morgan Stanley		(3,899	)			(107,468	)			(111,083	)			(3,800	)
Carrier Global Corp.	Morgan Stanley		(41,385	)			(1,696,511	)			(1,747,275	)			(52,584	)
Caterpillar, Inc.	Morgan Stanley		(164	)			(38,109	)			(38,027	)			23
Construction Partners, Inc., Class A	Morgan Stanley		(12,332	)			(309,821	)			(368,480	)			(59,006	)
Crane Co.	Morgan Stanley		(8,874	)			(716,951	)			(833,357	)			(122,932	)
CSW Industrials, Inc.	Morgan Stanley		(972	)			(126,244	)			(131,220	)			(5,129	)
Evoqua Water Technologies Corp.	Morgan Stanley		(25,233	)			(693,095	)			(663,628	)			28,712
Fluor Corp.	Morgan Stanley		(53,590	)			(1,152,531	)			(1,237,393	)			(86,105	)
FuelCell Energy, Inc.	Morgan Stanley		(213,224	)			(3,094,681	)			(3,072,558	)			15,690
GATX Corp.	Morgan Stanley		(6,217	)			(532,891	)			(576,565	)			(51,325	)
Helios Technologies, Inc.	Morgan Stanley		(1,142	)			(81,584	)			(83,218	)			(1,739	)
Hexcel Corp.	Morgan Stanley		(29,971	)			(1,514,989	)			(1,678,376	)			(182,774	)
Hillenbrand, Inc.	Morgan Stanley		(9,759	)			(281,552	)			(465,602	)			(200,111	)
Hyster-Yale Materials Handling, Inc.	Morgan Stanley		(3,064	)			(118,142	)			(266,936	)			(153,364	)
IDEX Corp.	Morgan Stanley		(425	)			(89,112	)			(88,961	)			38
Kaman Corp.	Morgan Stanley		(4,981	)			(273,671	)			(255,475	)			16,329
Kennametal, Inc.	Morgan Stanley		(51,717	)			(1,572,757	)			(2,067,128	)			(520,986	)
Kratos Defense & Security Solutions, Inc.	Morgan Stanley		(21,691	)			(450,319	)			(591,730	)			(147,937	)
L3Harris Technologies, Inc.	Morgan Stanley		(2,047	)			(406,157	)			(414,886	)			(9,179	)
Maxar Technologies, Inc.	Morgan Stanley		(10,685	)			(444,180	)			(404,107	)			38,284
Mercury Systems, Inc.	Morgan Stanley		(295	)			(20,442	)			(20,842	)			(440	)
Meritor, Inc.	Morgan Stanley		(28,370	)			(706,755	)			(834,645	)			(133,845	)
Mueller Water Products, Inc., Class A	Morgan Stanley		(31,293	)			(318,563	)			(434,660	)			(124,871	)
Navistar International Corp.	Morgan Stanley		(12,395	)			(546,226	)			(545,752	)			(149	)
NV5 Global, Inc.	Morgan Stanley		(7,242	)			(400,917	)			(699,360	)			(303,179	)
Parsons Corp.	Morgan Stanley		(12,569	)			(453,886	)			(508,290	)			(55,977	)
PGT Innovations, Inc.	Morgan Stanley		(23,282	)			(416,499	)			(587,871	)			(172,494	)
Proto Labs, Inc.	Morgan Stanley		(7,148	)			(1,338,056	)			(870,269	)			466,347
Raven Industries, Inc.	Morgan Stanley		(3	)			(113	)			(115	)			(20	)
Raytheon Technologies Corp.	Morgan Stanley		(10,085	)			(697,978	)			(779,268	)			(102,705	)
Spirit AeroSystems Holdings, Inc., Class A	Morgan Stanley		(37,429	)			(1,272,909	)			(1,820,921	)			(566,955	)
SPX Corp.	Morgan Stanley		(6,068	)			(346,522	)			(353,582	)			(7,657	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Capital Goods — (continued)
Sunrun, Inc.	Morgan Stanley		(22,491	)		$	(1,581,102	)		$	(1,360,256	)		$	208,899
Terex Corp.	Morgan Stanley		(2,055	)			(66,832	)			(94,674	)			(38,147	)
Trex Co., Inc.	Morgan Stanley		(13,417	)			(1,024,450	)			(1,228,192	)			(219,664	)
Triumph Group, Inc.	Morgan Stanley		(10,718	)			(155,022	)			(196,997	)			(46,013	)
Tutor Perini Corp.	Morgan Stanley		(75	)			(1,452	)			(1,421	)			11
Vicor Corp.	Morgan Stanley		(1,983	)			(144,804	)			(168,614	)			(25,622	)
Virgin Galactic Holdings, Inc.	Morgan Stanley		(18,251	)			(566,725	)			(559,028	)			4,665
Welbilt, Inc.	Morgan Stanley		(106,994	)			(1,343,446	)			(1,738,652	)			(397,771	)
WESCO International, Inc.	Morgan Stanley		(17,731	)			(842,331	)			(1,534,263	)			(696,687	)
Westport Fuel Systems, Inc. (Canada)	Morgan Stanley		(44,609	)			(350,375	)			(320,739	)			29,245
WillScot Mobile Mini Holdings Corp.	Morgan Stanley		(5,164	)			(117,138	)			(143,301	)			(29,784	)

			(964,789	)			(29,437,261	)			(33,153,570	)			(4,060,411	)

Commercial & Professional Services
ADT, Inc.	Morgan Stanley		(55,721	)			(441,305	)			(470,285	)			(30,106	)
Casella Waste Systems, Inc., Class A	Morgan Stanley		(2,399	)			(148,742	)			(152,504	)			(4,071	)
Clarivate PLC (Jersey)	Morgan Stanley		(38,147	)			(920,813	)			(1,006,699	)			(86,883	)
Dun & Bradstreet Holdings, Inc.	Morgan Stanley		(13,249	)			(321,963	)			(315,459	)			6,163
Exponent, Inc.	Morgan Stanley		(2,217	)			(212,264	)			(216,047	)			(4,738	)
Harsco Corp.	Morgan Stanley		(27,313	)			(427,804	)			(468,418	)			(41,087	)
Insperity, Inc.	Morgan Stanley		(5,134	)			(447,855	)			(429,921	)			15,453
KAR Auction Services, Inc.	Morgan Stanley		(49,927	)			(756,862	)			(748,905	)			7,135
KBR, Inc.	Morgan Stanley		(6,896	)			(236,686	)			(264,737	)			(28,322	)
Kelly Services, Inc., Class A	Morgan Stanley		(168	)			(3,723	)			(3,741	)			(41	)
MSA Safety, Inc.	Morgan Stanley		(1,475	)			(223,565	)			(221,280	)			(151	)
Pitney Bowes, Inc.	Morgan Stanley		(19,718	)			(186,083	)			(162,476	)			22,713
US Ecology, Inc.	Morgan Stanley		(21,990	)			(771,459	)			(915,663	)			(146,407	)
Viad Corp.	Morgan Stanley		(5,536	)			(217,571	)			(231,128	)			(13,806	)
Waste Management, Inc.	Morgan Stanley		(18,344	)			(2,206,479	)			(2,366,743	)			(167,552	)

			(268,234	)			(7,523,174	)			(7,974,006	)			(471,700	)

Consumer Durables & Apparel
Canada Goose Holdings, Inc. (Canada) .	Morgan Stanley		(14,231	)			(510,935	)			(558,567	)			(50,742	)
Columbia Sportswear Co.	Morgan Stanley		(3,793	)			(351,234	)			(400,655	)			(52,676	)
GoPro, Inc., Class A	Morgan Stanley		(48,569	)			(597,429	)			(565,343	)			31,433
Installed Building Products, Inc.	Morgan Stanley		(1,420	)			(177,146	)			(157,450	)			20,336
Lululemon Athletica, Inc.	Morgan Stanley		(1,097	)			(343,285	)			(336,461	)			8,630
Malibu Boats, Inc., Class A	Morgan Stanley		(9,474	)			(660,005	)			(754,888	)			(100,907	)
Oxford Industries, Inc.	Morgan Stanley		(9,144	)			(539,678	)			(799,368	)			(263,093	)
Purple Innovation, Inc.	Morgan Stanley		(36,117	)			(1,248,699	)			(1,143,103	)			104,251
Ralph Lauren Corp.	Morgan Stanley		(18,488	)			(2,088,442	)			(2,276,982	)			(195,895	)
Skechers U.S.A., Inc., Class A	Morgan Stanley		(36,461	)			(1,288,573	)			(1,520,788	)			(247,630	)

			(178,794	)			(7,805,426	)			(8,513,605	)			(746,293	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Consumer Services
Aramark	Morgan Stanley		(10,232	)		$	(390,488	)		$	(386,565	)		$	1,362
Bally’s Corp.	Morgan Stanley		(6,011	)			(400,714	)			(390,595	)			9,675
Bright Horizons Family Solutions, Inc.	Morgan Stanley		(13,159	)			(2,169,023	)			(2,256,111	)			(89,538	)
Brinker International, Inc.	Morgan Stanley		(5,967	)			(402,316	)			(424,015	)			(27,573	)
Caesars Entertainment, Inc.	Morgan Stanley		(9,903	)			(672,717	)			(866,017	)			(200,413	)
Carnival Corp. (Panama)	Morgan Stanley		(28,423	)			(745,591	)			(754,346	)			(9,566	)
Cheesecake Factory, Inc. (The)	Morgan Stanley		(7,616	)			(248,483	)			(445,612	)			(234,297	)
Churchill Downs, Inc.	Morgan Stanley		(3,150	)			(651,725	)			(716,373	)			(71,809	)
Cracker Barrel Old Country Store, Inc.	Morgan Stanley		(5,946	)			(776,824	)			(1,027,944	)			(265,042	)
Darden Restaurants, Inc.	Morgan Stanley		(2,209	)			(316,284	)			(313,678	)			2,252
Dave & Buster’s Entertainment, Inc.	Morgan Stanley		(20,733	)			(373,508	)			(993,111	)			(676,782	)
Denny’s Corp.	Morgan Stanley		(59,630	)			(834,657	)			(1,079,899	)			(251,994	)
Everi Holdings, Inc.	Morgan Stanley		(10,419	)			(62,247	)			(147,012	)			(89,673	)
frontdoor, Inc.	Morgan Stanley		(5,029	)			(269,780	)			(270,309	)			(1,328	)
Hilton Worldwide Holdings, Inc.	Morgan Stanley		(4,097	)			(481,861	)			(495,409	)			(14,078	)
International Game Technology PLC (United Kingdom)	Morgan Stanley		(29,233	)			(523,869	)			(469,190	)			54,104
Las Vegas Sands Corp.	Morgan Stanley		(15,396	)			(833,141	)			(935,461	)			(103,223	)
Monarch Casino & Resort, Inc.	Morgan Stanley		(4,800	)			(168,671	)			(290,976	)			(122,502	)
Restaurant Brands International, Inc. (Canada)	Morgan Stanley		(8,568	)			(544,781	)			(556,920	)			(18,420	)
Starbucks Corp.	Morgan Stanley		(5,379	)			(584,138	)			(587,763	)			(4,304	)
Stride, Inc.	Morgan Stanley		(49,601	)			(2,113,634	)			(1,493,486	)			616,233
Vail Resorts, Inc.	Morgan Stanley		(11	)			(3,442	)			(3,208	)			304
Wynn Resorts Ltd.	Morgan Stanley		(3,701	)			(302,608	)			(463,994	)			(161,726	)

			(309,213	)			(13,870,502	)			(15,367,994	)			(1,658,338	)

Diversified Financials
Cboe Global Markets, Inc.	Morgan Stanley		(3,731	)			(380,050	)			(368,212	)			11,692
CME Group, Inc.	Morgan Stanley		(5,083	)			(1,058,862	)			(1,038,101	)			14,201
Franklin Resources, Inc.	Morgan Stanley		(41,610	)			(1,135,244	)			(1,231,656	)			(123,935	)
SEI Investments Co.	Morgan Stanley		(730	)			(44,820	)			(44,479	)			275

			(51,154	)			(2,618,976	)			(2,682,448	)			(97,767	)

Energy
Baker Hughes Co.	Morgan Stanley		(5,190	)			(127,526	)			(112,156	)			19,508
Cabot Oil & Gas Corp.	Morgan Stanley		(7,046	)			(144,318	)			(132,324	)			11,562
ChampionX Corp.	Morgan Stanley		(13,452	)			(129,882	)			(292,312	)			(171,302	)
Chevron Corp.	Morgan Stanley		(10,054	)			(1,068,766	)			(1,053,559	)			14,055
ConocoPhillips	Morgan Stanley		(8,151	)			(435,461	)			(431,758	)			3,221
Continental Resources, Inc./Ok	Morgan Stanley		(28,491	)			(699,710	)			(737,062	)			(40,964	)
Crescent Point Energy Corp. (Canada)	Morgan Stanley		(104,807	)			(438,986	)			(437,045	)			1,196
Delek US Holdings, Inc.	Morgan Stanley		(55,672	)			(1,023,251	)			(1,212,536	)			(217,444	)
Dril-Quip, Inc.	Morgan Stanley		(11,301	)			(369,692	)			(375,532	)			(6,252	)
Enbridge, Inc. (Canada)	Morgan Stanley		(8,051	)			(294,818	)			(293,056	)			1,316
Enerplus Corp. (Canada)	Morgan Stanley		(704	)			(3,515	)			(3,527	)			(27	)
EQT Corp.	Morgan Stanley		(35,627	)			(651,677	)			(661,950	)			(11,335	)
Equitrans Midstream Corp.	Morgan Stanley		(21,174	)			(167,487	)			(172,780	)			(5,947	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Energy — (continued)
HollyFrontier Corp.	Morgan Stanley		(2,285	)		$	(74,034	)		$	(81,757	)		$	(13,923	)
Imperial Oil Ltd. (Canada)	Morgan Stanley		(4,687	)			(99,892	)			(113,332	)			(14,319	)
Liberty Oilfield Services, Inc., Class A	Morgan Stanley		(32,987	)			(364,630	)			(372,423	)			(8,199	)
Oasis Petroleum, Inc.	Morgan Stanley		(2,184	)			(130,002	)			(129,708	)			(581	)
Ovintiv, Inc.	Morgan Stanley		(5,138	)			(62,617	)			(122,387	)			(65,436	)
PDC Energy, Inc.	Morgan Stanley		(8,944	)			(139,437	)			(307,674	)			(177,990	)
Pembina Pipeline Corp. (Canada)	Morgan Stanley		(67,900	)			(1,727,171	)			(1,958,236	)			(325,586	)
Phillips 66.	Morgan Stanley		(12,198	)			(971,119	)			(994,625	)			(30,151	)
Renewable Energy Group, Inc.	Morgan Stanley		(3,997	)			(322,702	)			(263,962	)			64,449
RPC, Inc.	Morgan Stanley		(83,755	)			(275,554	)			(452,277	)			(177,508	)
Schlumberger NV (Curacao)	Morgan Stanley		(8,760	)			(231,836	)			(238,184	)			(10,216	)
SFL Corp. Ltd. (Bermuda)	Morgan Stanley		(12,347	)			(108,208	)			(99,023	)			2,379
Southwestern Energy Co.	Morgan Stanley		(858,778	)			(2,755,995	)			(3,993,318	)			(1,240,268	)
Talos Energy, Inc.	Morgan Stanley		(21,228	)			(275,486	)			(255,585	)			19,590

			(1,434,908	)			(13,093,772	)			(15,298,088	)			(2,380,172	)

Food & Staples Retailing
Chefs’ Warehouse, Inc. (The)	Morgan Stanley		(16,599	)			(473,991	)			(505,606	)			(32,137	)
Grocery Outlet Holding Corp.	Morgan Stanley		(47,066	)			(1,963,400	)			(1,736,265	)			227,118
Performance Food Group Co.	Morgan Stanley		(15,584	)			(520,003	)			(897,794	)			(385,394	)
Rite Aid Corp.	Morgan Stanley		(23,671	)			(374,360	)			(484,309	)			(126,392	)

			(102,920	)			(3,331,754	)			(3,623,974	)			(316,805	)

Food, Beverage & Tobacco
B&G Foods, Inc.	Morgan Stanley		(23,239	)			(753,441	)			(721,803	)			21,240
Beyond Meat, Inc.	Morgan Stanley		(4,237	)			(723,402	)			(551,318	)			195,380
Boston Beer Co., Inc. (The), Class A	Morgan Stanley		(69	)			(80,534	)			(83,233	)			(2,803	)
Calavo Growers, Inc.	Morgan Stanley		(7,979	)			(503,079	)			(619,490	)			(127,541	)
Campbell Soup Co.	Morgan Stanley		(2,895	)			(148,445	)			(145,532	)			3,430
Celsius Holdings, Inc.	Morgan Stanley		(13,907	)			(646,385	)			(668,231	)			(22,551	)
Freshpet, Inc.	Morgan Stanley		(1,829	)			(273,863	)			(290,463	)			(18,797	)
Hershey Co. (The)	Morgan Stanley		(2,028	)			(320,321	)			(320,748	)			(1,576	)
J&J Snack Foods Corp.	Morgan Stanley		(4,238	)			(615,405	)			(665,493	)			(58,306	)
Keurig Dr Pepper, Inc.	Morgan Stanley		(9,436	)			(325,252	)			(324,315	)			(1,008	)
McCormick & Co., Inc., non-voting shares	Morgan Stanley		(6,933	)			(622,808	)			(618,146	)			3,982
MGP Ingredients, Inc.	Morgan Stanley		(8,959	)			(343,849	)			(529,925	)			(192,921	)
Pilgrim’s Pride Corp.	Morgan Stanley		(31,644	)			(516,462	)			(752,811	)			(242,952	)
Primo Water Corp. (Canada)	Morgan Stanley		(19,318	)			(301,452	)			(314,111	)			(13,966	)
Sanderson Farms, Inc.	Morgan Stanley		(1,212	)			(141,685	)			(188,805	)			(55,589	)
Universal Corp.	Morgan Stanley		(5,613	)			(243,678	)			(331,111	)			(96,816	)
Village Farms International, Inc. (Canada)	Morgan Stanley		(35,170	)			(489,869	)			(465,299	)			24,031

			(178,706	)			(7,049,930	)			(7,590,834	)			(586,763	)

Health Care Equipment & Services
AMN Healthcare Services, Inc.	Morgan Stanley		(1,697	)			(128,468	)			(125,069	)			3,200
AtriCure, Inc.	Morgan Stanley		(4,211	)			(180,494	)			(275,905	)			(99,943	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Health Care Equipment & Services — (continued)
Avanos Medical, Inc.	Morgan Stanley		(12,877	)		$	(416,725	)		$	(563,240	)		$	(149,116	)
Axogen, Inc.	Morgan Stanley		(25,769	)			(310,130	)			(522,080	)			(213,931	)
Baxter International, Inc.	Morgan Stanley		(1,144	)			(97,612	)			(96,485	)			8,616
Cardinal Health, Inc.	Morgan Stanley		(27,938	)			(1,484,598	)			(1,697,234	)			(230,890	)
Cardiovascular Systems, Inc.	Morgan Stanley		(10,784	)			(373,300	)			(413,459	)			(40,574	)
Castle Biosciences, Inc.	Morgan Stanley		(6,483	)			(412,780	)			(443,826	)			(31,503	)
Cigna Corp.	Morgan Stanley		(9,366	)			(2,233,223	)			(2,264,137	)			(38,358	)
Covetrus, Inc.	Morgan Stanley		(29,026	)			(881,765	)			(869,909	)			9,867
CryoPort, Inc.	Morgan Stanley		(9,453	)			(509,844	)			(491,651	)			17,633
Dexcom, Inc.	Morgan Stanley		(987	)			(402,203	)			(354,718	)			54,570
GoodRx Holdings, Inc., Class A	Morgan Stanley		(1,120	)			(43,379	)			(43,702	)			(844	)
Guardant Health, Inc.	Morgan Stanley		(10,956	)			(1,571,516	)			(1,672,433	)			(112,657	)
Haemonetics Corp.	Morgan Stanley		(6,618	)			(721,385	)			(734,664	)			(19,213	)
Health Catalyst, Inc.	Morgan Stanley		(564	)			(26,228	)			(26,378	)			(196	)
HealthEquity, Inc.	Morgan Stanley		(6,836	)			(578,269	)			(464,848	)			119,343
Inari Medical, Inc.	Morgan Stanley		(3,845	)			(388,168	)			(411,415	)			(26,271	)
Insulet Corp.	Morgan Stanley		(4,122	)			(1,070,359	)			(1,075,512	)			(6,797	)
Integer Holdings Corp.	Morgan Stanley		(3,064	)			(275,618	)			(282,194	)			(7,272	)
Integra LifeSciences Holdings Corp.	Morgan Stanley		(9,021	)			(566,123	)			(623,261	)			(61,368	)
Intersect ENT, Inc.	Morgan Stanley		(7,395	)			(129,634	)			(154,408	)			(25,141	)
Lantheus Holdings, Inc.	Morgan Stanley		(15,978	)			(298,140	)			(341,450	)			(43,645	)
LivaNova PLC (United Kingdom)	Morgan Stanley		(8,951	)			(519,633	)			(659,957	)			(150,237	)
Magellan Health, Inc.	Morgan Stanley		(1,979	)			(184,626	)			(184,522	)			(129	)
Masimo Corp.	Morgan Stanley		(2,322	)			(578,353	)			(533,271	)			44,964
MEDNAX, Inc.	Morgan Stanley		(5,230	)			(144,337	)			(133,208	)			11,133
Mesa Laboratories, Inc.	Morgan Stanley		(1,553	)			(365,167	)			(378,156	)			(14,532	)
Neogen Corp.	Morgan Stanley		(1,282	)			(109,921	)			(113,957	)			(4,171	)
NuVasive, Inc.	Morgan Stanley		(8,872	)			(533,684	)			(581,648	)			(52,256	)
OraSure Technologies, Inc.	Morgan Stanley		(53,490	)			(711,184	)			(624,228	)			86,027
OrthoPediatrics Corp.	Morgan Stanley		(6,331	)			(303,170	)			(308,636	)			(5,807	)
PetIQ, Inc.	Morgan Stanley		(30,889	)			(1,117,433	)			(1,089,146	)			26,832
RadNet, Inc.	Morgan Stanley		(23,709	)			(383,470	)			(515,671	)			(133,075	)
Schrodinger, Inc.	Morgan Stanley		(2,125	)			(146,515	)			(162,116	)			(15,830	)
Silk Road Medical, Inc.	Morgan Stanley		(10,603	)			(618,280	)			(537,042	)			80,873
Simulations Plus, Inc.	Morgan Stanley		(2,005	)			(165,150	)			(126,796	)			39,045
SmileDirectClub, Inc.	Morgan Stanley		(23,906	)			(292,648	)			(246,471	)			49,940
STAAR Surgical Co.	Morgan Stanley		(1,341	)			(91,169	)			(141,355	)			(54,519	)
Surgery Partners, Inc.	Morgan Stanley		(13,403	)			(445,648	)			(593,217	)			(157,957	)
Tabula Rasa HealthCare, Inc.	Morgan Stanley		(31,681	)			(1,661,462	)			(1,458,910	)			200,411
Tactile Systems Technology, Inc.	Morgan Stanley		(8,889	)			(335,522	)			(484,362	)			(149,814	)
Teleflex, Inc.	Morgan Stanley		(682	)			(277,325	)			(283,344	)			(7,798	)
Varex Imaging Corp.	Morgan Stanley		(9,352	)			(142,082	)			(191,622	)			(50,248	)

			(457,849	)			(22,226,740	)			(23,295,613	)			(1,151,638	)

Household & Personal Products
Central Garden & Pet Co., Class A	Morgan Stanley		(3,398	)			(116,721	)			(176,322	)			(60,894	)
Church & Dwight Co., Inc.	Morgan Stanley		(7,501	)			(650,497	)			(655,212	)			(5,425	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Household & Personal Products — (continued)
Reynolds Consumer Products, Inc.	Morgan Stanley		(11,925	)		$	(349,276	)		$	(355,127	)		$	(6,793	)

			(22,824	)			(1,116,494	)			(1,186,661	)			(73,112	)

Materials
Air Products & Chemicals, Inc.	Morgan Stanley		(4,649	)			(1,258,854	)			(1,307,949	)			(66,939	)
Alamos Gold, Inc., Class A (Canada)	Morgan Stanley		(47,558	)			(507,243	)			(371,428	)			132,404
Alcoa Corp.	Morgan Stanley		(29,964	)			(671,143	)			(973,530	)			(372,269	)
Amyris, Inc.	Morgan Stanley		(47,492	)			(590,772	)			(907,097	)			(383,496	)
Ball Corp.	Morgan Stanley		(1,702	)			(154,192	)			(144,227	)			18,491
Equinox Gold Corp. (Canada)	Morgan Stanley		(109,305	)			(1,260,880	)			(873,347	)			386,878
Fortuna Silver Mines, Inc. (Canada)	Morgan Stanley		(43,701	)			(280,224	)			(282,745	)			(2,808	)
Graphic Packaging Holding Co.	Morgan Stanley		(29,418	)			(481,479	)			(534,231	)			(56,158	)
Huntsman Corp.	Morgan Stanley		(7,438	)			(209,282	)			(214,438	)			(6,781	)
Kirkland Lake Gold Ltd. (Canada)	Morgan Stanley		(48,121	)			(2,099,370	)			(1,626,490	)			451,466
Kronos Worldwide, Inc.	Morgan Stanley		(575	)			(8,707	)			(8,798	)			(119	)
Livent Corp.	Morgan Stanley		(31,543	)			(222,063	)			(546,325	)			(337,771	)
MAG Silver Corp. (Canada)	Morgan Stanley		(2,991	)			(44,502	)			(44,895	)			(459	)
Materion Corp.	Morgan Stanley		(380	)			(25,429	)			(25,171	)			212
Methanex Corp. (Canada)	Morgan Stanley		(21,766	)			(434,426	)			(800,989	)			(376,469	)
Novagold Resources, Inc. (Canada)	Morgan Stanley		(50,783	)			(542,652	)			(444,859	)			97,396
Olin Corp.	Morgan Stanley		(12,432	)			(207,543	)			(472,043	)			(277,324	)
Quaker Chemical Corp.	Morgan Stanley		(1,265	)			(264,041	)			(308,369	)			(48,031	)
Seabridge Gold, Inc. (Canada)	Morgan Stanley		(12,443	)			(234,324	)			(201,203	)			32,853
Steel Dynamics, Inc.	Morgan Stanley		(43,516	)			(1,563,764	)			(2,208,872	)			(695,149	)
Stepan Co.	Morgan Stanley		(947	)			(117,449	)			(120,373	)			(3,296	)
Teck Resources Ltd., Class B (Canada) .	Morgan Stanley		(40,505	)			(807,843	)			(776,886	)			21,548
Tronox Holdings PLC, Class A (United Kingdom)	Morgan Stanley		(47,674	)			(366,536	)			(872,434	)			(535,269	)
Valvoline, Inc.	Morgan Stanley		(48,662	)			(1,216,509	)			(1,268,618	)			(56,634	)
Warrior Met Coal, Inc.	Morgan Stanley		(48,892	)			(816,385	)			(837,520	)			(28,430	)
Yamana Gold, Inc. (Canada)	Morgan Stanley		(448,725	)			(1,939,284	)			(1,947,466	)			(21,465	)

			(1,182,447	)			(16,324,896	)			(18,120,303	)			(2,127,619	)

Media & Entertainment
Angi, Inc.	Morgan Stanley		(146,557	)			(1,877,983	)			(1,905,241	)			(36,809	)
Boston Omaha Corp., Class A	Morgan Stanley		(85	)			(2,765	)			(2,513	)			231
Cardlytics, Inc.	Morgan Stanley		(2,531	)			(307,784	)			(277,651	)			29,788
Cars.Com, Inc.	Morgan Stanley		(12,627	)			(152,797	)			(163,646	)			(11,949	)
Cinemark Holdings, Inc.	Morgan Stanley		(92,971	)			(1,491,783	)			(1,897,538	)			(408,224	)
Clear Channel Outdoor Holdings, Inc.	Morgan Stanley		(40,965	)			(79,677	)			(73,737	)			5,837
iHeartMedia, Inc., Class A	Morgan Stanley		(17,608	)			(295,426	)			(319,585	)			(24,492	)
Live Nation Entertainment, Inc.	Morgan Stanley		(2,387	)			(177,315	)			(202,060	)			(29,504	)
Loral Space & Communications, Inc.	Morgan Stanley		(3,820	)			(150,060	)			(143,899	)			5,062
Madison Square Garden Entertainment Corp.	Morgan Stanley		(3,938	)			(388,431	)			(322,128	)			65,872
Shaw Communications, Inc., Class B (Canada)	Morgan Stanley		(7,369	)			(198,024	)			(193,215	)			4,580
TripAdvisor, Inc.	Morgan Stanley		(11,587	)			(284,545	)			(623,265	)			(422,411	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Media & Entertainment — (continued)
World Wrestling Entertainment, Inc., Class A	Morgan Stanley		(9,224	)		$	(517,380	)		$	(500,494	)		$	14,290
ZoomInfo Technologies, Inc., Class A	Morgan Stanley		(10,482	)			(563,598	)			(512,570	)			50,843
Zynga, Inc., Class A	Morgan Stanley		(135,097	)			(1,413,662	)			(1,379,340	)			17,988

			(497,248	)			(7,901,230	)			(8,516,882	)			(738,898	)

Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A	Morgan Stanley		(1,220	)			(188,419	)			(220,820	)			(41,040	)
ACADIA Pharmaceuticals, Inc.	Morgan Stanley		(3,156	)			(82,751	)			(81,425	)			1,220
Adaptive Biotechnologies Corp.	Morgan Stanley		(22,715	)			(1,030,487	)			(914,506	)			114,868
Alector, Inc.	Morgan Stanley		(13,157	)			(293,485	)			(264,982	)			28,172
Amneal Pharmaceuticals, Inc.	Morgan Stanley		(17,315	)			(86,266	)			(116,530	)			(32,286	)
Arcturus Therapeutics Holdings, Inc.	Morgan Stanley		(10,319	)			(867,658	)			(426,175	)			440,543
Arvinas, Inc.	Morgan Stanley		(18,801	)			(746,566	)			(1,242,746	)			(496,991	)
Axsome Therapeutics, Inc.	Morgan Stanley		(7,963	)			(599,613	)			(450,865	)			148,376
Berkeley Lights, Inc.	Morgan Stanley		(10,241	)			(516,810	)			(514,405	)			1,837
BioMarin Pharmaceutical, Inc.	Morgan Stanley		(10	)			(760	)			(755	)			(14	)
Black Diamond Therapeutics, Inc.	Morgan Stanley		(27	)			(607	)			(655	)			(184	)
Bruker Corp.	Morgan Stanley		(4,487	)			(251,170	)			(288,424	)			(40,048	)
Catalent, Inc.	Morgan Stanley		(8,524	)			(983,567	)			(897,662	)			83,836
Charles River Laboratories International, Inc.	Morgan Stanley		(89	)			(25,907	)			(25,795	)			66
Codexis, Inc.	Morgan Stanley		(23,144	)			(285,003	)			(529,766	)			(247,758	)
Constellation Pharmaceuticals, Inc.	Morgan Stanley		(1,636	)			(43,320	)			(38,266	)			4,963
DermTech, Inc.	Morgan Stanley		(194	)			(9,465	)			(9,853	)			(1,938	)
Editas Medicine, Inc.	Morgan Stanley		(8,979	)			(384,884	)			(377,118	)			7,339
Elanco Animal Health, Inc.	Morgan Stanley		(58,262	)			(1,780,116	)			(1,715,816	)			64,011
Epizyme, Inc.	Morgan Stanley		(12,981	)			(184,071	)			(113,065	)			70,793
Exelixis, Inc.	Morgan Stanley		(36,316	)			(802,301	)			(820,378	)			(19,831	)
Heron Therapeutics, Inc.	Morgan Stanley		(395	)			(5,960	)			(6,403	)			(690	)
Intra-Cellular Therapies, Inc.	Morgan Stanley		(2,823	)			(91,012	)			(95,784	)			(4,887	)
Invitae Corp.	Morgan Stanley		(22,502	)			(947,821	)			(859,801	)			73,591
Ionis Pharmaceuticals, Inc.	Morgan Stanley		(8,842	)			(457,168	)			(397,536	)			59,079
Iovance Biotherapeutics, Inc.	Morgan Stanley		(8,269	)			(275,261	)			(261,797	)			12,974
Kura Oncology, Inc.	Morgan Stanley		(1,880	)			(49,194	)			(53,148	)			(4,025	)
Medpace Holdings, Inc.	Morgan Stanley		(1,289	)			(210,132	)			(211,460	)			(2,393	)
Myovant Sciences Ltd. (Bermuda)	Morgan Stanley		(9,086	)			(202,733	)			(186,990	)			15,510
NanoString Technologies, Inc.	Morgan Stanley		(3,592	)			(133,780	)			(236,030	)			(108,218	)
NeoGenomics, Inc.	Morgan Stanley		(4,268	)			(157,316	)			(205,846	)			(51,661	)
Perrigo Co. PLC (Ireland)	Morgan Stanley		(4,410	)			(215,768	)			(178,473	)			39,185
Personalis, Inc.	Morgan Stanley		(21,375	)			(551,225	)			(526,039	)			24,582
Phathom Pharmaceuticals, Inc.	Morgan Stanley		(619	)			(25,958	)			(23,250	)			2,662
PRA Health Sciences, Inc.	Morgan Stanley		(3,040	)			(340,354	)			(466,123	)			(129,676	)
Reata Pharmaceuticals, Inc., Class A	Morgan Stanley		(9,326	)			(1,327,908	)			(929,802	)			397,142
Repligen Corp.	Morgan Stanley		(2,761	)			(536,025	)			(536,766	)			(3,029	)
Revance Therapeutics, Inc.	Morgan Stanley		(6,164	)			(162,062	)			(172,284	)			(10,466	)
REVOLUTION Medicines, Inc.	Morgan Stanley		(25	)			(1,059	)			(1,147	)			(409	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Sangamo Therapeutics, Inc.	Morgan Stanley		(9,235	)		$	(107,278	)		$	(115,715	)		$	(8,811	)
Sorrento Therapeutics, Inc.	Morgan Stanley		(55,442	)			(532,352	)			(458,505	)			72,905
Syneos Health, Inc.	Morgan Stanley		(6,393	)			(486,890	)			(484,909	)			1,446
Theravance Biopharma, Inc. (Cayman Islands)	Morgan Stanley		(33,444	)			(665,194	)			(682,592	)			(18,123	)
Twist Bioscience Corp.	Morgan Stanley		(847	)			(95,244	)			(104,909	)			(9,907	)
Viatris, Inc.	Morgan Stanley		(144,337	)			(2,081,029	)			(2,016,388	)			62,412

			(619,900	)			(18,821,949	)			(18,261,704	)			495,127

Retailing
1-800-Flowers.com, Inc., Class A	Morgan Stanley		(9,030	)			(283,681	)			(249,318	)			35,747
Big Lots, Inc.	Morgan Stanley		(9,900	)			(649,366	)			(676,170	)			(33,209	)
Burlington Stores, Inc.	Morgan Stanley		(2,172	)			(525,895	)			(648,994	)			(135,653	)
Camping World Holdings, Inc., Class A .	Morgan Stanley		(240	)			(8,831	)			(8,731	)			4,239
CarMax, Inc.	Morgan Stanley		(4,215	)			(531,042	)			(559,162	)			(32,564	)
Children’s Place, Inc. (The)	Morgan Stanley		(22,859	)			(1,194,081	)			(1,593,272	)			(400,478	)
Core-Mark Holding Co., Inc.	Morgan Stanley		(6,896	)			(210,832	)			(266,806	)			(58,594	)
Designer Brands, Inc., Class A	Morgan Stanley		(74,649	)			(947,434	)			(1,298,893	)			(352,483	)
Floor & Decor Holdings, Inc., Class A	Morgan Stanley		(5,853	)			(434,493	)			(558,844	)			(142,266	)
GrowGeneration Corp.	Morgan Stanley		(5,475	)			(242,270	)			(272,053	)			(30,059	)
Grubhub, Inc.	Morgan Stanley		(14,114	)			(1,006,942	)			(846,840	)			160,256
Leslie’s, Inc.	Morgan Stanley		(13,087	)			(344,442	)			(320,501	)			23,557
Lithia Motors, Inc., Class A	Morgan Stanley		(4,801	)			(1,627,809	)			(1,872,822	)			(288,902	)
Monro, Inc.	Morgan Stanley		(24,753	)			(1,527,399	)			(1,628,747	)			(121,425	)
Nordstrom, Inc.	Morgan Stanley		(24,759	)			(540,375	)			(937,623	)			(400,692	)
Penske Automotive Group, Inc.	Morgan Stanley		(4,458	)			(256,551	)			(357,710	)			(112,570	)
Pool Corp.	Morgan Stanley		(2,040	)			(680,256	)			(704,290	)			(25,738	)
RealReal, Inc. (The)	Morgan Stanley		(80,162	)			(1,641,321	)			(1,814,066	)			(174,507	)
Ross Stores, Inc.	Morgan Stanley		(29,079	)			(3,459,312	)			(3,486,863	)			(37,681	)
Sally Beauty Holdings, Inc.	Morgan Stanley		(155,359	)			(2,420,146	)			(3,127,377	)			(720,282	)
Stitch Fix, Inc., Class A	Morgan Stanley		(47,446	)			(2,431,886	)			(2,350,475	)			78,810
TJX Cos., Inc. (The)	Morgan Stanley		(13,013	)			(887,064	)			(860,810	)			27,509
Tractor Supply Co.	Morgan Stanley		(613	)			(109,499	)			(108,550	)			1,125
Ulta Beauty, Inc.	Morgan Stanley		(1,056	)			(302,281	)			(326,484	)			(32,781	)
Vroom, Inc.	Morgan Stanley		(39,348	)			(1,360,418	)			(1,534,178	)			(175,224	)

			(595,377	)			(23,623,626	)			(26,409,579	)			(2,943,865	)

Semiconductors & Semiconductor Equipment
ACM Research, Inc., Class A	Morgan Stanley		(10,802	)			(973,104	)			(872,694	)			99,358
Cree, Inc.	Morgan Stanley		(6,997	)			(599,411	)			(756,586	)			(182,507	)
Diodes, Inc.	Morgan Stanley		(11,462	)			(879,795	)			(915,126	)			(38,109	)
Ichor Holdings Ltd. (Cayman Islands)	Morgan Stanley		(3,527	)			(108,204	)			(189,753	)			(88,025	)
MaxLinear, Inc.	Morgan Stanley		(9,039	)			(282,828	)			(308,049	)			(28,816	)
Onto Innovation, Inc.	Morgan Stanley		(2,865	)			(104,802	)			(188,259	)			(91,137	)
Power Integrations, Inc.	Morgan Stanley		(7,753	)			(621,831	)			(631,714	)			(14,437	)
Semtech Corp.	Morgan Stanley		(3,858	)			(263,267	)			(266,202	)			(3,233	)
Silicon Laboratories, Inc.	Morgan Stanley		(6,051	)			(887,742	)			(853,615	)			25,787

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Semiconductors & Semiconductor Equipment — (continued)
Universal Display Corp.	Morgan Stanley		(827	)		$	(164,594	)		$	(195,809	)		$	(33,397	)

			(63,181	)			(4,885,578	)			(5,177,807	)			(354,516	)

Software & Services
8x8, Inc.	Morgan Stanley		(28,511	)			(474,901	)			(924,897	)			(468,280	)
Altair Engineering, Inc., Class A	Morgan Stanley		(2,839	)			(116,946	)			(177,636	)			(66,310	)
Alteryx, Inc., Class A	Morgan Stanley		(38,461	)			(4,076,545	)			(3,190,725	)			881,472
Anaplan, Inc.	Morgan Stanley		(26,638	)			(1,529,378	)			(1,434,456	)			93,279
BlackBerry Ltd. (Canada)	Morgan Stanley		(17,980	)			(152,208	)			(151,571	)			456
Cardtronics PLC, Class A (United Kingdom)	Morgan Stanley		(9,970	)			(384,184	)			(386,836	)			(4,857	)
Ceridian HCM Holding, Inc.	Morgan Stanley		(16,750	)			(1,547,383	)			(1,411,523	)			134,422
Citrix Systems, Inc.	Morgan Stanley		(1,429	)			(203,688	)			(200,574	)			2,340
Conduent, Inc.	Morgan Stanley		(92,693	)			(355,665	)			(617,335	)			(262,067	)
Coupa Software, Inc.	Morgan Stanley		(10,060	)			(2,524,015	)			(2,560,069	)			(38,753	)
DXC Technology Co.	Morgan Stanley		(14,714	)			(401,576	)			(459,960	)			(67,326	)
Elastic NV (Netherlands)	Morgan Stanley		(6,394	)			(737,215	)			(711,013	)			23,999
Euronet Worldwide, Inc.	Morgan Stanley		(6,549	)			(883,582	)			(905,727	)			(30,157	)
Everbridge, Inc.	Morgan Stanley		(900	)			(126,583	)			(109,062	)			18,740
Evo Payments, Inc., Class A	Morgan Stanley		(4,919	)			(135,601	)			(135,371	)			48
Fastly, Inc., Class A	Morgan Stanley		(18,513	)			(1,414,086	)			(1,245,555	)			163,443
fuboTV, Inc.	Morgan Stanley		(44,683	)			(1,209,118	)			(988,388	)			219,427
Guidewire Software, Inc.	Morgan Stanley		(10,614	)			(1,130,638	)			(1,078,701	)			50,718
LiveRamp Holdings, Inc.	Morgan Stanley		(5,167	)			(271,966	)			(268,064	)			3,594
Medallia, Inc.	Morgan Stanley		(38,906	)			(1,150,342	)			(1,085,088	)			64,013
MongoDB, Inc.	Morgan Stanley		(1,781	)			(520,848	)			(476,293	)			43,983
New Relic, Inc.	Morgan Stanley		(36,748	)			(2,127,160	)			(2,259,267	)			(135,899	)
Nuance Communications, Inc.	Morgan Stanley		(12,715	)			(622,451	)			(554,883	)			72,187
PagerDuty, Inc.	Morgan Stanley		(11,675	)			(456,745	)			(469,685	)			(13,444	)
Palo Alto Networks, Inc.	Morgan Stanley		(297	)			(110,697	)			(95,652	)			35,683
Paycom Software, Inc.	Morgan Stanley		(2,337	)			(969,751	)			(864,830	)			103,146
Pegasystems, Inc.	Morgan Stanley		(6,845	)			(914,703	)			(782,657	)			132,583
Perspecta, Inc.	Morgan Stanley		(6,099	)			(177,722	)			(177,176	)			(169	)
Ping Identity Holding Corp.	Morgan Stanley		(74,704	)			(2,306,780	)			(1,638,259	)			666,053
Pluralsight, Inc., Class A	Morgan Stanley		(27,131	)			(541,104	)			(606,107	)			(72,869	)
Proofpoint, Inc.	Morgan Stanley		(4,702	)			(595,288	)			(591,465	)			1,916
PROS Holdings, Inc.	Morgan Stanley		(23,448	)			(935,658	)			(996,540	)			(63,353	)
Q2 Holdings, Inc.	Morgan Stanley		(8,627	)			(1,004,659	)			(864,425	)			139,148
Qualys, Inc.	Morgan Stanley		(2,162	)			(292,537	)			(226,534	)			66,066
Rackspace Technology, Inc.	Morgan Stanley		(29,155	)			(637,672	)			(693,306	)			(56,330	)
Rapid7, Inc.	Morgan Stanley		(1,585	)			(132,082	)			(118,257	)			13,700
RingCentral, Inc., Class A	Morgan Stanley		(1,924	)			(575,919	)			(573,121	)			984
Sabre Corp.	Morgan Stanley		(50,439	)			(480,768	)			(747,002	)			(291,650	)
SolarWinds Corp.	Morgan Stanley		(22,833	)			(382,038	)			(398,208	)			(16,594	)
Splunk, Inc.	Morgan Stanley		(23,593	)			(3,802,841	)			(3,196,380	)			601,477
Sumo Logic, Inc.	Morgan Stanley		(6,690	)			(123,846	)			(126,173	)			(2,477	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Software & Services — (continued)
Switch, Inc., Class A	Morgan Stanley		(56,218	)		$	(1,002,929	)		$	(914,105	)		$	80,248
Telos Corp.	Morgan Stanley		(2,972	)			(107,963	)			(112,698	)			(4,868	)
Tucows, Inc., Class A	Morgan Stanley		(3,984	)			(246,603	)			(308,760	)			(62,437	)
Unity Software, Inc.	Morgan Stanley		(5,567	)			(521,850	)			(558,426	)			(45,974	)
Upland Software, Inc.	Morgan Stanley		(8,975	)			(355,713	)			(423,530	)			(71,896	)
Verra Mobility Corp.	Morgan Stanley		(48,766	)			(604,623	)			(660,048	)			(56,085	)
Yext, Inc.	Morgan Stanley		(109,305	)			(1,785,434	)			(1,582,736	)			200,783
Zuora, Inc., Class A	Morgan Stanley		(48,013	)			(569,915	)			(710,592	)			(144,673	)

			(1,035,980	)			(41,731,919	)			(39,769,666	)			1,837,440

Technology Hardware & Equipment
Arista Networks, Inc.	Morgan Stanley		(4,582	)			(1,368,088	)			(1,383,260	)			(16,644	)
Avnet, Inc.	Morgan Stanley		(5,038	)			(192,284	)			(209,127	)			(17,938	)
Ciena Corp.	Morgan Stanley		(28,025	)			(1,512,844	)			(1,533,528	)			(22,309	)
Coherent, Inc.	Morgan Stanley		(1,975	)			(406,430	)			(499,458	)			(108,356	)
CommScope Holding Co., Inc.	Morgan Stanley		(87,545	)			(1,304,634	)			(1,344,691	)			(41,461	)
Fabrinet (Cayman Islands)	Morgan Stanley		(7,750	)			(568,301	)			(700,523	)			(134,021	)
FLIR Systems, Inc.	Morgan Stanley		(3,074	)			(166,965	)			(173,589	)			(7,922	)
Infinera Corp.	Morgan Stanley		(55,772	)			(435,360	)			(537,084	)			(104,391	)
Inseego Corp.	Morgan Stanley		(23,321	)			(232,290	)			(233,210	)			(1,185	)
Insight Enterprises, Inc.	Morgan Stanley		(12,199	)			(632,050	)			(1,164,029	)			(542,579	)
IPG Photonics Corp.	Morgan Stanley		(631	)			(142,505	)			(133,103	)			8,009
Itron, Inc.	Morgan Stanley		(5,621	)			(433,226	)			(498,302	)			(75,971	)
Knowles Corp.	Morgan Stanley		(8,198	)			(154,624	)			(171,502	)			(18,987	)
Motorola Solutions, Inc.	Morgan Stanley		(2,783	)			(508,806	)			(523,343	)			(19,377	)
National Instruments Corp.	Morgan Stanley		(10,289	)			(436,882	)			(444,330	)			(13,245	)
nLight, Inc.	Morgan Stanley		(22,795	)			(519,726	)			(738,558	)			(220,562	)
Novanta, Inc. (Canada)	Morgan Stanley		(830	)			(107,198	)			(109,469	)			(2,480	)
PAR Technology Corp.	Morgan Stanley		(702	)			(46,189	)			(45,918	)			203
PC Connection, Inc.	Morgan Stanley		(525	)			(24,262	)			(24,355	)			(137	)
Plexus Corp.	Morgan Stanley		(4,058	)			(345,121	)			(372,687	)			(27,951	)
Pure Storage, Inc., Class A	Morgan Stanley		(106,041	)			(2,357,533	)			(2,284,123	)			69,594
Stratasys Ltd. (Israel)	Morgan Stanley		(11,654	)			(182,502	)			(301,839	)			(134,430	)
Super Micro Computer, Inc.	Morgan Stanley		(4,678	)			(126,261	)			(182,723	)			(56,838	)
ViaSat, Inc.	Morgan Stanley		(16,609	)			(637,107	)			(798,394	)			(170,793	)

			(424,695	)			(12,841,188	)			(14,407,145	)			(1,659,771	)

Telecommunication Services
BCE, Inc. (Canada)	Morgan Stanley		(11,273	)			(496,127	)			(508,863	)			(20,629	)
Cogent Communications Holdings, Inc.	Morgan Stanley		(13,180	)			(841,648	)			(906,257	)			(77,538	)
Shenandoah Telecommunications Co.	Morgan Stanley		(3,013	)			(149,066	)			(147,065	)			1,044
United States Cellular Corp.	Morgan Stanley		(4,770	)			(147,789	)			(174,010	)			(26,584	)

			(32,236	)			(1,634,630	)			(1,736,195	)			(123,707	)

Transportation
Air Transport Services Group, Inc.	Morgan Stanley		(25,315	)			(612,539	)			(740,717	)			(129,800	)
Hawaiian Holdings, Inc.	Morgan Stanley		(20,261	)			(274,461	)			(540,361	)			(269,171	)
Hub Group, Inc., Class A	Morgan Stanley		(5,029	)			(311,949	)			(338,351	)			(26,752	)

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Transportation — (continued)
JB Hunt Transport Services, Inc.	Morgan Stanley		(4,658	)		$	(743,058	)		$	(782,870	)		$	(40,620	)
Kirby Corp.	Morgan Stanley		(11,371	)			(600,704	)			(685,444	)			(87,800	)
Knight-Swift Transportation Holdings, Inc.	Morgan Stanley		(8,486	)			(379,409	)			(408,092	)			(29,579	)
Landstar System, Inc.	Morgan Stanley		(1,041	)			(171,738	)			(171,827	)			(290	)
Matson, Inc.	Morgan Stanley		(2,394	)			(86,806	)			(159,680	)			(83,154	)
SEACOR Holdings, Inc.	Morgan Stanley		(6,038	)			(251,653	)			(246,049	)			5,319
Spirit Airlines, Inc.	Morgan Stanley		(3,004	)			(110,917	)			(110,848	)			(66	)
United Airlines Holdings, Inc.	Morgan Stanley		(17,581	)			(947,833	)			(1,011,611	)			(87,077	)

			(105,178	)			(4,491,067	)			(5,195,850	)			(748,990	)

Utilities
Algonquin Power & Utilities Corp. (Canada)	Morgan Stanley		(1,277	)			(19,995	)			(20,228	)			(272	)
ALLETE, Inc.	Morgan Stanley		(15,246	)			(908,832	)			(1,024,379	)			(146,422	)
Ameren Corp.	Morgan Stanley		(14,745	)			(1,171,888	)			(1,199,653	)			(45,805	)
American Water Works Co., Inc.	Morgan Stanley		(829	)			(120,973	)			(124,284	)			(4,103	)
Atmos Energy Corp.	Morgan Stanley		(3,152	)			(285,175	)			(311,575	)			(28,794	)
Avangrid, Inc.	Morgan Stanley		(18,285	)			(863,277	)			(910,776	)			(64,194	)
Avista Corp.	Morgan Stanley		(8,211	)			(319,893	)			(392,075	)			(78,197	)
Black Hills Corp.	Morgan Stanley		(6,346	)			(392,817	)			(423,722	)			(42,857	)
California Water Service Group	Morgan Stanley		(2,804	)			(133,576	)			(157,977	)			(26,336	)
CenterPoint Energy, Inc.	Morgan Stanley		(20,935	)			(422,688	)			(474,178	)			(53,177	)
Clearway Energy, Inc., Class A	Morgan Stanley		(8,806	)			(217,904	)			(233,447	)			(19,851	)
CMS Energy Corp.	Morgan Stanley		(5,284	)			(330,649	)			(323,486	)			2,306
Consolidated Edison, Inc.	Morgan Stanley		(26,731	)			(1,834,388	)			(1,999,479	)			(171,583	)
DTE Energy Co.	Morgan Stanley		(1,443	)			(173,103	)			(192,121	)			(28,590	)
Edison International	Morgan Stanley		(10,066	)			(588,455	)			(589,868	)			(18,105	)
Entergy Corp.	Morgan Stanley		(10,090	)			(1,037,559	)			(1,003,652	)			17,930
Essential Utilities, Inc.	Morgan Stanley		(20,960	)			(956,762	)			(937,960	)			4,582
Evergy, Inc.	Morgan Stanley		(13,137	)			(767,918	)			(782,046	)			(15,353	)
Eversource Energy	Morgan Stanley		(15,030	)			(1,229,226	)			(1,301,448	)			(76,644	)
FirstEnergy Corp.	Morgan Stanley		(17,678	)			(595,083	)			(613,250	)			(20,034	)
New Jersey Resources Corp.	Morgan Stanley		(18,004	)			(587,473	)			(717,819	)			(152,359	)
Northwest Natural Holding Co.	Morgan Stanley		(6,743	)			(320,472	)			(363,785	)			(44,866	)
NorthWestern Corp.	Morgan Stanley		(7,078	)			(431,890	)			(461,486	)			(33,030	)
OGE Energy Corp.	Morgan Stanley		(2,966	)			(89,111	)			(95,980	)			(7,082	)
ONE Gas, Inc.	Morgan Stanley		(3,550	)			(266,090	)			(273,031	)			(7,242	)
Ormat Technologies, Inc.	Morgan Stanley		(7,550	)			(620,687	)			(592,902	)			26,199
Otter Tail Corp.	Morgan Stanley		(1,925	)			(83,671	)			(88,877	)			(5,314	)
Portland General Electric Co.	Morgan Stanley		(11,165	)			(494,402	)			(530,003	)			(43,249	)
PPL Corp.	Morgan Stanley		(24,640	)			(695,766	)			(710,618	)			(29,551	)
Public Service Enterprise Group, Inc.	Morgan Stanley		(4,239	)			(235,326	)			(255,230	)			(21,885	)
Sempra Energy	Morgan Stanley		(13,072	)			(1,694,185	)			(1,733,086	)			(82,940	)
SJW Group.	Morgan Stanley		(3,924	)			(258,634	)			(247,173	)			7,375
Southwest Gas Holdings, Inc.	Morgan Stanley		(4,645	)			(324,565	)			(319,158	)			(2,232	)
Sunnova Energy International, Inc.	Morgan Stanley		(3,204	)			(136,388	)			(130,787	)			2,944

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

GOTHAM ABSOLUTE RETURN FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Total Return Swaps (concluded)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Utilities — (continued)
WEC Energy Group, Inc.	Morgan Stanley		(11,929	)		$	(1,002,485	)		$	(1,116,435	)		$	(122,175	)

			(345,689	)			(19,611,306	)			(20,651,974	)			(1,330,906	)

Total Reference Entity — Short							(266,082,815	)			(283,297,258	)			(19,494,728	)

Net Value of Reference Entity						$	(169,350,490	)		$	(165,965,952	)		$	1,686,454

*	Includes $(1,698,083) related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — 95.3%
Automobiles & Components — 2.1%
Adient PLC (Ireland)*		3,720		$	164,424
American Axle & Manufacturing Holdings, Inc.*		29,945			289,269
Aptiv PLC (Jersey)*		3,056			421,422
BorgWarner, Inc.		7			325
Cooper Tire & Rubber Co.		96			5,374
Ford Motor Co.^(a)*		109,113			1,336,634
General Motors Co.^(a)		25,810			1,483,043
Gentex Corp.		6,100			217,587
Gentherm, Inc.*		563			41,724
Magna International, Inc. (Canada)		4,939			434,830
Visteon Corp.*		1,421			173,291
Winnebago Industries, Inc.		1,693			129,870
XPEL, Inc.*		7			364

					4,698,157

Capital Goods — 10.1%
3M Co.^(a)		7,193			1,385,947
A.O. Smith Corp.		2,889			195,325
AAR Corp.		745			31,029
Acuity Brands, Inc.		755			124,575
Advanced Drainage Systems, Inc.		2,558			264,472
AECOM*		5,046			323,499
AeroVironment, Inc.*		962			111,650
Altra Industrial Motion Corp.		2,502			138,411
AMETEK, Inc.		5,478			699,705
Apogee Enterprises, Inc.		3,011			123,090
Applied Industrial Technologies, Inc.		527			48,047
Atkore, Inc.*		3,058			219,870
Ballard Power Systems, Inc. (Canada)*		890			21,663
Barnes Group, Inc.		1,590			78,769
Boise Cascade Co.		763			45,650
Colfax Corp.*		13,743			602,081
Cubic Corp.		3,768			280,980
Cummins, Inc.^(a)		3,480			901,703
Curtiss-Wright Corp.		518			61,435
Deere & Co.		2,298			859,774
Donaldson Co., Inc.		2,149			124,986
Dover Corp.		1,759	��		241,212
Dycom Industries, Inc.*		1,214			112,720
Eaton Corp. PLC (Ireland)		580			80,202
EMCOR Group, Inc.		1,426			159,940
Emerson Electric Co.^(a)		4,433			399,945
Enerpac Tool Group Corp.		106			2,769


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
EnerSys		26	$	2,361
EnPro Industries, Inc.		764		65,146
Fastenal Co.		1,120		56,314
Flowserve Corp.		4,812		186,754
Fortive Corp.		6,878		485,862
Fortune Brands Home & Security, Inc.		4,430		424,483
Franklin Electric Co., Inc.		1,035		81,703
Generac Holdings, Inc.*		425		139,166
General Dynamics Corp.		2,355		427,574
Gibraltar Industries, Inc.*		583		53,350
Granite Construction, Inc.		1,260		50,715
HEICO Corp.		287		36,105
Herc Holdings, Inc.*		2,184		221,305
Honeywell International, Inc.^(a)		1,891		410,479
Howmet Aerospace, Inc.^(a)*		49,702		1,596,925
Huntington Ingalls Industries, Inc.		843		173,532
Ingersoll Rand, Inc.*		1,812		89,169
ITT, Inc.		211		19,182
John Bean Technologies Corp.		616		82,137
Johnson Controls International PLC (Ireland)		4,627		276,093
Lockheed Martin Corp.^(a)		2,762		1,020,559
Masco Corp.		9,383		562,042
Masonite International Corp. (Canada)*		647		74,560
MasTec, Inc.*		2,728		255,614
Middleby Corp. (The)*		2,329		386,032
MRC Global, Inc.*		4,346		39,244
MSC Industrial Direct Co., Inc., Class A		718		64,756
Mueller Industries, Inc.		1,783		73,727
Nordson Corp.		590		117,221
Northrop Grumman Corp.		1,752		567,017
NOW, Inc.*		9,437		95,219
nVent Electric PLC (Ireland)		1,748		48,787
Owens Corning		2,360		217,332
PACCAR, Inc.		465		43,208
Parker-Hannifin Corp.		1,782		562,096
Pentair PLC (Ireland)		9,746		607,371
Primoris Services Corp.		377		12,490
Quanta Services, Inc.		8,381		737,360
Regal Beloit Corp.		332		47,370
Rexnord Corp.		1,310		61,688

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Sensata Technologies Holding PLC (United Kingdom)*		367	$	21,268
Simpson Manufacturing Co., Inc.		1,636		169,702
SiteOne Landscape Supply, Inc.*		390		66,589
Snap-on, Inc.		2,190		505,321
SPX FLOW, Inc.		246		15,579
Stanley Black & Decker, Inc.		3,255		649,926
Systemax, Inc.		24		987
Terex Corp.		3,230		148,806
Toro Co. (The)		994		102,521
TPI Composites, Inc.*		2,058		116,133
Trane Technologies PLC (Ireland)		3,083		510,421
TransDigm Group, Inc.*		1,314		772,527
UFP Industries, Inc.		1,851		140,380
United Rentals, Inc.*		1,433		471,901
Univar Solutions, Inc.*		7,983		171,954
Valmont Industries, Inc.		517		122,875
Watsco, Inc.		294		76,660
Watts Water Technologies, Inc., Class A		307		36,475
Westinghouse Air Brake Technologies Corp.		217		17,178
WW Grainger, Inc.		129		51,720
Xylem, Inc.		582		61,215

				22,341,635

Commercial & Professional Services — 1.9%
ABM Industries, Inc.		6,674		340,441
ASGN, Inc.*		67		6,394
Booz Allen Hamilton Holding Corp.		1,950		157,034
Brady Corp., Class A		17		909
CACI International, Inc., Class A*		580		143,063
CBIZ, Inc.*		215		7,022
Cimpress PLC (Ireland)*		1,365		136,677
Cintas Corp.		978		333,801
Clean Harbors, Inc.*		754		63,381
Copart, Inc.*		1,634		177,469
CoreLogic, Inc.		3,236		256,453
FTI Consulting, Inc.*		329		46,096
Healthcare Services Group, Inc.		8,288		232,313
ICF International, Inc.		172		15,033
Jacobs Engineering Group, Inc.		2,164		279,740
KBR, Inc.		400		15,356
ManpowerGroup, Inc.		1,467		145,086


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Nielsen Holdings PLC (United Kingdom)		9,394	$	236,259
Republic Services, Inc.		4,892		486,020
Ritchie Bros Auctioneers, Inc. (Canada)		617		36,125
Robert Half International, Inc.		1,237		96,573
Rollins, Inc.		4,466		153,720
Science Applications International
Corp.		1,439		120,286
Steelcase, Inc., Class A		3,980		57,272
Tetra Tech, Inc.		317		43,023
Thomson Reuters Corp. (Canada)		3,313		290,119
TransUnion		428		38,520
TriNet Group, Inc.*		546		42,566
UniFirst Corp.		90		20,134
Verisk Analytics, Inc.		611		107,958
Waste Connections, Inc. (Canada)		226		24,403

				4,109,246

Consumer Durables & Apparel — 3.4%
BRP, Inc. (Canada)		2		174
Brunswick Corp.		1,017		96,991
Callaway Golf Co.		867		23,192
Capri Holdings Ltd. (British Virgin Islands)*		14,551		742,101
Carter’s, Inc.		1,435		127,615
Cavco Industries, Inc.*		490		110,549
Crocs, Inc.*		870		69,992
Deckers Outdoor Corp.*		775		256,075
DR Horton, Inc.		2,769		246,773
Garmin Ltd. (Switzerland)		2,760		363,906
Gildan Activewear, Inc. (Canada)		23		705
Hanesbrands, Inc.		2,015		39,635
Hasbro, Inc.		806		77,473
Helen of Troy Ltd. (Bermuda)*		96		20,223
Kontoor Brands, Inc.		5,500		266,915
La-Z-Boy, Inc.		2,522		107,135
Lovesac Co. (The)*		435		24,621
Mattel, Inc.*		5,760		114,739
Mohawk Industries, Inc.*		3,962		761,932
Newell Brands, Inc.		3,954		105,888
NIKE, Inc., Class B^(a)		5,729		761,327
Polaris, Inc.		1,127		150,454
PulteGroup, Inc.		4,229		221,769

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
PVH Corp.		3,654	$	386,228
Skyline Champion Corp.*		1,531		69,293
Smith & Wesson Brands, Inc.		8,265		144,224
Sonos, Inc.*		5,839		218,787
Steven Madden Ltd.		10,379		386,722
Sturm Ruger & Co., Inc.		2,901		191,669
Tapestry, Inc.		6,076		250,392
Tempur Sealy International, Inc.		10,078		368,452
Tupperware Brands Corp.*		4,976		131,416
Under Armour, Inc., Class C*		7,951		146,775
Whirlpool Corp.		1,352		297,913
YETI Holdings, Inc.*		2,385		172,221

				7,454,276

Consumer Services — 3.2%
Adtalem Global Education, Inc.*		6,864		271,403
Airbnb, Inc., Class A*		1,180		221,769
Bloomin’ Brands, Inc.*		21,305		576,300
Boyd Gaming Corp.*		8,303		489,545
Chipotle Mexican Grill, Inc.*		103		146,344
Chuy’s Holdings, Inc.*		81		3,590
Dine Brands Global, Inc.		7,315		658,569
Graham Holdings Co., Class B		111		62,431
Grand Canyon Education, Inc.*		1,328		142,229
Hyatt Hotels Corp., Class A*		383		31,674
Jack in the Box, Inc.		2,788		306,067
Laureate Education, Inc., Class A*		17,764		241,413
Marriott International, Inc., Class A*		2,810		416,189
McDonald’s Corp.^(a)		3,238		725,765
MGM Resorts International^(a)		20,542		780,391
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		1,419		39,150
Papa John’s International, Inc.		1,330		117,891
Penn National Gaming, Inc.*		2,579		270,382
Perdoceo Education Corp.*		7,952		95,106
Red Rock Resorts, Inc., Class A		1,396		45,496
Scientific Games Corp.*		724		27,888
Service Corp. International		3,110		158,766
Strategic Education, Inc.		1,329		122,148
Wendy’s Co. (The)		4,917		99,618
WW International, Inc.*		290		9,071
Wyndham Hotels & Resorts, Inc.		1,238		86,388
Yum! Brands, Inc.^(a)		9,457		1,023,058

				7,168,641


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — 2.3%
Berkshire Hathaway, Inc., Class B^(a)*		8,776	$	2,242,005
BlackRock, Inc.		922		695,151
Donnelley Financial Solutions, Inc.*		326		9,073
Federated Hermes, Inc.		2,467		77,217
Intercontinental Exchange, Inc.		3,056		341,294
Invesco Ltd. (Bermuda)		5,728		144,460
Morningstar, Inc.		214		48,159
Nasdaq, Inc.		3,549		523,336
S&P Global, Inc.^(a)		1,836		647,869
Sprott, Inc. (Canada)		59		2,242
T Rowe Price Group, Inc.		2,333		400,343

				5,131,149

Energy — 3.3%
Antero Midstream Corp.		17,352		156,689
Antero Resources Corp.*		10,301		105,070
APA Corp.		12,080		216,232
Archrock, Inc.		1,333		12,650
Cactus, Inc., Class A		1,440		44,093
Callon Petroleum Co.*		285		10,987
Canadian Natural Resources Ltd. (Canada)		11,426		352,721
Cenovus Energy, Inc. (Canada)		3,151		23,696
Centennial Resource Development, Inc., Class A*		714		2,999
Chevron Corp.^(a)		163		17,081
ConocoPhillips		1		53
Core Laboratories NV (Netherlands)		1,122		32,302
Crescent Point Energy Corp. (Canada)		7,044		29,373
Devon Energy Corp.		19,157		418,580
DHT Holdings, Inc. (Marshall Islands)		32,251		191,248
EOG Resources, Inc.^(a)		7,653		555,072
Exxon Mobil Corp.		8,626		481,590
Green Plains, Inc.*		2,392		64,751
Halliburton Co.		22,681		486,734
HollyFrontier Corp.		271		9,696
Kinder Morgan, Inc.		4,757		79,204
Kosmos Energy Ltd.		87,935		269,960
Magnolia Oil & Gas Corp., Class A*		6,663		76,491
Marathon Oil Corp.		21,093		225,273
Marathon Petroleum Corp.		10,391		555,815
Murphy Oil Corp.		2,697		44,258
New Fortress Energy, Inc.		2,013		92,417

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
NexTier Oilfield Solutions, Inc.*		606	$	2,254
NOV, Inc.		5,454		74,829
Occidental Petroleum Corp.^(a)		41,652		1,108,776
Oceaneering International, Inc.*		5,339		60,971
Range Resources Corp.*		17,715		182,996
SM Energy Co.		19,594		320,754
Targa Resources Corp.		1,899		60,293
TechnipFMC PLC (United Kingdom)		178		1,374
Vermilion Energy, Inc. (Canada)		5,977		43,513
Whiting Petroleum Corp.*		755		26,765
Williams Cos., Inc. (The)		20,291		480,694
World Fuel Services Corp.		8,696		306,099

				7,224,353

Food & Staples Retailing — 1.5%
Costco Wholesale Corp.		1,331		469,151
Kroger Co. (The)		8,054		289,863
Sprouts Farmers Market, Inc.*		6,943		184,823
Sysco Corp.		6,844		538,897
United Natural Foods, Inc.*		350		11,529
Walgreens Boots Alliance, Inc.		5,551		304,750
Walmart, Inc.^(a)		11,936		1,621,267
Weis Markets, Inc.		137		7,743

				3,428,023

Food, Beverage & Tobacco — 3.3%
Altria Group, Inc.^(a)		10,657		545,212
Archer-Daniels-Midland Co.		1,701		96,957
Bunge Ltd. (Bermuda)		1,625		128,814
Coca-Cola Co. (The)^(a)		9,563		504,066
Coca-Cola Consolidated, Inc.		127		36,675
Conagra Brands, Inc.		6,642		249,739
Constellation Brands, Inc., Class A^(a)		2,447		557,916
Darling Ingredients, Inc.*		1,151		84,691
Flowers Foods, Inc.		2,160		51,408
General Mills, Inc.		5,487		336,463
Hain Celestial Group, Inc. (The)*		2,550		111,180
JM Smucker Co. (The)		3,644		461,075
Kellogg Co.		2,466		156,098
Kraft Heinz Co. (The)^(a)		21,896		875,840
Molson Coors Beverage Co., Class B		2,865		146,545
Mondelez International, Inc., Class A		8,360		489,311
Monster Beverage Corp.^(a)*		12,602		1,147,916
PepsiCo, Inc.^(a)		3,281		464,097
Philip Morris International, Inc.		4,773		423,556


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
SunOpta, Inc. (Canada)*		2,808	$	41,474
Tyson Foods, Inc., Class A		4,383		325,657
Vector Group Ltd.		841		11,732

				7,246,422

Health Care Equipment & Services — 6.6%
Abbott Laboratories		4,219		505,605
ABIOMED, Inc.*		82		26,136
Acadia Healthcare Co., Inc.*		1,381		78,910
Align Technology, Inc.*		926		501,457
Allscripts Healthcare Solutions, Inc.*		6,609		99,234
AmerisourceBergen Corp.		2,399		283,250
AngioDynamics, Inc.*		34		796
Anthem, Inc.^(a)		2,211		793,638
Baxter International, Inc.		264		22,266
Becton Dickinson and Co.		2,891		702,947
BioLife Solutions, Inc.*		273		9,828
Cerner Corp.		3,657		262,865
Chemed Corp.		105		48,281
Community Health Systems, Inc.*		10,011		135,349
CONMED Corp.		707		92,327
CorVel Corp.*		2		205
CVS Health Corp.		3,543		266,540
Danaher Corp.^(a)		4,112		925,529
DaVita, Inc.*		49		5,281
DENTSPLY SIRONA, Inc.		1,340		85,505
Ensign Group, Inc. (The)		1,306		122,555
Envista Holdings Corp.*		4,133		168,626
Fulgent Genetics, Inc.*		2,113		204,158
HCA Healthcare, Inc.		2,274		428,285
Hill-Rom Holdings, Inc.		632		69,823
Hologic, Inc.^(a)*		12,920		960,990
Humana, Inc.^(a)		443		185,728
ICU Medical, Inc.*		284		58,345
IDEXX Laboratories, Inc.*		1,416		692,863
Inogen, Inc.*		8		420
Integer Holdings Corp.*		58		5,342
Laboratory Corp. of America
Holdings*		3,083		786,257
LeMaitre Vascular, Inc.		221		10,780
McKesson Corp.		1,748		340,930
MEDNAX, Inc.*		4,502		114,666
Medtronic PLC (Ireland)		6,052		714,923
Meridian Bioscience, Inc.*		2,659		69,799

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Merit Medical Systems, Inc.*		1,416	$	84,790
NextGen Healthcare, Inc.*		713		12,905
Omnicell, Inc.*		1,609		208,961
Option Care Health, Inc.*		605		10,733
Owens & Minor, Inc.		2,728		102,546
Patterson Cos., Inc.		10,722		342,568
Progyny, Inc.*		278		12,374
Quest Diagnostics, Inc.		3,137		402,603
Quidel Corp.*		1,109		141,874
Select Medical Holdings Corp.*		7,675		261,718
STERIS PLC (Ireland)		495		94,288
Stryker Corp.		1,219		296,924
Teladoc Health, Inc.*		719		130,678
Tenet Healthcare Corp.*		3,821		198,692
Tivity Health, Inc.*		9,328		208,201
UnitedHealth Group, Inc.		2,632		979,288
Universal Health Services, Inc., Class B^(a)		2,475		330,140
Varian Medical Systems, Inc.*		3,063		540,711
Veeva Systems, Inc., Class A*		265		69,229
West Pharmaceutical Services, Inc.		1,035		291,642

				14,501,304

Household & Personal Products — 1.3%
BellRing Brands, Inc., Class A*		10		236
Clorox Co. (The)		2,505		483,164
Colgate-Palmolive Co.		8,355		658,625
Edgewell Personal Care Co.		1,344		53,222
elf Beauty, Inc.*		2,801		75,151
Estee Lauder Cos., Inc. (The), Class A		1,943		565,122
Inter Parfums, Inc.		198		14,044
Kimberly-Clark Corp.		287		39,907
Procter & Gamble Co. (The)^(a)		5,659		766,398
Spectrum Brands Holdings, Inc.		1,498		127,330
WD-40 Co.		168		51,438

				2,834,637

Materials — 4.9%
Agnico Eagle Mines Ltd. (Canada)		1,937		111,978
Allegheny Technologies, Inc.*		11,473		241,621
Amcor PLC (Jersey)		19,893		232,350
Ashland Global Holdings, Inc.		1,928		171,149
Avient Corp.		12,321		582,414


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Axalta Coating Systems Ltd. (Bermuda)*		169	$	4,999
Balchem Corp.		3		376
Barrick Gold Corp. (Canada)		5,304		105,019
Berry Global Group, Inc.*		1,957		120,160
Carpenter Technology Corp.		6,891		283,565
CF Industries Holdings, Inc.		5,599		254,083
Chemours Co. (The)		8,449		235,812
Coeur Mining, Inc.*		2,217		20,020
Commercial Metals Co.		8,068		248,817
Compass Minerals International, Inc.		642		40,266
Corteva, Inc.		2,880		134,266
Crown Holdings, Inc.		1,357		131,683
Dow, Inc.		7,055		451,097
DuPont de Nemours, Inc.		1,685		130,217
Eastman Chemical Co.		622		68,495
Ferro Corp.*		1,808		30,483
FMC Corp.		1,899		210,048
Franco-Nevada Corp. (Canada)		842		105,494
Freeport-McMoRan, Inc.		20,237		666,404
Hecla Mining Co.		6,164		35,073
IAMGOLD Corp. (Canada)*		38,466		114,629
Ingevity Corp.*		2,087		157,631
Innospec, Inc.		551		56,582
International Paper Co.		5,818		314,579
Kaiser Aluminum Corp.		597		65,968
Kinross Gold Corp. (Canada)		36,964		246,550
Kraton Corp.*		2,986		109,258
Linde PLC (Ireland)		3,017		845,182
Louisiana-Pacific Corp.		414		22,960
Martin Marietta Materials, Inc.		604		202,835
Minerals Technologies, Inc.		229		17,248
Mosaic Co. (The)		6,582		208,057
Newmont Corp.		6,392		385,246
Nucor Corp.		3,641		292,263
Nutrien Ltd. (Canada)		1,300		70,057
O-I Glass, Inc.*		4,415		65,077
Pan American Silver Corp. (Canada)		5,438		163,303
PPG Industries, Inc.		2,933		440,713
PQ Group Holdings, Inc.		124		2,071
Pretium Resources, Inc. (Canada)*		13,730		142,380
Ranpak Holdings Corp.*		382		7,663
Reliance Steel & Aluminum Co.		611		93,049

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
RPM International, Inc.		1,885	$	173,137
Sealed Air Corp.		4,208		192,811
Sensient Technologies Corp.		1,317		102,726
Sherwin-Williams Co. (The)^(a)		1,262		931,369
Sonoco Products Co.		589		37,284
Southern Copper Corp.		976		66,241
Summit Materials, Inc., Class A*		1,126		31,551
Trinseo SA (Luxembourg)		1,489		94,805
United States Steel Corp.		10,441		273,241
Westrock Co.		1,387		72,193
Worthington Industries, Inc.		2,630		176,447

				10,790,995

Media & Entertainment — 7.8%
Activision Blizzard, Inc.		7,235		672,855
Alphabet, Inc., Class A^(a)*		2,026		4,178,666
AMC Networks, Inc., Class A*		95		5,050
Cable One, Inc.		43		78,619
Cargurus, Inc.*		2,103		50,114
Charter Communications, Inc., Class A^(a)*		2,389		1,474,061
Comcast Corp., Class A		294		15,908
DISH Network Corp., Class A*		15,301		553,896
Facebook, Inc., Class A^(a)*		12,304		3,623,897
Fox Corp., Class A		12,473		450,400
Glu Mobile, Inc.*		481		6,003
Gray Television, Inc.		5,184		95,386
Interpublic Group of Cos., Inc. (The)		11,441		334,077
Lions Gate Entertainment Corp., Class B (Canada)*		2,546		32,843
Madison Square Garden Sports Corp.*		903		162,052
MSG Networks, Inc., Class A*		2,840		42,714
Netflix, Inc.^(a)*		3,087		1,610,364
News Corp., Class A		29,338		746,065
Pinterest, Inc., Class A*		574		42,493
TechTarget, Inc.*		644		44,726
Twitter, Inc.^(a)*		26,330		1,675,378
ViacomCBS, Inc., Class B		1,615		72,836
Walt Disney Co. (The)^(a)*		5,745		1,060,067
Warner Music Group Corp., Class A		3,016		103,539

				17,132,009

Pharmaceuticals, Biotechnology & Life Sciences — 5.9%
AbbVie, Inc.		3,307		357,884


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Agilent Technologies, Inc.		4,020	$	511,103
Alexion Pharmaceuticals, Inc.*		3,275		500,780
Avantor, Inc.*		3,165		91,563
Bausch Health Cos., Inc. (Canada)*		1,509		47,896
Biogen, Inc.*		903		252,614
Bio-Rad Laboratories, Inc., Class A*		837		478,069
Blueprint Medicines Corp.*		360		35,003
Denali Therapeutics, Inc.*		2,919		166,675
Emergent BioSolutions, Inc.*		853		79,252
Essa Pharma, Inc. (Canada)*		10		290
Gilead Sciences, Inc.		6,032		389,848
Halozyme Therapeutics, Inc.*		3,819		159,214
HEICO Corp. (Canada)*		29,267		189,650
Horizon Therapeutics PLC (Ireland)*		6,103		561,720
Illumina, Inc.*		337		129,428
ImmunoGen, Inc.*		6,190		50,139
Innoviva, Inc.*		3,404		40,678
Jazz Pharmaceuticals PLC (Ireland)*		1,607		264,143
Johnson & Johnson^(a)		4,991		820,271
MacroGenics, Inc.*		1,200		38,220
Merck & Co., Inc.^(a)		17,788		1,371,277
Mettler-Toledo International, Inc.*		81		93,611
Morphic Holding, Inc.*		76		4,809
Natera, Inc.*		4,077		413,979
Ocular Therapeutix, Inc.*		5,824		95,572
PerkinElmer, Inc.		5,591		717,269
Pfizer, Inc.^(a)		48,514		1,757,662
Precigen, Inc.*		7		48
Prestige Consumer Healthcare, Inc.*		1,676		73,878
Prothena Corp. PLC (Ireland)*		354		8,892
Sage Therapeutics, Inc.*		2,939		219,984
Seagen, Inc.*		1,512		209,956
TG Therapeutics, Inc.*		7,105		342,461
Thermo Fisher Scientific, Inc.^(a)		3,218		1,468,631
Translate Bio, Inc.*		1,506		24,834
United Therapeutics Corp.*		1,196		200,055
Vanda Pharmaceuticals, Inc.*		207		3,109
Waters Corp.*		1,089		309,461
Zoetis, Inc.		3,516		553,700

				13,033,628

Retailing — 8.3%
Advance Auto Parts, Inc.		2,593		475,790

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Amazon.com, Inc.(a)*		856	$	2,648,532
American Eagle Outfitters, Inc.		12,500		365,500
Asbury Automotive Group, Inc.*		821		161,326
AutoNation, Inc.*		5,719		533,125
AutoZone, Inc.*		134		188,176
Best Buy Co., Inc.		423		48,565
Booking Holdings, Inc.(a)*		591		1,376,935
Buckle, Inc. (The)		5,104		200,485
Caleres, Inc.		162		3,532
Camping World Holdings, Inc., Class A		2,594		94,370
Citi Trends, Inc.		522		43,733
Dick’s Sporting Goods, Inc.		272		20,713
Dillard’s, Inc., Class A		265		25,591
Dollar General Corp.		872		176,685
Dollar Tree, Inc.*		1,264		144,677
eBay, Inc.^(a)		19,300		1,181,932
Etsy, Inc.(a)*		6,749		1,361,071
Expedia Group, Inc.		3,259		560,939
Foot Locker, Inc.		5,728		322,200
Gap, Inc. (The)		9,044		269,330
Genuine Parts Co.		3,699		427,567
Group 1 Automotive, Inc.		862		136,015
Guess?, Inc.		14,587		342,794
Home Depot, Inc. (The)^(a)		1,821		555,860
L Brands, Inc.(a)*		16,349		1,011,349
Lands’ End, Inc.*		13		323
LKQ Corp.*		8,062		341,264
Lowe’s Cos., Inc.^(a)		6,289		1,196,042
Macy’s, Inc.		18,849		305,165
Murphy USA, Inc.		1,368		197,758
National Vision Holdings, Inc.*		1,356		59,433
Ollie’s Bargain Outlet Holdings, Inc.*		1,061		92,307
O’Reilly Automotive, Inc.*		475		240,944
Overstock.com, Inc.*		882		58,441
Quotient Technology, Inc.*		1,098		17,941
Qurate Retail, Inc., Series A		28,007		329,362
Shoe Carnival, Inc.		769		47,586
Shutterstock, Inc.		3,327		296,236
Signet Jewelers Ltd. (Bermuda)*		19,740		1,144,525
Sleep Number Corp.*		1,125		161,426
Sonic Automotive, Inc., Class A		6,860		340,050
Target Corp.		1,980		392,179


	Number of Shares		�� Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Wayfair, Inc., Class A*		525	$	165,244
Zumiez, Inc.*		5,759		247,061

				18,310,079

Semiconductors & Semiconductor Equipment — 5.5%
Alpha & Omega Semiconductor Ltd. (Bermuda)*		49		1,602
Amkor Technology, Inc.		9,188		217,847
Analog Devices, Inc.		273		42,337
Applied Materials, Inc.		1,300		173,680
Axcelis Technologies, Inc.*		3,082		126,639
Broadcom, Inc.^(a)		2,656		1,231,481
Brooks Automation, Inc.		94		7,675
Cirrus Logic, Inc.*		575		48,754
Cohu, Inc.*		2,277		95,270
Enphase Energy, Inc.*		335		54,324
Intel Corp.^(a)		14,758		944,512
KLA Corp.		2,270		750,008
MACOM Technology Solutions Holdings, Inc.*		10,572		613,387
Marvell Technology Group Ltd.
(Bermuda)		5,223		255,823
Maxim Integrated Products, Inc.		6,199		566,403
Microchip Technology, Inc.		2,122		329,377
Monolithic Power Systems, Inc.		437		154,353
NVIDIA Corp.		57		30,434
NXP Semiconductors NV (Netherlands)		5,163		1,039,518
ON Semiconductor Corp.*		4,250		176,842
Qorvo, Inc.(a)*		3,512		641,642
QUALCOMM, Inc.^(a)		12,888		1,708,820
Rambus, Inc.*		3,794		73,755
Skyworks Solutions, Inc.		4,585		841,256
SMART Global Holdings, Inc. (Cayman Islands)*		3,168		145,791
Synaptics, Inc.(a)*		5,739		777,175
Teradyne, Inc.		1,665		202,597
Texas Instruments, Inc.		3,342		631,605
Ultra Clean Holdings, Inc.*		1,689		98,030
Veeco Instruments, Inc.*		686		14,228
Xilinx, Inc.		1,006		124,643

				12,119,808

Software & Services — 13.0%
Accenture PLC, Class A (Ireland)		1,963		542,279

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
ACI Worldwide, Inc.*		1,992	$	75,796
Adobe, Inc.^(a)*		1,677		797,195
Alliance Data Systems Corp.		1,473		165,109
Amdocs, Ltd. (Guernsey)		876		61,451
ANSYS, Inc.*		30		10,187
Aspen Technology, Inc.*		469		67,691
Autodesk, Inc.*		489		135,526
Automatic Data Processing, Inc.^(a)		4,311		812,494
Blackbaud, Inc.*		2,311		164,266
Box, Inc., Class A*		1,598		36,690
Brightcove, Inc.*		702		14,124
Broadridge Financial Solutions, Inc.		4,396		673,028
Cadence Design Systems, Inc.^(a)*		7,946		1,088,523
Cardtronics PLC, Class A (United Kingdom)*		1,151		44,659
CDK Global, Inc.		2,427		131,204
Cerence, Inc.*		1,977		177,100
CGI, Inc. (Canada)*		1,481		123,249
Cloudera, Inc.*		4,269		51,954
CommVault Systems, Inc.*		31		2,000
Cornerstone OnDemand, Inc.*		1,473		64,193
Crowdstrike Holdings, Inc., Class A*		562		102,571
CSG Systems International, Inc.		784		35,194
Descartes Systems Group, Inc. (The) (Canada)*		184		11,207
Digital Turbine, Inc.*		2,860		229,830
Dynatrace, Inc.*		3,389		163,485
Fiserv, Inc.^(a)*		7,669		912,918
FleetCor Technologies, Inc.*		363		97,513
Fortinet, Inc.*		4,283		789,871
Gartner, Inc.*		2,384		435,199
Globant SA (Luxembourg)*		274		56,885
InterDigital, Inc.		675		42,829
International Business Machines Corp.		4,752		633,252
Intuit, Inc.^(a)		849		325,218
Jack Henry & Associates, Inc.		1,218		184,795
Manhattan Associates, Inc.*		471		55,286
Mastercard, Inc., Class A		554		197,252
McAfee Corp., Class A		175		3,980
Microsoft Corp.^(a)		11,655		2,747,899
NortonLifeLock, Inc.^(a)		19,198		408,149
Open Text Corp. (Canada)		5,667		270,373


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Oracle Corp.^(a)		45,360	$	3,182,911
Paychex, Inc.^(a)		10,187		998,530
Paylocity Holding Corp.*		392		70,493
PayPal Holdings, Inc.^(a)*		9,165		2,225,629
Perficient, Inc.*		59		3,464
Progress Software Corp.		1,998		88,032
PTC, Inc.*		4,334		596,575
QAD, Inc., Class A		23		1,531
Sailpoint Technologies Holdings, Inc.*		7,877		398,891
salesforce.com, Inc.*		3,933		833,285
ServiceNow, Inc.^(a)*		3,837		1,918,922
Shopify, Inc., Class A (Canada)*		342		378,423
SPS Commerce, Inc.*		2,108		209,345
Ss&C Technologies Holdings, Inc.		537		37,520
SVMK, Inc.*		1,687		30,906
Sykes Enterprises, Inc.*		30		1,322
Synopsys, Inc.^(a)*		3,665		908,114
Teradata Corp.*		8,820		339,923
Trade Desk, Inc. (The), Class A*		1,110		723,343
Tyler Technologies, Inc.*		160		67,925
Varonis Systems, Inc.*		808		41,483
Verint Systems, Inc.*		5,375		244,509
VeriSign, Inc.*		1,704		338,687
Visa, Inc., Class A		3,860		817,278
Western Union Co. (The)		15,125		372,982
WEX, Inc.*		422		88,291
Workiva, Inc.*		951		83,935
Xperi Holding Corp.		2,304		50,158
Zoom Video Communications, Inc.,
Class A*		1,875		602,419

				28,597,250

Technology Hardware & Equipment — 5.3%
Amphenol Corp., Class A		160		10,555
Apple, Inc.^(a)		20,008		2,443,977
Arrow Electronics, Inc.*		3,248		359,943
Badger Meter, Inc.		769		71,571
Belden, Inc.		1,530		67,886
Calix, Inc.*		727		25,198
CDW Corp.		1,546		256,250
Cisco Systems, Inc.^(a)		15,852		819,707
Cognex Corp.		814		67,554
Corning, Inc.		11,016		479,306
CTS Corp.		78		2,423

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Dell Technologies, Inc., Class C*		4,541	$	400,289
Diebold Nixdorf, Inc.*		29,755		420,438
Dolby Laboratories, Inc., Class A		499		49,261
EchoStar Corp., Class A*		14,226		341,424
FARO Technologies, Inc.*		314		27,183
Hewlett Packard Enterprise Co.		7,816		123,024
HP, Inc.^(a)		41,005		1,301,909
II-VI, Inc.*		2,296		156,978
Jabil, Inc.		1,716		89,507
Juniper Networks, Inc.		6,627		167,862
Lumentum Holdings, Inc.*		739		67,508
Methode Electronics, Inc.		382		16,036
NCR Corp.*		8,697		330,051
NetApp, Inc.		5,730		416,399
NETGEAR, Inc.*		2,446		100,531
NetScout Systems, Inc.*		16		451
OSI Systems, Inc.*		1,598		153,568
Plantronics, Inc.*		4,089		159,103
Sanmina Corp.*		5,720		236,694
Seagate Technology PLC (Ireland)		4,943		379,375
SYNNEX Corp.		2,848		327,064
TE Connectivity Ltd. (Switzerland)		2,379		307,153
TTM Technologies, Inc.*		11,199		162,386
Ubiquiti, Inc.		675		201,352
Viavi Solutions, Inc.*		208		3,266
Vontier Corp.*		12,189		368,961
Western Digital Corp.		6,262		417,988
Xerox Holdings Corp.		1,181		28,663
Zebra Technologies Corp., Class A*		664		322,160

				11,680,954

Telecommunication Services — 1.3%
AT&T, Inc.^(a)		31,494		953,323
Iridium Communications, Inc.*		6,845		282,356
Lumen Technologies, Inc.		8,958		119,589
T-Mobile US, Inc.*		5,283		661,907
Verizon Communications, Inc.^(a)		15,564		905,047

				2,922,222

Transportation — 2.2%
Alaska Air Group, Inc.*		5,208		360,446
ArcBest Corp.		1,482		104,288
Atlas Air Worldwide Holdings, Inc.*		3,989		241,095
CSX Corp.		4,269		411,617
Echo Global Logistics, Inc.*		1		31


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Expeditors International of
Washington, Inc.		2,807	$	302,286
FedEx Corp.		4,238		1,203,762
Golden Ocean Group Ltd. (Bermuda)		29		1,112
Norfolk Southern Corp.^(a)		3,096		831,338
Old Dominion Freight Line, Inc.		780		187,520
Saia, Inc.*		233		53,725
Schneider National, Inc., Class B		9,558		238,663
Southwest Airlines Co.		4,172		254,742
Union Pacific Corp.		1,675		369,187
United Parcel Service, Inc., Class B		2,484		422,255

				4,982,067

Utilities — 2.1%
AES Corp. (The)		11,504		308,422
Alliant Energy Corp.		724		39,212
American Water Works Co., Inc.		86		12,893
Dominion Energy, Inc.^(a)		19,863		1,508,793
Duke Energy Corp.		4,158		401,372
Exelon Corp.		19,304		844,357
IDACORP, Inc.		1,154		115,365
MDU Resources Group, Inc.		2,310		73,019
NextEra Energy, Inc.		1,311		99,125
NiSource, Inc.		19,075		459,898
NRG Energy, Inc.		13,560		511,619
ONE Gas, Inc.		391		30,072
Southern Co. (The)		3,767		234,157

				4,638,304

TOTAL COMMON STOCKS (Cost $156,309,064)				210,345,159

TOTAL INVESTMENTS - 95.3%				210,345,159

(Cost $156,309,064)

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.7%				10,337,649

NET ASSETS - 100.0%			$	220,682,808

^(a)	Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC Public Limited Company

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Over-the-counter total return swaps outstanding as of March 31, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 27, 2024 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 3.8% of net assets as of March 31, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of March 31, 2021:

Total Return Swaps


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Long
Automobiles & Components
Adient PLC (Ireland)	Morgan Stanley		5,521		$	64,692		$	244,028		$	179,414
American Axle & Manufacturing Holdings, Inc.	Morgan Stanley		16,960			128,207			163,833			35,777
Aptiv PLC (Jersey)	Morgan Stanley		2,755			401,135			379,915			(20,757	)
BorgWarner, Inc.	Morgan Stanley		2			58			93			39
Cooper Tire & Rubber Co.	Morgan Stanley		97			5,423			5,430			17
Ford Motor Co.	Morgan Stanley		92,356			891,772			1,131,361			240,615
General Motors Co.	Morgan Stanley		21,780			960,795			1,251,479			291,733
Gentex Corp.	Morgan Stanley		4,977			174,344			177,530			3,389
Gentherm, Inc.	Morgan Stanley		1,231			46,282			91,229			45,005
Magna International, Inc. (Canada)	Morgan Stanley		4,035			237,767			355,241			120,965
Visteon Corp.	Morgan Stanley		1,173			84,900			143,047			58,249
Winnebago Industries, Inc.	Morgan Stanley		1,387			84,763			106,397			21,822
XPEL, Inc.	Morgan Stanley		5			264			260			—

			152,279			3,080,402			4,049,843			976,268

Capital Goods
3M Co.	Morgan Stanley		5,527			851,515			1,064,942			236,940
A.O. Smith Corp.	Morgan Stanley		2,617			146,469			176,935			31,655
AAR Corp.	Morgan Stanley		593			12,301			24,698			12,626
Acuity Brands, Inc.	Morgan Stanley		1,202			96,579			198,330			102,410
Advanced Drainage Systems, Inc.	Morgan Stanley		2,080			147,114			215,051			68,445
AECOM	Morgan Stanley		3,609			120,805			231,373			110,711
AeroVironment, Inc.	Morgan Stanley		844			92,802			97,954			5,263
Altra Industrial Motion Corp.	Morgan Stanley		2,960			83,146			163,747			81,415
AMETEK, Inc.	Morgan Stanley		2,942			280,666			375,781			97,506
Apogee Enterprises, Inc.	Morgan Stanley		1,272			30,552			51,999			21,931
Applied Industrial Technologies, Inc.	Morgan Stanley		425			21,502			38,747			17,793
Atkore, Inc.	Morgan Stanley		2,692			61,878			193,555			131,751
Ballard Power Systems, Inc. (Canada)	Morgan Stanley		2,348			18,639			57,150			38,537
Barnes Group, Inc.	Morgan Stanley		950			34,330			47,063			13,323
Boise Cascade Co.	Morgan Stanley		909			33,572			54,385			26,363
Colfax Corp.	Morgan Stanley		14,885			322,045			652,112			330,440
Cubic Corp.	Morgan Stanley		3,054			193,672			227,737			34,982
Cummins, Inc.	Morgan Stanley		2,204			492,047			571,078			83,354
Curtiss-Wright Corp.	Morgan Stanley		331			28,382			39,257			11,564
Deere & Co.	Morgan Stanley		1,872			290,530			700,390			415,736

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Capital Goods — (continued)
Donaldson Co., Inc.	Morgan Stanley		1,918		$	107,145		$	111,551		$	4,905
Dover Corp.	Morgan Stanley		1,495			135,586			205,009			77,942
Dycom Industries, Inc.	Morgan Stanley		1,162			64,277			107,892			43,692
Eaton Corp. PLC (Ireland)	Morgan Stanley		507			66,031			70,108			4,284
EMCOR Group, Inc.	Morgan Stanley		1,167			117,319			130,891			13,710
Emerson Electric Co.	Morgan Stanley		5,170			300,629			466,437			174,560
Enerpac Tool Group Corp.	Morgan Stanley		83			2,159			2,168			16
EnerSys	Morgan Stanley		20			1,826			1,816			(7,349	)
EnPro Industries, Inc.	Morgan Stanley		618			28,400			52,697			24,882
Fastenal Co.	Morgan Stanley		928			43,424			46,660			4,210
Flowserve Corp.	Morgan Stanley		4,540			103,448			176,197			76,755
Fortive Corp.	Morgan Stanley		5,235			330,374			369,800			41,172
Fortune Brands Home & Security, Inc.	Morgan Stanley		4,212			168,099			403,594			239,793
Franklin Electric Co., Inc.	Morgan Stanley		800			39,459			63,152			24,151
Generac Holdings, Inc.	Morgan Stanley		345			104,827			112,970			8,267
General Dynamics Corp.	Morgan Stanley		2,176			329,553			395,075			65,903
Gibraltar Industries, Inc.	Morgan Stanley		473			19,829			43,284			25,576
Granite Construction, Inc.	Morgan Stanley		1,022			38,987			41,136			2,315
HEICO Corp.	Morgan Stanley		238			29,401			29,940			577
Herc Holdings, Inc.	Morgan Stanley		1,940			74,049			196,580			123,104
Honeywell International, Inc.	Morgan Stanley		1,765			211,027			383,129			231,461
Howmet Aerospace, Inc.	Morgan Stanley		45,247			630,415			1,453,786			824,098
Huntington Ingalls Industries, Inc.	Morgan Stanley		690			115,018			142,037			29,581
Ingersoll Rand, Inc.	Morgan Stanley		1,582			78,290			77,850			(346	)
ITT, Inc.	Morgan Stanley		281			10,728			25,546			15,037
John Bean Technologies Corp.	Morgan Stanley		505			46,689			67,337			20,804
Johnson Controls International PLC (Ireland)	Morgan Stanley		4,056			177,866			242,022			66,588
Lockheed Martin Corp.	Morgan Stanley		2,212			777,488			817,334			51,869
Masco Corp.	Morgan Stanley		7,648			321,630			458,115			140,281
Masonite International Corp. (Canada)	Morgan Stanley		544			62,245			62,691			520
MasTec, Inc.	Morgan Stanley		2,235			204,766			209,420			4,892
Middleby Corp. (The)	Morgan Stanley		1,853			217,697			307,135			89,579
MRC Global, Inc.	Morgan Stanley		5,731			66,596			51,751			(14,861	)
MSC Industrial Direct Co., Inc., Class A .	Morgan Stanley		579			47,248			52,220			5,356
Mueller Industries, Inc.	Morgan Stanley		1,438			36,261			59,461			24,074
Nordson Corp.	Morgan Stanley		486			93,570			96,558			3,157
Northrop Grumman Corp.	Morgan Stanley		1,433			432,601			463,776			32,546
NOW, Inc.	Morgan Stanley		8,547			51,466			86,239			34,836
nVent Electric PLC (Ireland)	Morgan Stanley		2,067			30,391			57,690			29,991
Owens Corning	Morgan Stanley		1,963			73,076			180,773			124,540
PACCAR, Inc.	Morgan Stanley		383			31,632			35,588			5,024
Parker-Hannifin Corp.	Morgan Stanley		1,392			345,547			439,079			95,309
Pentair PLC (Ireland)	Morgan Stanley		7,941			353,733			494,883			148,450
Primoris Services Corp.	Morgan Stanley		310			10,007			10,270			290
Quanta Services, Inc.	Morgan Stanley		7,001			224,539			615,948			405,647
Regal Beloit Corp.	Morgan Stanley		1,448			109,075			206,601			101,278

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Capital Goods — (continued)
Rexnord Corp.	Morgan Stanley		1,059		$	23,703		$	49,868		$	26,849
Sensata Technologies Holding PLC (United Kingdom)	Morgan Stanley		298			17,328			17,269			(35	)
Simpson Manufacturing Co., Inc.	Morgan Stanley		1,391			85,880			144,288			60,262
SiteOne Landscape Supply, Inc.	Morgan Stanley		387			23,361			66,076			48,618
Snap-on, Inc.	Morgan Stanley		1,778			264,513			410,256			156,274
SPX FLOW, Inc.	Morgan Stanley		4,954			157,738			313,737			157,183
Stanley Black & Decker, Inc.	Morgan Stanley		2,675			468,886			534,117			70,043
Systemax, Inc.	Morgan Stanley		2,360			52,406			97,043			54,181
Terex Corp.	Morgan Stanley		2,624			58,030			120,888			63,220
Toro Co. (The)	Morgan Stanley		815			74,424			84,059			9,896
TPI Composites, Inc.	Morgan Stanley		1,668			39,280			94,125			58,708
Trane Technologies PLC (Ireland)	Morgan Stanley		2,491			220,999			412,410			196,563
TransDigm Group, Inc.	Morgan Stanley		1,072			348,194			630,250			282,459
UFP Industries, Inc.	Morgan Stanley		1,501			61,027			113,836			55,140
United Rentals, Inc.	Morgan Stanley		1,053			143,123			346,763			203,808
Univar Solutions, Inc.	Morgan Stanley		6,537			87,906			140,807			53,006
Valmont Industries, Inc.	Morgan Stanley		426			45,849			101,247			56,227
Watsco, Inc.	Morgan Stanley		245			55,184			63,884			10,901
Watts Water Technologies, Inc., Class A.	Morgan Stanley		252			20,813			29,940			9,358
Westinghouse Air Brake Technologies Corp.	Morgan Stanley		177			7,661			14,011			14,019
WW Grainger, Inc.	Morgan Stanley		108			39,955			43,300			3,484
Xylem, Inc.	Morgan Stanley		471			45,485			49,540			4,444

			231,044			12,564,714			19,184,194			6,885,819

Commercial & Professional Services
ABM Industries, Inc.	Morgan Stanley		3,524			136,349			179,759			45,144
ASGN, Inc.	Morgan Stanley		55			5,177			5,249			82
Booz Allen Hamilton Holding Corp.	Morgan Stanley		1,751			149,457			141,008			(8,231	)
Brady Corp., Class A	Morgan Stanley		14			759			748			(6	)
CACI International, Inc., Class A	Morgan Stanley		516			116,744			127,277			10,686
CBIZ, Inc.	Morgan Stanley		222			7,170			7,251			93
Cimpress PLC (Ireland)	Morgan Stanley		2,106			113,437			210,874			97,571
Cintas Corp.	Morgan Stanley		522			156,655			178,164			23,775
Clean Harbors, Inc.	Morgan Stanley		725			34,694			60,944			26,830
Copart, Inc.	Morgan Stanley		1,361			148,855			147,818			(1,098	)
CoreLogic, Inc.	Morgan Stanley		2,909			232,756			230,538			(1,947	)
FTI Consulting, Inc.	Morgan Stanley		292			33,996			40,912			7,881
Healthcare Services Group, Inc.	Morgan Stanley		6,875			167,626			192,706			29,130
ICF International, Inc.	Morgan Stanley		140			12,365			12,236			(96	)
Jacobs Engineering Group, Inc.	Morgan Stanley		1,760			202,361			227,515			25,606
KBR, Inc.	Morgan Stanley		537			7,329			20,615			16,887
ManpowerGroup, Inc.	Morgan Stanley		1,182			71,295			116,900			49,899
Nielsen Holdings PLC (United Kingdom).	Morgan Stanley		7,806			111,139			196,321			86,794
Republic Services, Inc.	Morgan Stanley		3,936			311,547			391,042			86,802
Ritchie Bros Auctioneers, Inc. (Canada) .	Morgan Stanley		505			29,564			29,568			(268	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Commercial & Professional Services — (continued)
Robert Half International, Inc.	Morgan Stanley		1,008		$	66,533		$	78,695		$	12,674
Rollins, Inc.	Morgan Stanley		3,644			125,690			125,426			(485	)
Science Applications International Corp.	Morgan Stanley		1,159			84,486			96,881			13,995
Steelcase, Inc., Class A	Morgan Stanley		3,228			32,648			46,451			15,201
Tetra Tech, Inc.	Morgan Stanley		252			23,073			34,201			11,287
Thomson Reuters Corp. (Canada)	Morgan Stanley		2,705			228,856			236,877			9,014
TransUnion	Morgan Stanley		360			20,555			32,400			14,790
TriNet Group, Inc.	Morgan Stanley		422			19,300			32,899			13,625
UniFirst Corp.	Morgan Stanley		73			16,420			16,331			(66	)
Verisk Analytics, Inc.	Morgan Stanley		500			92,049			88,345			(5,107	)
Waste Connections, Inc. (Canada)	Morgan Stanley		188			18,463			20,300			2,992

			50,277			2,777,348			3,326,251			583,454

Consumer Durables & Apparel
BRP, Inc. (Canada)	Morgan Stanley		2			175			174			41
Brunswick Corp.	Morgan Stanley		2,449			71,999			233,561			164,152
Callaway Golf Co.	Morgan Stanley		698			18,885			18,672			(188	)
Capri Holdings Ltd. (British Virgin Islands)	Morgan Stanley		9,006			112,405			459,306			368,067
Carter’s, Inc.	Morgan Stanley		638			49,711			56,737			8,395
Cavco Industries, Inc.	Morgan Stanley		431			70,090			97,238			27,232
Crocs, Inc.	Morgan Stanley		934			73,894			75,140			1,334
Deckers Outdoor Corp.	Morgan Stanley		644			201,030			212,790			11,995
DR Horton, Inc.	Morgan Stanley		5,218			197,525			465,028			271,245
Garmin Ltd. (Switzerland)	Morgan Stanley		2,191			166,790			288,883			126,955
Gildan Activewear, Inc. (Canada)	Morgan Stanley		19			588			583			(418	)
Hanesbrands, Inc.	Morgan Stanley		1,919			18,397			37,747			20,351
Hasbro, Inc.	Morgan Stanley		659			62,118			63,343			1,399
Helen of Troy Ltd. (Bermuda)	Morgan Stanley		80			16,941			16,853			(65	)
Kontoor Brands, Inc.	Morgan Stanley		4,295			86,468			208,436			126,352
La-Z-Boy, Inc.	Morgan Stanley		1,931			53,750			82,029			29,443
Lovesac Co. (The)	Morgan Stanley		352			19,193			19,923			757
Mattel, Inc.	Morgan Stanley		4,709			56,366			93,803			37,505
Mohawk Industries, Inc.	Morgan Stanley		3,246			246,602			624,238			380,654
Newell Brands, Inc.	Morgan Stanley		3,232			67,552			86,553			20,164
NIKE, Inc., Class B	Morgan Stanley		3,881			390,656			515,746			130,200
Polaris, Inc.	Morgan Stanley		931			76,247			124,289			49,450
PulteGroup, Inc.	Morgan Stanley		3,459			96,176			181,390			86,976
PVH Corp.	Morgan Stanley		2,989			148,754			315,937			184,189
Skyline Champion Corp.	Morgan Stanley		1,251			34,280			56,620			22,383
Smith & Wesson Brands, Inc.	Morgan Stanley		6,743			111,022			117,665			7,262
Sonos, Inc.	Morgan Stanley		4,765			183,978			178,545			(5,219	)
Steven Madden Ltd.	Morgan Stanley		8,474			182,351			315,741			137,479
Sturm Ruger & Co., Inc.	Morgan Stanley		2,345			160,342			154,934			(1,736	)
Tapestry, Inc.	Morgan Stanley		4,967			195,962			204,690			8,957
Tempur Sealy International, Inc.	Morgan Stanley		8,189			88,886			299,390			212,848

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Consumer Durables & Apparel — (continued)
Tupperware Brands Corp.	Morgan Stanley		4,065		$	57,454		$	107,357		$	49,973
Under Armour, Inc., Class C	Morgan Stanley		6,743			125,898			124,476			(1,305	)
Whirlpool Corp.	Morgan Stanley		500			82,722			110,175			28,609
YETI Holdings, Inc.	Morgan Stanley		2,025			118,901			146,225			27,470

			103,980			3,644,108			6,094,217			2,532,906

Consumer Services
Adtalem Global Education, Inc.	Morgan Stanley		5,380			176,762			212,725			36,170
Airbnb, Inc., Class A	Morgan Stanley		1,579			292,740			296,757			4,356
Bloomin’ Brands, Inc.	Morgan Stanley		16,241			149,880			439,319			289,614
Boyd Gaming Corp.	Morgan Stanley		7,861			109,043			463,485			365,384
Chipotle Mexican Grill, Inc.	Morgan Stanley		83			118,773			117,928			(705	)
Chuy’s Holdings, Inc.	Morgan Stanley		81			3,471			3,590			127
Dine Brands Global, Inc.	Morgan Stanley		5,834			201,871			525,235			323,599
Graham Holdings Co., Class B	Morgan Stanley		96			56,263			53,994			(2,200	)
Grand Canyon Education, Inc.	Morgan Stanley		1,086			114,180			116,311			2,265
Hyatt Hotels Corp., Class A	Morgan Stanley		443			15,736			36,636			28,551
Jack in the Box, Inc.	Morgan Stanley		2,289			207,765			251,286			54,322
Laureate Education, Inc., Class A	Morgan Stanley		13,302			160,997			180,774			19,966
Marriott International, Inc., Class A	Morgan Stanley		2,339			225,145			346,429			121,433
McDonald’s Corp.	Morgan Stanley		2,698			438,976			604,730			177,094
MGM Resorts International	Morgan Stanley		16,733			240,591			635,687			395,554
Norwegian Cruise Line Holdings Ltd. (Bermuda)	Morgan Stanley		1,162			16,990			32,060			15,093
Papa John’s International, Inc.	Morgan Stanley		1,083			86,917			95,997			10,019
Penn National Gaming, Inc.	Morgan Stanley		2,101			229,025			220,269			(8,490	)
Perdoceo Education Corp.	Morgan Stanley		10,175			139,650			121,693			(17,793	)
Red Rock Resorts, Inc., Class A	Morgan Stanley		1,137			37,754			37,055			(652	)
Scientific Games Corp.	Morgan Stanley		594			8,824			22,881			14,071
Service Corp. International	Morgan Stanley		2,403			104,966			122,673			19,303
Strategic Education, Inc.	Morgan Stanley		1,097			121,143			100,825			(19,615	)
Terminix Global Holdings, Inc.	Morgan Stanley		1			48			48			4
Wendy’s Co. (The)	Morgan Stanley		4,051			83,063			82,073			(694	)
WW International, Inc.	Morgan Stanley		240			7,247			7,507			272
Wyndham Hotels & Resorts, Inc.	Morgan Stanley		1,031			25,913			71,943			54,921
Yum! Brands, Inc.	Morgan Stanley		3,115			277,664			336,981			64,042

			104,235			3,651,397			5,536,891			1,946,011

Diversified Financials
Berkshire Hathaway, Inc., Class B	Morgan Stanley		5,378			1,193,205			1,373,918			182,085
BlackRock, Inc.	Morgan Stanley		1,082			609,108			815,785			215,188
Donnelley Financial Solutions, Inc.	Morgan Stanley		266			7,397			7,403			18
Federated Hermes, Inc.	Morgan Stanley		2,060			45,957			64,478			21,843
Intercontinental Exchange, Inc.	Morgan Stanley		2,488			278,732			277,860			4
Invesco Ltd. (Bermuda)	Morgan Stanley		4,679			111,994			118,004			6,142
Morningstar, Inc.	Morgan Stanley		176			40,178			39,607			(521	)
Nasdaq, Inc.	Morgan Stanley		2,902			362,100			427,929			68,953
S&P Global, Inc.	Morgan Stanley		1,505			496,288			531,069			37,097

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Diversified Financials — (continued)
Sprott, Inc. (Canada)	Morgan Stanley		57		$	2,166		$	2,166		$	6
T Rowe Price Group, Inc.	Morgan Stanley		1,898			263,016			325,697			65,662

			22,491			3,410,141			3,983,916			596,477

Energy
Antero Midstream Corp.	Morgan Stanley		13,275			54,164			119,873			77,668
Antero Resources Corp.	Morgan Stanley		10,513			99,798			107,232			7,513
APA Corp.	Morgan Stanley		18,475			134,573			330,703			196,287
Archrock, Inc.	Morgan Stanley		1,237			12,176			11,739			(419	)
Cactus, Inc., Class A	Morgan Stanley		1,193			18,379			36,530			18,757
Callon Petroleum Co.	Morgan Stanley		233			8,508			8,982			488
Canadian Natural Resources Ltd. (Canada)	Morgan Stanley		9,481			155,988			292,678			142,205
Cenovus Energy, Inc. (Canada)	Morgan Stanley		7,057			12,526			53,069			41,983
Centennial Resource Development, Inc., Class A	Morgan Stanley		935			3,744			3,927			191
Chevron Corp.	Morgan Stanley		135			9,118			14,147			23,455
ConocoPhillips	Morgan Stanley		1			26			53			31
Core Laboratories NV (Netherlands)	Morgan Stanley		2,363			22,069			68,031			46,068
Crescent Point Energy Corp. (Canada)	Morgan Stanley		4,797			6,756			20,003			13,295
Devon Energy Corp.	Morgan Stanley		15,748			344,012			344,094			3,827
DHT Holdings, Inc. (Marshall Islands)	Morgan Stanley		25,693			141,092			152,359			17,230
EOG Resources, Inc.	Morgan Stanley		6,488			243,974			470,575			231,392
Exxon Mobil Corp.	Morgan Stanley		7,034			385,806			392,708			8,238
Green Plains, Inc.	Morgan Stanley		1,972			50,736			53,382			2,708
Halliburton Co.	Morgan Stanley		20,604			174,787			442,162			297,302
HollyFrontier Corp.	Morgan Stanley		501			9,661			17,926			8,832
Kinder Morgan, Inc.	Morgan Stanley		3,915			63,726			65,185			1,536
Kosmos Energy Ltd.	Morgan Stanley		71,612			116,200			219,849			103,786
Magnolia Oil & Gas Corp., Class A	Morgan Stanley		5,415			32,665			62,164			29,595
Marathon Oil Corp.	Morgan Stanley		17,194			182,722			183,632			1,123
Marathon Petroleum Corp.	Morgan Stanley		8,249			311,368			441,239			135,926
Murphy Oil Corp.	Morgan Stanley		2,512			20,625			41,222			21,142
New Fortress Energy, Inc.	Morgan Stanley		1,642			80,104			75,384			(4,527	)
NexTier Oilfield Solutions, Inc.	Morgan Stanley		537			1,982			1,998			22
NOV, Inc.	Morgan Stanley		4,430			55,834			60,780			5,233
Occidental Petroleum Corp.	Morgan Stanley		33,904			984,766			902,524			(81,046	)
Oceaneering International, Inc.	Morgan Stanley		4,345			56,084			49,620			(6,396	)
Range Resources Corp.	Morgan Stanley		14,403			108,803			148,783			38,995
SM Energy Co.	Morgan Stanley		15,903			93,602			260,332			166,841
Targa Resources Corp.	Morgan Stanley		1,541			49,392			48,927			(405	)
TechnipFMC PLC (United Kingdom)	Morgan Stanley		227			1,745			1,752			13
Vermilion Energy, Inc. (Canada)	Morgan Stanley		4,798			29,510			34,929			5,458
Whiting Petroleum Corp.	Morgan Stanley		611			20,577			21,660			1,110
Williams Cos., Inc. (The)	Morgan Stanley		14,786			315,462			350,280			43,445
World Fuel Services Corp.	Morgan Stanley		7,008			195,721			246,682			52,752

			360,767			4,608,781			6,157,115			1,651,654

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Food & Staples Retailing
Costco Wholesale Corp.	Morgan Stanley		904		$	278,653		$	318,642		$	49,182
Kroger Co. (The)	Morgan Stanley		6,611			212,009			237,930			28,043
Sprouts Farmers Market, Inc.	Morgan Stanley		5,650			112,016			150,403			44,697
Sysco Corp.	Morgan Stanley		5,214			264,186			410,550			154,686
United Natural Foods, Inc.	Morgan Stanley		288			9,615			9,487			(12,506	)
Walgreens Boots Alliance, Inc.	Morgan Stanley		4,511			180,936			247,654			70,262
Walmart, Inc.	Morgan Stanley		9,743			1,207,198			1,323,391			133,600
Weis Markets, Inc.	Morgan Stanley		108			6,173			6,104			(58	)

			33,029			2,270,786			2,704,161			467,906

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		9,408			361,434			481,313			154,281
Archer-Daniels-Midland Co.	Morgan Stanley		2,486			129,427			141,702			13,002
Bunge Ltd. (Bermuda)	Morgan Stanley		1,276			95,406			101,149			6,949
Coca-Cola Co. (The)	Morgan Stanley		8,518			363,195			448,984			99,008
Coca-Cola Consolidated, Inc.	Morgan Stanley		90			22,489			25,990			3,678
Conagra Brands, Inc.	Morgan Stanley		4,255			149,719			159,988			12,273
Constellation Brands, Inc., Class A	Morgan Stanley		2,084			265,926			475,152			228,599
Darling Ingredients, Inc.	Morgan Stanley		938			67,091			69,018			2,007
Flowers Foods, Inc.	Morgan Stanley		1,791			39,902			42,626			3,096
General Mills, Inc.	Morgan Stanley		4,481			261,755			274,775			15,652
Hain Celestial Group, Inc. (The)	Morgan Stanley		2,092			89,954			91,211			1,365
JM Smucker Co. (The)	Morgan Stanley		2,938			325,680			371,745			52,729
Kellogg Co.	Morgan Stanley		2,128			124,657			134,702			12,405
Kraft Heinz Co. (The)	Morgan Stanley		17,863			557,734			714,520			166,450
Molson Coors Beverage Co., Class B	Morgan Stanley		2,338			114,110			119,589			6,942
Mondelez International, Inc., Class A	Morgan Stanley		6,805			375,793			398,297			25,610
Monster Beverage Corp.	Morgan Stanley		10,267			862,711			935,221			73,584
PepsiCo, Inc.	Morgan Stanley		2,119			266,878			299,733			40,813
Philip Morris International, Inc.	Morgan Stanley		3,913			307,730			347,240			50,117
SunOpta, Inc. (Canada)	Morgan Stanley		2,293			33,666			33,868			244
Tyson Foods, Inc., Class A	Morgan Stanley		3,557			213,398			264,285			55,265
Vector Group Ltd.	Morgan Stanley		683			9,708			9,528			(94	)

			92,323			5,038,363			5,940,636			1,023,975

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		4,248			506,038			509,080			2,943
ABIOMED, Inc.	Morgan Stanley		91			26,720			29,004			2,319
Acadia Healthcare Co., Inc.	Morgan Stanley		1,556			88,482			88,910			534
Align Technology, Inc.	Morgan Stanley		732			377,071			396,400			19,765
Allscripts Healthcare Solutions, Inc.	Morgan Stanley		5,412			60,726			81,261			20,600
AmerisourceBergen Corp.	Morgan Stanley		2,014			202,862			237,793			36,392
AngioDynamics, Inc.	Morgan Stanley		30			698			702			8
Anthem, Inc.	Morgan Stanley		643			180,185			230,805			54,240
Baxter International, Inc.	Morgan Stanley		428			33,145			36,098			8,177
Becton Dickinson and Co.	Morgan Stanley		2,615			651,550			635,837			(14,002	)
BioLife Solutions, Inc.	Morgan Stanley		267			10,088			9,612			(461	)
Cerner Corp.	Morgan Stanley		2,848			182,611			204,714			23,761

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Health Care Equipment & Services — (continued)
Chemed Corp.	Morgan Stanley		84		$	37,779		$	38,625		$	833
Community Health Systems, Inc.	Morgan Stanley		8,544			69,402			115,515			46,892
CONMED Corp.	Morgan Stanley		695			42,341			90,760			55,405
CorVel Corp.	Morgan Stanley		2			208			205			2
CVS Health Corp.	Morgan Stanley		2,598			165,716			195,448			32,091
Danaher Corp.	Morgan Stanley		3,300			677,075			742,764			67,986
DaVita, Inc.	Morgan Stanley		26			2,028			2,802			780
DENTSPLY SIRONA, Inc.	Morgan Stanley		1,357			45,618			86,590			45,116
Ensign Group, Inc. (The)	Morgan Stanley		1,009			60,884			94,685			34,009
Envista Holdings Corp.	Morgan Stanley		3,370			113,529			137,496			24,101
Fulgent Genetics, Inc.	Morgan Stanley		1,723			177,410			166,476			(10,726	)
HCA Healthcare, Inc.	Morgan Stanley		1,769			171,036			333,173			163,175
Hill-Rom Holdings, Inc.	Morgan Stanley		519			52,997			57,339			4,572
Hologic, Inc.	Morgan Stanley		10,500			545,330			780,990			236,289
Humana, Inc.	Morgan Stanley		393			146,305			164,765			24,870
ICU Medical, Inc.	Morgan Stanley		232			47,514			47,662			207
IDEXX Laboratories, Inc.	Morgan Stanley		1,159			466,605			567,110			101,044
Inogen, Inc.	Morgan Stanley		5			248			263			19
Integer Holdings Corp.	Morgan Stanley		46			2,428			4,237			2,062
Laboratory Corp. of America Holdings	Morgan Stanley		2,514			542,939			641,145			99,567
LeMaitre Vascular, Inc.	Morgan Stanley		183			8,816			8,927			130
McKesson Corp.	Morgan Stanley		1,442			238,775			281,248			43,823
MEDNAX, Inc.	Morgan Stanley		3,625			49,229			92,329			43,160
Medtronic PLC (Ireland)	Morgan Stanley		4,981			433,875			588,406			167,024
Meridian Bioscience, Inc.	Morgan Stanley		2,166			42,845			56,858			14,113
Merit Medical Systems, Inc.	Morgan Stanley		1,153			64,733			69,042			4,403
NextGen Healthcare, Inc.	Morgan Stanley		6,406			95,872			115,949			20,191
Omnicell, Inc.	Morgan Stanley		1,338			171,709			173,766			2,280
Option Care Health, Inc.	Morgan Stanley		493			8,694			8,746			66
Owens & Minor, Inc.	Morgan Stanley		2,250			60,270			84,578			25,758
Patterson Cos., Inc.	Morgan Stanley		8,726			136,445			278,796			149,649
Progyny, Inc.	Morgan Stanley		222			9,598			9,881			298
Quest Diagnostics, Inc.	Morgan Stanley		2,491			303,730			319,695			17,451
Quidel Corp.	Morgan Stanley		903			133,046			115,521			(17,369	)
Select Medical Holdings Corp.	Morgan Stanley		6,246			91,484			212,989			121,613
STERIS PLC (Ireland)	Morgan Stanley		402			59,839			76,573			17,347
Stryker Corp.	Morgan Stanley		995			187,647			242,362			56,846
Teladoc Health, Inc.	Morgan Stanley		591			60,189			107,414			47,298
Tenet Healthcare Corp.	Morgan Stanley		3,094			55,786			160,888			105,169
Tivity Health, Inc.	Morgan Stanley		7,581			80,808			169,208			88,497
UnitedHealth Group, Inc.	Morgan Stanley		2,148			728,789			799,206			73,356
Universal Health Services, Inc., Class B .	Morgan Stanley		2,022			189,666			269,714			80,677
Varian Medical Systems, Inc.	Morgan Stanley		2,498			431,165			440,972			10,392
Veeva Systems, Inc., Class A	Morgan Stanley		219			55,674			57,211			1,452
West Pharmaceutical Services, Inc.	Morgan Stanley		795			177,713			224,015			45,786

			123,699			9,563,965			11,692,560			2,201,980

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Household & Personal Products
BellRing Brands, Inc., Class A	Morgan Stanley		10		$	238		$	236		$	2
Clorox Co. (The)	Morgan Stanley		2,083			428,349			401,769			(23,900	)
Colgate-Palmolive Co.	Morgan Stanley		9,358			642,787			737,691			109,285
Edgewell Personal Care Co.	Morgan Stanley		1,095			28,568			43,362			15,159
elf Beauty, Inc.	Morgan Stanley		2,630			26,907			70,563			45,655
Estee Lauder Cos., Inc. (The), Class A	Morgan Stanley		2,025			402,813			588,971			189,069
Inter Parfums, Inc.	Morgan Stanley		163			11,865			11,562			(273	)
Kimberly-Clark Corp.	Morgan Stanley		213			26,763			29,618			4,304
Procter & Gamble Co. (The)	Morgan Stanley		4,774			552,154			646,543			103,813
Spectrum Brands Holdings, Inc.	Morgan Stanley		1,214			99,786			103,190			3,740
WD-40 Co.	Morgan Stanley		133			39,981			40,722			791

			23,698			2,260,211			2,674,227			447,645

Materials
Agnico Eagle Mines Ltd. (Canada)	Morgan Stanley		1,611			105,924			93,132			(12,078	)
Allegheny Technologies, Inc.	Morgan Stanley		14,103			102,682			297,009			194,449
Amcor PLC (Jersey)	Morgan Stanley		21,220			189,791			247,850			74,260
Ashland Global Holdings, Inc.	Morgan Stanley		1,674			144,632			148,601			4,420
Avient Corp.	Morgan Stanley		9,510			193,841			449,538			261,046
Axalta Coating Systems Ltd. (Bermuda)	Morgan Stanley		1,478			20,288			43,719			26,114
Balchem Corp.	Morgan Stanley		2			251			251			(2,852	)
Barrick Gold Corp. (Canada)	Morgan Stanley		4,691			94,080			92,882			(48	)
Berry Global Group, Inc.	Morgan Stanley		1,682			94,647			103,275			8,786
Carpenter Technology Corp.	Morgan Stanley		5,218			107,791			214,721			109,654
CF Industries Holdings, Inc.	Morgan Stanley		4,984			127,020			226,174			103,954
Chemours Co. (The)	Morgan Stanley		19,505			213,360			544,385			355,093
Coeur Mining, Inc.	Morgan Stanley		1,809			16,003			16,335			354
Commercial Metals Co.	Morgan Stanley		8,268			136,649			254,985			132,774
Compass Minerals International, Inc.	Morgan Stanley		526			23,959			32,991			10,499
Corteva, Inc.	Morgan Stanley		2,646			123,137			123,357			419
Crown Holdings, Inc.	Morgan Stanley		1,125			103,666			109,170			5,858
Dow, Inc.	Morgan Stanley		6,302			199,976			402,950			219,965
DuPont de Nemours, Inc.	Morgan Stanley		1,860			61,423			143,741			84,828
Eastman Chemical Co.	Morgan Stanley		2,456			156,931			270,455			124,604
Ferro Corp.	Morgan Stanley		1,375			15,097			23,183			8,107
FMC Corp.	Morgan Stanley		802			70,856			88,709			24,906
Franco-Nevada Corp. (Canada)	Morgan Stanley		702			86,277			87,954			1,340
Freeport-McMoRan, Inc.	Morgan Stanley		13,958			200,513			459,637			260,921
Hecla Mining Co.	Morgan Stanley		6,113			29,573			34,783			5,355
IAMGOLD Corp. (Canada)	Morgan Stanley		31,284			106,047			93,226			(12,696	)
Ingevity Corp.	Morgan Stanley		1,727			81,811			130,440			48,727
Innospec, Inc.	Morgan Stanley		45			2,985			4,621			1,686
International Paper Co.	Morgan Stanley		4,745			235,230			256,562			23,449
Kaiser Aluminum Corp.	Morgan Stanley		493			34,561			54,477			21,100
Kinross Gold Corp. (Canada)	Morgan Stanley		31,733			221,215			211,659			(8,562	)
Kraton Corp.	Morgan Stanley		2,434			36,022			89,060			53,083
Linde PLC (Ireland)	Morgan Stanley		2,454			465,130			687,464			239,351

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Materials — (continued)
Louisiana-Pacific Corp.	Morgan Stanley		349		$	18,613		$	19,356		$	769
Martin Marietta Materials, Inc.	Morgan Stanley		487			118,979			163,544			45,256
Minerals Technologies, Inc.	Morgan Stanley		854			38,295			64,323			26,520
Mosaic Co. (The)	Morgan Stanley		5,570			100,142			176,068			76,601
Newmont Corp.	Morgan Stanley		5,255			320,635			316,719			2,065
Nucor Corp.	Morgan Stanley		2,964			121,938			237,920			118,403
Nutrien Ltd. (Canada)	Morgan Stanley		1,059			58,733			57,070			(1,257	)
O-I Glass, Inc.	Morgan Stanley		3,588			36,829			52,887			16,535
Pan American Silver Corp. (Canada)	Morgan Stanley		4,477			116,806			134,444			18,149
PPG Industries, Inc.	Morgan Stanley		2,404			295,203			361,225			71,957
PQ Group Holdings, Inc.	Morgan Stanley		101			1,700			1,687			(8	)
Pretium Resources, Inc. (Canada)	Morgan Stanley		11,198			134,558			116,123			(18,277	)
Ranpak Holdings Corp.	Morgan Stanley		307			6,248			6,158			(78	)
Reliance Steel & Aluminum Co.	Morgan Stanley		500			47,007			76,145			30,871
RPM International, Inc.	Morgan Stanley		1,533			132,691			140,806			9,522
Sealed Air Corp.	Morgan Stanley		3,374			118,678			154,597			37,536
Sensient Technologies Corp.	Morgan Stanley		1,084			51,274			84,552			34,623
Sherwin-Williams Co. (The)	Morgan Stanley		1,035			714,018			763,840			53,196
Sonoco Products Co.	Morgan Stanley		475			28,660			30,068			1,539
Southern Copper Corp.	Morgan Stanley		761			29,003			51,649			23,637
Summit Materials, Inc., Class A	Morgan Stanley		969			11,595			27,151			17,810
Trinseo SA (Luxembourg)	Morgan Stanley		1,213			71,672			77,232			5,646
United States Steel Corp.	Morgan Stanley		8,562			158,776			224,067			65,513
Westrock Co.	Morgan Stanley		1,124			46,973			58,504			11,814
Worthington Industries, Inc.	Morgan Stanley		2,151			91,062			144,310			55,494

			269,929			6,671,456			9,577,741			3,072,702

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		5,597			478,415			520,521			41,610
Alphabet, Inc., Class A	Morgan Stanley		1,467			1,802,418			3,025,717			1,225,369
AMC Networks, Inc., Class A	Morgan Stanley		76			4,088			4,040			(40	)
Cable One, Inc.	Morgan Stanley		41			75,262			74,963			(209	)
Cargurus, Inc.	Morgan Stanley		1,994			50,865			47,517			(3,285	)
Charter Communications, Inc., Class A	Morgan Stanley		530			316,539			327,021			10,848
Comcast Corp., Class A	Morgan Stanley		747			41,739			40,420			(1,268	)
DISH Network Corp., Class A	Morgan Stanley		12,497			348,377			452,391			104,417
Facebook, Inc., Class A	Morgan Stanley		12,797			2,233,423			3,769,100			1,538,242
Fox Corp., Class A	Morgan Stanley		10,183			263,683			367,708			108,532
Glu Mobile, Inc.	Morgan Stanley		402			5,015			5,017			12
Gray Television, Inc.	Morgan Stanley		4,259			75,082			78,366			3,714
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		9,575			153,418			279,590			135,710
Lions Gate Entertainment Corp., Class B (Canada)	Morgan Stanley		2,072			20,171			26,729			6,585
Madison Square Garden Sports Corp.	Morgan Stanley		737			128,840			132,262			3,576
MSG Networks, Inc., Class A	Morgan Stanley		5,288			86,319			79,532			(6,685	)
Netflix, Inc.	Morgan Stanley		2,475			1,213,674			1,291,109			78,613
News Corp., Class A	Morgan Stanley		24,161			233,451			614,414			390,714

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Media & Entertainment — (continued)
Pinterest, Inc., Class A	Morgan Stanley		468		$	17,046		$	34,646		$	17,623
TechTarget, Inc.	Morgan Stanley		532			38,850			36,947			(1,854	)
Twitter, Inc.	Morgan Stanley		21,519			676,327			1,369,254			693,707
ViacomCBS, Inc., Class B	Morgan Stanley		1,316			58,929			59,352			494
Walt Disney Co. (The)	Morgan Stanley		6,420			619,359			1,184,618			583,522
Warner Music Group Corp. Class A	Morgan Stanley		2,458			83,853			84,383			699

			127,611			9,025,143			13,905,617			4,930,646

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		2,301			244,446			249,014			4,852
Agilent Technologies, Inc.	Morgan Stanley		1,105			109,106			140,490			31,873
Alexion Pharmaceuticals, Inc.	Morgan Stanley		2,621			402,034			400,777			(792	)
Avantor, Inc.	Morgan Stanley		2,861			83,462			82,769			(885	)
Bausch Health Cos., Inc. (Canada)	Morgan Stanley		1,232			38,164			39,104			987
Biogen, Inc.	Morgan Stanley		1,117			306,636			312,481			6,200
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		680			396,196			388,396			(7,342	)
Blueprint Medicines Corp.	Morgan Stanley		292			27,370			28,391			1,056
Denali Therapeutics, Inc.	Morgan Stanley		2,568			154,742			146,633			(7,928	)
Emergent BioSolutions, Inc.	Morgan Stanley		825			77,245			76,651			(502	)
Essa Pharma, Inc. (Canada)	Morgan Stanley		12			353			349			—
Gilead Sciences, Inc.	Morgan Stanley		5,584			355,042			360,894			9,918
Halozyme Therapeutics, Inc.	Morgan Stanley		3,115			138,450			129,864			(8,423	)
HEXO Corp. (Canada)	Morgan Stanley		24,067			172,526			155,954			(18,154	)
Horizon Therapeutics PLC (Ireland)	Morgan Stanley		4,972			439,269			457,623			18,862
Illumina, Inc.	Morgan Stanley		275			106,359			105,617			(617	)
ImmunoGen, Inc.	Morgan Stanley		4,976			43,611			40,306			(3,252	)
Innoviva, Inc.	Morgan Stanley		9,887			109,295			118,150			9,123
Jazz Pharmaceuticals PLC (Ireland)	Morgan Stanley		1,314			219,430			215,982			(3,193	)
Johnson & Johnson	Morgan Stanley		4,452			567,570			731,686			181,032
MacroGenics, Inc.	Morgan Stanley		977			29,612			31,117			1,544
Merck & Co., Inc.	Morgan Stanley		14,470			1,062,402			1,115,492			70,544
Mettler-Toledo International, Inc.	Morgan Stanley		67			75,366			77,431			2,156
Morphic Holding, Inc.	Morgan Stanley		63			3,853			3,987			142
Natera, Inc.	Morgan Stanley		3,357			119,894			340,870			221,117
Ocular Therapeutix, Inc.	Morgan Stanley		4,747			95,505			77,898			(17,991	)
PerkinElmer, Inc.	Morgan Stanley		4,511			422,135			578,716			157,967
Pfizer, Inc.	Morgan Stanley		40,814			1,308,284			1,478,691			187,806
Precigen, Inc.	Morgan Stanley		15			99			103			8
Prestige Consumer Healthcare, Inc.	Morgan Stanley		1,367			49,009			60,257			11,309
Prothena Corp. PLC (Ireland)	Morgan Stanley		286			6,666			7,184			530
Sage Therapeutics, Inc.	Morgan Stanley		2,393			187,113			179,116			(7,779	)
Seagen, Inc.	Morgan Stanley		1,282			192,169			178,018			(13,927	)
TG Therapeutics, Inc.	Morgan Stanley		3,836			48,193			184,895			136,761
Thermo Fisher Scientific, Inc.	Morgan Stanley		2,561			1,190,891			1,168,789			(24,986	)
Translate Bio, Inc.	Morgan Stanley		1,232			26,842			20,316			(6,529	)
United Therapeutics Corp.	Morgan Stanley		972			161,618			162,586			1,158
Vanda Pharmaceuticals, Inc.	Morgan Stanley		168			2,780			2,523			(250	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Waters Corp.	Morgan Stanley		885		$	224,969		$	251,490		$	26,849
Zoetis, Inc.	Morgan Stanley		2,862			450,998			450,708			1,227

			161,121			9,649,704			10,551,318			960,471

Retailing
Advance Auto Parts, Inc.	Morgan Stanley		2,221			334,986			407,531			76,831
Amazon.com, Inc.	Morgan Stanley		528			1,266,347			1,633,674			368,405
American Eagle Outfitters, Inc.	Morgan Stanley		13,389			389,032			391,494			3,616
Asbury Automotive Group, Inc.	Morgan Stanley		370			27,459			72,705			46,519
AutoNation, Inc.	Morgan Stanley		2,125			83,077			198,093			118,368
AutoZone, Inc.	Morgan Stanley		112			125,309			157,282			32,120
Best Buy Co., Inc.	Morgan Stanley		1,175			62,996			134,902			74,714
Booking Holdings, Inc.	Morgan Stanley		463			597,499			1,078,716			481,906
Buckle, Inc. (The)	Morgan Stanley		4,280			106,742			168,118			70,215
Caleres, Inc.	Morgan Stanley		123			2,571			2,681			117
Camping World Holdings, Inc., Class A	Morgan Stanley		2,366			47,730			86,075			47,511
Citi Trends, Inc.	Morgan Stanley		515			45,175			43,147			(1,973	)
Dick’s Sporting Goods, Inc.	Morgan Stanley		300			22,762			22,845			(2	)
Dillard’s, Inc., Class A	Morgan Stanley		224			19,319			21,632			2,639
Dollar General Corp.	Morgan Stanley		711			126,770			144,063			18,219
Dollar Tree, Inc.	Morgan Stanley		1,067			113,291			122,129			9,122
eBay, Inc.	Morgan Stanley		18,719			546,311			1,146,352			687,332
Etsy, Inc.	Morgan Stanley		4,673			779,118			942,404			164,184
Expedia Group, Inc.	Morgan Stanley		2,575			346,748			443,209			96,863
Five Below, Inc.	Morgan Stanley		10			1,925			1,908			(105	)
Foot Locker, Inc.	Morgan Stanley		4,207			137,584			236,644			101,453
Gap, Inc. (The)	Morgan Stanley		7,415			65,150			220,819			155,748
Genuine Parts Co.	Morgan Stanley		2,972			261,120			343,533			88,373
Group 1 Automotive, Inc.	Morgan Stanley		706			107,289			111,400			4,377
Guess?, Inc.	Morgan Stanley		12,387			113,766			291,095			179,902
Home Depot, Inc. (The)	Morgan Stanley		1,664			279,477			507,936			238,359
L Brands, Inc.	Morgan Stanley		13,150			388,773			813,459			426,251
Lands’ End, Inc.	Morgan Stanley		13			317			323			12
LKQ Corp.	Morgan Stanley		3,665			94,438			155,139			60,814
Lowe’s Cos., Inc.	Morgan Stanley		5,393			587,455			1,025,641			448,238
Macy’s, Inc.	Morgan Stanley		15,545			91,436			251,674			160,346
Murphy USA, Inc.	Morgan Stanley		1,031			112,040			149,041			37,671
National Vision Holdings, Inc.	Morgan Stanley		1,261			22,721			55,270			34,476
Ollie’s Bargain Outlet Holdings, Inc.	Morgan Stanley		862			74,614			74,994			469
O’Reilly Automotive, Inc.	Morgan Stanley		415			182,696			210,509			28,158
Overstock.com, Inc.	Morgan Stanley		803			54,725			53,207			(1,451	)
Quotient Technology, Inc.	Morgan Stanley		901			13,792			14,722			950
Qurate Retail, Inc., Series A	Morgan Stanley		22,886			198,452			269,139			95,853
Shoe Carnival, Inc.	Morgan Stanley		626			22,474			38,737			16,372
Shutterstock, Inc.	Morgan Stanley		2,742			192,223			244,148			52,883
Signet Jewelers Ltd. (Bermuda)	Morgan Stanley		16,166			119,200			937,305			822,660

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Retailing — (continued)
Sleep Number Corp.	Morgan Stanley		923		$	19,850		$	132,441		$	119,674
Sonic Automotive, Inc., Class A	Morgan Stanley		5,570			158,586			276,105			121,033
Target Corp.	Morgan Stanley		1,650			256,366			326,815			74,675
Wayfair, Inc., Class A	Morgan Stanley		429			135,639			135,028			(603	)
Zumiez, Inc.	Morgan Stanley		2,934			80,244			125,868			45,708

			182,262			8,815,594			14,219,952			5,609,002

Semiconductors & Semiconductor Equipment
Alpha & Omega Semiconductor Ltd. (Bermuda)	Morgan Stanley		34			1,106			1,112			(223	)
Amkor Technology, Inc.	Morgan Stanley		8,040			78,480			190,628			115,373
Analog Devices, Inc.	Morgan Stanley		235			35,582			36,444			906
Applied Materials, Inc.	Morgan Stanley		7,334			323,380			979,822			662,967
Axcelis Technologies, Inc.	Morgan Stanley		1,520			37,293			62,457			25,211
Broadcom, Inc.	Morgan Stanley		1,122			408,227			520,227			121,209
Brooks Automation, Inc.	Morgan Stanley		146			6,158			11,921			5,811
Cirrus Logic, Inc.	Morgan Stanley		1,012			55,302			85,807			31,507
Cohu, Inc.	Morgan Stanley		1,875			79,626			78,450			(1,081	)
Enphase Energy, Inc.	Morgan Stanley		1,153			61,699			186,970			136,206
Intel Corp.	Morgan Stanley		12,395			661,788			793,280			136,525
KLA Corp.	Morgan Stanley		1,720			318,697			568,288			254,466
MACOM Technology Solutions Holdings, Inc.	Morgan Stanley		8,575			299,119			497,522			198,749
Marvell Technology Group Ltd. (Bermuda)	Morgan Stanley		4,261			189,740			208,704			19,564
Maxim Integrated Products, Inc.	Morgan Stanley		5,018			293,728			458,495			168,452
Microchip Technology, Inc.	Morgan Stanley		1,727			171,164			268,065			98,964
Monolithic Power Systems, Inc.	Morgan Stanley		325			62,321			114,793			53,228
NVIDIA Corp.	Morgan Stanley		71			20,326			37,909			17,655
NXP Semiconductors NV (Netherlands)	Morgan Stanley		4,208			816,361			847,239			31,817
ON Semiconductor Corp.	Morgan Stanley		3,993			157,709			166,149			8,783
Qorvo, Inc.	Morgan Stanley		1,206			183,546			220,336			37,005
QUALCOMM, Inc.	Morgan Stanley		10,504			1,493,194			1,392,725			(91,526	)
Rambus, Inc.	Morgan Stanley		3,076			63,215			59,797			(3,342	)
Skyworks Solutions, Inc.	Morgan Stanley		3,754			342,415			688,784			354,036
SMART Global Holdings, Inc. (Cayman Islands)	Morgan Stanley		1,242			30,264			57,157			26,931
Synaptics, Inc.	Morgan Stanley		4,688			270,740			634,849			373,249
Teradyne, Inc.	Morgan Stanley		1,356			156,717			164,998			8,465
Texas Instruments, Inc.	Morgan Stanley		3,002			455,011			567,348			117,522
Ultra Clean Holdings, Inc.	Morgan Stanley		1,364			21,131			79,166			60,143
Veeco Instruments, Inc.	Morgan Stanley		546			11,383			11,324			(43	)
Xilinx, Inc.	Morgan Stanley		923			120,004			114,360			(5,672	)

			96,425			7,225,426			10,105,126			2,962,857

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		3,199			616,256			883,724			276,665
ACI Worldwide, Inc.	Morgan Stanley		2,304			71,104			87,667			16,649

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Software & Services — (continued)
Adobe, Inc.	Morgan Stanley		1,483		$	612,192		$	704,974		$	93,488
Alliance Data Systems Corp.	Morgan Stanley		1,170			50,459			131,145			80,430
Amdocs, Ltd. (Guernsey)	Morgan Stanley		730			55,471			51,210			(3,955	)
ANSYS, Inc.	Morgan Stanley		25			8,355			8,489			147
Aspen Technology, Inc.	Morgan Stanley		391			53,577			56,433			2,922
Autodesk, Inc.	Morgan Stanley		594			158,033			164,627			6,780
Automatic Data Processing, Inc.	Morgan Stanley		3,620			501,023			682,261			193,455
Blackbaud, Inc.	Morgan Stanley		1,833			89,717			130,290			41,133
Box, Inc., Class A	Morgan Stanley		1,478			31,432			33,935			2,542
Brightcove, Inc.	Morgan Stanley		660			14,503			13,279			(1,203	)
Broadridge Financial Solutions, Inc.	Morgan Stanley		2,873			360,234			439,856			85,262
Cadence Design Systems, Inc.	Morgan Stanley		5,135			486,276			703,444			217,729
Cardtronics PLC, Class A (United Kingdom)	Morgan Stanley		1,529			30,514			59,325			28,850
CDK Global, Inc.	Morgan Stanley		1,395			63,903			75,414			12,748
Cerence, Inc.	Morgan Stanley		1,707			181,915			152,913			(28,790	)
CGI, Inc. (Canada)	Morgan Stanley		1,163			82,224			96,785			14,659
Cloudera, Inc.	Morgan Stanley		3,724			45,802			45,321			(596	)
CommVault Systems, Inc.	Morgan Stanley		25			1,615			1,613			(65	)
Cornerstone OnDemand, Inc.	Morgan Stanley		1,124			38,698			48,984			10,334
Crowdstrike Holdings, Inc., Class A	Morgan Stanley		638			123,024			116,441			(6,531	)
CSG Systems International, Inc.	Morgan Stanley		625			29,318			28,056			(1,096	)
Descartes Systems Group, Inc. (The) (Canada)	Morgan Stanley		138			8,429			8,406			(10	)
Digital Turbine, Inc.	Morgan Stanley		2,333			173,362			187,480			14,321
Dynatrace, Inc.	Morgan Stanley		2,817			139,899			135,892			(3,843	)
Fiserv, Inc.	Morgan Stanley		6,275			611,844			746,976			135,837
FleetCor Technologies, Inc.	Morgan Stanley		254			62,668			68,232			5,640
Fortinet, Inc.	Morgan Stanley		3,491			374,522			643,810			269,722
Gartner, Inc.	Morgan Stanley		1,862			216,884			339,908			123,276
Globant SA (Luxembourg)	Morgan Stanley		217			45,406			45,051			(298	)
InterDigital, Inc.	Morgan Stanley		469			20,348			29,758			11,017
International Business Machines Corp.	Morgan Stanley		3,991			509,380			531,841			23,049
Intuit, Inc.	Morgan Stanley		692			199,980			265,078			66,146
Jack Henry & Associates, Inc.	Morgan Stanley		1,015			163,608			153,996			(10,209	)
Manhattan Associates, Inc.	Morgan Stanley		385			45,529			45,191			(282	)
Mastercard, Inc., Class A	Morgan Stanley		430			150,320			153,102			3,001
McAfee Corp., Class A	Morgan Stanley		142			3,138			3,229			98
Microsoft Corp.	Morgan Stanley		5,711			1,022,459			1,346,482			336,109
NortonLifeLock, Inc.	Morgan Stanley		16,536			293,413			351,555			67,535
Open Text Corp. (Canada)	Morgan Stanley		4,636			196,947			221,184			25,831
Oracle Corp.	Morgan Stanley		27,729			1,364,391			1,945,744			607,836
Paychex, Inc.	Morgan Stanley		8,555			517,109			838,561			357,130
Paylocity Holding Corp.	Morgan Stanley		328			52,041			58,984			7,007
PayPal Holdings, Inc.	Morgan Stanley		6,929			1,397,757			1,682,638			283,601
Perficient, Inc.	Morgan Stanley		47			2,746			2,760			21
Progress Software Corp.	Morgan Stanley		1,764			63,775			77,722			15,160

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Software & Services — (continued)
PTC, Inc.	Morgan Stanley		3,406		$	213,410		$	468,836		$	258,352
QAD, Inc., Class A	Morgan Stanley		18			1,168			1,198			36
Sailpoint Technologies Holding, Inc.	Morgan Stanley		6,411			141,146			324,653			183,673
salesforce.com, Inc.	Morgan Stanley		3,315			734,287			702,349			(31,092	)
ServiceNow, Inc.	Morgan Stanley		2,824			866,006			1,412,311			547,302
Shopify, Inc., Class A (Canada)	Morgan Stanley		277			292,975			306,501			13,865
SPS Commerce, Inc.	Morgan Stanley		806			75,920			80,044			4,215
Ss&C Technologies Holdings, Inc.	Morgan Stanley		448			28,526			31,302			3,147
SVMK, Inc.	Morgan Stanley		1,695			25,391			31,052			5,695
Sykes Enterprises, Inc.	Morgan Stanley		23			1,016			1,014			3
Synopsys, Inc.	Morgan Stanley		2,954			556,595			731,942			175,990
Teradata Corp.	Morgan Stanley		7,152			152,355			275,638			123,462
Trade Desk, Inc. (The), Class A	Morgan Stanley		906			660,132			590,404			(68,967	)
Tyler Technologies, Inc.	Morgan Stanley		134			55,116			56,887			1,841
Varonis Systems, Inc.	Morgan Stanley		636			42,574			32,652			(9,869	)
Verint Systems, Inc.	Morgan Stanley		4,386			188,387			199,519			11,352
VeriSign, Inc.	Morgan Stanley		1,386			273,668			275,481			1,915
Visa, Inc., Class A	Morgan Stanley		3,124			529,415			661,444			135,783
Western Union Co. (The)	Morgan Stanley		9,364			184,164			230,916			54,534
WEX, Inc.	Morgan Stanley		345			31,725			72,181			45,002
Workiva, Inc.	Morgan Stanley		786			66,937			69,372			2,516
Xperi Holding Corp.	Morgan Stanley		1,873			42,844			40,775			(1,979	)
Zoom Video Communications, Inc., Class A	Morgan Stanley		1,529			545,979			491,252			(59,649	)

			187,969			17,051,336			21,687,489			4,776,379

Technology Hardware & Equipment
Amphenol Corp., Class A	Morgan Stanley		1,650			55,248			108,851			78,198
Apple, Inc.	Morgan Stanley		24,448			1,551,154			2,986,323			1,510,013
Arrow Electronics, Inc.	Morgan Stanley		2,701			153,715			299,325			148,771
Badger Meter, Inc.	Morgan Stanley		526			29,780			48,955			19,788
Belden, Inc.	Morgan Stanley		691			21,427			30,660			9,384
Calix, Inc.	Morgan Stanley		591			21,095			20,484			(583	)
CDW Corp.	Morgan Stanley		1,214			156,963			201,221			45,191
Cisco Systems, Inc.	Morgan Stanley		18,061			722,838			933,934			239,411
Cognex Corp.	Morgan Stanley		795			63,375			65,977			2,686
Corning, Inc.	Morgan Stanley		6,917			174,081			300,959			132,222
CTS Corp.	Morgan Stanley		68			2,079			2,112			39
Dell Technologies, Inc., Class C	Morgan Stanley		4,008			342,085			353,305			11,617
Diebold Nixdorf, Inc.	Morgan Stanley		7,681			45,234			108,533			63,354
Dolby Laboratories, Inc., Class A	Morgan Stanley		422			38,162			41,660			3,632
EchoStar Corp., Class A	Morgan Stanley		2,226			58,475			53,424			(4,980	)
FARO Technologies, Inc.	Morgan Stanley		255			22,868			22,075			(762	)
Hewlett Packard Enterprise Co.	Morgan Stanley		6,356			78,554			100,043			21,991
HP, Inc.	Morgan Stanley		36,714			589,177			1,165,670			603,466
II-VI, Inc.	Morgan Stanley		1,883			129,461			128,741			(568	)
Jabil, Inc.	Morgan Stanley		1,467			68,362			76,519			8,295

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of								Unrealized
		Contracts		Notional						Appreciation/
Reference Entity	Counterparty	Long/(Short)		Amount			Value			(Depreciation)*
Technology Hardware & Equipment — (continued)
Juniper Networks, Inc.	Morgan Stanley		5,407		$	128,927		$	136,959		$	8,920
Lumentum Holdings, Inc.	Morgan Stanley		602			47,569			54,993			8,360
Methode Electronics, Inc.	Morgan Stanley		319			13,770			13,392			(359	)
NCR Corp.	Morgan Stanley		7,093			141,530			269,179			127,815
NetApp, Inc.	Morgan Stanley		4,374			187,711			317,859			137,299
NETGEAR, Inc.	Morgan Stanley		2,002			72,979			82,282			9,391
NetScout Systems, Inc.	Morgan Stanley		13			366			366			4
OSI Systems, Inc.	Morgan Stanley		265			23,063			25,467			2,434
Plantronics, Inc.	Morgan Stanley		3,337			136,474			129,843			(6,471	)
Sanmina Corp.	Morgan Stanley		4,769			124,184			197,341			73,333
Seagate Technology PLC (Ireland)	Morgan Stanley		4,025			241,213			308,919			74,415
SYNNEX Corp.	Morgan Stanley		2,345			151,829			269,300			118,050
TE Connectivity Ltd. (Switzerland)	Morgan Stanley		1,937			120,862			250,086			132,844
TTM Technologies, Inc.	Morgan Stanley		7,207			89,449			104,501			16,141
Ubiquiti, Inc.	Morgan Stanley		554			99,559			165,258			66,781
Viavi Solutions, Inc.	Morgan Stanley		171			2,642			2,685			50
Vontier Corp.	Morgan Stanley		9,952			293,919			301,247			7,546
Western Digital Corp.	Morgan Stanley		5,111			345,728			341,159			(4,168	)
Xerox Holdings Corp.	Morgan Stanley		961			21,943			23,323			1,672
Zebra Technologies Corp., Class A	Morgan Stanley		542			140,171			262,967			122,961

			179,660			6,708,021			10,305,897			3,788,183

Telecommunication Services
AT&T, Inc.	Morgan Stanley		16,052			456,850			485,894			48,123
Iridium Communications, Inc.	Morgan Stanley		5,553			177,048			229,061			52,220
Lumen Technologies, Inc.	Morgan Stanley		7,263			80,995			96,961			17,410
T-Mobile US, Inc.	Morgan Stanley		2,376			236,699			297,689			61,265
Verizon Communications, Inc.	Morgan Stanley		13,224			704,235			768,975			85,046

			44,468			1,655,827			1,878,580			264,064

Transportation
Alaska Air Group, Inc.	Morgan Stanley		4,899			193,845			339,060			145,440
ArcBest Corp.	Morgan Stanley		2,267			64,792			159,529			97,397
Atlas Air Worldwide Holdings, Inc.	Morgan Stanley		3,052			175,035			184,463			9,633
CSX Corp.	Morgan Stanley		5,880			309,153			566,950			264,667
Echo Global Logistics, Inc.	Morgan Stanley		9,099			174,974			285,800			111,866
Expeditors International of Washington, Inc.	Morgan Stanley		926			63,435			99,721			75,010
FedEx Corp.	Morgan Stanley		3,455			941,264			981,358			41,543
Golden Ocean Group Ltd. (Bermuda)	Morgan Stanley		20			134			767			637
Norfolk Southern Corp.	Morgan Stanley		2,533			367,017			680,161			346,970
Old Dominion Freight Line, Inc.	Morgan Stanley		392			86,962			94,241			7,398
Saia, Inc.	Morgan Stanley		190			38,845			43,810			5,112
Schneider National, Inc., Class B	Morgan Stanley		656			12,532			16,380			4,874
Southwest Airlines Co.	Morgan Stanley		3,496			204,709			213,466			8,996
Union Pacific Corp.	Morgan Stanley		1,359			287,422			299,537			13,263

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Transportation — (continued)
United Parcel Service, Inc., Class B	Morgan Stanley		2,164			$	338,978			$	367,858			$	32,960

			40,388				3,259,097				4,333,101				1,165,766

Utilities
AES Corp. (The)	Morgan Stanley		10,381				274,935				278,314				3,851
Alliant Energy Corp.	Morgan Stanley		601				31,448				32,550				1,134
American Water Works Co., Inc.	Morgan Stanley		72				10,546				10,794				264
Dominion Energy, Inc.	Morgan Stanley		16,434				1,185,485				1,248,327				75,676
Duke Energy Corp.	Morgan Stanley		3,446				296,801				332,642				43,409
Exelon Corp.	Morgan Stanley		13,736				520,461				600,813				91,965
IDACORP, Inc.	Morgan Stanley		979				86,915				97,871				12,494
MDU Resources Group, Inc.	Morgan Stanley		1,723				36,465				54,464				20,558
NextEra Energy, Inc.	Morgan Stanley		1,064				77,115				80,449				3,427
NiSource, Inc.	Morgan Stanley		15,569				352,286				375,369				27,379
NRG Energy, Inc.	Morgan Stanley		4,947				166,757				186,650				21,395
ONE Gas, Inc.	Morgan Stanley		320				22,801				24,611				2,374
Southern Co. (The)	Morgan Stanley		3,063				182,912				190,396				8,760

			72,335				3,244,927				3,513,250				312,686

Total Reference Entity — Long							126,176,747				171,422,082				47,156,851

Short
Automobiles & Components
Dana, Inc.	Morgan Stanley		(12,808	)			(250,737	)			(311,619	)			(67,902	)
Dorman Products, Inc.	Morgan Stanley		(3,076	)			(254,420	)			(315,721	)			(62,871	)
Fox Factory Holding Corp.	Morgan Stanley		(5,230	)			(622,055	)			(664,524	)			(43,868	)
LCI Industries	Morgan Stanley		(816	)			(96,214	)			(107,940	)			(15,905	)
Lear Corp.	Morgan Stanley		(2,965	)			(484,293	)			(537,406	)			(58,938	)
Patrick Industries, Inc.	Morgan Stanley		(4,166	)			(278,550	)			(354,110	)			(79,126	)
Tenneco, Inc., Class A	Morgan Stanley		(10,907	)			(144,191	)			(116,923	)			28,791
Thor Industries, Inc.	Morgan Stanley		(3,984	)			(526,920	)			(536,804	)			(12,790	)
Workhorse Group, Inc.	Morgan Stanley		(74,828	)			(1,087,461	)			(1,030,381	)			54,631

			(118,780	)			(3,744,841	)			(3,975,428	)			(257,978	)

Capital Goods
AAON, Inc.	Morgan Stanley		(2,154	)			(139,585	)			(150,802	)			(12,824	)
Aerojet Rocketdyne Holdings, Inc.	Morgan Stanley		(962	)			(50,937	)			(45,176	)			(1,275	)
Alamo Group, Inc.	Morgan Stanley		(664	)			(76,957	)			(103,684	)			(28,372	)
Albany International Corp., Class A	Morgan Stanley		(1,030	)			(86,346	)			(85,974	)			(57	)
Allegion PLC (Ireland)	Morgan Stanley		(1,269	)			(157,633	)			(159,412	)			(2,379	)
American Woodmark Corp.	Morgan Stanley		(2,503	)			(207,924	)			(246,746	)			(40,172	)
Arcosa, Inc.	Morgan Stanley		(2,809	)			(172,071	)			(182,838	)			(11,151	)
Argan, Inc.	Morgan Stanley		(2,802	)			(118,615	)			(149,487	)			(41,172	)
Armstrong World Industries, Inc.	Morgan Stanley		(4,120	)			(332,465	)			(371,171	)			(43,054	)
Beacon Roofing Supply, Inc.	Morgan Stanley		(1,666	)			(59,598	)			(87,165	)			(31,576	)
Boeing Co. (The)	Morgan Stanley		(1,258	)			(418,907	)			(320,438	)			226,486
BWX Technologies, Inc.	Morgan Stanley		(5,365	)			(333,615	)			(353,768	)			(21,315	)
CAE, Inc. (Canada)	Morgan Stanley		(1,682	)			(46,359	)			(47,920	)			(1,678	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Capital Goods — (continued)
Carrier Global Corp.	Morgan Stanley		(23,905	)		$	(980,560	)		$	(1,009,269	)		$	(30,917	)
Caterpillar, Inc.	Morgan Stanley		(122	)			(28,349	)			(28,288	)			1
Chart Industries, Inc.	Morgan Stanley		(4,071	)			(600,545	)			(579,507	)			19,019
Construction Partners, Inc., Class A	Morgan Stanley		(3,860	)			(113,436	)			(115,337	)			(2,153	)
Crane Co.	Morgan Stanley		(4,452	)			(360,881	)			(418,087	)			(60,872	)
CSW Industrials, Inc.	Morgan Stanley		(432	)			(56,161	)			(58,320	)			(2,281	)
Evoqua Water Technologies Corp.	Morgan Stanley		(13,551	)			(371,526	)			(356,391	)			14,300
Federal Signal Corp.	Morgan Stanley		(3,008	)			(102,359	)			(115,206	)			(14,551	)
Fluor Corp.	Morgan Stanley		(30,031	)			(647,424	)			(693,416	)			(47,448	)
FuelCell Energy, Inc.	Morgan Stanley		(122,141	)			(1,765,803	)			(1,760,052	)			1,548
Gates Industrial Corp. PLC (United Kingdom)	Morgan Stanley		(4,758	)			(49,161	)			(76,080	)			(28,122	)
GATX Corp.	Morgan Stanley		(3,095	)			(267,463	)			(287,030	)			(23,520	)
GMS, Inc.	Morgan Stanley		(1,513	)			(52,562	)			(63,168	)			(11,018	)
Helios Technologies, Inc.	Morgan Stanley		(2,389	)			(117,728	)			(174,086	)			(57,688	)
Hexcel Corp.	Morgan Stanley		(15,997	)			(827,025	)			(895,832	)			(76,762	)
Hyster-Yale Materials Handling, Inc.	Morgan Stanley		(3,161	)			(180,525	)			(275,386	)			(102,299	)
IDEX Corp.	Morgan Stanley		(260	)			(54,521	)			(54,423	)			(21	)
Kaman Corp.	Morgan Stanley		(2,209	)			(120,956	)			(113,300	)			6,667
Kennametal, Inc.	Morgan Stanley		(24,354	)			(806,125	)			(973,429	)			(181,273	)
Kratos Defense & Security Solutions, Inc.	Morgan Stanley		(11,304	)			(234,168	)			(308,373	)			(77,694	)
L3Harris Technologies, Inc.	Morgan Stanley		(953	)			(189,290	)			(193,154	)			(4,287	)
Maxar Technologies, Inc.	Morgan Stanley		(5,166	)			(217,294	)			(195,378	)			21,201
Mercury Systems, Inc.	Morgan Stanley		(177	)			(12,281	)			(12,505	)			(248	)
Meritor, Inc.	Morgan Stanley		(14,709	)			(380,590	)			(432,739	)			(54,692	)
Moog, Inc., Class A	Morgan Stanley		(2,437	)			(219,768	)			(202,637	)			14,149
Mueller Water Products, Inc., Class A	Morgan Stanley		(21,280	)			(229,344	)			(295,579	)			(75,060	)
Navistar International Corp.	Morgan Stanley		(6,647	)			(292,951	)			(292,667	)			(385	)
NV5 Global, Inc.	Morgan Stanley		(3,527	)			(242,705	)			(340,602	)			(100,087	)
Parsons Corp.	Morgan Stanley		(6,172	)			(221,439	)			(249,596	)			(29,143	)
PGT Innovations, Inc.	Morgan Stanley		(17,969	)			(291,028	)			(453,717	)			(163,939	)
Proto Labs, Inc.	Morgan Stanley		(3,729	)			(707,192	)			(454,006	)			254,197
Raven Industries, Inc.	Morgan Stanley		(6	)			(227	)			(230	)			—
Raytheon Technologies Corp.	Morgan Stanley		(4,641	)			(325,264	)			(358,610	)			(43,124	)
Resideo Technologies, Inc.	Morgan Stanley		(10,920	)			(134,799	)			(308,490	)			(182,552	)
REV Group, Inc.	Morgan Stanley		(11,790	)			(137,118	)			(225,896	)			(92,093	)
Spirit AeroSystems Holdings, Inc., Class A	Morgan Stanley		(19,127	)			(727,398	)			(930,529	)			(209,498	)
SPX Corp.	Morgan Stanley		(3,031	)			(173,237	)			(176,616	)			(3,871	)
Sunrun, Inc.	Morgan Stanley		(11,866	)			(834,915	)			(717,656	)			110,526
Trex Co., Inc.	Morgan Stanley		(6,997	)			(539,034	)			(640,505	)			(109,893	)
Triumph Group, Inc.	Morgan Stanley		(4,035	)			(58,923	)			(74,163	)			(17,198	)
Tutor Perini Corp.	Morgan Stanley		(35	)			(678	)			(663	)			17
Vicor Corp.	Morgan Stanley		(2,035	)			(99,834	)			(173,036	)			(76,518	)
Virgin Galactic Holdings, Inc.	Morgan Stanley		(13,617	)			(429,592	)			(417,089	)			9,161
Welbilt, Inc.	Morgan Stanley		(54,228	)			(685,573	)			(881,205	)			(197,174	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Capital Goods — (continued)
WESCO International, Inc.	Morgan Stanley		(8,321	)		$	(407,177	)		$	(720,016	)		$	(314,765	)
Westport Fuel Systems, Inc. (Canada)	Morgan Stanley		(23,183	)			(181,218	)			(166,686	)			14,127
WillScot Mobile Mini Holdings Corp.	Morgan Stanley		(2,344	)			(52,728	)			(65,046	)			(13,982	)

			(561,839	)			(17,729,887	)			(19,638,577	)			(1,948,754	)

Commercial & Professional Services
ADT, Inc.	Morgan Stanley		(30,373	)			(241,499	)			(256,348	)			(15,699	)
Brink’s Co. (The)	Morgan Stanley		(2,319	)			(193,637	)			(183,734	)			8,356
Casella Waste Systems, Inc., Class A	Morgan Stanley		(2,200	)			(118,006	)			(139,854	)			(22,466	)
Clarivate PLC (Jersey)	Morgan Stanley		(13,401	)			(334,614	)			(353,652	)			(19,789	)
Covanta Holding Corp.	Morgan Stanley		(16,765	)			(269,828	)			(232,363	)			25,146
Dun & Bradstreet Holdings, Inc.	Morgan Stanley		(7,489	)			(182,087	)			(178,313	)			3,376
Exponent, Inc.	Morgan Stanley		(1,219	)			(116,604	)			(118,792	)			(2,807	)
Forrester Research, Inc.	Morgan Stanley		(2,543	)			(88,851	)			(108,027	)			(19,468	)
Harsco Corp.	Morgan Stanley		(11,373	)			(178,614	)			(195,047	)			(16,832	)
Insperity, Inc.	Morgan Stanley		(10,532	)			(1,012,465	)			(881,950	)			107,598
KAR Auction Services, Inc.	Morgan Stanley		(21,396	)			(333,032	)			(320,940	)			11,345
Kelly Services, Inc., Class A	Morgan Stanley		(91	)			(2,016	)			(2,027	)			(11	)
Korn Ferry	Morgan Stanley		(5,368	)			(228,757	)			(334,802	)			(113,384	)
MSA Safety, Inc.	Morgan Stanley		(808	)			(122,629	)			(121,216	)			165
Pitney Bowes, Inc.	Morgan Stanley		(9,593	)			(89,984	)			(79,046	)			10,416
US Ecology, Inc.	Morgan Stanley		(10,228	)			(623,122	)			(425,894	)			193,997
Viad Corp.	Morgan Stanley		(2,363	)			(93,270	)			(98,655	)			(5,592	)
Waste Management, Inc.	Morgan Stanley		(9,921	)			(1,194,995	)			(1,280,007	)			(90,358	)

			(157,982	)			(5,424,010	)			(5,310,667	)			53,993

Consumer Durables & Apparel
Canada Goose Holdings, Inc. (Canada)	Morgan Stanley		(6,136	)			(265,909	)			(240,838	)			25,321
Columbia Sportswear Co.	Morgan Stanley		(2,833	)			(286,356	)			(299,250	)			(15,733	)
G-III Apparel Group Ltd.	Morgan Stanley		(20,034	)			(523,118	)			(603,825	)			(81,883	)
GoPro, Inc., Class A	Morgan Stanley		(27,649	)			(339,511	)			(321,834	)			16,914
Installed Building Products, Inc.	Morgan Stanley		(739	)			(92,324	)			(81,940	)			10,584
Levi Strauss & Co., Class A	Morgan Stanley		(4,761	)			(94,782	)			(113,836	)			(20,649	)
Lululemon Athletica, Inc.	Morgan Stanley		(670	)			(209,660	)			(205,496	)			4,506
Malibu Boats, Inc., Class A	Morgan Stanley		(4,453	)			(313,748	)			(354,815	)			(44,161	)
Oxford Industries, Inc.	Morgan Stanley		(3,655	)			(217,534	)			(319,520	)			(103,632	)
Purple Innovation, Inc.	Morgan Stanley		(19,647	)			(681,120	)			(621,828	)			57,760
Ralph Lauren Corp.	Morgan Stanley		(8,670	)			(984,661	)			(1,067,797	)			(87,525	)
Skechers U.S.A., Inc., Class A	Morgan Stanley		(17,550	)			(651,719	)			(732,011	)			(87,026	)
Wolverine World Wide, Inc.	Morgan Stanley		(14,019	)			(405,049	)			(537,208	)			(144,547	)

			(130,816	)			(5,065,491	)			(5,500,198	)			(470,071	)

Consumer Services
Aramark	Morgan Stanley		(13,702	)			(576,324	)			(517,662	)			52,600
Bally’s Corp.	Morgan Stanley		(3,258	)			(216,567	)			(211,705	)			4,378
Bright Horizons Family Solutions, Inc.	Morgan Stanley		(7,611	)			(1,279,175	)			(1,304,906	)			(28,613	)
Brinker International, Inc.	Morgan Stanley		(3,638	)			(246,065	)			(258,516	)			(15,941	)
Caesars Entertainment, Inc.	Morgan Stanley		(4,895	)			(334,702	)			(428,068	)			(96,058	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Consumer Services — (continued)
Carnival Corp. (Panama)	Morgan Stanley		(17,779	)		$	(465,113	)		$	(471,855	)		$	(7,787	)
Cheesecake Factory, Inc. (The)	Morgan Stanley		(4,177	)			(145,089	)			(244,396	)			(114,190	)
Churchill Downs, Inc.	Morgan Stanley		(1,734	)			(358,455	)			(394,346	)			(39,166	)
Cracker Barrel Old Country Store, Inc.	Morgan Stanley		(3,607	)			(480,334	)			(623,578	)			(151,363	)
Darden Restaurants, Inc.	Morgan Stanley		(1,446	)			(207,595	)			(205,332	)			1,799
Dave & Buster’s Entertainment, Inc.	Morgan Stanley		(10,648	)			(205,554	)			(510,039	)			(331,366	)
Denny’s Corp.	Morgan Stanley		(32,362	)			(454,057	)			(586,076	)			(136,063	)
frontdoor, Inc.	Morgan Stanley		(3,685	)			(191,971	)			(198,069	)			(6,902	)
Hilton Worldwide Holdings, Inc.	Morgan Stanley		(2,056	)			(244,236	)			(248,612	)			(4,922	)
International Game Technology PLC (United Kingdom)	Morgan Stanley		(15,551	)			(276,107	)			(249,594	)			25,894
Las Vegas Sands Corp.	Morgan Stanley		(8,637	)			(483,550	)			(524,784	)			(42,321	)
Monarch Casino & Resort, Inc.	Morgan Stanley		(3,887	)			(170,952	)			(235,630	)			(65,059	)
Restaurant Brands International, Inc. (Canada)	Morgan Stanley		(5,517	)			(350,420	)			(358,605	)			(12,352	)
Starbucks Corp.	Morgan Stanley		(3,467	)			(375,109	)			(378,839	)			(4,747	)
Stride, Inc.	Morgan Stanley		(15,176	)			(403,989	)			(456,949	)			(55,561	)
Vail Resorts, Inc.	Morgan Stanley		(7	)			(2,189	)			(2,042	)			163
Wynn Resorts Ltd.	Morgan Stanley		(1,899	)			(160,548	)			(238,078	)			(77,888	)

			(164,739	)			(7,628,101	)			(8,647,681	)			(1,105,465	)

Diversified Financials
Cboe Global Markets, Inc.	Morgan Stanley		(1,233	)			(127,215	)			(121,685	)			5,512
CME Group, Inc.	Morgan Stanley		(2,667	)			(555,739	)			(544,681	)			7,211
Franklin Resources, Inc.	Morgan Stanley		(22,264	)			(608,484	)			(659,014	)			(65,723	)
SEI Investments Co.	Morgan Stanley		(424	)			(26,028	)			(25,834	)			139

			(26,588	)			(1,317,466	)			(1,351,214	)			(52,861	)

Energy
Baker Hughes Co.	Morgan Stanley		(2,655	)			(65,402	)			(57,375	)			9,682
Cabot Oil & Gas Corp.	Morgan Stanley		(19,534	)			(398,199	)			(366,849	)			24,571
ChampionX Corp.	Morgan Stanley		(5,601	)			(52,504	)			(121,710	)			(72,770	)
Cheniere Energy, Inc.	Morgan Stanley		(12,898	)			(927,447	)			(928,785	)			(6,294	)
CNX Resources Corp.	Morgan Stanley		(11,016	)			(131,195	)			(161,935	)			(31,628	)
Continental Resources, Inc./Ok	Morgan Stanley		(17,085	)			(422,461	)			(441,989	)			(20,907	)
Delek US Holdings, Inc.	Morgan Stanley		(25,176	)			(496,896	)			(548,333	)			(76,112	)
Denbury, Inc.	Morgan Stanley		(2,176	)			(96,038	)			(104,209	)			(8,383	)
Dril-Quip, Inc.	Morgan Stanley		(6,902	)			(215,803	)			(229,353	)			(14,033	)
Enbridge, Inc. (Canada)	Morgan Stanley		(4,511	)			(165,187	)			(164,200	)			567
Enerplus Corp. (Canada)	Morgan Stanley		(667	)			(3,330	)			(3,342	)			(56	)
EQT Corp.	Morgan Stanley		(22,338	)			(408,965	)			(415,040	)			(6,993	)
Equitrans Midstream Corp.	Morgan Stanley		(11,673	)			(92,704	)			(95,252	)			(2,947	)
Hess Corp.	Morgan Stanley		(964	)			(70,362	)			(68,213	)			803
Imperial Oil Ltd. (Canada)	Morgan Stanley		(2,189	)			(46,615	)			(52,930	)			(6,746	)
Liberty Oilfield Services, Inc., Class A	Morgan Stanley		(16,180	)			(177,597	)			(182,672	)			(5,472	)
Oasis Petroleum, Inc.	Morgan Stanley		(1,530	)			(90,780	)			(90,867	)			(634	)
Pembina Pipeline Corp. (Canada)	Morgan Stanley		(33,685	)			(948,156	)			(971,475	)			(80,498	)
Phillips 66.	Morgan Stanley		(6,889	)			(558,422	)			(561,729	)			(6,608	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Energy — (continued)
Renewable Energy Group, Inc.	Morgan Stanley		(2,002	)		$	(160,009	)		$	(132,212	)		$	29,816
RPC, Inc.	Morgan Stanley		(40,202	)			(187,964	)			(217,091	)			(29,643	)
Schlumberger NV (Curacao)	Morgan Stanley		(3,465	)			(92,288	)			(94,213	)			(3,110	)
SFL Corp. Ltd. (Bermuda)	Morgan Stanley		(26,854	)			(368,168	)			(215,369	)			103,774
Southwestern Energy Co.	Morgan Stanley		(508,986	)			(1,692,765	)			(2,366,785	)			(677,834	)
Talos Energy, Inc.	Morgan Stanley		(16,077	)			(203,175	)			(193,567	)			9,154

			(801,255	)			(8,072,432	)			(8,785,495	)			(872,301	)

Food & Staples Retailing
Chefs’ Warehouse, Inc. (The)	Morgan Stanley		(6,002	)			(168,912	)			(182,821	)			(14,286	)
Grocery Outlet Holding Corp.	Morgan Stanley		(25,121	)			(1,046,011	)			(926,714	)			117,857
Performance Food Group Co.	Morgan Stanley		(1,504	)			(70,487	)			(86,645	)			(18,425	)
PriceSmart, Inc.	Morgan Stanley		(2,219	)			(141,845	)			(214,688	)			(77,683	)
Rite Aid Corp.	Morgan Stanley		(11,489	)			(173,913	)			(235,065	)			(68,348	)
US Foods Holding Corp.	Morgan Stanley		(12,099	)			(471,236	)			(461,214	)			8,963

			(58,434	)			(2,072,404	)			(2,107,147	)			(51,922	)

Food, Beverage & Tobacco
B&G Foods, Inc.	Morgan Stanley		(21,304	)			(679,144	)			(661,702	)			6,517
Beyond Meat, Inc.	Morgan Stanley		(2,266	)			(390,490	)			(294,852	)			106,450
Boston Beer Co., Inc. (The), Class A	Morgan Stanley		(40	)			(46,764	)			(48,251	)			(1,589	)
Calavo Growers, Inc.	Morgan Stanley		(5,520	)			(420,042	)			(428,573	)			(19,896	)
Celsius Holdings, Inc.	Morgan Stanley		(7,261	)			(338,284	)			(348,891	)			(11,366	)
Fresh Del Monte Produce, Inc. (Cayman Islands)	Morgan Stanley		(8,372	)			(223,103	)			(239,690	)			(20,985	)
Freshpet, Inc.	Morgan Stanley		(930	)			(139,666	)			(147,693	)			(9,167	)
Hershey Co. (The)	Morgan Stanley		(1,127	)			(178,022	)			(178,246	)			(979	)
J&J Snack Foods Corp.	Morgan Stanley		(2,484	)			(403,131	)			(390,063	)			5,759
Keurig Dr Pepper, Inc.	Morgan Stanley		(5,063	)			(174,572	)			(174,015	)			(650	)
McCormick & Co., Inc., non-voting shares	Morgan Stanley		(2,157	)			(193,705	)			(192,318	)			954
MGP Ingredients, Inc.	Morgan Stanley		(5,131	)			(262,049	)			(303,499	)			(46,602	)
Pilgrim’s Pride Corp.	Morgan Stanley		(14,027	)			(294,378	)			(333,702	)			(41,337	)
Primo Water Corp. (Canada)	Morgan Stanley		(15,279	)			(226,524	)			(248,437	)			(23,419	)
Sanderson Farms, Inc.	Morgan Stanley		(597	)			(78,514	)			(93,001	)			(17,421	)
Simply Good Foods Co. (The)	Morgan Stanley		(4,210	)			(117,295	)			(128,068	)			(11,889	)
Tootsie Roll Industries, Inc.	Morgan Stanley		(765	)			(25,591	)			(25,344	)			192
Universal Corp.	Morgan Stanley		(2,423	)			(124,248	)			(142,933	)			(26,423	)
Village Farms International, Inc. (Canada)	Morgan Stanley		(20,231	)			(281,495	)			(267,656	)			13,208

			(119,187	)			(4,597,017	)			(4,646,934	)			(98,643	)

Health Care Equipment & Services
American Well Corp., Class A	Morgan Stanley		(47	)			(840	)			(816	)			26
AMN Healthcare Services, Inc.	Morgan Stanley		(896	)			(67,774	)			(66,035	)			1,549
AtriCure, Inc.	Morgan Stanley		(2,094	)			(90,611	)			(137,199	)			(48,674	)
Avanos Medical, Inc.	Morgan Stanley		(8,281	)			(306,589	)			(362,211	)			(57,010	)
Axogen, Inc.	Morgan Stanley		(14,110	)			(216,552	)			(285,869	)			(70,267	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Health Care Equipment & Services — (continued)
Cantel Medical Corp.	Morgan Stanley		(6,905	)		$	(614,890	)		$	(551,295	)		$	62,342
Cardinal Health, Inc.	Morgan Stanley		(14,998	)			(796,971	)			(911,129	)			(124,294	)
Cardiovascular Systems, Inc.	Morgan Stanley		(7,119	)			(335,799	)			(272,942	)			62,103
Castle Biosciences, Inc.	Morgan Stanley		(3,310	)			(208,812	)			(226,603	)			(18,258	)
Cigna Corp.	Morgan Stanley		(5,147	)			(1,229,649	)			(1,244,236	)			(19,079	)
Covetrus, Inc.	Morgan Stanley		(10,151	)			(340,461	)			(304,225	)			35,447
CryoPort, Inc.	Morgan Stanley		(5,297	)			(286,049	)			(275,497	)			9,910
Dexcom, Inc.	Morgan Stanley		(477	)			(194,770	)			(171,429	)			26,312
Encompass Health Corp.	Morgan Stanley		(643	)			(54,436	)			(52,662	)			1,383
Evolent Health, Inc., Class A	Morgan Stanley		(3,285	)			(26,149	)			(66,357	)			(42,332	)
Glaukos Corp.	Morgan Stanley		(1,375	)			(100,677	)			(115,404	)			(17,373	)
GoodRx Holdings, Inc., Class A	Morgan Stanley		(713	)			(27,616	)			(27,821	)			(556	)
Guardant Health, Inc.	Morgan Stanley		(5,977	)			(858,815	)			(912,389	)			(61,000	)
Haemonetics Corp.	Morgan Stanley		(3,679	)			(406,613	)			(408,406	)			(5,039	)
Health Catalyst, Inc.	Morgan Stanley		(473	)			(21,984	)			(22,122	)			(184	)
HealthEquity, Inc.	Morgan Stanley		(5,009	)			(422,421	)			(340,612	)			86,582
Inari Medical, Inc.	Morgan Stanley		(2,010	)			(203,765	)			(215,070	)			(12,979	)
Insulet Corp.	Morgan Stanley		(2,407	)			(626,912	)			(628,034	)			(2,818	)
Integra LifeSciences Holdings Corp.	Morgan Stanley		(5,289	)			(326,208	)			(365,417	)			(41,809	)
Intersect ENT, Inc.	Morgan Stanley		(2,326	)			(53,232	)			(48,567	)			4,481
Lantheus Holdings, Inc.	Morgan Stanley		(7,089	)			(132,745	)			(151,492	)			(19,043	)
LivaNova PLC (United Kingdom)	Morgan Stanley		(4,154	)			(233,413	)			(306,274	)			(78,715	)
Magellan Health, Inc.	Morgan Stanley		(1,064	)			(99,262	)			(99,207	)			(174	)
Masimo Corp.	Morgan Stanley		(1,326	)			(330,585	)			(304,529	)			25,961
Mesa Laboratories, Inc.	Morgan Stanley		(728	)			(183,473	)			(177,268	)			5,126
ModivCare, Inc.	Morgan Stanley		(965	)			(71,186	)			(142,936	)			(72,782	)
Neogen Corp.	Morgan Stanley		(674	)			(57,850	)			(59,912	)			(2,188	)
NuVasive, Inc.	Morgan Stanley		(4,165	)			(256,563	)			(273,057	)			(18,737	)
OraSure Technologies, Inc.	Morgan Stanley		(25,902	)			(329,246	)			(302,276	)			26,160
OrthoPediatrics Corp.	Morgan Stanley		(2,830	)			(135,714	)			(137,963	)			(2,551	)
PetIQ, Inc.	Morgan Stanley		(16,428	)			(511,239	)			(579,251	)			(69,458	)
RadNet, Inc.	Morgan Stanley		(10,821	)			(156,956	)			(235,357	)			(79,019	)
Schrodinger, Inc.	Morgan Stanley		(1,193	)			(82,414	)			(91,014	)			(8,813	)
Silk Road Medical, Inc.	Morgan Stanley		(5,506	)			(322,090	)			(278,879	)			42,662
Simulations Plus, Inc.	Morgan Stanley		(938	)			(78,098	)			(59,319	)			19,030
SmileDirectClub, Inc.	Morgan Stanley		(10,823	)			(133,104	)			(111,585	)			23,084
STAAR Surgical Co.	Morgan Stanley		(547	)			(39,131	)			(57,659	)			(20,302	)
Surgery Partners, Inc.	Morgan Stanley		(5,757	)			(192,511	)			(254,805	)			(67,494	)
Tabula Rasa HealthCare, Inc.	Morgan Stanley		(14,785	)			(779,247	)			(680,849	)			96,322
Tactile Systems Technology, Inc.	Morgan Stanley		(4,085	)			(156,854	)			(222,592	)			(66,345	)
Teleflex, Inc.	Morgan Stanley		(334	)			(135,604	)			(138,764	)			(4,130	)
US Physical Therapy, Inc.	Morgan Stanley		(3,313	)			(435,620	)			(344,883	)			87,579
Varex Imaging Corp.	Morgan Stanley		(4,211	)			(63,720	)			(86,283	)			(22,932	)
Vocera Communications, Inc.	Morgan Stanley		(6,445	)			(155,138	)			(247,875	)			(95,500	)

			(246,101	)			(12,890,358	)			(13,356,376	)			(533,796	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Household & Personal Products
Central Garden & Pet Co., Class A	Morgan Stanley		(4,453	)		$	(128,960	)		$	(231,066	)		$	(103,478	)
Church & Dwight Co., Inc.	Morgan Stanley		(4,428	)			(384,308	)			(386,786	)			(3,343	)
Reynolds Consumer Products, Inc.	Morgan Stanley		(5,642	)			(165,386	)			(168,019	)			(3,266	)

			(14,523	)			(678,654	)			(785,871	)			(110,087	)

Materials
Air Products & Chemicals, Inc.	Morgan Stanley		(2,370	)			(641,366	)			(666,776	)			(34,512	)
Alamos Gold, Inc., Class A (Canada)	Morgan Stanley		(17,828	)			(187,762	)			(139,237	)			47,036
Alcoa Corp.	Morgan Stanley		(14,810	)			(326,813	)			(481,177	)			(189,299	)
Amyris, Inc.	Morgan Stanley		(26,380	)			(339,870	)			(503,858	)			(196,669	)
Ball Corp.	Morgan Stanley		(1,381	)			(124,983	)			(117,026	)			11,697
Element Solutions, Inc.	Morgan Stanley		(11,037	)			(198,861	)			(201,867	)			(5,164	)
Equinox Gold Corp. (Canada)	Morgan Stanley		(57,250	)			(626,544	)			(457,428	)			167,707
Fortuna Silver Mines, Inc. (Canada)	Morgan Stanley		(25,841	)			(120,888	)			(167,191	)			(47,189	)
Glatfelter Corp.	Morgan Stanley		(8,593	)			(122,109	)			(147,370	)			(27,684	)
Graphic Packaging Holding Co.	Morgan Stanley		(15,110	)			(246,266	)			(274,398	)			(30,236	)
Huntsman Corp.	Morgan Stanley		(3,894	)			(109,536	)			(112,264	)			(3,690	)
Kirkland Lake Gold Ltd. (Canada)	Morgan Stanley		(31,327	)			(1,312,480	)			(1,058,853	)			237,249
Kronos Worldwide, Inc.	Morgan Stanley		(283	)			(4,287	)			(4,330	)			(49	)
Livent Corp.	Morgan Stanley		(12,518	)			(119,493	)			(216,812	)			(102,276	)
LyondellBasell Industries NV, Class A (Netherlands)	Morgan Stanley		(6,248	)			(644,053	)			(650,104	)			(24,196	)
MAG Silver Corp. (Canada)	Morgan Stanley		(1,622	)			(24,157	)			(24,346	)			(240	)
Materion Corp.	Morgan Stanley		(211	)			(14,115	)			(13,977	)			111
Methanex Corp. (Canada)	Morgan Stanley		(5,811	)			(171,125	)			(213,845	)			(47,983	)
Novagold Resources, Inc. (Canada)	Morgan Stanley		(29,308	)			(315,577	)			(256,738	)			58,226
Olin Corp.	Morgan Stanley		(3,527	)			(60,499	)			(133,920	)			(77,064	)
Quaker Chemical Corp.	Morgan Stanley		(389	)			(77,707	)			(94,827	)			(19,022	)
Seabridge Gold, Inc. (Canada)	Morgan Stanley		(5,794	)			(109,209	)			(93,689	)			15,278
Steel Dynamics, Inc.	Morgan Stanley		(23,297	)			(847,546	)			(1,182,556	)			(361,564	)
Stepan Co.	Morgan Stanley		(447	)			(55,455	)			(56,818	)			(1,579	)
Teck Resources Ltd., Class B (Canada) .	Morgan Stanley		(20,563	)			(411,652	)			(394,398	)			13,830
Tronox Holdings PLC, Class A (United Kingdom)	Morgan Stanley		(25,085	)			(255,447	)			(459,056	)			(222,573	)
Valvoline, Inc.	Morgan Stanley		(27,218	)			(680,741	)			(709,573	)			(32,152	)
Warrior Met Coal, Inc.	Morgan Stanley		(25,633	)			(428,998	)			(439,093	)			(14,965	)
Yamana Gold, Inc. (Canada)	Morgan Stanley		(226,203	)			(985,208	)			(981,721	)			(4,249	)

			(629,978	)			(9,562,747	)			(10,253,248	)			(891,221	)

Media & Entertainment
Angi, Inc.	Morgan Stanley		(76,453	)			(979,318	)			(993,889	)			(20,611	)
Boston Omaha Corp., Class A	Morgan Stanley		(41	)			(1,334	)			(1,212	)			123
Cardlytics, Inc.	Morgan Stanley		(1,282	)			(155,150	)			(140,635	)			14,169
Cars.Com, Inc.	Morgan Stanley		(5,763	)			(70,211	)			(74,688	)			(5,017	)
Cinemark Holdings, Inc.	Morgan Stanley		(51,486	)			(872,951	)			(1,050,829	)			(179,843	)
Clear Channel Outdoor Holdings, Inc.	Morgan Stanley		(18,619	)			(36,346	)			(33,514	)			2,754
Discovery, Inc., Class A	Morgan Stanley		(2,259	)			(124,320	)			(98,176	)			58,179
EverQuote, Inc., Class A	Morgan Stanley		(7	)			(252	)			(254	)			(29	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Media & Entertainment — (continued)
EW Scripps Co. (The), Class A	Morgan Stanley		(8,807	)		$	(116,296	)		$	(169,711	)		$	(58,064	)
iHeartMedia, Inc., Class A	Morgan Stanley		(8,093	)			(136,081	)			(146,888	)			(11,111	)
Live Nation Entertainment, Inc.	Morgan Stanley		(1,693	)			(126,089	)			(143,312	)			(18,552	)
Loral Space & Communications, Inc.	Morgan Stanley		(1,643	)			(65,170	)			(61,892	)			2,719
Madison Square Garden Entertainment Corp.	Morgan Stanley		(2,327	)			(230,714	)			(190,349	)			39,848
Meredith Corp.	Morgan Stanley		(8,723	)			(318,593	)			(259,771	)			50,763
Nexstar Media Group, Inc., Class A	Morgan Stanley		(719	)			(91,894	)			(100,969	)			(17,000	)
Shaw Communications, Inc., Class B (Canada)	Morgan Stanley		(4,050	)			(108,860	)			(106,191	)			2,428
Sinclair Broadcast Group, Inc., Class A	Morgan Stanley		(19,697	)			(745,747	)			(576,334	)			146,507
TEGNA, Inc.	Morgan Stanley		(23,461	)			(414,390	)			(441,771	)			(39,993	)
TripAdvisor, Inc.	Morgan Stanley		(6,100	)			(155,673	)			(328,119	)			(213,703	)
WideOpenWest, Inc.	Morgan Stanley		(11,534	)			(66,066	)			(156,747	)			(91,970	)
World Wrestling Entertainment, Inc., Class A	Morgan Stanley		(13,497	)			(846,270	)			(732,347	)			102,076
ZoomInfo Technologies, Inc., Class A	Morgan Stanley		(6,122	)			(328,791	)			(299,366	)			28,910
Zynga, Inc., Class A	Morgan Stanley		(76,247	)			(801,725	)			(778,482	)			13,083

			(348,623	)			(6,792,241	)			(6,885,446	)			(194,334	)

Pharmaceuticals, Biotechnology & Life Sciences
10X Genomics, Inc., Class A	Morgan Stanley		(703	)			(106,851	)			(127,243	)			(24,421	)
ACADIA Pharmaceuticals, Inc.	Morgan Stanley		(1,770	)			(46,421	)			(45,666	)			654
Adaptive Biotechnologies Corp.	Morgan Stanley		(11,936	)			(545,705	)			(480,543	)			63,935
Alector, Inc.	Morgan Stanley		(7,065	)			(179,247	)			(142,289	)			36,557
Alkermes PLC	Morgan Stanley		(582	)			(12,077	)			(10,872	)			1,915
Amneal Pharmaceuticals, Inc.	Morgan Stanley		(7,253	)			(36,211	)			(48,813	)			(13,513	)
Arcturus Therapeutics Holdings, Inc.	Morgan Stanley		(6,134	)			(519,405	)			(253,334	)			264,903
Arvinas, Inc.	Morgan Stanley		(9,324	)			(390,910	)			(616,316	)			(226,284	)
Aurinia Pharmaceuticals, Inc. (Canada) .	Morgan Stanley		(4,684	)			(76,997	)			(60,822	)			16,005
Axsome Therapeutics, Inc.	Morgan Stanley		(4,322	)			(326,187	)			(244,712	)			80,886
Berkeley Lights, Inc.	Morgan Stanley		(5,831	)			(293,365	)			(292,891	)			(184	)
BioMarin Pharmaceutical, Inc.	Morgan Stanley		(34	)			(2,586	)			(2,567	)			16
Bruker Corp.	Morgan Stanley		(2,715	)			(151,584	)			(174,520	)			(24,542	)
Catalent, Inc.	Morgan Stanley		(4,614	)			(533,088	)			(485,900	)			45,647
Charles River Laboratories International, Inc.	Morgan Stanley		(61	)			(17,756	)			(17,680	)			41
Codexis, Inc.	Morgan Stanley		(16,005	)			(226,498	)			(366,354	)			(141,628	)
Constellation Pharmaceuticals, Inc.	Morgan Stanley		(80	)			(1,976	)			(1,871	)			125
DermTech, Inc.	Morgan Stanley		(101	)			(4,928	)			(5,130	)			(1,064	)
Editas Medicine, Inc.	Morgan Stanley		(5,315	)			(228,294	)			(223,230	)			4,553
Elanco Animal Health, Inc.	Morgan Stanley		(32,206	)			(985,157	)			(948,467	)			35,624
Endo International PLC (Ireland)	Morgan Stanley		(7,659	)			(55,467	)			(56,753	)			(2,145	)
Epizyme, Inc.	Morgan Stanley		(3,485	)			(76,489	)			(30,354	)			53,319
Exelixis, Inc.	Morgan Stanley		(21,637	)			(480,104	)			(488,780	)			(10,318	)
Heron Therapeutics, Inc.	Morgan Stanley		(192	)			(2,897	)			(3,112	)			(353	)
Intra-Cellular Therapies, Inc.	Morgan Stanley		(1,640	)			(52,931	)			(55,645	)			(2,830	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Invitae Corp.	Morgan Stanley		(11,905	)		$	(492,535	)		$	(454,890	)		$	28,183
Ionis Pharmaceuticals, Inc.	Morgan Stanley		(5,057	)			(261,306	)			(227,363	)			33,338
Iovance Biotherapeutics, Inc.	Morgan Stanley		(4,480	)			(147,981	)			(141,837	)			5,713
Kura Oncology, Inc.	Morgan Stanley		(814	)			(21,371	)			(23,012	)			(1,685	)
Medpace Holdings, Inc.	Morgan Stanley		(696	)			(112,792	)			(114,179	)			(2,026	)
Myovant Sciences Ltd. (Bermuda)	Morgan Stanley		(3,633	)			(81,218	)			(74,767	)			6,265
NanoString Technologies, Inc.	Morgan Stanley		(1,335	)			(49,989	)			(87,723	)			(40,514	)
NeoGenomics, Inc.	Morgan Stanley		(1,316	)			(41,519	)			(63,471	)			(24,054	)
Perrigo Co. PLC (Ireland)	Morgan Stanley		(5,327	)			(321,453	)			(215,584	)			104,704
Personalis, Inc.	Morgan Stanley		(11,887	)			(306,545	)			(292,539	)			13,318
Phathom Pharmaceuticals, Inc.	Morgan Stanley		(301	)			(12,617	)			(11,306	)			1,287
PRA Health Sciences, Inc.	Morgan Stanley		(1,136	)			(132,035	)			(174,183	)			(43,670	)
Reata Pharmaceuticals, Inc., Class A	Morgan Stanley		(3,823	)			(567,841	)			(381,153	)			185,714
Repligen Corp.	Morgan Stanley		(1,551	)			(301,070	)			(301,530	)			(1,973	)
Revance Therapeutics, Inc.	Morgan Stanley		(2,838	)			(74,824	)			(79,322	)			(4,688	)
REVOLUTION Medicines, Inc.	Morgan Stanley		(13	)			(551	)			(596	)			(231	)
Sangamo Therapeutics, Inc.	Morgan Stanley		(4,855	)			(56,419	)			(60,833	)			(4,680	)
Sorrento Therapeutics, Inc.	Morgan Stanley		(32,571	)			(314,369	)			(269,362	)			44,080
Syneos Health, Inc.	Morgan Stanley		(3,516	)			(268,331	)			(266,689	)			1,041
Theravance Biopharma, Inc. (Cayman Islands)	Morgan Stanley		(14,812	)			(300,729	)			(302,313	)			(2,259	)
Twist Bioscience Corp.	Morgan Stanley		(486	)			(54,793	)			(60,196	)			(5,668	)
Viatris, Inc.	Morgan Stanley		(74,470	)			(1,075,565	)			(1,040,346	)			32,796

			(342,170	)			(10,348,984	)			(9,827,058	)			481,889

Retailing
1-800-Flowers.com, Inc., Class A	Morgan Stanley		(3,840	)			(122,174	)			(106,022	)			16,818
Big Lots, Inc.	Morgan Stanley		(5,881	)			(384,184	)			(401,672	)			(20,881	)
Boot Barn Holdings, Inc.	Morgan Stanley		(5,224	)			(248,782	)			(325,507	)			(80,643	)
Burlington Stores, Inc.	Morgan Stanley		(854	)			(209,011	)			(255,175	)			(47,269	)
CarMax, Inc.	Morgan Stanley		(2,552	)			(321,248	)			(338,548	)			(19,254	)
Children’s Place, Inc. (The)	Morgan Stanley		(11,114	)			(606,493	)			(774,646	)			(169,517	)
Core-Mark Holding Co., Inc.	Morgan Stanley		(3,805	)			(116,690	)			(147,215	)			(32,730	)
Designer Brands, Inc., Class A	Morgan Stanley		(34,206	)			(441,187	)			(595,184	)			(154,989	)
Floor & Decor Holdings, Inc., Class A	Morgan Stanley		(2,917	)			(215,392	)			(278,515	)			(71,392	)
GrowGeneration Corp.	Morgan Stanley		(3,296	)			(145,903	)			(163,778	)			(18,201	)
Grubhub, Inc.	Morgan Stanley		(7,540	)			(541,777	)			(452,400	)			88,668
Leslie’s, Inc.	Morgan Stanley		(7,742	)			(202,293	)			(189,602	)			12,239
Lithia Motors, Inc., Class A	Morgan Stanley		(2,777	)			(928,336	)			(1,083,280	)			(178,952	)
Marinemax, Inc.	Morgan Stanley		(1,051	)			(64,252	)			(51,877	)			12,262
Monro, Inc.	Morgan Stanley		(13,513	)			(946,539	)			(889,155	)			37,903
Nordstrom, Inc.	Morgan Stanley		(15,915	)			(358,698	)			(602,701	)			(246,675	)
Penske Automotive Group, Inc.	Morgan Stanley		(2,752	)			(156,517	)			(220,820	)			(70,063	)
Pool Corp.	Morgan Stanley		(1,074	)			(358,542	)			(370,788	)			(13,524	)
RealReal, Inc. (The)	Morgan Stanley		(43,664	)			(909,984	)			(988,116	)			(80,181	)
Ross Stores, Inc.	Morgan Stanley		(16,184	)			(1,924,405	)			(1,940,623	)			(22,665	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Retailing — (continued)
Sally Beauty Holdings, Inc.	Morgan Stanley		(78,489	)		$	(1,259,118	)		$	(1,579,984	)		$	(328,790	)
Stitch Fix, Inc., Class A	Morgan Stanley		(27,270	)			(1,397,170	)			(1,350,956	)			43,067
TJX Cos., Inc. (The)	Morgan Stanley		(5,757	)			(392,683	)			(380,826	)			11,769
Ulta Beauty, Inc.	Morgan Stanley		(617	)			(176,519	)			(190,758	)			(17,785	)
Vroom, Inc.	Morgan Stanley		(23,146	)			(803,444	)			(902,462	)			(100,827	)

			(321,180	)			(13,231,341	)			(14,580,610	)			(1,451,612	)

Semiconductors & Semiconductor Equipment
ACM Research, Inc., Class A	Morgan Stanley		(5,438	)			(490,918	)			(439,336	)			50,478
Cree, Inc.	Morgan Stanley		(3,358	)			(317,851	)			(363,101	)			(58,447	)
Diodes, Inc.	Morgan Stanley		(5,655	)			(436,424	)			(451,495	)			(16,921	)
First Solar, Inc.	Morgan Stanley		(15,831	)			(1,287,480	)			(1,382,046	)			(97,467	)
MaxLinear, Inc.	Morgan Stanley		(9,018	)			(216,390	)			(307,333	)			(95,711	)
Power Integrations, Inc.	Morgan Stanley		(3,670	)			(306,784	)			(299,032	)			5,692
Semtech Corp.	Morgan Stanley		(1,984	)			(135,710	)			(136,896	)			(1,488	)
Silicon Laboratories, Inc.	Morgan Stanley		(3,183	)			(473,289	)			(449,026	)			20,206
Universal Display Corp.	Morgan Stanley		(275	)			(58,141	)			(65,112	)			(7,648	)

			(48,412	)			(3,722,987	)			(3,893,377	)			(201,306	)

Software & Services
8x8, Inc.	Morgan Stanley		(15,641	)			(380,546	)			(507,394	)			(132,372	)
Akamai Technologies, Inc.	Morgan Stanley		(446	)			(45,266	)			(45,447	)			(280	)
Alteryx, Inc., Class A	Morgan Stanley		(21,548	)			(2,266,377	)			(1,787,622	)			473,646
Anaplan, Inc.	Morgan Stanley		(14,892	)			(851,822	)			(801,934	)			47,970
Avaya Holdings Corp.	Morgan Stanley		(1,983	)			(47,221	)			(55,583	)			(10,266	)
BlackBerry Ltd. (Canada)	Morgan Stanley		(11,271	)			(95,414	)			(95,015	)			188
Ceridian HCM Holding, Inc.	Morgan Stanley		(8,834	)			(820,018	)			(744,441	)			75,608
Citrix Systems, Inc.	Morgan Stanley		(552	)			(78,681	)			(77,479	)			818
Conduent, Inc.	Morgan Stanley		(92,482	)			(635,796	)			(615,930	)			18,436
Coupa Software, Inc.	Morgan Stanley		(5,803	)			(1,454,955	)			(1,476,747	)			(25,071	)
DXC Technology Co.	Morgan Stanley		(8,239	)			(252,175	)			(257,551	)			(10,000	)
Elastic NV (Netherlands)	Morgan Stanley		(3,557	)			(409,848	)			(395,538	)			12,632
Euronet Worldwide, Inc.	Morgan Stanley		(3,522	)			(475,822	)			(487,093	)			(15,475	)
Everbridge, Inc.	Morgan Stanley		(585	)			(83,373	)			(70,890	)			12,872
Evo Payments, Inc., Class A	Morgan Stanley		(2,222	)			(61,384	)			(61,149	)			93
Fastly, Inc., Class A	Morgan Stanley		(9,607	)			(737,619	)			(646,359	)			88,426
fuboTV, Inc.	Morgan Stanley		(25,603	)			(681,539	)			(566,338	)			113,667
Guidewire Software, Inc.	Morgan Stanley		(5,923	)			(626,833	)			(601,954	)			23,468
LiveRamp Holdings, Inc.	Morgan Stanley		(1,768	)			(91,480	)			(91,724	)			(447	)
Medallia, Inc.	Morgan Stanley		(21,337	)			(630,256	)			(595,089	)			33,749
MongoDB, Inc.	Morgan Stanley		(1,005	)			(292,334	)			(268,767	)			22,912
New Relic, Inc.	Morgan Stanley		(20,079	)			(1,165,679	)			(1,234,457	)			(72,056	)
Nuance Communications, Inc.	Morgan Stanley		(6,964	)			(341,259	)			(303,909	)			38,267
PagerDuty, Inc.	Morgan Stanley		(6,693	)			(261,665	)			(269,259	)			(8,181	)
Palo Alto Networks, Inc.	Morgan Stanley		(204	)			(76,034	)			(65,700	)			19,383
Paycom Software, Inc.	Morgan Stanley		(1,151	)			(468,589	)			(425,939	)			41,047
Pegasystems, Inc.	Morgan Stanley		(3,782	)			(505,412	)			(432,434	)			72,638
Perspecta, Inc.	Morgan Stanley		(3,522	)			(102,592	)			(102,314	)			(231	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Software & Services — (continued)
Ping Identity Holding Corp.	Morgan Stanley		(39,001	)		$	(1,174,937	)		$	(855,292	)		$	316,999
Pluralsight, Inc., Class A	Morgan Stanley		(14,178	)			(285,991	)			(316,737	)			(34,920	)
Proofpoint, Inc.	Morgan Stanley		(2,590	)			(323,724	)			(325,796	)			(3,943	)
PROS Holdings, Inc.	Morgan Stanley		(10,257	)			(418,668	)			(435,923	)			(18,902	)
Q2 Holdings, Inc.	Morgan Stanley		(4,804	)			(558,630	)			(481,361	)			76,013
Qualys, Inc.	Morgan Stanley		(1,057	)			(143,311	)			(110,752	)			32,332
Rackspace Technology, Inc.	Morgan Stanley		(16,175	)			(354,536	)			(384,642	)			(30,901	)
Rapid7, Inc.	Morgan Stanley		(832	)			(70,215	)			(62,076	)			7,996
RingCentral, Inc., Class A	Morgan Stanley		(1,068	)			(318,357	)			(318,136	)			(1,051	)
Sabre Corp.	Morgan Stanley		(19,142	)			(195,645	)			(283,493	)			(98,242	)
SolarWinds Corp.	Morgan Stanley		(12,134	)			(203,407	)			(211,617	)			(8,665	)
Splunk, Inc.	Morgan Stanley		(13,230	)			(2,120,985	)			(1,792,400	)			323,678
Sumo Logic, Inc.	Morgan Stanley		(4,251	)			(79,875	)			(80,174	)			(475	)
Switch, Inc., Class A	Morgan Stanley		(29,546	)			(482,257	)			(480,418	)			(6,280	)
Telos Corp.	Morgan Stanley		(1,547	)			(56,215	)			(58,662	)			(2,570	)
Tucows, Inc., Class A	Morgan Stanley		(1,918	)			(104,013	)			(148,645	)			(44,863	)
Unity Software, Inc.	Morgan Stanley		(3,219	)			(301,936	)			(322,898	)			(26,702	)
Upland Software, Inc.	Morgan Stanley		(4,150	)			(168,136	)			(195,839	)			(29,664	)
Verra Mobility Corp.	Morgan Stanley		(22,030	)			(273,029	)			(298,176	)			(25,759	)
Yext, Inc.	Morgan Stanley		(51,693	)			(811,079	)			(748,515	)			60,738
Zuora, Inc., Class A	Morgan Stanley		(27,478	)			(427,353	)			(406,674	)			19,624

			(579,515	)			(22,812,288	)			(21,402,282	)			1,325,884

Technology Hardware & Equipment
ADTRAN, Inc.	Morgan Stanley		(9,620	)			(108,430	)			(160,462	)			(57,587	)
Arista Networks, Inc.	Morgan Stanley		(2,595	)			(777,256	)			(783,405	)			(7,898	)
Avnet, Inc.	Morgan Stanley		(3,117	)			(119,531	)			(129,387	)			(10,626	)
Celestica, Inc. (Canada)	Morgan Stanley		(13,468	)			(99,989	)			(112,727	)			(13,080	)
Ciena Corp.	Morgan Stanley		(15,562	)			(841,240	)			(851,553	)			(12,207	)
Coherent, Inc.	Morgan Stanley		(1,061	)			(218,583	)			(268,316	)			(57,334	)
CommScope Holding Co., Inc.	Morgan Stanley		(44,317	)			(664,506	)			(680,709	)			(17,698	)
Extreme Networks, Inc.	Morgan Stanley		(13,877	)			(92,925	)			(121,424	)			(30,006	)
Fabrinet (Cayman Islands)	Morgan Stanley		(3,711	)			(265,727	)			(335,437	)			(70,928	)
FLIR Systems, Inc.	Morgan Stanley		(1,178	)			(64,063	)			(66,522	)			(3,027	)
Infinera Corp.	Morgan Stanley		(31,536	)			(175,123	)			(303,692	)			(131,582	)
Inseego Corp.	Morgan Stanley		(13,111	)			(130,413	)			(131,110	)			(987	)
Insight Enterprises, Inc.	Morgan Stanley		(6,474	)			(451,966	)			(617,749	)			(170,150	)
Itron, Inc.	Morgan Stanley		(2,161	)			(180,880	)			(191,573	)			(15,936	)
Knowles Corp.	Morgan Stanley		(4,141	)			(76,951	)			(86,630	)			(10,714	)
Littelfuse, Inc.	Morgan Stanley		(498	)			(95,115	)			(131,691	)			(41,672	)
Motorola Solutions, Inc.	Morgan Stanley		(1,412	)			(258,336	)			(265,527	)			(9,534	)
National Instruments Corp.	Morgan Stanley		(5,765	)			(242,778	)			(248,962	)			(9,519	)
nLight, Inc.	Morgan Stanley		(10,119	)			(162,511	)			(327,856	)			(166,600	)
Novanta, Inc. (Canada)	Morgan Stanley		(400	)			(51,682	)			(52,756	)			(1,219	)
PAR Technology Corp.	Morgan Stanley		(364	)			(24,025	)			(23,809	)			166
PC Connection, Inc.	Morgan Stanley		(226	)			(10,450	)			(10,484	)			(54	)
Plexus Corp.	Morgan Stanley		(1,825	)			(155,725	)			(167,608	)			(12,230	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Technology Hardware & Equipment — (continued)
Pure Storage, Inc., Class A	Morgan Stanley		(58,451	)		$	(1,304,572	)		$	(1,259,035	)		$	42,431
Stratasys Ltd. (Israel)	Morgan Stanley		(6,164	)			(153,484	)			(159,648	)			(7,050	)
Super Micro Computer, Inc.	Morgan Stanley		(1,689	)			(45,800	)			(65,972	)			(20,321	)
ViaSat, Inc.	Morgan Stanley		(7,810	)			(335,766	)			(375,427	)			(44,486	)

			(260,652	)			(7,107,827	)			(7,929,471	)			(879,848	)

Telecommunication Services
BCE, Inc. (Canada)	Morgan Stanley		(5,951	)			(261,708	)			(268,628	)			(11,339	)
Cogent Communications Holdings, Inc.	Morgan Stanley		(6,917	)			(441,463	)			(475,613	)			(41,687	)
Shenandoah Telecommunications Co.	Morgan Stanley		(1,902	)			(92,466	)			(92,837	)			(1,090	)
United States Cellular Corp.	Morgan Stanley		(2,123	)			(67,855	)			(77,447	)			(9,819	)

			(16,893	)			(863,492	)			(914,525	)			(63,935	)

Transportation
Air Transport Services Group, Inc.	Morgan Stanley		(12,544	)			(257,784	)			(367,037	)			(110,605	)
Hawaiian Holdings, Inc.	Morgan Stanley		(2,728	)			(73,874	)			(72,756	)			288
Hub Group, Inc., Class A	Morgan Stanley		(809	)			(53,511	)			(54,430	)			(1,035	)
JB Hunt Transport Services, Inc.	Morgan Stanley		(2,414	)			(389,312	)			(405,721	)			(17,283	)
Kirby Corp.	Morgan Stanley		(6,130	)			(325,154	)			(369,516	)			(46,098	)
Knight-Swift Transportation Holdings, Inc.	Morgan Stanley		(4,803	)			(214,499	)			(230,976	)			(17,234	)
Landstar System, Inc.	Morgan Stanley		(599	)			(98,887	)			(98,871	)			(203	)
Matson, Inc.	Morgan Stanley		(2,150	)			(82,911	)			(143,405	)			(67,747	)
Ryder System, Inc.	Morgan Stanley		(1,686	)			(91,422	)			(127,546	)			(48,563	)
SEACOR Holdings, Inc.	Morgan Stanley		(2,738	)			(114,043	)			(111,574	)			2,216
Spirit Airlines, Inc.	Morgan Stanley		(897	)			(33,395	)			(33,099	)			110
United Airlines Holdings, Inc.	Morgan Stanley		(7,111	)			(392,820	)			(409,167	)			(23,543	)

			(44,609	)			(2,127,612	)			(2,424,098	)			(329,697	)

Utilities
Algonquin Power & Utilities Corp. (Canada)	Morgan Stanley		(762	)			(11,936	)			(12,070	)			(509	)
ALLETE, Inc.	Morgan Stanley		(7,355	)			(519,298	)			(494,182	)			3,814
Ameren Corp.	Morgan Stanley		(7,587	)			(608,059	)			(617,278	)			(19,528	)
Atmos Energy Corp.	Morgan Stanley		(1,813	)			(164,096	)			(179,215	)			(16,675	)
Avangrid, Inc.	Morgan Stanley		(10,905	)			(527,350	)			(543,178	)			(32,420	)
Avista Corp.	Morgan Stanley		(4,471	)			(173,972	)			(213,490	)			(42,949	)
Black Hills Corp.	Morgan Stanley		(6,948	)			(543,455	)			(463,918	)			58,607
California Water Service Group	Morgan Stanley		(1,412	)			(67,169	)			(79,552	)			(13,387	)
CenterPoint Energy, Inc.	Morgan Stanley		(10,458	)			(211,796	)			(236,874	)			(26,125	)
Clearway Energy, Inc., Class A	Morgan Stanley		(2,133	)			(55,564	)			(56,546	)			(1,103	)
CMS Energy Corp.	Morgan Stanley		(2,214	)			(139,578	)			(135,541	)			1,950
Consolidated Edison, Inc.	Morgan Stanley		(14,944	)			(1,025,097	)			(1,117,811	)			(97,041	)
DTE Energy Co.	Morgan Stanley		(675	)			(87,618	)			(89,870	)			(6,958	)
Edison International	Morgan Stanley		(6,187	)			(454,827	)			(362,558	)			68,291
Entergy Corp.	Morgan Stanley		(5,018	)			(525,220	)			(499,140	)			17,122
Essential Utilities, Inc.	Morgan Stanley		(10,557	)			(468,391	)			(472,426	)			(11,294	)
Evergy, Inc.	Morgan Stanley		(6,631	)			(390,685	)			(394,743	)			(5,682	)

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

GOTHAM ENHANCED RETURN FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Total Return Swaps (concluded)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	Long/(Short)			Amount				Value				(Depreciation)*
Utilities — (continued)
Eversource Energy	Morgan Stanley		(8,337	)		$	(683,759	)		$	(721,901	)		$	(41,360	)
FirstEnergy Corp.	Morgan Stanley		(8,542	)			(287,812	)			(296,322	)			(8,183	)
New Jersey Resources Corp.	Morgan Stanley		(7,759	)			(265,734	)			(309,351	)			(54,622	)
Northwest Natural Holding Co.	Morgan Stanley		(3,164	)			(151,373	)			(170,698	)			(20,172	)
NorthWestern Corp.	Morgan Stanley		(4,462	)			(291,038	)			(290,922	)			(5,192	)
OGE Energy Corp.	Morgan Stanley		(1,507	)			(45,214	)			(48,767	)			(3,671	)
Ormat Technologies, Inc.	Morgan Stanley		(3,810	)			(307,455	)			(299,199	)			7,109
Otter Tail Corp.	Morgan Stanley		(887	)			(38,709	)			(40,953	)			(2,327	)
PNM Resources, Inc.	Morgan Stanley		(18	)			(882	)			(883	)			1
Portland General Electric Co.	Morgan Stanley		(6,096	)			(275,608	)			(289,377	)			(18,644	)
PPL Corp.	Morgan Stanley		(11,202	)			(311,406	)			(323,066	)			(17,787	)
Public Service Enterprise Group, Inc.	Morgan Stanley		(2,083	)			(115,844	)			(125,417	)			(10,573	)
Sempra Energy	Morgan Stanley		(6,969	)			(904,581	)			(923,950	)			(43,670	)
SJW Group.	Morgan Stanley		(1,449	)			(88,301	)			(91,273	)			(5,052	)
South Jersey Industries, Inc.	Morgan Stanley		(844	)			(24,672	)			(19,058	)			5,464
Southwest Gas Holdings, Inc.	Morgan Stanley		(4,681	)			(423,513	)			(321,632	)			85,242
WEC Energy Group, Inc.	Morgan Stanley		(6,380	)			(536,745	)			(597,104	)			(65,412	)

			(178,260	)			(10,726,757	)			(10,838,265	)			(322,736	)

Total Reference Entity — Short							(156,516,937	)			(163,053,968	)			(7,974,801	)

Net Value of Reference Entity						$	(30,340,190	)		$	8,368,114			$	39,182,050

*	Includes $473,747 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM NEUTRAL FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.5%
Automobiles & Components — 2.0%
Adient PLC (Ireland)*		2,242	$	99,096
American Axle & Manufacturing Holdings, Inc.*		2,561		24,739
Aptiv PLC (Jersey)*		431		59,435
Cooper Tire & Rubber Co.		313		17,522
Ford Motor Co.^(a)*		10,461		128,147
General Motors Co.^(a)		1,147		65,907
Gentex Corp.		1,277		45,551
Gentherm, Inc.^(a)*		773		57,287
Magna International, Inc. (Canada)		2,319		204,165
Standard Motor Products, Inc.		4		166
Tenneco, Inc., Class A^(a)*		3,652		39,150
Visteon Corp.^(a)*		444		54,146
Winnebago Industries, Inc.		254		19,484

				814,795

Capital Goods — 14.2%
3M Co.^(a)		556		107,130
A.O. Smith Corp.		142		9,601
Acuity Brands, Inc.		186		30,690
Advanced Drainage Systems, Inc.		314		32,464
AECOM^(a)*		1,885		120,847
AeroVironment, Inc.*		172		19,962
Alamo Group, Inc.		11		1,718
Altra Industrial Motion Corp.^(a)		1,314		72,690
AMETEK, Inc.^(a)		592		75,616
Apogee Enterprises, Inc.		68		2,780
Atkore, Inc.^(a)*		1,532		110,151
Ballard Power Systems, Inc. (Canada)*		4,351		105,903
Boise Cascade Co.		177		10,590
Colfax Corp.^(a)*		11,745		514,548
Columbus McKinnon Corp.^(a)		719		37,934
Crane Co.		89		8,358
Cubic Corp.		209		15,585
Cummins, Inc.^(a)		266		68,923
Deere & Co.		90		33,673
Donaldson Co., Inc.		108		6,281
Dover Corp.^(a)		425		58,280
Eaton Corp. PLC (Ireland)		70		9,680
EMCOR Group, Inc.		239		26,806
Emerson Electric Co.^(a)		800		72,176
Enerpac Tool Group Corp.		19		496
Fastenal Co.		140		7,039
Flowserve Corp.^(a)		2,472		95,938


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Fortive Corp.^(a)		1,451	$	102,499
Fortune Brands Home & Security, Inc.^(a)		2,344		224,602
Franklin Electric Co., Inc.		367		28,971
Generac Holdings, Inc.*		48		15,718
General Dynamics Corp.^(a)		252		45,753
Gibraltar Industries, Inc.^(a)*		1,292		118,231
GMS, Inc.^(a)*		1,658		69,222
Granite Construction, Inc.		174		7,004
HEICO Corp.		84		10,567
Honeywell International, Inc.^(a)		361		78,362
Howmet Aerospace, Inc.^(a)*		21,220		681,799
Huntington Ingalls Industries, Inc.		141		29,025
Ingersoll Rand, Inc.*		170		8,366
ITT, Inc.		295		26,818
John Bean Technologies Corp.		3		400
Johnson Controls International PLC (Ireland)		470		28,045
Lockheed Martin Corp.^(a)		245		90,528
Masco Corp.^(a)		1,136		68,046
Masonite International Corp.
(Canada)*		84		9,680
MasTec, Inc.*		600		56,220
Middleby Corp. (The)^(a)*		488		80,886
MSC Industrial Direct Co., Inc., Class A		133		11,995
Mueller Industries, Inc.		841		34,775
Nordson Corp.		120		23,842
Northrop Grumman Corp.		137		44,339
NOW, Inc.*		22		222
nVent Electric PLC (Ireland)		1,101		30,729
Owens Corning^(a)		2,895		266,601
Parker-Hannifin Corp.		105		33,120
Pentair PLC (Ireland)		1,703		106,131
Primoris Services Corp.		106		3,512
Quanta Services, Inc.^(a)		2,727		239,922
Regal Beloit Corp.^(a)		403		57,500
Rexnord Corp.^(a)		1,209		56,932
Sensata Technologies Holding PLC (United Kingdom)*		79		4,578
Simpson Manufacturing Co., Inc.^(a)		1,808		187,544
SiteOne Landscape Supply, Inc.^(a)*		713		121,738
Snap-on, Inc.^(a)		594		137,060
SPX FLOW, Inc.^(a)		899		56,934

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Stanley Black & Decker, Inc.		138	$	27,554
Toro Co. (The)		270		27,848
TPI Composites, Inc.^(a)*		916		51,690
Trane Technologies PLC (Ireland)		1,045		173,010
TransDigm Group, Inc.^(a)*		71		41,742
UFP Industries, Inc.^(a)		1,521		115,353
United Rentals, Inc.^(a)*		184		60,593
Valmont Industries, Inc.^(a)		513		121,925
Wabash National Corp.^(a)		4,241		79,731
Watsco, Inc.^(a)		160		41,720
Watts Water Technologies, Inc., Class A^(a)		500		59,405
Westinghouse Air Brake Technologies Corp.		345		27,310

				5,681,956

Commercial & Professional Services — 2.8%
ABM Industries, Inc.^(a)		1,817		92,685
ASGN, Inc.*		9		859
Booz Allen Hamilton Holding Corp.		87		7,006
Brady Corp., Class A		3		160
Brink’s Co. (The)		154		12,201
CACI International, Inc., Class A*		48		11,840
CBIZ, Inc.*		60		1,960
Cimpress PLC (Ireland)*		1,161		116,251
Cintas Corp.		36		12,287
Clean Harbors, Inc.*		418		35,137
Copart, Inc.*		237		25,741
CoreLogic, Inc.		664		52,622
Covanta Holding Corp.^(a)		11,102		153,874
Deluxe Corp.		10		420
FTI Consulting, Inc.*		60		8,407
Healthcare Services Group, Inc.		291		8,157
ICF International, Inc.		22		1,923
Jacobs Engineering Group, Inc.		216		27,922
ManpowerGroup, Inc.^(a)		1,274		125,999
Nielsen Holdings PLC (United Kingdom)		1,789		44,993
Republic Services, Inc.^(a)		552		54,841
Ritchie Bros Auctioneers, Inc. (Canada)		115		6,733
Robert Half International, Inc.		204		15,926
Rollins, Inc.^(a)		1,136		39,101
Science Applications International Corp.		408		34,105


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Steelcase, Inc., Class A		33	$	475
Tetra Tech, Inc.		189		25,651
Thomson Reuters Corp. (Canada)		813		71,194
TriNet Group, Inc.^(a)*		978		76,245
UniFirst Corp.^(a)		195		43,623
Waste Connections, Inc. (Canada)		64		6,911

				1,115,249

Consumer Durables & Apparel — 4.7%
Brunswick Corp.^(a)		1,321		125,984
Capri Holdings Ltd. (British Virgin Islands)*		4,320		220,320
Deckers Outdoor Corp.*		77		25,442
DR Horton, Inc.^(a)		667		59,443
Garmin Ltd. (Switzerland)		204		26,897
G-III Apparel Group Ltd.*		294		8,861
Gildan Activewear, Inc. (Canada)		42		1,288
Hanesbrands, Inc.^(a)		2,083		40,973
Hasbro, Inc.		98		9,420
Helen of Troy Ltd. (Bermuda)*		31		6,530
Kontoor Brands, Inc.^(a)		2,885		140,009
La-Z-Boy, Inc.^(a)		902		38,317
Leggett & Platt, Inc.		290		13,238
Lovesac Co. (The)*		97		5,490
Mattel, Inc.^(a)*		5,665		112,847
Mohawk Industries, Inc.^(a)*		1,584		304,619
Newell Brands, Inc.		198		5,302
NIKE, Inc., Class B		154		20,465
PulteGroup, Inc.^(a)		1,105		57,946
PVH Corp.		153		16,172
Skyline Champion Corp.*		11		498
Smith & Wesson Brands, Inc.^(a)		4,487		78,298
Sonos, Inc.^(a)*		2,801		104,953
Steven Madden Ltd.		326		12,147
Sturm Ruger & Co., Inc.^(a)		1,881		124,278
Tapestry, Inc.		406		16,731
Tempur Sealy International, Inc.^(a)		5,717		209,014
TopBuild Corp.*		150		31,414
Tupperware Brands Corp.*		1,027		27,123
Whirlpool Corp.		50		11,018
YETI Holdings, Inc.*		260		18,775

				1,873,812

Consumer Services — 4.6%
Adtalem Global Education, Inc.^(a)*		1,392		55,040
Airbnb, Inc., Class A*		315		59,201

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Bloomin’ Brands, Inc.^(a)*		11,471	$	310,291
Boyd Gaming Corp.^(a)*		923		54,420
Chipotle Mexican Grill, Inc.*		17		24,154
Chuy’s Holdings, Inc.*		11		488
Dine Brands Global, Inc.^(a)		2,423		218,143
Graham Holdings Co., Class B		21		11,811
Grand Canyon Education, Inc.*		350		37,485
Hyatt Hotels Corp., Class A^(a)*		2,283		188,804
Jack in the Box, Inc.		165		18,114
Laureate Education, Inc., Class A^(a)*		7,150		97,168
McDonald’s Corp.^(a)		264		59,173
Papa John’s International, Inc.^(a)		777		68,873
Penn National Gaming, Inc.*		145		15,202
Perdoceo Education Corp.*		299		3,576
Red Rock Resorts, Inc., Class A^(a)		9,043		294,711
Service Corp. International^(a)		1,341		68,458
Strategic Education, Inc.		231		21,231
Wendy’s Co. (The)		1,068		21,638
Wingstop, Inc.		119		15,133
WW International, Inc.*		20		626
Wyndham Hotels & Resorts, Inc.^(a)		1,707		119,114
Yum! Brands, Inc.^(a)		761		82,325

				1,845,179

Diversified Financials — 0.5%
Berkshire Hathaway, Inc., Class B*		93		23,759
BlackRock, Inc.		47		35,436
Donnelley Financial Solutions, Inc.*		30		835
Intercontinental Exchange, Inc.		328		36,631
Morningstar, Inc.		62		13,952
Nasdaq, Inc.		240		35,390
S&P Global, Inc.		76		26,818
Sprott, Inc. (Canada)		17		646
T Rowe Price Group, Inc.		134		22,994

				196,461

Energy — 4.2%
Antero Midstream Corp.^(a)		17,712		159,939
Antero Resources Corp.*		4,684		47,777
APA Corp.^(a)		9,396		168,188
Cabot Oil & Gas Corp.		2,379		44,678
Cactus, Inc., Class A^(a)		1,391		42,592
Callon Petroleum Co.*		152		5,860
Cenovus Energy, Inc. (Canada)		3,385		25,455
Centennial Resource Development, Inc., Class A*		1,779		7,472


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Cimarex Energy Co.		655	$	38,901
CNX Resources Corp.*		549		8,070
Comstock Resources, Inc.*		2,028		11,235
Core Laboratories NV (Netherlands)		1,321		38,032
Devon Energy Corp.^(a)		5,452		119,126
DHT Holdings, Inc. (Marshall Islands) .		1,344		7,970
Diamondback Energy, Inc.		197		14,478
Exxon Mobil Corp.		619		34,559
Green Plains, Inc.*		694		18,787
Halliburton Co.^(a)		1,543		33,113
Magnolia Oil & Gas Corp., Class A*		728		8,357
Marathon Oil Corp.^(a)		13,529		144,490
Marathon Petroleum Corp.^(a)		895		47,874
New Fortress Energy, Inc.		614		28,189
NOV, Inc.		892		12,238
Oasis Petroleum, Inc.		22		1,307
Occidental Petroleum Corp.^(a)		7,826		208,328
Oceaneering International, Inc.*		694		7,925
Pioneer Natural Resources Co.		212		33,670
Range Resources Corp.^(a)*		17,425		180,000
SM Energy Co.		292		4,780
Targa Resources Corp.		377		11,970
Tellurian, Inc.*		3,195		7,476
Vermilion Energy, Inc. (Canada)		1,653		12,034
Whiting Petroleum Corp.*		441		15,633
Williams Cos., Inc. (The)^(a)		2,921		69,198
World Fuel Services Corp.^(a)		1,617		56,918

				1,676,619

Food & Staples Retailing — 1.6%
BJ’s Wholesale Club Holdings, Inc.*		340		15,252
Costco Wholesale Corp.^(a)		134		47,232
Kroger Co. (The)^(a)		2,032		73,132
PriceSmart, Inc.		19		1,838
SpartanNash Co.		38		746
Sprouts Farmers Market, Inc.^(a)*		4,075		108,476
Sysco Corp.^(a)		836		65,827
United Natural Foods, Inc.^(a)*		5,160		169,970
Walgreens Boots Alliance, Inc.		418		22,948
Walmart, Inc.^(a)		1,082		146,968
Weis Markets, Inc.		55		3,109

				655,498

Food, Beverage & Tobacco — 3.0%
Altria Group, Inc.^(a)		924		47,272

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Archer-Daniels-Midland Co.		141	$	8,037
B&G Foods, Inc.		333		10,343
Bunge Ltd. (Bermuda)		492		39,001
Campbell Soup Co.		130		6,535
Coca-Cola Co. (The)^(a)		910		47,966
Coca-Cola Consolidated, Inc.		33		9,530
Conagra Brands, Inc.^(a)		1,398		52,565
Constellation Brands, Inc., Class A^(a)		486		110,808
Flowers Foods, Inc.		705		16,779
General Mills, Inc.^(a)		1,115		68,372
Hain Celestial Group, Inc. (The)*		770		33,572
JM Smucker Co. (The)^(a)		1,045		132,224
John B Sanfilippo & Son, Inc.		7		633
Kellogg Co.		337		21,332
Kraft Heinz Co. (The)^(a)		1,991		79,640
Molson Coors Beverage Co., Class B		458		23,427
Mondelez International, Inc., Class A		498		29,148
Monster Beverage Corp.^(a)*		1,428		130,077
National Beverage Corp.^(a)		1,647		80,555
PepsiCo, Inc.		300		42,435
Philip Morris International, Inc.		461		40,909
SunOpta, Inc. (Canada)*		720		10,634
Tyson Foods, Inc., Class A^(a)		711		52,827
Vector Group Ltd.^(a)		8,177		114,069

				1,208,690

Health Care Equipment & Services — 5.7%
Abbott Laboratories^(a)		334		40,027
ABIOMED, Inc.*		25		7,968
Acadia Healthcare Co., Inc.*		236		13,485
Align Technology, Inc.*		73		39,532
Allscripts Healthcare Solutions, Inc.*		826		12,402
AmerisourceBergen Corp.		40		4,723
AngioDynamics, Inc.*		5		117
Becton Dickinson and Co.^(a)		218		53,007
BioLife Solutions, Inc.*		60		2,160
Cerner Corp.^(a)		807		58,007
Chemed Corp.		21		9,656
Community Health Systems, Inc.*		100		1,352
CONMED Corp.^(a)		979		127,848
CVS Health Corp.		40		3,009
Danaher Corp.^(a)		313		70,450
DENTSPLY SIRONA, Inc.^(a)		979		62,470
Envista Holdings Corp.*		609		24,847
Fulgent Genetics, Inc.*		656		63,383


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
HCA Healthcare, Inc.		106	$	19,964
Hill-Rom Holdings, Inc.		74		8,176
Hologic, Inc.^(a)*		2,136		158,876
ICU Medical, Inc.*		44		9,039
IDEXX Laboratories, Inc.^(a)*		126		61,653
Inogen, Inc.*		2		105
Laboratory Corp. of America Holdings^(a)*		305		77,784
LeMaitre Vascular, Inc.		30		1,463
Magellan Health, Inc.*		149		13,893
McKesson Corp.		157		30,621
MEDNAX, Inc.^(a)*		3,061		77,964
Medtronic PLC (Ireland)		451		53,277
Meridian Bioscience, Inc.*		399		10,474
ModivCare , Inc.*		52		7,702
NextGen Healthcare, Inc.^(a)*		2,390		43,259
Omnicell, Inc.^(a)*		288		37,403
Option Care Health, Inc.*		126		2,235
Owens & Minor, Inc.		651		24,471
Patterson Cos., Inc.^(a)		10,770		344,102
Quest Diagnostics, Inc.		135		17,326
Quidel Corp.*		311		39,786
Select Medical Holdings Corp.^(a)*		3,631		123,817
Stryker Corp.		86		20,948
Teladoc Health, Inc.^(a)*		1,172		213,011
Tenet Healthcare Corp.^(a)*		1,176		61,152
Tivity Health, Inc.^(a)*		2,886		64,416
UnitedHealth Group, Inc.		145		53,950
Varian Medical Systems, Inc.^(a)*		407		71,848
Veeva Systems, Inc., Class A*		78		20,377
Vocera Communications, Inc.*		147		5,654
West Pharmaceutical Services, Inc.		104		29,305

				2,298,494

Household & Personal Products — 1.2%
BellRing Brands, Inc., Class A*		6		142
Clorox Co. (The)^(a)		312		60,179
Colgate-Palmolive Co.^(a)		1,111		87,580
Edgewell Personal Care Co.^(a)		1,254		49,658
elf Beauty, Inc.^(a)*		4,352		116,764
Estee Lauder Cos, Inc., (The) Class A^(a)		168		48,863
Inter Parfums, Inc.		23		1,631
Procter & Gamble Co. (The)^(a)		546		73,945
Spectrum Brands Holdings, Inc.		299		25,415

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
WD-40 Co.		17	$	5,205

				469,382

Materials — 7.9%
Agnico Eagle Mines Ltd. (Canada)		142		8,209
Alamos Gold, Inc., Class A (Canada)		8,714		68,056
Allegheny Technologies, Inc.^(a)*		9,599		202,155
Amcor PLC (Jersey)		560		6,541
Ashland Global Holdings, Inc.^(a)		785		69,684
Avient Corp.^(a)		6,894		325,879
Axalta Coating Systems Ltd. (Bermuda)*		2,378		70,341
Balchem Corp.		2		251
Barrick Gold Corp. (Canada)		1,829		36,214
Berry Global Group, Inc.*		247		15,166
Cabot Corp.		344		18,039
Carpenter Technology Corp.		251		10,329
CF Industries Holdings, Inc.^(a)		2,907		131,920
Chemours Co. (The)^(a)		7,031		196,235
Coeur Mining, Inc.*		343		3,097
Commercial Metals Co.^(a)		6,493		200,244
Compass Minerals International, Inc.		155		9,722
Corteva, Inc.		397		18,508
Crown Holdings, Inc.		95		9,219
Dow, Inc.		314		20,077
Eastman Chemical Co.		81		8,920
Ferro Corp.*		625		10,538
First Majestic Silver Corp. (Canada)*		16,749		260,949
FMC Corp.		165		18,251
Franco-Nevada Corp. (Canada)		152		19,044
Freeport-McMoRan, Inc.		306		10,077
Hecla Mining Co.		5,383		30,629
IAMGOLD Corp. (Canada)*		9,640		28,727
Ingevity Corp.^(a)*		1,327		100,228
International Paper Co.		310		16,762
Kaiser Aluminum Corp.		1		110
Kinross Gold Corp. (Canada)		8,459		56,422
Linde PLC (Ireland)		164		45,943
Louisiana-Pacific Corp.		40		2,218
Martin Marietta Materials, Inc.		45		15,112
NewMarket Corp.		2		760
Newmont Corp.^(a)		1,174		70,757
Nutrien Ltd. (Canada)		402		21,664
O-I Glass, Inc.^(a)*		7,655		112,835
Pan American Silver Corp. (Canada)		7,431		223,153


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
PPG Industries, Inc.		180	$	27,047
PQ Group Holdings, Inc.		13		217
Pretium Resources, Inc. (Canada)*		7,642		79,248
Ranpak Holdings Corp.*		79		1,585
Reliance Steel & Aluminum Co.		162		24,671
Royal Gold, Inc.		117		12,592
RPM International, Inc.^(a)		406		37,291
Sealed Air Corp.		528		24,193
Sensient Technologies Corp.^(a)		1,108		86,424
Sherwin-Williams Co. (The)^(a)		104		76,753
Sonoco Products Co.		364		23,041
Southern Copper Corp.^(a)		680		46,152
SSR Mining, Inc. (Canada)		2,205		31,487
Summit Materials, Inc., Class A*		273		7,649
Trinseo SA (Luxembourg)		128		8,150
United States Steel Corp.		1,882		49,252
Worthington Industries, Inc.		294		19,724
Yamana Gold, Inc. (Canada)		33,624		145,928

				3,174,389

Media & Entertainment — 4.4%
Activision Blizzard, Inc.^(a)		570		53,010
Alphabet, Inc., Class A^(a)*		139		286,690
AMC Networks, Inc., Class A*		21		1,116
Cable One, Inc.		8		14,627
Cargurus, Inc.*		520		12,392
Charter Communications, Inc., Class A^(a)*		92		56,766
DISH Network Corp., Class A*		1,067		38,625
Facebook, Inc., Class A^(a)*		589		173,478
Fox Corp., Class A		1,066		38,493
Glu Mobile, Inc.*		156		1,947
Interpublic Group of Cos., Inc. (The)^(a)		2,461		71,861
Lions Gate Entertainment Corp., Class B (Canada)*		740		9,546
Madison Square Garden Sports Corp.^(a)*		225		40,379
Meredith Corp.*		284		8,458
MSG Networks, Inc., Class A*		23		346
Netflix, Inc.^(a)*		320		166,931
News Corp., Class A^(a)		22,158		563,478
Nexstar Media Group, Inc., Class A		215		30,192
TechTarget, Inc.*		158		10,973
TEGNA, Inc.		1,153		21,711

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Twitter, Inc.*		1,019	$	64,839
Walt Disney Co. (The)*		278		51,297
Warner Music Group Corp. Class A		862		29,593

				1,746,748

Pharmaceuticals, Biotechnology & Life Sciences — 4.8%
AbbVie, Inc.		151		16,341
Agilent Technologies, Inc.		142		18,054
Alexion Pharmaceuticals, Inc.*		153		23,395
Avantor, Inc.*		470		13,597
Bausch Health Cos., Inc. (Canada)*		33		1,048
Bio-Rad Laboratories, Inc., Class A^(a)*		170		97,099
Blueprint Medicines Corp.*		127		12,348
Charles River Laboratories International, Inc.^(a)*		147		42,605
Denali Therapeutics, Inc.*		763		43,567
Emergent BioSolutions, Inc.*		232		21,555
Essa Pharma, Inc. (Canada)*		20		581
Gilead Sciences, Inc.		318		20,552
Halozyme Therapeutics, Inc.*		1,012		42,190
HEXO Corp. (Canada)*		5,036		32,633
Horizon Therapeutics PLC (Ireland)*		1,400		128,856
Illumina, Inc.*		88		33,797
ImmunoGen, Inc.*		1,490		12,069
Innoviva, Inc.*		256		3,059
Jazz Pharmaceuticals PLC (Ireland)*		355		58,351
Johnson & Johnson^(a)		350		57,522
Luminex Corp.		612		19,523
MacroGenics, Inc.*		449		14,301
Medpace Holdings, Inc.*		69		11,319
Merck & Co., Inc.^(a)		1,434		110,547
Mettler-Toledo International, Inc.*		5		5,778
Morphic Holding, Inc.*		4		253
Ocular Therapeutix, Inc.*		341		5,596
Pacira BioSciences, Inc.^(a)*		1,930		135,274
PerkinElmer, Inc.^(a)		830		106,481
Pfizer, Inc.^(a)		3,698		133,979
Precigen, Inc.*		3		21
Prestige Consumer Healthcare, Inc.*		172		7,582
Prothena Corp. PLC (Ireland)*		99		2,487
Sage Therapeutics, Inc.*		869		65,045
Seagen, Inc.^(a)*		598		83,038
TG Therapeutics, Inc.^(a)*		3,651		175,978
Thermo Fisher Scientific, Inc.^(a)		374		170,686


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Translate Bio, Inc.*		569	$	9,383
United Therapeutics Corp.^(a)*		359		60,050
Vanda Pharmaceuticals, Inc.*		48		721
Waters Corp.^(a)*		259		73,600
Zoetis, Inc.^(a)		395		62,205

				1,933,066

Retailing — 11.2%
Abercrombie & Fitch Co., Class A^(a)		1,796		61,621
Advance Auto Parts, Inc.		105		19,266
Amazon.com, Inc.^(a)*		49		151,610
American Eagle Outfitters, Inc.^(a)		2,812		82,223
Asbury Automotive Group, Inc.*		181		35,566
AutoNation, Inc.^(a)*		3,190		297,372
AutoZone, Inc.*		19		26,682
Bed Bath & Beyond, Inc.^(a)		3,232		94,213
Best Buy Co., Inc.^(a)		2,351		269,918
Buckle, Inc. (The)^(a)		3,005		118,036
Citi Trends, Inc.		123		10,305
Dollar General Corp.		128		25,935
Dollar Tree, Inc.*		272		31,133
eBay, Inc.^(a)		2,326		142,444
Etsy, Inc.^(a)*		1,173		236,559
Expedia Group, Inc.		177		30,465
Floor & Decor Holdings, Inc., Class A*		17		1,623
Foot Locker, Inc.		200		11,250
Gap, Inc. (The)^(a)		1,991		59,292
Genuine Parts Co.^(a)		555		64,152
Group 1 Automotive, Inc.		140		22,091
Guess?, Inc.^(a)		2,891		67,938
Home Depot, Inc. (The)		78		23,810
L Brands, Inc.^(a)*		3,328		205,870
LKQ Corp.*		625		26,456
Lowe’s Cos., Inc.^(a)		439		83,489
Lumber Liquidators Holdings, Inc.*		712		17,885
Macy’s, Inc.^(a)		12,710		205,775
Murphy USA, Inc.^(a)		1,056		152,655
National Vision Holdings, Inc.^(a)*		1,007		44,137
ODP Corp. (The)^(a)*		1,369		59,264
Ollie’s Bargain Outlet Holdings, Inc.*		539		46,893
O’Reilly Automotive, Inc.*		31		15,725
Overstock.com, Inc.*		196		12,987
Quotient Technology, Inc.*		226		3,693

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Qurate Retail, Inc., Series A^(a)		7,601	$	89,388
Shutterstock, Inc.^(a)		627		55,828
Signet Jewelers Ltd. (Bermuda)*		13,179		764,118
Sleep Number Corp.^(a)*		1,840		264,022
Sonic Automotive, Inc., Class A^(a)		2,724		135,029
Stamps.com, Inc.^(a)*		277		55,264
Urban Outfitters, Inc.*		620		23,058
Wayfair, Inc., Class A*		52		16,367
Williams-Sonoma, Inc.^(a)		1,134		203,213
Zumiez, Inc.^(a)*		2,613		112,098

				4,476,718

Semiconductors & Semiconductor Equipment — 3.8%
Alpha & Omega Semiconductor Ltd. (Bermuda)*		5		164
Amkor Technology, Inc.^(a)		4,662		110,536
Applied Materials, Inc.		261		34,870
Axcelis Technologies, Inc.*		60		2,465
Broadcom, Inc.^(a)		131		60,739
Cirrus Logic, Inc.*		210		17,806
Cohu, Inc.*		347		14,518
First Solar, Inc.*		355		30,992
Intel Corp.		922		59,008
KLA Corp.		70		23,128
Lattice Semiconductor Corp.*		512		23,050
MACOM Technology Solutions Holdings, Inc.^(a)*		721		41,832
Marvell Technology Group Ltd. (Bermuda)		1,134		55,543
Maxim Integrated Products, Inc.		467		42,670
NXP Semiconductors NV (Netherlands)		550		110,737
ON Semiconductor Corp.*		261		10,860
Qorvo, Inc.*		177		32,338
QUALCOMM, Inc.^(a)		782		103,685
Rambus, Inc.*		751		14,599
Skyworks Solutions, Inc.		126		23,118
SMART Global Holdings, Inc. (Cayman Islands)*		36		1,657
Synaptics, Inc.^(a)*		4,281		579,733
Teradyne, Inc.		88		10,708
Texas Instruments, Inc.		193		36,475
Ultra Clean Holdings, Inc.^(a)*		1,432		83,113
Veeco Instruments, Inc.*		100		2,074


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Xilinx, Inc.		126	$	15,611

				1,542,029

Software & Services — 10.7%
Accenture PLC, Class A (Ireland)		102		28,178
ACI Worldwide, Inc.*		177		6,735
Adobe, Inc.*		433		205,835
Alarm.com Holdings, Inc.*		338		29,196
Alliance Data Systems Corp.^(a)		458		51,337
Amdocs Ltd. (Guernsey)		49		3,437
Aspen Technology, Inc.*		49		7,072
Autodesk, Inc.*		55		15,243
Automatic Data Processing, Inc.		78		14,701
Blackbaud, Inc.^(a)*		901		64,043
Blackline, Inc.*		318		34,471
Box, Inc., Class A*		357		8,197
Brightcove, Inc.*		125		2,515
Broadridge Financial Solutions, Inc.^(a)		479		73,335
Cadence Design Systems, Inc.^(a)*		481		65,892
Cardtronics PLC, Class A (United Kingdom)*		965		37,442
CDK Global, Inc.^(a)		961		51,952
Cerence, Inc.*		378		33,861
CGI, Inc. (Canada)*		221		18,392
Crowdstrike Holdings, Inc., Class A*		226		41,247
CSG Systems International, Inc.		123		5,521
Descartes Systems Group, Inc. (The) (Canada)*		30		1,827
Digital Turbine, Inc.*		677		54,404
Dynatrace, Inc.*		767		37,000
Fiserv, Inc.*		314		37,379
FleetCor Technologies, Inc.*		10		2,686
Fortinet, Inc.*		177		32,642
Gartner, Inc.^(a)*		281		51,297
Globant SA (Luxembourg)*		18		3,737
GoDaddy, Inc., Class A^(a)*		592		45,951
InterDigital, Inc.		276		17,512
International Business Machines Corp.		262		34,914
Jack Henry & Associates, Inc.		83		12,593
Mastercard, Inc., Class A		33		11,750
McAfee Corp., Class A		41		932
Microsoft Corp.^(a)		540		127,316
Model N, Inc.*		251		8,843
NIC, Inc.^(a)		2,764		93,783

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
NortonLifeLock, Inc.^(a)		4,402	$	93,587
Open Text Corp. (Canada)		1,170		55,821
Oracle Corp.^(a)		3,078		215,983
Paychex, Inc.^(a)		275		26,956
Paylocity Holding Corp.*		97		17,444
PayPal Holdings, Inc.^(a)*		1,121		272,224
Perficient, Inc.*		11		646
Progress Software Corp.^(a)		1,700		74,902
PTC, Inc.^(a)*		3,805		523,758
Sailpoint Technologies Holdings, Inc.^(a)*		6,861		347,441
salesforce.com, Inc.*		194		41,103
ServiceNow, Inc.^(a)*		287		143,532
Shopify, Inc., Class A (Canada)*		98		108,437
SPS Commerce, Inc.^(a)*		1,050		104,276
SVMK, Inc.^(a)*		2,854		52,285
Sykes Enterprises, Inc.*		4		176
Synopsys, Inc.^(a)*		302		74,830
Teradata Corp.^(a)*		3,706		142,829
Trade Desk, Inc. (The), Class A^(a)*		315		205,273
Tyler Technologies, Inc.*		28		11,887
Verint Systems, Inc.*		984		44,762
VeriSign, Inc.^(a)*		261		51,876
Visa, Inc., Class A		235		49,757
Western Union Co. (The)^(a)		2,122		52,329
Workiva, Inc.*		165		14,563
Xperi Holding Corp.		475		10,341
Zoom Video Communications, Inc., Class A^(a)*		579		186,027

				4,296,213

Technology Hardware & Equipment — 4.2%
Apple, Inc.^(a)		1,500		183,225
Arrow Electronics, Inc.^(a)*		2,811		311,515
Badger Meter, Inc.^(a)		986		91,767
Calix, Inc.*		178		6,169
CDW Corp.		100		16,575
Cisco Systems, Inc.^(a)		1,058		54,709
Cognex Corp.		185		15,353
CTS Corp.		16		497
Dell Technologies, Inc., Class C^(a)*		885		78,013
Diebold Nixdorf, Inc.^(a)*		4,143		58,541
EchoStar Corp., Class A*		514		12,336
HP, Inc.^(a)		3,748		118,999
II-VI, Inc.*		547		37,398


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Jabil, Inc.		213	$	11,110
Juniper Networks, Inc.		845		21,404
Lumentum Holdings, Inc.*		106		9,683
Methode Electronics, Inc.		64		2,687
NCR Corp.*		69		2,619
NetApp, Inc.		489		35,536
NETGEAR, Inc.*		600		24,660
NetScout Systems, Inc.*		2		56
Plantronics, Inc.*		143		5,564
Sanmina Corp.^(a)*		2,650		109,657
Seagate Technology PLC (Ireland)		373		28,628
SYNNEX Corp.^(a)		1,237		142,057
TE Connectivity Ltd. (Switzerland)		217		28,017
TTM Technologies, Inc.^(a)*		2,537		36,786
Ubiquiti, Inc.^(a)		380		113,354
Viavi Solutions, Inc.*		61		958
Vontier Corp.^(a)*		2,358		71,377
Western Digital Corp.		304		20,292
Zebra Technologies Corp., Class A*		29		14,070

				1,663,612

Telecommunication Services — 0.7%
AT&T, Inc.^(a)		1,865		56,454
Iridium Communications, Inc.^(a)*		2,522		104,032
Lumen Technologies, Inc.		1,311		17,502
T-Mobile US, Inc.*		272		34,079
Verizon Communications, Inc.^(a)		909		52,858

				264,925

Transportation — 2.1%
Alaska Air Group, Inc.*		130		8,997
Atlas Air Worldwide Holdings, Inc.*		425		25,687
CSX Corp.		312		30,083
Echo Global Logistics, Inc.^(a)*		1,640		51,512
Expeditors International of Washington, Inc.		192		20,676
FedEx Corp.^(a)		731		207,633
Hub Group, Inc., Class A*		497		33,438
Kansas City Southern^(a)		98		25,864
Norfolk Southern Corp.^(a)		231		62,028
Old Dominion Freight Line, Inc.		64		15,386
Ryder System, Inc.^(a)		548		41,456
Saia, Inc.*		28		6,456
Schneider National, Inc., Class B^(a)		4,203		104,949
SkyWest, Inc.^(a)		1,268		69,081
Southwest Airlines Co.		858		52,389

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

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Union Pacific Corp.		160	$	35,266
United Parcel Service, Inc., Class B^(a)		253		43,007
Werner Enterprises, Inc.		318		15,000

				848,908

Utilities — 1.2%
AES Corp. (The)		1,881		50,430
Dominion Energy, Inc.^(a)		1,624		123,359
Duke Energy Corp.		389		37,550
Exelon Corp.^(a)		1,463		63,992
IDACorp., Inc.		153		15,295
MDU Resources Group, Inc.		384		12,138
National Fuel Gas Co.		297		14,847
NextEra Energy, Inc.		95		7,183
NiSource, Inc.^(a)		2,084		50,245
NRG Energy, Inc.		1,876		70,781
South Jersey Industries, Inc.		658		14,858
Southern Co. (The)		475		29,526

				490,204

TOTAL COMMON STOCKS (Cost $24,292,810)				38,272,947


	Par Value		Value
CORPORATE BONDS AND NOTES — 0.0%
Capital Goods — 0.0%
Mueller Industries, Inc. 6.00%, 03/01/2027	$	715	$	730

TOTAL CORPORATE BONDS AND NOTES (Cost $715)				730

TOTAL INVESTMENTS—95.5%				38,273,677

(Cost $24,293,525)

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.5%				1,807,575

NET ASSETS - 100.0%			$	40,081,252

^(a)	Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

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

100

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Over-the-counter total return swaps outstanding as of March 31, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 29, 2025 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (70.7)% of net assets as of March 31, 2021.

The following table represents the individual long and help short positions and related values of total return swaps as of March 31, 2021:

Total Return Swaps


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Long
Automobiles & Components
Adient PLC (Ireland)	Morgan Stanley			1		$	36		$	44		$	8
Aptiv PLC (Jersey)	Morgan Stanley			223			32,703			30,752			(1,951	)
Cooper Tire & Rubber Co.	Morgan Stanley			504			17,988			28,214			10,329
Ford Motor Co.	Morgan Stanley			7,326			78,656			89,743			11,088
General Motors Co.	Morgan Stanley			821			37,552			47,175			9,622
Gentex Corp.	Morgan Stanley			915			32,097			32,638			541
Gentherm, Inc.	Morgan Stanley			5			319			370			51
Magna International, Inc. (Canada)	Morgan Stanley			15			1,266			1,321			57
Standard Motor Products, Inc.	Morgan Stanley			1			43			42			(1	)
Tenneco, Inc., Class A	Morgan Stanley			48			507			514			7
Visteon Corp.	Morgan Stanley			6			690			732			41
Winnebago Industries, Inc.	Morgan Stanley			71			5,307			5,446			139

				9,936			207,164			236,991			29,931

Capital Goods
3M Co.	Morgan Stanley		��	122			20,240			23,507			3,479
A.O. Smith Corp.	Morgan Stanley			894			49,762			60,443			11,024
Advanced Drainage Systems, Inc.	Morgan Stanley			88			8,789			9,098			309
AeroVironment, Inc.	Morgan Stanley			93			10,701			10,794			92
Alamo Group, Inc.	Morgan Stanley			1			159			156			(3	)
Albany International Corp., Class A	Morgan Stanley			141			7,318			11,769			4,534
Altra Industrial Motion Corp.	Morgan Stanley			6			331			332			1
AMETEK, Inc.	Morgan Stanley			106			12,427			13,539			1,131
Apogee Enterprises, Inc.	Morgan Stanley			295			6,414			12,060			5,758
Atkore, Inc.	Morgan Stanley			70			1,599			5,033			3,434
Boise Cascade Co.	Morgan Stanley			1			48			60			11
Cubic Corp.	Morgan Stanley			546			35,135			40,715			5,724
Cummins, Inc.	Morgan Stanley			45			10,250			11,660			1,494
Deere & Co.	Morgan Stanley			39			12,523			14,591			2,101
Donaldson Co, Inc.	Morgan Stanley			431			23,915			25,067			1,247
Eaton Corp. PLC (Ireland)	Morgan Stanley			13			1,749			1,798			47
EMCOR Group, Inc.	Morgan Stanley			231			23,273			25,909			2,636
Emerson Electric Co.	Morgan Stanley			37			3,285			3,338			53
Enerpac Tool Group Corp.	Morgan Stanley			6			155			157			1
Fastenal Co.	Morgan Stanley			42			1,948			2,112			274
Fortive Corp.	Morgan Stanley			583			38,258			41,183			3,075

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

101

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
Generac Holdings, Inc.	Morgan Stanley		15		$	4,499		$	4,912		$	413
General Dynamics Corp.	Morgan Stanley		83			12,426			15,069			2,642
Gibraltar Industries, Inc.	Morgan Stanley		2			123			183			60
Granite Construction, Inc.	Morgan Stanley		138			5,269			5,554			302
HEICO Corp.	Morgan Stanley		21			2,594			2,642			48
Howmet Aerospace, Inc.	Morgan Stanley		244			4,097			7,840			3,742
Huntington Ingalls Industries, Inc.	Morgan Stanley		75			13,250			15,439			2,490
Ingersoll Rand, Inc.	Morgan Stanley		335			16,545			16,485			(44	)
John Bean Technologies Corp.	Morgan Stanley		1			132			133			1
Johnson Controls International PLC (Ireland)	Morgan Stanley		180			9,101			10,741			1,721
Lockheed Martin Corp.	Morgan Stanley		19			6,622			7,021			399
Masco Corp.	Morgan Stanley		23			1,322			1,378			56
Masonite International Corp. (Canada)	Morgan Stanley		55			6,285			6,338			53
MasTec, Inc.	Morgan Stanley		324			30,058			30,359			300
Middleby Corp. (The)	Morgan Stanley		193			31,490			31,990			448
MRC Global, Inc.	Morgan Stanley		1,831			10,418			16,534			6,115
MSC Industrial Direct Co., Inc., Class A	Morgan Stanley		90			7,361			8,117			844
Nordson Corp.	Morgan Stanley		24			4,634			4,768			139
Northrop Grumman Corp.	Morgan Stanley		83			24,655			26,862			2,297
NOW, Inc.	Morgan Stanley		8,869			64,478			89,488			25,010
Parker-Hannifin Corp.	Morgan Stanley		72			19,434			22,711			3,286
Pentair PLC (Ireland)	Morgan Stanley		24			1,209			1,496			291
Primoris Services Corp.	Morgan Stanley		33			1,078			1,093			16
Quanta Services, Inc.	Morgan Stanley		16			1,355			1,408			52
Regal Beloit Corp.	Morgan Stanley		1			116			143			27
Sensata Technologies Holding PLC (United Kingdom)	Morgan Stanley		19			1,106			1,101			(5	)
Snap-on, Inc.	Morgan Stanley		112			18,758			25,843			7,241
SPX FLOW, Inc.	Morgan Stanley		1			42			63			21
Standex International Corp.	Morgan Stanley		1			98			96			(3	)
Stanley Black & Decker, Inc.	Morgan Stanley		79			13,575			15,774			2,260
Toro Co. (The)	Morgan Stanley		81			7,260			8,354			1,114
Trane Technologies PLC (Ireland)	Morgan Stanley		15			2,239			2,483			253
TransDigm Group, Inc.	Morgan Stanley		1			475			588			113
Tutor Perini Corp.	Morgan Stanley		560			6,899			10,612			3,713
United Rentals, Inc.	Morgan Stanley		2			645			659			14
Watsco, Inc.	Morgan Stanley		47			10,750			12,255			1,787

			17,459			608,677			719,853			113,638

Commercial & Professional Services
ABM Industries, Inc.	Morgan Stanley		171			6,397			8,723			2,387
ASGN, Inc.	Morgan Stanley		2			188			191			2
Booz Allen Hamilton Holding Corp.	Morgan Stanley		656			55,701			52,828			(2,711	)
Brady Corp., Class A	Morgan Stanley		1			54			53			(1	)
Brink’s Co. (The)	Morgan Stanley		31			2,450			2,456			6
CACI International, Inc., Class A	Morgan Stanley		65			15,521			16,033			508

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

102

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Commercial & Professional Services — (continued)
CBIZ, Inc.	Morgan Stanley		11		$	358		$	359		$	1
Cintas Corp.	Morgan Stanley		8			2,677			2,731			53
Copart, Inc.	Morgan Stanley		251			27,212			27,261			49
CoreLogic, Inc.	Morgan Stanley		593			47,894			46,995			(899	)
Deluxe Corp.	Morgan Stanley		1,216			34,532			51,023			17,221
FTI Consulting, Inc.	Morgan Stanley		100			11,654			14,011			2,415
Healthcare Services Group, Inc.	Morgan Stanley		3,577			75,271			100,263			26,421
ICF International, Inc.	Morgan Stanley		16			1,416			1,398			(16	)
Jacobs Engineering Group, Inc.	Morgan Stanley		147			16,694			19,003			2,333
Nielsen Holdings PLC (United Kingdom).	Morgan Stanley		23			579			578			—
Republic Services, Inc.	Morgan Stanley		29			2,662			2,881			231
Ritchie Bros Auctioneers, Inc. (Canada) .	Morgan Stanley		63			3,668			3,689			10
Robert Half International, Inc.	Morgan Stanley		72			5,457			5,621			169
Rollins, Inc.	Morgan Stanley		585			20,230			20,136			(178	)
Science Applications International Corp.	Morgan Stanley		5			402			418			15
SP Plus Corp.	Morgan Stanley		1,266			26,067			41,512			15,445
Steelcase, Inc., Class A	Morgan Stanley		3,779			39,483			54,380			15,663
Tetra Tech, Inc.	Morgan Stanley		4			474			543			80
Thomson Reuters Corp. (Canada)	Morgan Stanley		447			37,250			39,144			2,031
UniFirst Corp.	Morgan Stanley		8			1,795			1,790			(5	)
Waste Connections, Inc. (Canada)	Morgan Stanley		16			1,570			1,728			302

			13,142			437,656			515,748			81,532

Consumer Durables & Apparel
Carter’s, Inc.	Morgan Stanley		119			9,319			10,583			1,889
Deckers Outdoor Corp.	Morgan Stanley		92			29,624			30,399			774
DR Horton, Inc.	Morgan Stanley		2			167			178			11
Garmin Ltd. (Switzerland)	Morgan Stanley		55			5,622			7,252			1,682
G-III Apparel Group Ltd.	Morgan Stanley		1,224			14,383			36,891			22,508
Gildan Activewear, Inc. (Canada)	Morgan Stanley		24			731			736			(4	)
Hanesbrands, Inc.	Morgan Stanley		1			15			20			4
Hasbro, Inc.	Morgan Stanley		40			3,748			3,845			96
Helen of Troy Ltd. (Bermuda)	Morgan Stanley		9			1,901			1,896			(5	)
Kontoor Brands, Inc.	Morgan Stanley		8			191			388			203
La-Z-Boy, Inc.	Morgan Stanley		23			710			977			274
Leggett & Platt, Inc.	Morgan Stanley		18			805			822			17
Lovesac Co. (The)	Morgan Stanley		26			1,418			1,472			53
Mattel, Inc.	Morgan Stanley		14			252			279			27
Newell Brands, Inc.	Morgan Stanley		63			1,586			1,687			101
NIKE, Inc., Class B	Morgan Stanley		41			5,052			5,448			540
PVH Corp.	Morgan Stanley		7			684			740			56
Skyline Champion Corp.	Morgan Stanley		3			132			136			4
Smith & Wesson Brands, Inc.	Morgan Stanley		959			15,490			16,734			1,334
Sonos, Inc.	Morgan Stanley		228			8,712			8,543			(169	)
Steven Madden Ltd.	Morgan Stanley		4,888			103,339			182,127			79,521
Sturm Ruger & Co., Inc.	Morgan Stanley		162			10,472			10,703			434

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

103

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Consumer Durables & Apparel — (continued)
Tapestry, Inc.	Morgan Stanley		120		$	4,981		$	4,945		$	(41	)
Universal Electronics, Inc.	Morgan Stanley		240			9,670			13,193			3,523
Whirlpool Corp.	Morgan Stanley		15			2,911			3,305			406
YETI Holdings, Inc.	Morgan Stanley		76			5,148			5,488			345

			8,457			237,063			348,787			113,583

Consumer Services
Adtalem Global Education, Inc.	Morgan Stanley		1,240			40,835			49,030			8,195
Airbnb, Inc., Class A	Morgan Stanley		25			4,715			4,698			(17	)
Boyd Gaming Corp.	Morgan Stanley		1			33			59			26
Chipotle Mexican Grill, Inc.	Morgan Stanley		3			4,269			4,262			(7	)
Chuy’s Holdings, Inc.	Morgan Stanley		6			257			266			9
Graham Holdings Co., Class B	Morgan Stanley		12			7,078			6,749			(329	)
Grand Canyon Education, Inc.	Morgan Stanley		288			29,734			30,845			1,110
Jack in the Box, Inc.	Morgan Stanley		668			60,791			73,333			12,923
Laureate Education, Inc., Class A	Morgan Stanley		83			1,088			1,128			40
McDonald’s Corp.	Morgan Stanley		153			32,078			34,293			2,344
Papa John’s International, Inc.	Morgan Stanley		220			17,854			19,501			1,747
Penn National Gaming, Inc.	Morgan Stanley		52			5,522			5,452			(70	)
Perdoceo Education Corp.	Morgan Stanley		5,644			82,778			67,502			(15,276	)
Red Rock Resorts, Inc., Class A	Morgan Stanley		9			296			293			(3	)
Strategic Education, Inc.	Morgan Stanley		387			38,624			35,569			(2,472	)
Wendy’s Co. (The)	Morgan Stanley		529			10,826			10,718			(81	)
Wingstop, Inc.	Morgan Stanley		39			4,998			4,960			238
WW International, Inc.	Morgan Stanley		6			182			188			5
Yum! Brands, Inc.	Morgan Stanley		145			14,007			15,686			1,773

			9,510			355,965			364,532			10,155

Diversified Financials
Berkshire Hathaway, Inc., Class B	Morgan Stanley		559			122,856			142,808			20,166
BlackRock, Inc.	Morgan Stanley		32			22,450			24,127			1,796
Donnelley Financial Solutions, Inc.	Morgan Stanley		22			595			612			17
Intercontinental Exchange, Inc.	Morgan Stanley		84			9,404			9,381			(6	)
Morningstar, Inc.	Morgan Stanley		26			5,938			5,851			(87	)
Nasdaq, Inc.	Morgan Stanley		62			7,985			9,142			1,202
S&P Global, Inc.	Morgan Stanley		89			28,798			31,405			2,668
Sprott, Inc. (Canada)	Morgan Stanley		2			75			76			1
T Rowe Price Group, Inc.	Morgan Stanley		36			6,113			6,178			70

			912			204,214			229,580			25,827

Energy
Antero Midstream Corp.	Morgan Stanley		55			443			497			62
Antero Resources Corp.	Morgan Stanley		6,137			57,957			62,597			4,597
APA Corp.	Morgan Stanley		224			4,130			4,010			(120	)
Cabot Oil & Gas Corp.	Morgan Stanley		1,585			29,933			29,766			(205	)
Cactus, Inc., Class A	Morgan Stanley		27			491			827			341
Callon Petroleum Co.	Morgan Stanley		44			1,624			1,696			72

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

104

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Energy — (continued)
Centennial Resource Development, Inc., Class A	Morgan Stanley		354		$	1,498		$	1,487		$	(11	)
Cimarex Energy Co.	Morgan Stanley		171			10,055			10,156			100
CNX Resources Corp.	Morgan Stanley		183			2,383			2,690			307
Comstock Resources, Inc.	Morgan Stanley		1,002			5,897			5,551			(346	)
Core Laboratories NV (Netherlands)	Morgan Stanley		21			290			605			315
Devon Energy Corp.	Morgan Stanley		3,796			82,808			82,943			1,037
DHT Holdings, Inc. (Marshall Islands)	Morgan Stanley		15,001			78,214			88,956			14,266
Diamondback Energy, Inc.	Morgan Stanley		30			2,171			2,205			33
DMC Global, Inc.	Morgan Stanley		958			34,756			51,981			17,225
Exxon Mobil Corp.	Morgan Stanley		182			10,173			10,161			(12	)
Green Plains, Inc.	Morgan Stanley		546			14,158			14,780			622
Halliburton Co.	Morgan Stanley		57			643			1,223			585
Kosmos Energy Ltd.	Morgan Stanley		26,326			38,173			80,821			42,648
Magnolia Oil & Gas Corp., Class A	Morgan Stanley		203			2,285			2,330			45
Marathon Oil Corp.	Morgan Stanley		6,537			75,732			69,815			(6,023	)
Marathon Petroleum Corp.	Morgan Stanley		601			27,508			32,147			4,881
New Fortress Energy, Inc.	Morgan Stanley		231			11,453			10,605			(833	)
NOV, Inc.	Morgan Stanley		219			2,735			3,005			295
Oasis Petroleum, Inc.	Morgan Stanley		5			301			297			(4	)
Occidental Petroleum Corp.	Morgan Stanley		1,724			45,096			45,893			799
Oceaneering International, Inc.	Morgan Stanley		277			3,522			3,163			(359	)
Pioneer Natural Resources Co.	Morgan Stanley		216			34,342			34,305			(29	)
Range Resources Corp.	Morgan Stanley		692			6,956			7,148			186
SM Energy Co.	Morgan Stanley		2,919			17,186			47,784			30,598
Targa Resources Corp.	Morgan Stanley		104			3,302			3,302			—
Tellurian, Inc.	Morgan Stanley		1,249			3,550			2,923			(886	)
Vermilion Energy, Inc. (Canada)	Morgan Stanley		544			4,287			3,960			(327	)
Whiting Petroleum Corp.	Morgan Stanley		130			4,384			4,609			224
Williams Cos., Inc. (The)	Morgan Stanley		979			22,772			23,193			461
World Fuel Services Corp.	Morgan Stanley		1,367			37,852			48,118			10,595

			74,696			679,060			795,549			121,139

Food & Staples Retailing
BJ’s Wholesale Club Holdings, Inc.	Morgan Stanley		307			12,216			13,772			1,555
Costco Wholesale Corp.	Morgan Stanley		31			10,459			10,927			545
Kroger Co. (The)	Morgan Stanley		958			30,209			34,478			4,414
PriceSmart, Inc.	Morgan Stanley		8			759			774			14
SpartanNash Co.	Morgan Stanley		891			17,832			17,490			149
Sprouts Farmers Market, Inc.	Morgan Stanley		145			2,956			3,860			904
Sysco Corp.	Morgan Stanley		258			16,435			20,315			4,095
United Natural Foods, Inc.	Morgan Stanley		476			17,038			15,680			(1,359	)
Walgreens Boots Alliance, Inc.	Morgan Stanley		362			14,536			19,874			5,508
Walmart, Inc.	Morgan Stanley		116			15,498			15,756			314
Weis Markets, Inc.	Morgan Stanley		373			18,564			21,082			2,739

			3,925			156,502			174,008			18,878

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

105

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		455		$	19,307		$	23,278		$	4,339
Archer-Daniels-Midland Co.	Morgan Stanley		12			678			684			6
B&G Foods, Inc.	Morgan Stanley		410			11,011			12,735			2,865
Bunge Ltd. (Bermuda)	Morgan Stanley		188			14,248			14,903			713
Campbell Soup Co.	Morgan Stanley		145			6,646			7,289			1,610
Coca-Cola Co. (The)	Morgan Stanley		440			21,521			23,192			2,015
Coca-Cola Consolidated, Inc.	Morgan Stanley		155			42,730			44,761			2,143
Conagra Brands, Inc.	Morgan Stanley		472			16,393		��	17,747			1,533
Constellation Brands, Inc., Class A	Morgan Stanley		10			2,159			2,280			124
Flowers Foods, Inc.	Morgan Stanley		864			20,183			20,563			659
General Mills, Inc.	Morgan Stanley		423			24,531			25,938			1,724
Hain Celestial Group, Inc. (The)	Morgan Stanley		509			21,852			22,192			340
JM Smucker Co. (The)	Morgan Stanley		101			11,392			12,779			1,476
John B. Sanfilippo & Son, Inc.	Morgan Stanley		241			19,402			21,779			2,977
Kellogg Co.	Morgan Stanley		676			40,467			42,791			2,788
Kraft Heinz Co. (The)	Morgan Stanley		617			19,018			24,680			6,072
Molson Coors Beverage Co., Class B	Morgan Stanley		125			5,128			6,394			1,265
Mondelez International, Inc., Class A	Morgan Stanley		583			32,155			34,123			2,173
Monster Beverage Corp.	Morgan Stanley		557			48,203			50,737			2,683
National Beverage Corp.	Morgan Stanley		2			79			98			19
PepsiCo, Inc.	Morgan Stanley		64			8,572			9,053			530
Philip Morris International, Inc.	Morgan Stanley		177			14,896			15,707			999
SunOpta, Inc. (Canada)	Morgan Stanley		192			2,811			2,836			25
TreeHouse Foods, Inc.	Morgan Stanley		1,296			55,482			67,703			12,390
Tyson Foods, Inc., Class A	Morgan Stanley		196			11,454			14,563			3,317

			8,910			470,318			518,805			54,785

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		656			77,267			78,615			1,348
ABIOMED, Inc.	Morgan Stanley		19			5,591			6,056			465
Acadia Healthcare Co., Inc.	Morgan Stanley		246			13,844			14,056			212
Align Technology, Inc.	Morgan Stanley		95			50,730			51,445			(324	)
Allscripts Healthcare Solutions, Inc.	Morgan Stanley		4,074			38,098			61,171			23,063
AmerisourceBergen Corp.	Morgan Stanley		241			24,082			28,455			4,472
AngioDynamics, Inc.	Morgan Stanley		2			47			47			—
Becton Dickinson and Co.	Morgan Stanley		301			75,608			73,188			(2,188	)
BioLife Solutions, Inc.	Morgan Stanley		23			870			828			(42	)
Cerner Corp.	Morgan Stanley		68			4,807			4,888			67
Chemed Corp.	Morgan Stanley		22			9,843			10,116			275
Community Health Systems, Inc.	Morgan Stanley		569			4,455			7,693			3,237
CVS Health Corp.	Morgan Stanley		305			20,607			22,945			4,152
Danaher Corp.	Morgan Stanley		182			38,585			40,965			2,475
Envista Holdings Corp.	Morgan Stanley		163			6,586			6,650			64
Fulgent Genetics, Inc.	Morgan Stanley		146			14,930			14,107			(823	)
HCA Healthcare, Inc.	Morgan Stanley		34			6,020			6,404			392
Hill-Rom Holdings, Inc.	Morgan Stanley		153			15,771			16,903			1,172
Hologic, Inc.	Morgan Stanley		168			12,976			12,496			(562	)

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

106

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
ICU Medical, Inc.	Morgan Stanley		50		$	10,228		$	10,272		$	44
IDEXX Laboratories, Inc.	Morgan Stanley		34			15,189			16,637			1,445
Inogen, Inc.	Morgan Stanley		1			50			52			3
Laboratory Corp. of America Holdings	Morgan Stanley		257			57,422			65,543			8,188
LeMaitre Vascular, Inc.	Morgan Stanley		13			624			634			11
McKesson Corp.	Morgan Stanley		147			25,525			28,671			3,221
MEDNAX, Inc.	Morgan Stanley		140			2,193			3,566			1,372
Medtronic PLC (Ireland)	Morgan Stanley		42			4,879			4,961			102
Meridian Bioscience, Inc.	Morgan Stanley		323			6,272			8,479			2,225
ModivCare, Inc.	Morgan Stanley		76			7,250			11,257			4,023
Natus Medical, Inc.	Morgan Stanley		2,110			38,318			54,037			15,719
NextGen Healthcare, Inc.	Morgan Stanley		1			12			18			6
Omnicell, Inc.	Morgan Stanley		268			34,373			34,805			440
Option Care Health, Inc.	Morgan Stanley		28			496			497			1
Owens & Minor, Inc.	Morgan Stanley		445			11,930			16,728			5,348
Quest Diagnostics, Inc.	Morgan Stanley		453			54,781			58,138			3,633
Quidel Corp.	Morgan Stanley		123			19,014			15,735			(3,279	)
Stryker Corp.	Morgan Stanley		25			5,824			6,089			280
Tivity Health, Inc.	Morgan Stanley		6			137			134			(3	)
UnitedHealth Group, Inc.	Morgan Stanley		68			23,126			25,301			2,231
Varian Medical Systems, Inc.	Morgan Stanley		129			22,234			22,772			551
Veeva Systems, Inc., Class A	Morgan Stanley		25			6,325			6,531			198
Vocera Communications, Inc.	Morgan Stanley		45			1,757			1,731			(27	)
West Pharmaceutical Services, Inc.	Morgan Stanley		27			7,575			7,608			(99	)

			12,303			776,251			857,224			83,088

Household & Personal Products
BellRing Brands, Inc., Class A	Morgan Stanley		2			48			47			(1	)
Clorox Co. (The)	Morgan Stanley		199			39,747			38,383			(1,160	)
Colgate-Palmolive Co.	Morgan Stanley		96			7,372			7,568			195
Estee Lauder Cos, Inc. (The), Class A	Morgan Stanley		192			50,672			55,843			5,310
Inter Parfums, Inc.	Morgan Stanley		7			505			497			(8	)
Procter & Gamble Co. (The)	Morgan Stanley		103			13,248			13,949			701
Spectrum Brands Holdings, Inc.	Morgan Stanley		102			8,386			8,670			298
WD-40 Co.	Morgan Stanley		3			922			919			(3	)

			704			120,900			125,876			5,332

Materials
Agnico Eagle Mines Ltd. (Canada)	Morgan Stanley		819			55,103			47,346			(7,631	)
Alamos Gold, Inc., Class A (Canada)	Morgan Stanley		2,765			21,803			21,595			(153	)
Amcor PLC (Jersey)	Morgan Stanley		933			9,682			10,897			1,487
Ashland Global Holdings, Inc.	Morgan Stanley		217			18,665			19,263			636
Axalta Coating Systems Ltd. (Bermuda) .	Morgan Stanley		1			27			30			3
Balchem Corp.	Morgan Stanley		1			126			125			(26	)
Barrick Gold Corp. (Canada)	Morgan Stanley		542			10,880			10,732			(124	)
Berry Global Group, Inc.	Morgan Stanley		317			18,269			19,464			1,243
Carpenter Technology Corp.	Morgan Stanley		804			16,866			33,085			16,535
Coeur Mining, Inc.	Morgan Stanley		75			668			677			9

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

107

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity		Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Materials — (continued)
Corteva, Inc.		Morgan Stanley		86		$	3,965		$	4,009		$	45
Crown Holdings, Inc.		Morgan Stanley		234			21,470			22,707			1,286
Dow, Inc.		Morgan Stanley		66			4,125			4,220			95
Eastman Chemical Co.		Morgan Stanley		19			2,025			2,092			75
Franco-Nevada Corp. (Canada)		Morgan Stanley		333			42,226			41,722			(633	)
Freeport-McMoRan, Inc.		Morgan Stanley		73			2,347			2,404			58
Hecla Mining Co.		Morgan Stanley		159			730			905			177
IAMGOLD Corp. (Canada)		Morgan Stanley		8,230			28,238			24,525			(3,712	)
International Paper Co.		Morgan Stanley		232			11,561			12,544			1,064
Kaiser Aluminum Corp.		Morgan Stanley		683			43,903			75,472			32,517
Kinross Gold Corp. (Canada)		Morgan Stanley		7,552			53,731			50,372			(3,135	)
Kraton Corp.		Morgan Stanley		647			9,601			23,674			14,072
Linde PLC (Ireland)		Morgan Stanley		102			25,534			28,574			3,147
Louisiana-Pacific Corp.		Morgan Stanley		16			844			887			43
Martin Marietta Materials, Inc.		Morgan Stanley		14			4,485			4,702			217
NewMarket Corp.		Morgan Stanley		308			114,727			117,089			4,195
Newmont Corp.		Morgan Stanley		408			24,480			24,590			403
Nutrien Ltd. (Canada)		Morgan Stanley		165			9,313			8,892			(364	)
O-I Glass, Inc.		Morgan Stanley		91			896			1,341			445
Pan American Silver Corp. (Canada)		Morgan Stanley		1			29			30			1
PPG Industries, Inc.		Morgan Stanley		72			9,756			10,819			1,531
PQ Group Holdings, Inc.		Morgan Stanley		6			100			100			—
Pretium Resources, Inc. (Canada)		Morgan Stanley		1,161			14,183			12,040			(2,143	)
Ranpak Holdings Corp.		Morgan Stanley		28			573			562			(12	)
Royal Gold, Inc.		Morgan Stanley		99			10,877			10,654			(181	)
RPM International, Inc.		Morgan Stanley		159			13,735			14,604			1,048
Sealed Air Corp.		Morgan Stanley		151			6,184			6,919			779
Sherwin-Williams Co. (The)		Morgan Stanley		28			18,852			20,664			1,969
Sonoco Products Co.		Morgan Stanley		21			1,259			1,329			75
Southern Copper Corp.		Morgan Stanley		3			202			204			2
Trinseo SA (Luxembourg)		Morgan Stanley		165			9,501			10,506			1,005
United States Steel Corp.		Morgan Stanley		979			17,888			25,620			7,743
Worthington Industries, Inc.		Morgan Stanley		75			3,130			5,032			1,942

	��			28,840			662,559			733,018			75,733

Media & Entertainment
Activision Blizzard, Inc.		Morgan Stanley		735			59,503			68,355			8,822
Alphabet, Inc., Class A		Morgan Stanley		11			21,856			22,688			984
Cable One, Inc.		Morgan Stanley		1			1,709			1,828			119
Cargurus, Inc.		Morgan Stanley		225			5,729			5,362			(367	)
Charter Communications, Inc., Class A .		Morgan Stanley		69			41,903			42,574			671
DISH Network Corp., Class A		Morgan Stanley		26			934			941			7
Facebook, Inc., Class A		Morgan Stanley		180			47,185			53,015			5,838
Fox Corp., Class A		Morgan Stanley		86			2,889			3,106			230
Glu Mobile, Inc.		Morgan Stanley		54			673			674			—
Lions Gate Entertainment Corp., Class B (Canada)		Morgan Stanley		2,912			24,847			37,565			12,717

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

108

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value				Unrealized Appreciation/ (Depreciation)*
Media & Entertainment — (continued)
Madison Square Garden Sports Corp.	Morgan Stanley		365		$	62,556		$	65,503			$	2,955
Meredith Corp.	Morgan Stanley		208			4,253			6,194				1,941
MSG Networks, Inc., Class A	Morgan Stanley		5,357			52,224			80,569				28,345
Netflix, Inc.	Morgan Stanley		169			83,826			88,161				4,335
News Corp., Class A	Morgan Stanley		42			946			1,068				126
Nexstar Media Group, Inc., Class A	Morgan Stanley		54			7,779			7,583				(196	)
TechTarget, Inc.	Morgan Stanley		52			3,780			3,611				(169	)
TEGNA, Inc.	Morgan Stanley		1,021			15,739			19,226				3,554
Twitter, Inc.	Morgan Stanley		320			17,566			20,362				2,763
Walt Disney Co. (The)	Morgan Stanley		89			16,733			16,422	��			(315	)
Warner Music Group Corp. Class A	Morgan Stanley		713			23,357			24,477				1,176

			12,689			495,987			569,284				73,536

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		28			2,919			3,030				111
Agilent Technologies, Inc.	Morgan Stanley		260			29,414			33,056				3,784
Alexion Pharmaceuticals, Inc.	Morgan Stanley		51			7,844			7,798				(46	)
Avantor, Inc.	Morgan Stanley		149			4,289			4,311				(41	)
Bausch Health Cos., Inc. (Canada)	Morgan Stanley		9			288			286				351
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		159			91,591			90,816				(775	)
Blueprint Medicines Corp.	Morgan Stanley		20			1,865			1,945				80
Denali Therapeutics, Inc.	Morgan Stanley		613			35,157			35,002				(155	)
Emergent BioSolutions, Inc.	Morgan Stanley		157			14,335			14,587				252
Essa Pharma, Inc. (Canada)	Morgan Stanley		3			90			87				(3	)
Gilead Sciences, Inc.	Morgan Stanley		143			8,876			9,242				1,112
Halozyme Therapeutics, Inc.	Morgan Stanley		729			31,446			30,392				(1,054	)
HEXO Corp. (Canada)	Morgan Stanley		4,234			30,293			27,436				(3,135	)
Horizon Therapeutics PLC (Ireland)	Morgan Stanley		938			83,676			86,334				2,657
Illumina, Inc.	Morgan Stanley		25			9,649			9,602				(48	)
ImmunoGen, Inc.	Morgan Stanley		697			6,140			5,646				(495	)
Innoviva, Inc.	Morgan Stanley		4,875			58,186			58,256				81
Jazz Pharmaceuticals PLC (Ireland)	Morgan Stanley		253			42,154			41,586				(569	)
Johnson & Johnson	Morgan Stanley		189			27,919			31,062				3,290
Luminex Corp.	Morgan Stanley		140			3,129			4,466				1,365
MacroGenics, Inc.	Morgan Stanley		237			6,975			7,548				573
Medpace Holdings, Inc.	Morgan Stanley		1			110			164				54
Merck & Co., Inc.	Morgan Stanley		270			20,475			20,814				484
Mettler-Toledo International, Inc.	Morgan Stanley		6			6,730			6,934				204
Morphic Holding, Inc.	Morgan Stanley		2			119			127				8
Ocular Therapeutix, Inc.	Morgan Stanley		734			14,541			12,045				(2,648	)
PerkinElmer, Inc.	Morgan Stanley		18			2,286			2,309				23
Pfizer, Inc.	Morgan Stanley		1,068			37,360			38,694				1,334
Precigen, Inc.	Morgan Stanley		2			13			14				—
Prestige Consumer Healthcare, Inc.	Morgan Stanley		1,079			39,358			47,562				8,323
Prothena Corp. PLC (Ireland)	Morgan Stanley		21			487			528				41
Sage Therapeutics, Inc.	Morgan Stanley		331			25,669			24,775				(894	)
Seagen, Inc.	Morgan Stanley		126			18,389			17,496				(893	)

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

109

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Thermo Fisher Scientific, Inc.	Morgan Stanley		129		$	61,577		$	58,873		$	(2,977	)
Translate Bio, Inc.	Morgan Stanley		283			6,367			4,667			(1,701	)
United Therapeutics Corp.	Morgan Stanley		171			28,066			28,603			537
Vanda Pharmaceuticals, Inc.	Morgan Stanley		10			166			150			(19	)
Waters Corp.	Morgan Stanley		92			24,885			26,144			1,267
Zoetis, Inc.	Morgan Stanley		146			23,073			22,992			(61	)

			18,398			805,906			815,379			10,417

Retailing
Abercrombie & Fitch Co., Class A	Morgan Stanley		3,386			45,970			116,174			70,203
Advance Auto Parts, Inc.	Morgan Stanley		496			74,398			91,011			18,571
Amazon.com, Inc.	Morgan Stanley		13			39,282			40,223			941
American Eagle Outfitters, Inc.	Morgan Stanley		2,837			83,389			82,954			(206	)
Asbury Automotive Group, Inc.	Morgan Stanley		1			93			196			104
AutoNation, Inc.	Morgan Stanley		24			1,231			2,237			1,006
AutoZone, Inc.	Morgan Stanley		13			14,306			18,256			3,949
Buckle, Inc. (The)	Morgan Stanley		444			10,720			17,440			7,638
Caleres, Inc.	Morgan Stanley		1			21			22			1
Citi Trends, Inc.	Morgan Stanley		36			3,158			3,016			(142	)
Dollar General Corp.	Morgan Stanley		37			7,038			7,497			459
Dollar Tree, Inc.	Morgan Stanley		387			41,460			44,296			2,836
eBay, Inc.	Morgan Stanley		352			18,269			21,556			3,365
Etsy, Inc.	Morgan Stanley		432			91,681			87,121			(4,560	)
Expedia Group, Inc.	Morgan Stanley		37			6,301			6,368			67
Floor & Decor Holdings, Inc., Class A	Morgan Stanley		4			378			382			4
Foot Locker, Inc.	Morgan Stanley		198			9,936			11,138			1,399
Gap, Inc. (The)	Morgan Stanley		1			25			30			5
Genuine Parts Co.	Morgan Stanley		97			10,603			11,212			643
Group 1 Automotive, Inc.	Morgan Stanley		139			20,952			21,933			1,016
Guess?, Inc.	Morgan Stanley		84			2,062			1,974			(88	)
Home Depot, Inc. (The)	Morgan Stanley		22			6,632			6,716			134
L Brands, Inc.	Morgan Stanley		90			4,906			5,567			867
LKQ Corp.	Morgan Stanley		39			1,625			1,651			26
Lowe’s Cos., Inc.	Morgan Stanley		63			11,313			11,981			676
Lumber Liquidators Holdings, Inc.	Morgan Stanley		587			12,987			14,745			1,861
Macy’s, Inc.	Morgan Stanley		5,402			32,735			87,458			54,723
National Vision Holdings, Inc.	Morgan Stanley		2			86			88			1
Ollie’s Bargain Outlet Holdings, Inc.	Morgan Stanley		148			12,828			12,876			48
O’Reilly Automotive, Inc.	Morgan Stanley		10			4,314			5,072			758
Overstock.com, Inc.	Morgan Stanley		64			4,122			4,241			105
Quotient Technology, Inc.	Morgan Stanley		76			1,166			1,242			75
Qurate Retail, Inc., Series A	Morgan Stanley		2,290			20,282			26,930			9,023
Shutterstock, Inc.	Morgan Stanley		714			45,732			63,575			18,067
Urban Outfitters, Inc.	Morgan Stanley		193			3,950			7,178			3,227
Wayfair, Inc., Class A	Morgan Stanley		57			18,027			17,941			(97	)

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

110

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Retailing — (continued)
Zumiez, Inc.	Morgan Stanley		125		$	3,652		$	5,363		$	1,710

			18,901			665,630			857,660			198,415

Semiconductors & Semiconductor Equipment
Alpha & Omega Semiconductor Ltd. (Bermuda)	Morgan Stanley		1			32			33			(31	)
Amkor Technology, Inc.	Morgan Stanley		39			434			925			494
Applied Materials, Inc.	Morgan Stanley		36			4,367			4,810			443
Axcelis Technologies, Inc.	Morgan Stanley		244			5,827			10,026			4,199
Broadcom, Inc.	Morgan Stanley		129			55,844			59,812			4,616
Cohu, Inc.	Morgan Stanley		262			11,120			10,962			(158	)
First Solar, Inc.	Morgan Stanley		1			61			87			26
Intel Corp.	Morgan Stanley		251			15,694			16,064			370
KLA Corp.	Morgan Stanley		22			6,562			7,269			706
Lattice Semiconductor Corp.	Morgan Stanley		1			39			45			6
MACOM Technology Solutions Holdings, Inc.	Morgan Stanley		1,842			67,820			106,873			39,053
Marvell Technology Group Ltd. (Bermuda)	Morgan Stanley		361			16,054			17,682			1,615
Maxim Integrated Products, Inc.	Morgan Stanley		32			2,862			2,924			62
NXP Semiconductors NV (Netherlands)	Morgan Stanley		162			31,311			32,617			1,297
ON Semiconductor Corp.	Morgan Stanley		77			2,891			3,204			383
Qorvo, Inc.	Morgan Stanley		9			1,591			1,644			53
QUALCOMM, Inc.	Morgan Stanley		226			30,545			29,965			(444	)
Rambus, Inc.	Morgan Stanley		342			7,063			6,648			(414	)
Skyworks Solutions, Inc.	Morgan Stanley		42			7,095			7,706			686
SMART Global Holdings, Inc. (Cayman Islands)	Morgan Stanley		8			347			368			21
Teradyne, Inc.	Morgan Stanley		26			2,970			3,164			193
Texas Instruments, Inc.	Morgan Stanley		77			12,963			14,552			1,646
Ultra Clean Holdings, Inc.	Morgan Stanley		1			22			58			36
Veeco Instruments, Inc.	Morgan Stanley		31			646			643			(4	)
Xilinx, Inc.	Morgan Stanley		41			5,099			5,080			(39	)

			4,263			289,259			343,161			54,815

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		138			34,808			38,123			3,315
ACI Worldwide, Inc.	Morgan Stanley		107			4,257			4,071			(186	)
Adobe, Inc.	Morgan Stanley		98			44,681			46,586			1,905
Amdocs, Ltd. (Guernsey)	Morgan Stanley		223			16,964			15,643			(1,243	)
Aspen Technology, Inc.	Morgan Stanley		70			9,419			10,103			684
Autodesk, Inc.	Morgan Stanley		1			264			277			13
Automatic Data Processing, Inc.	Morgan Stanley		228			37,002			42,971			6,179
Blackline, Inc.	Morgan Stanley		1			126			108			(18	)
Box, Inc., Class A	Morgan Stanley		320			6,687			7,347			660
Brightcove, Inc.	Morgan Stanley		68			1,501			1,368			(133	)
Broadridge Financial Solutions, Inc.	Morgan Stanley		253			34,080			38,734			5,011
Cadence Design Systems, Inc.	Morgan Stanley		79			10,080			10,822			742

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

111

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Software & Services — (continued)
Cardtronics PLC, Class A (United Kingdom)	Morgan Stanley		1		$	39		$	39		$	—
CDK Global, Inc.	Morgan Stanley		100			4,355			5,406			1,189
Cerence, Inc.	Morgan Stanley		268			29,393			24,007			(5,385	)
CGI, Inc. (Canada)	Morgan Stanley		387			28,015			32,206			4,197
Cornerstone OnDemand, Inc.	Morgan Stanley		646			22,481			28,153			5,706
Crowdstrike Holdings, Inc., Class A	Morgan Stanley		40			7,657			7,300			(357	)
CSG Systems International, Inc.	Morgan Stanley		931			39,659			41,793			2,766
Descartes Systems Group, Inc. (The) (Canada)	Morgan Stanley		12			730			731			1
Digital Turbine, Inc.	Morgan Stanley		98			7,324			7,875			551
Dynatrace, Inc.	Morgan Stanley		230			11,248			11,095			(153	)
Fiserv, Inc.	Morgan Stanley		264			26,536			31,427			4,890
FleetCor Technologies, Inc.	Morgan Stanley		4			1,104			1,075			(30	)
Fortinet, Inc.	Morgan Stanley		53			9,158			9,774			616
Gartner, Inc.	Morgan Stanley		29			4,580			5,294			713
Globant SA (Luxembourg)	Morgan Stanley		6			1,206			1,246			39
International Business Machines Corp.	Morgan Stanley		186			23,946			24,786			840
Jack Henry & Associates, Inc.	Morgan Stanley		98			15,782			14,869			(1,109	)
Mastercard, Inc., Class A	Morgan Stanley		9			3,226			3,204			(22	)
McAfee Corp., Class A	Morgan Stanley		18			397			409			12
Microsoft Corp.	Morgan Stanley		207			44,793			48,804			4,122
NIC, Inc.	Morgan Stanley		14			275			475			202
Open Text Corp. (Canada)	Morgan Stanley		631			26,652			30,105			3,646
Oracle Corp.	Morgan Stanley		322			20,675			22,595			1,919
Paylocity Holding Corp.	Morgan Stanley		8			1,405			1,439			33
PayPal Holdings, Inc.	Morgan Stanley		489			115,603			118,749			3,037
Perficient, Inc.	Morgan Stanley		3			175			176			1
Progress Software Corp.	Morgan Stanley		19			701			837			143
PTC, Inc.	Morgan Stanley		2			203			275			73
salesforce.com, Inc.	Morgan Stanley		142			30,371			30,086			(285	)
ServiceNow, Inc.	Morgan Stanley		5			2,388			2,501			113
Shopify, Inc., Class A (Canada)	Morgan Stanley		24			25,446			26,556			1,110
SPS Commerce, Inc.	Morgan Stanley		37			3,445			3,674			229
Sykes Enterprises, Inc.	Morgan Stanley		1			44			44			—
Synopsys, Inc.	Morgan Stanley		13			3,024			3,221			197
Teradata Corp.	Morgan Stanley		293			6,269			11,292			5,023
Trade Desk, Inc. (The), Class A	Morgan Stanley		75			53,899			48,875			(5,025	)
Tyler Technologies, Inc.	Morgan Stanley		30			12,288			12,736			447
Verint Systems, Inc.	Morgan Stanley		493			24,296			22,427			(1,870	)
VeriSign, Inc.	Morgan Stanley		114			21,991			22,659			668
Visa, Inc., Class A	Morgan Stanley		75			15,388			15,880			500
Western Union Co. (The)	Morgan Stanley		62			1,536			1,529			(7	)
Workiva, Inc.	Morgan Stanley		133			11,203			11,739			492
Xperi Holding Corp.	Morgan Stanley		136			3,111			2,961			(148	)

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

112

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Software & Services — (continued)
Zoom Video Communications, Inc., Class A	Morgan Stanley		181		$	63,009		$	58,154		$	(5,672	)

			8,475			924,895			964,631			40,341

Technology Hardware & Equipment
Apple, Inc.	Morgan Stanley		382			46,648			46,661			13
Belden, Inc.	Morgan Stanley		404			14,073			17,926			3,957
Calix, Inc.	Morgan Stanley		55			2,000			1,906			(94	)
CDW Corp.	Morgan Stanley		76			11,877			12,597			743
Cisco Systems, Inc.	Morgan Stanley		362			15,230			18,719			3,583
Cognex Corp.	Morgan Stanley		20			1,540			1,660			119
CTS Corp.	Morgan Stanley		6			184			186			2
Dell Technologies, Inc., Class C	Morgan Stanley		828			70,579			72,988			2,399
Diebold Nixdorf, Inc.	Morgan Stanley		16			222			226			4
EchoStar Corp., Class A	Morgan Stanley		2,868			83,521			68,832			(14,689	)
HP, Inc.	Morgan Stanley		1,084			26,286			34,417			8,435
II-VI, Inc.	Morgan Stanley		206			14,258			14,084			(174	)
Jabil, Inc.	Morgan Stanley		82			4,132			4,277			145
Juniper Networks, Inc.	Morgan Stanley		215			5,250			5,446			200
Lumentum Holdings, Inc.	Morgan Stanley		40			3,259			3,654			488
Methode Electronics, Inc.	Morgan Stanley		27			1,152			1,133			(18	)
NCR Corp.	Morgan Stanley		2,114			42,365			80,226			37,862
NETGEAR, Inc.	Morgan Stanley		357			12,490			14,673			2,183
NetScout Systems, Inc.	Morgan Stanley		1			28			28			—
OSI Systems, Inc.	Morgan Stanley		702			55,283			67,462			12,231
Plantronics, Inc.	Morgan Stanley		39			1,496			1,518			21
Sanmina Corp.	Morgan Stanley		28			697			1,159			462
Seagate Technology PLC (Ireland)	Morgan Stanley		100			7,455			7,675			258
SYNNEX Corp.	Morgan Stanley		16			1,711			1,837			126
TE Connectivity Ltd. (Switzerland)	Morgan Stanley		8			975			1,033			59
TTM Technologies, Inc.	Morgan Stanley		623			8,045			9,034			988
Ubiquiti, Inc.	Morgan Stanley		1			160			298			139
Viavi Solutions, Inc.	Morgan Stanley		17			262			267			5
Vontier Corp.	Morgan Stanley		781			23,062			23,641			579
Western Digital Corp.	Morgan Stanley		84			5,585			5,607			22
Zebra Technologies Corp., Class A	Morgan Stanley		9			4,188			4,367			178

			11,551			464,013			523,537			60,226

Telecommunication Services
AT&T, Inc.	Morgan Stanley		845			24,047			25,578			1,773
Iridium Communications, Inc.	Morgan Stanley		247			9,028			10,189			1,155
Lumen Technologies, Inc.	Morgan Stanley		301			3,929			4,018			119
T-Mobile US, Inc.	Morgan Stanley		83			10,423			10,399			(26	)
Verizon Communications, Inc.	Morgan Stanley		866			47,502			50,358			2,892

			2,342			94,929			100,542			5,913

Transportation
Alaska Air Group, Inc.	Morgan Stanley		343			12,412			23,739			11,326

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

113

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Transportation — (continued)
ArcBest Corp.	Morgan Stanley		1,999			$	67,606			$	140,670			$	73,383
Atlas Air Worldwide Holdings, Inc.	Morgan Stanley		954				54,362				57,660				3,298
CSX Corp.	Morgan Stanley		76				6,953				7,328				384
Expeditors International of Washington, Inc.	Morgan Stanley		10				927				1,077				149
FedEx Corp.	Morgan Stanley		162				44,141				46,015				1,881
Kansas City Southern	Morgan Stanley		1				207				264				57
Old Dominion Freight Line, Inc.	Morgan Stanley		18				4,084				4,327				243
Ryder System, Inc.	Morgan Stanley		229				12,971				17,324				4,545
Saia, Inc.	Morgan Stanley		21				4,255				4,842				603
Schneider National, Inc., Class B	Morgan Stanley		4				84				100				16
Southwest Airlines Co.	Morgan Stanley		318				18,421				19,417				996
Union Pacific Corp.	Morgan Stanley		41				8,584				9,037				463
United Parcel Service, Inc., Class B	Morgan Stanley		66				10,484				11,219				859
Werner Enterprises, Inc.	Morgan Stanley		61				2,444				2,877				439

			4,303				247,935				345,896				98,642

Utilities
AES Corp. (The)	Morgan Stanley		1,031				27,760				27,641				(119	)
Dominion Energy, Inc.	Morgan Stanley		2,192				155,606				166,504				11,643
Duke Energy Corp.	Morgan Stanley		174				15,328				16,796				1,556
Exelon Corp.	Morgan Stanley		334				13,323				14,609				1,425
IDACORP, Inc.	Morgan Stanley		209				18,513				20,894				2,869
National Fuel Gas Co.	Morgan Stanley		90				3,693				4,499				931
NextEra Energy, Inc.	Morgan Stanley		26				1,927				1,966				39
NiSource, Inc.	Morgan Stanley		3,499				77,896				84,361				7,489
NRG Energy, Inc.	Morgan Stanley		298				10,874				11,244				370
South Jersey Industries, Inc.	Morgan Stanley		227				5,215				5,126				(90	)
Southern Co. (The)	Morgan Stanley		115				6,800				7,148				371

			8,195				336,935				360,788				26,484

Total Reference Entity — Long							9,241,818				10,500,849				1,302,410

Short
Automobiles & Components
BorgWarner, Inc.	Morgan Stanley		(9,578	)			(432,972	)			(444,036	)			(12,231	)
Dana, Inc.	Morgan Stanley		(2,137	)			(47,829	)			(51,993	)			(4,677	)
Fox Factory Holding Corp.	Morgan Stanley		(1,516	)			(174,878	)			(192,623	)			(17,898	)
LCI Industries	Morgan Stanley		(701	)			(81,526	)			(92,728	)			(13,280	)
Lear Corp.	Morgan Stanley		(761	)			(124,226	)			(137,931	)			(15,086	)
Patrick Industries, Inc.	Morgan Stanley		(1,315	)			(85,825	)			(111,775	)			(26,640	)
Thor Industries, Inc.	Morgan Stanley		(1,083	)			(139,329	)			(145,924	)			(7,154	)
Workhorse Group, Inc.	Morgan Stanley		(16,591	)			(244,180	)			(228,458	)			15,509

			(33,682	)			(1,330,765	)			(1,405,468	)			(81,457	)

Capital Goods
AAR Corp.	Morgan Stanley		(1	)			(41	)			(42	)			(1	)
Aerojet Rocketdyne Holdings, Inc.	Morgan Stanley		(194	)			(10,272	)			(9,110	)			(566	)

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

114

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
Allegion PLC (Ireland)	Morgan Stanley		(272	)		$	(33,625	)		$	(34,169	)		$	(652	)
American Woodmark Corp.	Morgan Stanley		(198	)			(18,192	)			(19,519	)			(1,417	)
Arcosa, Inc.	Morgan Stanley		(528	)			(32,248	)			(34,368	)			(2,147	)
Armstrong World Industries, Inc.	Morgan Stanley		(1,151	)			(92,106	)			(103,694	)			(12,700	)
Astec Industries, Inc.	Morgan Stanley		(702	)			(37,838	)			(52,945	)			(15,631	)
Barnes Group, Inc.	Morgan Stanley		(223	)			(12,126	)			(11,047	)			1,070
Beacon Roofing Supply, Inc.	Morgan Stanley		(364	)			(12,807	)			(19,044	)			(6,846	)
Boeing Co. (The)	Morgan Stanley		(272	)			(70,190	)			(69,284	)			(411	)
Builders FirstSource, Inc.	Morgan Stanley		(760	)			(31,807	)			(35,241	)			(4,312	)
BWX Technologies, Inc.	Morgan Stanley		(528	)			(34,014	)			(34,816	)			(832	)
CAE, Inc. (Canada)	Morgan Stanley		(331	)			(9,168	)			(9,430	)			(282	)
Carrier Global Corp.	Morgan Stanley		(5,570	)			(227,332	)			(235,165	)			(8,031	)
Chart Industries, Inc.	Morgan Stanley		(1,149	)			(167,344	)			(163,560	)			3,394
Comfort Systems Usa, Inc.	Morgan Stanley		(242	)			(16,047	)			(18,094	)			(2,258	)
Construction Partners, Inc., Class A	Morgan Stanley		(1,522	)			(34,955	)			(45,477	)			(10,553	)
CSW Industrials, Inc.	Morgan Stanley		(64	)			(8,313	)			(8,640	)			(335	)
EnerSys	Morgan Stanley		(573	)			(43,022	)			(52,028	)			(9,896	)
Evoqua Water Technologies Corp.	Morgan Stanley		(3,327	)			(90,603	)			(87,500	)			3,024
Fluor Corp.	Morgan Stanley		(7,792	)			(167,247	)			(179,917	)			(12,816	)
FuelCell Energy, Inc.	Morgan Stanley		(31,719	)			(458,179	)			(457,071	)			223
GATX Corp.	Morgan Stanley		(605	)			(52,643	)			(56,108	)			(4,218	)
Helios Technologies, Inc.	Morgan Stanley		(792	)			(35,339	)			(57,713	)			(22,538	)
Hexcel Corp.	Morgan Stanley		(4,182	)			(213,534	)			(234,192	)			(22,689	)
Hillenbrand, Inc.	Morgan Stanley		(1,201	)			(38,852	)			(57,300	)			(20,021	)
Hyster-Yale Materials Handling, Inc.	Morgan Stanley		(595	)			(24,397	)			(51,836	)			(28,030	)
IDEX Corp.	Morgan Stanley		(47	)			(9,855	)			(9,838	)			8
Kaman Corp.	Morgan Stanley		(422	)			(23,001	)			(21,644	)			1,203
Kennametal, Inc.	Morgan Stanley		(6,941	)			(212,514	)			(277,432	)			(67,899	)
Kratos Defense & Security Solutions, Inc.	Morgan Stanley		(3,628	)			(74,068	)			(98,972	)			(26,007	)
L3Harris Technologies, Inc.	Morgan Stanley		(167	)			(33,311	)			(33,848	)			(574	)
Maxar Technologies, Inc.	Morgan Stanley		(1,909	)			(76,779	)			(72,198	)			4,198
Mercury Systems, Inc.	Morgan Stanley		(35	)			(2,428	)			(2,473	)			(47	)
Meritor, Inc.	Morgan Stanley		(4,624	)			(110,076	)			(136,038	)			(26,708	)
Mueller Water Products, Inc., Class A	Morgan Stanley		(5,185	)			(57,398	)			(72,020	)			(15,564	)
Navistar International Corp.	Morgan Stanley		(1,510	)			(66,561	)			(66,485	)			15
NV5 Global, Inc.	Morgan Stanley		(694	)			(36,116	)			(67,020	)			(31,374	)
Parsons Corp.	Morgan Stanley		(821	)			(29,841	)			(33,201	)			(3,497	)
PGT Innovations, Inc.	Morgan Stanley		(2,185	)			(42,953	)			(55,171	)			(12,300	)
Proto Labs, Inc.	Morgan Stanley		(1,026	)			(191,001	)			(124,916	)			65,919
Raytheon Technologies Corp.	Morgan Stanley		(545	)			(38,249	)			(42,112	)			(5,332	)
RBC Bearings, Inc.	Morgan Stanley		(48	)			(9,567	)			(9,445	)			106
Resideo Technologies, Inc.	Morgan Stanley		(2,811	)			(39,776	)			(79,411	)			(41,135	)
REV Group, Inc.	Morgan Stanley		(2,912	)			(23,363	)			(55,794	)			(32,870	)
Spirit AeroSystems Holdings, Inc., Class A	Morgan Stanley		(5,143	)			(195,282	)			(250,207	)			(56,979	)
SPX Corp.	Morgan Stanley		(611	)			(34,924	)			(35,603	)			(733	)

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

115

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
Sunrun, Inc.	Morgan Stanley		(2,989	)		$	(214,495	)		$	(180,775	)		$	32,801
Terex Corp.	Morgan Stanley		(302	)			(9,376	)			(13,913	)			(5,552	)
Trex Co., Inc.	Morgan Stanley		(2,032	)			(158,677	)			(186,009	)			(29,103	)
Triumph Group, Inc.	Morgan Stanley		(2,414	)			(34,077	)			(44,369	)			(10,637	)
Univar Solutions, Inc.	Morgan Stanley		(2,655	)			(55,178	)			(57,189	)			(2,059	)
Vicor Corp.	Morgan Stanley		(1,283	)			(112,981	)			(109,094	)			3,858
Virgin Galactic Holdings, Inc.	Morgan Stanley		(2,847	)			(90,609	)			(87,204	)			2,940
Welbilt, Inc.	Morgan Stanley		(12,237	)			(158,247	)			(198,851	)			(40,742	)
WESCO International, Inc.	Morgan Stanley		(2,687	)			(129,669	)			(232,506	)			(103,681	)
Westport Fuel Systems, Inc. (Canada)	Morgan Stanley		(5,086	)			(40,322	)			(36,568	)			3,718
WillScot Mobile Mini Holdings Corp.	Morgan Stanley		(616	)			(13,984	)			(17,094	)			(3,498	)

			(141,269	)			(4,296,919	)			(4,844,710	)			(580,996	)

Commercial & Professional Services
ADT, Inc.	Morgan Stanley		(6,964	)			(55,176	)			(58,776	)			(3,712	)
Casella Waste Systems, Inc., Class A	Morgan Stanley		(245	)			(15,229	)			(15,575	)			(382	)
Clarivate PLC (Jersey)	Morgan Stanley		(2,353	)			(58,740	)			(62,096	)			(3,406	)
Dun & Bradstreet Holdings, Inc.	Morgan Stanley		(1,666	)			(40,558	)			(39,667	)			859
Exponent, Inc.	Morgan Stanley		(248	)			(23,768	)			(24,167	)			(509	)
Forrester Research, Inc.	Morgan Stanley		(496	)			(17,965	)			(21,070	)			(3,142	)
Harsco Corp.	Morgan Stanley		(4,941	)			(72,015	)			(84,738	)			(12,821	)
Insperity, Inc.	Morgan Stanley		(1,043	)			(80,520	)			(87,341	)			(7,904	)
KAR Auction Services, Inc.	Morgan Stanley		(6,835	)			(103,615	)			(102,525	)			1,000
KBR, Inc.	Morgan Stanley		(1,191	)			(39,536	)			(45,722	)			(6,221	)
Kelly Services, Inc., Class A	Morgan Stanley		(14	)			(310	)			(312	)			(3	)
MSA Safety, Inc.	Morgan Stanley		(147	)			(22,443	)			(22,053	)			177
Pitney Bowes, Inc.	Morgan Stanley		(2,730	)			(25,868	)			(22,495	)			3,256
US Ecology, Inc.	Morgan Stanley		(1,965	)			(74,139	)			(81,823	)			(7,827	)
Viad Corp.	Morgan Stanley		(528	)			(20,808	)			(22,044	)			(1,254	)
Waste Management, Inc.	Morgan Stanley		(2,132	)			(255,453	)			(275,071	)			(20,495	)

			(33,498	)			(906,143	)			(965,475	)			(62,384	)

Consumer Durables & Apparel
Callaway Golf Co.	Morgan Stanley		(308	)			(6,637	)			(8,239	)			(2,441	)
Canada Goose Holdings, Inc. (Canada) .	Morgan Stanley		(1,881	)			(67,613	)			(73,829	)			(6,646	)
Columbia Sportswear Co.	Morgan Stanley		(430	)			(39,800	)			(45,421	)			(5,974	)
GoPro, Inc., Class A	Morgan Stanley		(10,085	)			(90,311	)			(117,389	)			(27,157	)
Installed Building Products, Inc.	Morgan Stanley		(349	)			(42,823	)			(38,697	)			4,034
Lululemon Athletica, Inc.	Morgan Stanley		(104	)			(32,518	)			(31,898	)			829
Malibu Boats, Inc., Class A	Morgan Stanley		(857	)			(61,404	)			(68,286	)			(7,416	)
Oxford Industries, Inc.	Morgan Stanley		(331	)			(26,341	)			(28,936	)			(2,630	)
Purple Innovation, Inc.	Morgan Stanley		(4,968	)			(172,480	)			(157,237	)			15,093
Ralph Lauren Corp.	Morgan Stanley		(2,191	)			(248,414	)			(269,844	)			(22,906	)
Skechers U.S.A., Inc., Class A	Morgan Stanley		(5,027	)			(179,023	)			(209,676	)			(32,575	)
Under Armour, Inc., Class C	Morgan Stanley		(1,078	)			(12,729	)			(19,900	)			(7,774	)

			(27,609	)			(980,093	)			(1,069,352	)			(95,563	)

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

116

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Consumer Services
Aramark	Morgan Stanley		(1,335	)		$	(50,927	)		$	(50,436	)		$	167
Bally’s Corp.	Morgan Stanley		(687	)			(46,174	)			(44,641	)			1,492
Bright Horizons Family Solutions, Inc.	Morgan Stanley		(1,897	)			(303,765	)			(325,241	)			(21,799	)
Brinker International, Inc.	Morgan Stanley		(1,147	)			(75,314	)			(81,506	)			(6,928	)
Caesars Entertainment, Inc.	Morgan Stanley		(678	)			(46,098	)			(59,291	)			(13,895	)
Carnival Corp. (Panama)	Morgan Stanley		(7,634	)			(175,572	)			(202,606	)			(27,188	)
Cheesecake Factory, Inc. (The)	Morgan Stanley		(1,592	)			(51,253	)			(93,148	)			(45,672	)
Churchill Downs, Inc.	Morgan Stanley		(232	)			(48,774	)			(52,761	)			(4,470	)
Cracker Barrel Old Country Store, Inc.	Morgan Stanley		(924	)			(119,511	)			(159,741	)			(42,274	)
Darden Restaurants, Inc.	Morgan Stanley		(326	)			(46,748	)			(46,292	)			415
Dave & Buster’s Entertainment, Inc.	Morgan Stanley		(3,837	)			(71,269	)			(183,792	)			(119,957	)
Denny’s Corp.	Morgan Stanley		(6,573	)			(94,960	)			(119,037	)			(24,733	)
frontdoor, Inc.	Morgan Stanley		(502	)			(27,609	)			(26,983	)			543
Hilton Worldwide Holdings, Inc.	Morgan Stanley		(1,083	)			(127,596	)			(130,956	)			(3,945	)
International Game Technology PLC (United Kingdom)	Morgan Stanley		(3,340	)			(60,016	)			(53,607	)			6,357
Las Vegas Sands Corp.	Morgan Stanley		(899	)			(51,524	)			(54,623	)			(3,145	)
MGM Resorts International	Morgan Stanley		(508	)			(19,606	)			(19,299	)			271
Monarch Casino & Resort, Inc.	Morgan Stanley		(885	)			(41,614	)			(53,649	)			(12,099	)
Restaurant Brands International, Inc. (Canada)	Morgan Stanley		(1,183	)			(75,319	)			(76,895	)			(2,519	)
Starbucks Corp.	Morgan Stanley		(498	)			(54,761	)			(54,417	)			296
Stride, Inc.	Morgan Stanley		(3,400	)			(120,381	)			(102,374	)			17,589
Texas Roadhouse, Inc.	Morgan Stanley		(92	)			(8,848	)			(8,827	)			(4	)
Vail Resorts, Inc.	Morgan Stanley		(1	)			(288	)			(292	)			(4	)

			(39,253	)			(1,717,927	)			(2,000,414	)			(301,502	)

Diversified Financials
Cboe Global Markets, Inc.	Morgan Stanley		(295	)			(30,138	)			(29,114	)			1,092
CME Group, Inc.	Morgan Stanley		(479	)			(100,221	)			(97,826	)			1,814
Franklin Resources, Inc.	Morgan Stanley		(5,645	)			(154,693	)			(167,092	)			(16,017	)
SEI Investments Co.	Morgan Stanley		(87	)			(5,341	)			(5,301	)			36

			(6,506	)			(290,393	)			(299,333	)			(13,075	)

Energy
Archrock, Inc.	Morgan Stanley		(3,479	)			(22,683	)			(33,016	)			(11,579	)
Baker Hughes Co.	Morgan Stanley		(766	)			(18,843	)			(16,553	)			2,906
Canadian Natural Resources Ltd. (Canada)	Morgan Stanley		(5,209	)			(155,392	)			(160,802	)			(7,359	)
ChampionX Corp.	Morgan Stanley		(681	)			(6,067	)			(14,798	)			(9,445	)
Cheniere Energy, Inc.	Morgan Stanley		(3,043	)			(219,432	)			(219,126	)			(619	)
Chevron Corp.	Morgan Stanley		(3,708	)			(387,485	)			(388,561	)			(2,551	)
ConocoPhillips	Morgan Stanley		(99	)			(5,254	)			(5,244	)			20
Continental Resources, Inc./Ok	Morgan Stanley		(2,312	)			(55,502	)			(59,812	)			(5,030	)
Crescent Point Energy Corp. (Canada)	Morgan Stanley		(7,631	)			(32,168	)			(31,821	)			242
Delek US Holdings, Inc.	Morgan Stanley		(7,560	)			(118,919	)			(164,657	)			(47,643	)
Dril-Quip, Inc.	Morgan Stanley		(547	)			(18,586	)			(18,177	)			393
Enbridge, Inc. (Canada)	Morgan Stanley		(785	)			(28,859	)			(28,574	)			248

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

117

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Energy — (continued)
Enerplus Corp. (Canada)	Morgan Stanley		(32	)		$	(160	)		$	(160	)		$	(1	)
EOG Resources, Inc.	Morgan Stanley		(6,340	)			(434,677	)			(459,840	)			(31,082	)
Equitrans Midstream Corp.	Morgan Stanley		(2,649	)			(21,016	)			(21,616	)			(724	)
Imperial Oil Ltd. (Canada)	Morgan Stanley		(413	)			(8,758	)			(9,986	)			(1,332	)
Liberty Oilfield Services, Inc., Class A	Morgan Stanley		(1,823	)			(21,604	)			(20,582	)			1,004
NexTier Oilfield Solutions, Inc.	Morgan Stanley		(3,342	)			(8,255	)			(12,432	)			(4,255	)
Ovintiv, Inc.	Morgan Stanley		(371	)			(4,152	)			(8,837	)			(6,955	)
PDC Energy, Inc.	Morgan Stanley		(1,941	)			(29,775	)			(66,770	)			(39,808	)
Pembina Pipeline Corp. (Canada)	Morgan Stanley		(10,315	)			(256,986	)			(297,485	)			(54,907	)
Phillips 66	Morgan Stanley		(833	)			(68,856	)			(67,923	)			873
RPC, Inc.	Morgan Stanley		(4,170	)			(12,745	)			(22,518	)			(9,831	)
Schlumberger NV (Curacao)	Morgan Stanley		(1,105	)			(29,179	)			(30,045	)			(1,374	)
Southwestern Energy Co.	Morgan Stanley		(100,346	)			(324,819	)			(466,609	)			(142,073	)
Talos Energy, Inc.	Morgan Stanley		(1,336	)			(17,323	)			(16,086	)			1,222

			(170,836	)			(2,307,495	)			(2,642,030	)			(369,660	)

Food & Staples Retailing
Chefs’ Warehouse, Inc. (The)	Morgan Stanley		(2,072	)			(56,829	)			(63,113	)			(6,333	)
Grocery Outlet Holding Corp.	Morgan Stanley		(5,117	)			(216,036	)			(188,766	)			27,575
Performance Food Group Co.	Morgan Stanley		(1,914	)			(72,921	)			(110,266	)			(39,434	)
Rite Aid Corp.	Morgan Stanley		(1,525	)			(29,103	)			(31,201	)			(2,840	)
US Foods Holding Corp.	Morgan Stanley		(2,908	)			(111,145	)			(110,853	)			195

			(13,536	)			(486,034	)			(504,199	)			(20,837	)

Food, Beverage & Tobacco
Beyond Meat, Inc.	Morgan Stanley		(193	)			(34,217	)			(25,113	)			12,921
Boston Beer Co., Inc. (The), Class A	Morgan Stanley		(2	)			(2,325	)			(2,413	)			(90	)
Calavo Growers, Inc.	Morgan Stanley		(974	)			(62,465	)			(75,621	)			(14,562	)
Celsius Holdings, Inc.	Morgan Stanley		(1,857	)			(86,400	)			(89,229	)			(2,904	)
Freshpet, Inc.	Morgan Stanley		(208	)			(31,413	)			(33,033	)			(1,836	)
Hershey Co. (The)	Morgan Stanley		(160	)			(25,320	)			(25,306	)			(94	)
J&J Snack Foods Corp.	Morgan Stanley		(354	)			(51,816	)			(55,589	)			(4,488	)
Keurig Dr Pepper, Inc.	Morgan Stanley		(879	)			(30,385	)			(30,211	)			(58	)
McCormick & Co., Inc., non-voting shares	Morgan Stanley		(808	)			(72,494	)			(72,041	)			389
MGP Ingredients, Inc.	Morgan Stanley		(905	)			(34,924	)			(53,531	)			(19,219	)
Pilgrim’s Pride Corp.	Morgan Stanley		(2,524	)			(41,178	)			(60,046	)			(19,545	)
Primo Water Corp. (Canada)	Morgan Stanley		(2,121	)			(33,471	)			(34,487	)			(1,191	)
Sanderson Farms, Inc.	Morgan Stanley		(244	)			(28,948	)			(38,010	)			(10,199	)
Tootsie Roll Industries, Inc.	Morgan Stanley		(111	)			(3,706	)			(3,677	)			27
Universal Corp.	Morgan Stanley		(207	)			(9,097	)			(12,211	)			(3,571	)
Village Farms International, Inc. (Canada)	Morgan Stanley		(5,342	)			(74,348	)			(70,675	)			3,608

			(16,889	)			(622,507	)			(681,193	)			(60,812	)

Health Care Equipment & Services
AMN Healthcare Services, Inc.	Morgan Stanley		(127	)			(9,626	)			(9,360	)			261
Anthem, Inc.	Morgan Stanley		(246	)			(89,265	)			(88,302	)			885

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

118

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
AtriCure, Inc.	Morgan Stanley		(341	)		$	(16,295	)		$	(22,342	)		$	(6,543	)
Avanos Medical, Inc.	Morgan Stanley		(469	)			(15,695	)			(20,514	)			(4,966	)
Axogen, Inc.	Morgan Stanley		(2,629	)			(31,338	)			(53,264	)			(22,110	)
Baxter International, Inc.	Morgan Stanley		(144	)			(12,287	)			(12,145	)			467
Brookdale Senior Living, Inc.	Morgan Stanley		(5,378	)			(19,297	)			(32,537	)			(13,415	)
Cantel Medical Corp.	Morgan Stanley		(315	)			(20,870	)			(25,150	)			(4,461	)
Cardinal Health, Inc.	Morgan Stanley		(3,734	)			(198,743	)			(226,840	)			(30,811	)
Cardiovascular Systems, Inc.	Morgan Stanley		(1,334	)			(46,865	)			(51,146	)			(4,322	)
Castle Biosciences, Inc.	Morgan Stanley		(405	)			(25,967	)			(27,726	)			(1,782	)
Cigna Corp.	Morgan Stanley		(1,138	)			(273,213	)			(275,100	)			(2,891	)
Covetrus, Inc.	Morgan Stanley		(3,876	)			(116,753	)			(116,164	)			260
CryoPort, Inc.	Morgan Stanley		(1,250	)			(67,562	)			(65,012	)			2,491
Dexcom, Inc.	Morgan Stanley		(29	)			(11,856	)			(10,422	)			2,184
Evolent Health, Inc., Class A	Morgan Stanley		(5,999	)			(85,966	)			(121,180	)			(35,731	)
Glaukos Corp.	Morgan Stanley		(372	)			(17,793	)			(31,222	)			(14,988	)
GoodRx Holdings, Inc., Class A	Morgan Stanley		(164	)			(6,352	)			(6,399	)			(58	)
Guardant Health, Inc.	Morgan Stanley		(1,338	)			(192,670	)			(204,246	)			(13,699	)
Haemonetics Corp.	Morgan Stanley		(933	)			(101,697	)			(103,572	)			(2,568	)
Health Catalyst, Inc.	Morgan Stanley		(56	)			(2,607	)			(2,619	)			(14	)
HealthEquity, Inc.	Morgan Stanley		(1,228	)			(100,069	)			(83,504	)			16,898
Humana, Inc.	Morgan Stanley		(105	)			(44,316	)			(44,021	)			215
Inari Medical, Inc.	Morgan Stanley		(527	)			(53,551	)			(56,389	)			(3,178	)
Insulet Corp.	Morgan Stanley		(551	)			(143,522	)			(143,767	)			(533	)
Integer Holdings Corp.	Morgan Stanley		(280	)			(25,293	)			(25,788	)			(548	)
Integra LifeSciences Holdings Corp.	Morgan Stanley		(1,043	)			(66,725	)			(72,061	)			(5,853	)
Intersect ENT, Inc.	Morgan Stanley		(1,785	)			(34,486	)			(37,271	)			(2,827	)
Lantheus Holdings, Inc.	Morgan Stanley		(1,364	)			(25,438	)			(29,149	)			(3,733	)
LivaNova PLC (United Kingdom)	Morgan Stanley		(1,599	)			(79,201	)			(117,894	)			(40,776	)
Masimo Corp.	Morgan Stanley		(268	)			(66,968	)			(61,549	)			5,609
Mesa Laboratories, Inc.	Morgan Stanley		(188	)			(47,457	)			(45,778	)			1,601
Neogen Corp.	Morgan Stanley		(116	)			(9,948	)			(10,311	)			(372	)
NuVasive, Inc.	Morgan Stanley		(1,386	)			(81,718	)			(90,866	)			(9,898	)
OraSure Technologies, Inc.	Morgan Stanley		(4,043	)			(47,248	)			(47,182	)			12
OrthoPediatrics Corp.	Morgan Stanley		(438	)			(21,248	)			(21,352	)			(123	)
PetIQ, Inc.	Morgan Stanley		(3,535	)			(124,962	)			(124,644	)			215
Progyny, Inc.	Morgan Stanley		(218	)			(6,664	)			(9,703	)			(3,959	)
RadNet, Inc.	Morgan Stanley		(2,370	)			(36,000	)			(51,548	)			(15,625	)
Schrodinger, Inc.	Morgan Stanley		(255	)			(17,607	)			(19,454	)			(1,940	)
Silk Road Medical, Inc.	Morgan Stanley		(1,048	)			(61,398	)			(53,081	)			8,312
SmileDirectClub, Inc.	Morgan Stanley		(2,694	)			(33,078	)			(27,775	)			5,763
STERIS PLC (Ireland)	Morgan Stanley		(123	)			(23,396	)			(23,429	)			(110	)
Surgery Partners, Inc.	Morgan Stanley		(2,425	)			(63,961	)			(107,330	)			(44,710	)
Tabula Rasa HealthCare, Inc.	Morgan Stanley		(3,634	)			(183,682	)			(167,346	)			15,992
Tactile Systems Technology, Inc.	Morgan Stanley		(695	)			(25,760	)			(37,871	)			(12,197	)
Teleflex, Inc.	Morgan Stanley		(65	)			(26,456	)			(27,005	)			(716	)
US Physical Therapy, Inc.	Morgan Stanley		(126	)			(11,903	)			(13,117	)			(1,330	)

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

119

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
Varex Imaging Corp.	Morgan Stanley		(581	)		$	(9,100	)		$	(11,905	)		$	(2,863	)

			(62,967	)			(2,833,872	)			(3,066,352	)			(248,485	)

Household & Personal Products
Church & Dwight Co., Inc.	Morgan Stanley		(918	)			(79,298	)			(80,187	)			(958	)
Reynolds Consumer Products, Inc.	Morgan Stanley		(788	)			(23,051	)			(23,467	)			(467	)

			(1,706	)			(102,349	)			(103,654	)			(1,425	)

Materials
Air Products & Chemicals, Inc.	Morgan Stanley		(460	)			(125,965	)			(129,416	)			(5,330	)
Alcoa Corp.	Morgan Stanley		(3,777	)			(81,743	)			(122,715	)			(49,244	)
Amyris, Inc.	Morgan Stanley		(7,080	)			(93,068	)			(135,228	)			(49,864	)
Ball Corp.	Morgan Stanley		(776	)			(69,984	)			(65,758	)			4,080
Celanese Corp.	Morgan Stanley		(98	)			(13,071	)			(14,681	)			(2,188	)
Cleveland-Cliffs, Inc.	Morgan Stanley		(727	)			(11,354	)			(14,620	)			(3,443	)
Element Solutions, Inc.	Morgan Stanley		(2,762	)			(49,641	)			(50,517	)			(1,684	)
Equinox Gold Corp. (Canada)	Morgan Stanley		(10,967	)			(141,239	)			(87,626	)			53,490
GCP Applied Technologies, Inc.	Morgan Stanley		(349	)			(9,332	)			(8,565	)			782
Graphic Packaging Holding Co.	Morgan Stanley		(3,073	)			(50,649	)			(55,806	)			(5,499	)
Hudbay Minerals, Inc. (Canada)	Morgan Stanley		(2,664	)			(12,095	)			(18,302	)			(6,436	)
Huntsman Corp.	Morgan Stanley		(802	)			(22,649	)			(23,122	)			(666	)
Kirkland Lake Gold Ltd. (Canada)	Morgan Stanley		(6,163	)			(283,737	)			(208,309	)			72,664
Kronos Worldwide, Inc.	Morgan Stanley		(53	)			(802	)			(811	)			(10	)
Livent Corp.	Morgan Stanley		(4,645	)			(41,805	)			(80,451	)			(39,972	)
LyondellBasell Industries NV, Class A (Netherlands)	Morgan Stanley		(1,595	)			(160,964	)			(165,960	)			(10,268	)
MAG Silver Corp. (Canada)	Morgan Stanley		(266	)			(3,996	)			(3,993	)			—
Materion Corp.	Morgan Stanley		(44	)			(2,957	)			(2,915	)			39
Methanex Corp. (Canada)	Morgan Stanley		(3,876	)			(89,923	)			(142,637	)			(54,037	)
Novagold Resources, Inc. (Canada)	Morgan Stanley		(5,259	)			(57,671	)			(46,069	)			11,638
Nucor Corp.	Morgan Stanley		(1,385	)			(97,615	)			(111,174	)			(14,130	)
Olin Corp.	Morgan Stanley		(2,057	)			(34,643	)			(78,104	)			(45,532	)
Quaker Chemical Corp.	Morgan Stanley		(207	)			(41,052	)			(50,460	)			(9,983	)
Seabridge Gold, Inc. (Canada)	Morgan Stanley		(51	)			(818	)			(825	)			(8	)
Steel Dynamics, Inc.	Morgan Stanley		(6,001	)			(216,631	)			(304,611	)			(95,544	)
Stepan Co.	Morgan Stanley		(73	)			(9,073	)			(9,279	)			(233	)
Teck Resources Ltd., Class B (Canada) .	Morgan Stanley		(5,162	)			(102,952	)			(99,007	)			2,830
Tronox Holdings PLC, Class A (United Kingdom)	Morgan Stanley		(8,814	)			(83,557	)			(161,296	)			(80,983	)
Valvoline, Inc.	Morgan Stanley		(6,589	)			(164,937	)			(171,775	)			(7,409	)
Warrior Met Coal, Inc.	Morgan Stanley		(5,056	)			(83,440	)			(86,609	)			(3,770	)
Westlake Chemical Corp.	Morgan Stanley		(558	)			(41,544	)			(49,545	)			(10,107	)

			(91,389	)			(2,198,907	)			(2,500,186	)			(350,817	)

Media & Entertainment
Angi, Inc.	Morgan Stanley		(14,981	)			(196,842	)			(194,753	)			1,062
Boston Omaha Corp., Class A	Morgan Stanley		(5	)			(164	)			(148	)			16
Cardlytics, Inc.	Morgan Stanley		(408	)			(50,176	)			(44,758	)			5,374

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

120

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Media & Entertainment — (continued)
Cars.com, Inc.	Morgan Stanley		(1,250	)		$	(14,990	)		$	(16,200	)		$	(1,317	)
Cinemark Holdings, Inc.	Morgan Stanley		(12,727	)			(230,511	)			(259,758	)			(29,449	)
Clear Channel Outdoor Holdings, Inc.	Morgan Stanley		(4,384	)			(8,538	)			(7,891	)			640
Discovery, Inc., Class A	Morgan Stanley		(228	)			(11,723	)			(9,909	)			(9,367	)
Eventbrite, Inc., Class A	Morgan Stanley		(866	)			(9,716	)			(19,190	)			(10,210	)
EW Scripps Co. (The), Class A	Morgan Stanley		(3,555	)			(40,207	)			(68,505	)			(29,063	)
iHeartMedia, Inc., Class A	Morgan Stanley		(1,555	)			(26,068	)			(28,223	)			(2,178	)
Live Nation Entertainment, Inc.	Morgan Stanley		(605	)			(44,812	)			(51,213	)			(7,055	)
Loral Space & Communications, Inc.	Morgan Stanley		(310	)			(12,224	)			(11,678	)			451
Madison Square Garden Entertainment Corp.	Morgan Stanley		(458	)			(45,836	)			(37,464	)			8,332
Shaw Communications, Inc., Class B (Canada)	Morgan Stanley		(867	)			(23,365	)			(22,733	)			611
Sinclair Broadcast Group, Inc., Class A	Morgan Stanley		(370	)			(7,622	)			(10,826	)			(3,824	)
TripAdvisor, Inc.	Morgan Stanley		(1,744	)			(41,710	)			(93,810	)			(62,573	)
World Wrestling Entertainment, Inc., Class A	Morgan Stanley		(277	)			(15,874	)			(15,030	)			889
Yelp, Inc.	Morgan Stanley		(1,094	)			(27,285	)			(42,666	)			(16,513	)
ZoomInfo Technologies, Inc., Class A	Morgan Stanley		(1,492	)			(80,750	)			(72,959	)			7,782
Zynga, Inc., Class A	Morgan Stanley		(15,462	)			(167,197	)			(157,867	)			7,460

			(62,638	)			(1,055,610	)			(1,165,581	)			(138,932	)

Pharmaceuticals, Biotechnology & Life Sciences
ACADIA Pharmaceuticals, Inc.	Morgan Stanley		(466	)			(12,379	)			(12,023	)			343
Adaptive Biotechnologies Corp.	Morgan Stanley		(3,017	)			(140,133	)			(121,464	)			18,546
Alkermes PLC (Ireland)	Morgan Stanley		(172	)			(3,578	)			(3,213	)			517
Amneal Pharmaceuticals, Inc.	Morgan Stanley		(3,323	)			(14,404	)			(22,364	)			(8,231	)
Arcturus Therapeutics Holdings, Inc.	Morgan Stanley		(629	)			(49,578	)			(25,978	)			23,557
Arvinas, Inc.	Morgan Stanley		(2,323	)			(86,697	)			(153,550	)			(66,929	)
Axsome Therapeutics, Inc.	Morgan Stanley		(926	)			(70,024	)			(52,430	)			17,585
Berkeley Lights, Inc.	Morgan Stanley		(1,280	)			(64,867	)			(64,294	)			516
Bruker Corp.	Morgan Stanley		(674	)			(37,589	)			(43,325	)			(6,157	)
Catalent, Inc.	Morgan Stanley		(1,095	)			(127,454	)			(115,315	)			12,206
Codexis, Inc.	Morgan Stanley		(3,615	)			(50,416	)			(82,747	)			(32,662	)
Editas Medicine, Inc.	Morgan Stanley		(1,783	)			(77,406	)			(74,886	)			2,448
Elanco Animal Health, Inc.	Morgan Stanley		(7,778	)			(237,956	)			(229,062	)			9,077
Epizyme, Inc.	Morgan Stanley		(1,600	)			(20,991	)			(13,936	)			7,036
Exelixis, Inc.	Morgan Stanley		(5,459	)			(120,952	)			(123,319	)			(2,651	)
Heron Therapeutics, Inc.	Morgan Stanley		(11	)			(203	)			(178	)			20
Intra-Cellular Therapies, Inc.	Morgan Stanley		(388	)			(12,509	)			(13,165	)			(667	)
Invitae Corp.	Morgan Stanley		(3,991	)			(161,875	)			(152,496	)			7,074
Ionis Pharmaceuticals, Inc.	Morgan Stanley		(1,476	)			(77,128	)			(66,361	)			10,641
Iovance Biotherapeutics, Inc.	Morgan Stanley		(1,468	)			(49,038	)			(46,477	)			2,451
Kura Oncology, Inc.	Morgan Stanley		(90	)			(2,398	)			(2,544	)			(195	)
Myovant Sciences Ltd. (Bermuda)	Morgan Stanley		(531	)			(12,072	)			(10,928	)			1,136
NanoString Technologies, Inc.	Morgan Stanley		(531	)			(22,127	)			(34,892	)			(13,389	)
NeoGenomics, Inc.	Morgan Stanley		(523	)			(20,573	)			(25,224	)			(4,951	)

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

121

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Perrigo Co. PLC (Ireland)	Morgan Stanley		(924	)		$	(48,325	)		$	(37,394	)		$	10,452
Personalis, Inc.	Morgan Stanley		(2,709	)			(69,988	)			(66,669	)			3,259
Phathom Pharmaceuticals, Inc.	Morgan Stanley		(175	)			(7,420	)			(6,573	)			840
PRA Health Sciences, Inc.	Morgan Stanley		(489	)			(53,725	)			(74,978	)			(21,953	)
Reata Pharmaceuticals, Inc., Class A	Morgan Stanley		(701	)			(75,023	)			(69,890	)			5,150
Repligen Corp.	Morgan Stanley		(344	)			(67,043	)			(66,877	)			(154	)
Revance Therapeutics, Inc.	Morgan Stanley		(563	)			(14,883	)			(15,736	)			(876	)
Sangamo Therapeutics, Inc.	Morgan Stanley		(1,070	)			(12,493	)			(13,407	)			(987	)
Sorrento Therapeutics, Inc.	Morgan Stanley		(9,698	)			(95,757	)			(80,203	)			15,334
Syneos Health, Inc.	Morgan Stanley		(938	)			(71,691	)			(71,147	)			481
Theravance Biopharma, Inc. (Cayman Islands)	Morgan Stanley		(4,358	)			(81,538	)			(88,947	)			(7,482	)
Twist Bioscience Corp.	Morgan Stanley		(147	)			(16,638	)			(18,207	)			(1,673	)
Viatris, Inc.	Morgan Stanley		(21,069	)			(303,201	)			(294,334	)			8,603

			(86,334	)			(2,390,072	)			(2,394,533	)			(11,685	)

Retailing
1-800-Flowers.com, Inc., Class A	Morgan Stanley		(348	)			(11,894	)			(9,608	)			2,697
Big Lots, Inc.	Morgan Stanley		(1,095	)			(72,904	)			(74,788	)			(3,587	)
Booking Holdings, Inc.	Morgan Stanley		(18	)			(42,964	)			(41,937	)			424
Boot Barn Holdings, Inc.	Morgan Stanley		(145	)			(8,536	)			(9,035	)			(578	)
Burlington Stores, Inc.	Morgan Stanley		(163	)			(40,108	)			(48,704	)			(9,905	)
Camping World Holdings, Inc., Class A	Morgan Stanley		(853	)			(31,220	)			(31,032	)			160
CarMax, Inc.	Morgan Stanley		(470	)			(59,502	)			(62,350	)			(3,281	)
Carvana Co.	Morgan Stanley		(70	)			(20,487	)			(18,368	)			3,477
Children’s Place, Inc. (The)	Morgan Stanley		(2,821	)			(148,204	)			(196,624	)			(48,549	)
Designer Brands, Inc., Class A	Morgan Stanley		(8,539	)			(109,786	)			(148,579	)			(38,888	)
GrowGeneration Corp.	Morgan Stanley		(666	)			(29,686	)			(33,094	)			(3,433	)
Grubhub, Inc.	Morgan Stanley		(1,509	)			(110,074	)			(90,540	)			19,884
Leslie’s, Inc.	Morgan Stanley		(3,754	)			(100,054	)			(91,935	)			8,031
Lithia Motors, Inc., Class A	Morgan Stanley		(665	)			(223,018	)			(259,410	)			(41,952	)
Marinemax, Inc.	Morgan Stanley		(1,057	)			(56,952	)			(52,174	)			4,677
Monro, Inc.	Morgan Stanley		(2,818	)			(131,234	)			(185,424	)			(56,291	)
Nordstrom, Inc.	Morgan Stanley		(7,641	)			(178,158	)			(289,365	)			(111,650	)
Penske Automotive Group, Inc.	Morgan Stanley		(652	)			(36,485	)			(52,316	)			(17,157	)
Pool Corp.	Morgan Stanley		(286	)			(95,646	)			(98,739	)			(3,378	)
RealReal, Inc. (The)	Morgan Stanley		(10,960	)			(226,988	)			(248,025	)			(21,235	)
Ross Stores, Inc.	Morgan Stanley		(3,761	)			(447,110	)			(450,981	)			(5,390	)
Sally Beauty Holdings, Inc.	Morgan Stanley		(22,225	)			(333,499	)			(447,389	)			(116,399	)
Stitch Fix, Inc., Class A	Morgan Stanley		(6,580	)			(337,016	)			(325,973	)			10,749
Target Corp.	Morgan Stanley		(238	)			(47,606	)			(47,141	)			546
TJX Cos., Inc. (The)	Morgan Stanley		(1,672	)			(113,656	)			(110,603	)			3,180
Tractor Supply Co.	Morgan Stanley		(696	)			(119,006	)			(123,248	)			(4,510	)
Ulta Beauty, Inc.	Morgan Stanley		(461	)			(130,060	)			(142,527	)			(14,667	)
Vroom, Inc.	Morgan Stanley		(5,746	)			(198,758	)			(224,037	)			(25,452	)

			(85,909	)			(3,460,611	)			(3,913,946	)			(472,477	)

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

122

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Semiconductors & Semiconductor Equipment
ACM Research, Inc., Class A	Morgan Stanley		(1,158	)		$	(104,697	)		$	(93,555	)		$	11,050
Advanced Energy Industries, Inc.	Morgan Stanley		(529	)			(39,209	)			(57,751	)			(19,488	)
CEVA, Inc.	Morgan Stanley		(873	)			(37,273	)			(49,019	)			(12,048	)
CMC Materials, Inc.	Morgan Stanley		(158	)			(25,997	)			(27,933	)			(2,189	)
Cree, Inc.	Morgan Stanley		(880	)			(95,708	)			(95,154	)			(2,539	)
Diodes, Inc.	Morgan Stanley		(1,178	)			(90,543	)			(94,051	)			(3,790	)
Ichor Holdings Ltd. (Cayman Islands)	Morgan Stanley		(562	)			(15,022	)			(30,236	)			(15,712	)
MaxLinear, Inc.	Morgan Stanley		(1,122	)			(34,967	)			(38,238	)			(3,592	)
Onto Innovation, Inc.	Morgan Stanley		(658	)			(21,832	)			(43,237	)			(22,399	)
Semtech Corp.	Morgan Stanley		(417	)			(28,664	)			(28,773	)			(135	)
Silicon Laboratories, Inc.	Morgan Stanley		(780	)			(115,718	)			(110,034	)			4,938
Universal Display Corp.	Morgan Stanley		(144	)			(28,038	)			(34,095	)			(6,516	)

			(8,459	)			(637,668	)			(702,076	)			(72,420	)

Software & Services
8x8, Inc.	Morgan Stanley		(3,690	)			(64,649	)			(119,704	)			(57,558	)
Altair Engineering, Inc., Class A	Morgan Stanley		(824	)			(35,738	)			(51,558	)			(16,435	)
Alteryx, Inc., Class A	Morgan Stanley		(5,331	)			(575,159	)			(442,260	)			132,375
Anaplan, Inc.	Morgan Stanley		(3,667	)			(209,828	)			(197,468	)			12,177
Appfolio, Inc., Class A	Morgan Stanley		(68	)			(12,166	)			(9,616	)			2,667
Avaya Holdings Corp.	Morgan Stanley		(2,960	)			(53,695	)			(82,969	)			(30,843	)
BlackBerry Ltd. (Canada)	Morgan Stanley		(2,422	)			(20,503	)			(20,417	)			68
Ceridian HCM Holding, Inc.	Morgan Stanley		(2,257	)			(207,580	)			(190,197	)			17,245
CommVault Systems, Inc.	Morgan Stanley		(163	)			(7,960	)			(10,514	)			(3,201	)
Conduent, Inc.	Morgan Stanley		(19,273	)			(74,915	)			(128,358	)			(53,509	)
Coupa Software, Inc.	Morgan Stanley		(1,383	)			(347,791	)			(351,946	)			(4,458	)
DXC Technology Co.	Morgan Stanley		(3,920	)			(97,457	)			(122,539	)			(27,604	)
Elastic NV (Netherlands)	Morgan Stanley		(810	)			(93,607	)			(90,072	)			3,215
Euronet Worldwide, Inc.	Morgan Stanley		(973	)			(131,414	)			(134,566	)			(3,967	)
Evo Payments, Inc., Class A	Morgan Stanley		(447	)			(12,332	)			(12,301	)			15
Fastly, Inc., Class A	Morgan Stanley		(2,021	)			(156,077	)			(135,973	)			19,707
fuboTV, Inc.	Morgan Stanley		(4,961	)			(138,646	)			(109,737	)			28,787
Guidewire Software, Inc.	Morgan Stanley		(1,385	)			(145,596	)			(140,758	)			4,712
Intuit, Inc.	Morgan Stanley		(58	)			(23,292	)			(22,217	)			1,604
LiveRamp Holdings, Inc.	Morgan Stanley		(740	)			(38,898	)			(38,391	)			473
Medallia, Inc.	Morgan Stanley		(4,995	)			(157,763	)			(139,311	)			18,315
MongoDB, Inc.	Morgan Stanley		(177	)			(52,015	)			(47,335	)			4,634
New Relic, Inc.	Morgan Stanley		(5,301	)			(322,586	)			(325,906	)			(3,875	)
Nuance Communications, Inc.	Morgan Stanley		(1,345	)			(66,123	)			(58,696	)			8,255
PagerDuty, Inc.	Morgan Stanley		(1,638	)			(64,323	)			(65,897	)			(1,630	)
Paycom Software, Inc.	Morgan Stanley		(307	)			(129,720	)			(113,608	)			16,153
Pegasystems, Inc.	Morgan Stanley		(954	)			(127,671	)			(109,080	)			18,723
Perspecta, Inc.	Morgan Stanley		(627	)			(18,291	)			(18,214	)			2
Ping Identity Holding Corp.	Morgan Stanley		(9,173	)			(297,023	)			(201,164	)			95,600
Pluralsight, Inc., Class A	Morgan Stanley		(3,683	)			(77,330	)			(82,278	)			(5,771	)
Proofpoint, Inc.	Morgan Stanley		(441	)			(58,323	)			(55,473	)			2,626
PROS Holdings, Inc.	Morgan Stanley		(3,046	)			(121,595	)			(129,455	)			(8,022	)

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

123

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Software & Services — (continued)
Q2 Holdings, Inc.	Morgan Stanley		(1,168	)		$	(135,921	)		$	(117,034	)		$	18,768
Rackspace Technology, Inc.	Morgan Stanley		(3,380	)			(74,051	)			(80,376	)			(6,390	)
Rapid7, Inc.	Morgan Stanley		(153	)			(13,136	)			(11,415	)			1,764
RingCentral, Inc., Class A	Morgan Stanley		(129	)			(38,746	)			(38,427	)			90
Sabre Corp.	Morgan Stanley		(8,532	)			(73,591	)			(126,359	)			(56,496	)
SolarWinds Corp.	Morgan Stanley		(2,721	)			(45,631	)			(47,454	)			(1,863	)
Splunk, Inc.	Morgan Stanley		(3,225	)			(521,732	)			(436,923	)			84,200
Sumo Logic, Inc.	Morgan Stanley		(971	)			(18,354	)			(18,313	)			25
Switch, Inc., Class A	Morgan Stanley		(7,278	)			(124,910	)			(118,340	)			5,804
Telos Corp.	Morgan Stanley		(254	)			(9,226	)			(9,632	)			(414	)
Tucows, Inc., Class A	Morgan Stanley		(8	)			(656	)			(620	)			35
Unity Software, Inc.	Morgan Stanley		(734	)			(69,019	)			(73,628	)			(6,040	)
Upland Software, Inc.	Morgan Stanley		(808	)			(33,683	)			(38,130	)			(4,665	)
Verra Mobility Corp.	Morgan Stanley		(4,611	)			(56,052	)			(62,410	)			(6,407	)
WEX, Inc.	Morgan Stanley		(786	)			(165,472	)			(164,447	)			53
Yext, Inc.	Morgan Stanley		(13,126	)			(263,297	)			(190,064	)			73,003
Zuora, Inc., Class A	Morgan Stanley		(8,034	)			(122,438	)			(118,903	)			3,564

			(144,958	)			(5,705,981	)			(5,410,453	)			275,511

Technology Hardware & Equipment
3D Systems Corp.	Morgan Stanley		(566	)			(3,367	)			(15,531	)			(13,605	)
Arista Networks, Inc.	Morgan Stanley		(556	)			(165,887	)			(167,851	)			(2,109	)
Avnet, Inc.	Morgan Stanley		(1,554	)			(59,572	)			(64,507	)			(5,293	)
Ciena Corp.	Morgan Stanley		(3,617	)			(195,843	)			(197,922	)			(2,250	)
Coherent, Inc.	Morgan Stanley		(242	)			(50,257	)			(61,199	)			(12,860	)
CommScope Holding Co., Inc.	Morgan Stanley		(9,583	)			(144,367	)			(147,195	)			(2,954	)
Corning, Inc.	Morgan Stanley		(571	)			(24,806	)			(24,844	)			(46	)
Fabrinet (Cayman Islands)	Morgan Stanley		(1,308	)			(92,304	)			(118,230	)			(26,275	)
FARO Technologies, Inc.	Morgan Stanley		(453	)			(27,349	)			(39,216	)			(12,205	)
Hewlett Packard Enterprise Co.	Morgan Stanley		(11,441	)			(175,136	)			(180,081	)			(8,336	)
Infinera Corp.	Morgan Stanley		(10,602	)			(77,332	)			(102,097	)			(25,365	)
Inseego Corp.	Morgan Stanley		(3,078	)			(30,938	)			(30,780	)			131
Insight Enterprises, Inc.	Morgan Stanley		(1,455	)			(89,901	)			(138,836	)			(49,937	)
Itron, Inc.	Morgan Stanley		(732	)			(56,560	)			(64,892	)			(9,883	)
Motorola Solutions, Inc.	Morgan Stanley		(315	)			(57,630	)			(59,236	)			(2,320	)
National Instruments Corp.	Morgan Stanley		(1,177	)			(50,523	)			(50,829	)			(978	)
nLight, Inc.	Morgan Stanley		(2,422	)			(58,031	)			(78,473	)			(20,601	)
Novanta, Inc. (Canada)	Morgan Stanley		(200	)			(23,925	)			(26,378	)			(2,523	)
PAR Technology Corp.	Morgan Stanley		(81	)			(5,431	)			(5,298	)			128
PC Connection, Inc.	Morgan Stanley		(31	)			(1,423	)			(1,438	)			(17	)
Plexus Corp.	Morgan Stanley		(339	)			(28,770	)			(31,134	)			(2,388	)
Pure Storage, Inc., Class A	Morgan Stanley		(14,660	)			(327,847	)			(315,776	)			11,515
Rogers Corp.	Morgan Stanley		(199	)			(24,085	)			(37,454	)			(13,850	)
Stratasys Ltd. (Israel)	Morgan Stanley		(2,362	)			(35,147	)			(61,176	)			(27,893	)
Super Micro Computer, Inc.	Morgan Stanley		(239	)			(6,555	)			(9,335	)			(2,833	)
ViaSat, Inc.	Morgan Stanley		(2,250	)			(90,587	)			(108,158	)			(18,398	)

			(70,033	)			(1,903,573	)			(2,137,866	)			(251,145	)

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

124

GOTHAM NEUTRAL FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Telecommunication Services
BCE, Inc. (Canada)	Morgan Stanley		(1,205	)		$	(52,983	)		$	(54,394	)		$	(2,376	)
Cogent Communications Holdings, Inc.	Morgan Stanley		(1,195	)			(75,744	)			(82,168	)			(7,441	)
Shenandoah Telecommunications Co.	Morgan Stanley		(328	)			(17,800	)			(16,010	)			1,690
United States Cellular Corp.	Morgan Stanley		(413	)			(15,074	)			(15,066	)			(4	)

			(3,141	)			(161,601	)			(167,638	)			(8,131	)

Transportation
Air Transport Services Group, Inc.	Morgan Stanley		(3,482	)			(89,761	)			(101,883	)			(12,338	)
Hawaiian Holdings, Inc.	Morgan Stanley		(1,829	)			(25,329	)			(48,779	)			(23,991	)
JB Hunt Transport Services, Inc.	Morgan Stanley		(628	)			(99,668	)			(105,548	)			(5,967	)
Kirby Corp.	Morgan Stanley		(1,631	)			(85,880	)			(98,317	)			(12,884	)
Knight-Swift Transportation Holdings, Inc.	Morgan Stanley		(833	)			(37,439	)			(40,059	)			(2,702	)
Landstar System, Inc.	Morgan Stanley		(117	)			(19,236	)			(19,312	)			(93	)
Matson, Inc.	Morgan Stanley		(1,378	)			(56,277	)			(91,913	)			(37,437	)
SEACOR Holdings, Inc.	Morgan Stanley		(502	)			(20,924	)			(20,457	)			449
Spirit Airlines, Inc.	Morgan Stanley		(108	)			(4,053	)			(3,985	)			78
United Airlines Holdings, Inc.	Morgan Stanley		(1,613	)			(90,770	)			(92,812	)			(3,126	)

			(12,121	)			(529,337	)			(623,065	)			(98,011	)

Utilities
Algonquin Power & Utilities Corp. (Canada)	Morgan Stanley		(125	)			(1,957	)			(1,980	)			(151	)
ALLETE, Inc.	Morgan Stanley		(2,417	)			(130,346	)			(162,398	)			(35,830	)
Ameren Corp.	Morgan Stanley		(1,481	)			(119,788	)			(120,494	)			(2,967	)
American Water Works Co., Inc.	Morgan Stanley		(343	)			(47,991	)			(51,423	)			(3,690	)
Atmos Energy Corp.	Morgan Stanley		(300	)			(27,402	)			(29,655	)			(2,655	)
Avangrid, Inc.	Morgan Stanley		(2,241	)			(106,023	)			(111,624	)			(7,582	)
Avista Corp.	Morgan Stanley		(667	)			(26,065	)			(31,849	)			(6,332	)
Black Hills Corp.	Morgan Stanley		(878	)			(49,568	)			(58,624	)			(10,346	)
California Water Service Group	Morgan Stanley		(181	)			(8,503	)			(10,198	)			(1,845	)
CenterPoint Energy, Inc.	Morgan Stanley		(2,089	)			(42,370	)			(47,316	)			(5,278	)
Clearway Energy, Inc., Class A	Morgan Stanley		(379	)			(9,825	)			(10,047	)			(231	)
Consolidated Edison, Inc.	Morgan Stanley		(3,262	)			(223,986	)			(243,998	)			(21,249	)
Edison International	Morgan Stanley		(638	)			(39,555	)			(37,387	)			1,695
Entergy Corp.	Morgan Stanley		(987	)			(103,438	)			(98,177	)			3,511
Essential Utilities, Inc.	Morgan Stanley		(2,355	)			(103,809	)			(105,386	)			(2,749	)
Evergy, Inc.	Morgan Stanley		(1,813	)			(105,134	)			(107,928	)			(3,255	)
Eversource Energy	Morgan Stanley		(1,870	)			(152,609	)			(161,923	)			(9,822	)
FirstEnergy Corp.	Morgan Stanley		(1,323	)			(44,819	)			(45,895	)			(1,244	)
New Jersey Resources Corp.	Morgan Stanley		(2,801	)			(85,248	)			(111,676	)			(30,097	)
Northwest Natural Holding Co.	Morgan Stanley		(630	)			(30,112	)			(33,989	)			(3,983	)
NorthWestern Corp.	Morgan Stanley		(737	)			(45,154	)			(48,052	)			(3,210	)
ONE Gas, Inc.	Morgan Stanley		(352	)			(26,362	)			(27,072	)			(734	)
Ormat Technologies, Inc.	Morgan Stanley		(678	)			(59,403	)			(53,243	)			6,025
Otter Tail Corp.	Morgan Stanley		(166	)			(7,223	)			(7,664	)			(447	)
Portland General Electric Co.	Morgan Stanley		(1,469	)			(63,643	)			(69,733	)			(7,265	)
PPL Corp.	Morgan Stanley		(2,232	)			(63,916	)			(64,371	)			(2,310	)

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

125

GOTHAM NEUTRAL FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Total Return Swaps (concluded)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Utilities — (continued)
Public Service Enterprise Group, Inc.	Morgan Stanley		(276	)		$	(15,511	)		$	(16,618	)		$	(1,372	)
Sempra Energy	Morgan Stanley		(1,485	)			(195,538	)			(196,881	)			(7,234	)
SJW Group	Morgan Stanley		(406	)			(25,681	)			(25,574	)			(186	)
Southwest Gas Holdings, Inc.	Morgan Stanley		(405	)			(25,474	)			(27,828	)			(2,845	)
WEC Energy Group, Inc.	Morgan Stanley		(1,261	)			(106,726	)			(118,017	)			(12,743	)

			(36,247	)			(2,093,179	)			(2,237,020	)			(176,421	)

Total Reference Entity — Short							(36,011,036	)			(38,834,544	)			(3,140,724	)

Net Value of Reference Entity						$	(26,769,218	)		$	(28,333,695	)		$	(1,838,314	)

*	Includes $(273,837) related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

126

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Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 94.6%
Automobiles & Components — 0.4%
Aptiv PLC (Jersey)*		3,678	$	507,196
BorgWarner, Inc.		933		43,254
Ford Motor Co.*		34,618		424,070
General Motors Co.		15,755		905,282

				1,879,802

Banks — 3.1%
Bank of America Corp.^(a)		50,936		1,970,714
Citigroup, Inc.		1,789		130,150
Fifth Third Bancorp^(a)		57,214		2,142,664
First Republic Bank		7,643		1,274,470
JPMorgan Chase & Co.^(a)		14,499		2,207,183
PNC Financial Services Group, Inc. (The)^(a)		7,785		1,365,567
SVB Financial Group*		2,977		1,469,626
Truist Financial Corp.		1,007		58,728
US Bancorp		5,052		279,426
Wells Fargo & Co.^(a)		64,878		2,534,783

				13,433,311

Capital Goods — 10.1%
3M Co.^(a)		11,794		2,272,468
AMETEK, Inc.		10,416		1,330,436
Carrier Global Corp.		27,148		1,146,189
Caterpillar, Inc.		6,981		1,618,684
Cummins, Inc.		8,043		2,084,022
Deere & Co.		3,038		1,136,637
Dover Corp.		8,061		1,105,405
Eaton Corp. PLC (Ireland)		9,767		1,350,581
Emerson Electric Co.^(a)		17,766		1,602,849
Fortive Corp.		15,007		1,060,094
Fortune Brands Home & Security, Inc.		8,126		778,633
General Dynamics Corp.		8,388		1,522,925
Honeywell International, Inc.		5,379		1,167,620
Howmet Aerospace, Inc.^(a)*		95,495		3,068,254
Johnson Controls International PLC (Ireland)		24,842		1,482,322
L3Harris Technologies, Inc.		3,035		615,134
Lockheed Martin Corp.^(a)		6,454		2,384,753
Masco Corp.^(a)		15,711		941,089
Northrop Grumman Corp.		3,273		1,059,274
Otis Worldwide Corp.		761		52,090
PACCAR, Inc.		219		20,349
Parker-Hannifin Corp.		5,613		1,770,509
Pentair PLC (Ireland)		26,805		1,670,488
Quanta Services, Inc.^(a)		9,375		824,813


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Roper Technologies, Inc.		611	$	246,441
Snap-on, Inc.^(a)		13,442		3,101,607
Stanley Black & Decker, Inc.		6,076		1,213,195
Trane Technologies PLC (Ireland)		8,438		1,396,995
TransDigm Group, Inc.^(a)*		4,218		2,479,847
United Rentals, Inc.^(a)*		6,090		2,005,498
WW Grainger, Inc.		1,020		408,949

				42,918,150

Commercial & Professional Services — 1.7%
Cintas Corp.^(a)		4,348		1,484,016
IHS Markit Ltd. (Bermuda)		4,849		469,286
Jacobs Engineering Group, Inc.		12,982		1,678,183
Nielsen Holdings PLC (United Kingdom)		48,269		1,213,965
Republic Services, Inc.		18,225		1,810,654
Robert Half International, Inc.		6,933		541,259

				7,197,363

Consumer Durables & Apparel — 3.2%
DR Horton, Inc.		7,015		625,177
Garmin Ltd. (Switzerland)		3,475		458,179
Hanesbrands, Inc.		101,981		2,005,966
Hasbro, Inc.		2,047		196,758
Leggett & Platt, Inc.		634		28,942
Lennar Corp., Class A		1,756		177,760
Mohawk Industries, Inc.*		7,913		1,521,749
Newell Brands, Inc.		24,441		654,530
NIKE, Inc., Class B		9,845		1,308,302
PulteGroup, Inc.		19,468		1,020,902
PVH Corp.^(a)		36,779		3,887,540
Tapestry, Inc.		23,031		949,108
Whirlpool Corp.		3,054		672,949

				13,507,862

Consumer Services — 1.4%
Hilton Worldwide Holdings, Inc.*		1		121
Marriott International, Inc., Class A*		4,330		641,316
McDonald’s Corp.^(a)		11,208		2,512,161
MGM Resorts International		5,751		218,480
Penn National Gaming, Inc.*		6,620		694,041
Yum! Brands, Inc.^(a)		19,479		2,107,238

				6,173,357

Diversified Financials — 4.2%
American Express Co.		1,291		182,599
Ameriprise Financial, Inc.		1,899		441,423

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

127

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Berkshire Hathaway, Inc., Class B*		1,435	$	366,599
BlackRock, Inc.		1,677		1,264,391
Capital One Financial Corp.		2,752		350,137
Discover Financial Services^(a)		19,078		1,812,219
Franklin Resources, Inc.		34,954		1,034,638
Goldman Sachs Group, Inc. (The)^(a)		7,326		2,395,602
Intercontinental Exchange, Inc.		13,547		1,512,929
Invesco Ltd. (Bermuda)		107,273		2,705,425
Moody’s Corp.		2,136		637,831
Nasdaq, Inc.		11,161		1,645,801
S&P Global, Inc.^(a)		5,504		1,942,196
T Rowe Price Group, Inc.		9,825		1,685,970

				17,977,760

Energy — 3.1%
APA Corp.^(a)		84,313		1,509,203
Chevron Corp.		4,088		428,382
ConocoPhillips^(a)		16,566		877,501
Devon Energy Corp.		50,088		1,094,423
EOG Resources, Inc.		15,604		1,131,758
Halliburton Co.^(a)		80,255		1,722,272
Kinder Morgan, Inc.^(a)		32,535		541,708
Marathon Oil Corp.		90,223		963,582
Marathon Petroleum Corp.		4,584		245,198
NOV, Inc.		81,518		1,118,427
Occidental Petroleum Corp.^(a)		110,943		2,953,303
Williams Cos., Inc. (The)		31,479		745,738

				13,331,495

Food & Staples Retailing — 1.3%
Kroger Co. (The)		9,242		332,620
Sysco Corp.		6,843		538,818
Walgreens Boots Alliance, Inc.		7,614		418,009
Walmart, Inc.^(a)		31,283		4,249,170

				5,538,617

Food, Beverage & Tobacco — 3.9%
Altria Group, Inc.		21,079		1,078,402
Archer-Daniels-Midland Co.		12,270		699,390
Campbell Soup Co.		15,378		773,052
Coca-Cola Co. (The)^(a)		41,663		2,196,057
Conagra Brands, Inc.		21,420		805,392
Constellation Brands, Inc., Class A^(a)		4,584		1,045,152
General Mills, Inc.		18,153		1,113,142
Hershey Co. (The)		2,954		467,205
JM Smucker Co. (The)		9,774		1,236,704


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Kellogg Co.		8,982	$	568,561
Kraft Heinz Co. (The)^(a)		41,621		1,664,840
Molson Coors Beverage Co., Class B		8,689		444,442
Mondelez International, Inc., Class A		22,487		1,316,164
Monster Beverage Corp.*		4,924		448,527
PepsiCo, Inc.		2,513		355,464
Philip Morris International, Inc.		15,563		1,381,061
Tyson Foods, Inc., Class A		14,396		1,069,623

				16,663,178

Health Care Equipment & Services — 6.0%
Abbott Laboratories		8,123		973,460
AmerisourceBergen Corp.		8,034		948,574
Anthem, Inc.		3,461		1,242,326
Baxter International, Inc.		7,103		599,067
Becton Dickinson and Co.		3,624		881,176
Cerner Corp.		6,048		434,730
CVS Health Corp.		19,696		1,481,730
Danaher Corp.		8,053		1,812,569
DaVita, Inc.*		3,471		374,070
DENTSPLY SIRONA, Inc.		11,531		735,793
HCA Healthcare, Inc.		5,551		1,045,475
Henry Schein, Inc.*		1,321		91,466
Hologic, Inc.^(a)*		40,199		2,990,002
Laboratory Corp. of America Holdings*		4,118		1,050,214
McKesson Corp.		7,295		1,422,817
Medtronic PLC (Ireland)		21,097		2,492,189
Quest Diagnostics, Inc.		4,313		553,530
STERIS PLC (Ireland)		372		70,859
Stryker Corp.		4,882		1,189,158
UnitedHealth Group, Inc.^(a)		8,462		3,148,456
Universal Health Services, Inc., Class B		1,342		179,009
Varian Medical Systems, Inc.*		10,755		1,898,580
West Pharmaceutical Services, Inc.		207		58,328
Zimmer Biomet Holdings, Inc.		1		160

				25,673,738

Household & Personal Products — 1.8%
Clorox Co. (The)		2,129		410,642
Colgate-Palmolive Co.		20,615		1,625,080
Estee Lauder Cos., Inc. (The), Class A		2,125		618,056
Kimberly-Clark Corp.		1,176		163,523

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

128

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Procter & Gamble Co. (The)^(a)		36,238	$	4,907,712

				7,725,013

Insurance — 2.2%
Aflac, Inc.		7,820		400,228
Aon PLC, Class A (Ireland)		4,766		1,096,704
Arthur J Gallagher & Co.		3,605		449,796
Assurant, Inc.		2,308		327,205
Cincinnati Financial Corp.^(a)		13,255		1,366,458
Hartford Financial Services Group, Inc. (The)		4,491		299,954
Loews Corp.		608		31,178
Marsh & McLennan Cos., Inc.		13,785		1,679,013
MetLife, Inc.		17,165		1,043,460
Principal Financial Group, Inc.		9,978		598,281
Progressive Corp. (The)		7,148		683,420
Prudential Financial, Inc.		10,473		954,090
Travelers Cos., Inc. (The)		3,535		531,664

				9,461,451

Materials — 5.0%
Avery Dennison Corp.		754		138,472
Celanese Corp.		2,118		317,298
CF Industries Holdings, Inc.^(a)		67,559		3,065,827
Dow, Inc.		19,513		1,247,661
DuPont de Nemours, Inc.^(a)		52,968		4,093,367
Eastman Chemical Co.		6,292		692,875
FMC Corp.		587		64,928
Freeport-McMoRan, Inc.		16,522		544,069
International Paper Co.		31,012		1,676,819
Linde PLC (Ireland)		5,829		1,632,936
LyondellBasell Industries NV, Class A (Netherlands)		506		52,649
Martin Marietta Materials, Inc.		3,003		1,008,467
Mosaic Co. (The)		50,820		1,606,420
Newmont Corp.		6,867		413,874
Nucor Corp.		686		55,065
PPG Industries, Inc.		10,671		1,603,424
Sealed Air Corp.		29,009		1,329,192
Sherwin-Williams Co. (The)		2,309		1,704,065

				21,247,408

Media & Entertainment — 5.6%
Activision Blizzard, Inc.		4,412		410,316
Alphabet, Inc., Class A^(a)*		3,104		6,402,062


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Charter Communications, Inc., Class A*		535	$	330,106
Comcast Corp., Class A^(a)		15,170		820,849
DISH Network Corp., Class A*		21,226		768,381
Electronic Arts, Inc.		1,928		260,993
Facebook, Inc., Class A^(a)*		29,847		8,790,837
Fox Corp., Class A		8,963		323,654
Interpublic Group of Cos., Inc. (The)		32,151		938,809
Netflix, Inc.*		2,664		1,389,702
News Corp., Class A		12,779		324,970
Omnicom Group, Inc.		1,602		118,788
Take-Two Interactive Software, Inc.*		736		130,051
Twitter, Inc.*		5,519		351,174
ViacomCBS, Inc., Class B		13,074		589,637
Walt Disney Co. (The)^(a)*		10,394		1,917,901

				23,868,230

Pharmaceuticals, Biotechnology & Life Sciences — 5.5%
AbbVie, Inc.^(a)		21,382		2,313,960
Alexion Pharmaceuticals, Inc.*		9,432		1,442,247
Amgen, Inc.		2,592		644,916
Biogen, Inc.*		2,993		837,292
Gilead Sciences, Inc.		22,095		1,428,000
Illumina, Inc.*		793		304,560
Incyte Corp.*		1,246		101,262
Johnson & Johnson^(a)		14,355		2,359,244
Merck & Co., Inc.^(a)		49,703		3,831,604
PerkinElmer, Inc.		13,794		1,769,632
Pfizer, Inc.^(a)		106,509		3,858,821
Regeneron Pharmaceuticals, Inc.*		948		448,537
Thermo Fisher Scientific, Inc.^(a)		5,237		2,390,062
Waters Corp.*		3,337		948,275
Zoetis, Inc.		5,033		792,597

				23,471,009

Real Estate — 2.2%
Alexandria Real Estate Equities, Inc., REIT		7,038		1,156,343
American Tower Corp., REIT		2,295		548,643
AvalonBay Communities, Inc., REIT		2,088		385,257
CBRE Group, Inc., Class A*		4,959		392,307
Crown Castle International Corp., REIT		2,364		406,915
Duke Realty Corp., REIT		9,134		382,989
Extra Space Storage, Inc., REIT		2,890		383,070

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

129

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March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Mid-America Apartment Communities, Inc., REIT		4,849	$	700,002
Prologis, Inc., REIT		1		106
Public Storage, REIT		2,717		670,447
SBA Communications Corp., REIT		626		173,746
Simon Property Group, Inc., REIT		7,888		897,418
Welltower, Inc., REIT		7,342		525,907
Weyerhaeuser Co., REIT^(a)		77,615		2,763,094

				9,386,244

Retailing — 8.3%
Advance Auto Parts, Inc.		7,121		1,306,632
Amazon.com, Inc.^(a)*		4,635		14,341,061
AutoZone, Inc.*		678		952,115
Best Buy Co., Inc.		5,709		655,450
Dollar Tree, Inc.*		6,797		777,985
eBay, Inc.^(a)		36,327		2,224,666
Gap, Inc. (The)		17,610		524,426
Genuine Parts Co.		16,382		1,893,595
Home Depot, Inc. (The)^(a)		9,358		2,856,530
L Brands, Inc.^(a)*		49,895		3,086,505
LKQ Corp.*		46,629		1,973,806
Lowe’s Cos., Inc.		7,904		1,503,183
O’Reilly Automotive, Inc.*		2,215		1,123,559
Target Corp.		7,557		1,496,815
Tractor Supply Co.		4,678		828,380

				35,544,708

Semiconductors & Semiconductor Equipment — 4.8%
Applied Materials, Inc.^(a)		19,426		2,595,314
Broadcom, Inc.^(a)		5,476		2,539,002
Intel Corp.^(a)		49,641		3,177,024
KLA Corp.		3,491		1,153,426
Lam Research Corp.		1,100		654,764
Maxim Integrated Products, Inc.		9,903		904,837
Micron Technology, Inc.*		7,395		652,313
NVIDIA Corp.^(a)		1,159		618,825
NXP Semiconductors NV (Netherlands)		9,065		1,825,147
Qorvo, Inc.*		3,676		671,605
QUALCOMM, Inc.^(a)		16,743		2,219,954
Skyworks Solutions, Inc.		2,558		469,342
Teradyne, Inc.		7,191		875,001
Texas Instruments, Inc.		10,452		1,975,323

				20,331,877


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — 11.3%
Accenture PLC, Class A (Ireland)		8,260	$	2,281,825
Adobe, Inc.^(a)*		3,616		1,718,938
ANSYS, Inc.*		502		170,459
Autodesk, Inc.*		2,610		723,362
Automatic Data Processing, Inc.		1,118		210,709
Broadridge Financial Solutions, Inc.		5,632		862,259
Cadence Design Systems, Inc.*		2,886		395,353
Cognizant Technology Solutions Corp., Class A		975		76,167
Fiserv, Inc.*		5,422		645,435
FleetCor Technologies, Inc.*		931		250,095
International Business Machines Corp.		15,869		2,114,703
Mastercard, Inc., Class A^(a)		7,957		2,833,090
Microsoft Corp.^(a)		83,753		19,746,445
Oracle Corp.^(a)		42,020		2,948,543
Paychex, Inc.^(a)		11,363		1,113,801
PayPal Holdings, Inc.^(a)*		8,553		2,077,011
salesforce.com, Inc.^(a)*		9,796		2,075,479
ServiceNow, Inc.*		1,257		628,638
Synopsys, Inc.*		2,270		562,461
VeriSign, Inc.*		3,968		788,680
Visa, Inc., Class A^(a)		17,909		3,791,873
Western Union Co. (The)^(a)		91,426		2,254,565

				48,269,891

Technology Hardware & Equipment — 3.4%
Amphenol Corp., Class A		3,181		209,851
Apple, Inc.		17,350		2,119,302
CDW Corp.		2,619		434,099
Cisco Systems, Inc.^(a)		50,844		2,629,143
Corning, Inc.		20,164		877,336
F5 Networks, Inc.*		2,090		436,016
FLIR Systems, Inc.		6,974		393,822
HP, Inc.		53,116		1,686,433
Juniper Networks, Inc.		53,406		1,352,774
NetApp, Inc.		18,369		1,334,875
Seagate Technology PLC (Ireland)		16,128		1,237,824
TE Connectivity Ltd. (Switzerland)		10,029		1,294,844
Zebra Technologies Corp., Class A*		1,092		529,817

				14,536,136

Telecommunication Services — 1.4%
AT&T, Inc.^(a)		115,084		3,483,593
Lumen Technologies, Inc.		19,912		265,825
T-Mobile US, Inc.*		2,111		264,487

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

130

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March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — (Continued)
Verizon Communications, Inc.^(a)		33,436	$	1,944,303

				5,958,208

Transportation — 2.0%
Alaska Air Group, Inc.*		4,979		344,597
CSX Corp.		7,003		675,229
Expeditors International of
Washington, Inc.^(a)		13,076		1,408,154
FedEx Corp.		5,932		1,684,925
JB Hunt Transport Services, Inc.		466		78,321
Norfolk Southern Corp.		7,592		2,038,604
Union Pacific Corp.		4,570		1,007,274
United Parcel Service, Inc., Class B		6,662		1,132,473

				8,369,577

Utilities — 2.7%
AES Corp. (The)		13,836		370,943
Dominion Energy, Inc.^(a)		51,384		3,903,129
Duke Energy Corp.		13,032		1,257,979
Exelon Corp.		19,210		840,245
NextEra Energy, Inc.		555		41,964
NiSource, Inc.		56,156		1,353,921
NRG Energy, Inc.^(a)		92,559		3,492,251
Public Service Enterprise Group, Inc.		2,997		180,449
Southern Co. (The)		3,010		187,102

				11,627,983

TOTAL COMMON STOCKS (Cost $295,030,560)				404,092,368

OTHER ASSETS IN EXCESS OF LIABILITIES - 5.4%				23,001,582

NET ASSETS - 100%			$	427,093,950

^(a)	Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

REIT Real Estate Investment Trust

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

131

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Over-the-counter total return swaps outstanding as of March 31, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between July 29, 2024 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 4.3% of net assets as of March 31, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of March 31, 2021:

Total Return Swaps


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Long
Automobiles & Components
Aptiv PLC (Jersey)	Morgan Stanley		3,752		$	527,523		$	517,401		$	(9,618	)
BorgWarner, Inc.	Morgan Stanley		451			10,977			20,908			10,198
Ford Motor Co.	Morgan Stanley		106,657			1,239,048			1,306,548			68,754
General Motors Co.	Morgan Stanley		31,122			1,172,471			1,788,270			616,982

			141,982			2,950,019			3,633,127			686,316

Banks
Bank of America Corp.	Morgan Stanley		56,712			1,417,872			2,194,187			805,717
Citigroup, Inc.	Morgan Stanley		1,813			75,591			131,896			59,330
Fifth Third Bancorp	Morgan Stanley		46,242			937,312			1,731,763			838,223
First Republic Bank	Morgan Stanley		8,719			1,267,856			1,453,893			188,903
JPMorgan Chase & Co.	Morgan Stanley		14,153			1,622,326			2,154,511			550,649
PNC Financial Services Group, Inc. (The)	Morgan Stanley		8,817			1,039,514			1,546,590			532,378
SVB Financial Group	Morgan Stanley		3,080			1,088,299			1,520,473			433,268
Truist Financial Corp.	Morgan Stanley		1,025			27,891			59,778			35,159
US Bancorp	Morgan Stanley		5,144			167,869			284,515			125,412
Wells Fargo & Co.	Morgan Stanley		66,189			1,505,093			2,586,004			1,097,254

			211,894			9,149,623			13,663,610			4,666,293

Capital Goods
3M Co.	Morgan Stanley		12,240			1,892,878			2,358,403			518,835
AMETEK, Inc.	Morgan Stanley		7,545			539,563			963,723			429,856
Carrier Global Corp.	Morgan Stanley		4,878			81,215			205,949			125,916
Caterpillar, Inc.	Morgan Stanley		3,015			521,875			699,088			182,473
Cummins, Inc.	Morgan Stanley		6,639			1,182,471			1,720,231			571,061
Deere & Co.	Morgan Stanley		3,274			662,915			1,224,934			570,354
Dover Corp.	Morgan Stanley		7,692			679,457			1,054,804			392,038
Eaton Corp. PLC (Ireland)	Morgan Stanley		9,960			789,765			1,377,269			612,932
Emerson Electric Co.	Morgan Stanley		18,753			1,198,453			1,691,896			517,889
Fortive Corp.	Morgan Stanley		20,128			1,244,007			1,421,842			190,549
Fortune Brands Home & Security, Inc.	Morgan Stanley		9,067			538,468			868,800			359,001
General Dynamics Corp.	Morgan Stanley		8,828			1,298,393			1,602,812			315,608
Honeywell International, Inc.	Morgan Stanley		6,168			759,817			1,338,888			611,478
Howmet Aerospace, Inc.	Morgan Stanley		97,240			1,257,705			3,124,321			1,903,569

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

132

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Capital Goods — (continued)
Johnson Controls International PLC (Ireland)	Morgan Stanley		27,861		$	1,135,173		$	1,662,466		$	547,796
L3Harris Technologies, Inc.	Morgan Stanley		3,402			651,326			689,517			39,507
Lockheed Martin Corp.	Morgan Stanley		3,760			1,309,040			1,389,320			94,983
Masco Corp.	Morgan Stanley		16,163			635,677			968,164			373,432
Northrop Grumman Corp.	Morgan Stanley		3,740			1,134,892			1,210,414			79,199
Otis Worldwide Corp.	Morgan Stanley		1,714			82,032			117,323			36,696
PACCAR, Inc.	Morgan Stanley		823			69,832			76,473			9,061
Parker-Hannifin Corp.	Morgan Stanley		5,843			1,640,441			1,843,058			207,839
Pentair PLC (Ireland)	Morgan Stanley		27,388			1,114,336			1,706,820			614,967
Quanta Services, Inc.	Morgan Stanley		9,565			314,172			841,529			557,989
Roper Technologies, Inc.	Morgan Stanley		652			252,098			262,978			12,076
Snap-on, Inc.	Morgan Stanley		13,712			1,587,456			3,163,907			1,641,420
Stanley Black & Decker, Inc.	Morgan Stanley		6,227			1,176,181			1,243,345			69,717
Trane Technologies PLC (Ireland)	Morgan Stanley		8,622			869,710			1,427,458			572,814
TransDigm Group, Inc.	Morgan Stanley		4,299			1,388,639			2,527,468			1,140,240
United Rentals, Inc.	Morgan Stanley		6,068			916,890			1,998,253			1,108,630
WW Grainger, Inc.	Morgan Stanley		1,050			311,953			420,977			118,452

			356,316			27,236,830			41,202,430			14,526,377

Commercial & Professional Services
Cintas Corp.	Morgan Stanley		3,997			782,120			1,364,216			598,813
IHS Markit Ltd. (Bermuda)	Morgan Stanley		4,647			309,637			449,737			142,833
Jacobs Engineering Group, Inc.	Morgan Stanley		13,246			1,644,101			1,712,310			69,890
Nielsen Holdings PLC (United Kingdom).	Morgan Stanley		49,233			871,453			1,238,210			370,904
Republic Services, Inc.	Morgan Stanley		18,683			1,572,833			1,856,156			310,378
Robert Half International, Inc.	Morgan Stanley		7,084			360,974			553,048			203,754

			96,890			5,541,118			7,173,677			1,696,572

Consumer Durables & Apparel
DR Horton, Inc.	Morgan Stanley		4,556			304,392			406,031			103,265
Garmin Ltd. (Switzerland)	Morgan Stanley		3,657			337,432			482,175			150,935
Hanesbrands, Inc.	Morgan Stanley		97,958			1,197,321			1,926,834			767,614
Hasbro, Inc.	Morgan Stanley		2,329			213,662			223,864			10,530
Leggett & Platt, Inc.	Morgan Stanley		648			15,000			29,581			16,522
Lennar Corp., Class A	Morgan Stanley		2,011			103,898			203,574			101,522
Mohawk Industries, Inc.	Morgan Stanley		7,380			601,148			1,419,248			818,681
Newell Brands, Inc.	Morgan Stanley		25,054			431,438			670,946			258,271
NIKE, Inc., Class B	Morgan Stanley		9,580			978,391			1,273,086			303,384
PulteGroup, Inc.	Morgan Stanley		19,861			523,573			1,041,511			586,798
PVH Corp.	Morgan Stanley		38,004			1,721,326			4,017,023			2,330,203
Tapestry, Inc.	Morgan Stanley		46,206			1,724,506			1,904,149			181,191
Whirlpool Corp.	Morgan Stanley		3,114			289,977			686,170			411,931

			260,358			8,442,064			14,284,192			6,040,847

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

133

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Consumer Services
Hilton Worldwide Holdings, Inc.	Morgan Stanley		1		$	106		$	121		$	(37	)
Marriott International, Inc., Class A	Morgan Stanley		4,670			635,412			691,674			56,879
McDonald’s Corp.	Morgan Stanley		11,731			2,137,269			2,629,386			549,339
MGM Resorts International	Morgan Stanley		16,424			128,607			623,948			591,299
Penn National Gaming, Inc.	Morgan Stanley		6,752			717,917			707,880			(9,333	)
Yum! Brands, Inc.	Morgan Stanley		20,085			1,680,457			2,172,795			523,119

			59,663			5,299,768			6,825,804			1,711,266

Diversified Financials
American Express Co.	Morgan Stanley		1,229			92,282			173,830			86,596
Ameriprise Financial, Inc.	Morgan Stanley		1,937			447,822			450,256			2,853
Berkshire Hathaway, Inc., Class B	Morgan Stanley		28,311			5,618,130			7,232,611			1,620,348
BlackRock, Inc.	Morgan Stanley		4,199			2,166,517			3,165,878			1,101,478
Capital One Financial Corp.	Morgan Stanley		2,807			358,103			357,135			(643	)
Discover Financial Services	Morgan Stanley		13,739			606,994			1,305,068			730,007
Franklin Resources, Inc.	Morgan Stanley		26,944			561,801			797,542			258,819
Goldman Sachs Group, Inc. (The)	Morgan Stanley		7,743			1,402,323			2,531,961			1,162,341
Intercontinental Exchange, Inc.	Morgan Stanley		13,911			1,337,147			1,553,580			227,535
Invesco Ltd. (Bermuda)	Morgan Stanley		112,962			936,201			2,848,902			2,088,934
Moody’s Corp.	Morgan Stanley		2,205			642,238			658,435			16,558
Nasdaq, Inc.	Morgan Stanley		12,426			1,399,444			1,832,338			463,066
S&P Global, Inc.	Morgan Stanley		5,585			1,789,163			1,970,779			191,072
T Rowe Price Group, Inc.	Morgan Stanley		10,033			1,268,509			1,721,663			489,027

			244,031			18,626,674			26,599,978			8,437,991

Energy
APA Corp.	Morgan Stanley		84,673			441,738			1,515,647			1,086,124
Chevron Corp.	Morgan Stanley		1,597			87,917			167,350			87,713
ConocoPhillips	Morgan Stanley		17,651			523,913			934,973			420,548
Devon Energy Corp.	Morgan Stanley		55,930			1,256,864			1,222,071			(29,995	)
EOG Resources, Inc.	Morgan Stanley		15,923			556,382			1,154,895			605,019
Halliburton Co.	Morgan Stanley		77,637			902,970			1,666,090			772,968
Kinder Morgan, Inc.	Morgan Stanley		36,356			450,283			605,327			192,270
Marathon Oil Corp.	Morgan Stanley		92,048			964,674			983,073			19,163
Marathon Petroleum Corp.	Morgan Stanley		4,659			124,534			249,210			147,327
NOV, Inc.	Morgan Stanley		83,251			754,923			1,142,204			388,023
Occidental Petroleum Corp.	Morgan Stanley		113,235			3,201,270			3,014,316			(185,032	)
Phillips 66.	Morgan Stanley		2			87			163			6,140
Williams Cos., Inc. (The)	Morgan Stanley		32,119			631,629			760,899			162,500

			615,081			9,897,184			13,416,218			3,672,768

Food & Staples Retailing
Kroger Co. (The)	Morgan Stanley		9,167			288,951			329,920			53,067
Sysco Corp.	Morgan Stanley		6,975			313,296			549,212			248,385
Walgreens Boots Alliance, Inc.	Morgan Stanley		7,773			367,044			426,738			62,203

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

134

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Food & Staples Retailing — (continued)
Walmart, Inc.	Morgan Stanley		25,421		$	2,993,017		$	3,452,934		$	530,322

			49,336			3,962,308			4,758,804			893,977

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		16,645			635,231			851,558			275,856
Archer-Daniels-Midland Co.	Morgan Stanley		6,881			284,706			392,217			114,673
Campbell Soup Co.	Morgan Stanley		16,970			785,816			853,082			87,456
Coca-Cola Co. (The)	Morgan Stanley		43,377			2,064,935			2,286,402			270,120
Conagra Brands, Inc.	Morgan Stanley		27,864			987,919			1,047,686			66,806
Constellation Brands, Inc., Class A	Morgan Stanley		5,137			829,634			1,171,236			379,251
General Mills, Inc.	Morgan Stanley		19,032			1,082,201			1,167,042			104,745
Hershey Co. (The)	Morgan Stanley		3,476			528,272			549,764			22,696
JM Smucker Co. (The)	Morgan Stanley		10,136			1,128,628			1,282,508			184,175
Kellogg Co.	Morgan Stanley		11,702			731,003			740,737			19,593
Kraft Heinz Co. (The)	Morgan Stanley		40,310			1,324,780			1,612,400			323,695
Molson Coors Beverage Co., Class B	Morgan Stanley		8,905			326,567			455,491			129,416
Mondelez International, Inc., Class A	Morgan Stanley		22,918			1,274,481			1,341,391			75,238
Monster Beverage Corp.	Morgan Stanley		5,018			444,611			457,090			12,895
PepsiCo, Inc.	Morgan Stanley		4,060			500,645			574,287			109,475
Philip Morris International, Inc.	Morgan Stanley		16,652			1,239,855			1,477,698			290,256
Tyson Foods, Inc., Class A	Morgan Stanley		14,554			818,069			1,081,362			282,648

			273,637			14,987,353			17,341,951			2,748,994

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		16,058			1,272,145			1,924,391			726,271
AmerisourceBergen Corp.	Morgan Stanley		10,208			1,042,600			1,205,259			167,496
Anthem, Inc.	Morgan Stanley		3,081			606,488			1,105,925			512,481
Baxter International, Inc.	Morgan Stanley		17,478			1,361,603			1,474,095			132,111
Becton Dickinson and Co.	Morgan Stanley		8,760			2,204,919			2,129,994			(71,831	)
Cerner Corp.	Morgan Stanley		7,770			577,359			558,508			(18,295	)
CVS Health Corp.	Morgan Stanley		19,983			1,216,068			1,503,321			314,617
Danaher Corp.	Morgan Stanley		7,426			1,565,713			1,671,444			114,509
DaVita, Inc.	Morgan Stanley		5,212			386,126			561,697			175,925
DENTSPLY SIRONA, Inc.	Morgan Stanley		11,745			515,762			749,448			237,386
HCA Healthcare, Inc.	Morgan Stanley		5,921			1,050,274			1,115,161			66,754
Henry Schein, Inc.	Morgan Stanley		2,524			151,241			174,762			31,815
Hologic, Inc.	Morgan Stanley		36,033			2,210,454			2,680,135			471,957
Laboratory Corp. of America Holdings	Morgan Stanley		4,258			1,027,511			1,085,918			59,437
McKesson Corp.	Morgan Stanley		7,604			1,296,541			1,483,084			192,728
Medtronic PLC (Ireland)	Morgan Stanley		21,542			2,140,470			2,544,756			447,294
Quest Diagnostics, Inc.	Morgan Stanley		3,804			327,521			488,205			167,826
STERIS PLC (Ireland)	Morgan Stanley		363			54,367			69,144			15,238
Stryker Corp.	Morgan Stanley		4,984			1,171,898			1,214,003			46,371
UnitedHealth Group, Inc.	Morgan Stanley		9,162			2,816,798			3,408,905			631,213
Universal Health Services, Inc., Class B	Morgan Stanley		1,369			128,060			182,611			55,010

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

135

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
Varian Medical Systems, Inc.	Morgan Stanley		10,968		$	1,900,461		$	1,936,181		$	37,670
West Pharmaceutical Services, Inc.	Morgan Stanley		213			42,275			60,019			17,843
Zimmer Biomet Holdings, Inc.	Morgan Stanley		1			111			160			(2	)

			216,467			25,066,765			29,327,126			4,531,824

Household & Personal Products
Clorox Co. (The)	Morgan Stanley		2,375			442,801			458,090			15,703
Colgate-Palmolive Co.	Morgan Stanley		16,199			1,149,719			1,276,967			149,436
Estee Lauder Cos., Inc. (The), Class A	Morgan Stanley		2,387			474,974			694,259			222,238
Kimberly-Clark Corp.	Morgan Stanley		1,290			171,212			179,375			15,216
Procter & Gamble Co. (The)	Morgan Stanley		8,563			1,040,319			1,159,687			131,696

			30,814			3,279,025			3,768,378			534,289

Insurance
Aflac, Inc.	Morgan Stanley		4,308			188,400			220,483			34,095
Aon PLC, Class A (Ireland)	Morgan Stanley		4,149			798,458			954,726			165,520
Arthur J Gallagher & Co.	Morgan Stanley		4,017			455,089			501,201			48,689
Assurant, Inc.	Morgan Stanley		1,894			256,174			268,512			13,191
Cincinnati Financial Corp.	Morgan Stanley		11,310			616,184			1,165,948			577,844
Hartford Financial Services Group, Inc. (The)	Morgan Stanley		4,553			164,517			304,095			144,813
Loews Corp.	Morgan Stanley		622			17,799			31,896			14,218
Marsh & McLennan Cos., Inc.	Morgan Stanley		14,235			1,450,341			1,733,823			295,823
MetLife, Inc.	Morgan Stanley		18,171			577,966			1,104,615			574,323
Principal Financial Group, Inc.	Morgan Stanley		10,176			600,446			610,153			10,287
Progressive Corp. (The)	Morgan Stanley		7,557			675,567			722,525			58,253
Prudential Financial, Inc.	Morgan Stanley		10,678			523,353			972,766			510,466
Travelers Cos., Inc. (The)	Morgan Stanley		3,599			354,663			541,290			198,267

			95,269			6,678,957			9,132,033			2,645,789

Materials
Avery Dennison Corp.	Morgan Stanley		571			90,545			104,864			14,678
Celanese Corp.	Morgan Stanley		869			64,569			130,185			67,400
CF Industries Holdings, Inc.	Morgan Stanley		16,749			475,068			760,070			299,214
Dow, Inc.	Morgan Stanley		17,666			889,056			1,129,564			262,967
DuPont de Nemours, Inc.	Morgan Stanley		49,219			1,785,394			3,803,644			2,107,366
Eastman Chemical Co.	Morgan Stanley		6,469			389,482			712,366			340,776
FMC Corp.	Morgan Stanley		949			76,827			104,969			29,916
Freeport-McMoRan, Inc.	Morgan Stanley		25,244			509,288			831,285			322,825
International Paper Co.	Morgan Stanley		31,518			1,161,580			1,704,178			592,106
Linde PLC (Ireland)	Morgan Stanley		5,944			1,032,866			1,665,152			663,836
LyondellBasell Industries NV, Class A (Netherlands)	Morgan Stanley		525			23,983			54,626			37,571
Martin Marietta Materials, Inc.	Morgan Stanley		3,038			753,787			1,020,221			270,540
Mosaic Co. (The)	Morgan Stanley		57,539			1,033,120			1,818,808			794,986
Newmont Corp.	Morgan Stanley		7,379			435,427			444,732			15,439

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

136

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Materials — (continued)
Nucor Corp.	Morgan Stanley		1,330		$	56,062		$	106,759		$	53,381
PPG Industries, Inc.	Morgan Stanley		10,895			1,001,797			1,637,083			656,066
Sealed Air Corp.	Morgan Stanley		29,567			696,877			1,354,760			703,561
Sherwin-Williams Co. (The)	Morgan Stanley		2,474			1,722,768			1,825,837			107,967

			267,945			12,198,496			19,209,103			7,340,595

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		4,916			348,882			457,188			108,622
Alphabet, Inc., Class A	Morgan Stanley		5,731			6,937,837			11,820,302			4,894,699
Charter Communications, Inc., Class A	Morgan Stanley		4,074			1,675,762			2,513,739			839,690
Comcast Corp., Class A	Morgan Stanley		9,035			308,807			488,884			269,601
DISH Network Corp., Class A	Morgan Stanley		21,655			777,113			783,911			7,565
Electronic Arts, Inc.	Morgan Stanley		1,566			186,215			211,989			26,432
Facebook, Inc., Class A	Morgan Stanley		10,950			2,211,564			3,225,104			1,018,413
Fox Corp., Class A	Morgan Stanley		9,044			386,923			326,579			(83,295	)
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		32,683			642,412			954,344			330,577
Netflix, Inc.	Morgan Stanley		2,661			1,123,694			1,388,137			265,575
News Corp., Class A	Morgan Stanley		13,512			324,052			343,610			20,628
Omnicom Group, Inc.	Morgan Stanley		2,178			135,477			161,499			28,747
Take-Two Interactive Software, Inc.	Morgan Stanley		650			87,626			114,855			27,269
Twitter, Inc.	Morgan Stanley		4,902			150,633			311,914			161,388
ViacomCBS, Inc., Class B	Morgan Stanley		13,336			597,177			601,454			4,854
Walt Disney Co. (The)	Morgan Stanley		9,545			898,271			1,761,243			862,121

			146,438			16,792,445			25,464,752			8,782,886

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		14,909			1,471,973			1,613,452			157,097
Alexion Pharmaceuticals, Inc.	Morgan Stanley		7,699			881,280			1,177,254			296,850
Amgen, Inc.	Morgan Stanley		4,447			1,006,077			1,106,458			122,445
Biogen, Inc.	Morgan Stanley		5,872			1,435,642			1,642,692			208,510
Gilead Sciences, Inc.	Morgan Stanley		26,799			1,675,692			1,732,019			101,893
Illumina, Inc.	Morgan Stanley		966			351,340			371,002			19,980
Incyte Corp.	Morgan Stanley		1,399			138,169			113,697			(24,379	)
Johnson & Johnson	Morgan Stanley		36,259			4,856,121			5,959,167			1,308,594
Merck & Co., Inc.	Morgan Stanley		39,329			2,917,111			3,031,873			174,255
PerkinElmer, Inc.	Morgan Stanley		17,900			2,107,059			2,296,391			192,944
Pfizer, Inc.	Morgan Stanley		108,645			3,554,000			3,936,208			451,065
Regeneron Pharmaceuticals, Inc.	Morgan Stanley		554			271,728			262,120			(9,374	)
Thermo Fisher Scientific, Inc.	Morgan Stanley		4,746			2,032,010			2,165,979			138,424
Waters Corp.	Morgan Stanley		3,405			935,742			967,599			32,790
Zoetis, Inc.	Morgan Stanley		5,129			789,163			807,715			19,331

			278,058			24,423,107			27,183,626			3,190,425

Real Estate
Alexandria Real Estate Equities, Inc., REIT	Morgan Stanley		6,374			1,001,931			1,047,248			64,691

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

137

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Real Estate — (continued)
American Tower Corp., REIT	Morgan Stanley		3,054		$	765,451		$	730,089		$	(25,839	)
AvalonBay Communities, Inc., REIT	Morgan Stanley		2,638			420,345			486,737			78,560
CBRE Group, Inc., Class A	Morgan Stanley		4,865			246,538			384,870			149,557
Crown Castle International Corp., REIT	Morgan Stanley		2,829			471,982			486,956			27,819
Duke Realty Corp., REIT	Morgan Stanley		9,796			394,533			410,746			16,577
Extra Space Storage, Inc., REIT	Morgan Stanley		2,948			380,959			390,757			10,661
Mid-America Apartment Communities, Inc., REIT	Morgan Stanley		5,059			659,323			730,317			76,761
Prologis, Inc., REIT	Morgan Stanley		1			97			106			(40	)
Public Storage, REIT	Morgan Stanley		3,058			666,647			754,592			97,005
SBA Communications Corp., REIT	Morgan Stanley		697			211,765			193,452			(17,188	)
Simon Property Group, Inc., REIT	Morgan Stanley		7,905			458,614			899,352			466,793
Welltower, Inc., REIT	Morgan Stanley		7,477			342,826			535,578			208,070
Weyerhaeuser Co., REIT	Morgan Stanley		79,214			1,379,906			2,820,018			1,564,329

			135,915			7,400,917			9,870,818			2,717,756

Retailing
Advance Auto Parts, Inc.	Morgan Stanley		8,132			1,267,231			1,492,141			229,700
Amazon.com, Inc.	Morgan Stanley		2,576			5,823,543			7,970,350			2,152,799
AutoZone, Inc.	Morgan Stanley		598			607,473			839,771			232,862
Best Buy Co., Inc.	Morgan Stanley		6,905			536,044			792,763			272,550
Dollar Tree, Inc.	Morgan Stanley		6,931			777,417			793,322			16,672
eBay, Inc.	Morgan Stanley		39,213			1,204,869			2,401,404			1,251,685
Gap, Inc. (The)	Morgan Stanley		17,836			103,302			531,156			427,910
Genuine Parts Co.	Morgan Stanley		17,395			1,620,548			2,010,688			419,434
Home Depot, Inc. (The)	Morgan Stanley		4,049			971,390			1,235,957			279,886
L Brands, Inc.	Morgan Stanley		38,253			1,562,004			2,366,331			806,003
LKQ Corp.	Morgan Stanley		46,990			1,150,074			1,989,087			840,172
Lowe’s Cos., Inc.	Morgan Stanley		8,462			1,084,258			1,609,303			538,726
O’Reilly Automotive, Inc.	Morgan Stanley		1,759			772,945			892,253			120,070
Target Corp.	Morgan Stanley		7,582			1,201,981			1,501,767			329,712
Tractor Supply Co.	Morgan Stanley		4,836			593,805			856,359			269,225

			211,517			19,276,884			27,282,652			8,187,406

Semiconductors & Semiconductor Equipment
Applied Materials, Inc.	Morgan Stanley		10,424			469,563			1,392,646			962,119
Broadcom, Inc.	Morgan Stanley		2,888			1,044,769			1,339,050			318,399
Intel Corp.	Morgan Stanley		58,322			3,044,990			3,732,608			768,662
KLA Corp.	Morgan Stanley		4,603			1,136,982			1,520,831			403,727
Lam Research Corp.	Morgan Stanley		947			255,460			563,692			313,230
Maxim Integrated Products, Inc.	Morgan Stanley		11,052			801,003			1,009,821			209,610
Micron Technology, Inc.	Morgan Stanley		6,919			324,110			610,325			286,504
NVIDIA Corp.	Morgan Stanley		628			234,321			335,308			101,556
NXP Semiconductors NV (Netherlands)	Morgan Stanley		9,251			1,801,322			1,862,596			62,303
Qorvo, Inc.	Morgan Stanley		5,223			741,221			954,242			214,884

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

138

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Semiconductors & Semiconductor Equipment — (continued)
QUALCOMM, Inc.	Morgan Stanley		23,772		$	3,358,709		$	3,151,929		$	(188,109	)
Skyworks Solutions, Inc.	Morgan Stanley		2,608			220,245			478,516			263,510
Teradyne, Inc.	Morgan Stanley		8,486			961,846			1,032,576			71,883
Texas Instruments, Inc.	Morgan Stanley		10,670			1,595,551			2,016,523			440,547

			155,793			15,990,092			20,000,663			4,228,825

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		4,535			891,678			1,252,794			372,056
Adobe, Inc.	Morgan Stanley		2,130			716,668			1,012,538			296,573
ANSYS, Inc.	Morgan Stanley		553			158,153			187,777			29,738
Autodesk, Inc.	Morgan Stanley		35			9,201			9,700			456
Automatic Data Processing, Inc.	Morgan Stanley		1,382			254,946			260,466			6,277
Broadridge Financial Solutions, Inc.	Morgan Stanley		5,191			733,477			794,742			67,690
Cadence Design Systems, Inc.	Morgan Stanley		2,861			270,340			391,928			122,073
Cognizant Technology Solutions Corp., Class A	Morgan Stanley		5,410			331,339			422,629			99,368
Fiserv, Inc.	Morgan Stanley		5,534			680,352			658,767			(20,920	)
FleetCor Technologies, Inc.	Morgan Stanley		950			199,873			255,199			55,484
International Business Machines Corp.	Morgan Stanley		16,412			1,847,182			2,187,063			411,579
Mastercard, Inc., Class A	Morgan Stanley		4,031			1,164,035			1,435,238			276,788
Microsoft Corp.	Morgan Stanley		24,304			4,646,504			5,730,154			1,155,606
Oracle Corp.	Morgan Stanley		46,921			2,243,591			3,292,447			1,091,806
Paychex, Inc.	Morgan Stanley		11,539			724,007			1,131,053			545,884
PayPal Holdings, Inc.	Morgan Stanley		8,682			1,309,580			2,108,337			800,084
salesforce.com, Inc.	Morgan Stanley		6,504			1,091,698			1,378,002			287,403
ServiceNow, Inc.	Morgan Stanley		1,102			423,205			551,121			128,309
Synopsys, Inc.	Morgan Stanley		2,167			441,553			536,939			97,024
VeriSign, Inc.	Morgan Stanley		4,045			786,863			803,984			16,951
Visa, Inc., Class A	Morgan Stanley		12,962			2,475,442			2,744,444			286,951
Western Union Co. (The)	Morgan Stanley		77,230			1,690,246			1,904,492			249,802

			244,480			23,089,933			29,049,814			6,376,982

Technology Hardware & Equipment
Amphenol Corp., Class A	Morgan Stanley		2,370			91,619			156,349			75,449
Apple, Inc.	Morgan Stanley		196,370			11,343,578			23,986,596			12,882,140
CDW Corp.	Morgan Stanley		2,950			328,994			488,963			162,937
Cisco Systems, Inc.	Morgan Stanley		74,065			3,062,347			3,829,901			837,125
Corning, Inc.	Morgan Stanley		20,580			846,087			895,436			50,187
F5 Networks, Inc.	Morgan Stanley		2,261			208,368			471,690			263,489
FLIR Systems, Inc.	Morgan Stanley		6,201			205,778			350,170			187,121
HP, Inc.	Morgan Stanley		98,969			1,637,577			3,142,266			1,567,345
Juniper Networks, Inc.	Morgan Stanley		69,875			1,484,274			1,769,934			330,474
NetApp, Inc.	Morgan Stanley		18,885			790,884			1,372,373			600,400
Seagate Technology PLC (Ireland)	Morgan Stanley		16,442			767,210			1,261,924			526,265
TE Connectivity Ltd. (Switzerland)	Morgan Stanley		9,954			599,163			1,285,161			744,747

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

139

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Technology Hardware & Equipment — (continued)
Zebra Technologies Corp., Class A	Morgan Stanley		1,115			$	524,249			$	540,976			$	17,227

			520,037				21,890,128				39,551,739				18,244,906

Telecommunication Services
AT&T, Inc.	Morgan Stanley		7,002				202,873				211,951				12,003
Lumen Technologies, Inc.	Morgan Stanley		24,453				280,687				326,448				50,001
T-Mobile US, Inc.	Morgan Stanley		2,660				248,662				333,271				84,819
Verizon Communications, Inc.	Morgan Stanley		30,967				1,639,134				1,800,731				229,992

			65,082				2,371,356				2,672,401				376,815

Transportation
Alaska Air Group, Inc.	Morgan Stanley		3,396				81,863				235,037				165,280
CSX Corp.	Morgan Stanley		6,791				372,903				654,788				289,358
Expeditors International of Washington, Inc.	Morgan Stanley		12,134				873,691				1,306,710				447,603
FedEx Corp.	Morgan Stanley		6,054				1,650,658				1,719,578				70,607
JB Hunt Transport Services, Inc.	Morgan Stanley		474				59,734				79,665				20,260
Norfolk Southern Corp.	Morgan Stanley		5,160				875,417				1,385,563				529,082
Union Pacific Corp.	Morgan Stanley		4,886				1,000,546				1,076,923				80,203
United Parcel Service, Inc., Class B	Morgan Stanley		6,817				1,099,387				1,158,822				62,380

			45,712				6,014,199				7,617,086				1,664,773

Utilities
AES Corp. (The)	Morgan Stanley		14,443				369,984				387,217				18,226
Dominion Energy, Inc.	Morgan Stanley		63,940				4,494,559				4,856,882				422,723
Duke Energy Corp.	Morgan Stanley		13,181				1,119,951				1,272,362				175,563
Exelon Corp.	Morgan Stanley		20,194				834,752				883,286				52,968
NextEra Energy, Inc.	Morgan Stanley		569				41,858				43,022				1,185
NiSource, Inc.	Morgan Stanley		57,191				1,262,178				1,378,875				119,509
NRG Energy, Inc.	Morgan Stanley		96,696				2,855,935				3,648,340				878,214
Public Service Enterprise Group, Inc.	Morgan Stanley		3,049				174,953				183,580				28,765
Southern Co. (The)	Morgan Stanley		3,870				214,850				240,559				44,709

			273,133				11,369,020				12,894,123				1,741,862

Total Reference Entity — Long							301,934,265				411,924,105				115,646,534

Short
Banks
Citizens Financial Group, Inc.	Morgan Stanley		(13,633	)			(590,633	)			(601,897	)			(29,670	)
Comerica, Inc.	Morgan Stanley		(18,652	)			(1,134,586	)			(1,338,095	)			(257,221	)
Huntington Bancshares, Inc.	Morgan Stanley		(65,023	)			(961,375	)			(1,022,162	)			(105,902	)
KeyCorp.	Morgan Stanley		(77,970	)			(1,548,720	)			(1,557,841	)			(67,938	)
M&T Bank Corp.	Morgan Stanley		(16,144	)			(2,703,548	)			(2,447,592	)			172,777
People’s United Financial, Inc.	Morgan Stanley		(104,609	)			(1,220,415	)			(1,872,501	)			(706,041	)
Regions Financial Corp.	Morgan Stanley		(31,028	)			(603,299	)			(641,039	)			(53,338	)

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

140

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Banks — (continued)
Zions Bancorp NA	Morgan Stanley		(17,888	)		$	(922,033	)		$	(983,125	)		$	(81,365	)

			(344,947	)			(9,684,609	)			(10,464,252	)			(1,128,698	)

Capital Goods
A.O. Smith Corp.	Morgan Stanley		(8,486	)			(466,092	)			(573,739	)			(139,408	)
Allegion PLC (Ireland)	Morgan Stanley		(23,114	)			(2,448,563	)			(2,903,581	)			(489,214	)
Boeing Co. (The)	Morgan Stanley		(11,237	)			(3,748,320	)			(2,862,289	)			824,421
Fastenal Co.	Morgan Stanley		(38,300	)			(1,784,637	)			(1,925,724	)			(172,579	)
Generac Holdings, Inc.	Morgan Stanley		(7,325	)			(2,261,112	)			(2,398,571	)			(145,589	)
General Electric Co.	Morgan Stanley		(134,171	)			(1,619,224	)			(1,761,665	)			(153,507	)
Huntington Ingalls Industries, Inc.	Morgan Stanley		(5,858	)			(1,120,695	)			(1,205,869	)			(132,964	)
IDEX Corp.	Morgan Stanley		(11,662	)			(2,279,661	)			(2,441,090	)			(172,845	)
Illinois Tool Works, Inc.	Morgan Stanley		(470	)			(101,649	)			(104,114	)			(3,427	)
Ingersoll Rand, Inc.	Morgan Stanley		(117,268	)			(4,081,909	)			(5,770,758	)			(1,710,150	)
Raytheon Technologies Corp.	Morgan Stanley		(57,515	)			(4,387,111	)			(4,444,184	)			(72,796	)
Rockwell Automation, Inc.	Morgan Stanley		(7,409	)			(1,863,890	)			(1,966,645	)			(114,934	)
Teledyne Technologies, Inc.	Morgan Stanley		(7,744	)			(2,946,263	)			(3,203,306	)			(267,620	)
Textron, Inc.	Morgan Stanley		(41,883	)			(2,068,126	)			(2,348,799	)			(321,837	)
Westinghouse Air Brake Technologies Corp.	Morgan Stanley		(27,031	)			(1,885,451	)			(2,139,774	)			(271,908	)
Xylem, Inc.	Morgan Stanley		(23,678	)			(2,129,198	)			(2,490,452	)			(407,933	)

			(523,151	)			(35,191,901	)			(38,540,560	)			(3,752,290	)

Commercial & Professional Services
Copart, Inc.	Morgan Stanley		(21,329	)			(2,362,626	)			(2,316,543	)			37,591
Equifax, Inc.	Morgan Stanley		(14,656	)			(2,561,030	)			(2,654,641	)			(108,307	)
Rollins, Inc.	Morgan Stanley		(68,156	)			(2,294,669	)			(2,345,930	)			(69,720	)
Verisk Analytics, Inc.	Morgan Stanley		(8,840	)			(1,551,344	)			(1,561,940	)			(16,601	)
Waste Management, Inc.	Morgan Stanley		(9,122	)			(1,018,120	)			(1,176,920	)			(192,531	)

			(122,103	)			(9,787,789	)			(10,055,974	)			(349,568	)

Consumer Durables & Apparel
NVR, Inc.	Morgan Stanley		(572	)			(2,291,523	)			(2,694,652	)			(422,525	)
Ralph Lauren Corp.	Morgan Stanley		(48,950	)			(4,055,913	)			(6,028,682	)			(1,987,310	)
Under Armour, Inc., Class C	Morgan Stanley		(93,699	)			(1,584,830	)			(1,729,684	)			(177,340	)
VF Corp.	Morgan Stanley		(31,387	)			(2,549,754	)			(2,508,449	)			11,981

			(174,608	)			(10,482,020	)			(12,961,467	)			(2,575,194	)

Consumer Services
Caesars Entertainment, Inc.	Morgan Stanley		(25,336	)			(2,180,226	)			(2,215,633	)			(43,248	)
Carnival Corp. (Panama)	Morgan Stanley		(38,304	)			(1,000,122	)			(1,016,588	)			(20,091	)
Chipotle Mexican Grill, Inc.	Morgan Stanley		(1,549	)			(2,189,744	)			(2,200,850	)			(26,129	)
Darden Restaurants, Inc.	Morgan Stanley		(11,943	)			(1,519,605	)			(1,695,906	)			(187,951	)
Domino’s Pizza, Inc.	Morgan Stanley		(6,676	)			(2,638,287	)			(2,455,366	)			160,884
Las Vegas Sands Corp.	Morgan Stanley		(17,790	)			(1,076,915	)			(1,080,920	)			(29,939	)

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

141

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Consumer Services — (continued)
Norwegian Cruise Line Holdings Ltd. (Bermuda)	Morgan Stanley		(49,205	)		$	(1,771,590	)		$	(1,357,566	)		$	407,644
Royal Caribbean Cruises Ltd. (Liberia)	Morgan Stanley		(12,253	)			(1,329,801	)			(1,048,979	)			268,861
Starbucks Corp.	Morgan Stanley		(4,833	)			(526,333	)			(528,102	)			(3,701	)
Wynn Resorts Ltd.	Morgan Stanley		(11,647	)			(1,400,637	)			(1,460,184	)			(97,588	)

			(179,536	)			(15,633,260	)			(15,060,094	)			428,742

Diversified Financials
Bank of New York Mellon Corp. (The)	Morgan Stanley		(58,818	)			(2,679,051	)			(2,781,503	)			(147,098	)
Cboe Global Markets, Inc.	Morgan Stanley		(15,879	)			(1,802,740	)			(1,567,099	)			215,160
Charles Schwab Corp. (The)	Morgan Stanley		(7,859	)			(509,389	)			(512,250	)			(4,732	)
CME Group, Inc.	Morgan Stanley		(3,987	)			(846,386	)			(814,265	)			20,453
MarketAxess Holdings, Inc.	Morgan Stanley		(7,105	)			(3,677,868	)			(3,537,722	)			123,619
MSCI, Inc.	Morgan Stanley		(8,538	)			(3,190,772	)			(3,579,813	)			(418,831	)
Northern Trust Corp.	Morgan Stanley		(34,953	)			(3,583,483	)			(3,673,910	)			(205,641	)
Raymond James Financial, Inc.	Morgan Stanley		(3,264	)			(317,509	)			(400,036	)			(106,149	)
State Street Corp.	Morgan Stanley		(42,843	)			(3,408,817	)			(3,599,240	)			(307,446	)
Synchrony Financial	Morgan Stanley		(3,102	)			(126,437	)			(126,127	)			(269	)

			(186,348	)			(20,142,452	)			(20,591,965	)			(830,934	)

Energy
Baker Hughes Co.	Morgan Stanley		(57,110	)			(1,370,724	)			(1,234,147	)			129,229
Cabot Oil & Gas Corp.	Morgan Stanley		(232,806	)			(4,504,812	)			(4,372,097	)			64,540
Diamondback Energy, Inc.	Morgan Stanley		(7,565	)			(729,971	)			(555,952	)			149,396
Exxon Mobil Corp.	Morgan Stanley		(25,563	)			(1,483,414	)			(1,427,182	)			50,880
Hess Corp.	Morgan Stanley		(43,181	)			(2,977,555	)			(3,055,488	)			(126,608	)
HollyFrontier Corp.	Morgan Stanley		(43,994	)			(1,022,649	)			(1,574,105	)			(581,854	)
ONEOK, Inc.	Morgan Stanley		(43,756	)			(2,967,705	)			(2,216,679	)			464,627
Pioneer Natural Resources Co.	Morgan Stanley		(18,771	)			(2,703,732	)			(2,981,210	)			(323,546	)
Schlumberger NV (Curacao)	Morgan Stanley		(32,449	)			(1,116,578	)			(882,288	)			213,206
Valero Energy Corp.	Morgan Stanley		(15,602	)			(879,602	)			(1,117,103	)			(260,040	)

			(520,797	)			(19,756,742	)			(19,416,251	)			(220,170	)

Food & Staples Retailing
Costco Wholesale Corp.	Morgan Stanley		(1,640	)			(555,091	)			(578,067	)			(26,761	)

Food, Beverage & Tobacco
Brown-Forman Corp., Class B	Morgan Stanley		(20,897	)			(1,548,435	)			(1,441,266	)			87,667
Hormel Foods Corp.	Morgan Stanley		(86,555	)			(4,182,109	)			(4,135,598	)			716
Lamb Weston Holdings, Inc.	Morgan Stanley		(32,057	)			(2,838,387	)			(2,483,776	)			327,009
McCormick & Co., Inc., non-voting shares	Morgan Stanley		(30,420	)			(2,776,549	)			(2,712,247	)			52,131

			(169,929	)			(11,345,480	)			(10,772,887	)			467,523

Health Care Equipment & Services
ABIOMED, Inc.	Morgan Stanley		(9,316	)			(2,342,382	)			(2,969,289	)			(635,326	)
Align Technology, Inc.	Morgan Stanley		(1,601	)			(910,109	)			(866,990	)			41,312

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

142

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Health Care Equipment & Services — (continued)
Boston Scientific Corp.	Morgan Stanley		(42,721	)		$	(1,679,305	)		$	(1,651,167	)		$	22,087
Cardinal Health, Inc.	Morgan Stanley		(59,955	)			(3,316,877	)			(3,642,266	)			(401,601	)
Centene Corp.	Morgan Stanley		(34,915	)			(2,165,143	)			(2,231,418	)			(74,576	)
Cigna Corp.	Morgan Stanley		(4,526	)			(983,543	)			(1,094,115	)			(117,806	)
Cooper Cos., Inc. (The)	Morgan Stanley		(6,062	)			(2,112,137	)			(2,328,354	)			(224,116	)
Dexcom, Inc.	Morgan Stanley		(13,438	)			(5,223,452	)			(4,829,483	)			373,121
Edwards Lifesciences Corp.	Morgan Stanley		(36,371	)			(2,917,856	)			(3,042,070	)			(135,064	)
Humana, Inc.	Morgan Stanley		(2,618	)			(1,065,174	)			(1,097,597	)			(38,112	)
IDEXX Laboratories, Inc.	Morgan Stanley		(2,651	)			(1,286,151	)			(1,297,161	)			(15,657	)
Intuitive Surgical, Inc.	Morgan Stanley		(3,570	)			(2,663,415	)			(2,638,016	)			15,833
ResMed, Inc.	Morgan Stanley		(15,165	)			(2,995,466	)			(2,942,313	)			40,459
Teleflex, Inc.	Morgan Stanley		(7,946	)			(2,945,233	)			(3,301,245	)			(381,286	)

			(240,855	)			(32,606,243	)			(33,931,484	)			(1,530,732	)

Household & Personal Products
Church & Dwight Co., Inc.	Morgan Stanley		(26,690	)			(2,326,238	)			(2,331,372	)			(21,936	)

Insurance
Allstate Corp. (The)	Morgan Stanley		(6,262	)			(692,756	)			(719,504	)			(34,720	)
American International Group, Inc.	Morgan Stanley		(16,021	)			(782,977	)			(740,330	)			17,825
Chubb Ltd. (Switzerland)	Morgan Stanley		(8,160	)			(1,239,507	)			(1,289,035	)			(63,676	)
Everest Re Group Ltd. (Bermuda)	Morgan Stanley		(2,346	)			(544,032	)			(581,362	)			(50,170	)
Globe Life, Inc.	Morgan Stanley		(17,140	)			(1,644,220	)			(1,656,238	)			(18,861	)
Lincoln National Corp.	Morgan Stanley		(17,957	)			(1,098,833	)			(1,118,182	)			(48,317	)
Unum Group	Morgan Stanley		(111,649	)			(3,094,564	)			(3,107,192	)			(100,309	)
Willis Towers Watson PLC (Ireland)	Morgan Stanley		(8,326	)			(1,775,824	)			(1,905,655	)			(147,459	)
WR Berkley Corp.	Morgan Stanley		(22,664	)			(1,570,404	)			(1,707,732	)			(152,767	)

			(210,525	)			(12,443,117	)			(12,825,230	)			(598,454	)

Materials
Air Products & Chemicals, Inc.	Morgan Stanley		(6,850	)			(1,925,617	)			(1,927,179	)			(33,500	)
Albemarle Corp.	Morgan Stanley		(27,348	)			(2,945,768	)			(3,995,816	)			(1,122,361	)
Amcor PLC (Jersey)	Morgan Stanley		(181,646	)			(2,089,480	)			(2,121,625	)			(39,662	)
Ball Corp.	Morgan Stanley		(9,790	)			(885,566	)			(829,605	)			49,167
Corteva, Inc.	Morgan Stanley		(35,233	)			(1,168,921	)			(1,642,563	)			(517,462	)
Ecolab, Inc.	Morgan Stanley		(5,647	)			(1,206,149	)			(1,208,853	)			(8,987	)
International Flavors & Fragrances, Inc.	Morgan Stanley		(31,694	)			(4,134,882	)			(4,424,799	)			(390,014	)
Packaging Corp. of America	Morgan Stanley		(1,561	)			(217,159	)			(209,923	)			3,155
Vulcan Materials Co.	Morgan Stanley		(12,829	)			(2,118,070	)			(2,164,894	)			(56,728	)
Westrock Co.	Morgan Stanley		(5,935	)			(268,652	)			(308,917	)			(65,168	)

			(318,533	)			(16,960,264	)			(18,834,174	)			(2,181,560	)

Media & Entertainment
Discovery, Inc., Class A	Morgan Stanley		(9,289	)			(563,571	)			(403,700	)			157,805
Live Nation Entertainment, Inc.	Morgan Stanley		(23,668	)			(1,759,586	)			(2,003,496	)			(256,439	)

			(32,957	)			(2,323,157	)			(2,407,196	)			(98,634	)

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

143

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences
Agilent Technologies, Inc.	Morgan Stanley		(6,506	)		$	(788,475	)		$	(827,173	)		$	(41,567	)
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		(4,320	)			(2,519,589	)			(2,467,454	)			43,082
Bristol-Myers Squibb Co.	Morgan Stanley		(3,746	)			(237,538	)			(236,485	)			(1,683	)
Catalent, Inc.	Morgan Stanley		(35,704	)			(3,345,710	)			(3,759,988	)			(426,282	)
Eli Lilly & Co.	Morgan Stanley		(613	)			(113,641	)			(114,521	)			(2,468	)
IQVIA Holdings, Inc.	Morgan Stanley		(18,328	)			(3,267,635	)			(3,539,870	)			(283,959	)
Mettler-Toledo International, Inc.	Morgan Stanley		(555	)			(649,192	)			(641,408	)			3,926
Perrigo Co. PLC (Ireland)	Morgan Stanley		(84,695	)			(5,008,362	)			(3,427,607	)			1,468,329
Vertex Pharmaceuticals, Inc.	Morgan Stanley		(18,013	)			(4,687,818	)			(3,870,814	)			800,207
Viatris, Inc.	Morgan Stanley		(373,187	)			(5,230,428	)			(5,213,422	)			(1,731	)

			(545,667	)			(25,848,388	)			(24,098,742	)			1,557,854

Real Estate
Boston Properties, Inc., REIT	Morgan Stanley		(13,813	)			(1,371,726	)			(1,398,704	)			(44,842	)
Digital Realty Trust, Inc., REIT	Morgan Stanley		(22,356	)			(3,294,127	)			(3,148,619	)			69,571
Equinix, Inc., REIT	Morgan Stanley		(6,737	)			(4,740,952	)			(4,578,398	)			102,760
Equity Residential, REIT	Morgan Stanley		(14,755	)			(963,474	)			(1,056,901	)			(125,400	)
Essex Property Trust, Inc., REIT	Morgan Stanley		(3,448	)			(930,258	)			(937,304	)			(24,768	)
Federal Realty Investment Trust, REIT	Morgan Stanley		(13,726	)			(1,232,843	)			(1,392,503	)			(190,197	)
Healthpeak Properties, Inc., REIT	Morgan Stanley		(36,976	)			(1,064,963	)			(1,173,618	)			(142,644	)
Host Hotels & Resorts, Inc., REIT	Morgan Stanley		(30,184	)			(476,265	)			(508,600	)			(39,261	)
Iron Mountain, Inc., REIT	Morgan Stanley		(19,713	)			(697,015	)			(729,578	)			(132,550	)
Kimco Realty Corp., REIT	Morgan Stanley		(33,375	)			(508,099	)			(625,781	)			(130,747	)
Realty Income Corp., REIT	Morgan Stanley		(9,673	)			(607,834	)			(614,236	)			(12,199	)
Regency Centers Corp., REIT	Morgan Stanley		(20,559	)			(1,360,191	)			(1,165,901	)			125,597
UDR, Inc., REIT	Morgan Stanley		(27,159	)			(1,056,923	)			(1,191,194	)			(148,941	)
Ventas, Inc., REIT	Morgan Stanley		(7,616	)			(413,197	)			(406,237	)			2,004
Vornado Realty Trust, REIT	Morgan Stanley		(40,749	)			(2,286,194	)			(1,849,597	)			355,786

			(300,839	)			(21,004,061	)			(20,777,171	)			(335,831	)

Retailing
CarMax, Inc.	Morgan Stanley		(26,823	)			(2,697,357	)			(3,558,339	)			(889,828	)
Dollar General Corp.	Morgan Stanley		(4,426	)			(897,287	)			(896,796	)			(2,643	)
Etsy, Inc.	Morgan Stanley		(21,410	)			(3,801,064	)			(4,317,755	)			(556,862	)
Expedia Group, Inc.	Morgan Stanley		(16,195	)			(2,284,683	)			(2,787,483	)			(530,102	)
Pool Corp.	Morgan Stanley		(17,051	)			(5,883,491	)			(5,886,687	)			(39,360	)
Ross Stores, Inc.	Morgan Stanley		(29,638	)			(3,376,361	)			(3,553,893	)			(197,251	)
TJX Cos., Inc. (The)	Morgan Stanley		(21,772	)			(1,507,988	)			(1,440,218	)			61,512
Ulta Beauty, Inc.	Morgan Stanley		(425	)			(146,405	)			(131,397	)			14,432

			(137,740	)			(20,594,636	)			(22,572,568	)			(2,140,102	)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.	Morgan Stanley		(61,928	)			(5,252,364	)			(4,861,348	)			372,202
Analog Devices, Inc.	Morgan Stanley		(3,483	)			(552,334	)			(540,144	)			7,744
Enphase Energy, Inc.	Morgan Stanley		(36,229	)			(7,222,517	)			(5,874,895	)			1,295,291
Microchip Technology, Inc.	Morgan Stanley		(8,514	)			(1,300,085	)			(1,321,543	)			(27,720	)

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

144

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Semiconductors & Semiconductor Equipment — (continued)
Monolithic Power Systems, Inc.	Morgan Stanley		(13,454	)		$	(5,043,836	)		$	(4,752,087	)		$	265,685
Xilinx, Inc.	Morgan Stanley		(19,409	)			(2,534,778	)			(2,404,775	)			118,440

			(143,017	)			(21,905,914	)			(19,754,792	)			2,031,642

Software & Services
Akamai Technologies, Inc.	Morgan Stanley		(28,988	)			(3,035,011	)			(2,953,877	)			69,805
Citrix Systems, Inc.	Morgan Stanley		(14,447	)			(1,948,329	)			(2,027,781	)			(89,556	)
DXC Technology Co.	Morgan Stanley		(53,371	)			(1,557,077	)			(1,668,377	)			(123,228	)
Fidelity National Information Services, Inc.	Morgan Stanley		(18,440	)			(2,650,361	)			(2,592,848	)			33,074
Fortinet, Inc.	Morgan Stanley		(31,743	)			(4,507,095	)			(5,854,044	)			(1,363,101	)
Gartner, Inc.	Morgan Stanley		(2,926	)			(537,907	)			(534,141	)			1,792
Global Payments, Inc.	Morgan Stanley		(14,926	)			(2,820,791	)			(3,008,783	)			(213,756	)
Jack Henry & Associates, Inc.	Morgan Stanley		(22,253	)			(3,583,969	)			(3,376,225	)			180,729
Leidos Holdings, Inc.	Morgan Stanley		(12,228	)			(1,263,552	)			(1,177,312	)			76,797
NortonLifeLock, Inc.	Morgan Stanley		(42,083	)			(895,786	)			(894,685	)			(4,611	)
Paycom Software, Inc.	Morgan Stanley		(6,204	)			(2,267,834	)			(2,295,852	)			(42,313	)
Tyler Technologies, Inc.	Morgan Stanley		(5,997	)			(2,343,463	)			(2,545,906	)			(210,866	)

			(253,606	)			(27,411,175	)			(28,929,831	)			(1,685,234	)

Technology Hardware & Equipment
Arista Networks, Inc.	Morgan Stanley		(16,175	)			(4,463,506	)			(4,883,071	)			(452,511	)
Hewlett Packard Enterprise Co.	Morgan Stanley		(221,469	)			(2,656,022	)			(3,485,922	)			(876,142	)
IPG Photonics Corp.	Morgan Stanley		(12,966	)			(2,343,158	)			(2,735,048	)			(463,226	)
Keysight Technologies, Inc.	Morgan Stanley		(5,941	)			(731,935	)			(851,939	)			(122,672	)
Motorola Solutions, Inc.	Morgan Stanley		(4,642	)			(766,091	)			(872,928	)			(129,161	)
Trimble, Inc.	Morgan Stanley		(10,660	)			(774,516	)			(829,241	)			(57,545	)
Western Digital Corp.	Morgan Stanley		(79,975	)			(5,580,612	)			(5,338,331	)			186,769

			(351,828	)			(17,315,840	)			(18,996,480	)			(1,914,488	)

Transportation
American Airlines Group, Inc.	Morgan Stanley		(61,821	)			(1,135,509	)			(1,477,522	)			(346,121	)
CH Robinson Worldwide, Inc.	Morgan Stanley		(37,004	)			(3,546,794	)			(3,531,292	)			2,780
Delta Air Lines, Inc.	Morgan Stanley		(21,591	)			(911,600	)			(1,042,414	)			(134,122	)
Kansas City Southern	Morgan Stanley		(4,654	)			(1,014,993	)			(1,228,284	)			(219,451	)
Old Dominion Freight Line, Inc.	Morgan Stanley		(3,135	)			(712,640	)			(753,685	)			(47,867	)
Southwest Airlines Co.	Morgan Stanley		(18,613	)			(943,492	)			(1,136,510	)			(196,440	)
United Airlines Holdings, Inc.	Morgan Stanley		(14,449	)			(975,430	)			(831,395	)			140,498

			(161,267	)			(9,240,458	)			(10,001,102	)			(800,723	)

Utilities
Alliant Energy Corp.	Morgan Stanley		(11,067	)			(637,693	)			(599,389	)			24,029
Ameren Corp.	Morgan Stanley		(35,047	)			(2,678,856	)			(2,851,424	)			(255,120	)
American Electric Power Co., Inc.	Morgan Stanley		(22,676	)			(2,007,348	)			(1,920,657	)			(891	)
American Water Works Co., Inc.	Morgan Stanley		(5,234	)			(786,600	)			(784,681	)			(3,634	)

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

145

GOTHAM INDEX PLUS FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Total Return Swaps (concluded)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Utilities — (continued)
Atmos Energy Corp.	Morgan Stanley		(13,142	)		$	(1,364,036	)		$	(1,299,087	)		$	25,934
CenterPoint Energy, Inc.	Morgan Stanley		(118,320	)			(2,387,850	)			(2,679,948	)			(304,588	)
CMS Energy Corp.	Morgan Stanley		(40,503	)			(2,532,726	)			(2,479,594	)			195
Consolidated Edison, Inc.	Morgan Stanley		(28,956	)			(2,190,319	)			(2,165,909	)			(24,509	)
DTE Energy Co.	Morgan Stanley		(15,437	)			(1,979,145	)			(2,055,282	)			(165,567	)
Edison International	Morgan Stanley		(47,454	)			(3,369,778	)			(2,780,804	)			396,584
Entergy Corp.	Morgan Stanley		(20,475	)			(2,080,123	)			(2,036,648	)			(35,159	)
Evergy, Inc.	Morgan Stanley		(25,091	)			(1,434,066	)			(1,493,667	)			(66,230	)
Eversource Energy	Morgan Stanley		(32,532	)			(2,794,124	)			(2,816,946	)			(76,415	)
FirstEnergy Corp.	Morgan Stanley		(48,572	)			(1,558,795	)			(1,684,963	)			(165,850	)
Pinnacle West Capital Corp.	Morgan Stanley		(32,708	)			(2,829,530	)			(2,660,796	)			94,663
PPL Corp.	Morgan Stanley		(60,454	)			(1,872,388	)			(1,743,493	)			52,812
Sempra Energy	Morgan Stanley		(21,430	)			(2,587,426	)			(2,841,189	)			(302,318	)
WEC Energy Group, Inc.	Morgan Stanley		(25,788	)			(2,348,930	)			(2,413,499	)			(122,105	)
Xcel Energy, Inc.	Morgan Stanley		(32,134	)			(2,126,746	)			(2,137,232	)			(63,924	)

			(637,020	)			(39,566,479	)			(39,445,208	)			(992,093	)

Total Reference Entity — Short							(382,125,314	)			(393,346,867	)			(16,697,641	)

Net Value of Reference Entity						$	(80,191,049	)		$	18,577,238			$	98,948,893

*	Includes $180,606 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

146

GOTHAM LARGE VALUE FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.4%
Automobiles & Components — 2.4%
Aptiv PLC (Jersey)*		3,451	$	475,893
BorgWarner, Inc.		829		38,432
Ford Motor Co.*		50,648		620,438
General Motors Co.		17,905		1,028,821

				2,163,584

Banks — 4.4%
Citigroup, Inc.		19,612		1,426,773
Fifth Third Bancorp		7,651		286,530
JPMorgan Chase & Co.		7,127		1,084,943
KeyCorp.		12,480		249,350
M&T Bank Corp.		1,252		189,816
People’s United Financial, Inc.		5,099		91,272
Regions Financial Corp.		12,284		253,787
SVB Financial Group*		663		327,297
US Bancorp		989		54,702
Zions Bancorp NA		2,098		115,306

				4,079,776

Capital Goods — 14.2%
3M Co.		5,849		1,126,985
A.O. Smith Corp.		2,069		139,885
Allegion PLC (Ireland)		154		19,345
AMETEK, Inc.		3,225		411,929
Carrier Global Corp.		11,076		467,629
Caterpillar, Inc.		2,511		582,226
Cummins, Inc.		2,186		566,414
Deere & Co.		1,706		638,283
Dover Corp.		2,121		290,853
Eaton Corp. PLC (Ireland)		4,806		664,574
Emerson Electric Co.		7,648		690,003
Fastenal Co.		3,743		188,198
Fortive Corp.		4,321		305,235
Fortune Brands Home & Security, Inc.		1,773		169,889
General Dynamics Corp.		2,922		530,518
Honeywell International, Inc.		3,676		797,949
Howmet Aerospace, Inc.*		6,328		203,319
Huntington Ingalls Industries, Inc.		502		103,337
Illinois Tool Works, Inc.		1,834		406,268
Johnson Controls International PLC (Ireland)		11,168		666,395
Lockheed Martin Corp.		1,451		536,145
Masco Corp.		3,995		239,300
Northrop Grumman Corp.		808		261,501
Otis Worldwide Corp.		2,116		144,840
Parker-Hannifin Corp.		1,650		520,460


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Pentair PLC (Ireland)		2,123	$	132,305
Quanta Services, Inc.		714		62,818
Snap-on, Inc.		795		183,438
Stanley Black & Decker, Inc.		2,056		410,522
Trane Technologies PLC (Ireland)		3,054		505,620
TransDigm Group, Inc.*		758		445,643
United Rentals, Inc.*		1,033		340,177
WW Grainger, Inc.		677		271,430

				13,023,433

Commercial & Professional Services — 1.0%
Cintas Corp.		584		199,325
Jacobs Engineering Group, Inc.		1,663		214,976
Nielsen Holdings PLC (United Kingdom)		4,574		115,036
Republic Services, Inc.		2,601		258,409
Robert Half International, Inc.		1,441		112,499
Waste Management, Inc.		208		26,836

				927,081

Consumer Durables & Apparel — 1.7%
DR Horton, Inc.		93		8,288
Garmin Ltd. (Switzerland)		2,450		323,032
Hanesbrands, Inc.		4,461		87,748
Hasbro, Inc.		1,719		165,230
Leggett & Platt, Inc.		1,694		77,331
Mohawk Industries, Inc.*		1,048		201,541
Newell Brands, Inc.		5,428		145,362
PulteGroup, Inc.		31		1,626
PVH Corp.		1,057		111,725
Tapestry, Inc.		3,553		146,419
Under Armour, Inc., Class C*		5,815		107,345
Whirlpool Corp.		921		202,942

				1,578,589

Consumer Services — 0.6%
Darden Restaurants, Inc.		2		284
McDonald’s Corp.		308		69,035
MGM Resorts International		1,972		74,916
Yum! Brands, Inc.		3,833		414,654

				558,889

Diversified Financials — 6.5%
Ameriprise Financial, Inc.		1,546		359,368
Berkshire Hathaway, Inc., Class B*		1,915		489,225
BlackRock, Inc.		1,656		1,248,558
Capital One Financial Corp.		1,491		189,700

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

147

GOTHAM LARGE VALUE FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
Discover Financial Services		3,921	$	372,456
Franklin Resources, Inc.		7,108		210,397
Goldman Sachs Group, Inc. (The)		1,540		503,580
Intercontinental Exchange, Inc.		2,041		227,939
Invesco Ltd. (Bermuda)		6,662		168,016
Morgan Stanley		8,774		681,389
Nasdaq, Inc.		2,109		310,993
S&P Global, Inc.		936		330,286
Synchrony Financial		7,469		303,690
T Rowe Price Group, Inc.		3,390		581,724

				5,977,321

Energy — 1.6%
APA Corp.		4,827		86,403
Baker Hughes Co.		9,259		200,087
Chevron Corp.		2		210
Devon Energy Corp.		2,398		52,396
Halliburton Co.		12,835		275,439
NOV, Inc.		4,965		68,120
Occidental Petroleum Corp.		11,913		317,124
Schlumberger NV (Curacao)		11,941		324,676
Williams Cos., Inc. (The)		6,404		151,711

				1,476,166

Food & Staples Retailing — 1.7%
Sysco Corp.		5,028		395,905
Walgreens Boots Alliance, Inc.		1,043		57,261
Walmart, Inc.		7,790		1,058,116

				1,511,282

Food, Beverage & Tobacco — 8.3%
Altria Group, Inc.		23,751		1,215,101
Archer-Daniels-Midland Co.		8,143		464,151
Campbell Soup Co.		4,332		217,770
Coca-Cola Co. (The)		4,769		251,374
Conagra Brands, Inc.		6,248		234,925
Constellation Brands, Inc., Class A		2,166		493,848
General Mills, Inc.		8,173		501,168
Hershey Co. (The)		2,555		404,099
JM Smucker Co. (The)		1,667		210,926
Kellogg Co.		4,395		278,204
Kraft Heinz Co. (The)		15,642		625,680
Lamb Weston Holdings, Inc.		347		26,886
McCormick & Co., Inc., non-voting shares		3		267
Molson Coors Beverage Co., Class B		2,771		141,737


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Mondelez International, Inc., Class A		12,994	$	760,539
Monster Beverage Corp.*		3,796		345,778
Philip Morris International, Inc.		12,394		1,099,844
Tyson Foods, Inc., Class A		4,642		344,901

				7,617,198
			��
Health Care Equipment & Services — 5.2%
AmerisourceBergen Corp.		2,618		309,107
Anthem, Inc.		412		147,887
Cerner Corp.		3,911		281,123
Cigna Corp.		1,498		362,127
CVS Health Corp.		12,406		933,303
DaVita, Inc.*		1,798		193,770
HCA Healthcare, Inc.		4,341		817,584
Hologic, Inc.*		3,292		244,859
Laboratory Corp. of America Holdings*		1,247		318,022
McKesson Corp.		2,033		396,516
Medtronic PLC (Ireland)		1,275		150,616
Quest Diagnostics, Inc.		1,704		218,691
UnitedHealth Group, Inc.		519		193,104
Universal Health Services, Inc., Class B		342		45,619
Varian Medical Systems, Inc.*		974		171,940

				4,784,268

Household & Personal Products — 2.0%
Clorox Co. (The)		1,533		295,685
Colgate-Palmolive Co.		10,065		793,424
Procter & Gamble Co. (The)		5,775		782,108

				1,871,217

Insurance — 2.4%
Aflac, Inc.		1,244		63,668
American International Group, Inc.		4,461		206,143
Aon PLC, Class A (Ireland)		2,884		663,637
Arthur J Gallagher & Co.		2,466		307,683
Lincoln National Corp.		1,445		89,980
Marsh & McLennan Cos., Inc.		6,484		789,751
MetLife, Inc.		175		10,638
Principal Financial Group, Inc.		474		28,421
Prudential Financial, Inc.		2		182
Travelers Cos., Inc. (The)		2		301
Willis Towers Watson PLC (Ireland)		76		17,395

				2,177,799

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

148

GOTHAM LARGE VALUE FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — 7.2%
Amcor PLC (Jersey)		806	$	9,414
Avery Dennison Corp.		1,063		195,220
Celanese Corp.		475		71,160
CF Industries Holdings, Inc.		1,876		85,133
Corteva, Inc.		9,508		443,263
Dow, Inc.		9,505		607,750
DuPont de Nemours, Inc.		10,728		829,060
Eastman Chemical Co.		1,987		218,808
FMC Corp.		1,654		182,949
Freeport-McMoRan, Inc.		18,647		614,046
International Paper Co.		5,732		309,929
Linde PLC (Ireland)		1,512		423,572
LyondellBasell Industries NV, Class A (Netherlands)		1,308		136,097
Mosaic Co. (The)		4,849		153,277
Newmont Corp.		4,513		271,999
Nucor Corp.		3,624		290,898
Packaging Corp. of America		1,212		162,990
PPG Industries, Inc.		3,458		519,599
Sealed Air Corp.		2,259		103,507
Sherwin-Williams Co. (The)		1,145		845,021
Westrock Co.		3,367		175,252

				6,648,944

Media & Entertainment — 2.1%
Charter Communications, Inc., Class A*		843		520,148
Discovery, Inc., Class A*		3,747		162,845
DISH Network Corp., Class A*		6,729		243,590
Fox Corp., Class A		4,871		175,892
Interpublic Group of Cos., Inc. (The)		5,557		162,264
News Corp., Class A		4,791		121,835
Omnicom Group, Inc.		2,749		203,838
ViacomCBS, Inc., Class B		7,891		355,884

				1,946,296

Pharmaceuticals, Biotechnology & Life Sciences — 6.7%
AbbVie, Inc.		8,785		950,713
Alexion Pharmaceuticals, Inc.*		2,807		429,218
Amgen, Inc.		1,431		356,047
Biogen, Inc.*		1,615		451,796
Gilead Sciences, Inc.		16,014		1,034,985
Johnson & Johnson		1,910		313,908
Merck & Co., Inc.		9,397		724,415
PerkinElmer, Inc.		1,433		183,840
Pfizer, Inc.		31,312		1,134,434


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Thermo Fisher Scientific, Inc.		1,112	$	507,495
Waters Corp.*		342		97,186

				6,184,037

Real Estate — 0.8%
CBRE Group, Inc., Class A*		3,768		298,086
Mid-America Apartment Communities, Inc., REIT		2		289
Ventas, Inc., REIT		1,597		85,184
Weyerhaeuser Co., REIT		10,895		387,862

				771,421

Retailing — 8.4%
Advance Auto Parts, Inc.		865		158,719
AutoZone, Inc.*		297		417,077
Best Buy Co., Inc.		3,317		380,825
Dollar General Corp.		1,116		226,124
Dollar Tree, Inc.*		3,000		343,380
eBay, Inc.		10,666		653,186
Genuine Parts Co.		2,126		245,744
Home Depot, Inc. (The)		3,665		1,118,741
L Brands, Inc.*		4,034		249,543
LKQ Corp.*		4,484		189,808
Lowe’s Cos., Inc.		8,252		1,569,365
O’Reilly Automotive, Inc.*		926		469,714
Target Corp.		6,309		1,249,624
Tractor Supply Co.		1,486		263,141
Ulta Beauty, Inc.*		720		222,602

				7,757,593

Semiconductors & Semiconductor Equipment — 5.4%
Applied Materials, Inc.		6,825		911,820
Broadcom, Inc.		330		153,008
Intel Corp.		11,518		737,152
KLA Corp.		1,801		595,050
Maxim Integrated Products, Inc.		905		82,690
NXP Semiconductors NV (Netherlands)		3,510		706,703
Qorvo, Inc.*		731		133,554
QUALCOMM, Inc.		8,281		1,097,978
Teradyne, Inc.		2,311		281,202
Texas Instruments, Inc.		1,551		293,123

				4,992,280

Software & Services — 4.0%
Accenture PLC, Class A (Ireland)		2,564		708,305

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

149

GOTHAM LARGE VALUE FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Broadridge Financial Solutions, Inc.		237	$	36,285
DXC Technology Co.		1,083		33,855
Gartner, Inc.*		989		180,542
International Business Machines Corp.		7,692		1,025,036
Oracle Corp.		19,097		1,340,036
Paychex, Inc.		1,752		171,731
Western Union Co. (The)		6,111		150,697

				3,646,487

Technology Hardware & Equipment — 5.1%
Amphenol Corp., Class A		3,972		262,033
Apple, Inc.		9,364		1,143,813
CDW Corp.		1,814		300,670
Cisco Systems, Inc.		24,288		1,255,932
Corning, Inc.		9,784		425,702
F5 Networks, Inc.*		754		157,299
FLIR Systems, Inc.		3		169
HP, Inc.		20,773		659,543
Juniper Networks, Inc.		4,879		123,585
NetApp, Inc.		2,852		207,255
Seagate Technology PLC (Ireland)		842		64,624
TE Connectivity Ltd. (Switzerland)		330		42,606
Zebra Technologies Corp., Class A*		16		7,763

				4,650,994

Telecommunication Services — 2.5%
AT&T, Inc.		39,167		1,185,585


	Number of Shares		Value
COMMON STOCKS — (Continued)
Telecommunication Services — (Continued)
Verizon Communications, Inc.		18,810	$	1,093,802

				2,279,387

Transportation — 3.9%
CSX Corp.		5,401		520,764
Expeditors International of Washington, Inc.		2,479		266,964
FedEx Corp.		3,390		962,896
Norfolk Southern Corp.		2,809		754,273
Union Pacific Corp.		1,728		380,868
United Parcel Service, Inc., Class B		3,973		675,370

				3,561,135

Utilities — 1.3%
AES Corp. (The)		8,510		228,153
Dominion Energy, Inc.		10,308		782,996
NRG Energy, Inc.		3,640		137,337

				1,148,486


TOTAL COMMON STOCKS (Cost $71,958,372)				91,333,663

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.6%				545,269

NET ASSETS - 100.0%			$	91,878,932

*	Non-income producing.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

150

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


		Number of Shares		Value
COMMON STOCKS — 99.5%
Automobiles & Components — 2.4%
Aptiv PLC (Jersey)*			15	$	2,068
BorgWarner, Inc.			12		556
Ford Motor Co.*			5,857		71,748
General Motors Co.			2,071		119,000
Tesla, Inc.*			201		134,254

					327,626

Banks — 0.4%
Bank of America Corp.			324		12,536
Citigroup, Inc.			77		5,602
Citizens Financial Group, Inc.			16		706
Comerica, Inc.			5		359
Fifth Third Bancorp			27		1,011
First Republic Bank			7		1,167
Huntington Bancshares, Inc.			38		597
JPMorgan Chase & Co.			114		17,354
KeyCorp.			36		719
M&T Bank Corp.			4		606
People’s United Financial, Inc.			16		286
PNC Financial Services Group, Inc. (The)			16		2,807
Regions Financial Corp.			36		744
SVB Financial Group*			2		987
Truist Financial Corp.			50		2,916
US Bancorp			56		3,097
Wells Fargo & Co.			217		8,478
Zions Bancorp NA			6		330
	��
					60,302

Capital Goods — 8.9%
3M Co.			863		166,283
A.O. Smith Corp.			240		16,226
Allegion PLC (Ireland)			4		502
AMETEK, Inc.			341		43,556
Boeing Co. (The)*			21		5,349
Carrier Global Corp.			1,281		54,084
Caterpillar, Inc.			174		40,345
Cummins, Inc.			222		57,522
Deere & Co.			56		20,952
Dover Corp.			179		24,546
Eaton Corp. PLC (Ireland)			588		81,309
Emerson Electric Co.			885		79,845
Fastenal Co.			22		1,106
Fortive Corp.			500		35,320
Fortune Brands Home & Security, Inc.			208		19,931
Generac Holdings, Inc.*			3		982


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
General Dynamics Corp.		202	$	36,675
General Electric Co.		327		4,294
Honeywell International, Inc.		39		8,466
Howmet Aerospace, Inc.*		649		20,852
Huntington Ingalls Industries, Inc.		16		3,294
IDEX Corp.		3		628
Illinois Tool Works, Inc.		18		3,987
Ingersoll Rand, Inc.*		16		787
Johnson Controls International PLC (Ireland)		1,087		64,861
L3Harris Technologies, Inc.		11		2,229
Lockheed Martin Corp.		105		38,798
Masco Corp.		390		23,361
Northrop Grumman Corp.		63		20,389
Otis Worldwide Corp.		17		1,164
PACCAR, Inc.		18		1,673
Parker-Hannifin Corp.		193		60,878
Pentair PLC (Ireland)		249		15,518
Quanta Services, Inc.		80		7,038
Raytheon Technologies Corp.		57		4,404
Rockwell Automation, Inc.		5		1,327
Roper Technologies, Inc.		39		15,730
Snap-on, Inc.		82		18,921
Stanley Black & Decker, Inc.		240		47,921
Teledyne Technologies, Inc.*		1		414
Textron, Inc.		9		505
Trane Technologies PLC (Ireland)		360		59,602
TransDigm Group, Inc.*		47		27,632
United Rentals, Inc.*		108		35,565
Westinghouse Air Brake Technologies Corp.		8		633
WW Grainger, Inc.		28		11,226
Xylem, Inc.		7		736

				1,187,366

Commercial & Professional Services — 0.4%
Cintas Corp.		4		1,365
Copart, Inc.*		9		977
Equifax, Inc.		5		906
IHS Markit Ltd. (Bermuda)		15		1,452
Jacobs Engineering Group, Inc.		193		24,949
Leidos Holdings, Inc.		6		578
Nielsen Holdings PLC (United Kingdom)		14		352
Republic Services, Inc.		16		1,590

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

151

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Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Robert Half International, Inc.		169	$	13,194
Rollins, Inc.		19		654
Verisk Analytics, Inc.		7		1,237
Waste Management, Inc.		16		2,064

				49,318

Consumer Durables & Apparel — 1.0%
DR Horton, Inc.		14		1,248
Garmin Ltd. (Switzerland)		9		1,187
Hanesbrands, Inc.		516		10,150
Hasbro, Inc.		8		769
Leggett & Platt, Inc.		196		8,947
Lennar Corp., Class A		116		11,743
Mohawk Industries, Inc.*		107		20,577
Newell Brands, Inc.		635		17,005
NIKE, Inc., Class B		59		7,841
NVR, Inc.*		1		4,711
PulteGroup, Inc.		11		577
PVH Corp.		107		11,310
Ralph Lauren Corp.		3		369
Tapestry, Inc.		411		16,937
Under Armour, Inc., Class C*		17		314
VF Corp.		15		1,199
Whirlpool Corp.		93		20,493

				135,377

Consumer Services — 0.2%
Caesars Entertainment, Inc.*		7		612
Carnival Corp. (Panama)*		40		1,062
Chipotle Mexican Grill, Inc.*		1		1,421
Darden Restaurants, Inc.		8		1,136
Domino’s Pizza, Inc.		2		736
Hilton Worldwide Holdings, Inc.*		11		1,330
Las Vegas Sands Corp.		28		1,701
Marriott International, Inc., Class A*		12		1,777
McDonald’s Corp.		30		6,724
MGM Resorts International		18		684
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		12		331
Penn National Gaming, Inc.*		5		524
Royal Caribbean Cruises Ltd. (Liberia)		8		685
Starbucks Corp.		43		4,699
Wynn Resorts Ltd.*		4		501
Yum! Brands, Inc.		17		1,839

				25,762


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — 4.5%
American Express Co.		30	$	4,243
Ameriprise Financial, Inc.		7		1,627
Bank of New York Mellon Corp. (The)		34		1,608
Berkshire Hathaway, Inc., Class B*		718		183,427
BlackRock, Inc.		212		159,840
Capital One Financial Corp.		17		2,163
Cboe Global Markets, Inc.		5		493
Charles Schwab Corp. (The)		66		4,302
CME Group, Inc.		14		2,859
Discover Financial Services		16		1,520
Franklin Resources, Inc.		27		799
Goldman Sachs Group, Inc. (The)		200		65,400
Intercontinental Exchange, Inc.		21		2,345
Invesco Ltd. (Bermuda)		689		17,377
MarketAxess Holdings, Inc.		2		996
Moody’s Corp.		8		2,389
Morgan Stanley		844		65,545
MSCI, Inc.		3		1,258
Nasdaq, Inc.		93		13,714
Northern Trust Corp.		8		841
Raymond James Financial, Inc.		6		735
S&P Global, Inc.		12		4,234
State Street Corp.		13		1,092
Synchrony Financial		152		6,180
T Rowe Price Group, Inc.		338		58,001

				602,988

Energy — 1.7%
APA Corp.		112		2,005
Baker Hughes Co.		586		12,663
Cabot Oil & Gas Corp.		15		282
Chevron Corp.		415		43,488
ConocoPhillips		50		2,648
Devon Energy Corp.		15		328
Diamondback Energy, Inc.		6		441
EOG Resources, Inc.		22		1,596
Exxon Mobil Corp.		1,027		57,337
Halliburton Co.		1,321		28,349
Hess Corp.		11		778
HollyFrontier Corp.		6		215
Kinder Morgan, Inc.		119		1,981
Marathon Oil Corp.		29		310
Marathon Petroleum Corp.		24		1,284
NOV, Inc.		575		7,889
Occidental Petroleum Corp.		1,378		36,682

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

152

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
ONEOK, Inc.		17	$	861
Phillips 66		16		1,305
Pioneer Natural Resources Co.		6		953
Schlumberger NV (Curacao)		795		21,616
Valero Energy Corp.		15		1,074
Williams Cos., Inc. (The)		64		1,516

				225,601

Food & Staples Retailing — 2.2%
Costco Wholesale Corp.		17		5,992
Kroger Co. (The)		40		1,440
Sysco Corp.		435		34,252
Walgreens Boots Alliance, Inc.		33		1,812
Walmart, Inc.		1,853		251,693

				295,189

Food, Beverage & Tobacco — 5.3%
Altria Group, Inc.		2,781		142,276
Archer-Daniels-Midland Co.		616		35,112
Brown-Forman Corp., Class B		18		1,241
Campbell Soup Co.		130		6,535
Coca-Cola Co. (The)		585		30,835
Conagra Brands, Inc.		29		1,090
Constellation Brands, Inc., Class A		164		37,392
General Mills, Inc.		443		27,165
Hershey Co. (The)		8		1,265
Hormel Foods Corp.		21		1,003
JM Smucker Co. (The)		171		21,637
Kellogg Co.		18		1,139
Kraft Heinz Co. (The)		1,830		73,200
Lamb Weston Holdings, Inc.		6		465
McCormick & Co., Inc., non-voting shares		10		892
Molson Coors Beverage Co., Class B		321		16,419
Mondelez International, Inc., Class A		911		53,321
Monster Beverage Corp.*		20		1,822
PepsiCo, Inc.		52		7,355
Philip Morris International, Inc.		2,304		204,457
Tyson Foods, Inc., Class A		537		39,899

				704,520

Health Care Equipment & Services — 4.1%
Abbott Laboratories		660		79,094
ABIOMED, Inc.*		2		637
Align Technology, Inc.*		2		1,083
AmerisourceBergen Corp.		8		945


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Anthem, Inc.		12	$	4,307
Baxter International, Inc.		19		1,602
Becton Dickinson and Co.		11		2,675
Boston Scientific Corp.*		53		2,048
Cardinal Health, Inc.		11		668
Centene Corp.*		22		1,406
Cerner Corp.		453		32,562
Cigna Corp.		14		3,384
Cooper Cos., Inc. (The)		1		384
CVS Health Corp.		1,793		134,887
Danaher Corp.		266		59,871
DaVita, Inc.*		40		4,311
DENTSPLY SIRONA, Inc.		9		574
Dexcom, Inc.*		3		1,078
Edwards Lifesciences Corp.*		23		1,924
HCA Healthcare, Inc.		507		95,488
Henry Schein, Inc.*		6		415
Hologic, Inc.*		381		28,339
Humana, Inc.		6		2,516
IDEXX Laboratories, Inc.*		4		1,957
Intuitive Surgical, Inc.*		4		2,956
Laboratory Corp. of America Holdings*		145		36,979
McKesson Corp.		62		12,092
Medtronic PLC (Ireland)		70		8,269
Quest Diagnostics, Inc.		8		1,027
ResMed, Inc.		6		1,164
STERIS PLC (Ireland)		4		762
Stryker Corp.		15		3,654
Teleflex, Inc.		2		831
UnitedHealth Group, Inc.		49		18,231
Universal Health Services, Inc., Class B		5		667
Varian Medical Systems, Inc.*		4		706
West Pharmaceutical Services, Inc.		3		845
Zimmer Biomet Holdings, Inc.		7		1,121

				551,459

Household & Personal Products — 1.5%
Church & Dwight Co., Inc.		10		874
Clorox Co. (The)		6		1,157
Colgate-Palmolive Co.		648		51,082
Estee Lauder Cos., Inc. (The), Class A		14		4,072
Kimberly-Clark Corp.		17		2,364

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

153

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Procter & Gamble Co. (The)		1,025	$	138,816

				198,365

Insurance — 1.5%
Aflac, Inc.		27		1,382
Allstate Corp. (The)		12		1,379
American International Group, Inc.		33		1,525
Aon PLC, Class A (Ireland)		334		76,857
Arthur J Gallagher & Co.		38		4,741
Assurant, Inc.		3		425
Chubb Ltd. (Switzerland)		17		2,685
Cincinnati Financial Corp.		7		722
Everest Re Group Ltd. (Bermuda)		2		496
Globe Life, Inc.		4		387
Hartford Financial Services Group, Inc. (The)		14		935
Lincoln National Corp.		8		498
Loews Corp.		10		513
Marsh & McLennan Cos., Inc.		757		92,203
MetLife, Inc.		34		2,067
Principal Financial Group, Inc.		10		600
Progressive Corp. (The)		22		2,103
Prudential Financial, Inc.		15		1,366
Travelers Cos., Inc. (The)		14		2,106
Unum Group		8		223
Willis Towers Watson PLC (Ireland)		5		1,144
WR Berkley Corp.		7		527

				194,884

Materials — 4.4%
Air Products & Chemicals, Inc.		8		2,251
Albemarle Corp.		3		438
Amcor PLC (Jersey)		82		958
Avery Dennison Corp.		4		735
Ball Corp.		12		1,017
Celanese Corp.		5		749
CF Industries Holdings, Inc.		195		8,849
Corteva, Inc.		1,100		51,282
Dow, Inc.		1,100		70,334
DuPont de Nemours, Inc.		653		50,464
Eastman Chemical Co.		203		22,354
Ecolab, Inc.		15		3,211
FMC Corp.		195		21,569
Freeport-McMoRan, Inc.		2,157		71,030
International Flavors & Fragrances, Inc.		4		558


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
International Paper Co.		589	$	31,847
Linde PLC (Ireland)		20		5,603
LyondellBasell Industries NV, Class A (Netherlands)		13		1,353
Martin Marietta Materials, Inc.		3		1,007
Mosaic Co. (The)		560		17,702
Newmont Corp.		42		2,531
Nucor Corp.		223		17,900
Packaging Corp. of America		141		18,962
PPG Industries, Inc.		354		53,192
Sealed Air Corp.		233		10,676
Sherwin-Williams Co. (The)		133		98,155
Vulcan Materials Co.		5		844
Westrock Co.		390		20,300

				585,871

Media & Entertainment — 9.2%
Activision Blizzard, Inc.		289		26,877
Alphabet, Inc., Class A*		276		569,256
Charter Communications, Inc., Class A*		73		45,042
Comcast Corp., Class A		172		9,307
Discovery, Inc., Class A*		27		1,173
DISH Network Corp., Class A*		90		3,258
Electronic Arts, Inc.		108		14,620
Facebook, Inc., Class A*		1,271		374,348
Fox Corp., Class A		446		16,105
Interpublic Group of Cos., Inc. (The)		579		16,907
Live Nation Entertainment, Inc.*		8		677
Netflix, Inc.*		163		85,031
News Corp., Class A		23		585
Omnicom Group, Inc.		318		23,580
Take-Two Interactive Software, Inc.*		43		7,598
Twitter, Inc.*		294		18,707
ViacomCBS, Inc., Class B		32		1,443
Walt Disney Co. (The)*		66		12,178

				1,226,692

Pharmaceuticals, Biotechnology & Life Sciences — 4.7%
AbbVie, Inc.		302		32,682
Agilent Technologies, Inc.		12		1,526
Alexion Pharmaceuticals, Inc.*		325		49,696
Amgen, Inc.		31		7,713
Biogen, Inc.*		226		63,223
Bio-Rad Laboratories, Inc., Class A*		1		571
Bristol-Myers Squibb Co.		85		5,366

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

154

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Catalent, Inc.*		6	$	632
Eli Lilly & Co.		36		6,726
Gilead Sciences, Inc.		1,053		68,055
Illumina, Inc.*		55		21,123
Incyte Corp.*		81		6,583
IQVIA Holdings, Inc.*		7		1,352
Johnson & Johnson		317		52,099
Merck & Co., Inc.		1,022		78,786
Mettler-Toledo International, Inc.*		1		1,156
PerkinElmer, Inc.		166		21,296
Perrigo Co. PLC (Ireland)		5		202
Pfizer, Inc.		4,881		176,839
Regeneron Pharmaceuticals, Inc.*		46		21,764
Thermo Fisher Scientific, Inc.		15		6,846
Vertex Pharmaceuticals, Inc.*		10		2,149
Viatris, Inc.*		45		629
Waters Corp.*		3		853
Zoetis, Inc.		18		2,835

				630,702

Real Estate — 1.1%
Alexandria Real Estate Equities, Inc., REIT		6		986
American Tower Corp., REIT		164		39,206
AvalonBay Communities, Inc., REIT		6		1,107
Boston Properties, Inc., REIT		6		608
CBRE Group, Inc., Class A*		19		1,503
Crown Castle International Corp., REIT		159		27,369
Digital Realty Trust, Inc., REIT		11		1,549
Duke Realty Corp., REIT		14		587
Equinix, Inc., REIT		3		2,039
Equity Residential, REIT		14		1,003
Essex Property Trust, Inc., REIT		3		816
Extra Space Storage, Inc., REIT		5		663
Federal Realty Investment Trust, REIT		2		203
Healthpeak Properties, Inc., REIT		20		635
Host Hotels & Resorts, Inc., REIT		26		438
Iron Mountain, Inc., REIT		11		407
Kimco Realty Corp., REIT		16		300
Mid-America Apartment Communities, Inc., REIT		5		722
Prologis, Inc., REIT		28		2,968


	Number of Shares		Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Public Storage, REIT		10	$	2,468
Realty Income Corp., REIT		13		826
Regency Centers Corp., REIT		6		340
SBA Communications Corp., REIT		40		11,102
Simon Property Group, Inc., REIT		12		1,365
UDR, Inc., REIT		11		482
Ventas, Inc., REIT		14		747
Vornado Realty Trust, REIT		7		318
Welltower, Inc., REIT		16		1,146
Weyerhaeuser Co., REIT		1,106		39,374

				141,277

Retailing — 11.7%
Advance Auto Parts, Inc.		103		18,899
Amazon.com, Inc.*		225		696,168
AutoZone, Inc.*		27		37,916
Best Buy Co., Inc.		389		44,661
Booking Holdings, Inc.*		2		4,660
CarMax, Inc.*		7		929
Dollar General Corp.		14		2,837
Dollar Tree, Inc.*		347		39,718
eBay, Inc.		400		24,496
Etsy, Inc.*		5		1,008
Expedia Group, Inc.		5		861
Gap, Inc. (The)		20		596
Genuine Parts Co.		216		24,967
Home Depot, Inc. (The)		682		208,180
L Brands, Inc.*		420		25,981
LKQ Corp.*		456		19,302
Lowe’s Cos., Inc.		1,118		212,621
O’Reilly Automotive, Inc.*		69		35,000
Pool Corp.		2		690
Ross Stores, Inc.		13		1,559
Target Corp.		583		115,475
TJX Cos., Inc. (The)		45		2,977
Tractor Supply Co.		63		11,156
Ulta Beauty, Inc.*		84		25,970

				1,556,627

Semiconductors & Semiconductor Equipment — 3.0%
Advanced Micro Devices, Inc.*		45		3,532
Analog Devices, Inc.		14		2,171
Applied Materials, Inc.		340		45,424
Broadcom, Inc.		16		7,419
Enphase Energy, Inc.*		4		649

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

155

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Intel Corp.		2,519	$	161,216
KLA Corp.		57		18,833
Lam Research Corp.		53		31,548
Maxim Integrated Products, Inc.		10		914
Microchip Technology, Inc.		10		1,552
Micron Technology, Inc.*		416		36,695
Monolithic Power Systems, Inc.		1		353
NVIDIA Corp.		23		12,280
NXP Semiconductors NV (Netherlands)		64		12,886
Qorvo, Inc.*		5		914
QUALCOMM, Inc.		402		53,301
Skyworks Solutions, Inc.		6		1,101
Teradyne, Inc.		7		852
Texas Instruments, Inc.		36		6,804
Xilinx, Inc.		9		1,115

				399,559

Software & Services — 15.2%
Accenture PLC, Class A (Ireland)		183		50,554
Adobe, Inc.*		176		83,665
Akamai Technologies, Inc.*		6		611
ANSYS, Inc.*		32		10,866
Autodesk, Inc.*		81		22,449
Automatic Data Processing, Inc.		17		3,204
Broadridge Financial Solutions, Inc.		6		919
Cadence Design Systems, Inc.*		103		14,110
Citrix Systems, Inc.		5		702
Cognizant Technology Solutions Corp., Class A		196		15,312
DXC Technology Co.		10		313
Fidelity National Information Services, Inc.		23		3,234
Fiserv, Inc.*		25		2,976
FleetCor Technologies, Inc.*		3		806
Fortinet, Inc.*		6		1,107
Gartner, Inc.*		4		730
Global Payments, Inc.		11		2,217
International Business Machines Corp.		1,321		176,036
Intuit, Inc.		10		3,831
Jack Henry & Associates, Inc.		3		455
Mastercard, Inc., Class A		370		131,738
Microsoft Corp.		3,366		793,602
NortonLifeLock, Inc.		23		489


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Oracle Corp.		4,043	$	283,697
Paychex, Inc.		20		1,960
Paycom Software, Inc.*		2		740
PayPal Holdings, Inc.*		480		116,563
salesforce.com, Inc.*		338		71,612
ServiceNow, Inc.*		72		36,008
Synopsys, Inc.*		56		13,876
Tyler Technologies, Inc.*		1		425
VeriSign, Inc.*		5		994
Visa, Inc., Class A		795		168,325
Western Union Co. (The)		609		15,018

				2,029,144

Technology Hardware & Equipment — 9.1%
Amphenol Corp., Class A		24		1,583
Apple, Inc.		6,252		763,682
Arista Networks, Inc.*		2		604
CDW Corp.		13		2,155
Cisco Systems, Inc.		5,972		308,812
Corning, Inc.		1,132		49,253
F5 Networks, Inc.*		3		626
FLIR Systems, Inc.		5		282
Hewlett Packard Enterprise Co.		48		756
HP, Inc.		1,917		60,865
IPG Photonics Corp.*		2		422
Juniper Networks, Inc.		493		12,488
Keysight Technologies, Inc.*		7		1,004
Motorola Solutions, Inc.		7		1,316
NetApp, Inc.		9		654
Seagate Technology PLC (Ireland)		12		921
TE Connectivity Ltd. (Switzerland)		13		1,678
Trimble, Inc.*		10		778
Western Digital Corp.		11		734
Zebra Technologies Corp., Class A*		2		970

				1,209,583

Telecommunication Services — 4.4%
AT&T, Inc.		10,127		306,544
Lumen Technologies, Inc.		41		547
T-Mobile US, Inc.*		46		5,763
Verizon Communications, Inc.		4,680		272,142

				584,996

Transportation — 1.6%
Alaska Air Group, Inc.*		4		277
American Airlines Group, Inc.*		23		550

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

156

GOTHAM ENHANCED S&P 500 INDEX FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
CH Robinson Worldwide, Inc.		6	$	573
CSX Corp.		68		6,557
Delta Air Lines, Inc.*		23		1,110
Expeditors International of Washington, Inc.		131		14,107
FedEx Corp.		392		111,344
JB Hunt Transport Services, Inc.		4		672
Kansas City Southern		4		1,056
Norfolk Southern Corp.		186		49,945
Old Dominion Freight Line, Inc.		5		1,202
Southwest Airlines Co.		22		1,343
Union Pacific Corp.		82		18,074
United Airlines Holdings, Inc.*		11		633
United Parcel Service, Inc., Class B		33		5,610

				213,053

Utilities — 1.0%
AES Corp.		36		965
Alliant Energy Corp.		10		542
Ameren Corp.		9		732
American Electric Power Co., Inc.		18		1,525
American Water Works Co., Inc.		6		900
Atmos Energy Corp.		4		395
CenterPoint Energy, Inc.		21		476
CMS Energy Corp.		11		673
Consolidated Edison, Inc.		12		898
Dominion Energy, Inc.		1,192		90,544
DTE Energy Co.		7		932
Duke Energy Corp.		28		2,703
Edison International		14		820
Entergy Corp.		7		696


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Evergy, Inc.		9	$	536
Eversource Energy		12		1,039
Exelon Corp.		36		1,575
FirstEnergy Corp.		20		694
NextEra Energy, Inc.		73		5,520
NiSource, Inc.		15		362
NRG Energy, Inc.		366		13,809
Pinnacle West Capital Corp.		4		325
PPL Corp.		28		808
Public Service Enterprise Group, Inc.		18		1,084
Sempra Energy		11		1,458
Southern Co. (The)		39		2,424
WEC Energy Group, Inc.		11		1,029
Xcel Energy, Inc.		20		1,330

				134,794

TOTAL COMMON STOCKS (Cost $11,064,614)				13,271,055

TOTAL INVESTMENTS - 99.5% (Cost $11,064,614)				13,271,055

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%				71,269

NET ASSETS - 100.0%			$	13,342,324

*	Non-income producing.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

157

GOTHAM HEDGED CORE FUND

Portfolio of Investment

March 31, 2021

(Unaudited)


	Number of Shares		Value
LONG POSITIONS — 139.0%
COMMON STOCKS — 139.0%
Automobiles & Components — 1.1%
BorgWarner, Inc.†		1,420	$	65,831
Ford Motor Co.*		5,307		65,011

				130,842

Banks — 0.0%
Fifth Third Bancorp†		13		487

Capital Goods — 14.0%
3M Co.†		910		175,339
A.O. Smith Corp.		2,049		138,533
AMETEK, Inc.†		11		1,405
Carrier Global Corp.†		1,131		47,751
Caterpillar, Inc.†		1		232
Cummins, Inc.†		714		185,005
Dover Corp.†		39		5,348
Eaton Corp. PLC (Ireland)†		6		830
Emerson Electric Co.†		179		16,149
Fastenal Co.		47		2,363
Fortive Corp.†		152		10,737
Fortune Brands Home & Security, Inc.†		37		3,545
General Dynamics Corp.		52		9,441
Honeywell International, Inc.†		310		67,292
Howmet Aerospace, Inc.†*		456		14,651
Huntington Ingalls Industries, Inc.		211		43,434
Johnson Controls International PLC (Ireland)†		2,948		175,907
Lockheed Martin Corp.†		152		56,164
Masco Corp.†		3,042		182,216
Northrop Grumman Corp.†		78		25,244
Pentair PLC (Ireland)†		1,148		71,543
Quanta Services, Inc.†		1,715		150,886
Roper Technologies, Inc.†		26		10,487
Snap-on, Inc.†		227		52,378
Trane Technologies PLC (Ireland)†		986		163,242
TransDigm Group, Inc.†*		25		14,698
United Rentals, Inc.†*		18		5,928
WW Grainger, Inc.†		54		21,650

				1,652,398

Commercial & Professional Services — 0.6%
Cintas Corp.†		11		3,754
Jacobs Engineering Group, Inc.		1		129
Republic Services, Inc.†		46		4,570
Robert Half International, Inc.†		766		59,802


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Waste Management, Inc.†		7	$	903

				69,158

Consumer Durables & Apparel — 2.2%
DR Horton, Inc.†		1		89
Garmin Ltd. (Switzerland)		258		34,017
Hanesbrands, Inc.		1,585		31,177
Leggett & Platt, Inc.†		9		411
Newell Brands, Inc.		948		25,387
NIKE, Inc., Class B		512		68,040
PulteGroup, Inc.†		71		3,723
PVH Corp.†		47		4,968
Tapestry, Inc.†		6		247
Whirlpool Corp.		426		93,869

				261,928

Consumer Services — 1.8%
Darden Restaurants, Inc.†		45		6,390
Domino’s Pizza, Inc.		25		9,195
Hilton Worldwide Holdings, Inc.*		241		29,142
Marriott International, Inc., Class A*		62		9,183
McDonald’s Corp.†		277		62,087
Penn National Gaming, Inc.*		298		31,242
Yum! Brands, Inc.†		572		61,879

				209,118

Diversified Financials — 3.9%
Berkshire Hathaway, Inc., Class B†*		754		192,624
BlackRock, Inc.†		130		98,015
Discover Financial Services†		56		5,319
Franklin Resources, Inc.†		119		3,522
Goldman Sachs Group, Inc. (The)†		1		327
Intercontinental Exchange, Inc.†		99		11,056
Invesco Ltd. (Bermuda)†		501		12,635
Nasdaq, Inc.†		392		57,804
S&P Global, Inc.		34		11,998
Synchrony Financial†		36		1,464
T Rowe Price Group, Inc.†		363		62,291

				457,055

Energy — 0.9%
APA Corp.		335		5,997
Cabot Oil & Gas Corp.		405		7,606
Devon Energy Corp.		250		5,463
Halliburton Co.†		1,053		22,597
Marathon Oil Corp.		3,127		33,396
Marathon Petroleum Corp.†		32		1,712

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

158

GOTHAM HEDGED CORE FUND

Portfolio of Investment (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Phillips 66		318		$	25,930
Schlumberger NV (Curacao)†		20			544

					103,245

Food & Staples Retailing — 5.8%
Costco Wholesale Corp.		108			38,068
Kroger Co. (The)†		7,357			264,778
Sysco Corp.†		154			12,126
Walgreens Boots Alliance, Inc.		470			25,803
Walmart, Inc.†		2,543			345,416

					686,191

Food, Beverage & Tobacco — 23.6%
Altria Group, Inc.†		5,092			260,507
Archer-Daniels-Midland Co.†		1,879			107,103
Campbell Soup Co.†		6,522			327,861
Coca-Cola Co. (The)†		264			13,915
Conagra Brands, Inc.†		6,918			260,117
Constellation Brands, Inc., Class A†		420			95,760
General Mills, Inc.†		4,896			300,223
Hershey Co. (The)		692			109,447
JM Smucker Co. (The)†		2,527			319,741
Kellogg Co.†		3,745			237,059
Kraft Heinz Co. (The)†		5,051			202,040
McCormick & Co., Inc., non-voting shares†		7			624
Molson Coors Beverage Co., Class B†		904			46,240
Mondelez International, Inc., Class A†		2,625			153,641
Monster Beverage Corp.*		246	��		22,408
Philip Morris International, Inc.†		2,062			182,982
Tyson Foods, Inc., Class A†		1,951			144,959

					2,784,627

Health Care Equipment & Services — 9.0%
Abbott Laboratories†		439			52,610
AmerisourceBergen Corp.		37			4,369
Anthem, Inc.†		1			359
Becton Dickinson and Co.		204			49,603
Cerner Corp.		1,767			127,012
CVS Health Corp.†		1,946			146,398
Danaher Corp.†		175			39,389
DaVita, Inc.†*		920			99,148
Hologic, Inc.†*		3,397			252,669


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Laboratory Corp. of America Holdings*		460	$	117,314
McKesson Corp.		74		14,433
Medtronic PLC (Ireland)†		13		1,536
Quest Diagnostics, Inc.†		1,212		155,548
Universal Health Services, Inc., Class B†		24		3,201

				1,063,589

Household & Personal Products — 8.2%
Church & Dwight Co., Inc.†		881		76,955
Clorox Co. (The)†		1,589		306,486
Colgate-Palmolive Co.†		3,053		240,668
Kimberly-Clark Corp.†		785		109,154
Procter & Gamble Co. (The)†		1,707		231,179

				964,442

Insurance — 2.9%
Aflac, Inc.†		1		51
Aon PLC, Class A (Ireland)†		468		107,691
Arthur J Gallagher & Co.		128		15,971
Cincinnati Financial Corp.†		20		2,062
Marsh & McLennan Cos., Inc.†		1,761		214,490
MetLife, Inc.†		17		1,033
Travelers Cos., Inc. (The)†		1		150
WR Berkley Corp.†		2		151

				341,599

Materials — 6.6%
Celanese Corp.†		15		2,247
CF Industries Holdings, Inc.†		227		10,301
Corteva, Inc.		757		35,291
Dow, Inc.†		10		639
DuPont de Nemours, Inc.†		292		22,566
Eastman Chemical Co.†		641		70,587
FMC Corp.		20		2,212
International Paper Co.†		591		31,955
Linde PLC (Ireland)†		27		7,564
Newmont Corp.†		2,478		149,349
Nucor Corp.†		820		65,821
PPG Industries, Inc.†		592		88,954
Sealed Air Corp.†		2,898		132,786
Sherwin-Williams Co. (The)		218		160,886

				781,158

Media & Entertainment — 8.4%
Activision Blizzard, Inc.†		360		33,480

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

159

GOTHAM HEDGED CORE FUND

Portfolio of Investment (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Alphabet, Inc., Class A†*		167	$	344,441
Charter Communications, Inc., Class A†*		246		151,787
Electronic Arts, Inc.†		72		9,747
Facebook, Inc., Class A†*		705		207,644
Fox Corp., Class A†		1,306		47,160
Interpublic Group of Cos., Inc. (The)†		30		876
Netflix, Inc.*		332		173,191
Take-Two Interactive Software, Inc.†*		28		4,948
Walt Disney Co. (The)*		75		13,839

				987,113

Pharmaceuticals, Biotechnology & Life Sciences — 9.1%
AbbVie, Inc.		234		25,323
Alexion Pharmaceuticals, Inc.†*		573		87,617
Biogen, Inc.†*		212		59,307
Bristol-Myers Squibb Co.		1		63
Gilead Sciences, Inc.†		1,258		81,305
Illumina, Inc.†*		36		13,826
Johnson & Johnson†		479		78,724
Merck & Co., Inc.†		1,908		147,088
PerkinElmer, Inc.†		1,696		217,580
Pfizer, Inc.†		6,518		236,147
Thermo Fisher Scientific, Inc.		289		131,894

				1,078,874

Real Estate — 0.2%
Kimco Realty Corp., REIT†		88		1,650
Public Storage, REIT		2		494
Simon Property Group, Inc., REIT†		1		114
Ventas, Inc., REIT†		74		3,947
Weyerhaeuser Co., REIT†		509		18,120

				24,325

Retailing — 12.6%
Advance Auto Parts, Inc.†		122		22,386
Amazon.com, Inc.†*		125		386,760
AutoZone, Inc.†*		24		33,703
Best Buy Co., Inc.†		87		9,988
eBay, Inc.†		5,714		349,925
Expedia Group, Inc.†		10		1,721
Gap, Inc. (The)†		71		2,114
Genuine Parts Co.†		882		101,950
Home Depot, Inc. (The)†		174		53,114
L Brands, Inc.*		931		57,592
LKQ Corp.†*		522		22,096


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Lowe’s Cos., Inc.†		523	$	99,464
O’Reilly Automotive, Inc.†*		11		5,580
Target Corp.†		1,114		220,650
Tractor Supply Co.†		689		122,008

				1,489,051

Semiconductors & Semiconductor Equipment — 1.7%
Applied Materials, Inc.†		2		267
Intel Corp.		1,111		71,104
Qorvo, Inc.†*		20		3,654
QUALCOMM, Inc.		915		121,320
Skyworks Solutions, Inc.†		14		2,569

				198,914

Software & Services — 9.4%
Accenture PLC, Class A (Ireland)†		18		4,972
FleetCor Technologies, Inc.†*		4		1,075
Gartner, Inc.†*		4		730
International Business Machines Corp.†		362		48,240
Mastercard, Inc., Class A†		246		87,588
Microsoft Corp.†		1,865		439,711
NortonLifeLock, Inc.†		3,326		70,711
Oracle Corp.†		3,234		226,930
Paychex, Inc.†		44		4,313
PayPal Holdings, Inc.†*		290		70,424
Visa, Inc., Class A†		529		112,005
Western Union Co. (The)†		1,782		43,944

				1,110,643

Technology Hardware & Equipment — 7.8%
Apple, Inc.†		4,150		506,923
CDW Corp.†		1		166
Cisco Systems, Inc.†		3,462		179,020
F5 Networks, Inc.†*		101		21,071
FLIR Systems, Inc.†		70		3,953
HP, Inc.†		1,213		38,513
Juniper Networks, Inc.†		6,573		166,494
TE Connectivity Ltd. (Switzerland)†		2		258

				916,398

Telecommunication Services — 3.6%
AT&T, Inc.†		5,331		161,369
Verizon Communications, Inc.†		4,634		269,467

				430,836

Transportation — 3.1%
CSX Corp.†		8		771

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

160

GOTHAM HEDGED CORE FUND

Portfolio of Investment (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Expeditors International of Washington, Inc.†		1,880		$	202,457
FedEx Corp.		142			40,334
Norfolk Southern Corp.†		22			5,907
Southwest Airlines Co.		445			27,172
United Parcel Service, Inc., Class B		501			85,165

					361,806

Utilities — 2.5%
Dominion Energy, Inc.		3,235			245,731
NRG Energy, Inc.†		1,224			46,182

					291,913

TOTAL COMMON STOCKS (Cost $14,007,573)					16,395,710

TOTAL LONG POSITIONS - 139.0%					16,395,710

(Cost $14,007,573)

SHORT POSITIONS — (40.3)%
COMMON STOCKS — (40.3)%
Automobiles & Components — (0.2)%
Tesla, Inc.*		(37	)	$	(24,713	)

Banks — (0.7)%
KeyCorp.		(467	)		(9,331	)
M&T Bank Corp.		(106	)		(16,071	)
Truist Financial Corp.		(749	)		(43,682	)
Wells Fargo & Co.		(244	)		(9,533	)

					(78,617	)

Capital Goods — (1.8)%
Boeing Co. (The)*		(275	)		(70,048	)
Ingersoll Rand, Inc.*		(919	)		(45,224	)
Raytheon Technologies Corp.		(1,223	)		(94,501	)
Teledyne Technologies, Inc.*		(8	)		(3,309	)

					(213,082	)

Commercial & Professional Services — (0.2)%
Copart, Inc.*		(104	)		(11,295	)
Equifax, Inc.		(23	)		(4,166	)
Rollins, Inc.		(303	)		(10,429	)

					(25,890	)

Consumer Durables & Apparel — (0.4)%
NVR, Inc.*		(7	)		(32,977	)
Ralph Lauren Corp.		(110	)		(13,548	)

					(46,525	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (0.1)%
Chipotle Mexican Grill, Inc.*		(7	)	$	(9,946	)

Diversified Financials — (1.0)%
Charles Schwab Corp. (The)		(45	)		(2,933	)
MarketAxess Holdings, Inc.		(90	)		(44,813	)
MSCI, Inc.		(160	)		(67,085	)
State Street Corp.		(67	)		(5,629	)

					(120,460	)

Energy — (1.0)%
Chevron Corp.		(487	)		(51,033	)
Exxon Mobil Corp.		(640	)		(35,731	)
ONEOK, Inc.		(550	)		(27,863	)

					(114,627	)

Health Care Equipment & Services — (5.1)%
ABIOMED, Inc.*		(99	)		(31,554	)
Align Technology, Inc.*		(121	)		(65,525	)
Boston Scientific Corp.*		(420	)		(16,233	)
Cardinal Health, Inc.		(122	)		(7,412	)
Centene Corp.*		(283	)		(18,087	)
Cooper Cos., Inc. (The)		(117	)		(44,939	)
DENTSPLY SIRONA, Inc.		(13	)		(830	)
Dexcom, Inc.*		(275	)		(98,832	)
Edwards Lifesciences Corp.*		(636	)		(53,195	)
IDEXX Laboratories, Inc.*		(44	)		(21,530	)
Intuitive Surgical, Inc.*		(89	)		(65,766	)
ResMed, Inc.		(228	)		(44,237	)
STERIS PLC (Ireland)		(14	)		(2,667	)
Teleflex, Inc.		(122	)		(50,686	)
West Pharmaceutical Services, Inc.		(145	)		(40,858	)
Zimmer Biomet Holdings, Inc.		(253	)		(40,500	)

					(602,851	)

Insurance — (1.4)%
Chubb Ltd. (Switzerland)		(45	)		(7,109	)
Everest Re Group Ltd. (Bermuda)		(110	)		(27,259	)
Globe Life, Inc.		(171	)		(16,524	)
Lincoln National Corp.		(569	)		(35,432	)
Loews Corp.		(201	)		(10,307	)
Unum Group		(2,378	)		(66,180	)

					(162,811	)

Materials — (1.1)%
Air Products & Chemicals, Inc.		(138	)		(38,825	)
Albemarle Corp.		(102	)		(14,903	)
Ball Corp.		(609	)		(51,607	)

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

161

GOTHAM HEDGED CORE FUND

Portfolio of Investment (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (Continued)
International Flavors & Fragrances, Inc.		(61	)	$	(8,516	)
LyondellBasell Industries NV, Class A (Netherlands)		(40	)		(4,162	)
Vulcan Materials Co.		(39	)		(6,581	)

					(124,594	)

Pharmaceuticals, Biotechnology & Life Sciences — (2.6)%
Bio-Rad Laboratories, Inc., Class A*		(12	)		(6,854	)
Catalent, Inc.*		(698	)		(73,506	)
Eli Lilly & Co.		(9	)		(1,681	)
IQVIA Holdings, Inc.*		(299	)		(57,749	)
Perrigo Co. PLC (Ireland)		(668	)		(27,034	)
Vertex Pharmaceuticals, Inc.*		(225	)		(48,350	)
Viatris, Inc.*		(6,654	)		(92,956	)

					(308,130	)

Real Estate — (1.8)%
Boston Properties, Inc., REIT		(104	)		(10,531	)
Digital Realty Trust, Inc., REIT		(251	)		(35,351	)
Equinix, Inc., REIT		(114	)		(77,473	)
Federal Realty Investment Trust, REIT		(184	)		(18,667	)
Healthpeak Properties, Inc., REIT		(195	)		(6,189	)
Host Hotels & Resorts, Inc., REIT		(407	)		(6,858	)
Prologis, Inc., REIT		(64	)		(6,784	)
Regency Centers Corp., REIT		(234	)		(13,270	)
Vornado Realty Trust, REIT		(596	)		(27,052	)
Welltower, Inc., REIT		(87	)		(6,232	)

					(208,407	)

Retailing — (4.0)%
Booking Holdings, Inc.*		(16	)		(37,277	)
CarMax, Inc.*		(213	)		(28,257	)
Dollar General Corp.		(469	)		(95,029	)
Dollar Tree, Inc.*		(576	)		(65,929	)
Etsy, Inc.*		(451	)		(90,953	)
Pool Corp.		(121	)		(41,774	)
Ross Stores, Inc.		(97	)		(11,631	)
Ulta Beauty, Inc.*		(312	)		(96,461	)

					(467,311	)

Semiconductors & Semiconductor Equipment — (3.8)%
Advanced Micro Devices, Inc.*		(1,261	)		(98,989	)
Analog Devices, Inc.		(2	)		(310	)
Enphase Energy, Inc.*		(678	)		(109,944	)
Microchip Technology, Inc.		(154	)		(23,904	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Semiconductors & Semiconductor Equipment — (Continued)
Monolithic Power Systems, Inc.		(286	)	$	(101,018	)
NVIDIA Corp.		(165	)		(88,098	)
Xilinx, Inc.		(249	)		(30,851	)

					(453,114	)

Software & Services — (3.5)%
Akamai Technologies, Inc.*		(572	)		(58,287	)
Citrix Systems, Inc.		(117	)		(16,422	)
Fidelity National Information Services, Inc.		(173	)		(24,326	)
Fortinet, Inc.*		(444	)		(81,882	)
Global Payments, Inc.		(239	)		(48,178	)
Intuit, Inc.		(98	)		(37,540	)
Jack Henry & Associates, Inc.		(109	)		(16,537	)
Paycom Software, Inc.*		(241	)		(89,184	)
Tyler Technologies, Inc.*		(94	)		(39,906	)
VeriSign, Inc.*		(8	)		(1,590	)

					(413,852	)

Technology Hardware & Equipment — (1.3)%
Arista Networks, Inc.*		(155	)		(46,793	)
Hewlett Packard Enterprise Co.		(532	)		(8,374	)
IPG Photonics Corp.*		(188	)		(39,657	)
Western Digital Corp.		(956	)		(63,813	)

					(158,637	)

Telecommunication Services — (0.6)%
T-Mobile US, Inc.*		(564	)		(70,664	)

Transportation — (0.2)%
JB Hunt Transport Services, Inc.		(95	)		(15,967	)
Old Dominion Freight Line, Inc.		(20	)		(4,808	)

					(20,775	)

Utilities — (9.5)%
Alliant Energy Corp.		(129	)		(6,987	)
Ameren Corp.		(769	)		(62,566	)
American Electric Power Co., Inc.		(556	)		(47,093	)
American Water Works Co., Inc.		(237	)		(35,531	)
Atmos Energy Corp.		(672	)		(66,427	)
CenterPoint Energy, Inc.		(3,239	)		(73,363	)
CMS Energy Corp.		(774	)		(47,384	)
Consolidated Edison, Inc.		(399	)		(29,845	)
DTE Energy Co.		(395	)		(52,590	)
Edison International		(1,300	)		(76,180	)
Entergy Corp.		(573	)		(56,996	)
Evergy, Inc.		(642	)		(38,218	)
Eversource Energy		(925	)		(80,096	)

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

162

GOTHAM HEDGED CORE FUND

Portfolio of Investment (Concluded)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Exelon Corp.		(392	)	$	(17,146)
FirstEnergy Corp.		(1,092	)		(37,881	)
NextEra Energy, Inc.		(486	)		(36,746	)
Pinnacle West Capital Corp.		(871	)		(70,856	)
PPL Corp.		(1,701	)		(49,057	)
Public Service Enterprise Group, Inc.		(344	)		(20,712	)
Sempra Energy		(604	)		(80,078	)
Southern Co. (The)		(582	)		(36,177	)
WEC Energy Group, Inc.		(501	)		(46,889	)
Xcel Energy, Inc.		(866	)		(57,598	)

					(1,126,416	)

TOTAL COMMON STOCKS (Proceeds $4,613,819)					(4,751,422	)

TOTAL SECURITES SOLD SHORT - (40.3)%					(4,751,422	)

(Proceeds $4,613,819)

OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%					151,808

NET ASSETS - 100.0%				$	11,796,096

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

163

GOTHAM FUNDS

Statements of Assets and Liabilities

March 31, 2021

(Unaudited)


	Gotham Absolute Return Fund				Gotham Enhanced Return Fund			Gotham Neutral Fund
Assets
Investments, at value^1,2		$	447,000,855			$	210,345,159		$	38,273,677
Swaps, at value^(a)			1,686,454				39,182,050			—
Cash and cash equivalents.			21,701,879				223,569			3,979,520
Due from broker			—				495,825			—
Receivables:
Investments sold			8,253,995				3,332,371			1,166,284
Capital shares sold			477,294				97,234			70,000
Dividends and interest			242,764				108,980			22,838
Prepaid expenses and other assets			33,525				7,368			715

Total assets			479,396,766				253,792,556			43,513,034

Liabilities
Swaps, at value^(a)			—				—			1,838,314
Due to broker			1,289,472				40,158			325,628
Obligation to return cash collateral on swap contracts (Note 1)			—				29,380,000			—
Payables:
Investments purchased			7,599,434				3,295,563			928,563
Capital shares redeemed			1,686,753				32,221			157,675
Investment adviser			464,495				217,565			28,838
Administration and accounting fees			27,427				19,769			13,346
Accrued expenses			162,360				124,472			139,418

Total liabilities			11,229,941				33,109,748			3,431,782

Net Assets		$	468,166,825			$	220,682,808		$	40,081,252

Net Assets Consisted of:
Capital stock, $0.01 par value		$	296,863			$	186,459		$	44,529
Paid-in capital			478,150,229				140,072,832			112,942,277
Total distributable earnings/(loss)			(10,280,267	)			80,423,517			(72,905,554	)

Net Assets		$	468,166,825			$	220,682,808		$	40,081,252

Institutional Class Shares:
Net assets		$	468,166,825			$	220,682,808		$	40,081,252

Shares outstanding			29,686,317				18,645,875			4,452,870

Net asset value, offering and redemption price per share		$	15.77			$	11.84		$	9.00

¹Investments, at cost		$	318,292,672			$	156,309,064		$	24,293,525
²Includes market value of securities designated as collateral for swaps		$	124,442,780			$	67,194,369		$	26,835,889

^(a)	Primary risk exposure is equity contracts.

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

164

GOTHAM FUNDS

Statements of Assets and Liabilities

March 31, 2021

(Unaudited)


	Gotham Index Plus Fund			Gotham Large Value Fund
Assets
Investments, at value^1,2		$	404,092,368		$	91,333,663
Swaps, at value^(a)			98,948,893			—
Cash and cash equivalents			9,750,616			485,184
Due from broker			8,485,009			—
Receivables:
Investments sold			3,793,820			921,172
Capital shares sold			654,801			64,569
Dividends and interest			265,990			95,695
Prepaid expenses and other assets			56,680			15,359

Total assets			526,048,177			92,915,642

Liabilities
Due to broker			596			—
Obligation to return cash collateral on swap contracts (Note 1)			92,900,000			—
Payables:
Investments purchased			5,229,128			971,661
Capital shares redeemed			327,694			2,989
Investment adviser			310,226			31,692
Administration and accounting fees			46,439			8,352
12b-1 distribution fees (Investor Class)			2,532			—
Accrued expenses			137,612			22,016

Total liabilities			98,954,227			1,036,710

Net Assets		$	427,093,950		$	91,878,932

Net Assets Consisted of:
Capital stock, $0.01 par value		$	227,578		$	57,956
Paid-in capital			298,309,731			76,599,689
Total distributable earnings			128,556,641			15,221,287

Net Assets		$	427,093,950		$	91,878,932

Institutional Class Shares:
Net assets		$	414,976,737		$	91,878,932

Shares outstanding			22,110,955			5,795,624

Net asset value, offering and redemption price per share		$	18.77		$	15.85

Investor Class Shares:
Net assets		$	12,117,213			N/A

Shares outstanding			646,802			N/A

Net asset value, offering and redemption price per share		$	18.73			N/A

¹Investments, at cost		$	295,030,560		$	71,958,372
²Includes market value of securities designated as collateral for swaps		$	174,574,972		$	—

^(a)	Primary risk exposure is equity price risk.

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

165

GOTHAM FUNDS

Statements of Assets and Liabilities (Concluded)

March 31, 2021

(Unaudited)


	Gotham Enhanced S&P 500 Index Fund			Gotham Hedged Core Fund
Assets
Investments, at value¹		$	13,271,055		$	16,395,710
Cash and cash equivalents			22,537			—
Deposits with brokers for securities sold short			—			117,574
Receivables:
Investments sold			42,461			338,568
Capital shares sold			27,086			—
Dividends and interest			10,143			14,876
Investment adviser			48,162			25,925

Total assets			13,421,444			16,892,653

Liabilities
Securities sold short, at value²			—			4,751,422
Due to custodian			—			24,022
Payables:
Investments purchased			73,243			297,671
Dividends and fees on securities sold short			—			5,484
Capital shares redeemed			4,193			—
Administration and accounting fees			—			5,858
Support services fees			1,684			—
Accrued expenses			—			12,100

Total liabilities			79,120			5,096,557

Net Assets		$	13,342,324		$	11,796,096

Net Assets Consisted of:
Capital stock, $0.01 par value		$	8,948		$	9,683
Paid-in capital			11,200,488			10,235,968
Total distributable earnings			2,132,888			1,550,445

Net Assets		$	13,342,324		$	11,796,096

Institutional Class Shares:
Net assets		$	13,342,324		$	11,796,096

Shares outstanding			894,760			968,286

Net asset value, offering and redemption price per share		$	14.91		$	12.18

¹Investments, at cost		$	11,064,614		$	14,007,573
²Proceeds received, securities sold short		$	—		$	4,613,819

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

166

GOTHAM FUNDS

Statements of Operations

For the Six Months Ended March 31, 2021

(Unaudited)


	Gotham Absolute Return Fund				Gotham Enhanced Return Fund				Gotham Neutral Fund
Investment Income
Dividend income		$	2,521,809			$	1,272,221			$	205,201
Less: taxes withheld			(9,069	)			(6,074	)			(1,752	)
Interest			1,853				46				259

Total investment income			2,514,593				1,266,193				203,708

Expenses
Advisory fees (Note 2)			3,494,276				1,668,085				335,588
Administration and accounting fees (Note 2)			99,211				78,987				41,668
Transfer agent fees (Note 2)			231,363				106,520				1,676
Custodian fees (Note 2)			30,681				19,725				4,799
Trustees’ and officers’ fees (Note 2)			72,791				37,693				11,198
Shareholder reporting fees			51,856				25,100				22,912
Registration and filing fees			28,889				15,770				16,217
Legal fees			99,492				47,144				16,782
Audit fees			37,656				24,435				16,792
Other expenses			28,285				16,069				10,486

Total expenses before recoupments, waivers and/or reimbursements			4,174,500				2,039,528				478,118

Recoupments, waivers and/or reimbursements (Note 2)			(680,224	)			(371,443	)			(142,530	)

Net expenses after recoupments, waivers and/or reimbursements			3,494,276				1,668,085				335,588

Net investment loss			(979,683	)			(401,892	)			(131,880	)

Net realized and unrealized gain/(loss) from investments:
Net realized gain/(loss) from investments			85,295,009				30,359,651				12,632,850
Net realized gain/(loss) on swaps			(82,115,073	)^(a)			(15,570,686	)^(a)			(13,325,482	)^(a)
Net change in unrealized appreciation/(depreciation) on investments			43,093,470				25,401,094				2,981,358
Net change in unrealized appreciation/(depreciation) on swaps			(3,241,145	)^(a)			(7,249,795	)^(a)			(3,608,890	)^(a)

Net realized and unrealized gain/(loss) on investments			43,032,261				32,940,264				(1,320,164	)

Net increase/(decrease) in net assets resulting from operations		$	42,052,578			$	32,538,372			$	(1,452,044	)

^(a)	Primary risk exposure is equity contracts.

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

167

GOTHAM FUNDS

Statements of Operations (Concluded)

For the Six Months Ended March 31, 2021

(Unaudited)


	Gotham Index Plus Fund				Gotham Large Value Fund				Gotham Enhanced S&P 500 Index Fund				Gotham Hedged Core Fund
Investment Income
Dividend income		$	3,979,095			$	843,299			$	87,463			$	144,385
Less: taxes withheld			(247	)			—				—				—
Interest			32				24				4				5
Income from securities loaned (Note 5)			—				—				—				29

Total investment income			3,978,880				843,323				87,467				144,419

Expenses
Advisory fees (Note 2)			2,084,664				304,670				26,767				36,653
Administration and accounting fees (Note 2)			79,108				18,396				1,629				11,341
Support services fees (Note 2)			—				—				7,188				2,751
Dividends and fees on securities sold short			—				—				—				42,074
Distribution fees (Investor Class)			14,417				—				—				—
Transfer agent fees (Note 2)			183,119				35,287				2,157				1,015
Custodian fees (Note 2)			36,011				2,223				18				493
Trustees’ and officers’ fees (Note 2)			59,008				10,511				87				814
Shareholder reporting fees			50,347				10,471				—				6,387
Registration and filing fees			26,155				12,832				27,873				26,778
Legal fees			70,747				11,752				28,146				5,284
Audit fees			29,615				12,443				—				6,957
Other expenses			24,147				6,381				825				3,164

Total expenses before recoupments, waivers and/or reimbursements			2,657,338				424,966				94,690				143,711

Recoupments, waivers and/or reimbursements (Note 2)			(244,088	)			(120,296	)			(67,705	)			(57,298	)

Net expenses after recoupments, waivers and/or reimbursements			2,413,250				304,670				26,985				86,413

Net investment income			1,565,630				538,653				60,482				58,006

Net realized and unrealized gain/(loss) from investments:
Net realized gain from investments			44,736,475				3,195,351				340,539				379,783
Net realized loss from securities sold short			—				—				—				(774,185	)
Net realized gain on swaps			940,407	^(a)			—				—				—
Net change in unrealized appreciation/(depreciation) on investments			45,393,376				13,629,475				1,284,498				1,422,392
Net change in unrealized appreciation/(depreciation) on securities sold short			—				—				—				(152,847	)
Net change in unrealized appreciation/(depreciation) on swaps			(26,201,297	)^(a)			—				—				—

Net realized and unrealized gain on investments			64,868,961				16,824,826				1,625,037				875,143

Net increase in net assets resulting from operations		$	66,434,591			$	17,363,479			$	1,685,519			$	933,149

^(a)	Primary risk exposure is equity price risk.

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

168

GOTHAM FUNDS

Statements of Changes in Net Assets


	Gotham Absolute Return Fund								Gotham Enhanced Return Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment loss		$	(979,683	)		$	(2,607,321	)		$	(401,892	)		$	(1,308,243	)
Net realized gain/(loss) from investments, securities sold short and swaps			3,179,936				(15,068,216	)			14,788,965				(8,365,916	)
Net change in unrealized appreciation/(depreciation) on investments, securities sold short and swaps			39,852,325				(30,786,992	)			18,151,299				(26,929,259	)

Net increase/(decrease) in net assets resulting from operations			42,052,578				(48,462,529	)			32,538,372				(36,603,418	)

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			—				—				(334,852	)			(124,087,944	)

Net decrease in net assets from dividends and distributions to shareholders			—				—				(334,852	)			(124,087,944	)

Decrease in Net Assets from Capital Share Transactions (Note 4)			(79,875,019	)			(302,795,097	)			(48,245,395	)			(121,651,134	)


Total decrease in net assets			(37,822,441	)			(351,257,626	)			(16,041,875	)			(282,342,496	)

Net assets
Beginning of period			505,989,266				857,246,892				236,724,683				519,067,179

End of period		$	468,166,825			$	505,989,266			$	220,682,808			$	236,724,683

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

169

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Neutral Fund								Gotham Index Plus Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)		$	(131,880	)		$	(1,202,743	)		$	1,565,630			$	4,561,361
Net realized gain/(loss) from investments, securities sold short and swaps			(692,632	)			554,251				45,676,882				(82,906,650	)
Net change in unrealized appreciation/ (depreciation) on investments, securities sold short and swaps			(627,532	)			(16,524,100	)			19,192,079				88,741,908

Net increase/(decrease) in net assets resulting from operations			(1,452,044	)			(17,172,592	)			66,434,591				10,396,619

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			—				—				(4,445,820	)			(9,228,671	)
Investor Class Shares:
Total distributable earnings			—				—				(98,640	)			(203,551	)

Net decrease in net assets from dividends and distributions to shareholders			—				—				(4,544,460	)			(9,432,222	)

Decrease in Net Assets from Capital Share Transactions (Note 4)			(14,141,994	)			(108,565,570	)			(39,846,947	)			(260,792,812	)


Total increase/(decrease) in net assets			(15,594,038	)			(125,738,162	)			22,043,184				(259,828,415	)

Net assets
Beginning of period			55,675,290				181,413,452				405,050,766				664,879,181

End of period		$	40,081,252			$	55,675,290			$	427,093,950			$	405,050,766

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

170

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Large Value Fund								Gotham Enhanced S&P 500 Index Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	538,653			$	1,264,674			$	60,482			$	118,395
Net realized gain/(loss) from investments			3,195,351				(5,960,490	)			340,539				(338,005	)
Net change in unrealized appreciation/ (depreciation) on investments			13,629,475				2,488,169				1,284,498				497,653

Net increase/(decrease) in net assets resulting from operations			17,363,479				(2,207,647	)			1,685,519				278,043

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			(1,307,860	)			(1,610,912	)			(114,476	)			(269,329	)

Net decrease in net assets from dividends and distributions to shareholders			(1,307,860	)			(1,610,912	)			(114,476	)			(269,329	)

Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)			5,820,756				14,843,066				5,425,174				(297,232	)

Total increase/(decrease) in net assets			21,876,375				11,024,507				6,996,217				(288,518	)

Net assets
Beginning of period			70,002,557				58,978,050				6,346,107				6,634,625

End of period		$	91,878,932			$	70,002,557			$	13,342,324			$	6,346,107

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

171

GOTHAM FUNDS

Statements of Changes in Net Assets (Concluded)


	Gotham Hedged Core Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment gain		$	58,006			$	51,943
Net realized loss from investments and securities sold short			(394,402	)			(221,239	)
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			1,269,545				764,069

Net increase in net assets resulting from operations			933,149				594,773

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			(83,766	)			(152,049	)

Net decrease in net assets from dividends and distributions to shareholders			(83,766	)			(152,049	)

Increase in Net Assets from Capital Share Transactions (Note 4)			2,143,171				5,778,631

Total increase in net assets			2,992,554				6,221,355

Net assets
Beginning of period			8,803,542				2,582,187

End of period		$	11,796,096			$	8,803,542

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

172

GOTHAM FUNDS

Statement of Cash Flow

(Unaudited)


	Gotham Hedged Core Fund
	For the Six Months Ended March 31, 2021
Cash flows used in operating activities:
Net increase in net assets resulting from operations.		$	933,149

Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of long-term portfolio investments			(15,138,985	)
Proceeds from disposition of long-term portfolio investments			12,718,657
Purchases to cover securities sold short			(7,850,213	)
Proceeds from securities sold short			8,179,582
Net realized loss on investments and securities sold short			394,402
Net change in unrealized appreciation/(depreciation) on investments and securities sold short			(1,269,545	)
Increase in receivable for investments sold			(261,177	)
Decrease in cash collateral for securities sold			178
Decrease in prepaid expenses and other assets			320
Increase in receivable from Investment adviser			(14,492	)
Increase in dividends and interest receivable			(4,380	)
Increase in payable for investments purchased			220,059
Decrease in use of cash collateral from securities lending			(178	)
Increase in payable for dividends and fees on securities sold-short			2,371
Decrease in accrued expense payable			(23,246	)

Net cash used in operating activities			(2,113,498	)

Cash flows from financing activities:
Proceeds from shares sold			2,600,307
Payment of shares redeemed			(540,902	)
Increase in due to custodian			24,022

Net cash provided by financing activities			2,083,427

Net decrease in cash and restricted cash			(30,071	)
Cash and restricted cash:
Beginning of period:.			147,645
End of period:			117,574
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities:
Cash			129,076
Restricted cash.			18,569
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities:
Cash		$	—

Restricted cash		$	117,574

Supplemental disclosure of cash flow information:
Cash received during the period for financing charges		$	9,904

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

173

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Financial Highlights

Contained below is per share operating performance data for Institutional Class 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 a 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.


	Gotham Absolute Return Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016
Per Share Operating Performance
Net asset value, beginning of year/period		$	14.39			$	15.01			$	14.86			$	13.94			$	12.70			$	12.48

Net investment loss⁽¹⁾			(0.03	)			(0.06	)			(0.00	)⁽²⁾			(0.09	)			(0.12	)			(0.07	)
Net realized and unrealized gain/(loss) on investments.			1.41				(0.56	)			0.15				1.01				1.36				0.46

Total from investment operations			1.38				(0.62	)			0.15				0.92				1.24				0.39

Dividends and distributions to shareholders from:
Net realized capital gains			—				—				—				—				—				(0.17	)

Total dividends and distributions to shareholders			—				—				—				—				—				(0.17	)

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾

Net asset value, end of year/period		$	15.77			$	14.39			$	15.01			$	14.86			$	13.94			$	12.70

Total investment return⁽⁴⁾			9.59	%			(4.13	)%			1.01	%			6.60	%			9.76	%			3.14	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	468,167			$	505,989			$	857,247			$	1,069,045			$	884,205			$	982,987
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁵⁾			1.50	%⁽⁶⁾			2.55	%			2.58	%			2.56	%			2.81	%			3.09	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁵⁾⁽⁷⁾			1.79	%⁽⁶⁾			2.65	%			2.60	%			2.63	%			2.95	%			3.09	%
Ratio of net investment loss to average net assets (including dividend and interest expense)			(0.42	)%⁽⁶⁾			(0.39	)%			(0.02	)%⁽⁸⁾			(0.58	)%			(0.88	)%			(0.56	)%
Portfolio turnover rate			75	%⁽⁹⁾			259	%			233	%			258	%			238	%			272	%

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

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	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.

⁽⁵⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 2.05%, 2.15%, 2.15%, 2.15% and 2.20% for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁶⁾	Annualized.

⁽⁷⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁸⁾	Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period. (See Note 1).

⁽⁹⁾	Not annualized.

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

174

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Financial Highlights (Continued)


	Gotham Enhanced Return Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016
Per Share Operating Performance
Net asset value, beginning of year/period		$	10.21			$	14.51			$	15.55			$	13.68			$	11.79			$	11.10

Net investment income/(loss)⁽¹⁾			(0.02	)			(0.04	)			(0.08	)			(0.13	)			(0.07	)			0.02
Net realized and unrealized gain/(loss) on investments			1.85				(0.48	)			0.26				2.14				1.96				0.87

Total from investment operations			1.83				(0.52	)			0.18				2.01				1.89				0.89

Dividends and distributions to shareholders from:
Net investment income			(0.20	)			—				—				—				—				—
Net realized capital gains			—				(3.78	)			(1.22	)			(0.14	)			—				(0.20	)

Total dividends and distributions to shareholders			(0.20	)			(3.78	)			(1.22	)			(0.14	)			—				(0.20	)

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year/period		$	11.84			$	10.21			$	14.51			$	15.55			$	13.68			$	11.79

Total investment return⁽³⁾			16.13	%			(6.81	)%			1.79	%			14.79	%			16.03	%			8.18	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	220,683			$	236,725			$	519,067			$	845,833			$	897,371			$	950,202
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			1.50	%⁽⁵⁾			2.12	%			3.56	%			3.63	%			3.55	%			3.58	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			1.83	%⁽⁵⁾			2.22	%			3.56	%			3.67	%			3.56	%			3.58	%
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense)			(0.36	)%⁽⁵⁾			(0.37	)%			(0.56	)%			(0.84	)%			(0.51	)%			0.16	%
Portfolio turnover rate			84	%⁽⁷⁾			213	%			204	%			197	%			196	%			248	%

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 2.06%, 2.15%, 2.15%, 2.15% and 2.15% for years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

175

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Financial Highlights (Continued)


	Gotham Neutral Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016
Per Share Operating Performance
Net asset value, beginning of year/period		$	9.19			$	10.35			$	10.25			$	10.23			$	9.91			$	9.99

Net investment income/(loss)⁽¹⁾			(0.03	)			(0.09	)			0.01				(0.09	)			(0.13	)			(0.10	)
Net realized and unrealized gain/(loss) on investments			(0.16	)			(1.07	)			0.09				0.11				0.45				0.08

Total from investment operations			(0.19	)			(1.16	)			0.10				0.02				0.32				(0.02	)

Dividends and distributions to shareholders from:
Net realized capital gains			—				—				—				—				—				(0.06	)

Total dividends and distributions to shareholders			—				—				—				—				—				(0.06	)

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year/period		$	9.00			$	9.19			$	10.35			$	10.25			$	10.23			$	9.91

Total investment return⁽³⁾			(2.07	)%			(11.21	)%			0.98	%			0.20	%			3.23	%			(0.16	)%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	40,081			$	55,675			$	181,413			$	356,672			$	669,540			$	783,024
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			1.50	%⁽⁵⁾			2.79	%			2.34	%			2.61	%			3.10	%			3.56	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			2.14	%⁽⁵⁾			2.90	%			2.33	%			2.73	%			3.14	%			3.56	%
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense)			(0.59	)%⁽⁵⁾			(0.95	)%			0.11	%⁽⁷⁾			(0.87	)%			(1.31	)%			(1.02	)%
Portfolio turnover rate			83	%⁽⁸⁾			356	%			331	%			274	%			261	%			303	%

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 2.09%, 2.15%, 2.15%, 2.15% and 2.16% for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Net rebate income on securities sold short exceeded dividends and fees on securities sold short during the period. (See Note 1).

⁽⁸⁾	Not annualized.

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

176

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Financial Highlights (Continued)


	Gotham Index Plus Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016
Per Share Operating Performance
Net asset value, beginning of year/period		$	16.19			$	15.18			$	15.73			$	13.00			$	10.59			$	9.28

Net investment income⁽¹⁾			0.06				0.14				0.13				0.10				0.06				0.07
Net realized and unrealized gain/(loss) on investments			2.70				1.09				(0.39	)			2.68				2.41				1.42

Total from investment operations			2.76				1.23				(0.26	)			2.78				2.47				1.49

Dividends and distributions to shareholders from:
Net investment income			(0.18	)			(0.22	)			(0.06	)			(0.05	)			(0.06	)			(0.07	)
Net realized capital gains			—				—				(0.23	)			—				—				(0.11	)

Total dividends and distributions to shareholders			(0.18	)			(0.22	)			(0.29	)			(0.05	)			(0.06	)			(0.18	)

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year/period		$	18.77			$	16.19			$	15.18			$	15.73			$	13.00			$	10.59

Total investment return⁽³⁾			17.20	%			8.14	%			(1.57	)%			21.45	%			23.25	%			16.14	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	414,977			$	394,773			$	647,415			$	631,060			$	199,796			$	44,190
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			1.15	%⁽⁵⁾			1.17	%			2.99	%			3.39	%			3.61	%			3.41	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			1.27	%⁽⁵⁾			1.25	%			3.04	%			3.39	%			3.62	%			3.80	%
Ratio of net investment income to average net assets (including dividend and interest expense)			0.76	%⁽⁵⁾			0.89	%			0.89	%			0.69	%			0.46	%			0.72	%
Portfolio turnover rate			63	%⁽⁷⁾			224	%			253	%			218	%			204	%			234	%

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund’s Institutional Class Shares would be 1.15%, 1.15%, 1.15%, 1.15% and 1.18% for the years ended September 30, 2020, 2019, 2018, 2017 and 2016, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

177

GOTHAM FUNDS

Financial Highlights (Continued)

Contained below is per share operating performance data for Investor Class 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 a 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.


	Gotham Index Plus Fund Investor Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Period Ended September 30, 2018*
Per Share Operating Performance
Net asset value, beginning of year/period		$	16.15			$	15.13			$	15.70			$	14.48

Net investment income/(loss)⁽¹⁾			0.04				0.10				(0.06	)			0.05
Net realized and unrealized gain/(loss) on investments			2.68				1.10				(0.24	)			1.17

Total from investment operations			2.72				1.20				(0.30	)			1.22

Dividends and distributions to shareholders from:
Net investment income			(0.14	)			(0.18	)			(0.04	)			—
Net realized capital gains			—				—				(0.23	)			—

Total dividends and distributions to shareholders			(0.14	)			(0.18	)			(0.27	)			—

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾

Net asset value, end of year/period		$	18.73			$	16.15			$	15.13			$	15.70

Total investment return⁽³⁾			16.96	%			7.94	%			(1.82	)%			8.43	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	12,117			$	10,278			$	17,464			$	14,403
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			1.40	%⁽⁵⁾			1.42	%			4.28	%			3.64	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			1.52	%⁽⁵⁾			1.50	%			4.34	%			3.64	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense)			0.51	%⁽⁵⁾			0.64	%			(0.40	)%			0.49	%⁽⁵⁾
Portfolio turnover rate			63	%⁽⁷⁾			224	%			253	%			218	%⁽⁸⁾

*	Investor Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $14.48 per share.

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short and fees on cash collateral. Excluding such dividend and fees on securities sold short and fees on cash collateral, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund’s Investor Class Shares would be 1.40%, 1.40% and 1.40% for the years ended September 30, 2020, 2019 and the period ended September 30, 2018, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

⁽⁸⁾	Reflects portfolio turnover of the Fund for the year ended September 30, 2018.

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

178

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Large Value Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Period Ended September 30, 2016*
Per Share Operating Performance
Net asset value, beginning of year/period		$	12.98			$	13.29			$	13.02			$	12.46			$	10.87			$	10.00

Net investment income⁽¹⁾			0.09				0.25				0.20				0.14				0.14				0.11
Net realized and unrealized gain/(loss) on investments			3.01				(0.22	)			0.18				2.03				1.71				0.76

Total from investment operations			3.10				0.03				0.38				2.17				1.85				0.87

Dividends and distributions to shareholders from:
Net investment income			(0.23	)			(0.23	)			(0.01	)			(0.28	)			(0.26	)			—
Net realized capital gains			—				(0.11	)			(0.10	)			(1.33	)			—				—

Total dividends and distributions to shareholders			(0.23	)			(0.34	)			(0.11	)			(1.61	)			(0.26	)			—

Redemption fees			—				0.00	⁽²⁾			—				—				—				—

Net asset value, end of year/period		$	15.85			$	12.98			$	13.29			$	13.02			$	12.46			$	10.87

Total investment return⁽³⁾			24.10	%			0.04	%			3.11	%			18.93	%			17.31	%			8.70	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	91,879			$	70,003			$	58,978			$	31,318			$	2,627			$	2,236
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any			0.75	%⁽⁴⁾			0.75	%			0.75	%			0.88	%			0.95	%			0.95	%⁽⁴⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁵⁾			1.05	%⁽⁴⁾			1.03	%			1.05	%			2.19	%			4.40	%			4.90	%⁽⁴⁾
Ratio of net investment income to average net assets			1.33	%⁽⁴⁾			1.95	%			1.61	%			1.12	%			1.19	%			1.41	%⁽⁴⁾
Portfolio turnover rate			83	%⁽⁶⁾			406	%			316	%			670	%			169	%			244	%⁽⁶⁾

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on December 31, 2015.

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁶⁾	Not annualized.

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

179

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Enhanced S&P 500 Index Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Period Ended September 30, 2017*
Per Share Operating Performance
Net asset value, beginning of year/period		$	12.86			$	11.93			$	13.70			$	11.53			$	10.00

Net investment income⁽¹⁾			0.08				0.21				0.19				0.20				0.13
Net realized and unrealized gain on investments			2.10				1.14				0.03				2.39				1.40

Total from investment operations			2.18				1.35				0.22				2.59				1.53

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.15	)			(0.21	)			(0.16	)			—
Net realized capital gains			—				(0.27	)			(1.78	)			(0.26	)			—

Total dividends and distributions to shareholders			(0.13	)			(0.42	)			(1.99	)			(0.42	)			—

Redemption fees			0.00	⁽²⁾			0.00	⁽²⁾			0.00	⁽²⁾			—				—

Net asset value, end of year/period		$	14.91			$	12.86			$	11.93			$	13.70			$	11.53

Total investment return⁽³⁾			17.06	%			11.53	%			3.46	%			22.97	%			15.30	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	13,342			$	6,346			$	6,635			$	3,529			$	2,931
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any			0.50	%⁽⁴⁾			0.50	%			0.50	%			0.50	%			0.50	%⁽⁴⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁵⁾			1.77	%⁽⁴⁾			2.13	%			3.20	%			2.55	%			3.61	%⁽⁴⁾
Ratio of net investment income to average net assets			1.13	%⁽⁴⁾			1.75	%			1.65	%			1.59	%			1.66	%⁽⁴⁾
Portfolio turnover rate			115	%⁽⁶⁾			345	%			328	%			230	%			268	%⁽⁶⁾

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on December 30, 2016.

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁶⁾	Not annualized.

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

180

GOTHAM FUNDS

Financial Highlights (Concluded)


	Gotham Hedged Core Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Period Ended September 30, 2016*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.33			$	11.16			$	12.61			$	11.34			$	10.00			$	10.00

Net investment income⁽¹⁾			0.06				0.13				0.14				0.11				0.07				—
Net realized and unrealized gain/(loss) on investments			0.88				0.70				(0.11	)			1.35				1.27				(0.00	)⁽²⁾

Total from investment operations			0.94				0.83				0.03				1.46				1.34				(0.00	)⁽²⁾

Dividends and distributions to shareholders from:
Net investment income			(0.07	)			(0.17	)			(0.07	)			(0.18	)			—				—
Net realized capital gains			(0.02	)			(0.49	)			(1.41	)			(0.01	)			—				—

Total dividends and distributions to shareholders			(0.09	)			(0.66	)			(1.48	)			(0.19	)			—				—

Redemption fees			—				—				—				—				—				—

Net asset value, end of year/period		$	12.18			$	11.33			$	11.16			$	12.61			$	11.34			$	10.00

Total investment return⁽³⁾			8.33	%			7.59	%			0.86	%			12.93	%			13.40	%			0.00	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	11,796			$	8,804			$	2,582			$	2,561			$	2,267			$	1,999
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			1.66	%⁽⁵⁾			1.52	%			1.00	%			1.16	%			1.40	%			—
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			2.75	%⁽⁵⁾			3.47	%			4.05	%			3.85	%			4.91	%			—
Ratio of net investment income to average net assets (including dividend and interest expense)			1.11	%⁽⁵⁾			1.20	%			1.29	%			0.91	%			0.66	%			—
Portfolio turnover rate			88	%⁽⁷⁾			267	%			228	%			221	%			249	%			—

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016.

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 0.85%, 0.85%, 0.85%, 0.85% and 0.85% for the six months ended March 31, 2021 and the years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

181

GOTHAM FUNDS

Notes to Financial Statements

March 31, 2021

(Unaudited)

1. Organization and Significant Accounting Policies

The Gotham Absolute Return Fund, the Gotham Enhanced Return Fund, the Gotham Neutral Fund, the Gotham Index Plus Fund, the Gotham Large Value Fund, the Gotham Enhanced S&P 500 Index Fund and the Gotham Hedged Core Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds, except for the Gotham Index Plus Fund, offers one class of shares, Institutional Class. The Gotham Index Plus Fund offers two classes of shares, Institutional Class and Investor Class. The Funds’ commencement of operations are as follows:


Gotham Absolute Return Fund (“Absolute Return”)		August 31, 2012
Gotham Enhanced Return Fund (“Enhanced Return”)		May 31, 2013
Gotham Neutral Fund (“Neutral”)		August 30, 2013
Gotham Index Plus Fund (“Index Plus”)		March 31, 2015
Gotham Large Value Fund (“Large Value”)		December 31, 2015
Gotham Enhanced S&P 500 Index Fund (“Enhanced S&P 500 Index”)		December 30, 2016
Gotham Hedged Core Fund (“Hedged Core”)		September 30, 2016

All the Funds except for Large Value and Enhanced S&P 500 Index seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. Large Value seeks to achieve its investment objective by primarily investing in long positions of U.S. large capitalization equity securities with market capitalization similar to companies in the S&P 500^® Index or Russell 1000^® Index, but may invest in other large capitalization companies. Enhanced S&P 500 Index seeks to achieve its investment objective by generally investing at least 80% of its assets in U.S. equity securities listed in the S&P 500^® Index.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each business day the NYSE is open. Each Fund’s equity securities, including exchange-traded funds, listed on any national or foreign exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Board of Trustees (the “Board”). Any assets held by a Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that a Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when a Fund does not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of a Fund. Certain Funds invest in securities of other investment companies, which are valued at their respective NAVs as determined by those investment companies each business day. Over the Counter (“OTC”) investments (including swap agreements) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily available current market value are valued in good faith under the direction of the Board. The Board has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Gotham Asset Management, LLC (“Gotham” or “the Adviser”) the responsibility for applying the valuation methods. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security, asset or liability will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of a Fund’s investments are summarized into three levels as described in the hierarchy below:

182

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)



• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for the following: a corporate debt security with an end of period value of $801 and $730 held by Absolute Return and Neutral, respectively; and total return swaps with an end of period unrealized appreciation/(depreciation) of $1,686,454, $39,182,050, $(1,838,314) and $98,948,893 held by Absolute Return, Enhanced Return, Neutral and Index Plus, respectively. These securities are considered Level 2 as of and for the six months ended March 31, 2021.

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of a 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 Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

For the six months ended March 31, 2021, there were no transfers in or out of Level 3 for the Funds.

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

Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Funds maintain deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

Due to/from Brokers — Due to/from brokers represents cash balances on deposit with, or cash balances owed to, the Funds’ prime brokers and counterparties. The Funds are subject to credit risk should the prime brokers and counterparties be unable to meet their obligations to the Funds.

183

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

services fees relating to a specific class are charged directly to that class. The Fund records as dividend income the amount characterized as ordinary income and records as realized gain the amount characterized by a REIT as long-term capital gain in the Statements of Operations. The amount characterized as return of capital is a reduction to the cost of investments in the Statements of Assets and Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/(loss) from investment transactions in the Statements of Operations. These characterizations are reflected in the accompanying financial statements. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. 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, 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 each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Code, 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 Funds may enter into contracts that provide general indemnifications. A 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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to its long-term implications. The COVID-19 pandemic could adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Funds by its service providers. Fund management is continuing to monitor this development and evaluate its impact on the Funds.

Short Sales — All Funds except for Large Value and Enhanced S&P 500 may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

As of March 31, 2021, the following Fund had securities sold short, securities pledged as collateral and deposits with brokers for securities sold short:


	Value of Securities Sold Short			Securities Pledged as Collateral			Deposits with Brokers for Securities Sold Short
Hedged Core		$	4,751,422		$	9,602,778		$	117,574

In accordance with the terms of its prime brokerage agreements, the Funds may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security. These amounts are included in dividends and fees on securities sold short on the Statements of Operations. In those instances where rebate income is in excess of dividends on securities sold short and finance charges, the net amount is shown in the Investment Income section of the Statements of Operations. On the ex-dividend date, dividends on short sales are recorded as an expense to the Fund. The following Fund had net charges as shown in the table below for the six months ended March 31, 2021:

184

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


	Dividends on Securities Sold Short			Rebate (Income)/Fees
Hedged Core		$	27,700		$	4,470

The following Fund utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Fund based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short on the Statements of Operations and are as follows for the six months ended March 31, 2021:


	Short Sales (Deposits) Proceeds			Financing Charges
Hedged Core		$	4,631,003		$	9,904

Swap Agreements — A swap agreement is a bilateral financial instrument that involves the exchange of cash flows between two parties on specified dates (settlement dates), where the cash flows are based on valuation changes to market referenced securities. The nominal amount on which the cash flows are calculated is called the notional amount.

Swap agreements may increase or decrease the overall volatility of the investments of a Fund and its share price. The performance of swap agreements will be affected by a change in the market value of the referenced underlying securities that determine the amounts of payments due to and from a Fund. If a swap agreement calls for payments by a Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty’s creditworthiness declined, the value of a swap agreement would be likely to decline, potentially resulting in losses.

Generally, swap agreements have a fixed maturity date that will be agreed upon by the parties. The agreement can be terminated before the maturity date, in whole or part, under certain circumstances, such as default by one of the parties or insolvency, among others, and can be transferred by a party only with the prior written consent of the other party. A Fund may be able to eliminate its exposure under a swap agreement either by assignment or by other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, a Fund may not be able to recover the money it expected to receive under the swap agreement. A Fund will not enter into any swap agreement unless the Adviser believes that the counterparty to the transaction is creditworthy.

A swap agreement can be a form of leverage, which can magnify a Fund’s gains or losses. In order to reduce the risk associated with leveraging, a Fund may cover its current obligations under swap agreements according to guidelines established by the SEC. If a Fund enters into a swap agreement on a net basis, it will segregate assets with a daily value at least equal to the excess, if any, of a Fund’s accrued obligations under the swap agreement over the accrued amount a Fund is entitled to receive under the agreement. If a Fund enters into a swap agreement on other than a net basis, it will segregate assets with a value equal to the full amount of a Fund’s accrued obligations under the swap agreement.

Total Return Swaps: Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend accruals or payments. The unrealized appreciation or depreciation also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S. effective federal funds rate (“EFFR”). Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to or from the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument). As of and for the six months ended March 31, 2021, only Absolute Return, Enhanced Return, Neutral and Index Plus held total return swaps.

185

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For the six months ended March 31, 2021, the quarterly average notional volume of the total return swaps for the following Funds were as follows:


	Notional Amount
Absolute Return		$	(163,356,973	)
Enhanced Return			(30,644,135	)
Neutral			(30,362,904	)
Index Plus			(93,927,461	)

Counterparty Risk — During the six months ended March 31, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to counterparty risk. Certain of the derivatives entered into by the Funds may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If a counterparty defaults on its payment obligations to the Funds, this default will cause the value of an investment in the Funds to decrease. In addition, to the extent the Funds deal with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Funds are neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Funds to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Funds.

The Funds are subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that the Funds will not sustain a loss on a transaction as a result.

Liquidity Risk — During the six months ended March 31, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to liquidity risk. The Funds may be subject to liquidity risk primarily due to investments in derivatives. The Funds may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Funds may be unable to sell the asset or sell it at a reasonable price. In addition, the Funds may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of the Funds in order to raise cash to pay redemptions.

An investment in derivatives is also subject to the risk that the Funds may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, the Funds may be exposed to the risk of additional losses due to such delays.

Master Netting Agreement — During the six months ended March 31, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to a Master Netting agreement. In order to define their contractual rights and to secure rights that will help mitigate their counterparty risk, the Funds have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Funds and the counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Funds’ net assets decline by a stated percentage or the Funds fail to meet the terms of its ISDA Master Agreements. The result would cause the Funds to accelerate payment of any net liability owed to the counterparty.

186

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which the Funds invest, as well as other unforeseen effects, could result in losses to the Funds.

Collateral Requirements — During the six months ended March 31, 2021, Absolute Return, Enhanced Return, Neutral and Index Plus were subject to collateral requirements. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Funds generally agree not to use non-cash collateral that they receive but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


												Gross Amount Not Offset in the
												Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets/(Liabilities)				Gross Amounts Offset in the Statements of Assets and Liabilities			Net Amounts of Assets Presented in the Statements of Assets and Liabilities				Financial Instruments			Collateral Pledged/(Received)*				Net Amount**
Absolute Return		$	1,686,454			$	—		$	1,686,454			$	—		$	—			$	1,686,454
Enhanced Return			39,182,050				—			39,182,050				—			(29,380,000	)			9,802,050
Neutral			(1,838,314	)			—			(1,838,314	)			—			1,838,314				—
Index Plus			98,948,893				—			98,948,893				—			(92,900,000	)			6,048,893

*	Amount disclosed is limited to the amount of assets presented in each Statements of Assets and Liabilities. Actual collateral pledged/(received) may be more than the amount shown.

**	Net amount represents the net receivable from the counterparty in the event of a default.

2. Transactions with Related Parties and Other Service Providers

Gotham Asset Management, LLC (“Gotham” or the “Adviser”) serves as investment adviser to the Funds pursuant to an investment advisory agreement with the Trust (the “Advisory Agreement”). For its services as the investment adviser, each Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at an annual rate based on average daily net assets of each Fund as shown in the table below:

187

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


Absolute Return⁽¹⁾	1.35	%
Enhanced Return⁽¹⁾	1.25	%
Neutral	1.50	%
Index Plus⁽²⁾	0.75	%
Large Value	0.75	%
Enhanced S&P 500 Index⁽³⁾⁽⁴⁾	0.25	%
Hedged Core⁽⁴⁾	0.70	%

⁽¹⁾	Prior to February 1, 2021, the investment advisory fee was 1.50%.

⁽²⁾	Prior to February 1, 2021, the investment advisory fee was 1.00%.

⁽³⁾	Prior to February 1, 2021, the investment advisory fee was 0.50%.

⁽⁴⁾

Effective November 1, 2020 and February 1, 2021, Enhanced S&P 500 Index and Hedged Core, respectively, entered into a Support, Service and Fee Assumption Agreement (“Agreement”) with Gotham, whereby Gotham will assume and undertake to pay substantially all Fund expenses, except investment advisory fees. Under the Agreement, Gotham is entitled to a fee, computed daily and payable monthly, equal to the lesser of (i) the annualized rate of 0.15% of the Fund’s average daily net assets, or (ii) the actual amount of Gotham’s payment obligation under the Agreement.

For all Funds, except for Neutral, Large Value and Hedged Core, the Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s “Other Expenses” (exclusive of taxes, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). For Neutral, Large Value and Hedged Core, the Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed the percentages set forth in the table below (on an annual basis). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six months ended March 31, 2021.

Institutional
Class

Investor
Class

Termination Date

Absolute Return⁽¹⁾

0.00%

N/A

January 31, 2022

Enhanced Return⁽¹⁾

0.00%

N/A

January 31, 2022

Neutral

1.50%

N/A

January 31, 2022

Index Plus⁽²⁾

0.15%

January 31, 2022

Large Value

0.75%

N/A

January 31, 2022

Enhanced S&P 500 Index⁽³⁾

0.00%

N/A

January 31, 2023

Hedged Core

0.85%

N/A

January 31, 2022

⁽¹⁾	Prior to February 1, 2021, the Expense Limitation was 1.50%.

⁽²⁾	Prior to February 1, 2021, the Expense Limitation was 1.15% and 1.40% for Institutional Class and Investor Class, respectively.

⁽³⁾	Prior to February 1, 2021, the Expense Limitation was 0.50%.

For the six months ended March 31, 2021, investment advisory fees accrued and waivers were as follows:


	Gross Advisory Fee			Recoupments, Waiver and/or Reimbursements				Net Advisory Fee/ (Reimbursement)
Absolute Return		$	3,494,276		$	(680,224	)		$	2,814,052
Enhanced Return			1,668,085			(371,443	)			1,296,642
Neutral			335,588			(142,530	)			193,058
Index Plus			2,084,664			(244,088	)			1,840,576
Large Value			304,670			(120,296	)			184,374
Enhanced S&P 500 Index			26,767			(67,705	)			(40,938	)
Hedged Core			36,653			(57,298	)			(20,645	)

188

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For all Funds, except for Absolute Return, Enhanced Return, Neutral and Enhanced S&P 500 Index, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of March 31, 2021, the amounts of potential reimbursement from the Funds to the Adviser are as follows:


	Expiration 09/30/2021		Expiration 09/30/2022		Expiration 09/30/2023		Expiration 03/31/2024
Index Plus
Institutional Class		N/A		$383,317		$422,424		$237,311
Investor Class		N/A		11,648		10,902		6,777
Large Value		22,664		156,711		184,619		120,296
Hedged Core		36,554		76,059		84,728		57,298

Other Service Providers

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

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

Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services. Pershing LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation.

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

The Trust has adopted a distribution plan for Investor Class shares of Index Plus, in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, Index Plus compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25%, on an annualized basis of the Investor Class shares of Index Plus’s average daily net assets.

Trustees and Officers

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

JW Fund Management LLC (“JWFM”) provides a Principal Executive Officer and Principal Financial Officer, respectively, to the Trust. Alaric Compliance Services LLC (“Alaric”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Alaric are compensated for their services provided to the Trust.

189

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

3. Investment in Securities

For the six months ended March 31, 2021, for all Funds, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
Absolute Return		$333,874,028		$494,935,119
Enhanced Return		174,406,007		244,046,287
Neutral		35,218,743		65,121,579
Index Plus		246,624,078		319,110,330
Large Value		70,725,708		65,786,515
Enhanced S&P 500 Index		17,517,039		12,176,731
Hedged Core		15,137,699		12,714,126

For the six months ended March 31, 2021, the Funds had no purchases and sales of U.S. Government securities.

4. Capital Share Transactions

For the six months ended March 31, 2021 and the year ended September 30, 2020, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:


	For the Six Months Ended March 31, 2021 (Unaudited)						For the Year Ended September 30, 2020
	Shares			Value			Shares			Value
Absolute Return:
Institutional Class Shares:
Sales		4,289,743		$	63,055,145			7,707,089		$	111,825,830
Reinvestments		—			—			—			—
Redemption Fees*		—			12			—			10,202
Redemptions		(9,758,024	)		(142,930,176	)		(29,654,254	)		(414,631,129	)

Net Decrease		(5,468,281	)	$	(79,875,019	)		(21,947,165	)	$	(302,795,097	)


Enhanced Return:
Institutional Class Shares:
Sales		1,035,269		$	11,141,791			3,340,058		$	36,819,281
Reinvestments		28,679			300,838			9,276,386			108,069,892
Redemption Fees*		—			217			—			482
Redemptions		(5,609,311	)		(59,688,241	)		(25,210,356	)		(266,540,789	)

Net Decrease		(4,545,363	)	$	(48,245,395	)		(12,593,912	)	$	(121,651,134	)


Neutral:
Institutional Class Shares:
Sales		835,326		$	7,291,884			2,313,773		$	22,882,144
Reinvestments		—			—			—			—
Redemption Fees*		—			427			—			481
Redemptions		(2,442,772	)		(21,434,305	)		(13,785,607	)		(131,448,195	)

Net Decrease		(1,607,446	)	$	(14,141,994	)		(11,471,834	)	$	(108,565,570	)

190

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


	For the Six Months Ended March 31, 2021 (Unaudited)						For the Year Ended September 30, 2020
	Shares			Value			Shares			Value
Index Plus:
Institutional Class Shares:
Sales		2,585,155		$	44,142,954			8,500,444		$	128,551,226
Reinvestments		202,608			3,379,499			420,842			6,754,520
Redemption Fees*		—			777			—			14,426
Redemptions		(5,054,283	)		(87,464,860	)		(27,196,363	)		(388,757,413	)

Net Decrease		(2,266,520	)	$	(39,941,630	)		(18,275,077	)	$	(253,437,241	)


Investor Class Shares:
Sales		134,873		$	2,255,223			193,502		$	2,999,496
Reinvestments		5,856			97,550			12,613			202,195
Redemption Fees*		—			22			—			388
Redemptions		(130,481	)		(2,258,112	)		(723,732	)		(10,557,650	)

Net Increase/(Decrease)		10,248		$	94,683			(517,617	)	$	(7,355,571	)


Large Value:
Institutional Class Shares:
Sales		763,008		$	10,888,466			5,096,192		$	60,440,115
Reinvestments		92,168			1,307,860			115,810			1,610,911
Redemption Fees*		—			—			—			59
Redemptions		(451,092	)		(6,375,570	)		(4,257,287	)		(47,208,019	)

Net Increase		404,084		$	5,820,756			954,715		$	14,843,066


Enhanced S&P 500 Index:
Institutional Class Shares:
Sales		487,101		$	6,647,710			371,473		$	4,535,175
Reinvestments		8,342			114,453			22,022			269,329
Redemption Fees*		—			52			—			413
Redemptions		(94,032	)		(1,337,041	)		(456,234	)		(5,102,149	)

Net Increase/(Decrease)		401,411		$	5,425,174			(62,739	)	$	(297,232	)


Hedged Core:
Institutional Class Shares:
Sales		230,103		$	2,600,307			563,090		$	5,972,409
Reinvestments		7,446			83,766			13,822			152,049
Redemption Fees*		—			—			—			—
Redemptions		(46,392	)		(540,902	)		(31,260	)		(345,827	)

Net Increase		191,157		$	2,143,171			545,652		$	5,778,631

*	There is a 1.00% redemption fee that may be charged on shares redeemed within 30 days of purchase. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

191

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

Significant Shareholders

As of March 31, 2021, the below Funds had shareholders that held 10% or more of the outstanding shares of the respective Fund. Transactions by these shareholders may have a material impact on the Fund.


Neutral
Affiliated Fund	10	%
Index Plus
Affiliated Fund	1	%
Affiliated Shareholders	1	%
Enhanced S&P 500 Index
Affiliated Fund	31	%
Affiliated Shareholders	1	%
Non-affiliated Shareholders	28	%
Hedged Core
Affiliated Fund	46	%
Non-affiliated Shareholders	50	%

5. Securities Lending

All Funds, except for Large Value and Enhanced S&P 500 Index, may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. Securities on loan are not used as collateral for swaps or as collateral for short securities, if any. During the six months ended March 31, 2021, only Hedged Core entered into the securities lending program. Hedged Core had no open securities lending transactions as of March 31, 2021, and the income generated from the program during the six-months ended March 31, 2021, with respect to such loans is as follows:


	Market Value of Securities Loaned	Cash Collateral Received	Market Value of Non-cash Collateral	Income Received from Securities Lending
Hedged Core	$—	$—	$—	$29

Securities lending transactions are entered into by the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable by the Funds to the same counterparty against amounts to be received from that counterparty and create one single net payment due to or from the Funds. The Funds had no open securities lending transactions which were subject to a MSLA as of March 31, 2021.

192

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

6. Federal Tax Information

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

The tax character of distributions paid by the Funds during the year ended September 30, 2020 were as follows:


	Ordinary Income Dividend		Long-Term Capital Gain Dividend		Return of Capital
Enhanced Return	$	—	$	124,087,944		$—
Index Plus		9,432,222		—		—
Large Value		1,230,886		380,026		—
Enhanced S&P 500 Index		113,277		156,052		—
Hedged Core		39,601		112,448		—

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

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:


	Capital Loss Carryforward			Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation/ (Depreciation)		Qualified Late-Year Losses			Other Temporary Differences
Absolute Return	$	(60,941,538	)	$	—	$	—	$	55,732,434	$	(47,123,741	)	$	—
Enhanced Return		(12,671,992	)		334,833		—		62,029,864		(1,472,708	)		—
Neutral		(64,998,761	)		—		—		8,451,885		(14,906,632	)		(2	)
Index Plus		(23,491,546	)		4,544,442		—		154,488,033		(65,075,244	)		(3,799,175	)
Large Value		—			845,953		—		473,717		(2,154,002	)		—
Enhanced S&P 500 Index		—			87,555		—		662,379		(188,089	)		—
Hedged Core		—			48,368		18,962		633,732		—			—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. The other temporary differences as of September 30, 2020, were primarily attributed to wash sales on unsettled short sales, deferral of loss on unsettled trades, realized gain/loss on unsettled swaps, straddle losses outstanding, wash sales, amortization of organizational costs, qualified late year losses deferred, capital loss carryforwards not yet utilized and deferred interest expense. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

As of March 31, 2021, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

193

GOTHAM FUNDS

Notes to Financial Statements (Concluded)

March 31, 2021

(Unaudited)


	Federal Tax Cost*			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation/ (Depreciation)
Absolute Return		$	318,292,672		$	163,301,626		$	(32,906,989	)		$	130,394,637
Enhanced Return			156,309,064			110,076,403			(16,858,258	)			93,218,145
Neutral			24,293,525			16,840,331			(4,698,493	)			12,141,838
Index Plus			295,030,560			236,849,611			(28,838,910	)			208,010,701
Large Value			71,958,372			19,452,260			(76,969	)			19,375,291
Enhanced S&P 500 Index			11,064,614			2,218,391			(11,950	)			2,206,441
Hedged Core			9,393,754			2,514,860			(264,326	)			2,250,534

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30 or (ii) specified ordinary losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2020, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2020. For the year ended September 30, 2020, the Funds deferred to October 1, 2020 the following losses:


	Late-Year Ordinary Losses Deferral			Short-Term Capital Loss Deferral			Long-Term Capital Loss Deferral
Absolute Return		$	1,735,629		$	95,429,591		$	(50,041,479	)
Enhanced Return			1,472,708			—			—
Neutral			855,813			21,230,678			(7,179,859	)
Index Plus			—			167,663,118			(102,587,874	)
Large Value			—			4,754,359			(2,600,357	)
Enhanced S&P 500 Index			—			663,020			(474,931	)

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2020 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of September 30, 2020, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:


	Capital Losses Carryforwards
Absolute Return	$	60,941,538
Enhanced Return		12,671,992
Neutral		64,998,761
Index Plus		23,491,546

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued, and has determined that there are no material subsequent events requiring recognition or disclosure in the financial statements.

194

GOTHAM FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how a 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 (877) 974-6852 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 December 31 and June 30) as an exhibit to their reports on Form N-PORT. The Trust’s portfolio holdings on Form N-PORT are available on the SEC’s website at http://www.sec.gov.

195

GOTHAM FUNDS

Statement Regarding Liquidity Risk Management Program

(Unaudited)

The Securities and Exchange Commission adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that funds will be unable to meet their redemption obligations and mitigating dilution of the interests of fund shareholders.

The Board of Trustees (the “Board”) of FundVantage Trust, on behalf of the Gotham Funds (each a “Fund” and, collectively, the “Funds”), met on December 2-3, 2020 (the “Meeting”) to review the liquidity risk management program (the “Program”) applicable to the Funds, pursuant to the Liquidity Rule. The Board has appointed a committee of individuals to serve as the program administrator for the Funds’ Program (the “Program Committee”). At the Meeting, the Program Committee provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation and any material changes to the Program as of September 30, 2020 (the “Report”).

The Report described the Program’s liquidity classification methodology. It also described the Program Committee’s methodology in determining whether a Highly Liquid Investment Minimum (a “HLIM”) is necessary and noted that, given the composition of each Fund’s portfolio holdings, a HLIM was not currently required for any of the Funds.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing liquidity risk, as follows:

A. Each Fund’s investment strategy and liquidity of Fund investments during both normal and reasonably foreseeable stressed conditions: As part of the Report, the Program Committee reviewed each Fund’s strategy and its determination that the strategy remains appropriate for an open-end fund structure. This determination was based on each Fund’s holdings of Highly Liquid Investments, the diversification of holdings and the related average position size of the holdings.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions: As part of the Report, the Program Committee reviewed historical net redemption activity and noted that it used this information as a component to establish each Fund’s reasonably anticipated trading size. Each Fund has adopted an in-kind redemption policy which may be utilized to meet larger redemption requests. The Program Committee also took into consideration each Fund’s shareholder ownership concentration and the fact that shares of the Funds are offered through intermediaries. The intermediary agreements increase the likelihood of large unanticipated redemptions, meaning a Fund may not have the ability to conduct an orderly sale of portfolio securities. The amount of assets a Fund has on these platforms is a significant factor in the ability of the Fund to meet redemption expectations. In light of each Fund’s holdings, it was noted that each Fund maintains a high level of liquidity to meet shareholder redemptions under both normal and stressed market conditions.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements: As part of the Report, the Program Committee reviewed any changes in each Fund’s cash and cash equivalents positions in response to current/anticipated redemption activity or market conditions. It was noted that the Funds do not currently have a borrowing or other credit funding arrangement.

196

Investment Adviser

Gotham Asset Management, LLC

535 Madison Avenue, 30th Floor

New York, NY 10022

Administrator

The Bank of New York Mellon

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

GOTI-0321

GOTHAM FUNDS

FundVantage Trust

Gotham ESG Large Value Fund

Gotham Defensive Long 500 Fund

Gotham Total Return Fund

Gotham Enhanced 500 Plus Fund

Gotham Hedged Plus Fund

Gotham Neutral 500 Fund

Gotham Short Strategies Fund

SEMI-ANNUAL REPORT

March 31, 2021

(Unaudited)

Important Notice: As permitted by the Securities and Exchange Commission, paper copies of the Gotham Funds’ annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically request paper copies of the shareholder reports from the Gotham Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports are available on the Gotham Funds’ website (www.GothamFunds.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

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

GOTHAM FUNDS

SEMI-ANNUAL REPORT

AS OF MARCH 31, 2021


TABLE OF CONTENTS

Important Information			1

Performance Data			2

Fund Expense Disclosure			9

Portfolio Holdings Summary Tables			11

Portfolio of Investments			18

Financial Statements:

Statements of Assets and Liabilities			69

Statements of Operations			72

Statements of Changes in Net Assets			74

Statements of Cash Flow			78

Financial Highlights			79

Notes to Financial Statements			87

Other Information			102

Statement Regarding Liquidity Risk Management Program			103

GOTHAM FUNDS

Important Information

Each Gotham Fund covered by this report (each a, “Fund”) compares its performance to an unmanaged index. An index does not reflect operational and transactional costs which apply to a mutual fund. It is not possible to invest directly in an index.

Mutual fund investing involves risks, including possible loss of principal. Each Fund except Gotham ESG Large Value Fund will short securities. Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Each Fund, except Gotham ESG Large Value Fund, will also use leverage to make additional investments which could result in greater losses than if the Fund were not leveraged. The Gotham Defensive Long 500 Fund and Gotham Short Strategies Fund utilize one or more swap agreements in their investment programs. The use of derivatives, such as swaps, exposes a Fund to additional risks including increased volatility, lack of liquidity and possible losses greater than a Fund’s initial investment. Gotham Total Return Fund will primarily engage in short sales, leverage and swaps through its investments in underlying funds. Certain Funds may invest in securities of large-, mid- and small-cap companies. The securities issued by small-cap and mid-cap companies tend to be more volatile and less liquid than those of large-cap issuers. Each Fund may have a high turnover of its portfolio securities. High turnover rates generally result in higher brokerage costs to a Fund. There can be no guarantee that a Fund will achieve its objectives.

GOTHAM FUNDS

Gotham ESG Large Value Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six Months*

1 Year

Since Inception

Institutional Class Shares

24.19%

55.69%

20.05%**

S&P 500^® Total Return Index

19.07%

56.35%

25.45%***

*	Not Annualized.

**	The Gotham ESG Large Value Fund (the “Fund”) incepted on December 28, 2018.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Past performance does not guarantee future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class to the value of shares redeemed within 30 days of purchase.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 6.46% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursement” are 0.75% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 0.75% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Defensive Long 500 Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six
Months*

1 Year

3 Year

Since
Inception

Institutional Class Shares

4.60%

18.33%

3.03%

7.50%**

S&P 500^® Total Return Index

19.07%

56.35%

16.78%

16.64%***

*	Not Annualized.

**	The Gotham Defensive Long 500 Fund (the “Fund”) commenced operations on September 30, 2016.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.66% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.35% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

GOTHAM FUNDS

Gotham Total Return Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six
Months*

1 Year

3 years

5 years

Since
Inception

Institutional Class Shares

5.97%

18.19%

2.37%

6.03%

5.42%**

Investor Class Shares

5.78%

17.90%

1.98%

N/A

1.50%**

HFRX Equity Hedge Index

10.63%

23.88%

2.10%

4.08%

2.10%***

*	Not Annualized.

**	Institutional Class shares and Investor Class shares of the Gotham Total Return Fund (the “Fund”) incepted on March 31, 2015 and December 29, 2017, respectively.

***	Benchmark performance is from inception date of the Fund’s Institutional Class shares only and is not the inception date of the benchmark itself.

Past performance does not guarantee future results. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares; nor a 1.00% fee applied by the Fund’s Institutional Class and Investor Class to the value of the shares redeemed within 30 days of purchase.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 1.92% and 1.33% for the Institutional Class shares, respectively, and 2.17% and 1.58% for the Investor Class shares, respectively, of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, management fees (if any) and brokerage commissions), do not exceed 0.00% with respect to Institutional Class shares, (on an annual basis) and 0.25% with respect to Investor Class shares, (on an annual basis), of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The recoupment of fees waived or expenses reimbursed are limited to the lesser of (a) the Expense Limitation in effect at the time fees were waived or expenses were reimbursed, and (b) the Expense Limitation in effect at the time of recoupment.

The Fund normally allocates the majority of its assets among mutual funds advised by Gotham. Therefore, the Fund’s shareholders will indirectly bear the Fund’s proportionate share of fees and expenses of the underlying funds in addition to the Fund’s own expenses. The Fund also is subject to the risks of the underlying funds, which may include any or all of the risks described in Important Information.

GOTHAM FUNDS

Gotham Enhanced 500 Plus Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six
Months*

1 Year

3 Year

Since
Inception

Institutional Class Shares

16.13%

44.46

11.36%

13.68%**

S&P 500^® Total Return Index

19.07%

56.35

16.78%

16.64%***

*	Not Annualized.

**	The Gotham Enhanced 500 Plus Fund (the “Fund”) commenced operations on September 30, 2016.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 5.04% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.21% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Hedged Plus Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six
Months*

1 Year

3 Year

5 Year

Since
Inception

Institutional Class Shares

0.39%

11.57%

1.20%

5.30%

5.30%**

HFRX Equity Hedge Index

10.63%

23.88%

2.10%

4.08%

4.08%**

*	Not Annualized.

**	The Gotham Hedged Plus Fund (the “Fund”) commenced operations on March 31, 2016.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 4.81% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.51% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.15% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Neutral 500 Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six
Months*

1 Year

3 Year

Since
Inception

Institutional Class Shares

-1.44%

-0.58%

-2.15%

1.37%**

BofA Merrill Lynch 3-Month
U.S. Treasury Bill Index

0.06%

0.12%

1.49%

1.28%**

*	Not Annualized.

**	The Gotham Neutral 500 Fund (the “Fund”) commenced operations on October 1, 2016. The Fund’s inception date was September 30, 2016.

***	Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 4.11% and the “Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements” are 2.88% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) 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 date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation.

GOTHAM FUNDS

Gotham Short Strategies Fund

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)

Average Annual Total Returns for the Periods Ended March 31, 2021

Six Months*

1 year

3 Year

5 Year

10 Year

Institutional Class Shares**

-19.26%

-34.45%

-15.11%

-10.98%

-4.87%

50% Inverse of the S&P 500^®

-9.48%

-19.86%

-8.95%

-8.57%

-7.44%

*	Not Annualized.

A privately offered fund (the “Predecessor Fund”) managed by Gotham Asset Management, LLC was reorganized into the Gotham Short Strategies Fund (the “Fund” or “GSSFX”) on July 31, 2017, the date GSSFX commenced operations. The Predecessor Fund was organized and commenced operations in February 2008 and had an investment objective, investment policies and restrictions that were, in all material respects, equivalent to those of GSSFX. However, the Predecessor Fund was not registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, this Predecessor Fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, might have adversely affected its performance. GSSFX’s performance for periods prior to the commencement of operations on July 31, 2017 is that of the Predecessor Fund adjusted to reflect GSSFX’s fee structure.

As stated in the current prospectus dated February 1, 2021, the “Total Annual Fund Operating Expenses” are 1.88% and the “Total Annual Fund Operating Expenses After Fee waivers and/or Expense Reimbursements” are 1.35% for Institutional Class Shares of the Fund’s average daily net assets. These ratios may differ from the actual expense incurred by the Fund for the period covered by this report. Gotham Asset Management, LLC (“Gotham” or 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 (exclusive of taxes, “Acquired Fund Fees and Expenses”, dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions) do not exceed 1.35% (on an annual basis) of average daily net assets of the Fund (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination.

The Fund intends to evaluate performance as compared to that of the 50% Inverse of the S&P 500^®. The 50% Inverse of the S&P 500^® reflects the return of the S&P 500^® adjusted to show the negative 50% targeted net short exposure of the Predecessor Fund. Its returns reflect reinvested dividends.

GOTHAM FUNDS

Fund Expense Disclosure

March 31, 2021

(Unaudited)

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from October 1, 2020, and held for the entire period through March 31, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes




	Beginning Account Value October 1, 2020			Ending Account Value March 31, 2021			Annualized Expense Ratio*			Expenses Paid During Period**
Gotham ESG Large Value Fund
Institutional Class
Actual		$	1,000.00		$	1,241.90		0.75	%		$	4.19
Hypothetical (5% return before expenses)			1,000.00			1,021.19		0.75	%			3.78

Gotham Defensive Long 500 Fund
Institutional Class
Actual		$	1,000.00		$	1,046.00		1.35	%		$	6.89
Hypothetical (5% return before expenses)			1,000.00			1,018.20		1.35	%			6.79

Gotham Total Return Fund
Institutional Class
Actual		$	1,000.00		$	1,059.70		0.00	%		$	—
Hypothetical (5% return before expenses)			1,000.00			1,024.93		0.00	%			—
Investor Class
Actual		$	1,000.00		$	1,057.80		0.25	%		$	1.28
Hypothetical (5% return before expenses)			1,000.00			1,023.68		0.25	%			1.26

GOTHAM FUNDS

Fund Expense Disclosure (Concluded)

March 31, 2021

(Unaudited)



	Beginning Account Value October 1, 2020			Ending Account Value March 31, 2021			Annualized Expense Ratio*				Expenses Paid During Period**
Gotham Enhanced 500 Plus Fund
Institutional Class
Actual		$	1,000.00		$	1,161.30		2.12	%			$	11.42
Hypothetical (5% return before expenses)			1,000.00			1,014.36		2.12	%				10.65

Gotham Hedged Plus Fund
Institutional Class
Actual		$	1,000.00		$	1,003.90		2.18	%			$	10.91
Hypothetical (5% return before expenses)			1,000.00			1,014.04		2.18	%				10.97

Gotham Neutral 500 Fund
Institutional Class										��
Actual		$	1,000.00		$	985.60		3.48	%			$	17.24
Hypothetical (5% return before expenses)			1,000.00			1,007.57		3.48	%				17.43

Gotham Short Strategies Fund
Institutional Class
Actual		$	1,000.00		$	807.40		1.35	%			$	6.08
Hypothetical (5% return before expenses)			1,000.00			1,018.20		1.35	%				6.79

*	Annualized expense ratios include dividend expense on securities sold short and interest expense on securities sold short and borrowings, except for the Gotham ESG Large Value Fund which does not short securities or use leverage.

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham ESG Large Value Fund


	% of Net Assets		Value
COMMON STOCKS:
Capital Goods		14.1%	$	200,396
Retailing		10.1		143,068
Diversified Financials		7.0		99,271
Pharmaceuticals, Biotechnology & Life Sciences		6.9		97,912
Materials		6.7		95,327
Technology Hardware & Equipment		5.9		83,756
Food, Beverage & Tobacco		5.5		78,835
Health Care Equipment & Services		5.4		77,572
Semiconductors & Semiconductor Equipment		5.2		74,499
Software & Services		4.5		64,145
Transportation		4.0		56,407
Banks		3.9		55,637
Media & Entertainment		2.7		39,211
Insurance		2.6		37,171
Telecommunication Services		2.5		35,428
Household & Personal Products		2.2		30,761
Consumer Durables & Apparel		2.0		27,958
Energy		1.7		24,076
Utilities		1.4		20,074
Automobiles & Components		1.4		19,412
Commercial & Professional Services		1.3		19,235
Real Estate		1.1		15,834
Food & Staples Retailing		0.5		6,926
Consumer Services		0.5		6,614

Total Common Stocks		99.1		1,409,525

Other Assets in Excess of Liabilities		0.9		12,429

NET ASSETS		100.0%	$	1,421,954

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Defensive Long 500 Fund


	% of Net Assets		Value
COMMON STOCKS:
Food, Beverage & Tobacco		14.3%	$	6,254,053
Capital Goods		11.3		4,942,861
Pharmaceuticals, Biotechnology & Life Sciences		6.7		2,930,190
Health Care Equipment & Services		6.5		2,856,018
Software & Services		6.3		2,762,743
Materials		6.0		2,631,181
Household & Personal Products		5.8		2,525,360
Media & Entertainment		5.2		2,293,373
Technology Hardware & Equipment		5.0		2,185,322
Retailing		4.9		2,160,288
Food & Staples Retailing		4.5		1,968,653
Diversified Financials		3.7		1,597,147
Telecommunication Services		2.4		1,065,108
Insurance		2.2		970,329
Transportation		2.1		919,947
Semiconductors & Semiconductor Equipment		1.9		850,608
Consumer Services		1.8		790,049
Consumer Durables & Apparel		1.6		719,347
Utilities		1.6		677,846
Automobiles & Components		1.2		521,934
Energy		0.6		268,239

Total Common Stocks		95.6		41,890,596

Other Assets in Excess of Liabilities		4.4		1,921,278

NET ASSETS		100.0%	$	43,811,874

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry type of the portfolio holdings of the Fund:

Gotham Total Return Fund


	% of Net Assets		Value
Affiliated Equity Registered Investment Companies		99.5%	$	27,301,879
Other Assets in Excess of Liabilities		0.5		136,216

NET ASSETS		100.0%	$	27,438,095

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Enhanced 500 Plus Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Software & Services		17.2	%		$	580,288
Retailing		15.8				529,945
Capital Goods		15.2				511,608
Technology Hardware & Equipment		11.0				368,728
Media & Entertainment		10.0				335,976
Food, Beverage & Tobacco		9.4				315,268
Diversified Financials		8.3				278,702
Materials		7.5				252,523
Pharmaceuticals, Biotechnology & Life Sciences		6.8				229,422
Telecommunication Services		6.0				202,287
Health Care Equipment & Services		5.6				187,429
Semiconductors & Semiconductor Equipment		5.4				181,490
Transportation		3.6				122,415
Food & Staples Retailing		2.9				98,921
Insurance		2.7				90,100
Automobiles & Components		2.5				84,931
Household & Personal Products		2.2				72,870
Energy		1.8				60,471
Consumer Durables & Apparel		1.8				60,066
Utilities		1.4				46,333
Real Estate		1.3				44,717
Banks		0.9				29,634
Commercial & Professional Services		0.8				27,185
Consumer Services		0.3				10,433

Total Long Positions		140.4				4,721,742


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Household & Personal Products		(0.1	)%		$	(4,455	)
Consumer Durables & Apparel		(0.2	)			(6,682	)
Food & Staples Retailing		(0.5	)			(15,095	)
Food, Beverage & Tobacco		(0.5	)			(18,124	)
Technology Hardware & Equipment		(0.8	)			(26,582	)
Media & Entertainment		(0.8	)			(27,497	)
Banks		(0.9	)			(28,533	)
Telecommunication Services		(0.9	)			(30,320	)
Commercial & Professional
Services		(1.0	)			(32,191	)
Materials		(1.0	)			(32,822	)
Transportation		(1.0	)			(35,106	)
Insurance		(1.5	)			(50,853	)
Retailing		(1.8	)			(60,375	)
Capital Goods		(2.1	)			(68,777	)
Diversified Financials		(2.1	)			(71,366	)
Semiconductors & Semiconductor Equipment		(2.3	)			(77,417	)
Consumer Services		(2.4	)			(81,642	)
Energy		(2.5	)			(84,629	)
Software & Services		(2.8	)			(94,697	)
Real Estate		(3.0	)			(100,183	)
Pharmaceuticals, Biotechnology & Life Sciences		(3.3	)			(110,465	)
Health Care Equipment & Services		(4.6	)			(155,493	)
Utilities		(5.4	)			(182,512	)

Total Short Positions		(41.5	)			(1,395,816	)

Other Assets in Excess of Liabilities		1.1				37,652

NET ASSETS		100.0	%		$	3,363,578

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Hedged Plus Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Food, Beverage & Tobacco		23.0	%		$	2,974,753
Pharmaceuticals, Biotechnology & Life Sciences		19.4				2,511,288
Retailing		19.1				2,466,306
Capital Goods		16.6				2,142,685
Software & Services		12.6				1,628,728
Technology Hardware & Equipment		10.6				1,375,075
Materials		9.8				1,267,348
Health Care Equipment & Services		9.5				1,231,331
Media & Entertainment		8.0				1,041,181
Food & Staples Retailing		6.6				852,710
Household & Personal Products		5.7				742,942
Diversified Financials		5.4				703,181
Consumer Durables & Apparel		5.4				701,720
Commercial & Professional Services		5.0				650,596
Telecommunication Services		4.3				557,809
Transportation		3.6				458,498
Insurance		2.4				313,316
Automobiles & Components		2.2				280,220
Utilities		2.1				274,882
Consumer Services		1.7				222,579
Semiconductors & Semiconductor Equipment		1.5				194,486
Energy		0.7				85,232
Real Estate		0.4				54,742
Banks		0.0				1,161

Total Long Positions		175.6				22,732,769


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Automobiles & Components		(0.1	)%		$	(9,297	)
Diversified Financials		(0.1	)			(11,167	)
Food & Staples Retailing		(0.1	)			(15,740	)
Consumer Services		(0.3	)			(36,845	)
Insurance		(0.3	)			(39,125	)
Semiconductors & Semiconductor Equipment		(0.5	)			(68,768	)
Commercial & Professional
Services		(0.6	)			(84,340	)
Food, Beverage & Tobacco		(0.8	)			(100,172	)
Household & Personal Products		(1.0	)			(126,762	)
Consumer Durables & Apparel		(1.0	)			(132,036	)
Technology Hardware & Equipment		(1.3	)			(168,505	)
Banks		(1.4	)			(180,225	)
Media & Entertainment		(1.5	)			(192,281	)
Real Estate		(1.8	)			(227,232	)
Transportation		(2.0	)			(261,026	)
Energy		(2.1	)			(271,944	)
Materials		(2.9	)			(375,206	)
Health Care Equipment & Services		(5.9	)			(762,864	)
Capital Goods		(8.2	)			(1,060,467	)
Utilities		(9.1	)			(1,178,587	)
Retailing		(9.2	)			(1,185,710	)
Software & Services		(9.8	)			(1,271,366	)
Pharmaceuticals, Biotechnology & Life Sciences		(16.7	)			(2,166,482	)

Total Short Positions		(76.7	)			(9,926,147	)

Other Assets in Excess of Liabilities		1.1				142,727

NET ASSETS		100.0	%		$	12,949,349

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Neutral 500 Fund


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Capital Goods		24.1	%		$	504,637
Retailing		13.3				279,256
Food, Beverage & Tobacco		11.6				244,231
Materials		10.8				225,631
Consumer Durables & Apparel		8.0				167,482
Pharmaceuticals, Biotechnology & Life Sciences		7.2				152,027
Health Care Equipment & Services		6.1				128,082
Diversified Financials		5.4				114,092
Technology Hardware & Equipment		4.5				93,473
Software & Services		3.6				75,764
Food & Staples Retailing		3.1				64,958
Telecommunication Services		3.0				62,017
Insurance		2.8				58,105
Utilities		2.7				56,893
Household & Personal Products		2.5				51,874
Energy		2.2				45,714
Transportation		2.0				42,764
Automobiles & Components		1.9				39,416
Semiconductors & Semiconductor Equipment		1.7				35,739
Media & Entertainment		1.6				33,597
Real Estate		1.2				25,205
Consumer Services		1.2				24,487
Commercial & Professional Services		1.1				23,005

Total Long Positions		121.6				2,548,449


	% of Net Assets			Value
SHORT POSITIONS:
Common Stocks:
Commercial & Professional Services		(0.3	)%		$	(5,937	)
Media & Entertainment		(1.1	)			(22,613	)
Consumer Durables & Apparel		(1.1	)			(23,216	)
Automobiles & Components		(1.1	)			(23,823	)
Telecommunication Services		(1.2	)			(24,181	)
Diversified Financials		(1.6	)			(33,806	)
Materials		(2.1	)			(44,568	)
Technology Hardware & Equipment		(2.3	)			(47,921	)
Banks		(2.6	)			(54,764	)
Capital Goods		(3.9	)			(82,358	)
Insurance		(4.1	)			(86,741	)
Pharmaceuticals, Biotechnology & Life Sciences		(4.2	)			(88,294	)
Retailing		(4.3	)			(89,116	)
Semiconductors & Semiconductor Equipment		(4.3	)			(89,972	)
Software & Services		(4.6	)			(95,938	)
Real Estate		(5.4	)			(112,651	)
Transportation		(6.3	)			(132,531	)
Consumer Services		(7.2	)			(150,953	)
Health Care Equipment & Services		(8.0	)			(167,307	)
Energy		(9.6	)			(201,570	)
Utilities		(21.8	)			(456,902	)

Total Short Positions		(97.1	)			(2,035,162	)

Other Assets in Excess of Liabilities		75.5				1,581,838

NET ASSETS		100.0	%		$	2,095,125

Portfolio holdings are subject to change at any time.

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

GOTHAM FUNDS

Portfolio Holdings Summary Tables

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:

Gotham Short Strategies Fund


	% of Net Assets			Value
COMMON STOCKS:
Pharmaceuticals, Biotechnology & Life Sciences		11.4	%		$	335,231
Capital Goods		10.7				313,153
Health Care Equipment & Services		9.0				262,525
Retailing		8.1				237,758
Software & Services		7.9				233,069
Materials		7.6				224,185
Energy		6.7				197,358
Technology Hardware & Equipment		5.4				157,922
Consumer Durables & Apparel		5.0				146,511
Media & Entertainment		4.6				135,740
Commercial & Professional Services		4.6				135,085
Automobiles & Components		3.8				111,953
Semiconductors & Semiconductor Equipment		3.2				94,993
Food, Beverage & Tobacco		2.3				68,068
Transportation		2.1				59,926
Utilities		1.6				45,651
Consumer Services		1.3				38,381
Food & Staples Retailing		1.3				36,810
Household & Personal Products		0.5				15,415
Telecommunication Services		0.4				11,921

Total Common Stocks		97.5				2,861,655

Other Assets in Excess of Liabilities		2.5				74,448

NET ASSETS		100.0	%		$	2,936,103

Portfolio holdings are subject to change at any time.

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 99.1%
Automobiles & Components — 1.4%
Aptiv PLC (Jersey)*		61	$	8,412
Ford Motor Co.*		898		11,000

				19,412

Banks — 3.9%
Citizens Financial Group, Inc.		96		4,238
Fifth Third Bancorp.		161		6,029
JPMorgan Chase & Co.		142		21,617
KeyCorp.		221		4,416
M&T Bank Corp.		29		4,397
People’s United Financial, Inc.		96		1,718
Regions Financial Corp.		217		4,483
SVB Financial Group*		13		6,418
Truist Financial Corp.		4		233
Zions Bancorp NA		38		2,088

				55,637

Capital Goods — 14.1%
3M Co.		81		15,607
A.O. Smith Corp.		38		2,569
Allegion PLC (Ireland)		15		1,884
AMETEK, Inc.		54		6,897
Carrier Global Corp.		197		8,317
Cummins, Inc.		44		11,401
Deere & Co.		30		11,224
Dover Corp.		41		5,622
Eaton Corp. PLC (Ireland)		90		12,445
Emerson Electric Co.		135		12,180
Fastenal Co.		62		3,117
Fortive Corp.		78		5,510
Fortune Brands Home & Security, Inc.		40		3,833
General Dynamics Corp.		26		4,721
Honeywell International, Inc.		37		8,032
Howmet Aerospace, Inc.*		107		3,438
IDEX Corp.		13		2,721
Illinois Tool Works, Inc.		35		7,753
Johnson Controls International PLC (Ireland)		184		10,979
Lockheed Martin Corp.		17		6,282
Masco Corp.		77		4,612
Northrop Grumman Corp.		9		2,913
Otis Worldwide Corp.		64		4,381
Parker-Hannifin Corp.		29		9,147
Pentair PLC (Ireland)		39		2,431
Quanta Services, Inc.		10		880
Snap-on, Inc.		14		3,230


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Stanley Black & Decker, Inc.		38	$	7,587
Trane Technologies PLC (Ireland)		59		9,768
United Rentals, Inc.*		17		5,598
WW Grainger, Inc.		13		5,212
Xylem, Inc.		1		105

				200,396

Commercial & Professional Services — 1.3%
Cintas Corp.		11		3,754
Jacobs Engineering Group, Inc.		30		3,878
Nielsen Holdings PLC (United Kingdom)		81		2,037
Republic Services, Inc.		40		3,974
Robert Half International, Inc.		27		2,108
Waste Management, Inc.		27		3,484

				19,235

Consumer Durables & Apparel — 2.0%
Garmin Ltd. (Switzerland)		43		5,670
Hanesbrands, Inc.		81		1,593
Hasbro, Inc.		31		2,980
Mohawk Industries, Inc.*		21		4,039
Newell Brands, Inc.		99		2,651
PulteGroup, Inc.		5		262
PVH Corp.		21		2,220
Tapestry, Inc.		63		2,596
Under Armour, Inc., Class C*		103		1,901
VF Corp.		1		80
Whirlpool Corp.		18		3,966

				27,958

Consumer Services — 0.5%
McDonald’s Corp.		2		448
Yum! Brands, Inc.		57		6,166

				6,614

Diversified Financials — 7.0%
Ameriprise Financial, Inc.		25		5,811
Berkshire Hathaway, Inc., Class B*		39		9,963
BlackRock, Inc.		27		20,357
Discover Financial Services		68		6,459
Franklin Resources, Inc.		148		4,381
Goldman Sachs Group, Inc. (The)		18		5,886
Intercontinental Exchange, Inc.		43		4,802
Invesco Ltd. (Bermuda)		128		3,228
Morgan Stanley		126		9,785
Nasdaq, Inc.		40		5,898

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Diversified Financials — (Continued)
S&P Global, Inc.		18	$	6,352
Synchrony Financial		132		5,367
T Rowe Price Group, Inc.		64		10,982

				99,271

Energy — 1.7%
APA Corp.		85		1,522
Baker Hughes Co.		164		3,544
Halliburton Co.		227		4,871
NOV, Inc.		90		1,235
Occidental Petroleum Corp.		211		5,617
Schlumberger NV (Curacao)		180		4,894
Williams Cos., Inc. (The)		101		2,393

				24,076

Food & Staples Retailing — 0.5%
Kroger Co. (The)		55		1,979
Sysco Corp.		44		3,465
Walgreens Boots Alliance, Inc.		27		1,482

				6,926

Food, Beverage & Tobacco — 5.5%
Archer-Daniels-Midland Co.		134		7,638
Campbell Soup Co.		81		4,072
Coca-Cola Co. (The)		60		3,163
Conagra Brands, Inc.		114		4,286
Constellation Brands, Inc., Class A		24		5,472
General Mills, Inc.		146		8,953
Hershey Co. (The)		40		6,326
JM Smucker Co. (The)		28		3,543
Kellogg Co.		81		5,127
Kraft Heinz Co. (The)		284		11,360
Molson Coors Beverage Co., Class B		52		2,660
Mondelez International, Inc., Class A		184		10,770
Monster Beverage Corp.*		60		5,465

				78,835

Health Care Equipment & Services — 5.4%
AmerisourceBergen Corp.		47		5,549
Anthem, Inc.		15		5,384
Cerner Corp.		69		4,960
Cigna Corp.		30		7,252
CVS Health Corp.		189		14,218
DaVita, Inc.*		32		3,449
HCA Healthcare, Inc.		76		14,314
Henry Schein, Inc.*		31		2,146
Hologic, Inc.*		60		4,463


	Number of Shares		Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Laboratory Corp. of America Holdings*		23	$	5,866
Medtronic PLC (Ireland)		4		473
Quest Diagnostics, Inc.		32		4,107
UnitedHealth Group, Inc.		5		1,860
Varian Medical Systems, Inc.*		20		3,531

				77,572

Household & Personal Products — 2.2%
Clorox Co. (The)		28		5,401
Colgate-Palmolive Co.		156		12,297
Kimberly-Clark Corp.		17		2,364
Procter & Gamble Co. (The)		79		10,699

				30,761

Insurance — 2.6%
American International Group, Inc.		52		2,403
Aon PLC, Class A (Ireland)		51		11,736
Arthur J Gallagher & Co.		43		5,365
Cincinnati Financial Corp.		2		206
Lincoln National Corp.		3		187
Marsh & McLennan Cos., Inc.		118		14,372
MetLife, Inc.		21		1,277
Principal Financial Group, Inc.		5		300
Prudential Financial, Inc.		7		638
Willis Towers Watson PLC (Ireland)		3		687

				37,171

Materials — 6.7%
Avery Dennison Corp.		20		3,673
CF Industries Holdings, Inc.		50		2,269
Dow, Inc.		168		10,742
DuPont de Nemours, Inc.		134		10,356
Eastman Chemical Co.		38		4,185
FMC Corp.		31		3,429
International Paper Co.		111		6,002
Linde PLC (Ireland)		42		11,766
LyondellBasell Industries NV, Class A (Netherlands)		8		832
Mosaic Co. (The)		88		2,782
Newmont Corp.		48		2,893
Nucor Corp.		37		2,970
Packaging Corp. of America		22		2,959
PPG Industries, Inc.		67		10,067
Sealed Air Corp.		40		1,833
Sherwin-Williams Co. (The)		21		15,498

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Westrock Co.		59	$	3,071

				95,327

Media & Entertainment — 2.7%
Charter Communications, Inc., Class A*		16		9,872
Comcast Corp., Class A		26		1,407
Discovery, Inc., Class A*		29		1,260
DISH Network Corp., Class A*		119		4,308
Fox Corp., Class A		144		5,200
Interpublic Group of Cos., Inc. (The)		110		3,212
News Corp., Class A		133		3,382
Omnicom Group, Inc.		58		4,301
ViacomCBS, Inc., Class B		139		6,269

				39,211

Pharmaceuticals, Biotechnology & Life Sciences — 6.9%
AbbVie, Inc.		121		13,095
Alexion Pharmaceuticals, Inc.*		51		7,798
Amgen, Inc.		29		7,215
Biogen, Inc.*		28		7,833
Gilead Sciences, Inc.		259		16,739
Merck & Co., Inc.		134		10,330
PerkinElmer, Inc.		26		3,336
Pfizer, Inc.		467		16,919
Thermo Fisher Scientific, Inc.		24		10,953
Waters Corp.*		13		3,694

				97,912

Real Estate — 1.1%
Alexandria Real Estate Equities, Inc., REIT		16		2,629
CBRE Group, Inc., Class A*		78		6,171
Duke Realty Corp., REIT		9		377
Ventas, Inc., REIT		2		107
Weyerhaeuser Co., REIT		184		6,550

				15,834

Retailing — 10.1%
Advance Auto Parts, Inc.		16		2,936
AutoZone, Inc.*		6		8,426
Best Buy Co., Inc.		63		7,233
Dollar General Corp.		38		7,700
Dollar Tree, Inc.*		54		6,181
eBay, Inc.		193		11,819
Genuine Parts Co.		42		4,855
Home Depot, Inc. (The)		65		19,841


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
L Brands, Inc.*		69	$	4,268
LKQ Corp.*		85		3,598
Lowe’s Cos., Inc.		140		26,625
O’Reilly Automotive, Inc.*		18		9,130
Target Corp.		110		21,788
Tractor Supply Co.		28		4,958
Ulta Beauty, Inc.*		12		3,710

				143,068

Semiconductors & Semiconductor Equipment — 5.2%
Applied Materials, Inc.		145		19,372
Intel Corp.		183		11,712
KLA Corp.		34		11,234
Maxim Integrated Products, Inc.		52		4,751
NXP Semiconductors NV (Netherlands)		62		12,483
Qorvo, Inc.*		20		3,654
Teradyne, Inc.		40		4,867
Texas Instruments, Inc.		34		6,426

				74,499

Software & Services — 4.5%
Accenture PLC, Class A (Ireland)		54		14,918
Broadridge Financial Solutions, Inc.		25		3,828
DXC Technology Co.		57		1,782
Gartner, Inc.*		20		3,651
International Business Machines Corp.		129		17,191
Oracle Corp.		230		16,139
Paychex, Inc.		37		3,627
Western Union Co. (The)		122		3,009

				64,145

Technology Hardware & Equipment — 5.9%
Amphenol Corp., Class A		69		4,552
Apple, Inc.		97		11,849
CDW Corp.		34		5,636
Cisco Systems, Inc.		402		20,787
Corning, Inc.		174		7,571
F5 Networks, Inc.*		14		2,921
HP, Inc.		380		12,065
Juniper Networks, Inc.		91		2,305
NetApp, Inc.		50		3,634
Seagate Technology PLC (Ireland)		61		4,682
TE Connectivity Ltd. (Switzerland)		30		3,873

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

GOTHAM ESG LARGE VALUE FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Zebra Technologies Corp., Class A*		8	$	3,881

				83,756

Telecommunication Services — 2.5%
AT&T, Inc.		596		18,041
Verizon Communications, Inc.		299		17,387

				35,428

Transportation — 4.0%
CSX Corp.		59		5,689
Expeditors International of Washington, Inc.		41		4,415
FedEx Corp.		60		17,042
Norfolk Southern Corp.		47		12,620
Union Pacific Corp.		30		6,612
United Parcel Service, Inc., Class B		59		10,029

				56,407

Utilities — 1.4%
AES Corp. (The)		150		4,022
Dominion Energy, Inc.		183		13,901
NRG Energy, Inc.		57		2,151

				20,074

TOTAL COMMON STOCKS (Cost $1,101,798)				1,409,525

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9%				12,429

NET ASSETS - 100.0%			$	1,421,954

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 95.6%
Automobiles & Components — 1.2%
BorgWarner, Inc.^(a)		8,543	$	396,053
Ford Motor Co.*		10,276		125,881

				521,934

Capital Goods — 11.3%
3M Co.^(a)		1,529		294,608
A.O. Smith Corp.		2,701		182,615
AMETEK, Inc.		1,179		150,594
Carrier Global Corp.		3,589		151,528
Cummins, Inc.^(a)		2,020		523,402
Dover Corp.		414		56,772
Eaton Corp. PLC (Ireland)		228		31,528
Emerson Electric Co.		1,529		137,946
Fastenal Co.		839		42,185
Fortive Corp.		653		46,128
Fortune Brands Home & Security, Inc.		189		18,110
Honeywell International, Inc.^(a)		997		216,419
Howmet Aerospace, Inc.*		6,960		223,625
Johnson Controls International PLC (Ireland)		6,611		394,478
Lockheed Martin Corp.		347		128,216
Masco Corp.^(a)		8,035		481,296
Northrop Grumman Corp.		78		25,244
Pentair PLC (Ireland)		4,067		253,455
Quanta Services, Inc.^(a)		6,178		543,540
Roper Technologies, Inc.		68		27,427
Snap-on, Inc.		1,259		290,502
Trane Technologies PLC (Ireland)		3,726		616,877
TransDigm Group, Inc.*		125		73,490
WW Grainger, Inc.		82		32,876

				4,942,861

Consumer Durables & Apparel — 1.6%
Garmin Ltd. (Switzerland)		1,163		153,342
Hanesbrands, Inc.		5,032		98,979
Leggett & Platt, Inc.		104		4,748
Newell Brands, Inc.		745		19,951
NIKE, Inc., Class B		972		129,169
PVH Corp.		188		19,872
Whirlpool Corp.		1,331		293,286

				719,347

Consumer Services — 1.8%
Domino’s Pizza, Inc.		108		39,721
Hilton Worldwide Holdings, Inc.*		726		87,788
Marriott International, Inc., Class A*		61		9,035


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
McDonald’s Corp.^(a)		849	$	190,295
MGM Resorts International		9,408		357,410
Yum! Brands, Inc.		978		105,800

				790,049

Diversified Financials — 3.7%
Berkshire Hathaway, Inc., Class B^(a)*		1,819		464,700
BlackRock, Inc.		405		305,354
Franklin Resources, Inc.		8,527		252,399
Intercontinental Exchange, Inc.		461		51,484
Invesco Ltd. (Bermuda)		1,663		41,941
Nasdaq, Inc.		828		122,097
S&P Global, Inc.		303		106,920
T Rowe Price Group, Inc.^(a)		1,470		252,252

				1,597,147

Energy — 0.6%
APA Corp.		531		9,505
Devon Energy Corp.		2,432		53,139
EOG Resources, Inc.		321		23,282
Halliburton Co.		139		2,983
Marathon Oil Corp.		9,561		102,111
Marathon Petroleum Corp.		15		802
Phillips 66		478		38,976
Schlumberger NV (Curacao)		1,377		37,441

				268,239

Food & Staples Retailing — 4.5%
Costco Wholesale Corp.		440		155,091
Kroger Co. (The)^(a)		18,617		670,026
Sysco Corp.		3,079		242,440
Walmart, Inc.^(a)		6,634		901,096

				1,968,653

Food, Beverage & Tobacco — 14.3%
Altria Group, Inc.^(a)		9,065		463,765
Archer-Daniels-Midland Co.		5,869		334,533
Campbell Soup Co.^(a)		12,529		629,833
Conagra Brands, Inc.^(a)		17,269		649,314
Constellation Brands, Inc., Class A		762		173,736
General Mills, Inc.^(a)		12,373		758,712
Hershey Co. (The)		1,465		231,704
JM Smucker Co. (The)^(a)		6,150		778,160
Kellogg Co.^(a)		8,941		565,965
Kraft Heinz Co. (The)		12,463		498,520
McCormick & Co., Inc., non-voting shares		711		63,393

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Mondelez International, Inc., Class A		7,129	$	417,260
Monster Beverage Corp.*		1,397		127,253
Philip Morris International, Inc.		5,015		445,031
Tyson Foods, Inc., Class A^(a)		1,573		116,874

				6,254,053

Health Care Equipment & Services — 6.5%
Abbott Laboratories		1,513		181,318
AmerisourceBergen Corp.		37		4,369
Becton Dickinson and Co.		438		106,500
Cerner Corp.		4,455		320,225
CVS Health Corp.		4,467		336,052
Danaher Corp.		564		126,945
DaVita, Inc.^(a)*		3,342		360,167
Hologic, Inc.^(a)*		9,719		722,899
Laboratory Corp. of America Holdings*		993		253,245
McKesson Corp.		240		46,810
Quest Diagnostics, Inc.		2,867		367,951
UnitedHealth Group, Inc.		20		7,441
Universal Health Services, Inc., Class B		163		21,743
Varian Medical Systems, Inc.*		2		353

				2,856,018

Household & Personal Products — 5.8%
Church & Dwight Co., Inc.^(a)		2,636		230,255
Clorox Co. (The)^(a)		4,194		808,939
Colgate-Palmolive Co.^(a)		7,887		621,732
Kimberly-Clark Corp.^(a)		1,941		269,896
Procter & Gamble Co. (The)^(a)		4,390		594,538

				2,525,360

Insurance — 2.2%
Aon PLC, Class A (Ireland)		1,228		282,575
Arthur J Gallagher & Co.		429		53,526
Cincinnati Financial Corp.		504		51,957
Marsh & McLennan Cos., Inc.^(a)		4,544		553,459
Travelers Cos., Inc. (The)		156		23,462
WR Berkley Corp.		71		5,350

				970,329

Materials — 6.0%
CF Industries Holdings, Inc.		265		12,026
Corteva, Inc.		1,146		53,427
DuPont de Nemours, Inc.^(a)		6,030		465,998
Eastman Chemical Co.		1,313		144,588


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
FMC Corp.		130	$	14,379
International Paper Co.		1,234		66,722
Linde PLC (Ireland)		421		117,939
Newmont Corp.^(a)		7,163		431,714
PPG Industries, Inc.^(a)		3,318		498,563
Sealed Air Corp.		7,570		346,857
Sherwin-Williams Co. (The)		649		478,968

				2,631,181

Media & Entertainment — 5.2%
Activision Blizzard, Inc.^(a)		3,465		322,245
Alphabet, Inc., Class A^(a)*		195		402,191
Charter Communications, Inc., Class A^(a)*		784		483,744
Electronic Arts, Inc.		143		19,358
Facebook, Inc., Class A^(a)*		2,220		653,857
Interpublic Group of Cos., Inc. (The)		621		18,133
Netflix, Inc.*		735		383,420
Take-Two Interactive Software, Inc.*		59		10,425

				2,293,373

Pharmaceuticals, Biotechnology & Life Sciences — 6.7%
AbbVie, Inc.		104		11,255
Alexion Pharmaceuticals, Inc.*		1,387		212,086
Biogen, Inc.*		1,182		330,664
Gilead Sciences, Inc.		1,725		111,487
Illumina, Inc.*		107		41,094
Johnson & Johnson		1,260		207,081
Merck & Co., Inc.		5,131		395,549
PerkinElmer, Inc.^(a)		4,567		585,900
Pfizer, Inc.^(a)		15,872		575,043
Thermo Fisher Scientific, Inc.^(a)		1,008		460,031

				2,930,190

Retailing — 4.9%
Advance Auto Parts, Inc.		439		80,552
Amazon.com, Inc.^(a)*		127		392,948
AutoZone, Inc.*		35		49,150
Best Buy Co., Inc.		473		54,305
Dollar General Corp.		479		97,055
eBay, Inc.^(a)		12,403		759,560
Gap, Inc. (The)		269		8,011
Genuine Parts Co.		1,301		150,383
Home Depot, Inc. (The)		157		47,924
L Brands, Inc.*		1,703		105,348
LKQ Corp.*		1,639		69,379

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Lowe’s Cos., Inc.^(a)		1,382	$	262,829
O’Reilly Automotive, Inc.*		79		40,073
Target Corp.		87		17,232
Tractor Supply Co.		132		23,375
Ulta Beauty, Inc.*		7		2,164

				2,160,288

Semiconductors & Semiconductor Equipment — 1.9%
Applied Materials, Inc.		403		53,841
Intel Corp.		4,784		306,176
KLA Corp.		30		9,912
QUALCOMM, Inc.		3,506		464,861
Teradyne, Inc.		130		15,818

				850,608

Software & Services — 6.3%
Accenture PLC, Class A (Ireland)		707		195,309
Gartner, Inc.*		137		25,009
International Business Machines Corp.		1,027		136,858
Mastercard, Inc., Class A		241		85,808
Microsoft Corp.^(a)		2,449		577,401
NortonLifeLock, Inc.^(a)		11,306		240,366
Oracle Corp.^(a)		9,131		640,722
Paychex, Inc.^(a)		3,630		355,813
PayPal Holdings, Inc.*		756		183,587
Visa, Inc., Class A		1,260		266,780
Western Union Co. (The)		2,234		55,090

				2,762,743

Technology Hardware & Equipment — 5.0%
Apple, Inc.^(a)		6,917		844,912
Cisco Systems, Inc.^(a)		10,339		534,630
Corning, Inc.		8		348
F5 Networks, Inc.*		408		85,117
HP, Inc.		10,050		319,088
Juniper Networks, Inc.		15,840		401,227

				2,185,322

Telecommunication Services — 2.4%
AT&T, Inc.		12,655		383,067
Verizon Communications, Inc.^(a)		11,729		682,041

				1,065,108

Transportation — 2.1%
Expeditors International of Washington, Inc.^(a)		3,752		404,053
FedEx Corp.		477		135,487


	Number of Shares		Value
COMMON STOCKS — (Continued)
Transportation — (Continued)
Norfolk Southern Corp.		368	$	98,815
Southwest Airlines Co.		600		36,636
United Parcel Service, Inc., Class B		1,441		244,956

				919,947

Utilities — 1.6%
Dominion Energy, Inc.^(a)		7,976		605,857
NRG Energy, Inc.		1,908		71,989

				677,846

TOTAL COMMON STOCKS (Cost $33,416,904)				41,890,596

OTHER ASSETS IN EXCESS OF LIABILITIES - 4.4%				1,921,278

NET ASSETS - 100%			$	43,811,874

^(a)	Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Over-the-counter total return swaps outstanding as of March 31, 2021

The Fund maintains a portfolio of long and short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between August 29, 2024 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents 3.3% of net assets as of March 31, 2021.

The following table represents the individual long and short positions and related values of total return swaps as of March 31, 2021:

Total Return Swaps


Reference Entity	Counterparty		Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Long
Automobiles & Components
BorgWarner, Inc.		Morgan Stanley		8,402		$	234,850		$	389,517		$	160,514
Ford Motor Co.		Morgan Stanley		10,139			124,419			124,203			(311	)

				18,541			359,269			513,720			160,203

Capital Goods
3M Co.		Morgan Stanley		1,509			234,725			290,754			62,965
A.O. Smith Corp.		Morgan Stanley		2,232			124,874			150,906			26,723
AMETEK, Inc.		Morgan Stanley		1,069			85,609			136,543			51,761
Carrier Global Corp.		Morgan Stanley		3,511			49,993			148,234			99,238
Cummins, Inc.		Morgan Stanley		1,982			312,608			513,556			210,974
Dover Corp.		Morgan Stanley		410			34,491			56,223			22,567
Eaton Corp. PLC (Ireland)		Morgan Stanley		225			16,395			31,113			15,232
Emerson Electric Co.		Morgan Stanley		1,513			71,926			136,503			82,412
Fastenal Co.		Morgan Stanley		829			40,353			41,682			1,357
Fortive Corp.		Morgan Stanley		718			37,826			50,720			13,012
Fortune Brands Home & Security, Inc.		Morgan Stanley		188			17,006			18,014			1,024
Honeywell International, Inc.		Morgan Stanley		987			124,443			214,248			99,865
Howmet Aerospace, Inc.		Morgan Stanley		6,904			78,730			221,826			143,147
Johnson Controls International PLC (Ireland)		Morgan Stanley		5,902			193,574			352,172			164,487
Lockheed Martin Corp.		Morgan Stanley		313			107,556			115,654			10,773
Masco Corp.		Morgan Stanley		7,952			328,598			476,325			151,110
Northrop Grumman Corp.		Morgan Stanley		75			22,411			24,273			2,313
Pentair PLC (Ireland)		Morgan Stanley		3,880			169,507			241,802			83,884
Quanta Services, Inc.		Morgan Stanley		6,089			214,667			535,710			322,120
Roper Technologies, Inc.		Morgan Stanley		29			11,419			11,697			327
Snap-on, Inc.		Morgan Stanley		1,241			150,328			286,348			142,366
Trane Technologies PLC (Ireland)		Morgan Stanley		3,678			303,990			608,930			313,101
TransDigm Group, Inc.		Morgan Stanley		127			41,380			74,666			33,315
WW Grainger, Inc.		Morgan Stanley		86			32,278			34,480			2,333

				51,449			2,804,687			4,772,379			2,056,406

Consumer Durables & Apparel
Garmin Ltd. (Switzerland)		Morgan Stanley		1,184			83,379			156,110			75,657
Hanesbrands, Inc.		Morgan Stanley		4,963			42,214			97,622			58,416

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Consumer Durables & Apparel — (continued)
Leggett & Platt, Inc.	Morgan Stanley		104		$	2,735		$	4,748		$	2,186
Newell Brands, Inc.	Morgan Stanley		737			18,975			19,737			778
NIKE, Inc., Class B	Morgan Stanley		938			125,832			124,651			(710	)
PVH Corp.	Morgan Stanley		185			5,893			19,554			14,769
Whirlpool Corp.	Morgan Stanley		1,310			199,282			288,658			93,349

			9,421			478,310			711,080			244,445

Consumer Services
Domino’s Pizza, Inc.	Morgan Stanley		106			34,763			38,986			6,906
Hilton Worldwide Holdings, Inc.	Morgan Stanley		99			10,151			11,971			1,832
Marriott International, Inc., Class A	Morgan Stanley		70			10,198			10,368			181
McDonald’s Corp.	Morgan Stanley		840			116,132			188,278			79,735
MGM Resorts International	Morgan Stanley		9,316			130,199			353,915			223,890
Yum! Brands, Inc.	Morgan Stanley		968			104,358			104,718			439

			11,399			405,801			708,236			312,983

Diversified Financials
Berkshire Hathaway, Inc., Class B	Morgan Stanley		995			191,745			254,193			62,527
BlackRock, Inc.	Morgan Stanley		425			207,056			320,433			118,410
Franklin Resources, Inc.	Morgan Stanley		8,487			144,140			251,215			116,500
Intercontinental Exchange, Inc.	Morgan Stanley		454			50,796			50,703			(59	)
Invesco Ltd. (Bermuda)	Morgan Stanley		1,643			11,189			41,436			31,023
Nasdaq, Inc.	Morgan Stanley		744			105,282			109,710			4,699
S&P Global, Inc.	Morgan Stanley		298			105,135			105,155			86
T Rowe Price Group, Inc.	Morgan Stanley		1,457			153,818			250,021			102,684

			14,503			969,161			1,382,866			435,870

Energy
APA Corp.	Morgan Stanley		650			11,579			11,635			68
Devon Energy Corp.	Morgan Stanley		2,384			50,346			52,090			2,335
Halliburton Co.	Morgan Stanley		165			3,524			3,541			23
Marathon Oil Corp.	Morgan Stanley		9,482			106,509			101,268			(7,018	)
Marathon Petroleum Corp.	Morgan Stanley		11			592			588			2
Phillips 66.	Morgan Stanley		469			31,454			38,242			7,124
Schlumberger NV (Curacao)	Morgan Stanley		1,362			16,998			37,033			20,731

			14,523			221,002			244,397			23,265

Food & Staples Retailing
Costco Wholesale Corp.	Morgan Stanley		435			141,262			153,329			12,436
Kroger Co. (The)	Morgan Stanley		18,404			580,873			662,360			90,495
Sysco Corp.	Morgan Stanley		3,043			140,785			239,606			104,385
Walmart, Inc.	Morgan Stanley		6,558			782,132			890,773			124,596

			28,440			1,645,052			1,946,068			331,912

Food, Beverage & Tobacco
Altria Group, Inc.	Morgan Stanley		8,972			366,972			459,008			110,051
Archer-Daniels-Midland Co.	Morgan Stanley		6,620			240,271			377,340			146,408

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value				Unrealized Appreciation/ (Depreciation)*
Food, Beverage & Tobacco — (continued)
Campbell Soup Co.	Morgan Stanley		15,144		$	741,049		$	761,289			$	38,515
Conagra Brands, Inc.	Morgan Stanley		16,644			592,343			625,814				41,954
Constellation Brands, Inc., Class A	Morgan Stanley		750			130,621			171,000				42,708
General Mills, Inc.	Morgan Stanley		12,099			692,965			741,911				70,195
Hershey Co. (The)	Morgan Stanley		1,424			218,646			225,220				7,036
JM Smucker Co. (The)	Morgan Stanley		5,903			654,050			746,907				112,938
Kellogg Co.	Morgan Stanley		8,873			556,716			561,661				19,278
Kraft Heinz Co. (The)	Morgan Stanley		12,293			417,814			491,720				80,354
McCormick & Co., Inc., non-voting shares	Morgan Stanley		635			54,063			56,617				3,261
Mondelez International, Inc., Class A	Morgan Stanley		6,976			390,591			408,305				20,139
Monster Beverage Corp.	Morgan Stanley		1,379			121,689			125,613				4,000
Philip Morris International, Inc.	Morgan Stanley		4,904			404,205			435,181				37,073
Tyson Foods, Inc., Class A	Morgan Stanley		1,523			87,979			113,159				27,414

			104,139			5,669,974			6,300,745				761,324

Health Care Equipment & Services
Abbott Laboratories	Morgan Stanley		124			11,610			14,860				3,377
AmerisourceBergen Corp.	Morgan Stanley		54			6,243			6,376				141
Becton Dickinson and Co.	Morgan Stanley		425			102,065			103,339				1,466
Cerner Corp.	Morgan Stanley		4,329			308,056			311,169				3,297
CVS Health Corp.	Morgan Stanley		3,589			253,798			270,000				17,308
Danaher Corp.	Morgan Stanley		93			16,565			20,932				4,450
DaVita, Inc.	Morgan Stanley		3,174			243,034			342,062				99,175
Hologic, Inc.	Morgan Stanley		8,833			632,855			656,999				24,517
Laboratory Corp. of America Holdings	Morgan Stanley		979			240,443			249,674				9,377
McKesson Corp.	Morgan Stanley		234			45,062			45,639				609
Quest Diagnostics, Inc.	Morgan Stanley		2,751			338,930			353,063				15,241
UnitedHealth Group, Inc.	Morgan Stanley		20			7,543			7,441				(92	)
Universal Health Services, Inc., Class B	Morgan Stanley		167			15,132			22,276				7,191
Varian Medical Systems, Inc.	Morgan Stanley		3			529			530				6

			24,775			2,221,865			2,404,360	��			186,063

Household & Personal Products
Church & Dwight Co., Inc.	Morgan Stanley		2,524			202,132			220,471				19,661
Clorox Co. (The)	Morgan Stanley		4,038			797,873			778,849				(9,154	)
Colgate-Palmolive Co.	Morgan Stanley		7,274			505,743			573,409				76,348
Kimberly-Clark Corp.	Morgan Stanley		1,886			247,469			262,248				25,072
Procter & Gamble Co. (The)	Morgan Stanley		4,336			498,573			587,224				99,208

			20,058			2,251,790			2,422,201				211,135

Insurance
Aon PLC, Class A (Ireland)	Morgan Stanley		1,254			259,715			288,558				29,447
Arthur J Gallagher & Co.	Morgan Stanley		428			53,140			53,402				298
Cincinnati Financial Corp.	Morgan Stanley		455			22,400			46,906				25,629
Marsh & McLennan Cos., Inc.	Morgan Stanley		4,423			487,409			538,721				53,019

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Insurance — (continued)
Travelers Cos., Inc. (The)	Morgan Stanley		155		$	13,810		$	23,312		$	10,042
WR Berkley Corp.	Morgan Stanley		68			3,177			5,124			1,986

			6,783			839,651			956,023			120,421

Materials
CF Industries Holdings, Inc	Morgan Stanley		124			2,968			5,627			2,777
Corteva, Inc.	Morgan Stanley		1,127			52,734			52,541			(157	)
DuPont de Nemours, Inc.	Morgan Stanley		6,132			232,738			473,881			248,642
Eastman Chemical Co.	Morgan Stanley		1,294			80,777			142,495			65,570
FMC Corp.	Morgan Stanley		128			14,134			14,158			75
International Paper Co.	Morgan Stanley		1,224			40,598			66,182			34,231
Linde PLC (Ireland)	Morgan Stanley		484			85,022			135,588			52,532
LyondellBasell Industries NV, Class A (Netherlands)	Morgan Stanley		2			85			208			136
Newmont Corp.	Morgan Stanley		7,070			410,713			426,109			20,884
PPG Industries, Inc.	Morgan Stanley		3,281			298,610			493,003			200,767
Sealed Air Corp.	Morgan Stanley		7,471			214,340			342,321			132,852
Sherwin-Williams Co. (The)	Morgan Stanley		643			459,032			474,540			16,257

			28,980			1,891,751			2,626,653			774,566

Media & Entertainment
Activision Blizzard, Inc.	Morgan Stanley		1,830			165,208			170,190			5,255
Alphabet, Inc., Class A	Morgan Stanley		427			498,951			880,696			386,721
Charter Communications, Inc., Class A	Morgan Stanley		684			379,818			422,042			42,450
Electronic Arts, Inc.	Morgan Stanley		125			14,863			16,921			2,112
Facebook, Inc., Class A	Morgan Stanley		411			97,608			121,052			23,580
Interpublic Group of Cos., Inc. (The)	Morgan Stanley		611			8,985			17,841			9,499
Netflix, Inc.	Morgan Stanley		597			292,901			311,431			18,822
Take-Two Interactive Software, Inc.	Morgan Stanley		57			7,310			10,072			2,771

			4,742			1,465,644			1,950,245			491,210

Pharmaceuticals, Biotechnology & Life Sciences
AbbVie, Inc.	Morgan Stanley		102			10,862			11,038			231
Alexion Pharmaceuticals, Inc.	Morgan Stanley		1,553			151,042			237,469			86,143
Biogen, Inc.	Morgan Stanley		952			242,477			266,322			23,991
Gilead Sciences, Inc.	Morgan Stanley		1,709			102,266			110,453			9,731
Illumina, Inc.	Morgan Stanley		28			9,773			10,754			992
Johnson & Johnson	Morgan Stanley		872			108,480			143,313			39,913
Merck & Co., Inc.	Morgan Stanley		5,059			376,573			389,998			16,629
PerkinElmer, Inc.	Morgan Stanley		4,522			606,186			580,127			(25,700	)
Pfizer, Inc.	Morgan Stanley		15,690			565,977			568,449			5,827
Thermo Fisher Scientific, Inc.	Morgan Stanley		994			467,660			453,642			(13,488	)

			31,481			2,641,296			2,771,565			144,269

Retailing
Advance Auto Parts, Inc.	Morgan Stanley		519			42,201			95,231			55,191

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)		Notional Amount			Value			Unrealized Appreciation/ (Depreciation)*
Retailing — (continued)
Amazon.com, Inc.	Morgan Stanley		338		$	615,593		$	1,045,799		$	431,959
AutoZone, Inc.	Morgan Stanley		27			30,630			37,916			7,309
Best Buy Co., Inc.	Morgan Stanley		520			28,279			59,701			33,618
Dollar General Corp.	Morgan Stanley		466			80,582			94,421			14,458
eBay, Inc.	Morgan Stanley		12,141			450,323			743,515			316,490
Gap, Inc. (The)	Morgan Stanley		264			1,482			7,862			6,386
Genuine Parts Co.	Morgan Stanley		1,278			121,345			147,724			28,633
Home Depot, Inc. (The)	Morgan Stanley		123			33,101			37,546			4,682
L Brands, Inc.	Morgan Stanley		1,596			68,664			98,729			30,122
LKQ Corp.	Morgan Stanley		1,616			35,133			68,405			39,531
Lowe’s Cos., Inc.	Morgan Stanley		1,181			139,089			224,603			87,667
O’Reilly Automotive, Inc.	Morgan Stanley		76			35,381			38,551			3,196
Target Corp.	Morgan Stanley		85			15,755			16,836			1,099
Tractor Supply Co.	Morgan Stanley		133			22,944			23,552			630
Ulta Beauty, Inc.	Morgan Stanley		6			961			1,855			900

			20,369			1,721,463			2,742,246			1,061,871

Semiconductors & Semiconductor Equipment
Applied Materials, Inc.	Morgan Stanley		398			50,109			53,173			3,098
Intel Corp.	Morgan Stanley		4,728			303,786			302,592			(1,012	)
KLA Corp.	Morgan Stanley		31			9,453			10,242			800
QUALCOMM, Inc.	Morgan Stanley		3,460			451,110			458,761			8,005
Teradyne, Inc.	Morgan Stanley		129			14,852			15,697			859

			8,746			829,310			840,465			11,750

Software & Services
Accenture PLC, Class A (Ireland)	Morgan Stanley		823			138,495			227,354			91,510
Gartner, Inc.	Morgan Stanley		87			10,236			15,882			5,657
International Business Machines Corp.	Morgan Stanley		1,015			133,774			135,259			1,568
Mastercard, Inc., Class A	Morgan Stanley		678			173,569			241,402			68,981
Microsoft Corp.	Morgan Stanley		4,520			666,893			1,065,680			408,559
NortonLifeLock, Inc.	Morgan Stanley		10,991			217,504			233,669			22,286
Oracle Corp.	Morgan Stanley		7,862			443,863			551,676			116,205
Paychex, Inc.	Morgan Stanley		3,591			230,924			351,990			130,123
PayPal Holdings, Inc.	Morgan Stanley		685			107,049			166,345			59,364
Visa, Inc., Class A	Morgan Stanley		714			118,775			151,175			33,218
Western Union Co. (The)	Morgan Stanley		2,204			54,527			54,351			(139	)

			33,170			2,295,609			3,194,783			937,332

Technology Hardware & Equipment
Apple, Inc.	Morgan Stanley		8,617			570,605			1,052,567			495,233
Cisco Systems, Inc.	Morgan Stanley		9,469			394,125			489,642			100,472
Corning, Inc.	Morgan Stanley		6			259			261			7
F5 Networks, Inc.	Morgan Stanley		360			43,444			75,103			31,690
HP, Inc.	Morgan Stanley		9,414			139,302			298,895			166,645

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Technology Hardware & Equipment — (continued)
Juniper Networks, Inc.	Morgan Stanley		15,661			$	347,550			$	396,693			$	56,184

			43,527				1,495,285				2,313,161				850,231

Telecommunication Services
AT&T, Inc.	Morgan Stanley		12,042				350,035				364,511				16,636
Verizon Communications, Inc.	Morgan Stanley		11,108				614,037				645,930				47,702

			23,150				964,072				1,010,441				64,338

Transportation
Expeditors International of Washington, Inc.	Morgan Stanley		3,785				269,473				407,607				149,895
FedEx Corp.	Morgan Stanley		470				128,411				133,499				5,167
Norfolk Southern Corp.	Morgan Stanley		363				58,877				97,473				39,677
Southwest Airlines Co.	Morgan Stanley		588				29,296				35,903				6,625
United Parcel Service, Inc., Class B	Morgan Stanley		1,432				230,004				243,426				14,286

			6,638				716,061				917,908				215,650

Utilities
Dominion Energy, Inc.	Morgan Stanley		7,880				567,662				598,565				32,522
NRG Energy, Inc.	Morgan Stanley		1,899				69,219				71,649				2,505

			9,779				636,881				670,214				35,027

Total Reference Entity — Long							32,523,934				41,399,756				9,430,271

Short
Automobiles & Components
Tesla, Inc.	Morgan Stanley		(137	)			(95,686	)			(91,506	)			3,371

Banks
KeyCorp.	Morgan Stanley		(3,245	)			(65,222	)			(64,835	)			(1,882	)
M&T Bank Corp.	Morgan Stanley		(920	)			(149,825	)			(139,481	)			7,371
Truist Financial Corp.	Morgan Stanley		(4,906	)			(272,584	)			(286,118	)			(16,801	)
Wells Fargo & Co.	Morgan Stanley		(2,238	)			(85,771	)			(87,439	)			(1,858	)

			(11,309	)			(573,402	)			(577,873	)			(13,170	)

Capital Goods
Boeing Co. (The)	Morgan Stanley		(2,016	)			(602,743	)			(513,516	)			78,303
Ingersoll Rand, Inc.	Morgan Stanley		(5,926	)			(278,185	)			(291,618	)			(14,060	)
Raytheon Technologies Corp.	Morgan Stanley		(8,909	)			(685,052	)			(688,398	)			(4,899	)
Teledyne Technologies, Inc.	Morgan Stanley		(86	)			(34,411	)			(35,574	)			(1,236	)

			(16,937	)			(1,600,391	)			(1,529,106	)			58,108

Commercial & Professional Services
Copart, Inc.	Morgan Stanley		(1,301	)			(153,470	)			(141,302	)			13,429
Equifax, Inc.	Morgan Stanley		(367	)			(63,867	)			(66,475	)			(2,984	)
Rollins, Inc.	Morgan Stanley		(2,573	)			(86,853	)			(88,563	)			(1,902	)
Waste Management, Inc.	Morgan Stanley		(74	)			(9,044	)			(9,547	)			(4,134	)

			(4,315	)			(313,234	)			(305,887	)			4,409

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity		Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Consumer Durables & Apparel
NVR, Inc.		Morgan Stanley		(54	)		$	(226,779	)		$	(254,390	)		$	(31,701	)
Ralph Lauren Corp.		Morgan Stanley		(1,261	)			(143,902	)			(155,305	)			(12,088	)

				(1,315	)			(370,681	)			(409,695	)			(43,789	)

Consumer Services
Caesars Entertainment, Inc.		Morgan Stanley		(5,431	)			(466,261	)			(474,941	)			(9,734	)
Chipotle Mexican Grill, Inc.		Morgan Stanley		(96	)			(141,796	)			(136,399	)			5,147
Darden Restaurants, Inc.		Morgan Stanley		(328	)			(46,148	)			(46,576	)			(1,220	)
Las Vegas Sands Corp.		Morgan Stanley		(1,061	)			(64,260	)			(64,466	)			(3,375	)
Wynn Resorts Ltd.		Morgan Stanley		(425	)			(48,912	)			(53,282	)			(7,965	)

				(7,341	)			(767,377	)			(775,664	)			(17,147	)

Diversified Financials
Charles Schwab Corp. (The)		Morgan Stanley		(112	)			(7,250	)			(7,300	)			(62	)
MarketAxess Holdings, Inc.		Morgan Stanley		(685	)			(358,555	)			(341,075	)			16,495
MSCI, Inc.		Morgan Stanley		(1,324	)			(483,203	)			(555,127	)			(81,409	)
Northern Trust Corp.		Morgan Stanley		(95	)			(9,979	)			(9,985	)			(23	)
State Street Corp.		Morgan Stanley		(766	)			(63,950	)			(64,352	)			(1,039	)

				(2,982	)			(922,937	)			(977,839	)			(66,038	)

Energy
Cabot Oil & Gas Corp.	��	Morgan Stanley		(10,457	)			(212,948	)			(196,382	)			12,387
Chevron Corp.		Morgan Stanley		(4,015	)			(421,149	)			(420,732	)			(535	)
Exxon Mobil Corp.		Morgan Stanley		(6,158	)			(298,510	)			(343,801	)			(49,164	)
ONEOK, Inc.		Morgan Stanley		(4,195	)			(306,058	)			(212,519	)			69,842

				(24,825	)			(1,238,665	)			(1,173,434	)			32,530

Health Care Equipment & Services
ABIOMED, Inc.		Morgan Stanley		(809	)			(237,698	)			(257,853	)			(20,690	)
Align Technology, Inc.		Morgan Stanley		(840	)			(429,599	)			(454,885	)			(35,306	)
Boston Scientific Corp.		Morgan Stanley		(3,663	)			(142,528	)			(141,575	)			635
Cardinal Health, Inc.		Morgan Stanley		(1,805	)			(100,774	)			(109,654	)			(11,913	)
Centene Corp.		Morgan Stanley		(2,250	)			(136,547	)			(143,798	)			(7,944	)
Cooper Cos., Inc. (The)		Morgan Stanley		(1,009	)			(343,268	)			(387,547	)			(45,100	)
DENTSPLY SIRONA, Inc.		Morgan Stanley		(913	)			(57,465	)			(58,259	)			(1,011	)
Dexcom, Inc.		Morgan Stanley		(2,319	)			(924,387	)			(833,425	)			88,770
Edwards Lifesciences Corp.		Morgan Stanley		(5,296	)			(426,200	)			(442,957	)			(17,818	)
IDEXX Laboratories, Inc.		Morgan Stanley		(267	)			(128,257	)			(130,646	)			(2,675	)
Intuitive Surgical, Inc.		Morgan Stanley		(709	)			(526,580	)			(523,908	)			1,217
ResMed, Inc.		Morgan Stanley		(1,882	)			(374,924	)			(365,146	)			8,591
STERIS PLC (Ireland)		Morgan Stanley		(141	)			(27,112	)			(26,858	)			198
Teleflex, Inc.		Morgan Stanley		(1,025	)			(385,984	)			(425,846	)			(41,899	)
West Pharmaceutical Services, Inc.		Morgan Stanley		(1,027	)			(289,332	)			(289,388	)			(720	)
Zimmer Biomet Holdings, Inc.		Morgan Stanley		(2,061	)			(320,085	)			(329,925	)			(11,313	)

				(26,016	)			(4,850,740	)			(4,921,670	)			(96,978	)

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Insurance
Chubb Ltd. (Switzerland)	Morgan Stanley		(482	)		$	(82,889	)		$	(76,142	)		$	6,346
Everest Re Group Ltd. (Bermuda)	Morgan Stanley		(1,017	)			(241,063	)			(252,023	)			(15,889	)
Globe Life, Inc.	Morgan Stanley		(1,071	)			(103,434	)			(103,491	)			(360	)
Lincoln National Corp.	Morgan Stanley		(3,143	)			(165,694	)			(195,715	)			(32,353	)
Loews Corp.	Morgan Stanley		(1,833	)			(89,251	)			(93,996	)			(5,024	)
Unum Group	Morgan Stanley		(17,577	)			(446,433	)			(489,168	)			(46,491	)

			(25,123	)			(1,128,764	)			(1,210,535	)			(93,771	)

Materials
Air Products & Chemicals, Inc.	Morgan Stanley		(1,271	)			(355,818	)			(357,583	)			(5,989	)
Albemarle Corp.	Morgan Stanley		(917	)			(143,497	)			(133,983	)			7,918
Ball Corp.	Morgan Stanley		(5,529	)			(503,893	)			(468,527	)			32,901
International Flavors & Fragrances, Inc.	Morgan Stanley		(819	)			(112,775	)			(114,341	)			(3,360	)
Vulcan Materials Co.	Morgan Stanley		(375	)			(63,517	)			(63,281	)			97

			(8,911	)			(1,179,500	)			(1,137,715	)			31,567

Pharmaceuticals, Biotechnology & Life Sciences
Bio-Rad Laboratories, Inc., Class A	Morgan Stanley		(120	)			(72,563	)			(68,540	)			3,862
Bristol-Myers Squibb Co.	Morgan Stanley		(681	)			(43,391	)			(42,992	)			(28	)
Catalent, Inc.	Morgan Stanley		(5,506	)			(524,730	)			(579,837	)			(57,403	)
Eli Lilly & Co.	Morgan Stanley		(434	)			(84,243	)			(81,080	)			2,767
IQVIA Holdings, Inc.	Morgan Stanley		(2,207	)			(384,981	)			(426,260	)			(42,467	)
Perrigo Co. PLC (Ireland)	Morgan Stanley		(7,012	)			(380,156	)			(283,776	)			90,322
Vertex Pharmaceuticals, Inc.	Morgan Stanley		(2,369	)			(664,612	)			(509,074	)			154,125
Viatris, Inc.	Morgan Stanley		(53,719	)			(757,997	)			(750,454	)			5,824

			(72,048	)			(2,912,673	)			(2,742,013	)			157,002

Real Estate
Boston Properties, Inc., REIT	Morgan Stanley		(1,085	)			(115,101	)			(109,867	)			3,983
Digital Realty Trust, Inc., REIT	Morgan Stanley		(2,289	)			(346,870	)			(322,383	)			19,088
Equinix, Inc., REIT	Morgan Stanley		(999	)			(721,546	)			(678,910	)			35,850
Equity Residential, REIT	Morgan Stanley		(165	)			(11,969	)			(11,819	)			(169	)
Federal Realty Investment Trust, REIT	Morgan Stanley		(1,670	)			(171,005	)			(169,421	)			(305	)
Healthpeak Properties, Inc., REIT	Morgan Stanley		(2,953	)			(87,033	)			(93,728	)			(11,041	)
Host Hotels & Resorts, Inc., REIT	Morgan Stanley		(3,895	)			(65,027	)			(65,631	)			(748	)
Kimco Realty Corp., REIT	Morgan Stanley		(4,177	)			(76,266	)			(78,319	)			(2,701	)
Prologis, Inc., REIT	Morgan Stanley		(246	)			(25,890	)			(26,076	)			(381	)
Realty Income Corp., REIT	Morgan Stanley		(1,294	)			(82,033	)			(82,169	)			(1,581	)
Regency Centers Corp., REIT	Morgan Stanley		(2,223	)			(114,256	)			(126,066	)			(13,391	)
Simon Property Group, Inc., REIT	Morgan Stanley		(532	)			(62,161	)			(60,526	)			1,499
UDR, Inc., REIT	Morgan Stanley		(315	)			(13,724	)			(13,816	)			(118	)
Ventas, Inc., REIT	Morgan Stanley		(205	)			(11,002	)			(10,935	)			(89	)
Vornado Realty Trust, REIT	Morgan Stanley		(4,321	)			(195,519	)			(196,130	)			(1,374	)
Welltower, Inc., REIT	Morgan Stanley		(1,130	)			(82,001	)			(80,942	)			449

			(27,499	)			(2,181,403	)			(2,126,738	)			28,971

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Retailing
Booking Holdings, Inc.	Morgan Stanley		(145	)		$	(323,558	)		$	(337,827	)		$	(14,999	)
CarMax, Inc.	Morgan Stanley		(1,611	)			(197,521	)			(213,715	)			(17,322	)
Etsy, Inc.	Morgan Stanley		(3,500	)			(529,881	)			(705,845	)			(201,164	)
Expedia Group, Inc.	Morgan Stanley		(1,713	)			(295,062	)			(294,842	)			(445	)
Pool Corp.	Morgan Stanley		(1,038	)			(344,762	)			(358,359	)			(15,802	)
Ross Stores, Inc.	Morgan Stanley		(376	)			(44,565	)			(45,086	)			(617	)

			(8,383	)			(1,735,349	)			(1,955,674	)			(250,349	)

Semiconductors & Semiconductor Equipment
Advanced Micro Devices, Inc.	Morgan Stanley		(10,566	)			(707,964	)			(829,431	)			(125,073	)
Enphase Energy, Inc.	Morgan Stanley		(5,415	)			(1,065,008	)			(878,096	)			178,534
Microchip Technology, Inc.	Morgan Stanley		(830	)			(129,074	)			(128,833	)			(718	)
Monolithic Power Systems, Inc.	Morgan Stanley		(2,249	)			(842,891	)			(794,369	)			43,663
NVIDIA Corp.	Morgan Stanley		(1,184	)			(635,897	)			(632,173	)			(144	)
Skyworks Solutions, Inc.	Morgan Stanley		(1,517	)			(267,060	)			(278,339	)			(14,482	)
Xilinx, Inc.	Morgan Stanley		(1,781	)			(255,904	)			(220,666	)			34,791

			(23,542	)			(3,903,798	)			(3,761,907	)			116,571

Software & Services
Akamai Technologies, Inc.	Morgan Stanley		(5,201	)			(561,285	)			(529,982	)			30,032
Citrix Systems, Inc.	Morgan Stanley		(1,568	)			(213,814	)			(220,084	)			(6,967	)
Fidelity National Information Services, Inc.	Morgan Stanley		(1,708	)			(247,539	)			(240,162	)			5,503
Fortinet, Inc.	Morgan Stanley		(3,501	)			(525,454	)			(645,654	)			(121,390	)
Global Payments, Inc.	Morgan Stanley		(1,966	)			(374,750	)			(396,306	)			(28,509	)
Intuit, Inc.	Morgan Stanley		(810	)			(311,512	)			(310,279	)			(418	)
Jack Henry & Associates, Inc.	Morgan Stanley		(969	)			(159,087	)			(147,017	)			11,191
Paycom Software, Inc.	Morgan Stanley		(1,857	)			(576,653	)			(687,201	)			(117,233	)
Tyler Technologies, Inc.	Morgan Stanley		(846	)			(334,593	)			(359,152	)			(25,314	)
VeriSign, Inc.	Morgan Stanley		(943	)			(203,138	)			(187,431	)			15,251

			(19,369	)			(3,507,825	)			(3,723,268	)			(237,854	)

Technology Hardware & Equipment
Arista Networks, Inc.	Morgan Stanley		(1,230	)			(355,065	)			(371,325	)			(18,058	)
FLIR Systems, Inc.	Morgan Stanley		(1,347	)			(74,606	)			(76,065	)			(1,623	)
Hewlett Packard Enterprise Co.	Morgan Stanley		(5,367	)			(77,108	)			(84,477	)			(8,139	)
IPG Photonics Corp.	Morgan Stanley		(1,439	)			(299,568	)			(303,543	)			(6,334	)
Western Digital Corp.	Morgan Stanley		(7,679	)			(406,547	)			(512,573	)			(111,633	)

			(17,062	)			(1,212,894	)			(1,347,983	)			(145,787	)

Telecommunication Services
T-Mobile US, Inc.	Morgan Stanley		(4,763	)			(590,562	)			(596,756	)			(8,560	)

Transportation
JB Hunt Transport Services, Inc.	Morgan Stanley		(852	)			(137,451	)			(143,196	)			(6,206	)
Old Dominion Freight Line, Inc.	Morgan Stanley		(207	)			(48,340	)			(49,765	)			(1,956	)

			(1,059	)			(185,791	)			(192,961	)			(8,162	)

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

GOTHAM DEFENSIVE LONG 500 FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Total Return Swaps (concluded)


Reference Entity	Counterparty	Number of Contracts Long/(Short)			Notional Amount				Value				Unrealized Appreciation/ (Depreciation)*
Utilities
Alliant Energy Corp.	Morgan Stanley		(2,660	)		$	(144,360	)		$	(144,066	)		$	(1,891	)
Ameren Corp.	Morgan Stanley		(7,126	)			(562,116	)			(579,771	)			(30,827	)
American Electric Power Co., Inc.	Morgan Stanley		(5,565	)			(469,048	)			(471,356	)			(9,090	)
American Water Works Co., Inc.	Morgan Stanley		(2,185	)			(322,921	)			(327,575	)			(7,106	)
Atmos Energy Corp.	Morgan Stanley		(6,012	)			(590,388	)			(594,286	)			(13,228	)
CenterPoint Energy, Inc.	Morgan Stanley		(26,819	)			(613,117	)			(607,450	)			(2,903	)
CMS Energy Corp.	Morgan Stanley		(7,513	)			(461,321	)			(459,946	)			(6,212	)
Consolidated Edison, Inc.	Morgan Stanley		(4,828	)			(355,368	)			(361,134	)			(10,096	)
DTE Energy Co.	Morgan Stanley		(3,789	)			(479,829	)			(504,467	)			(43,216	)
Edison International	Morgan Stanley		(11,383	)			(719,474	)			(667,044	)			21,303
Entergy Corp.	Morgan Stanley		(5,077	)			(534,941	)			(505,009	)			15,146
Evergy, Inc.	Morgan Stanley		(5,803	)			(328,337	)			(345,453	)			(22,370	)
Eversource Energy	Morgan Stanley		(7,825	)			(678,654	)			(677,567	)			(10,976	)
Exelon Corp.	Morgan Stanley		(3,750	)			(162,404	)			(164,025	)			(5,532	)
FirstEnergy Corp.	Morgan Stanley		(11,391	)			(413,629	)			(395,154	)			3,496
NextEra Energy, Inc.	Morgan Stanley		(5,045	)			(390,720	)			(381,452	)			4,900
Pinnacle West Capital Corp.	Morgan Stanley		(7,094	)			(582,752	)			(577,097	)			(5,101	)
PPL Corp.	Morgan Stanley		(15,419	)			(471,383	)			(444,684	)			10,310
Public Service Enterprise Group, Inc.	Morgan Stanley		(3,426	)			(204,513	)			(206,279	)			(4,599	)
Sempra Energy	Morgan Stanley		(5,116	)			(645,069	)			(678,279	)			(46,183	)
Southern Co. (The)	Morgan Stanley		(4,925	)			(299,123	)			(306,138	)			(7,690	)
WEC Energy Group, Inc.	Morgan Stanley		(4,897	)			(460,026	)			(458,310	)			(6,188	)
Xcel Energy, Inc.	Morgan Stanley		(7,911	)			(531,002	)			(526,161	)			(5,651	)

			(165,559	)			(10,420,495	)			(10,382,703	)			(183,704	)

Total Reference Entity — Short							(39,692,167	)			(39,940,927	)			(732,780	)

Net Value of Reference Entity						$	(7,168,233	)		$	1,458,829			$	8,697,491

*	Includes $70,429 related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM TOTAL RETURN FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES^(a)— 99.5%
Gotham Defensive Long 500 Fund		220,106	$	2,727,113
Gotham Enhanced S&P 500 Index Fund		277,111		4,131,720
Gotham Hedged Core Fund		449,769		5,478,181
Gotham Hedged Plus Fund		384,037		4,059,272
Gotham Index Plus Fund		292,700		5,493,976
Gotham Neutral Fund*		451,588		4,064,295
Gotham Short Strategies Fund		224,928		1,347,322

TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES (Cost $24,320,260)				27,301,879

OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5%				136,216

NET ASSETS - 100.0%			$	27,438,095

^(a)	All affiliated fund investments are in Institutional Class shares. The financial statements of the affiliated funds are publicly available on the Securities and Exchange Commission’s website.

*	Non-income producing.

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
LONG POSITIONS — 140.4%
COMMON STOCKS — 140.4%
Automobiles & Components — 2.5%
Aptiv PLC (Jersey)†*		59	$	8,136
BorgWarner, Inc.		16		742
Ford Motor Co.†*		2,334		28,591
General Motors Co.		826		47,462

				84,931

Banks — 0.9%
Bank of America Corp.		82		3,173
Citigroup, Inc.		19		1,382
Citizens Financial Group, Inc.		4		177
Fifth Third Bancorp.		161		6,029
First Republic Bank		6		1,001
Huntington Bancshares, Inc.		9		142
JPMorgan Chase & Co.		28		4,262
PNC Financial Services Group, Inc. (The)		17		2,982
Regions Financial Corp.		9		186
SVB Financial Group*		11		5,430
US Bancorp†		4		221
Wells Fargo & Co.		119		4,649

				29,634

Capital Goods — 15.2%
3M Co.†		343		66,089
A.O. Smith Corp.		96		6,491
Allegion PLC (Ireland)		2		251
AMETEK, Inc.†		141		18,010
Carrier Global Corp.†		508		21,448
Caterpillar, Inc.†		89		20,636
Cummins, Inc.†		89		23,061
Deere & Co.†		47		17,585
Dover Corp.†		85		11,656
Eaton Corp. PLC (Ireland)†		233		32,219
Emerson Electric Co.†		355		32,028
Fastenal Co.		6		302
Fortive Corp.†		200		14,128
Fortune Brands Home & Security, Inc.		86		8,240
General Dynamics Corp.†		119		21,606
Honeywell International, Inc.†		37		8,032
Howmet Aerospace, Inc.*		285		9,157
Huntington Ingalls Industries, Inc.		15		3,088
Illinois Tool Works, Inc.†		52		11,519
Johnson Controls International PLC (Ireland)†		478		28,522
L3Harris Technologies, Inc.†		3		608


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Lockheed Martin Corp.†		45	$	16,627
Masco Corp.†		171		10,243
Northrop Grumman Corp.		15		4,855
PACCAR, Inc.†		5		465
Parker-Hannifin Corp.†		77		24,288
Pentair PLC (Ireland)		109		6,793
Quanta Services, Inc.		48		4,223
Rockwell Automation, Inc.		2		531
Roper Technologies, Inc.		10		4,033
Snap-on, Inc.		35		8,076
Stanley Black & Decker, Inc.†		96		19,168
Trane Technologies PLC (Ireland)†		144		23,841
TransDigm Group, Inc.†*		16		9,407
United Rentals, Inc.†*		45		14,819
Westinghouse Air Brake Technologies Corp.†		3		237
WW Grainger, Inc.†		23		9,221
Xylem, Inc.		1		105

				511,608

Commercial & Professional Services — 0.8%
Cintas Corp.†		23		7,850
Jacobs Engineering Group, Inc.		77		9,954
Nielsen Holdings PLC (United Kingdom)		80		2,012
Republic Services, Inc.†		15		1,490
Robert Half International, Inc.		72		5,621
Waste Management, Inc.		2		258

				27,185

Consumer Durables & Apparel — 1.8%
Garmin Ltd. (Switzerland)		44		5,801
Hanesbrands, Inc.		208		4,091
Hasbro, Inc.		3		288
Leggett & Platt, Inc.		78		3,561
Lennar Corp., Class A		29		2,936
Mohawk Industries, Inc.*		45		8,654
Newell Brands, Inc.		254		6,802
NIKE, Inc., Class B		14		1,861
PulteGroup, Inc.		65		3,409
PVH Corp.		47		4,968
Tapestry, Inc.		164		6,758
Under Armour, Inc., Class C*		102		1,883
VF Corp.		3		240
Whirlpool Corp.†		40		8,814

				60,066

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — 0.3%
McDonald’s Corp.†		8	$	1,793
MGM Resorts International		11		418
Yum! Brands, Inc.†		76		8,222

				10,433

Diversified Financials — 8.3%
American Express Co.†		16		2,263
Ameriprise Financial, Inc.		29		6,741
Berkshire Hathaway, Inc., Class B†*		213		54,415
BlackRock, Inc.†		90		67,856
Capital One Financial Corp.		103		13,105
Discover Financial Services†		96		9,119
Franklin Resources, Inc.		117		3,463
Goldman Sachs Group, Inc. (The)		104		34,008
Intercontinental Exchange, Inc.		5		558
Invesco Ltd. (Bermuda)		303		7,642
Morgan Stanley†		460		35,724
Nasdaq, Inc.†		70		10,322
Raymond James Financial, Inc.		1		123
S&P Global, Inc.†		10		3,529
Synchrony Financial		164		6,668
T Rowe Price Group, Inc.†		135		23,166

				278,702

Energy — 1.8%
APA Corp.		109		1,951
Baker Hughes Co.		344		7,434
Chevron Corp.†		14		1,467
Devon Energy Corp.		86		1,879
Diamondback Energy, Inc.		1		73
Halliburton Co.†		547		11,739
Marathon Oil Corp.		178		1,901
NOV, Inc.		241		3,307
Occidental Petroleum Corp.		549		14,614
Schlumberger NV (Curacao)†		500		13,595
Williams Cos., Inc. (The)†		106		2,511

				60,471

Food & Staples Retailing — 2.9%
Sysco Corp.†		215		16,929
Walgreens Boots Alliance, Inc.†		9		494
Walmart, Inc.†		600		81,498

				98,921

Food, Beverage & Tobacco — 9.4%
Altria Group, Inc.†		1,161		59,397
Archer-Daniels-Midland Co.†		302		17,214


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Campbell Soup Co.†		93	$	4,675
Coca-Cola Co. (The)†		312		16,446
Conagra Brands, Inc.		155		5,828
Constellation Brands, Inc., Class A†		88		20,064
General Mills, Inc.†		238		14,594
Hershey Co. (The)		27		4,270
JM Smucker Co. (The)		69		8,731
Kellogg Co.†		5		316
Kraft Heinz Co. (The)†		760		30,400
Lamb Weston Holdings, Inc.		2		155
Molson Coors Beverage Co., Class B		127		6,496
Mondelez International, Inc., Class A		486		28,446
Monster Beverage Corp.*		5		455
Philip Morris International, Inc.†		916		81,286
Tyson Foods, Inc., Class A†		222		16,495

				315,268

Health Care Equipment & Services — 5.6%
AmerisourceBergen Corp.		28		3,306
Anthem, Inc.†		11		3,948
Cerner Corp.		181		13,010
Cigna Corp.		12		2,901
CVS Health Corp.†		697		52,435
Danaher Corp.†		66		14,855
DaVita, Inc.†*		33		3,556
HCA Healthcare, Inc.†		203		38,233
Henry Schein, Inc.*		2		139
Hologic, Inc.†*		152		11,306
Laboratory Corp. of America Holdings†*		58		14,792
McKesson Corp.		51		9,947
Medtronic PLC (Ireland)†		38		4,489
Quest Diagnostics, Inc.†		42		5,390
Stryker Corp.		2		487
UnitedHealth Group, Inc.†		13		4,837
Universal Health Services, Inc., Class B†		2		267
Varian Medical Systems, Inc.*		20		3,531

				187,429

Household & Personal Products — 2.2%
Colgate-Palmolive Co.†		317		24,989
Estee Lauder Cos., Inc. (The), Class A		3		873
Kimberly-Clark Corp.†		4		556

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Household & Personal Products — (Continued)
Procter & Gamble Co. (The)†		343	$	46,452

				72,870

Insurance — 2.7%
American International Group, Inc.†		186		8,595
Aon PLC, Class A (Ireland)†		133		30,605
Arthur J Gallagher & Co.		51		6,363
Cincinnati Financial Corp.†		42		4,330
Lincoln National Corp.		28		1,743
Marsh & McLennan Cos., Inc.†		303		36,905
MetLife, Inc.†		9		547
Principal Financial Group, Inc.		3		180
Prudential Financial, Inc.†		6		547
Unum Group		2		56
Willis Towers Watson PLC (Ireland)		1		229

				90,100

Materials — 7.5%
Avery Dennison Corp.		24		4,408
Celanese Corp.†		14		2,097
CF Industries Holdings, Inc.		110		4,992
Corteva, Inc.		439		20,466
Dow, Inc.†		446		28,517
DuPont de Nemours, Inc.†		365		28,207
Eastman Chemical Co.†		84		9,250
Ecolab, Inc.†		4		856
FMC Corp.†		78		8,628
Freeport-McMoRan, Inc.†		859		28,287
International Paper Co.†		259		14,004
Linde PLC (Ireland)†		9		2,521
LyondellBasell Industries NV, Class A (Netherlands)†		26		2,705
Mosaic Co. (The)		235		7,428
Newmont Corp.		10		603
Nucor Corp.†		110		8,830
Packaging Corp. of America		56		7,531
PPG Industries, Inc.†		142		21,337
Sealed Air Corp.		102		4,674
Sherwin-Williams Co. (The)†		53		39,114
Westrock Co.		155		8,068

				252,523

Media & Entertainment — 10.0%
Activision Blizzard, Inc.		73		6,789
Alphabet, Inc., Class A†*		69		142,314


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Charter Communications, Inc., Class A†*		25	$	15,426
Comcast Corp., Class A		44		2,381
Discovery, Inc., Class A*		43		1,869
DISH Network Corp., Class A*		137		4,959
Electronic Arts, Inc.		27		3,655
Facebook, Inc., Class A†*		320		94,250
Fox Corp., Class A†		285		10,291
Interpublic Group of Cos., Inc. (The)		231		6,745
Netflix, Inc.†*		41		21,388
News Corp., Class A		133		3,382
Omnicom Group, Inc.†		126		9,343
Take-Two Interactive Software, Inc.*		11		1,944
Twitter, Inc.*		76		4,836
ViacomCBS, Inc., Class B		142		6,404

				335,976

Pharmaceuticals, Biotechnology & Life Sciences — 6.8%
AbbVie, Inc.		147		15,908
Alexion Pharmaceuticals, Inc.†*		130		19,878
Amgen, Inc.		13		3,235
Biogen, Inc.†*		89		24,898
Gilead Sciences, Inc.		467		30,182
Illumina, Inc.*		14		5,377
Incyte Corp.*		20		1,625
Johnson & Johnson†		80		13,148
Merck & Co., Inc.		428		32,994
PerkinElmer, Inc.		67		8,595
Pfizer, Inc.†		1,816		65,794
Regeneron Pharmaceuticals, Inc.†*		12		5,678
Thermo Fisher Scientific, Inc.		4		1,826
Waters Corp.*		1		284

				229,422

Real Estate — 1.3%
American Tower Corp., REIT†		41		9,801
CBRE Group, Inc., Class A*		89		7,041
Crown Castle International Corp., REIT		40		6,885
Kimco Realty Corp., REIT		23		431
SBA Communications Corp., REIT		10		2,776
Ventas, Inc., REIT†		3		160
Welltower, Inc., REIT†		2		143
Weyerhaeuser Co., REIT†		491		17,480

				44,717

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — 15.8%
Advance Auto Parts, Inc.		45	$	8,257
Amazon.com, Inc.†*		56		173,268
AutoZone, Inc.†*		13		18,256
Best Buy Co., Inc.†		160		18,370
Dollar General Corp.		3		608
Dollar Tree, Inc.*		139		15,910
eBay, Inc.†		274		16,780
Genuine Parts Co.†		90		10,403
Home Depot, Inc. (The)†		241		73,565
L Brands, Inc.†*		172		10,640
LKQ Corp.*		200		8,466
Lowe’s Cos., Inc.†		479		91,096
O’Reilly Automotive, Inc.†*		38		19,275
Target Corp.†		234		46,348
Tractor Supply Co.†		48		8,500
Ulta Beauty, Inc.†*		33		10,203

				529,945

Semiconductors & Semiconductor Equipment — 5.4%
Applied Materials, Inc.†		226		30,194
Broadcom, Inc.		4		1,855
Intel Corp.†		973		62,272
KLA Corp.†		48		15,859
Lam Research Corp.		15		8,928
Maxim Integrated Products, Inc.		2		183
Micron Technology, Inc.†*		105		9,262
NXP Semiconductors NV (Netherlands)		79		15,906
Qorvo, Inc.*		2		365
QUALCOMM, Inc.		227		30,098
Teradyne, Inc.		40		4,867
Texas Instruments, Inc.		9		1,701

				181,490

Software & Services — 17.2%
Accenture PLC, Class A (Ireland)†		104		28,730
Adobe, Inc.†*		44		20,916
ANSYS, Inc.*		8		2,716
Autodesk, Inc.*		21		5,820
Broadridge Financial Solutions, Inc.		1		153
Cadence Design Systems, Inc.*		27		3,699
Cognizant Technology Solutions Corp., Class A		50		3,906
DXC Technology Co.		57		1,782
Fiserv, Inc.*		6		714
Gartner, Inc.*		22		4,016


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
International Business Machines Corp.†		527	$	70,228
Mastercard, Inc., Class A†		93		33,113
Microsoft Corp.†		846		199,461
Oracle Corp.†		1,362		95,572
Paychex, Inc.†		6		588
PayPal Holdings, Inc.†*		121		29,384
salesforce.com, Inc.†*		87		18,433
ServiceNow, Inc.†*		18		9,002
Synopsys, Inc.*		15		3,717
Visa, Inc., Class A†		200		42,346
Western Union Co. (The)†		243		5,992

				580,288

Technology Hardware & Equipment — 11.0%
Amphenol Corp., Class A		19		1,254
Apple, Inc.†		1,630		199,105
CDW Corp.		33		5,470
Cisco Systems, Inc.†		2,117		109,470
Corning, Inc.†		451		19,623
HP, Inc.†		767		24,352
Juniper Networks, Inc.		198		5,015
Motorola Solutions, Inc.		1		188
NetApp, Inc.		50		3,634
Seagate Technology PLC (Ireland)		3		230
TE Connectivity Ltd. (Switzerland)		3		387

				368,728

Telecommunication Services — 6.0%
AT&T, Inc.†		3,572		108,124
Lumen Technologies, Inc.		10		134
Verizon Communications, Inc.†		1,617		94,029

				202,287

Transportation — 3.6%
CSX Corp.†		141		13,595
Expeditors International of Washington, Inc.†		81		8,723
FedEx Corp.		157		44,594
Kansas City Southern†		8		2,111
Norfolk Southern Corp.†		118		31,686
Union Pacific Corp.		63		13,886
United Parcel Service, Inc., Class B		46		7,820

				122,415

Utilities — 1.4%
AES Corp.		153		4,102

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Dominion Energy, Inc.		476		$	36,157
NRG Energy, Inc.		161			6,074

					46,333

TOTAL COMMON STOCKS (Cost $3,638,892)					4,721,742

TOTAL LONG POSITIONS — 140.4%					4,721,742

(Cost $3,638,892)
SHORT POSITIONS — (41.5)%
COMMON STOCKS — (41.5)%
Banks — (0.9)%
Comerica, Inc.		(2	)		(143	)
KeyCorp.		(201	)		(4,016	)
M&T Bank Corp.		(28	)		(4,245	)
People’s United Financial, Inc.		(91	)		(1,629	)
Truist Financial Corp.		(288	)		(16,796	)
Zions Bancorp NA		(31	)		(1,704	)

					(28,533	)

Capital Goods — (2.1)%
Boeing Co. (The)*		(84	)		(21,397	)
General Electric Co.		(641	)		(8,416	)
IDEX Corp.		(4	)		(837	)
Ingersoll Rand, Inc.*		(92	)		(4,527	)
Otis Worldwide Corp.		(90	)		(6,161	)
Raytheon Technologies Corp.		(314	)		(24,263	)
Teledyne Technologies, Inc.*		(7	)		(2,896	)
Textron, Inc.		(5	)		(280	)

					(68,777	)

Commercial & Professional Services — (1.0)%
Copart, Inc.*		(54	)		(5,865	)
Equifax, Inc.		(27	)		(4,890	)
IHS Markit Ltd. (Bermuda)		(83	)		(8,033	)
Leidos Holdings, Inc.		(31	)		(2,985	)
Rollins, Inc.		(123	)		(4,234	)
Verisk Analytics, Inc.		(35	)		(6,184	)

					(32,191	)

Consumer Durables & Apparel — (0.2)%
NVR, Inc.*		(1	)		(4,711	)
Ralph Lauren Corp.		(16	)		(1,971	)

					(6,682	)

Consumer Services — (2.4)%
Caesars Entertainment, Inc.*		(43	)		(3,760	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (Continued)
Carnival Corp. (Panama)*		(225	)	$	(5,971	)
Chipotle Mexican Grill, Inc.*		(7	)		(9,946	)
Darden Restaurants, Inc.		(26	)		(3,692	)
Domino’s Pizza, Inc.		(9	)		(3,310	)
Hilton Worldwide Holdings, Inc.*		(60	)		(7,255	)
Las Vegas Sands Corp.		(155	)		(9,418	)
Marriott International, Inc., Class A*		(45	)		(6,665	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(65	)		(1,793	)
Penn National Gaming, Inc.*		(9	)		(944	)
Royal Caribbean Cruises Ltd. (Liberia)		(49	)		(4,195	)
Starbucks Corp.		(195	)		(21,308	)
Wynn Resorts Ltd.*		(27	)		(3,385	)

					(81,642	)

Diversified Financials — (2.1)%
Bank of New York Mellon Corp. (The)		(183	)		(8,654	)
Cboe Global Markets, Inc.		(22	)		(2,171	)
Charles Schwab Corp. (The)		(289	)		(18,837	)
CME Group, Inc.		(73	)		(14,909	)
MarketAxess Holdings, Inc.		(9	)		(4,481	)
Moody’s Corp.		(13	)		(3,882	)
MSCI, Inc.		(17	)		(7,128	)
Northern Trust Corp.		(46	)		(4,835	)
State Street Corp.		(77	)		(6,469	)

					(71,366	)

Energy — (2.5)%
Cabot Oil & Gas Corp.		(89	)		(1,671	)
ConocoPhillips		(218	)		(11,547	)
EOG Resources, Inc.		(120	)		(8,704	)
Exxon Mobil Corp.		(348	)		(19,429	)
Hess Corp.		(76	)		(5,378	)
HollyFrontier Corp.		(35	)		(1,252	)
Kinder Morgan, Inc.		(211	)		(3,513	)
Marathon Petroleum Corp.		(134	)		(7,168	)
ONEOK, Inc.		(105	)		(5,319	)
Phillips 66		(92	)		(7,502	)
Pioneer Natural Resources Co.		(44	)		(6,988	)
Valero Energy Corp.		(86	)		(6,158	)

					(84,629	)

Food & Staples Retailing — (0.5)%
Costco Wholesale Corp.		(27	)		(9,517	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Food & Staples Retailing — (Continued)
Kroger Co. (The)		(155	)	$	(5,578	)

					(15,095	)

Food, Beverage & Tobacco — (0.5)%
Brown-Forman Corp., Class B		(108	)		(7,449	)
Hormel Foods Corp.		(113	)		(5,399	)
McCormick & Co., Inc., non-voting shares		(56	)		(4,993	)
PepsiCo, Inc.		(2	)		(283	)

					(18,124	)

Health Care Equipment & Services — (4.6)%
Abbott Laboratories		(39	)		(4,674	)
ABIOMED, Inc.*		(11	)		(3,506	)
Align Technology, Inc.*		(19	)		(10,289	)
Baxter International, Inc.		(105	)		(8,856	)
Becton Dickinson and Co.		(31	)		(7,538	)
Boston Scientific Corp.*		(312	)		(12,059	)
Cardinal Health, Inc.		(62	)		(3,766	)
Centene Corp.*		(120	)		(7,669	)
Cooper Cos., Inc. (The)		(13	)		(4,993	)
DENTSPLY SIRONA, Inc.		(45	)		(2,871	)
DexCom, Inc.*		(20	)		(7,188	)
Edwards Lifesciences Corp.*		(141	)		(11,793	)
Humana, Inc.		(27	)		(11,320	)
IDEXX Laboratories, Inc.*		(22	)		(10,765	)
Intuitive Surgical, Inc.*		(29	)		(21,429	)
ResMed, Inc.		(32	)		(6,209	)
STERIS PLC (Ireland)		(18	)		(3,429	)
Teleflex, Inc.		(12	)		(4,985	)
West Pharmaceutical Services, Inc.		(17	)		(4,790	)
Zimmer Biomet Holdings, Inc.		(46	)		(7,364	)

					(155,493	)

Household & Personal Products — (0.1)%
Church & Dwight Co., Inc		(51	)		(4,455	)

Insurance — (1.5)%
Aflac, Inc.		(143	)		(7,319	)
Allstate Corp. (The)		(63	)		(7,239	)
Chubb Ltd. (Switzerland)		(94	)		(14,849	)
Everest Re Group Ltd. (Bermuda)		(8	)		(1,982	)
Globe Life, Inc.		(13	)		(1,256	)
Hartford Financial Services Group, Inc. (The)		(43	)		(2,872	)
Loews Corp.		(60	)		(3,077	)
Progressive Corp. (The)		(92	)		(8,796	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Travelers Cos., Inc. (The)		(10	)	$	(1,504	)
WR Berkley Corp.		(26	)		(1,959	)

					(50,853	)

Materials — (1.0)%
Air Products & Chemicals, Inc.		(49	)		(13,786	)
Albemarle Corp.		(26	)		(3,799	)
Amcor PLC (Jersey)		(98	)		(1,145	)
Ball Corp.		(73	)		(6,186	)
International Flavors & Fragrances, Inc.		(24	)		(3,350	)
Vulcan Materials Co.		(27	)		(4,556	)

					(32,822	)

Media & Entertainment — (0.8)%
Live Nation Entertainment, Inc.*		(48	)		(4,063	)
Walt Disney Co. (The)*		(127	)		(23,434	)

					(27,497	)

Pharmaceuticals, Biotechnology & Life Sciences — (3.3)%
Agilent Technologies, Inc.		(63	)		(8,010	)
Bio-Rad Laboratories, Inc., Class A*		(6	)		(3,427	)
Bristol-Myers Squibb Co.		(409	)		(25,820	)
Catalent, Inc.*		(37	)		(3,896	)
Eli Lilly & Co.		(159	)		(29,704	)
IQVIA Holdings, Inc.*		(51	)		(9,850	)
Mettler-Toledo International, Inc.*		(4	)		(4,623	)
Perrigo Co. PLC (Ireland)		(34	)		(1,376	)
Vertex Pharmaceuticals, Inc.*		(57	)		(12,249	)
Viatris, Inc.*		(249	)		(3,479	)
Zoetis, Inc.		(51	)		(8,031	)

					(110,465	)

Real Estate — (3.0)%
Alexandria Real Estate Equities, Inc., REIT		(11	)		(1,807	)
AvalonBay Communities, Inc., REIT		(28	)		(5,166	)
Boston Properties, Inc., REIT		(33	)		(3,342	)
Digital Realty Trust, Inc., REIT		(59	)		(8,310	)
Duke Realty Corp., REIT		(70	)		(2,935	)
Equinix, Inc., REIT		(22	)		(14,951	)
Equity Residential, REIT		(80	)		(5,730	)
Essex Property Trust, Inc., REIT		(15	)		(4,078	)
Extra Space Storage, Inc., REIT		(28	)		(3,711	)
Federal Realty Investment Trust, REIT		(17	)		(1,725	)
Healthpeak Properties, Inc., REIT		(116	)		(3,682	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Real Estate — (Continued)
Host Hotels & Resorts, Inc., REIT		(161	)	$	(2,713	)
Iron Mountain, Inc., REIT		(60	)		(2,221	)
Mid-America Apartment Communities, Inc., REIT		(23	)		(3,320	)
Prologis, Inc., REIT		(150	)		(15,900	)
Public Storage, REIT		(25	)		(6,169	)
Realty Income Corp., REIT		(74	)		(4,699	)
Regency Centers Corp., REIT		(37	)		(2,098	)
Simon Property Group, Inc., REIT		(26	)		(2,958	)
UDR, Inc., REIT		(64	)		(2,807	)
Vornado Realty Trust, REIT		(41	)		(1,861	)

					(100,183	)

Retailing — (1.8)%
Booking Holdings, Inc.*		(8	)		(18,639	)
CarMax, Inc.*		(33	)		(4,378	)
Etsy, Inc.*		(28	)		(5,647	)
Expedia Group, Inc.		(31	)		(5,335	)
Gap, Inc. (The)		(76	)		(2,263	)
Pool Corp.		(8	)		(2,762	)
Ross Stores, Inc.		(76	)		(9,113	)
TJX Cos., Inc. (The)		(185	)		(12,238	)

					(60,375	)

Semiconductors & Semiconductor Equipment — (2.3)%
Advanced Micro Devices, Inc.*		(271	)		(21,274	)
Analog Devices, Inc.		(21	)		(3,257	)
Enphase Energy, Inc.*		(26	)		(4,216	)
Microchip Technology, Inc.		(19	)		(2,949	)
Monolithic Power Systems, Inc.		(9	)		(3,179	)
NVIDIA Corp.		(55	)		(29,366	)
Skyworks Solutions, Inc.		(34	)		(6,238	)
Xilinx, Inc.		(56	)		(6,938	)

					(77,417	)

Software & Services — (2.8)%
Akamai Technologies, Inc.*		(41	)		(4,178	)
Automatic Data Processing, Inc.		(23	)		(4,335	)
Citrix Systems, Inc.		(27	)		(3,790	)
Fidelity National Information Services, Inc.		(134	)		(18,842	)
FleetCor Technologies, Inc.*		(9	)		(2,418	)
Fortinet, Inc.*		(43	)		(7,930	)
Global Payments, Inc.		(66	)		(13,304	)
Intuit, Inc.		(56	)		(21,451	)
Jack Henry & Associates, Inc.		(17	)		(2,579	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
NortonLifeLock, Inc.		(60	)	$	(1,275	)
Paycom Software, Inc.*		(13	)		(4,811	)
Tyler Technologies, Inc.*		(9	)		(3,821	)
VeriSign, Inc.*		(30	)		(5,963	)

					(94,697	)

Technology Hardware & Equipment — (0.8)%
Arista Networks, Inc.*		(17	)		(5,132	)
FLIR Systems, Inc.		(27	)		(1,525	)
Hewlett Packard Enterprise Co.		(271	)		(4,266	)
IPG Photonics Corp.*		(12	)		(2,531	)
Keysight Technologies, Inc.*		(43	)		(6,166	)
Trimble, Inc.*		(26	)		(2,023	)
Western Digital Corp.		(74	)		(4,939	)

					(26,582	)

Telecommunication Services — (0.9)%
T-Mobile US, Inc.*		(242	)		(30,320	)

Transportation — (1.0)%
Alaska Air Group, Inc.*		(27	)		(1,869	)
American Airlines Group, Inc.*		(128	)		(3,059	)
CH Robinson Worldwide, Inc.		(28	)		(2,672	)
Delta Air Lines, Inc.*		(138	)		(6,663	)
JB Hunt Transport Services, Inc.		(22	)		(3,697	)
Old Dominion Freight Line, Inc.		(24	)		(5,770	)
Southwest Airlines Co.		(126	)		(7,694	)
United Airlines Holdings, Inc.*		(64	)		(3,682	)

					(35,106	)

Utilities — (5.4)%
Alliant Energy Corp.		(61	)		(3,304	)
Ameren Corp.		(62	)		(5,044	)
American Electric Power Co., Inc.		(124	)		(10,503	)
American Water Works Co., Inc.		(41	)		(6,147	)
Atmos Energy Corp.		(30	)		(2,966	)
CenterPoint Energy, Inc.		(126	)		(2,854	)
CMS Energy Corp.		(70	)		(4,285	)
Consolidated Edison, Inc.		(82	)		(6,134	)
DTE Energy Co.		(46	)		(6,124	)
Duke Energy Corp.		(161	)		(15,541	)
Edison International		(90	)		(5,274	)
Entergy Corp.		(50	)		(4,974	)
Evergy, Inc.		(50	)		(2,976	)
Eversource Energy		(82	)		(7,100	)
Exelon Corp.		(219	)		(9,579	)
FirstEnergy Corp.		(136	)		(4,718	)

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

GOTHAM ENHANCED 500 PLUS FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
NextEra Energy, Inc.		(401	)	$	(30,320	)
NiSource, Inc.		(94	)		(2,266	)
Pinnacle West Capital Corp.		(26	)		(2,115	)
PPL Corp.		(161	)		(4,643	)
Public Service Enterprise Group, Inc.		(110	)		(6,623	)
Sempra Energy		(64	)		(8,485	)
Southern Co. (The)		(230	)		(14,297	)
WEC Energy Group, Inc.		(79	)		(7,394	)
Xcel Energy, Inc.		(133	)		(8,846	)

					(182,512	)

TOTAL COMMON STOCKS (Proceeds $1,208,095)					(1,395,816	)

TOTAL SECURITES SOLD SHORT - (41.5)%					(1,395,816	)

(Proceeds $1,208,095)
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%					37,652

NET ASSETS - 100.0%				$	3,363,578

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
LONG POSITIONS — 175.6%
COMMON STOCKS — 175.6%
Automobiles & Components — 2.2%
BorgWarner, Inc.†		1,374	$	63,699
Ford Motor Co.*		8,301		101,687
Gentex Corp.		803		28,643
Magna International, Inc. (Canada)		979		86,191

				280,220

Banks — 0.0%
Fifth Third Bancorp†		31		1,161

Capital Goods — 16.6%
3M Co.†		767		147,786
A.O. Smith Corp.		1,065		72,005
Advanced Drainage Systems, Inc.†		405		41,873
AECOM*		157		10,065
AGCO Corp.†		892		128,136
AMETEK, Inc.†		32		4,087
Carrier Global Corp.†		45		1,900
Caterpillar, Inc.		1		232
Cummins, Inc.†		677		175,417
Dover Corp.†		36		4,937
Eaton Corp. PLC (Ireland)†		18		2,489
EMCOR Group, Inc.		88		9,870
Emerson Electric Co.†		60		5,413
Flowserve Corp.†		240		9,314
Fortive Corp.†		1		71
Fortune Brands Home & Security, Inc.†		458		43,886
General Dynamics Corp.†		23		4,176
Honeywell International, Inc.†		345		74,889
Howmet Aerospace, Inc.†*		1,931		62,043
Hubbell, Inc.†		268		50,087
Johnson Controls International PLC (Ireland)†		2,910		173,640
Lockheed Martin Corp.†		76		28,082
Masco Corp.†		4,893		293,091
MSC Industrial Direct Co., Inc., Class A†		291		26,245
Northrop Grumman Corp.†		45		14,564
Otis Worldwide Corp.†		8		548
Owens Corning†		901		82,973
Parker-Hannifin Corp.		3		946
Pentair PLC (Ireland)†		1,817		113,235
Quanta Services, Inc.†		1,483		130,474
Regal Beloit Corp.†		219		31,247
Roper Technologies, Inc.†		29		11,697


	Number of Shares		Value
COMMON STOCKS — (Continued)
Capital Goods — (Continued)
Sensata Technologies Holding PLC
(United Kingdom)†*		234	$	13,560
Snap-on, Inc.†		261		60,223
Stanley Black & Decker, Inc.		1		200
Timken Co. (The)		12		974
Toro Co. (The)		637		65,700
Trane Technologies PLC (Ireland)†		795		131,620
TransDigm Group, Inc.†*		46		27,044
United Rentals, Inc.†*		86		28,321
Watsco, Inc.†		181		47,196
WW Grainger, Inc.†		31		12,429

				2,142,685

Commercial & Professional Services — 5.0%
Booz Allen Hamilton Holding Corp.†		3,543		285,318
Cintas Corp.†		16		5,461
CoreLogic, Inc.†		1,330		105,402
ManpowerGroup, Inc.†		590		58,351
Ritchie Bros Auctioneers, Inc. (Canada)		226		13,232
Robert Half International, Inc.†		153		11,945
Thomson Reuters Corp. (Canada)		1,480		129,604
TriNet Group, Inc.†*		513		39,993
Waste Management, Inc.��		10		1,290

				650,596

Consumer Durables & Apparel — 5.4%
BRP, Inc., sub-voting shares (Canada)		32		2,781
Brunswick Corp.		411		39,197
Deckers Outdoor Corp.*		551		182,061
Garmin Ltd. (Switzerland)†		86		11,339
Gildan Activewear, Inc. (Canada)†		1,404		43,047
Hanesbrands, Inc.†		144		2,832
Leggett & Platt, Inc.†		21		959
Mattel, Inc.*		261		5,199
Newell Brands, Inc.†		1,048		28,065
Polaris, Inc.		263		35,110
PulteGroup, Inc.†		114		5,978
PVH Corp.†		74		7,822
Tapestry, Inc.†		31		1,278
Tempur Sealy International, Inc.		2,127		77,763
Whirlpool Corp.†		833		183,552
YETI Holdings, Inc.*		1,035		74,737

				701,720

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Services — 1.7%
Airbnb, Inc., Class A*		17	$	3,195
Boyd Gaming Corp.*		495		29,185
Choice Hotels International, Inc.		112		12,016
Darden Restaurants, Inc.†		109		15,478
Marriott Vacations Worldwide Corp.*		23		4,006
McDonald’s Corp.†		278		62,311
Yum! Brands, Inc.†		891		96,388

				222,579

Diversified Financials — 5.4%
American Express Co.†		8		1,132
Berkshire Hathaway, Inc., Class B†*		826		211,018
BlackRock, Inc.†		205		154,562
Discover Financial Services†		95		9,024
Evercore, Inc., Class A		8		1,054
Franklin Resources, Inc.†		185		5,476
Goldman Sachs Group, Inc. (The)†		2		654
Intercontinental Exchange, Inc.†		1		112
Invesco Ltd. (Bermuda)†		4,544		114,600
Morgan Stanley†		21		1,631
Nasdaq, Inc.†		739		108,973
Synchrony Financial†		35		1,423
T Rowe Price Group, Inc.†		545		93,522

				703,181

Energy — 0.7%
Canadian Natural Resources Ltd. (Canada)		908		28,030
Cimarex Energy Co.		261		15,501
Halliburton Co.†		1,111		23,842
New Fortress Energy, Inc.		389		17,859

				85,232

Food & Staples Retailing — 6.6%
BJ’s Wholesale Club Holdings, Inc.†*		4,640		208,150
Kroger Co. (The)†		5,648		203,272
Sysco Corp.†		186		14,646
Walmart, Inc.†		3,141		426,642

				852,710

Food, Beverage & Tobacco — 23.0%
Altria Group, Inc.†		5,080		259,893
Archer-Daniels-Midland Co.†		1,611		91,827
Bunge Ltd. (Bermuda)†		2,661		210,937
Campbell Soup Co.†		6,422		322,834
Conagra Brands, Inc.†		6,079		228,570
Constellation Brands, Inc., Class A†		384		87,552


		Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Flowers Foods, Inc.†			2,669	$	63,522
General Mills, Inc.†			5,262		322,666
Hershey Co. (The)†			201		31,790
JM Smucker Co. (The)†			2,681		339,227
Kellogg Co.†			3,445		218,068
Keurig Dr Pepper, Inc.†			5,234		179,893
Kraft Heinz Co. (The)†			6,321		252,840
Lamb Weston Holdings, Inc.†			43		3,332
Mondelez International, Inc., Class A			2,018		118,114
Philip Morris International, Inc.†			1,877		166,565
Tyson Foods, Inc., Class A†			1,038		77,123

					2,974,753

Health Care Equipment & Services — 9.5%
Abbott Laboratories†			486		58,242
Anthem, Inc.†			4		1,436
Cerner Corp.			614		44,134
CVS Health Corp.†			1,081		81,324
Danaher Corp.†			195		43,891
DaVita, Inc.†*			1,188		128,031
DENTSPLY SIRONA, Inc.†			5		319
Hologic, Inc.†*			4,549		338,355
Laboratory Corp. of America Holdings*			621		158,374
Medtronic PLC (Ireland)†			459		54,222
Quest Diagnostics, Inc.†			1,338		171,719
Quidel Corp.*			1,047		133,943
Universal Health Services, Inc., Class B†			130		17,341

					1,231,331

Household & Personal Products — 5.7%
Clorox Co. (The)†			1,380		266,174
Colgate-Palmolive Co.†			2,830		223,089
Kimberly-Clark Corp.†			267		37,126
Procter & Gamble Co. (The)†			1,599		216,553

	��				742,942

Insurance — 2.4%
Aon PLC, Class A (Ireland)†			209		48,093
Chubb Ltd. (Switzerland)†			14		2,212
Cincinnati Financial Corp.†			39		4,021
Everest Re Group Ltd. (Bermuda)†			5		1,239
Marsh & McLennan Cos., Inc.†			2,103		256,145
MetLife, Inc.†			19		1,155

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Insurance — (Continued)
Travelers Cos., Inc. (The)†		3	$	451

				313,316

Materials — 9.8%
Avery Dennison Corp.		1		184
Barrick Gold Corp. (Canada)		5,421		107,336
Berry Global Group, Inc.*		290		17,806
Celanese Corp.†		19		2,846
Corteva, Inc.		260		12,121
DuPont de Nemours, Inc.†		537		41,499
Eastman Chemical Co.†		705		77,635
FMC Corp.†		26		2,876
Freeport-McMoRan, Inc.		721		23,743
International Paper Co.†		61		3,298
Kinross Gold Corp. (Canada)		4,967		33,130
Linde PLC (Ireland)†		53		14,847
Louisiana-Pacific Corp.		586		32,500
LyondellBasell Industries NV, Class A (Netherlands)†		15		1,561
Newmont Corp.		83		5,002
Nucor Corp.†		164		13,164
Nutrien Ltd. (Canada)†		1,791		96,517
PPG Industries, Inc.†		566		85,047
Reliance Steel & Aluminum Co.		244		37,159
RPM International, Inc.†		1,145		105,168
Scotts Miracle-Gro Co. (The)†		513		125,670
Sealed Air Corp.†		2,919		133,749
Sherwin-Williams Co. (The)†		229		169,004
Sonoco Products Co.†		105		6,646
Southern Copper Corp.†		1,751		118,840

				1,267,348

Media & Entertainment — 8.0%
Activision Blizzard, Inc.†		213		19,809
Alphabet, Inc., Class A†*		185		381,566
Charter Communications, Inc., Class A†*		184		113,532
Comcast Corp., Class A†		6		325
Electronic Arts, Inc.†		80		10,830
Facebook, Inc., Class A†*		781		230,028
Interpublic Group of Cos., Inc. (The)†		61		1,781
Roku, Inc.*		273		88,935
Shaw Communications, Inc., Class B (Canada)†		3,111		81,570
Take-Two Interactive Software, Inc.†*		32		5,654
Walt Disney Co. (The)†*		414		76,391


	Number of Shares		Value
COMMON STOCKS — (Continued)
Media & Entertainment — (Continued)
Warner Music Group Corp., Class A		896	$	30,760

				1,041,181

Pharmaceuticals, Biotechnology & Life Sciences — 19.4%
AbbVie, Inc.†		2,390		258,646
Alexion Pharmaceuticals, Inc.†*		2,779		424,937
Amgen, Inc.		589		146,549
Biogen, Inc.†*		655		183,236
Blueprint Medicines Corp.†*		714		69,422
Gilead Sciences, Inc.†		5,667		366,258
Illumina, Inc.†*		40		15,362
Jazz Pharmaceuticals PLC (Ireland)†*		217		35,668
Johnson & Johnson†		149		24,488
Merck & Co., Inc.		1,588		122,419
PerkinElmer, Inc.†		1,843		236,438
Pfizer, Inc.†		7,654		277,304
Thermo Fisher Scientific, Inc.†		288		131,437
United Therapeutics Corp.†*		1,310		219,124

				2,511,288

Real Estate — 0.4%
CBRE Group, Inc., Class A†*		8		633
Kimco Realty Corp., REIT†		113		2,119
Simon Property Group, Inc., REIT†		6		683
Ventas, Inc., REIT†		165		8,801
Weyerhaeuser Co., REIT†		1,194		42,506

				54,742

Retailing — 19.1%
Advance Auto Parts, Inc.†		429		78,717
Amazon.com, Inc.†*		138		426,983
AutoNation, Inc.†*		590		55,000
AutoZone, Inc.†*		33		46,342
Best Buy Co., Inc.†		99		11,366
eBay, Inc.†		8,364		512,211
Expedia Group, Inc.†		13		2,238
Gap, Inc. (The)†		201		5,986
Genuine Parts Co.†		1,256		145,181
Home Depot, Inc. (The)†		40		12,210
Kohl’s Corp.†		1,261		75,168
L Brands, Inc.*		982		60,747
LKQ Corp.†*		447		18,922
Lowe’s Cos., Inc.†		1,398		265,872
O’Reilly Automotive, Inc.†*		16		8,116
Qurate Retail, Inc., Series A		1,098		12,912

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Target Corp.†		1,265	$	250,559
Tractor Supply Co.†		946		167,518
Ulta Beauty, Inc.†*		6		1,855
Williams-Sonoma, Inc.†		1,721		308,403

				2,466,306

Semiconductors & Semiconductor Equipment — 1.5%
Applied Materials, Inc.†		3		401
NVIDIA Corp.†		2		1,068
Qorvo, Inc.†*		46		8,404
QUALCOMM, Inc.		1,355		179,659
Skyworks Solutions, Inc.†		27		4,954

				194,486

Software & Services — 12.6%
Accenture PLC, Class A (Ireland)†		93		25,691
Amdocs, Ltd. (Guernsey)†		2,338		164,011
CDK Global, Inc.†		1,744		94,281
CGI, Inc. (Canada)†*		569		47,352
FleetCor Technologies, Inc.†*		7		1,880
Mastercard, Inc., Class A†		273		97,202
MAXIMUS, Inc.		21		1,870
Microsoft Corp.†		2,067		487,337
Open Text Corp. (Canada)		529		25,239
Oracle Corp.†		4,053		284,399
Paychex, Inc.†		947		92,825
PayPal Holdings, Inc.†*		322		78,194
SS&C Technologies Holdings, Inc.†		1,437		100,403
Visa, Inc., Class A†		586		124,074
Western Union Co. (The)†		161		3,970

				1,628,728

Technology Hardware & Equipment — 10.6%
Apple, Inc.†		4,607		562,745
Arrow Electronics, Inc.†*		1,779		197,149
CDW Corp.		4		663
Cisco Systems, Inc.†		4,327		223,749
Corning, Inc.		1		44
Dell Technologies, Inc., Class C*		593		52,273
FLIR Systems, Inc.†		53		2,993
HP, Inc.†		2,343		74,390
Jabil, Inc.		252		13,144
Juniper Networks, Inc.†		4,876		123,509
SYNNEX Corp.†		805		92,446
TE Connectivity Ltd. (Switzerland)†		76		9,812


	Number of Shares		Value
COMMON STOCKS — (Continued)
Technology Hardware & Equipment — (Continued)
Vontier Corp.*		732	$	22,158

				1,375,075

Telecommunication Services — 4.3%
AT&T, Inc.†		5,783		175,051
BCE, Inc. (Canada)†		50		2,257
Rogers Communications, Inc., Class B (Canada)†		1,423		65,600
TELUS Corp. (Canada)		36		717
Verizon Communications, Inc.†		5,403		314,184

				557,809

Transportation — 3.6%
Alaska Air Group, Inc.†*		2		138
Canadian National Railway Co. (Canada)†		906		105,078
CSX Corp.†		21		2,025
Expeditors International of Washington, Inc.†		1,911		205,796
FedEx Corp.		195		55,388
JB Hunt Transport Services, Inc.†		2		336
Kansas City Southern†		4		1,056
Norfolk Southern Corp.		24		6,444
Southwest Airlines Co.		109		6,656
TFI International, Inc. (Canada)†		488		36,483
United Parcel Service, Inc., Class B		230		39,098

				458,498

Utilities — 2.1%
Dominion Energy, Inc.		3,283		249,377
NRG Energy, Inc.†		676		25,505

				274,882

TOTAL COMMON STOCKS (Cost $19,167,068)				22,732,769

TOTAL LONG POSITIONS - 175.6%				22,732,769

(Cost $19,167,068)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
SHORT POSITIONS — (76.7)%
COMMON STOCKS — (76.7)%
Automobiles & Components — (0.1)%
Thor Industries, Inc.		(69	)	$	(9,297	)

Banks — (1.4)%
Essent Group Ltd. (Bermuda)		(315	)		(14,959	)
First Horizon Corp.		(2,224	)		(37,608	)
M&T Bank Corp.		(200	)		(30,322	)
South State Corp.		(477	)		(37,449	)
TCF Financial Corp.		(1,289	)		(59,887	)

					(180,225	)

Capital Goods — (8.2)%
AerCap Holdings NV (Netherlands)*		(407	)		(23,907	)
Air Lease Corp.		(20	)		(980	)
Axon Enterprise, Inc.*		(343	)		(48,850	)
Ballard Power Systems, Inc. (Canada)*		(612	)		(14,896	)
Bloom Energy Corp., Class A*		(3,224	)		(87,209	)
Boeing Co. (The)*		(710	)		(180,851	)
BWX Technologies, Inc.		(421	)		(27,761	)
FuelCell Energy, Inc.*		(5,352	)		(77,122	)
Mercury Systems, Inc.*		(677	)		(47,830	)
Plug Power, Inc.*		(2,480	)		(88,883	)
Raytheon Technologies Corp.		(768	)		(59,343	)
Sunrun, Inc.*		(2,491	)		(150,656	)
Virgin Galactic Holdings, Inc.*		(3,917	)		(119,978	)
WillScot Mobile Mini Holdings Corp.*		(4,764	)		(132,201	)

					(1,060,467	)

Commercial & Professional Services — (0.6)%
Clarivate PLC (Jersey)*		(1,265	)		(33,383	)
GFL Environmental, Inc., sub-voting shares (Canada)		(1,458	)		(50,957	)

					(84,340	)

Consumer Durables & Apparel — (1.0)%
Ralph Lauren Corp.		(242	)		(29,805	)
Skechers U.S.A., Inc., Class A*		(2,451	)		(102,231	)

					(132,036	)

Consumer Services — (0.3)%
Aramark		(928	)		(35,060	)
Bright Horizons Family Solutions, Inc.*		(5	)		(857	)
Planet Fitness, Inc., Class A*		(12	)		(928	)

					(36,845	)

Diversified Financials — (0.1)%
Credit Acceptance Corp.*		(31	)		(11,167	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Energy — (2.1)%
Chevron Corp.		(1,458	)	$	(152,784	)
Exxon Mobil Corp.		(1,084	)		(60,520	)
Imperial Oil Ltd. (Canada)		(1,037	)		(25,075	)
Suncor Energy, Inc. (Canada)		(1,606	)		(33,565	)

					(271,944	)

Food & Staples Retailing — (0.1)%
Grocery Outlet Holding Corp.*		(308	)		(11,362	)
Performance Food Group Co.*		(76	)		(4,378	)

					(15,740	)

Food, Beverage & Tobacco — (0.8)%
Beyond Meat, Inc.*		(660	)		(85,879	)
Freshpet, Inc.*		(90	)		(14,293	)

					(100,172	)

Health Care Equipment & Services — (5.9)%
1Life Healthcare, Inc.*		(1,731	)		(67,648	)
Dexcom, Inc.*		(157	)		(56,424	)
Guardant Health, Inc.*		(498	)		(76,020	)
HealthEquity, Inc.*		(1,139	)		(77,452	)
Insulet Corp.*		(238	)		(62,099	)
iRhythm Technologies, Inc.*		(72	)		(9,998	)
Masimo Corp.*		(23	)		(5,282	)
Neogen Corp.*		(108	)		(9,600	)
Nevro Corp.*		(246	)		(34,317	)
Novocure Ltd. (Jersey)*		(162	)		(21,413	)
Oak Street Health, Inc.*		(359	)		(19,483	)
Penumbra, Inc.*		(404	)		(109,314	)
Schrodinger, Inc.*		(446	)		(34,025	)
SmileDirectClub, Inc.*		(4,661	)		(48,055	)
Tandem Diabetes Care, Inc.*		(671	)		(59,216	)
Teladoc Health, Inc.*		(399	)		(72,518	)

					(762,864	)

Household & Personal Products — (1.0)%
Coty, Inc., Class A*		(14,069	)		(126,762	)

Insurance — (0.3)%
Alleghany Corp.*		(2	)		(1,253	)
Arch Capital Group Ltd. (Bermuda)*		(115	)		(4,413	)
Athene Holding Ltd., Class A (Bermuda)*		(71	)		(3,578	)
Reinsurance Group Of America, Inc.		(58	)		(7,311	)
Unum Group		(811	)		(22,570	)

					(39,125	)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Materials — (2.9)%
Cleveland-Cliffs, Inc.		(7,167	)	$	(144,128	)
Kirkland Lake Gold Ltd. (Canada)		(1,256	)		(42,453	)
Novagold Resources, Inc. (Canada)*		(132	)		(1,156	)
Steel Dynamics, Inc.		(2,107	)		(106,951	)
Teck Resources Ltd., Class B (Canada)		(4,198	)		(80,518	)

					(375,206	)

Media & Entertainment — (1.5)%
Angi, Inc*		(931	)		(12,103	)
TripAdvisor, Inc.*		(2,479	)		(133,345	)
Zynga, Inc., Class A*		(4,587	)		(46,833	)

					(192,281	)

Pharmaceuticals, Biotechnology & Life Sciences — (16.7)%
10X Genomics, Inc., Class A*		(15	)		(2,715	)
ACADIA Pharmaceuticals, Inc.*		(1,496	)		(38,597	)
Acceleron Pharma, Inc.*		(486	)		(65,906	)
Adaptive Biotechnologies Corp.*		(1,071	)		(43,119	)
Agios Pharmaceuticals, Inc.*		(160	)		(8,262	)
Allakos, Inc.*		(610	)		(70,016	)
Allogene Therapeutics, Inc.*		(1,358	)		(47,937	)
Alnylam Pharmaceuticals, Inc.*		(723	)		(102,080	)
Amicus Therapeutics, Inc.*		(1,844	)		(18,219	)
Arrowhead Pharmaceuticals, Inc.*		(381	)		(25,264	)
Beam Therapeutics, Inc.*		(52	)		(4,162	)
Biohaven Pharmaceutical Holding Co. Ltd. (British Virgin Islands)*		(821	)		(56,115	)
BioMarin Pharmaceutical, Inc.*		(309	)		(23,333	)
Bluebird Bio, Inc.*		(748	)		(22,552	)
Bridgebio Pharma, Inc.*		(1,143	)		(70,409	)
ChemoCentryx, Inc.*		(587	)		(30,078	)
Editas Medicine, Inc.*		(30	)		(1,260	)
Elanco Animal Health, Inc.*		(5,854	)		(172,400	)
Exact Sciences Corp.*		(275	)		(36,240	)
Exelixis, Inc.*		(1,060	)		(23,945	)
Fate Therapeutics, Inc.*		(439	)		(36,196	)
FibroGen, Inc.*		(919	)		(31,899	)
Global Blood Therapeutics, Inc.*		(1,191	)		(48,533	)
Invitae Corp.*		(2,020	)		(77,184	)
Ionis Pharmaceuticals, Inc.*		(570	)		(25,627	)
Iovance Biotherapeutics, Inc.*		(2,007	)		(63,542	)
Kodiak Sciences, Inc.*		(454	)		(51,479	)
Mirati Therapeutics, Inc.*		(310	)		(53,103	)
Moderna, Inc.*		(602	)		(78,832	)
Nektar Therapeutics*		(3,042	)		(60,840	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
NeoGenomics, Inc.*		(930	)	$	(44,854	)
Novavax, Inc.*		(632	)		(114,588	)
Pacific Biosciences of California, Inc.*		(2,133	)		(71,050	)
PTC Therapeutics, Inc.*		(593	)		(28,079	)
Reata Pharmaceuticals, Inc., Class A*		(551	)		(54,935	)
Repligen Corp.*		(17	)		(3,305	)
Sarepta Therapeutics, Inc.*		(1,363	)		(101,584	)
TG Therapeutics, Inc.*		(293	)		(14,123	)
Tilray, Inc.*		(1,304	)		(29,640	)
Turning Point Therapeutics, Inc.*		(287	)		(27,147	)
Twist Bioscience Corp.*		(357	)		(44,218	)
Ultragenyx Pharmaceutical, Inc.*		(103	)		(11,728	)
Viatris, Inc.*		(12,394	)		(173,144	)
Vir Biotechnology, Inc.*		(1,136	)		(58,243	)

					(2,166,482	)

Real Estate — (1.8)%
Boston Properties, Inc., REIT		(217	)		(21,973	)
Brixmor Property Group, Inc., REIT		(535	)		(10,823	)
Douglas Emmett, Inc., REIT		(153	)		(4,804	)
Equinix, Inc., REIT		(57	)		(38,737	)
eXp World Holdings, Inc.*		(444	)		(20,224	)
Federal Realty Investment Trust, REIT		(145	)		(14,710	)
Host Hotels & Resorts, Inc., REIT		(1,314	)		(22,141	)
Kilroy Realty Corp., REIT		(92	)		(6,038	)
Rayonier, Inc., REIT		(493	)		(15,899	)
Regency Centers Corp., REIT		(532	)		(30,170	)
Vornado Realty Trust, REIT		(919	)		(41,713	)

					(227,232	)

Retailing — (9.2)%
Bed Bath & Beyond, Inc.		(449	)		(13,088	)
Booking Holdings, Inc.*		(4	)		(9,319	)
Burlington Stores, Inc.*		(39	)		(11,653	)
Carvana Co.*		(358	)		(93,939	)
Chewy, Inc., Class A*		(577	)		(48,878	)
Dollar General Corp.		(101	)		(20,465	)
Dollar Tree, Inc.*		(39	)		(4,464	)
Five Below, Inc.*		(388	)		(74,027	)
Floor & Decor Holdings, Inc., Class A*		(1,049	)		(100,159	)
Grubhub, Inc.*		(917	)		(55,020	)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Leslie’s, Inc.*		(595	)	$	(14,572	)
Lithia Motors, Inc., Class A		(146	)		(56,953	)
Magnite, Inc.*		(2,312	)		(96,202	)
Nordstrom, Inc.		(1,959	)		(74,187	)
Ollie’s Bargain Outlet Holdings, Inc.*		(1,693	)		(147,291	)
Petco Health & Wellness Co., Inc.*		(2,377	)		(52,674	)
RH*		(408	)		(243,413	)
Stitch Fix, Inc., Class A*		(1,401	)		(69,406	)

					(1,185,710	)

Semiconductors & Semiconductor Equipment — (0.5)%
Cree, Inc.*		(316	)		(34,169	)
Inphi Corp.*		(69	)		(12,310	)
Silicon Laboratories, Inc.*		(158	)		(22,289	)

					(68,768	)

Software & Services — (9.8)%
Alteryx, Inc., Class A*		(595	)		(49,361	)
Anaplan, Inc.*		(1,043	)		(56,166	)
Appfolio, Inc., Class A*		(407	)		(57,554	)
Atlassian Corp. PLC, Class A (United Kingdom)*		(124	)		(26,134	)
Avalara, Inc.*		(71	)		(9,474	)
Bill.com Holdings, Inc.*		(37	)		(5,383	)
Ceridian HCM Holding, Inc.*		(51	)		(4,298	)
Cloudera, Inc.*		(3,056	)		(37,192	)
Coupa Software, Inc.*		(82	)		(20,867	)
Datadog, Inc., Class A*		(160	)		(13,334	)
Digital Turbine, Inc.*		(255	)		(20,492	)
Dropbox, Inc., Class A*		(2,880	)		(76,781	)
Dynatrace, Inc.*		(713	)		(34,395	)
Envestnet, Inc.*		(106	)		(7,656	)
Euronet Worldwide, Inc.*		(124	)		(17,149	)
Everbridge, Inc.*		(299	)		(36,233	)
Fastly, Inc., Class A*		(676	)		(45,481	)
FireEye, Inc.*		(818	)		(16,008	)
Guidewire Software, Inc.*		(79	)		(8,029	)
Lightspeed POS, Inc., sub-voting shares (Canada)*		(742	)		(46,605	)
LiveRamp Holdings, Inc.*		(174	)		(9,027	)
Medallia, Inc.*		(2,655	)		(74,048	)
MongoDB, Inc.*		(49	)		(13,104	)
New Relic, Inc.*		(125	)		(7,685	)
Nutanix, Inc., Class A*		(4,162	)		(110,543	)
Okta, Inc.*		(72	)		(15,871	)
Proofpoint, Inc.*		(879	)		(110,569	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Q2 Holdings, Inc.*		(114	)	$	(11,423	)
RingCentral, Inc., Class A*		(193	)		(57,491	)
Slack Technologies, Inc., Class A*		(2,587	)		(105,110	)
Smartsheet, Inc., Class A*		(1,032	)		(65,965	)
SolarWinds Corp.*		(530	)		(9,243	)
Splunk, Inc.*		(239	)		(32,380	)
Switch, Inc., Class A		(2,487	)		(40,439	)
Wex, Inc.*		(95	)		(19,876	)

					(1,271,366	)

Technology Hardware & Equipment — (1.3)%
3D Systems Corp.*		(1,298	)		(35,617	)
Pure Storage, Inc., Class A*		(3,275	)		(70,544	)
Western Digital Corp.		(934	)		(62,344	)

					(168,505	)

Transportation — (2.0)%
Lyft, Inc., Class A*		(2,770	)		(175,009	)
Uber Technologies, Inc.*		(1,578	)		(86,017	)

					(261,026	)

Utilities — (9.1)%
Algonquin Power & Utilities Corp. (Canada)		(41	)		(649	)
Ameren Corp.		(1,069	)		(86,974	)
American Electric Power Co., Inc.		(394	)		(33,372	)
Atmos Energy Corp.		(1,004	)		(99,245	)
Avangrid, Inc.		(1,404	)		(69,933	)
Black Hills Corp.		(366	)		(24,438	)
CenterPoint Energy, Inc.		(3,531	)		(79,977	)
CMS Energy Corp.		(699	)		(42,793	)
DTE Energy Co.		(402	)		(53,522	)
Edison International		(2,092	)		(122,591	)
Entergy Corp.		(1,089	)		(108,323	)
Essential Utilities, Inc.		(2,785	)		(124,629	)
Eversource Energy		(966	)		(83,646	)
NextEra Energy, Inc.		(30	)		(2,268	)
ONE Gas, Inc.		(17	)		(1,308	)
Ormat Technologies, Inc.		(75	)		(5,890	)
Pinnacle West Capital Corp.		(105	)		(8,542	)
PPL Corp.		(1,477	)		(42,597	)
Sempra Energy		(763	)		(101,159	)
Southwest Gas Holdings, Inc.		(85	)		(5,840	)
WEC Energy Group, Inc.		(450	)		(42,116	)

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

GOTHAM HEDGED PLUS FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Xcel Energy, Inc.		(583	)	$	(38,775	)

					(1,178,587	)

TOTAL COMMON STOCK (Proceeds $10,318,899)					(9,926,147	)

TOTAL SECURITES SOLD SHORT - (76.7)%					(9,926,147	)

(Proceeds $10,318,899)
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1%					142,727

NET ASSETS - 100.0%				$	12,949,349

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM NEUTRAL 500 FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
LONG POSITIONS — 121.6%
COMMON STOCKS — 121.6%
Automobiles & Components — 1.9%
Aptiv PLC (Jersey)†*		2	$	276
Ford Motor Co.†*		1,999		24,488
General Motors Co.†		255		14,652

				39,416

Capital Goods — 24.1%
3M Co.†		114		21,965
A.O. Smith Corp.†		152		10,277
AMETEK, Inc.†		127		16,222
Carrier Global Corp.†		582		24,572
Caterpillar, Inc.†		2		464
Cummins, Inc.†		105		27,207
Dover Corp.†		48		6,582
Eaton Corp. PLC (Ireland)†		93		12,860
Emerson Electric Co.†		177		15,969
Fastenal Co.		2		101
Fortive Corp.†		308		21,757
Fortune Brands Home & Security, Inc.†		101		9,678
General Dynamics Corp.†		38		6,899
Howmet Aerospace, Inc.†*		1,915		61,529
Illinois Tool Works, Inc.†		16		3,544
Johnson Controls International PLC (Ireland)†		552		32,938
Lockheed Martin Corp.†		20		7,390
Masco Corp.†		400		23,960
Parker-Hannifin Corp.†		69		21,765
Pentair PLC (Ireland)†		204		12,713
Quanta Services, Inc.†		677		59,562
Snap-on, Inc.†		70		16,152
Stanley Black & Decker, Inc.†		56		11,181
Trane Technologies PLC (Ireland)†		190		31,456
United Rentals, Inc.†*		115		37,871
WW Grainger, Inc.†		25		10,023

				504,637

Commercial & Professional Services — 1.1%
Cintas Corp.†		13		4,437
Jacobs Engineering Group, Inc.†		67		8,661
Republic Services, Inc.†		7		695
Robert Half International, Inc.†		118		9,212

				23,005

Consumer Durables & Apparel — 8.0%
Garmin Ltd. (Switzerland)†		33		4,351
Hanesbrands, Inc.†		710		13,966


	Number of Shares		Value
COMMON STOCKS — (Continued)
Consumer Durables & Apparel — (Continued)
Hasbro, Inc.†		8	$	769
Leggett & Platt, Inc.		6		274
Mohawk Industries, Inc.��*		183		35,193
Newell Brands, Inc.†		878		23,513
PVH Corp.†		436		46,085
Tapestry, Inc.†		351		14,465
Whirlpool Corp.†		131		28,866

				167,482

Consumer Services — 1.2%
McDonald’s Corp.		1		224
MGM Resorts International†		539		20,477
Yum! Brands, Inc.		35		3,786

				24,487

Diversified Financials — 5.4%
Berkshire Hathaway, Inc., Class B†*		31		7,920
BlackRock, Inc.†		28		21,111
Goldman Sachs Group, Inc. (The)†		16		5,232
Invesco Ltd. (Bermuda)†		2,391		60,301
Morgan Stanley		25		1,941
Nasdaq, Inc.		12		1,770
S&P Global, Inc.		3		1,059
T Rowe Price Group, Inc.†		86		14,758

				114,092

Energy — 2.2%
Halliburton Co.†		1,230		26,396
NOV, Inc.†		240		3,293
Occidental Petroleum Corp.†		602		16,025

				45,714

Food & Staples Retailing — 3.1%
Kroger Co. (The)†		158		5,686
Sysco Corp.†		356		28,031
Walmart, Inc.†		230		31,241

				64,958

Food, Beverage & Tobacco — 11.6%
Altria Group, Inc.†		558		28,547
Archer-Daniels-Midland Co.†		106		6,042
Campbell Soup Co.†		403		20,259
Coca-Cola Co. (The)†		105		5,535
Conagra Brands, Inc.†		493		18,537
General Mills, Inc.†		366		22,443
Hershey Co. (The)†		55		8,699
JM Smucker Co. (The)†		197		24,926
Kellogg Co.†		220		13,926

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

GOTHAM NEUTRAL 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Food, Beverage & Tobacco — (Continued)
Kraft Heinz Co. (The)†		649	$	25,960
Molson Coors Beverage Co., Class B†		150		7,672
Mondelez International, Inc., Class A†		298		17,442
Philip Morris International, Inc.†		342		30,349
Tyson Foods, Inc., Class A†		187		13,894

				244,231

Health Care Equipment & Services — 6.1%
AmerisourceBergen Corp.		12		1,417
Cerner Corp.†		248		17,826
CVS Health Corp.†		271		20,387
DaVita, Inc.†*		86		9,268
HCA Healthcare, Inc.†		68		12,807
Hologic, Inc.†*		313		23,281
Laboratory Corp. of America Holdings†*		93		23,718
McKesson Corp.†		37		7,216
Quest Diagnostics, Inc.†		70		8,984
Varian Medical Systems, Inc.*		18		3,178

				128,082

Household & Personal Products — 2.5%
Clorox Co. (The)†		49		9,451
Colgate-Palmolive Co.†		261		20,575
Kimberly-Clark Corp.		12		1,669
Procter & Gamble Co. (The)†		149		20,179

				51,874

Insurance — 2.8%
Aon PLC, Class A (Ireland)†		77		17,718
Arthur J Gallagher & Co.†		57		7,112
Marsh & McLennan Cos., Inc.†		254		30,937
Principal Financial Group, Inc.†		39		2,338

				58,105

Materials — 10.8%
Celanese Corp.†		2		300
Corteva, Inc.†		247		11,515
Dow, Inc.†		213		13,619
DuPont de Nemours, Inc.†		734		56,724
Eastman Chemical Co.†		261		28,741
FMC Corp.†		133		14,711
Freeport-McMoRan, Inc.		129		4,248
International Paper Co.†		466		25,197


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
LyondellBasell Industries NV, Class A (Netherlands)†		2	$	208
Newmont Corp.		80		4,822
Packaging Corp. of America†		35		4,707
PPG Industries, Inc.†		111		16,679
Sealed Air Corp.†		491		22,498
Sherwin-Williams Co. (The)†		29		21,402
Westrock Co.		5		260

				225,631

Media & Entertainment — 1.6%
Charter Communications, Inc., Class A†*		17		10,489
DISH Network Corp., Class A*		7		253
Interpublic Group of Cos., Inc. (The)†		630		18,396
News Corp., Class A		15		381
Omnicom Group, Inc.		55		4,078

				33,597

Pharmaceuticals, Biotechnology & Life Sciences — 7.2%
AbbVie, Inc.†		122		13,203
Alexion Pharmaceuticals, Inc.†*		147		22,478
Amgen, Inc.†		32		7,962
Biogen, Inc.†*		93		26,017
Gilead Sciences, Inc.†		301		19,454
Johnson & Johnson		6		986
Merck & Co., Inc.†		211		16,266
PerkinElmer, Inc.†		133		17,063
Pfizer, Inc.†		676		24,491
Thermo Fisher Scientific, Inc.†		9		4,107

				152,027

Real Estate — 1.2%
Weyerhaeuser Co., REIT†		708		25,205

Retailing — 13.3%
Advance Auto Parts, Inc.†		134		24,588
Amazon.com, Inc.†*		1		3,094
AutoZone, Inc.†*		4		5,617
Best Buy Co., Inc.†		237		27,210
Dollar General Corp.†		58		11,752
Dollar Tree, Inc.†*		145		16,597
eBay, Inc.†		384		23,516
Genuine Parts Co.†		268		30,978
Home Depot, Inc. (The)†		58		17,704
L Brands, Inc.†*		283		17,506
LKQ Corp.†*		869		36,785

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

GOTHAM NEUTRAL 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Retailing — (Continued)
Lowe’s Cos., Inc.†		117	$	22,251
O’Reilly Automotive, Inc.†*		22		11,160
Target Corp.†		114		22,580
Tractor Supply Co.†		29		5,135
Ulta Beauty, Inc.*		9		2,783

				279,256

Semiconductors & Semiconductor Equipment — 1.7%
Applied Materials, Inc.		31		4,142
Intel Corp.†		271		17,344
KLA Corp.		5		1,652
NXP Semiconductors NV (Netherlands)		2		403
QUALCOMM, Inc.†		92		12,198

				35,739

Software & Services — 3.6%
Accenture PLC, Class A (Ireland)†		18		4,972
Gartner, Inc.†*		40		7,302
International Business Machines Corp.†		166		22,121
Oracle Corp.†		391		27,436
Western Union Co. (The)†		565		13,933

				75,764

Technology Hardware & Equipment — 4.5%
Apple, Inc.†		61		7,451
CDW Corp.		3		497
Cisco Systems, Inc.†		603		31,181
Corning, Inc.†		186		8,093
HP, Inc.†		773		24,543
Juniper Networks, Inc.†		857		21,708

				93,473

Telecommunication Services — 3.0%
AT&T, Inc.†		973		29,453
Verizon Communications, Inc.†		560		32,564

				62,017

Transportation — 2.0%
CSX Corp.		33		3,182
Expeditors International of Washington, Inc.†		40		4,308
FedEx Corp.†		53		15,054
Norfolk Southern Corp.†		33		8,861
Union Pacific Corp.†		23		5,069
United Parcel Service, Inc., Class B†		37		6,290

				42,764


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — 2.7%
Dominion Energy, Inc.†		520		$	39,499
NRG Energy, Inc.†		461			17,394

					56,893

TOTAL COMMON STOCKS (Cost $1,875,879)					2,548,449

TOTAL LONG POSITIONS - 121.6%					2,548,449

(Cost $1,875,879)

SHORT POSITIONS — (97.1)%
COMMON STOCKS — (97.1)%
Automobiles & Components — (1.1)%
BorgWarner, Inc.		(413	)		(19,147	)
Tesla, Inc.*		(7	)		(4,676	)

					(23,823	)

Banks — (2.6)%
Comerica, Inc.		(49	)		(3,515	)
Huntington Bancshares, Inc.		(32	)		(503	)
KeyCorp.		(376	)		(7,512	)
M&T Bank Corp.		(77	)		(11,674	)
People’s United Financial, Inc.		(345	)		(6,176	)
Regions Financial Corp.		(1	)		(21	)
Truist Financial Corp.		(319	)		(18,604	)
Wells Fargo & Co.		(173	)		(6,759	)

					(54,764	)

Capital Goods — (3.9)%
Boeing Co. (The)*		(80	)		(20,378	)
Ingersoll Rand, Inc.*		(337	)		(16,584	)
Raytheon Technologies Corp.		(490	)		(37,862	)
Teledyne Technologies, Inc.*		(4	)		(1,655	)
TransDigm Group, Inc.*		(10	)		(5,879	)

					(82,358	)

Commercial & Professional Services — (0.3)%
Copart, Inc.*		(17	)		(1,846	)
Equifax, Inc.		(10	)		(1,811	)
Rollins, Inc.		(40	)		(1,377	)
Waste Management, Inc.		(7	)		(903	)

					(5,937	)

Consumer Durables & Apparel — (1.1)%
NVR, Inc.*		(2	)		(9,422	)
Ralph Lauren Corp.		(112	)		(13,794	)

					(23,216	)

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

GOTHAM NEUTRAL 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Consumer Services — (7.2)%
Caesars Entertainment, Inc.*		(365	)	$	(31,919	)
Carnival Corp. (Panama)*		(860	)		(22,824	)
Chipotle Mexican Grill, Inc.*		(4	)		(5,683	)
Darden Restaurants, Inc.		(19	)		(2,698	)
Domino’s Pizza, Inc.		(5	)		(1,839	)
Hilton Worldwide Holdings, Inc.*		(128	)		(15,478	)
Las Vegas Sands Corp.		(162	)		(9,843	)
Marriott International, Inc., Class A*		(36	)		(5,332	)
Norwegian Cruise Line Holdings Ltd. (Bermuda)*		(869	)		(23,976	)
Penn National Gaming, Inc.*		(2	)		(210	)
Royal Caribbean Cruises Ltd. (Liberia)		(246	)		(21,060	)
Starbucks Corp.		(4	)		(438	)
Wynn Resorts Ltd.*		(77	)		(9,653	)

					(150,953	)

Diversified Financials — (1.6)%
Cboe Global Markets, Inc.		(8	)		(790	)
Charles Schwab Corp. (The)		(77	)		(5,019	)
MarketAxess Holdings, Inc.		(16	)		(7,967	)
MSCI, Inc.		(37	)		(15,513	)
Northern Trust Corp.		(15	)		(1,577	)
State Street Corp.		(35	)		(2,940	)

					(33,806	)

Energy — (9.6)%
Cabot Oil & Gas Corp.		(955	)		(17,935	)
Chevron Corp.		(182	)		(19,072	)
ConocoPhillips		(379	)		(20,076	)
EOG Resources, Inc.		(103	)		(7,471	)
Exxon Mobil Corp.		(304	)		(16,972	)
Hess Corp.		(234	)		(16,558	)
HollyFrontier Corp.		(651	)		(23,293	)
Marathon Petroleum Corp.		(284	)		(15,191	)
ONEOK, Inc.		(207	)		(10,487	)
Phillips 66		(258	)		(21,037	)
Pioneer Natural Resources Co.		(76	)		(12,070	)
Valero Energy Corp.		(299	)		(21,408	)

					(201,570	)

Health Care Equipment & Services — (8.0)%
ABIOMED, Inc.*		(18	)		(5,737	)
Align Technology, Inc.*		(26	)		(14,080	)
Boston Scientific Corp.*		(103	)		(3,981	)
Cardinal Health, Inc.		(92	)		(5,589	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Health Care Equipment & Services — (Continued)
Centene Corp.*		(110	)	$	(7,030	)
Cooper Cos., Inc. (The)		(39	)		(14,980	)
DENTSPLY SIRONA, Inc.		(60	)		(3,829	)
Dexcom, Inc.*		(82	)		(29,470	)
Edwards Lifesciences Corp.*		(182	)		(15,222	)
Intuitive Surgical, Inc.*		(20	)		(14,779	)
ResMed, Inc.		(59	)		(11,447	)
STERIS PLC (Ireland)		(3	)		(571	)
Teleflex, Inc.		(38	)		(15,787	)
Universal Health Services, Inc., Class B		(26	)		(3,468	)
West Pharmaceutical Services, Inc.		(28	)		(7,890	)
Zimmer Biomet Holdings, Inc.		(84	)		(13,447	)

					(167,307	)

Insurance — (4.1)%
Aflac, Inc.		(57	)		(2,917	)
Chubb Ltd. (Switzerland)		(41	)		(6,477	)
Cincinnati Financial Corp.		(134	)		(13,814	)
Everest Re Group Ltd. (Bermuda)		(59	)		(14,621	)
Globe Life, Inc.		(60	)		(5,798	)
Lincoln National Corp.		(140	)		(8,718	)
Loews Corp.		(77	)		(3,949	)
Unum Group		(937	)		(26,077	)
W R Berkley Corp.		(58	)		(4,370	)

					(86,741	)

Materials — (2.1)%
Air Products And Chemicals, Inc.		(53	)		(14,911	)
Albemarle Corp.		(18	)		(2,630	)
Ball Corp.		(222	)		(18,812	)
International Flavors & Fragrances, Inc.		(25	)		(3,490	)
Vulcan Materials Co.		(28	)		(4,725	)

					(44,568	)

Media & Entertainment — (1.1)%
Live Nation Entertainment, Inc.*		(217	)		(18,369	)
Walt Disney Co. (The)*		(23	)		(4,244	)

					(22,613	)

Pharmaceuticals, Biotechnology & Life Sciences — (4.2)%
Bristol-Myers Squibb Co.		(42	)		(2,651	)
Catalent, Inc.*		(178	)		(18,745	)
Eli Lilly & Co.		(16	)		(2,989	)
IQVIA Holdings, Inc.*		(73	)		(14,099	)
Perrigo Co. PLC (Ireland)		(374	)		(15,136	)

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

GOTHAM NEUTRAL 500 FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Viatris, Inc.*		(2,482	)	$	(34,674	)

					(88,294	)

Real Estate — (5.4)%
Boston Properties, Inc., REIT		(80	)		(8,101	)
Digital Realty Trust, Inc., REIT		(86	)		(12,112	)
Equinix, Inc., REIT		(35	)		(23,786	)
Equity Residential, REIT		(12	)		(860	)
Federal Realty Investment Trust, REIT		(116	)		(11,768	)
Healthpeak Properties, Inc., REIT		(38	)		(1,206	)
Host Hotels & Resorts, Inc., REIT		(364	)		(6,133	)
Kimco Realty Corp., REIT		(414	)		(7,762	)
Realty Income Corp., REIT		(62	)		(3,937	)
Regency Centers Corp., REIT		(182	)		(10,321	)
Simon Property Group, Inc., REIT		(59	)		(6,712	)
UDR, Inc., REIT		(20	)		(877	)
Ventas, Inc., REIT		(12	)		(640	)
Vornado Realty Trust, REIT		(332	)		(15,069	)
Welltower, Inc., REIT		(47	)		(3,367	)

					(112,651	)

Retailing — (4.3)%
Booking Holdings, Inc.*		(5	)		(11,649	)
Etsy, Inc.*		(83	)		(16,739	)
Expedia Group, Inc.		(61	)		(10,499	)
Gap, Inc. (The)		(823	)		(24,509	)
Pool Corp.		(29	)		(10,012	)
Ross Stores, Inc.		(131	)		(15,708	)

					(89,116	)

Semiconductors & Semiconductor Equipment — (4.3)%
Advanced Micro Devices, Inc.*		(332	)		(26,062	)
Enphase Energy, Inc.*		(160	)		(25,946	)
Monolithic Power Systems, Inc.		(61	)		(21,546	)
NVIDIA Corp.		(28	)		(14,950	)
Skyworks Solutions, Inc.		(8	)		(1,468	)

					(89,972	)

Software & Services — (4.6)%
Akamai Technologies, Inc.*		(185	)		(18,852	)
Citrix Systems, Inc.		(26	)		(3,649	)
Fidelity National Information Services, Inc.		(52	)		(7,312	)
Fortinet, Inc.*		(100	)		(18,442	)
Global Payments, Inc.		(63	)		(12,700	)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Intuit, Inc.		(6	)	$	(2,298	)
Jack Henry & Associates, Inc.		(18	)		(2,731	)
Paycom Software, Inc.*		(58	)		(21,463	)
Tyler Technologies, Inc.*		(20	)		(8,491	)

					(95,938	)

Technology Hardware & Equipment — (2.3)%
Arista Networks, Inc.*		(37	)		(11,170	)
FLIR Systems, Inc.		(90	)		(5,082	)
Hewlett Packard Enterprise Co.		(280	)		(4,407	)
IPG Photonics Corp.*		(40	)		(8,438	)
Western Digital Corp.		(282	)		(18,824	)

					(47,921	)

Telecommunication Services — (1.2)%
T-Mobile US, Inc.*		(193	)		(24,181	)

Transportation — (6.3)%
Alaska Air Group, Inc.*		(364	)		(25,192	)
American Airlines Group, Inc.*		(1,195	)		(28,560	)
Delta Air Lines, Inc.*		(494	)		(23,850	)
JB Hunt Transport Services, Inc.		(47	)		(7,899	)
Southwest Airlines Co.		(349	)		(21,310	)
United Airlines Holdings, Inc.*		(447	)		(25,720	)

					(132,531	)

Utilities — (21.8)%
Alliant Energy Corp.		(103	)		(5,578	)
Ameren Corp.		(310	)		(25,222	)
American Electric Power Co., Inc.		(250	)		(21,175	)
American Water Works Co., Inc.		(82	)		(12,293	)
Atmos Energy Corp.		(300	)		(29,655	)
CenterPoint Energy, Inc.		(1,144	)		(25,912	)
CMS Energy Corp.		(355	)		(21,733	)
Consolidated Edison, Inc.		(245	)		(18,326	)
DTE Energy Co.		(180	)		(23,965	)
Edison International		(548	)		(32,113	)
Entergy Corp.		(206	)		(20,491	)
Evergy, Inc.		(234	)		(13,930	)
Eversource Energy		(343	)		(29,700	)
Exelon Corp.		(86	)		(3,762	)
FirstEnergy Corp.		(429	)		(14,882	)
NextEra Energy, Inc.		(170	)		(12,854	)
Pinnacle West Capital Corp.		(336	)		(27,334	)
PPL Corp.		(749	)		(21,601	)
Public Service Enterprise Group, Inc.		(153	)		(9,212	)
Sempra Energy		(233	)		(30,891	)

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

GOTHAM NEUTRAL 500 FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)


	Number of Shares			Value
COMMON STOCKS — (Continued)
Utilities — (Continued)
Southern Co. (The)		(221	)	$	(13,737	)
WEC Energy Group, Inc.		(215	)		(20,122	)
Xcel Energy, Inc.		(337	)		(22,414	)

					(456,902	)

TOTAL COMMON STOCK (Proceeds $1,947,488)					(2,035,162	)

TOTAL SECURITES SOLD SHORT - (97.1)%					(2,035,162	)

(Proceeds $1,947,488)

OTHER ASSETS IN EXCESS OF LIABILITIES - 75.5%					1,581,838

NET ASSETS - 100.0%				$	2,095,125

†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

REIT	Real Estate Investment Trust

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — 97.5%
Automobiles & Components — 3.8%
Aptiv PLC (Jersey)*		197	$	27,166
Ford Motor Co.^(a)*		2,416		29,596
Gentex Corp.^(a)		582		20,760
Harley-Davidson, Inc.^(a)		88		3,529
Magna International, Inc. (Canada)		351		30,902

				111,953

Capital Goods — 10.7%
3M Co.^(a)		26		5,010
A.O. Smith Corp.^(a)		253		17,105
Advanced Drainage Systems, Inc.		61		6,307
Aerojet Rocketdyne Holdings, Inc.		3		141
AMETEK, Inc.^(a)		123		15,711
Builders FirstSource, Inc.*		119		5,518
Donaldson Co., Inc.^(a)		364		21,170
EMCOR Group, Inc.		130		14,581
Emerson Electric Co.		81		7,308
Flowserve Corp.		17		660
Fortive Corp.^(a)		578		40,830
Howmet Aerospace, Inc.^(a)*		469		15,069
Ingersoll Rand, Inc.*		92		4,527
John Bean Technologies Corp.		2		267
MasTec, Inc.^(a)*		285		26,705
Middleby Corp. (The)^(a)*		167		27,680
MSC Industrial Direct Co., Inc., Class A		35		3,157
Navistar International Corp.*		7		308
Nordson Corp.		22		4,371
Oshkosh Corp.^(a)		166		19,698
Parker-Hannifin Corp.^(a)		156		49,207
Regal Beloit Corp.		47		6,706
Sensata Technologies Holding PLC (United Kingdom)*		12		695
Toro Co. (The)^(a)		198		20,422

				313,153

Commercial & Professional Services — 4.6%
ASGN, Inc.*		5		477
Booz Allen Hamilton Holding Corp.^(a)		238		19,166
CACI International, Inc., Class A*		32		7,893
Copart, Inc.*		64		6,951
CoreLogic, Inc.^(a)		378		29,957
Jacobs Engineering Group, Inc.^(a)		288		37,230
MSA Safety, Inc.		1		150
Robert Half International, Inc.		2		156
Rollins, Inc.		64		2,203


	Number of Shares		Value
COMMON STOCKS — (Continued)
Commercial & Professional Services — (Continued)
Science Applications International Corp.		15	$	1,254
Thomson Reuters Corp. (Canada)		336		29,424
UniFirst Corp.		1		224

				135,085

Consumer Durables & Apparel — 5.0%
BRP, Inc., sub-voting shares (Canada)		34		2,955
Canada Goose Holdings, Inc. (Canada)*		130		5,103
Garmin Ltd. (Switzerland)		93		12,262
Gildan Activewear, Inc. (Canada)		49		1,502
Hasbro, Inc.		30		2,884
Helen of Troy Ltd. (Bermuda)*		19		4,003
Leggett & Platt, Inc.		62		2,830
Mattel, Inc.*		567		11,295
Polaris, Inc.		5		668
Sonos, Inc.^(a)*		798		29,901
Tapestry, Inc.^(a)		445		18,338
Under Armour, Inc., Class C^(a)*		749		13,827
YETI Holdings, Inc.^(a)*		567		40,943

				146,511

Consumer Services — 1.3%
Airbnb, Inc., Class A*		67		12,592
Grand Canyon Education, Inc.^(a)*		118		12,638
Marriott International, Inc., Class A*		1		148
Scientific Games Corp.*		119		4,584
Service Corp. International^(a)		60		3,063
Terminix Global Holdings, Inc.*		1		48
Wendy’s Co. (The)		262		5,308

				38,381

Energy — 6.7%
APA Corp.		851		15,233
Cabot Oil & Gas Corp.		686		12,883
ChampionX Corp.*		96		2,086
Cimarex Energy Co.		23		1,366
Devon Energy Corp.^(a)		2,014		44,006
Marathon Oil Corp.^(a)		3,550		37,914
New Fortress Energy, Inc.		116		5,326
Occidental Petroleum Corp.^(a)		2,085		55,503
Pioneer Natural Resources Co.		51		8,100
Targa Resources Corp.		55		1,746

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Energy — (Continued)
Williams Cos., Inc. (The)^(a)		557	$	13,195

				197,358

Food & Staples Retailing — 1.3%
Walmart, Inc.^(a)		271		36,810

Food, Beverage & Tobacco — 2.3%
Brown-Forman Corp., Class B		1		69
Bunge Ltd. (Bermuda)		150		11,891
Darling Ingredients, Inc.*		98		7,211
Flowers Foods, Inc.		144		3,427
General Mills, Inc.		20		1,226
Hain Celestial Group, Inc. (The)*		170		7,412
JM Smucker Co. (The)^(a)		114		14,424
Monster Beverage Corp.^(a)*		246		22,408

				68,068

Health Care Equipment & Services — 9.0%
Abbott Laboratories^(a)		281		33,675
ABIOMED, Inc.*		1		319
Acadia Healthcare Co., Inc.*		263		15,028
Align Technology, Inc.^(a)*		63		34,116
Becton Dickinson and Co.^(a)		101		24,558
Cerner Corp.		95		6,829
Danaher Corp.^(a)		68		15,305
Envista Holdings Corp.*		143		5,834
Glaukos Corp.*		20		1,679
Globus Medical, Inc., Class A*		14		863
Haemonetics Corp.*		19		2,109
Hill-Rom Holdings, Inc.		27		2,983
Hologic, Inc.^(a)*		396		29,454
ICU Medical, Inc.*		26		5,341
IDEXX Laboratories, Inc.*		4		1,957
Laboratory Corp. of America Holdings^(a)*		113		28,818
Merit Medical Systems, Inc.*		81		4,850
Omnicell, Inc.^(a)*		124		16,104
Quidel Corp.*		42		5,373
Select Medical Holdings Corp.*		56		1,910
Varian Medical Systems, Inc.^(a)*		144		25,420

				262,525

Household & Personal Products — 0.5%
Estee Lauder Cos., Inc. (The), Class A^(a)		53		15,415

Materials — 7.6%
Agnico Eagle Mines Ltd. (Canada)		14		809


	Number of Shares		Value
COMMON STOCKS — (Continued)
Materials — (Continued)
Ashland Global Holdings, Inc.^(a)		199	$	17,665
Balchem Corp.		1		125
Barrick Gold Corp. (Canada)		215		4,257
Berry Global Group, Inc.^(a)*		306		18,788
Chemours Co. (The)		26		726
Crown Holdings, Inc.^(a)		145		14,071
Element Solutions, Inc.		60		1,097
Freeport-McMoRan, Inc.		610		20,087
Kinross Gold Corp. (Canada)		4,210		28,081
Louisiana-Pacific Corp.^(a)		819		45,422
Newmont Corp.^(a)		303		18,262
Nutrien Ltd. (Canada)		212		11,425
Pan American Silver Corp. (Canada)		347		10,420
Royal Gold, Inc.		5		538
Sherwin-Williams Co. (The)^(a)		5		3,690
Sonoco Products Co.		122		7,723
Southern Copper Corp.		140		9,502
United States Steel Corp.		117		3,062
Westlake Chemical Corp.		95		8,435

				224,185

Media & Entertainment — 4.6%
Activision Blizzard, Inc.^(a)		545		50,685
Alphabet, Inc., Class A^(a)*		20		41,250
Discovery, Inc., Class A*		62		2,695
Fox Corp., Class A		33		1,192
Netflix, Inc.*		12		6,260
New York Times Co. (The), Class A		82		4,151
Nexstar Media Group, Inc., Class A^(a)		133		18,677
TEGNA, Inc.		221		4,161
ViacomCBS, Inc., Class B		122		5,502
Warner Music Group Corp., Class A		34		1,167

				135,740

Pharmaceuticals, Biotechnology & Life Sciences — 11.4%
AbbVie, Inc.		66		7,143
Agilent Technologies, Inc.		35		4,450
Avantor, Inc.*		198		5,728
Bausch Health Cos., Inc. (Canada)*		20		635
Bio-Rad Laboratories, Inc., Class A^(a)*		67		38,268
Blueprint Medicines Corp.^(a)*		203		19,738
Denali Therapeutics, Inc.^(a)*		420		23,982
Emergent BioSolutions, Inc.^(a)*		161		14,959
Halozyme Therapeutics, Inc.*		389		16,217
Horizon Therapeutics PLC (Ireland)*		342		31,478

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Pharmaceuticals, Biotechnology & Life Sciences — (Continued)
Illumina, Inc.*		11	$	4,225
Jazz Pharmaceuticals PLC (Ireland)*		85		13,971
Pfizer, Inc.		146		5,290
Sage Therapeutics, Inc.^(a)*		365		27,320
Seagen, Inc.^(a)*		179		24,856
Thermo Fisher Scientific, Inc.^(a)		96		43,812
United Therapeutics Corp.^(a)*		170		28,436
Waters Corp.(a)*		87		24,723

				335,231

Retailing — 8.1%
Advance Auto Parts, Inc.^(a)		213		39,083
American Eagle Outfitters, Inc.^(a)		1,506		44,035
Dick’s Sporting Goods, Inc.		13		990
Dollar Tree, Inc.*		10		1,145
Etsy, Inc.^(a)*		263		53,039
Floor & Decor Holdings, Inc., Class A*		17		1,623
Genuine Parts Co.^(a)		334		38,607
LKQ Corp.^(a)*		766		32,425
Ollie’s Bargain Outlet Holdings, Inc.*		63		5,481
Penske Automotive Group, Inc.		103		8,265
Qurate Retail, Inc., Series A		1,111		13,065

				237,758

Semiconductors & Semiconductor Equipment — 3.2%
Advanced Energy Industries, Inc.		2		218
Broadcom, Inc.^(a)		53		24,574
Marvell Technology Group Ltd. (Bermuda)		151		7,396
NXP Semiconductors NV (Netherlands)		98		19,731
ON Semiconductor Corp.^(a)*		799		33,246
Skyworks Solutions, Inc.		9		1,651
Xilinx, Inc.		66		8,177

				94,993

Software & Services — 7.9%
ACI Worldwide, Inc.*		31		1,180
Adobe, Inc.^(a)*		78		37,079
Altair Engineering, Inc., Class A*		53		3,316
Amdocs, Ltd. (Guernsey)		93		6,524
Cerence, Inc.*		12		1,075
CGI, Inc. (Canada)*		42		3,495
Descartes Systems Group, Inc. (The) (Canada)*		31		1,888


	Number of Shares		Value
COMMON STOCKS — (Continued)
Software & Services — (Continued)
Digital Turbine, Inc.*		69	$	5,545
Dynatrace, Inc.*		48		2,316
Gartner, Inc.*		38		6,937
Globant SA (Luxembourg)*		25		5,190
Manhattan Associates, Inc.*		18		2,113
McAfee Corp., Class A		3		68
Open Text Corp. (Canada)		107		5,105
Paylocity Holding Corp.*		2		360
PayPal Holdings, Inc.^(a)*		204		49,539
PTC, Inc.*		122		16,793
salesforce.com, Inc.*		3		636
Teradata Corp.*		28		1,079
Trade Desk, Inc. (The), Class A^(a)*		64		41,706
Zoom Video Communications, Inc., Class A^(a)*		128		41,125

				233,069

Technology Hardware & Equipment — 5.4%
Apple, Inc.		32		3,909
Cognex Corp.		210		17,428
Dell Technologies, Inc., Class C^(a)*		379		33,409
Dolby Laboratories, Inc., Class A		7		691
HP,Inc.^(a)		426		13,526
II-VI, Inc.^(a)*		355		24,271
Jabil, Inc.		161		8,398
Littelfuse, Inc.		3		793
SYNNEX Corp.^(a)		269		30,892
Ubiquiti, Inc.		1		298
Vontier Corp.(a)*		803		24,307

				157,922

Telecommunication Services — 0.4%
Iridium Communications, Inc.*		289		11,921

Transportation — 2.1%
FedEx Corp.^(a)		185		52,547
Saia, Inc.*		32		7,379

				59,926

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value
COMMON STOCKS — (Continued)
Utilities — 1.6%
AES Corp. (The)^(a)		1,094	$	29,330
Dominion Energy, Inc.^(a)		212		16,104
NiSource, Inc.		9		217

				45,651

TOTAL COMMON STOCKS (Cost $2,759,549)				2,861,655

OTHER ASSETS IN EXCESS OF LIABILITIES - 2.5%				74,448

NET ASSETS - 100.0%			$	2,936,103

^(a)	Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements)

*	Non-income producing.

PLC	Public Limited Company

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Over-the-counter total return swaps outstanding as of March 31, 2021

The Fund maintains a portfolio of short positions and receives/pays a rebate based upon the Fed Funds 1-Day Rate less a specified spread as negotiated by the parties. The notional gain or loss, dividends payable and rebates are payable the earlier of maturity of the swaps or upon termination. The portfolio matures between June 3, 2021 and January 5, 2026, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The cash amounts payable/receivable due to individual contracts being closed are settled, on a net basis, once a week. The value of total return swaps represents (148.3)% of net assets as of December 31. 2020.

The following table represents the individual short positions and related values of total return swaps as of March 31, 2021:

Total Return Swaps


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	(Short)			Amount				Value				(Depreciation)*
Short
Automobiles & Components
BorgWarner, Inc.	Morgan Stanley		(1,172	)		$	(53,122	)		$	(54,334	)		$	(1,316	)
Fox Factory Holding Corp.	Morgan Stanley		(96	)			(12,576	)			(12,198	)			373
Lear Corp.	Morgan Stanley		(18	)			(3,297	)			(3,263	)			(200	)
Thor Industries, Inc.	Morgan Stanley		(72	)			(9,982	)			(9,701	)			247

			(1,358	)			(78,977	)			(79,496	)			(896	)

Capital Goods
Allegion PLC (Ireland)	Morgan Stanley		(32	)			(3,955	)			(4,020	)			(68	)
Axon Enterprise, Inc.	Morgan Stanley		(7	)			(1,089	)			(997	)			91
Ballard Power Systems, Inc. (Canada)	Morgan Stanley		(14	)			(398	)			(341	)			248
Bloom Energy Corp., Class A	Morgan Stanley		(306	)			(8,057	)			(8,277	)			(224	)
Boeing Co. (The)	Morgan Stanley		(361	)			(78,291	)			(91,954	)			(13,690	)
BWX Technologies, Inc.	Morgan Stanley		(246	)			(15,144	)			(16,221	)			(1,140	)
CAE, Inc. (Canada)	Morgan Stanley		(63	)			(1,738	)			(1,795	)			(59	)
Carrier Global Corp.	Morgan Stanley		(728	)			(29,818	)			(30,736	)			(929	)
Caterpillar, Inc.	Morgan Stanley		(6	)			(1,310	)			(1,391	)			(83	)
Chart Industries, Inc.	Morgan Stanley		(53	)			(7,835	)			(7,545	)			287
Crane Co.	Morgan Stanley		(46	)			(3,641	)			(4,320	)			(700	)
Fortune Brands Home & Security, Inc.	Morgan Stanley		(14	)			(1,301	)			(1,341	)			(42	)
FuelCell Energy, Inc.	Morgan Stanley		(3,541	)			(51,310	)			(51,026	)			266
General Dynamics Corp.	Morgan Stanley		(5	)			(886	)			(908	)			(26	)
Hexcel Corp.	Morgan Stanley		(289	)			(16,130	)			(16,184	)			(62	)
IDEX Corp.	Morgan Stanley		(1	)			(210	)			(209	)			(1	)
L3Harris Technologies, Inc.	Morgan Stanley		(39	)			(7,740	)			(7,905	)			(168	)
Raytheon Technologies Corp.	Morgan Stanley		(607	)			(41,475	)			(46,903	)			(7,185	)
SiteOne Landscape Supply, Inc.	Morgan Stanley		(2	)			(351	)			(341	)			8
Spirit AeroSystems Holdings, Inc., Class A	Morgan Stanley		(402	)			(17,459	)			(19,557	)			(2,107	)
Sunrun, Inc.	Morgan Stanley		(232	)			(13,279	)			(14,031	)			(758	)
TransDigm Group, Inc.	Morgan Stanley		(66	)			(38,637	)			(38,803	)			(180	)
Virgin Galactic Holdings, Inc.	Morgan Stanley		(876	)			(27,886	)			(26,832	)			1,044
WESCO International, Inc.	Morgan Stanley		(22	)			(1,913	)			(1,904	)			8
Westinghouse Air Brake Technologies Corp.	Morgan Stanley		(349	)			(26,164	)			(27,627	)			(1,473	)

			(8,307	)			(396,017	)			(421,168	)			(26,943	)

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	(Short)			Amount				Value				(Depreciation)*
Commercial & Professional Services
ADT, Inc.	Morgan Stanley		(2,085	)		$	(16,287	)		$	(17,597	)		$	(1,358	)
Clarivate PLC (Jersey)	Morgan Stanley		(666	)			(15,909	)			(17,576	)			(1,673	)
Dun & Bradstreet Holdings, Inc.	Morgan Stanley		(157	)			(3,797	)			(3,738	)			56
KBR, Inc.	Morgan Stanley		(13	)			(489	)			(499	)			(11	)
Republic Services, Inc.	Morgan Stanley		(14	)			(1,389	)			(1,391	)			(11	)
Waste Management, Inc.	Morgan Stanley		(436	)			(50,502	)			(56,253	)			(5,953	)

			(3,371	)			(88,373	)			(97,054	)			(8,950	)

Consumer Durables & Apparel
Ralph Lauren Corp.	Morgan Stanley		(323	)			(36,131	)			(39,781	)			(3,699	)
Skechers U.S.A., Inc., Class A	Morgan Stanley		(121	)			(4,693	)			(5,047	)			(392	)

			(444	)			(40,824	)			(44,828	)			(4,091	)

Consumer Services
Aramark	Morgan Stanley		(232	)			(8,820	)			(8,765	)			15
Bright Horizons Family Solutions, Inc.	Morgan Stanley		(81	)			(13,367	)			(13,887	)			(526	)
Carnival Corp. (Panama)	Morgan Stanley		(476	)			(11,469	)			(12,633	)			(1,169	)
Darden Restaurants, Inc.	Morgan Stanley		(17	)			(2,388	)			(2,414	)			(28	)
Hilton Worldwide Holdings, Inc.	Morgan Stanley		(21	)			(2,426	)			(2,539	)			(116	)
Las Vegas Sands Corp.	Morgan Stanley		(168	)			(10,266	)			(10,208	)			54
MGM Resorts International	Morgan Stanley		(4	)			(156	)			(152	)			—
Restaurant Brands International, Inc. (Canada)	Morgan Stanley		(53	)			(3,337	)			(3,445	)			(128	)
Starbucks Corp.	Morgan Stanley		(81	)			(8,286	)			(8,851	)			(595	)
Vail Resorts, Inc.	Morgan Stanley		(2	)			(617	)			(583	)			33
Wyndham Hotels & Resorts, Inc.	Morgan Stanley		(65	)			(4,213	)			(4,536	)			(331	)

			(1,200	)			(65,345	)			(68,013	)			(2,791	)

Energy
Canadian Natural Resources Ltd. (Canada)	Morgan Stanley		(535	)			(15,719	)			(16,515	)			(973	)
Cheniere Energy, Inc.	Morgan Stanley		(438	)			(31,052	)			(31,540	)			(500	)
Chevron Corp.	Morgan Stanley		(820	)			(74,296	)			(85,928	)			(12,443	)
ConocoPhillips	Morgan Stanley		(444	)			(21,472	)			(23,519	)			(2,088	)
Enbridge, Inc. (Canada)	Morgan Stanley		(72	)			(2,625	)			(2,621	)			2
EOG Resources, Inc.	Morgan Stanley		(1,067	)			(72,603	)			(77,390	)			(4,812	)
EQT Corp.	Morgan Stanley		(311	)			(5,706	)			(5,778	)			(244	)
Halliburton Co.	Morgan Stanley		(74	)			(1,737	)			(1,588	)			147
HollyFrontier Corp.	Morgan Stanley		(155	)			(3,633	)			(5,546	)			(1,969	)
Imperial Oil Ltd. (Canada)	Morgan Stanley		(47	)			(1,026	)			(1,136	)			(118	)
Kinder Morgan, Inc.	Morgan Stanley		(1,846	)			(27,245	)			(30,736	)			(3,819	)
Pembina Pipeline Corp. (Canada)	Morgan Stanley		(109	)			(3,964	)			(3,143	)			1,448
Phillips 66	Morgan Stanley		(63	)			(5,133	)			(5,137	)			(7	)
Schlumberger NV (Curacao)	Morgan Stanley		(41	)			(1,087	)			(1,115	)			(186	)

			(6,022	)			(267,298	)			(291,692	)			(25,562	)

Food & Staples Retailing
Performance Food Group Co.	Morgan Stanley		(17	)			(809	)			(979	)			(203	)

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	(Short)			Amount				Value				(Depreciation)*
Food & Staples Retailing — (continued)
US Foods Holding Corp.	Morgan Stanley		(26	)		$	(967	)		$	(991	)		$	(25	)

			(43	)			(1,776	)			(1,970	)			(228	)

Food, Beverage & Tobacco
Beyond Meat, Inc.	Morgan Stanley		(435	)			(61,711	)			(56,602	)			5,530
Boston Beer Co., Inc. (The), Class A	Morgan Stanley		(2	)			(2,325	)			(2,413	)			(89	)
Campbell Soup Co.	Morgan Stanley		(119	)			(5,947	)			(5,982	)			(38	)
Freshpet, Inc.	Morgan Stanley		(14	)			(2,125	)			(2,223	)			(246	)
Hershey Co. (The)	Morgan Stanley		(33	)			(5,177	)			(5,219	)			(55	)
Keurig Dr Pepper, Inc.	Morgan Stanley		(352	)			(12,143	)			(12,098	)			(13	)
McCormick & Co., Inc., non-voting shares	Morgan Stanley		(241	)			(21,548	)			(21,488	)			52
Molson Coors Beverage Co., Class B	Morgan Stanley		(29	)			(1,513	)			(1,483	)			28
PepsiCo, Inc.	Morgan Stanley		(62	)			(8,683	)			(8,770	)			(91	)

			(1,287	)			(121,172	)			(116,278	)			5,078

Health Care Equipment & Services
1Life Healthcare, Inc.	Morgan Stanley		(2	)			(79	)			(78	)			—
American Well Corp., Class A	Morgan Stanley		(15	)			(250	)			(261	)			(12	)
Anthem, Inc.	Morgan Stanley		(142	)			(50,217	)			(50,971	)			(791	)
Baxter International, Inc.	Morgan Stanley		(71	)			(5,969	)			(5,988	)			(22	)
Cardinal Health, Inc.	Morgan Stanley		(782	)			(42,760	)			(47,507	)			(5,142	)
Centene Corp.	Morgan Stanley		(89	)			(5,705	)			(5,688	)			14
Cigna Corp.	Morgan Stanley		(171	)			(41,099	)			(41,338	)			(276	)
Covetrus, Inc.	Morgan Stanley		(141	)			(4,699	)			(4,226	)			471
DaVita, Inc.	Morgan Stanley		(154	)			(15,822	)			(16,597	)			(781	)
GoodRx Holdings, Inc., Class A	Morgan Stanley		(16	)			(596	)			(624	)			(29	)
Guardant Health, Inc.	Morgan Stanley		(184	)			(26,257	)			(28,088	)			(1,840	)
Henry Schein, Inc.	Morgan Stanley		(8	)			(548	)			(554	)			(7	)
Humana, Inc.	Morgan Stanley		(91	)			(36,157	)			(38,152	)			(2,068	)
Insulet Corp.	Morgan Stanley		(52	)			(13,439	)			(13,568	)			(135	)
Masimo Corp.	Morgan Stanley		(42	)			(10,410	)			(9,646	)			773
Neogen Corp.	Morgan Stanley		(12	)			(1,023	)			(1,067	)			(45	)
Schrodinger, Inc.	Morgan Stanley		(163	)			(11,756	)			(12,435	)			(684	)
STERIS PLC (Ireland)	Morgan Stanley		(7	)			(1,322	)			(1,333	)			(12	)
Teladoc Health, Inc.	Morgan Stanley		(372	)			(70,828	)			(67,611	)			3,192
UnitedHealth Group, Inc.	Morgan Stanley		(98	)			(36,298	)			(36,463	)			(178	)
Universal Health Services, Inc., Class B	Morgan Stanley		(1	)			(139	)			(133	)			8

			(2,613	)			(375,373	)			(382,328	)			(7,564	)

Household & Personal Products
Church & Dwight Co., Inc.	Morgan Stanley		(108	)			(9,329	)			(9,434	)			(109	)
Reynolds Consumer Products, Inc.	Morgan Stanley		(262	)			(7,651	)			(7,802	)			(172	)

			(370	)			(16,980	)			(17,236	)			(281	)

Materials
Air Products & Chemicals, Inc.	Morgan Stanley		(325	)			(92,275	)			(91,436	)			(43	)
AptarGroup, Inc.	Morgan Stanley		(6	)			(852	)			(850	)			—

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of											Unrealized
		Contracts			Notional								Appreciation/
Reference Entity	Counterparty	(Short)			Amount				Value				(Depreciation)*
Materials — (continued)
Avient Corp.	Morgan Stanley		(31	)		$	(1,500	)		$	(1,465	)		$	17
Ball Corp.	Morgan Stanley		(494	)			(43,542	)			(41,862	)			1,608
Cleveland-Cliffs, Inc.	Morgan Stanley		(167	)			(2,810	)			(3,358	)			(550	)
Equinox Gold Corp. (Canada)	Morgan Stanley		(310	)			(4,021	)			(2,477	)			2,086
FMC Corp.	Morgan Stanley		(100	)			(10,946	)			(11,061	)			(163	)
Graphic Packaging Holding Co.	Morgan Stanley		(59	)			(1,021	)			(1,071	)			(53	)
Kirkland Lake Gold Ltd. (Canada)	Morgan Stanley		(1,451	)			(64,674	)			(49,044	)			15,154
NewMarket Corp.	Morgan Stanley		(5	)			(1,947	)			(1,901	)			37
Nucor Corp.	Morgan Stanley		(474	)			(32,416	)			(38,048	)			(5,816	)
Silgan Holdings, Inc.	Morgan Stanley		(6	)			(250	)			(252	)			(35	)
Steel Dynamics, Inc.	Morgan Stanley		(1,185	)			(47,150	)			(60,151	)			(13,411	)
Teck Resources Ltd., Class B (Canada)	Morgan Stanley		(1,692	)			(29,826	)			(32,452	)			(4,275	)
Valvoline, Inc.	Morgan Stanley		(704	)			(17,545	)			(18,353	)			(861	)
Yamana Gold, Inc. (Canada)	Morgan Stanley		(5,935	)			(26,496	)			(25,758	)			573

			(12,944	)			(377,271	)			(379,539	)			(5,732	)

Media & Entertainment
Angi, Inc.	Morgan Stanley		(1,964	)			(24,134	)			(25,532	)			(1,499	)
Live Nation Entertainment, Inc.	Morgan Stanley		(187	)			(15,492	)			(15,830	)			(746	)
Shaw Communications, Inc., Class B (Canada)	Morgan Stanley		(101	)			(2,725	)			(2,648	)			74
World Wrestling Entertainment, Inc., Class A	Morgan Stanley		(228	)			(12,765	)			(12,371	)			375
ZoomInfo Technologies, Inc., Class A	Morgan Stanley		(81	)			(4,435	)			(3,961	)			790
Zynga, Inc., Class A	Morgan Stanley		(5,937	)			(56,072	)			(60,617	)			(5,224	)

			(8,498	)			(115,623	)			(120,959	)			(6,230	)

Pharmaceuticals, Biotechnology & Life Sciences
ACADIA Pharmaceuticals, Inc.	Morgan Stanley		(55	)			(1,569	)			(1,419	)			149
Adaptive Biotechnologies Corp.	Morgan Stanley		(160	)			(8,401	)			(6,442	)			1,956
Arrowhead Pharmaceuticals, Inc.	Morgan Stanley		(156	)			(7,536	)			(10,344	)			(2,862	)
Beam Therapeutics, Inc.	Morgan Stanley		(15	)			(1,104	)			(1,201	)			(98	)
Biogen, Inc.	Morgan Stanley		(127	)			(35,156	)			(35,528	)			(385	)
Biohaven Pharmaceutical Holding Co. Ltd. (British Virgin Islands)	Morgan Stanley		(11	)			(732	)			(752	)			(21	)
BioMarin Pharmaceutical, Inc.	Morgan Stanley		(4	)			(299	)			(302	)			(5	)
Catalent, Inc.	Morgan Stanley		(179	)			(20,657	)			(18,850	)			1,798
Charles River Laboratories International, Inc.	Morgan Stanley		(49	)			(13,951	)			(14,202	)			(256	)
Elanco Animal Health, Inc.	Morgan Stanley		(2,899	)			(90,069	)			(85,376	)			4,703
Exelixis, Inc.	Morgan Stanley		(1,522	)			(32,232	)			(34,382	)			(2,162	)
Fate Therapeutics, Inc.	Morgan Stanley		(34	)			(2,756	)			(2,803	)			(50	)
Invitae Corp.	Morgan Stanley		(948	)			(37,436	)			(36,223	)			1,199
Ionis Pharmaceuticals, Inc.	Morgan Stanley		(207	)			(10,365	)			(9,307	)			1,054
Iovance Biotherapeutics, Inc.	Morgan Stanley		(232	)			(7,438	)			(7,345	)			89
Medpace Holdings, Inc.	Morgan Stanley		(20	)			(2,934	)			(3,281	)			(451	)
Novavax, Inc.	Morgan Stanley		(78	)			(11,834	)			(14,142	)			(2,313	)
Syneos Health, Inc.	Morgan Stanley		(66	)			(5,044	)			(5,006	)			35

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of									Unrealized
		Contracts			Notional						Appreciation/
Reference Entity	Counterparty	(Short)			Amount			Value			(Depreciation)*
Pharmaceuticals, Biotechnology & Life Sciences — (continued)
Twist Bioscience Corp.	Morgan Stanley		(127	)	$	(15,821	)	$	(15,730	)	$	84
Viatris, Inc.	Morgan Stanley		(3,652	)		(51,601	)		(51,018	)		564
Vir Biotechnology, Inc.	Morgan Stanley		(582	)		(17,320	)		(29,839	)		(12,547	)

			(11,123	)		(374,255	)		(383,492	)		(9,519	)

Retailing
Best Buy Co., Inc.	Morgan Stanley		(4	)		(475	)		(459	)		33
Booking Holdings, Inc.	Morgan Stanley		(30	)		(69,238	)		(69,895	)		(681	)
CarMax, Inc.	Morgan Stanley		(77	)		(9,409	)		(10,215	)		(1,006	)
Gap, Inc. (The)	Morgan Stanley		(41	)		(1,207	)		(1,221	)		(15	)
Grubhub, Inc.	Morgan Stanley		(245	)		(16,859	)		(14,700	)		2,153
Home Depot, Inc. (The)	Morgan Stanley		(70	)		(19,563	)		(21,368	)		(1,824	)
Lithia Motors, Inc., Class A	Morgan Stanley		(75	)		(27,378	)		(29,257	)		(2,360	)
Pool Corp.	Morgan Stanley		(3	)		(1,014	)		(1,036	)		(24	)
Ross Stores, Inc.	Morgan Stanley		(321	)		(38,207	)		(38,491	)		(336	)
Stitch Fix, Inc., Class A	Morgan Stanley		(734	)		(37,540	)		(36,362	)		1,164
Target Corp.	Morgan Stanley		(67	)		(12,861	)		(13,271	)		(415	)
TJX Cos., Inc. (The)	Morgan Stanley		(141	)		(9,453	)		(9,327	)		127
Tractor Supply Co.	Morgan Stanley		(6	)		(1,072	)		(1,062	)		8
Vroom, Inc.	Morgan Stanley		(358	)		(12,716	)		(13,958	)		(1,248	)

			(2,172	)		(256,992	)		(260,622	)		(4,424	)

Semiconductors & Semiconductor Equipment
Cree, Inc.	Morgan Stanley		(62	)		(6,658	)		(6,704	)		(49	)
Diodes, Inc.	Morgan Stanley		(33	)		(2,457	)		(2,635	)		(180	)
First Solar, Inc.	Morgan Stanley		(535	)		(42,519	)		(46,706	)		(4,202	)
Lattice Semiconductor Corp.	Morgan Stanley		(1	)		(51	)		(45	)		37
Power Integrations, Inc.	Morgan Stanley		(101	)		(7,328	)		(8,229	)		(1,264	)
Semtech Corp.	Morgan Stanley		(48	)		(3,258	)		(3,312	)		(56	)
Silicon Laboratories, Inc.	Morgan Stanley		(52	)		(8,073	)		(7,336	)		779
Synaptics, Inc.	Morgan Stanley		(35	)		(4,720	)		(4,740	)		(105	)

			(867	)		(75,064	)		(79,707	)		(5,040	)

Software & Services
Akamai Technologies, Inc.	Morgan Stanley		(39	)		(3,948	)		(3,974	)		(28	)
Alliance Data Systems Corp.	Morgan Stanley		(8	)		(924	)		(897	)		26
Alteryx, Inc., Class A	Morgan Stanley		(939	)		(116,531	)		(77,899	)		38,591
Anaplan, Inc.	Morgan Stanley		(414	)		(23,592	)		(22,294	)		1,290
Ceridian HCM Holding, Inc.	Morgan Stanley		(304	)		(28,153	)		(25,618	)		2,585
Coupa Software, Inc.	Morgan Stanley		(207	)		(51,848	)		(52,677	)		(848	)
Datadog, Inc., Class A	Morgan Stanley		(53	)		(4,620	)		(4,417	)		155
Elastic NV (Netherlands)	Morgan Stanley		(100	)		(11,626	)		(11,120	)		501
Fastly, Inc., Class A	Morgan Stanley		(1,189	)		(88,342	)		(79,996	)		8,315
Guidewire Software, Inc.	Morgan Stanley		(171	)		(18,728	)		(17,379	)		1,342
J2 Global, Inc.	Morgan Stanley		(6	)		(713	)		(719	)		(18	)
Lightspeed POS, Inc., sub-voting shares (Canada)	Morgan Stanley		(16	)		(943	)		(1,005	)		(63	)

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Total Return Swaps (continued)


		Number of									Unrealized
		Contracts			Notional						Appreciation/
Reference Entity	Counterparty	(Short)			Amount			Value			(Depreciation)*
Software & Services — (continued)
Medallia, Inc.	Morgan Stanley		(542	)	$	(16,422	)	$	(15,116	)	$	1,299
MongoDB, Inc.	Morgan Stanley		(89	)		(26,511	)		(23,801	)		2,700
New Relic, Inc.	Morgan Stanley		(520	)		(32,618	)		(31,970	)		637
Nuance Communications, Inc.	Morgan Stanley		(33	)		(1,628	)		(1,440	)		923
Nutanix, Inc., Class A	Morgan Stanley		(2	)		(52	)		(53	)		(2	)
Okta, Inc.	Morgan Stanley		(18	)		(3,833	)		(3,968	)		(137	)
Paychex, Inc.	Morgan Stanley		(167	)		(16,373	)		(16,369	)		(2	)
Paycom Software, Inc.	Morgan Stanley		(41	)		(15,787	)		(15,172	)		558
Proofpoint, Inc.	Morgan Stanley		(96	)		(12,379	)		(12,076	)		286
Q2 Holdings, Inc.	Morgan Stanley		(126	)		(14,621	)		(12,625	)		1,990
Rackspace Technology, Inc.	Morgan Stanley		(691	)		(15,358	)		(16,432	)		(1,080	)
Rapid7, Inc.	Morgan Stanley		(24	)		(1,981	)		(1,791	)		189
RingCentral, Inc., Class A	Morgan Stanley		(82	)		(28,590	)		(24,426	)		4,153
Sabre Corp.	Morgan Stanley		(2	)		(29	)		(30	)		(2	)
SolarWinds Corp.	Morgan Stanley		(416	)		(6,911	)		(7,255	)		(347	)
Splunk, Inc.	Morgan Stanley		(641	)		(107,828	)		(86,843	)		20,948
Switch, Inc., Class A	Morgan Stanley		(126	)		(2,236	)		(2,049	)		166
Unity Software, Inc.	Morgan Stanley		(122	)		(11,314	)		(12,238	)		(929	)
Vertex, Inc., Class A	Morgan Stanley		(1	)		(35	)		(22	)		12
WEX, Inc.	Morgan Stanley		(32	)		(6,953	)		(6,695	)		238
Zscaler, Inc.	Morgan Stanley		(39	)		(7,254	)		(6,695	)		555

			(7,256	)		(678,681	)		(595,061	)		84,003

Technology Hardware & Equipment
Arista Networks, Inc.	Morgan Stanley		(53	)		(15,715	)		(16,000	)		(291	)
Ciena Corp.	Morgan Stanley		(497	)		(26,092	)		(27,196	)		(1,113	)
Cisco Systems, Inc.	Morgan Stanley		(101	)		(5,099	)		(5,223	)		(127	)
Hewlett Packard Enterprise Co.	Morgan Stanley		(1,143	)		(17,073	)		(17,991	)		(983	)
Motorola Solutions, Inc.	Morgan Stanley		(1	)		(182	)		(188	)		(7	)
NetApp, Inc.	Morgan Stanley		(38	)		(2,774	)		(2,761	)		11
Novanta, Inc. (Canada)	Morgan Stanley		(7	)		(906	)		(923	)		(28	)
Pure Storage, Inc., Class A	Morgan Stanley		(2,025	)		(43,719	)		(43,618	)		85
Seagate Technology PLC (Ireland)	Morgan Stanley		(15	)		(1,116	)		(1,151	)		(343	)
Xerox Holdings Corp.	Morgan Stanley		(492	)		(11,434	)		(11,941	)		(1,311	)

			(4,372	)		(124,110	)		(126,992	)		(4,107	)

Telecommunication Services
BCE, Inc. (Canada)	Morgan Stanley		(354	)		(15,504	)		(15,980	)		(722	)
T-Mobile US, Inc.	Morgan Stanley		(598	)		(73,237	)		(74,923	)		(1,712	)

			(952	)		(88,741	)		(90,903	)		(2,434	)

Transportation
Alaska Air Group, Inc.	Morgan Stanley		(43	)		(2,941	)		(2,976	)		(37	)
Expeditors International of Washington, Inc.	Morgan Stanley		(58	)		(6,041	)		(6,246	)		(208	)
JB Hunt Transport Services, Inc.	Morgan Stanley		(53	)		(8,480	)		(8,908	)		(433	)
Knight-Swift Transportation Holdings, Inc.	Morgan Stanley		(31	)		(1,513	)		(1,491	)		21

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

GOTHAM SHORT STRATEGIES FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Total Return Swaps (concluded)


		Number of									Unrealized
		Contracts			Notional						Appreciation/
Reference Entity	Counterparty	(Short)			Amount			Value			(Depreciation)*
Transportation — (continued)
Landstar System, Inc.	Morgan Stanley		(13	)	$	(2,145	)	$	(2,146	)	$	(2	)
United Airlines Holdings, Inc.	Morgan Stanley		(63	)		(3,393	)		(3,625	)		(234	)

			(261	)		(24,513	)		(25,392	)		(893	)

Utilities
Algonquin Power & Utilities Corp. (Canada)	Morgan Stanley		(645	)		(10,206	)		(10,217	)		(207	)
Ameren Corp.	Morgan Stanley		(1,286	)		(106,790	)		(104,629	)		754
American Water Works Co., Inc.	Morgan Stanley		(127	)		(17,738	)		(19,040	)		(1,309	)
Atmos Energy Corp.	Morgan Stanley		(352	)		(35,972	)		(34,795	)		547
Avangrid, Inc.	Morgan Stanley		(306	)		(15,842	)		(15,242	)		313
Brookfield Renewable Corp., Class A (Canada)	Morgan Stanley		(2	)		(88	)		(94	)		(7	)
CenterPoint Energy, Inc.	Morgan Stanley		(732	)		(15,071	)		(16,580	)		(1,515	)
Consolidated Edison, Inc.	Morgan Stanley		(882	)		(60,928	)		(65,974	)		(5,076	)
Edison International	Morgan Stanley		(675	)		(48,975	)		(39,555	)		7,361
Entergy Corp.	Morgan Stanley		(569	)		(62,938	)		(56,598	)		6,504
Essential Utilities, Inc.	Morgan Stanley		(998	)		(45,669	)		(44,661	)		236
Evergy, Inc.	Morgan Stanley		(592	)		(33,855	)		(35,242	)		(1,476	)
Eversource Energy	Morgan Stanley		(594	)		(48,246	)		(51,434	)		(3,357	)
FirstEnergy Corp.	Morgan Stanley		(1,063	)		(35,761	)		(36,875	)		(1,195	)
MDU Resources Group, Inc.	Morgan Stanley		(169	)		(5,020	)		(5,342	)		(350	)
OGE Energy Corp.	Morgan Stanley		(227	)		(6,983	)		(7,346	)		(366	)
Ormat Technologies, Inc.	Morgan Stanley		(608	)		(46,546	)		(47,746	)		(1,295	)
PNM Resources, Inc.	Morgan Stanley		(108	)		(5,267	)		(5,297	)		(50	)
Portland General Electric Co.	Morgan Stanley		(57	)		(2,683	)		(2,706	)		(27	)
Public Service Enterprise Group, Inc.	Morgan Stanley		(234	)		(13,074	)		(14,089	)		(1,103	)
Sempra Energy	Morgan Stanley		(754	)		(101,352	)		(99,965	)		(265	)
WEC Energy Group, Inc.	Morgan Stanley		(499	)		(41,718	)		(46,701	)		(5,058	)
Xcel Energy, Inc.	Morgan Stanley		(175	)		(11,404	)		(11,639	)		(396	)

			(11,654	)		(772,126	)		(771,767	)		(7,337	)

Total Reference Entity — Short					$	(4,339,511	)	$	(4,354,497	)	$	(33,941	)

*	Includes $(18,955) related to open trades, dividends receivables/payables and swap receivables/payables activities.

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

GOTHAM FUNDS

Statements of Assets and Liabilities

March 31, 2021

(Unaudited)


	Gotham ESG Large Value Fund			Gotham Defensive Long 500 Fund				Gotham Total Return Fund
Assets
Non-affiliated investments, at value^1,2		$	1,409,525		$	41,890,596			$	—
Affiliated investments, at value³			—			—				27,301,879
Swaps, at value^(a)			—			8,697,491				—
Cash and cash equivalents			20,665			789,894				128,780
Due from broker			—			212,030				—
Receivables:
Investments sold			10,065			729,586				—
Dividends and interest			985			34,157				—
Investment adviser			7,103			—				18,740
Prepaid expenses and other assets			1,475			23,115				30,293

Total assets			1,449,818			52,376,869				27,479,692

Liabilities
Obligation to return cash collateral on swap contracts (Note 1)			—			7,900,000				—
Payables:
Investments purchased			10,253			614,003				—
Capital shares redeemed			—			—				7,403
Investment adviser			—			22,338				—
Administration and accounting fees			2,073			9,735				10,037
12b-1 distribution fees (Investor Class)			—			—				570
Audit fees			10,201			12,217				11,125
Custodian fees			192			1,885				4,080
Shareholder reporting fees			3,526			4,218				3,459
Transfer agent fees			1,095			110				3,900
Accrued expenses			524			489				1,023

Total liabilities			27,864			8,564,995				41,597

Net Assets		$	1,421,954		$	43,811,874			$	27,438,095

Net Assets Consisted of:
Capital stock, $0.01 par value		$	1,066		$	35,371			$	22,298
Paid-in capital			1,078,151			47,669,119				25,801,992
Total distributable earnings/(loss)			342,737			(3,892,616	)			1,613,805

Net Assets		$	1,421,954		$	43,811,874			$	27,438,095

Institutional Class Shares:
Net assets		$	1,421,954		$	43,811,874			$	24,665,335

Shares outstanding			106,597			3,537,146				2,004,221

Net asset value, offering and redemption price per share		$	13.34		$	12.39			$	12.31

Investor Class Shares:
Net assets			N/A			N/A			$	2,772,760

Shares Outstanding			N/A			N/A				225,623

Net asset value, offering and redemption price per share			N/A			N/A			$	12.29

¹Non-affiliated investments, at cost		$	1,101,798		$	33,416,904			$	—
²Includes market value of securities designated as collateral for swaps		$	—		$	17,937,529			$	—
³Affiliated investments, at cost		$	—		$	—			$	24,320,260

^(a)	Primary risk exposure is equity contracts.

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

GOTHAM FUNDS

Statements of Assets and Liabilities (Continued)

March 31, 2021

(Unaudited)


	Gotham Enhanced 500 Plus Fund			Gotham Hedged Plus Fund
Assets
Non-affiliated investments, at value¹		$	4,721,742		$	22,732,769
Deposits with brokers for securities sold short			49,766			153,948
Receivables:
Investments sold			75,050			955,814
Dividends and interest			4,246			17,794
Investment adviser			6,864			2,750
Prepaid expenses and other assets			1,819			15,835

Total assets			4,859,487			23,878,910

Liabilities
Securities sold short, at value²			1,395,816			9,926,147
Due to custodian			2,664			42,766
Payables:
Investments purchased			75,268			930,341
Dividends and fees on securities sold short			1,566			8,272
Administration and accounting fees			7,062			7,259
Audit fees			10,298			10,294
Custodian Fees			45			75
Shareholder reporting fees			1,632			3,204
Transfer agent fees			988			910
Accrued expenses			570			293

Total liabilities			1,495,909			10,929,561

Net Assets.		$	3,363,578		$	12,949,349

Net Assets Consisted of:
Capital stock, $0.01 par value		$	2,552		$	12,250
Paid-in capital			2,594,694			12,466,908
Total distributable earnings			766,332			470,191

Net Assets		$	3,363,578		$	12,949,349

Institutional Class Shares:
Net assets		$	3,363,578		$	12,949,349

Shares outstanding			255,181			1,225,032

Net asset value, offering and redemption price per share.		$	13.18		$	10.57

¹Non-affiliated investments, at cost.		$	3,638,892		$	19,167,068
²Proceeds received, securities sold short		$	1,208,095		$	10,318,899

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

GOTHAM FUNDS

Statements of Assets and Liabilities (Concluded)

March 31, 2021

(Unaudited)


	Gotham Neutral 500 Fund				Gotham Short Strategies Fund
Assets
Non-affiliated investments, at value^1,2		$	2,548,449			$	2,861,655
Cash and cash equivalents			165,510				183,195
Due from broker			—				121
Deposits with brokers for securities sold short			1,433,562				—
Receivables:
Investments sold			79,743				113,072
Dividends and interest			2,229				1,146
Investment adviser			6,423				27,520
Prepaid expenses and other assets			2,417				10,182

Total assets			4,238,333				3,196,891

Liabilities
Securities sold short, at value³			2,035,162				—
Swaps, at value^(a)			—				33,941
Due to broker			—				29,212
Payables:
Investments purchased.			80,448				155,154
Dividends and fees on securities sold short			2,540				—
Administration and accounting fees			8,627				6,465
Audit fees			10,494				11,566
Custodian fees			421				1,646
Shareholder reporting fees			3,603				3,482
Transfer agent fees			919				17,771
Accrued expenses			994				1,551

Total liabilities			2,143,208				260,788

Net Assets		$	2,095,125			$	2,936,103

Net Assets Consisted of:
Capital stock, $0.01 par value		$	2,053			$	4,905
Paid-in capital			2,662,454				19,401,894
Total distributable loss			(569,382	)			(16,470,696	)

Net Assets		$	2,095,125			$	2,936,103

Institutional Class Shares:
Net assets		$	2,095,125			$	2,936,103

Shares outstanding			205,324				490,509

Net asset value, offering and redemption price per share		$	10.20			$	5.99

¹Non-affiliated investments, at cost		$	1,875,879			$	2,759,549
²Includes market value of securities designated as collateral for swaps		$	—			$	1,733,753
³Proceeds received, securities sold short		$	1,947,488			$	—

^(a)	Primary risk exposure is equity contracts.

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

GOTHAM FUNDS

Statements of Operations

For the Six Months Ended March 31, 2021

(Unaudited)


	Gotham ESG Large Value Fund				Gotham Defensive Long 500 Fund				Gotham Total Return Fund
Investment Income
Dividends from non-affiliated investments		$	12,278			$	413,100			$	—
Dividends from affiliated investments			—				—				185,184
Interest.			1				27				5
Income from securities loaned (Note 5)			—				173				—

Total investment income			12,279				413,300				185,189

Expenses
Advisory fees (Note 2)			4,820				307,543				—
Administration and accounting fees (Note 2)			6,950				23,683				21,224
Distribution fees (Investor Class)			—				—				3,238
Transfer agent fees (Note 2)			1,925				5,401				15,974
Custodian fees (Note 2)			31				4,426				4,755
Trustees’ and officers’ fees (Note 2)			174				6,335				3,695
Shareholder reporting fees			8,640				11,117				9,807
Registration and filing fees			634				11,264				16,346
Legal fees			2,586				14,889				6,826
Audit fees			10,201				12,207				11,098
Other expenses			3,286				5,419				4,864

Total expenses before recoupments, waivers and/or reimbursements			39,247				402,284				97,827

Recoupments, waivers and/or reimbursements (Note 2)			(34,427	)			(94,741	)			(94,589	)

Net expenses after recoupments, waivers and/or reimbursements			4,820				307,543				3,238

Net investment income			7,459				105,757				181,951
								��
Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			74,252				4,089,213				—
Net realized gain from affiliated investments			—				—				816,067
Net realized loss on swaps			—				(3,923,130	)^(a)			—
Capital gain distributions from affiliated investments			—				—				9,663
Net change in unrealized appreciation/(depreciation) on non-affiliated investments			198,564				1,736,274				—
Net change in unrealized appreciation/(depreciation) on affiliated investments			—				—				531,655
Net change in unrealized appreciation/(depreciation) on swaps			—				(609,032	)^(a)			—

Net realized and unrealized gain on investments			272,816				1,293,325				1,357,385

Net increase in net assets resulting from operations		$	280,275			$	1,399,082			$	1,539,336

^(a)	Primary risk exposure is equity price risk.

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

GOTHAM FUNDS

Statements of Operations (Concluded)

For the Six Months Ended March 31, 2021

(Unaudited)


	Gotham Enhanced 500 Plus Fund				Gotham Hedged Plus Fund				Gotham Neutral 500 Fund				Gotham Short Strategies Fund
Investment Income
Dividend income		$	38,303			$	179,443			$	21,340			$	88,796
Less: taxes withheld			—				(2,338	)			—				—
Interest			2				7				—				115
Income from securities loaned (Note 5)			8				24				1				—

Total investment income			38,313				177,136				21,341				88,911

Expenses
Advisory fees (Note2)			15,380				55,698				15,827				104,697
Administration and accounting fees (Note 2)			15,832				17,212				13,128				17,640
Dividends and fees on securities sold short (Note 1)			14,918				57,596				25,004				—
Transfer agent fees (Note 2)			1,608				1,570				1,528				26,910
Custodian fees (Note 2)			107				578				338				2,941
Trustees’ and officers’ fees (Note 2)			410				1,506				572				3,440
Shareholder reporting fees			9,456				9,532				9,433				10,218
Registration and filing fees			645				13,837				1,087				12,162
Legal fees			2,826				3,681				3,052				7,780
Audit fees			10,295				10,292				10,488				11,564
Other expenses			3,456				3,809				3,517				5,365

Total expenses before recoupments, waivers and/or reimbursements			74,933				175,311				83,974				202,717

Recoupments, waivers and/or reimbursements (Note 2)			(42,328	)			(53,663	)			(43,143	)			(98,021	)

Net expenses after recoupments, waivers and/or reimbursements			32,605				121,648				40,831				104,696

Net investment income/(loss)			5,708				55,488				(19,490	)			(15,785	)

Net realized and unrealized gain/(loss) from investments:
Net realized gain from non-affiliated investments			272,814				667,483				869,746				5,193,786
Net realized loss from securities sold short			(137,428	)			(3,084,356	)			(486,776	)			—
Net realized loss on swaps			—				—				—				(13,374,859	)^(a)
Net change in unrealized appreciation/(depreciation) on non-affiliated investments			472,182				2,349,464				(69,813	)			(43,516	)
Net change in unrealized appreciation/(depreciation) on securities sold short			(145,720	)			316,151				(369,757	)			—
Net change in unrealized appreciation/(depreciation) on swaps			—				—				—				667,281	^(a)

Net realized and unrealized gain/(loss) on investments			461,848				248,742				(56,600	)			(7,557,308	)

Net increase/(decrease) in net assets resulting from operations		$	467,556			$	304,230			$	(76,090	)		$	(7,573,093	)

^(a)	Primary risk exposure is equity contracts.

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

GOTHAM FUNDS

Statements of Changes in Net Assets


	Gotham ESG Large Value Fund								Gotham Defensive Long 500 Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	7,459			$	20,168			$	105,757			$	625,871
Net realized gain/(loss) from investments and swaps			74,252				11,636				166,083				(19,931,370	)
Net change in unrealized appreciation/ (depreciation) on investments and swaps			198,564				(30,743	)			1,127,242				12,518,208

Net increase/(decrease) in net assets resulting from operations			280,275				1,061				1,399,082				(6,787,291	)

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			(60,804	)			(95,342	)			(476,753	)			(878,804	)

Net decrease in net assets from dividends and distributions to shareholders			(60,804	)			(95,342	)			(476,753	)			(878,804	)

Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)			31,555				47,671				(11,785,812	)			2,973,681

Total increase/(decrease) in net assets			251,026				(46,610	)			(10,863,483	)			(4,692,414	)

Net assets
Beginning of period			1,170,928				1,217,538				54,675,357				59,367,771

End of period		$	1,421,954			$	1,170,928			$	43,811,874			$	54,675,357

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

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Total Return Fund								Gotham Enhanced 500 Plus Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income		$	181,951			$	290,492			$	5,708			$	32,355
Net realized gain/(loss) from investments and securities sold short			825,730				(2,106,272	)			135,386				(143,104	)
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short			531,655				(861,238	)			326,462				260,758

Net increase/(decrease) in net assets resulting from operations			1,539,336				(2,677,018	)			467,556				150,009

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			(178,762	)			(1,914,251	)			(32,071	)			(246,579	)
Investor Class Shares:
Total distributable earnings			(10,943	)			(178,991	)			N/A				N/A

Net decrease in net assets from dividends and distributions to shareholders			(189,705	)			(2,093,242	)			(32,071	)			(246,579	)

Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)			(2,548,902	)			(1,481,855	)			37,233				27,241

Total increase/(decrease) in net assets			(1,199,271	)			(6,252,115	)			472,718				(69,329	)

Net assets
Beginning of period			28,637,366				34,889,481				2,890,860				2,960,189

End of period		$	27,438,095			$	28,637,366			$	3,363,578			$	2,890,860

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

GOTHAM FUNDS

Statements of Changes in Net Assets (Continued)


	Gotham Hedged Plus Fund								Gotham Neutral 500 Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)		$	55,488			$	52,680			$	(19,490	)		$	16,508
Net realized gain/(loss) from investments and securities sold short			(2,416,873	)			(927,144	)			382,970				(777,621	)
Net change in unrealized appreciation/ (depreciation) on investments and securities sold short			2,665,615				987,330				(439,570	)			19,833

Net increase/(decrease) in net assets resulting from operations			304,230				112,866				(76,090	)			(741,280	)

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			(57,670	)			(174,499	)			(18,391	)			(109,182	)

Net decrease in net assets from dividends and distributions to shareholders			(57,670	)			(174,499	)			(18,391	)			(109,182	)

Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)			3,508,828				6,327,746				(732,827	)			(5,562,713	)

Total increase/(decrease) in net assets			3,755,388				6,266,113				(827,308	)			(6,413,175	)

Net assets
Beginning of period			9,193,961				2,927,848				2,922,433				9,335,608

End of period		$	12,949,349			$	9,193,961			$	2,095,125			$	2,922,433

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

GOTHAM FUNDS

Statements of Changes in Net Assets (Concluded)


	Gotham Short Strategies Fund
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Net increase/(decrease) in net assets from operations:
Net investment income/(loss)		$	(15,785	)		$	38,912
Net realized loss from investments and swaps			(8,181,073	)			(5,071,110	)
Net change in unrealized appreciation/(depreciation) on investments and swaps			623,765				(887,196	)

Net decrease in net assets resulting from operations			(7,573,093	)			(5,919,394	)

Less Dividends and Distributions to Shareholders from:
Institutional Class Shares:
Total distributable earnings			(3,624	)			(70,055	)
Return of capital			—				(8,407	)

Net decrease in net assets from dividends and distributions to shareholders			(3,624	)			(78,462	)

Increase/(decrease) in Net Assets from Capital Share Transactions (Note 4)			(27,105,717	)			11,540,824

Total increase/(decrease) in net assets			(34,682,434	)			5,542,968

Net assets
Beginning of period			37,618,537				32,075,569

End of period		$	2,936,103			$	37,618,537

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

GOTHAM FUNDS

Statements of Cash Flow

(Unaudited)


	Gotham Enhanced 500 Plus Fund				Gotham Hedged Plus Fund
	For the Six Months Ended March 31, 2021				For the Six Months Ended March 31, 2021
Cash flows used in operating activities:
Net increase in net assets resulting from operations		$	467,556			$	304,230
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of long-term portfolio investments			(2,835,459	)			(27,126,177	)
Proceeds from disposition of long-term portfolio investments			2,901,856				23,248,109
Purchases to cover securities sold short			(1,110,440	)			(20,289,939	)
Proceeds from securities sold short			1,018,041				20,664,409
Net realized gain/(loss) from non-affiliated investments and securities sold short			(135,386	)			2,416,873
Net change in unrealized appreciation/(depreciation) on non-affiliated investments and securities sold short			(326,462	)			(2,665,615	)
Return of capital received from real estate investment trusts			518				822
Increase in receivable for securities sold			(53,312	)			(774,501	)
Decrease in securities lending cash collateral			—				894
Increase in dividends and interest receivable			(185	)			(3,102	)
Increase/(decrease) in receivable from investment adviser			(284	)			8,760
Increase in prepaid expenses and other assets			(1,293	)			(7,105	)
Increase in payable for investments purchased			53,420				747,996
Decrease in use of cash collateral from securities lending			—				(894	)
Increase in payable for dividends and fees on securities sold short			319				5,439
Decrease in accrued expense payable			(14,694	)			(19,384	)

Net cash used in operating activities			(35,805	)			(3,489,185	)

Cash flows from financing activities:
Proceeds from shares sold			20,813				4,426,900
Payment of shares redeemed			(15,651	)			(975,742	)
Increase in due to custodian			2,664				42,766

Net cash provided by financing activities			7,826				3,493,924

Net increase/(decrease) in cash and restricted cash			(27,979	)			4,739
Cash and restricted cash:
Beginning of period:			77,745				149,209
End of period:			49,766				153,948
Reconciliation of restricted and unrestricted cash at the beginning of the period to the statements of assets and liabilities:
Cash			47,723				114,994
Restricted cash			30,022				34,215
Reconciliation of restricted and unrestricted cash at the end of the period to the statements of assets and liabilities:
Cash		$	—			$	—

Restricted cash		$	49,766			$	153,948

Supplemental disclosure of cash flow information:
Cash paid during the period for financing charges		$	4,503			$	32,252

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

GOTHAM FUNDS

Financial Highlights


	Gotham ESG Large Value Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Period Ended September 30, 2019*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.27			$	12.18			$	10.00

Net investment income⁽¹⁾			0.07				0.20				0.13
Net realized and unrealized gain/(loss) on investments			2.59				(0.16	)			2.05

Total from investment operations.			2.66				0.04				2.18

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.18	)			—
Net realized capital gains			(0.46	)			(0.77	)			—

Total dividends and distributions to shareholders			(0.59	)			(0.95	)			—

Redemption fees			—				—				—

Net asset value, end of year/period		$	13.34			$	11.27			$	12.18

Total investment return⁽²⁾			24.19	%			(0.17	)%			21.80	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	1,422			$	1,171			$	1,218
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any			0.75	%⁽³⁾			0.75	%			0.75	%⁽³⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾			6.11	%⁽³⁾			6.46	%			6.59	%⁽³⁾
Ratio of net investment income to average net assets			1.16	%⁽³⁾			1.74	%			1.49	%⁽³⁾
Portfolio turnover rate			80	%⁽⁵⁾			284	%			169	%⁽⁵⁾

*	Institutional class commenced operations on December 31, 2018. Total return is calculated based on inception date of December 28, 2018, when initial seed capital was issued at $10.00 per share.

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

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

⁽³⁾	Annualized.

⁽⁴⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁵⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Defensive Long 500 Fund
	Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Period Ended September 30, 2016*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.98			$	13.20			$	13.78			$	11.71			$	9.99			$	10.00

Net investment income⁽¹⁾			0.03				0.14				0.13				0.09				0.04				—
Net realized and unrealized gain/(loss) on investments			0.51				(1.17	)			0.32				2.06				1.68				(0.01	)

Total from investment operations			0.54				(1.03	)			0.45				2.15				1.72				(0.01	)

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.08	)			(0.07	)			(0.08	)			—				—
Net realized capital gains			—				(0.11	)			(0.96	)			—				—				—

Total dividends and distributions to shareholders			(0.13	)			(0.19	)			(1.03	)			(0.08	)			—				—

Redemption fees			—				0.00	⁽²⁾			—				—				—				—

Net asset value, end of year/period		$	12.39			$	11.98			$	13.20			$	13.78			$	11.71			$	9.99

Total investment return⁽³⁾			4.60	%			(7.95	)%			3.71	%			18.42	%			17.10	%			(0.10	)%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	43,812			$	54,675			$	59,368			$	11,031			$	7,940			$	1,999
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			1.35	%⁽⁵⁾			1.35	%			3.21	%			3.51	%			3.80	%			—
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			1.77	%⁽⁵⁾			1.66	%			3.81	%			4.08	%			5.01	%			—
Ratio of net investment income to average net assets (including dividend and interest expense)			0.46	%⁽⁵⁾			1.11	%			1.03	%			0.73	%			0.39	%			—
Portfolio turnover rate			72	%⁽⁷⁾			294	%			429	%			220	%			259	%			—

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016.

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.42%, 1.50% and 1.50% for the years ended September 30, 2019, 2018 and 2017, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Total Return Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Year Ended September 30, 2016
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.70			$	13.28			$	13.38			$	11.60			$	10.02			$	9.33

Net investment income⁽¹⁾			0.08				0.11				0.05				0.03				0.01				0.17
Net realized and unrealized gain/(loss) on investments			0.61				(0.91	)			0.03				1.80				1.58				0.72

Total from investment operations			0.69				(0.80	)			0.08				1.83				1.59				0.89

Dividends and distributions to shareholders from:
Net investment income			(0.08	)			(0.11	)			(0.05	)			(0.04	)			(0.01	)			(0.18	)
Net realized capital gains			(0.00	)⁽²⁾			(0.67	)			(0.13	)			(0.01	)			—				(0.02	)

Total dividends and distributions to shareholders			(0.08	)			(0.78	)			(0.18	)			(0.05	)			(0.01	)			(0.20	)

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			—				—				—

Net asset value, end of year/period		$	12.31			$	11.70			$	13.28			$	13.38			$	11.60			$	10.02

Total investment return⁽⁴⁾			5.97	%			(6.54	)%			0.67	%			15.73	%			15.82	%			9.65	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	24,665			$	25,967			$	32,167			$	26,218			$	18,539			$	8,062
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any			0.00	%⁽⁵⁾			0.00	%			0.00	%			0.00	%			0.02	%			0.17	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁶⁾			0.69	%⁽⁵⁾			0.59	%			0.69	%			0.51	%			0.74	%			1.55	%
Ratio of net investment income to average net assets			1.34	%⁽⁵⁾			0.94	%			0.35	%			0.27	%			0.09	%			1.78	%
Portfolio turnover rate			44	%⁽⁷⁾			55	%			3	%			1	%			27	%			6	%

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

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	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.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Total Return Fund Investor Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Period Ended September 30, 2018*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.67			$	13.24			$	13.35			$	12.60

Net investment income/(loss)⁽¹⁾			0.06				0.08				0.01				(0.02	)
Net realized and unrealized gain/(loss) on investments			0.61				(0.90	)			0.03				0.77

Total from investment operations			0.67				(0.82	)			0.04				0.75

Dividends and distributions to shareholders from:
Net investment income			(0.05	)			(0.08	)			(0.02	)			—
Net realized capital gains			(0.00	)⁽²⁾			(0.67	)			(0.13	)			—

Total dividends and distributions to shareholders			(0.05	)			(0.75	)			(0.15	)			—

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			—

Net asset value, end of year/period		$	12.29			$	11.67			$	13.24			$	13.35

Total investment return⁽⁴⁾			5.78	%			(6.70	)%			0.40	%			5.95	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	2,773			$	2,670			$	2,723			$	2,110
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any			0.25	%⁽⁵⁾			0.25	%			0.25	%			0.25	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁶⁾			0.94	%⁽⁵⁾			0.84	%			0.93	%			0.76	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets			1.08	%⁽⁵⁾			0.67	%			0.08	%			(0.24	)%⁽⁵⁾
Portfolio turnover rate			44	%⁽⁷⁾			55	%			3	%			1	%⁽⁷⁾

*	Investor Class commenced operations on January 2, 2018. Total return is calculated based on inception date of December 29, 2017, when initial seed capital was issued at $12.60 per share.

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

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	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.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Enhanced 500 Plus Fund Institutional Class Shares
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Year Ended September 30, 2017				For the Period Ended September 30, 2016*
Per Share Operating Performance
Net asset value, beginning of year/period		$	11.47			$	11.86			$	13.99			$	11.86			$	9.99			$	10.00

Net investment income⁽¹⁾			0.02				0.13				0.10				0.13				0.09				—
Net realized and unrealized gain/(loss) on investments			1.82				0.47				0.07				2.20				1.78				(0.01	)

Total from investment operations			1.84				0.60				0.17				2.33				1.87				(0.01	)

Dividends and distributions to shareholders from:
Net investment income			(0.13	)			(0.14	)			(0.12	)			(0.16	)			—				—
Net realized capital gains			—				(0.85	)			(2.18	)			(0.04	)			—				—

Total dividends and distributions to shareholders			(0.13	)			(0.99	)			(2.30	)			(0.20	)			—				—

Redemption fees			—				—				—				—				—				—

Net asset value, end of year/period		$	13.18			$	11.47			$	11.86			$	13.99			$	11.86			$	9.99

Total investment return⁽²⁾			16.13	%			4.95	%			2.78	%			19.86	%			18.60	%			(0.10	)%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	3,364			$	2,891			$	2,960			$	2,881			$	2,399			$	1,999
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽³⁾			2.12	%⁽⁴⁾			2.21	%			2.20	%			2.10	%			2.21	%			—
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽³⁾⁽⁵⁾			4.87	%⁽⁴⁾			5.04	%			5.23	%			4.24	%			5.28	%			—
Ratio of net investment income to average net assets (including dividend and interest expense)			0.37	%⁽⁴⁾			1.15	%			0.90	%			0.97	%			0.83	%			—
Portfolio turnover rate			66	%⁽⁶⁾			263	%			274	%			224	%			237	%			—

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016.

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

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

⁽³⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.15%, 1.15%, 1.15%, 1.15% and 1.15% for the six months ended March 31, 2021 and the years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁴⁾	Annualized.

⁽⁵⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁶⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Hedged Plus Fund
	Institutional Class Shares
	For the
	Six Months				For the				For the				For the				For the				For the
	Ended				Year				Year				Year				Year				Period
	March 31,				Ended				Ended				Ended				Ended				Ended
	2021				September 30,				September 30,				September 30,				September 30,				September 30,
	(Unaudited)				2020				2019				2018				2017				2016*
Per Share Operating Performance
Net asset value, beginning of year/period		$	10.58			$	11.31			$	12.87			$	11.43			$	10.08			$	10.00


Net investment income⁽¹⁾			0.05				0.12				0.10				0.06				0.01				0.00	⁽²⁾
Net realized and unrealized gain/(loss) on investments			(0.01	)			(0.17	)			(0.44	)			1.64				1.49				0.08

Total from investment operations			0.04				(0.05	)			(0.34	)			1.70				1.50				0.08

Dividends and distributions to shareholders from:
Net investment income			(0.05	)			(0.12	)			(0.06	)			(0.09	)			(0.11	)			—
Net realized capital gains			—				(0.56	)			(1.16	)			(0.17	)			(0.04	)			—

Total dividends and distributions to shareholders			(0.05	)			(0.68	)			(1.22	)			(0.26	)			(0.15	)			—

Redemption fees			—				—				—				—				—				—

Net asset value, end of year/period		$	10.57			$	10.58			$	11.31			$	12.87			$	11.43			$	10.08


Total investment return⁽³⁾			0.39	%			(0.82	)%			(2.45	)%			15.00	%			15.01	%			0.80	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	12,949			$	9,194			$	2,928			$	2,665			$	2,319			$	2,015
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			2.18	%⁽⁵⁾			2.51	%			2.68	%			2.71	%			3.10	%			3.13	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			3.15	%⁽⁵⁾			4.81	%			6.97	%			5.57	%			8.46	%			8.17	%⁽⁵⁾
Ratio of net investment income to average net assets (including dividend and interest expense)			1.00	%⁽⁵⁾			1.11	%			0.84	%			0.48	%			0.09	%			0.00	%⁽⁵⁾⁽⁷⁾
Portfolio turnover rate			119	%⁽⁸⁾			353	%			239	%			227	%			183	%			152	%⁽⁸⁾

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on March 31, 2016.

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

⁽²⁾	Amount is less than $0.005 per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.15%, 1.15%, 1.15%, 1.15%, 1.15% and 1.15% for the six months ended March 31, 2021 and the years ended September 30, 2020, 2019, 2018 and 2017 and the period ended September 30, 2016, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Amount is less than 0.005%.

⁽⁸⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Continued)


	Gotham Neutral 500 Fund Institutional Class Shares
	For the
	Six Months				For the				For the				For the				For the
	Ended				Year				Year				Year				Year
	March 31,				Ended				Ended				Ended				Ended
	2021				September 30,				September 30,				September 30,				September 30,
	(Unaudited)				2020				2019				2018				2017*
Per Share Operating Performance
Net asset value, beginning of year/period		$	10.42			$	11.42			$	11.69			$	10.77			$	10.00


Net investment income/(loss)⁽¹⁾			(0.08	)			0.03				0.12				0.03				(0.07	)
Net realized and unrealized gain/(loss) on investments			(0.07	)			(0.90	)			(0.18	)			0.95				0.84

Total from investment operations			(0.15	)			(0.87	)			(0.06	)			0.98				0.77

Dividends and distributions to shareholders from:
Net investment income			(0.07	)			(0.13	)			(0.04	)			(0.01	)			—
Net realized capital gains			—				(0.00	)⁽²⁾			(0.17	)			(0.05	)			—

Total dividends and distributions to shareholders			(0.07	)			(0.13	)			(0.21	)			(0.06	)			—

Redemption fees			—				—				—				—				—

Net asset value, end of year/period		$	10.20			$	10.42			$	11.42			$	11.69			$	10.77


Total investment return⁽³⁾			(1.44	)%			(7.68	)%			(0.56	)%			9.09	%			7.70	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	2,095			$	2,922			$	9,336			$	6,149			$	3,593
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements if any (including dividend and interest expense)⁽⁴⁾			3.48	%⁽⁵⁾			2.88	%			1.86	%			2.43	%			3.24	%
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements if any⁽⁴⁾⁽⁶⁾			7.16	%⁽⁵⁾			4.11	%			2.82	%			3.45	%			6.02	%
Ratio of net investment income/(loss) to average net assets (including dividend and interest expense)			(1.66	)%⁽⁵⁾			0.24	%			1.09	%			0.26	%			(0.64	)%
Portfolio turnover rate			98	%⁽⁷⁾			336	%			273	%			269	%			202	%

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on September 30, 2016.

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

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	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.

⁽⁴⁾

Expense ratio includes dividend and fees on securities sold short. Excluding such dividend and fees on securities sold short, the ratio of expenses to average net assets including recoupments, waivers and/or reimbursements for the Fund would be 1.35%, 1.35%, 1.39%, 1.50% and 1.50% for the six months ended March 31, 2021 and the years ended September 30, 2020, 2019, 2018 and 2017, respectively.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced or expenses were recouped. If such fee reductions or recoupments had not occurred, the ratios would have been as shown (See Note 2).

⁽⁷⁾	Not annualized.

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

GOTHAM FUNDS

Financial Highlights (Concluded)


	Gotham Short Strategies Fund Institutional Class Shares
	For the
	Six Months				For the				For the				For the				For the
	Ended				Year				Year				Year				Period
	March 31,				Ended				Ended				Ended				Ended
	2021				September 30,				September 30,				September 30,				September 30,
	(Unaudited)				2020				2019				2018				2017*
Per Share Operating Performance
Net asset value, beginning of year/period		$	7.42			$	8.78			$	9.05			$	10.07			$	10.00


Net investment income/(loss)⁽¹⁾			(0.01	)			0.01				0.03				(0.03	)			0.02
Net realized and unrealized gain/(loss) on investments			(1.42	)			(1.35	)			(0.09	)			(0.97	)			0.05

Total from investment operations			(1.43	)			(1.34	)			(0.06	)			(1.00	)			0.07

Dividends and distributions to shareholders from:
Net investment income			(0.00	)⁽²⁾			(0.02	)			—				(0.02	)			—
Net realized capital gains			—				—				(0.21	)			—				—
Return of capital			—				(0.00	)⁽²⁾			—				—				—

Total dividends and distributions to shareholders			(0.00	)⁽²⁾			(0.02	)			(0.21	)			(0.02	)			—

Redemption fees			0.00	⁽³⁾			0.00	⁽³⁾			0.00	⁽³⁾			—				—

Net asset value, end of year/period		$	5.99			$	7.42			$	8.78			$	9.05			$	10.07


Total investment return⁽⁴⁾			(19.26	)%			(15.27	)%			(0.81	)%			(9.90	)%			0.70	%
Ratio/Supplemental Data
Net assets, end of year/period (in 000s)		$	2,936			$	37,619			$	32,076			$	1,591			$	18,328
Ratio of expenses to average net assets with recoupments, waivers and/or reimbursements, if any			1.35	%⁽⁵⁾			1.35	%			1.35	%			1.35	%			1.35	%⁽⁵⁾
Ratio of expenses to average net assets without recoupments, waivers and/or reimbursements, if any⁽⁶⁾			2.61	%⁽⁵⁾			1.88	%			2.20	%			2.49	%			3.06	%⁽⁵⁾
Ratio of net investment income/(loss) to average net assets			(0.20	)%⁽⁵⁾			0.12	%			0.39	%			(0.30	)%			1.19	%⁽⁵⁾
Portfolio turnover rate			236	%⁽⁷⁾			692	%			616	%			591	%			165	%⁽⁷⁾⁽⁸⁾

*	Commencement of operations. Initial seed capital was issued at $10.00 per share on July 31, 2017.

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

⁽²⁾	Amount is less than $(0.005) per share.

⁽³⁾	Amount is less than $0.005 per share.

⁽⁴⁾	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.

⁽⁵⁾	Annualized.

⁽⁶⁾	During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been shown (See Note 2).

⁽⁷⁾	Not annualized.

⁽⁸⁾	Portfolio turnover rate excludes securities received from processing a subscription due to a reorganization.

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

GOTHAM FUNDS

Notes to Financial Statements

March 31, 2021

(Unaudited)

1. Organization and Significant Accounting Policies

The Gotham ESG Large Value Fund, the Gotham Defensive Long 500 Fund, the Gotham Total Return Fund, the Gotham Enhanced 500 Plus Fund, the Gotham Hedged Plus Fund, the Gotham Neutral 500 Fund and the Gotham Short Strategies Fund (each a “Fund” and together, the “Funds”) are each a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each of the Funds, except for the Gotham Total Return Fund, offers one class of shares, Institutional Class. The Gotham Total Return Fund offers two classes of shares, Institutional Class and Investor Class. The Funds’ commencement of operations are as follows:


Gotham ESG Large Value Fund (“ESG Large Value”)		December 31, 2018
Gotham Defensive Long 500 Fund (“Defensive Long 500”)		September 30, 2016
Gotham Total Return Fund (“Total Return”)
(operates as a “Fund of Funds”)		March 31, 2015
Gotham Enhanced 500 Plus Fund (“Enhanced 500 Plus”)		September 30, 2016
Gotham Hedged Plus Fund (“Hedged Plus”)		March 31, 2016
Gotham Neutral 500 Fund (“Neutral 500”)		October 1, 2016
Gotham Short Strategies Fund (“Short Strategies”)		July 31, 2017

All the Funds, except for ESG Large Value and Total Return, seek to achieve their investment objectives by primarily investing in long and short positions of U.S. equity securities. Equity securities include common and preferred stocks. ESG Large Value seeks to achieve its investment objective by primarily investing in long positions of equity securities. Total Return seeks to achieve its investment objective by primarily investing in the other funds advised by Gotham.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Fair Value Measurements — The inputs and valuation techniques used to measure fair value of a Fund’s investments are summarized into three levels as described in the hierarchy below:


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

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

All financial instruments listed in the Portfolio of Investments are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets, except for the following: total return swaps with end of period unrealized appreciation/(depreciation) of $8,697,491 and $(33,941) held by Defensive Long 500 and Short Strategies, respectively. These securities are considered Level 2 as of and for the six months ended March 31, 2021.

For the six months ended March 31, 2021, there were no transfers in or out of Level 3 for the Funds.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

Liabilities if the security is still held; otherwise it is recorded as an adjustment to realized gain/(loss) from investment transactions in the Statements of Operations. These characterizations are reflected in the accompanying financial statements. General expenses of the Trust are generally allocated to each Fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular Fund in the Trust are charged directly to that Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared, recorded on ex-date and paid at least annually to shareholders. 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, capitalized dividends on short sales, 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 each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under SubchapterM of the Code, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

Short Sales — All Funds except ESG Large Value may sell securities short. Total Return indirectly invests in short sales through its underlying securities. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Funds will comply with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

As of March 31, 2021, the following Funds had securities sold short, securities pledged as collateral and deposits with brokers for securities sold short:


	Value of		Securities		Deposits with
	Securities		Pledged		Brokers for
	Sold Short		as Collateral		Securities Sold Short
Enhanced 500 Plus	$	1,395,816	$	3,310,298	$ 49,766
Hedged Plus		9,926,147		15,510,381	153,948
Neutral 500		2,035,162		2,344,773	1,433,562

In accordance with the terms of its prime brokerage agreements, the Funds may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security. These amounts are included in dividends and fees on securities sold short on the Statements of Operations. In those instances where rebate income is in excess of dividends on securities sold short and finance charges, the net amount is shown in the Investment Income section of the Statements of Operations. On the ex-dividend date, dividends on short sales are recorded as an expense to the Fund. The following Funds had net charges as shown in the table below for the six months ended March 31, 2021:

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


	Dividends on
	Securities Sold			Rebate
	Short			(Income)/Fees
Enhanced 500 Plus		$	10,415		$	1,435
Hedged Plus			25,344			12,393
Neutral 500			20,448			2,620

The following Funds utilized short sales proceeds and incurred financing charges to finance purchases of long securities in order to accomplish the Funds’ respective investment objectives. A financing fee is charged to the Funds based on the Federal Funds rate plus an agreed upon spread. These fees are included in dividends and fees on securities sold short on the Statements of Operations and are as follows for the six months ended March 31, 2021:


	Short Sales
	(Deposits)		Financing
	Proceeds		Charges
Enhanced 500 Plus	$	1,342,937		$ 3,068
Hedged Plus		9,755,152		19,859
Neutral 500		602,982		1,936

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument). As of and for the six months ended March 31, 2021, only Defensive Long 500 and Short Strategies held total return swaps.

For the six months ended March 31, 2021, the quarterly average notional volume of the total return swaps for each Fund were as follows:


	Notional Amount
Defensive Long 500		$	(6,800,910	)
Short Strategies			(20,906,299	)

Counterparty Risk — During the six months ended March 31, 2021, Defensive Long 500 and Short Strategies were subject to counterparty risk. Certain of the derivatives entered into by the Funds may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. If a counterparty defaults on its payment obligations to the Funds, this default will cause the value of an investment in the Funds to decrease. In addition, to the extent the Funds deal with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Funds are neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Funds to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Funds.

Liquidity Risk — During the six months ended March 31, 2021, Defensive Long 500 and Short Strategies were subject to liquidity risk. The Funds may be subject to liquidity risk primarily due to investments in derivatives. The Funds may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, forward contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Funds may be unable to sell the asset or sell it at a reasonable price. In addition, the Funds may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of the Funds in order to raise cash to pay redemptions.

Master Netting Agreement — During six months ended March 31, 2021, Defensive Long 500 and Short Strategies were subject to a Master Netting agreement. In order to define their contractual rights and to secure rights that will help mitigate their counterparty risk, the Funds have entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between the Funds and the counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Funds’ net assets decline by a stated percentage or the Funds fail to meet the terms of its ISDA Master Agreements. The result would cause the Funds to accelerate payment of any net liability owed to the counterparty.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

LIBOR Phase-out Risk — The United Kingdom’s Financial Conduct Authority, which regulates London Interbank Overnight Rates (“LIBOR”), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which the Funds invest, as well as other unforeseen effects, could result in losses to the Funds.

Collateral Requirements — During the six months ended March 31, 2021, Defensive Long 500 and Short Strategies were subject to collateral requirements. For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. The Funds generally agree not to use non-cash collateral that they receive but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from their counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, they bear the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


												Gross Amount Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets/(Liabilities)				Gross Amounts Offset in the Statements of Assets and Liabilities			Net Amounts of Assets Presented in the Statements of Assets and Liabilities				Financial Instruments			Collateral Pledged/(Received)*				Net Amount**
Defensive Long 500		$	8,697,491			$	—		$	8,697,491			$	—		$	(7,900,000	)		$	797,491
Short Strategies			(33,941	)			—			(33,941	)			—			33,941				—

*	Amount disclosed is limited to the amount of assets presented in each Statements of Assets and Liabilities. Actual collateral pledged/(received) may be more than the amount shown.

**	Net amount represents the net receivable from the counterparty in the event of a default.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

2. Transactions with Related Parties and Other Service Providers


ESG Large Value	0.75	%
Defensive Long 500	1.35	%
Total Return⁽¹⁾	—	%
Enhanced 500 Plus	1.00	%
Hedged Plus	1.00	%
Neutral 500	1.35	%
Short Strategies	1.35	%

⁽¹⁾

For Total Return (the “Fund”), Gotham is not entitled to receive an investment advisory fee on assets invested in mutual funds advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”), but is entitled to receive an investment advisory fee of 1.00% of the Fund’s average net assets invested in investments other than an underlying fund. Gotham does not receive an investment advisory fee from the Fund on assets invested in an underlying fund, but does receive an investment advisory fee from each underlying fund as investment adviser to such funds. The Fund does not currently expect to invest in assets other than underlying funds; however, to the extent it does, the Fund will pay an investment advisory fee on such assets.

The Adviser contractually agreed to reduce its investment advisory fee and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses,” dividend and interest expense on securities sold short, interest, extraordinary items, and brokerage commissions, do not exceed the percentages set forth in the table below (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until the termination date set forth below, unless the Board approves its earlier termination. The table below reflects the Expense Limitation amounts, as a percentage of average daily net assets, in effect during the six months ended March 31, 2021.


	Institutional Class	Investor Class	Termination Date
ESG Large Value	0.75%	N/A		January 31, 2022
Defensive Long 500	1.35%	N/A		January 31, 2022
Total Return⁽¹⁾	0.00%	0.25%		January 31, 2022
Enhanced 500 Plus	1.15%	N/A		January 31, 2022
Hedged Plus	1.15%	N/A		January 31, 2022
Neutral 500	1.35%	N/A		January 31, 2022
Short Strategies	1.35%	N/A		January 31, 2022

⁽¹⁾	Per the Expense Limitation agreement for the Fund, the expenses subject to the expense limitation are also exclusive of management fees, if any.

For the six months ended March 31, 2021, investment advisory fees accrued and waivers were as follows:


	Gross Advisory Fee			Recoupments, Waiver and/or Reimbursements				Net Advisory Fee/ (Reimbursement)
ESG Large Value		$	4,820		$	(34,427	)		$	(29,607	)
Defensive Long 500			307,543			(94,741	)			212,802
Total Return			—			(94,589	)			(94,589	)
Enhanced 500 Plus			15,380			(42,328	)			(26,948	)
Hedged Plus			55,698			(53,663	)			2,035
Neutral 500			15,827			(43,143	)			(27,316	)
Short Strategies			104,697			(98,021	)			6,676

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For all Funds, except for Defensive Long 500 and Short Strategies, the Adviser is entitled to recover, subject to approval by the Board, such amounts reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek reimbursement from the Fund, subject to certain limitations, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of reimbursement. No recoupment will occur unless a Fund’s expenses are below the Expense Limitation amount. As of March 31, 2021, the amounts of potential reimbursement from the Funds to the Adviser are as follows:


	Expiration		Expiration			Expiration			Expiration
	09/30/2021		09/30/2022			09/30/2023			03/31/2024
ESG Large Value		N/A		$	50,745		$	66,060		$	34,427
Total Return
Institutional		45,437			200,356			170,911			85,677
Investor		3,492			18,489			17,025			8,912
Enhanced 500 Plus		33,213			84,996			79,156			42,328
Hedged Plus		32,162			120,723			109,329			53,663
Neutral 500		30,547			87,928			85,202			43,143

Other Service Providers

Pershing LLC provides prime brokerage services to the Funds under an Agreement for Prime Brokerage Services. Pershing LLC is a wholly owned subsidiary of The Bank of New York Mellon Corporation.

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

The Trust has adopted a distribution plan for Investor Class shares of Total Return, in accordance with Rule 12b-1 under the 1940 Act. Pursuant to the Investor Class shares plan, Total Return compensates the Underwriter for direct and indirect costs and expenses incurred in connection with advertising, marketing and other distribution services in an amount not to exceed 0.25%, on an annualized basis of the Investor Class shares of Total Return’s average daily net assets.

Trustees and Officers

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

Investment in Affiliated Funds

The following table lists each issuer owned by Total Return that may be deemed an “affiliated company” under the 1940 Act, as well as transactions that occurred in the security of such issuers during the six months ended March 31, 2021:


Total Return
										Change in
							Net			Unrealized					Shares
	Value at		Purchase		Sales		Realized			Appreciation/			Value at		Held at		Dividend
Name of Issuer	9/30/20		Cost		Proceeds		Gain/(Loss)			(Depreciation)			3/31/21		3/31/21		Income
Gotham Defensive Long 500 Fund	$	12,904,078	$	41,941	$	9,889,554	$	309,210		$	(638,562	)	$	2,727,113		220,106	$	31,124
Gotham Enhanced S&P 500 Index Fund		—		4,281,578		574,144		26,029			398,257			4,131,720		277,111		40,908
Gotham Hedged Core Fund		3,411,033		2,195,264		540,903		18,587			394,200			5,478,181		449,769		32,845
Gotham Hedged Plus Fund		—		4,446,062		649,979		4,982			258,207			4,059,272		384,037		19,161
Gotham Index Plus Fund		5,790,088		110,332		1,226,318		280,207			539,667			5,493,976		292,700		60,948
Gotham Large Value Fund		1,061,959		—		1,140,501		274,898			(196,356	)		—		—		—
Gotham Neutral Fund		4,256,076		318,225		423,847		(28,363	)		(57,796	)		4,064,295		451,588		—
Gotham Short Strategies Fund		1,086,822		621,811		125,866		(69,483	)		(165,962	)		1,347,322		224,928		198

Total	$	28,510,056					$	816,067		$	531,655		$	27,301,879			$	185,184

3. Investment in Securities

For the six months ended March 31, 2021 for all Funds, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
ESG Large Value	$	1,012,403	$	1,026,968
Defensive Long 500		31,250,400		47,099,485
Total Return		12,015,213		14,571,111
Enhanced 500 Plus		2,835,085		2,898,891
Hedged Plus		27,129,608		23,248,109
Neutral 500		2,833,896		4,599,708
Short Strategies		37,393,916		75,799,994

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For the six months ended March 31, 2021, the Funds had no purchases and sales of U.S. Government securities.

4. Capital Share Transactions

For the six months ended March 31, 2021 and the year ended September 30, 2020, transactions in capital shares of the Funds (authorized shares unlimited) were as follows:


	For the Six Months Ended
	March 31, 2021						For the Year Ended
	(Unaudited)						September 30, 2020
	Shares			Value			Shares			Value
ESG Large Value:
Institutional Class Shares:
Sales		—		$	—			—		$	—
Reinvestments		2,654			31,555			3,943			47,671
Redemption Fees*		—			—			—			—
Redemptions		—			—			—			—

Net Increase		2,654		$	31,555			3,943		$	47,671

Defensive Long 500:
Institutional Class Shares:
Sales		8,683		$	100,743			1,785,878		$	21,079,978
Reinvestments		42,153			476,753			66,026			878,804
Redemption Fees*		—			—			—			2,017
Redemptions		(1,076,164	)		(12,363,308	)		(1,785,995	)		(18,987,118	)

Net Increase/(Decrease)		(1,025,328	)	$	(11,785,812	)		65,909		$	2,973,681

Total Return:
Institutional Class Shares:
Sales		4,317		$	49,899			325,525		$	4,134,781
Reinvestments		13,436			151,823			127,914			1,652,650
Redemption Fees*		—			45			—			82
Redemptions		(232,711	)		(2,714,852	)		(657,113	)		(7,623,112	)

Net Decrease		(214,958	)	$	(2,513,085	)		(203,674	)	$	(1,835,599	)

Investor Class Shares:
Sales		10,183		$	118,035			92,479		$	1,150,847
Reinvestments		969			10,943			13,865			178,991
Redemption Fees*		—			5			—			8
Redemptions		(14,395	)		(164,800	)		(83,091	)		(976,102	)

Net Increase/(Decrease)		(3,243	)	$	(35,817	)		23,253		$	353,744

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


	For the Six Months Ended
	March 31, 2021						For the Year Ended
	(Unaudited)						September 30, 2020
	Shares			Value			Shares			Value
Enhanced 500 Plus:
Institutional Class Shares:
Sales		1,699		$	20,813			2,136		$	23,898
Reinvestments		2,670			32,071			21,275			246,579
Redemption Fees*		—						—			—
Redemptions		(1,303	)		(15,651	)		(20,986	)		(243,236	)

Net Increase		3,066		$	37,233			2,425		$	27,241


Hedged Plus:
Institutional Class Shares:
Sales		446,907		$	4,426,900			639,213		$	6,650,000
Reinvestments		6,077			57,670			15,608			174,499
Redemption Fees*		—			—			—			—
Redemptions		(97,138	)		(975,742	)		(44,569	)		(496,753	)

Net Increase		355,846		$	3,508,828			610,252		$	6,327,746


Neutral 500:
Institutional Class Shares:
Sales		—		$	—			35,785		$	385,431
Reinvestments		1,890			18,391			9,603			109,182
Redemption Fees*		—			—			—			—
Redemptions		(76,960	)		(751,218	)		(582,768	)		(6,057,326	)

Net Decrease		(75,070	)	$	(732,827	)		(537,380	)	$	(5,562,713	)


Short Strategies:
Institutional Class Shares:
Sales		228,146		$	1,500,806			2,164,344		$	17,640,696
Reinvestments		598			3,554			9,232			76,810
Redemption Fees*		—			68			—			404
Redemptions		(4,809,929	)		(28,610,145	)		(754,740	)		(6,177,086	)

Net Increase/(Decrease)		(4,581,185	)	$	(27,105,717	)		1,418,836		$	11,540,824

*	There is a 1.00% redemption fee that may be charged on shares redeemed within 30 days of purchase. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in-capital.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

Significant Shareholders


ESG Large Value
Affiliated Shareholders	100	%
Defensive Long 500
Affiliated Fund	6	%
Non-affiliated Shareholders	86	%
Total Return
Affiliated Shareholders	34	%
Non-affiliated Shareholders	51	%
Enhanced 500 Plus
Non-affiliated Shareholders	97	%
Hedged Plus
Affiliated Fund	31	%
Non-affiliated Shareholders	69	%
Neutral 500
Non-affiliated Shareholders	100	%
Short Strategies
Affiliated Fund	46	%
Affiliated Shareholders	31	%

5. Securities Lending

All Funds may lend securities to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments and/or securities consistent with the Fund’s investment objective. Securities purchased with cash collateral are included in market value of securities designated as collateral for securities on loan on the Statements of Assets and Liabilities. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. The Funds pay a fee on the cash collateral received by the Funds at a rate equal to the Federal Funds (Open) rate plus 40 basis points with respect to the cash collateral received on those securities on loan that have a rebate that equals or exceeds the greater of either the Federal Funds (Open) rate minus 10 basis points or zero. These fees are included in the fees on cash collateral on the Statements of Operations. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Adviser to be of good standing and only when, in the Adviser’s judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. When the collateral falls below specified amounts, the lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. Securities on loan are not used as collateral for swaps or as collateral for short securities, if any. During the six months ended March 31, 2021, the Funds listed below each had securities lending programs. The Funds had no open securities lending transactions as of March 31, 2021, and the income generated from the programs during the six months ended March 31, 2021, with respect to such loans are as follows:


	Market Value						Market Value			Income Received
	of Securities			Cash Collateral			of Non-cash			from Securities
	Loaned			Received			Collateral			Lending
Defensive Long 500		$	—		$	—		$	—		$	173
Enhanced 500 Plus			—			—			—			8
Hedged Plus			—			—			—			24
Neutral 500			—			—			—			1

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

6. Federal Tax Information

The tax character of distributions paid by the Funds during the year ended September 30, 2020 were as follows:


	Ordinary			Long-Term
	Income			Capital Gain			Return
	Dividend			Dividend			of Capital
ESG Large Value		$	95,326		$	16		$	—
Defensive Long 500			370,405			508,399			—
Total Return			309,540			1,783,702			—
Enhanced 500 Plus			40,676			205,903			—
Hedged Plus			30,340			144,159			—
Neutral 500			109,182			—			—
Short Strategies			70,055			—			8,407

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

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:


					Undistributed			Undistributed			Unrealized				Qualified				Other
	Capital Loss				Ordinary			Long-Term			Appreciation/				Late-Year				Temporary
	Carryforward				Income			Gain			(Depreciation)				Losses				Differences
ESG Large Value		$	—			$	9,437		$	47,496		$	66,333			$	—			$	—
Defensive Long 500			(18,916,490	)			427,111			—			13,674,434				—				—
Total Return			(1,969,312	)			—			—			2,235,059				(1,573	)			—
Enhanced 500 Plus			—				24,938			—			354,241				(48,332	)			—
Hedged Plus			—				52,838			—			548,307				(377,514	)			—
Neutral 500			(178,688	)			18,391			—			479,141				(793,745	)			—
Short Strategies			(8,114,687	)			—			—			(779,292	)			—				—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing and recognition of income and gains for federal income tax purposes. The other temporary differences as of September 30, 2020 were primarily attributed to wash sales on unsettled short sales, deferral of loss on unsettled trades, realized gain/loss on unsettled swaps, net dividend receivable and payable on unsettled swaps, wash sales loss outstanding, redesignation of dividends paid, qualified late year losses deferred and capital loss carryforwards not yet utilized. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.

GOTHAM FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

As of March 31, 2021, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:


	Federal Tax Cost*			Unrealized Appreciation			Unrealized (Depreciation)				Net Unrealized Appreciation/ (Depreciation)
ESG Large Value		$	1,101,798		$	309,883		$	(2,156	)		$	307,727
Defensive Long 500			33,416,904			19,079,447			(1,908,264	)			17,171,183
Total Return			24,320,260			3,835,960			(854,341	)			2,981,619
Enhanced 500 Plus			3,638,892			1,110,689			(215,560	)			895,129
Hedged Plus			19,167,068			4,534,620			(576,167	)			3,958,453
Neutral 500			1,875,879			732,001			(147,105	)			584,896
Short Strategies			2,759,549			296,046			(227,881	)			68,165


	Late-Year Ordinary Losses Deferral			Short-Term Capital Loss Deferral			Long-Term Capital Loss Deferral
Total Return		$	1,573		$	—		$	—
Enhanced 500 Plus			—			308,215			(259,883	)
Hedged Plus			—			769,872			(392,358	)
Neutral 500			—			1,789,918			(996,173	)

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2020 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. For Short Strategies, the future use of available capital loss carryforwards may be subject to limitation under Internal Revenue Code Section 382. The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of September 30, 2020, the following Funds had long-term and short-term capital loss carryforwards in the following amounts:


	Capital Losses Carryforwards
Defensive Long 500	$	18,916,490
Total Return		1,969,312
Neutral 500		178,688
Short Strategies		8,114,687

100

GOTHAM FUNDS

Notes to Financial Statements (Concluded)

March 31, 2021

(Unaudited)

7. Subsequent Events

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

Effective May 1, 2021, the Gotham ESG Large Value Fund (“Fund”) entered into a Support, Service and Fee Assumption Agreement (“Agreement”) with Gotham Asset Management, LLC (“Gotham”), whereby Gotham will assume and undertake to pay substantially all Fund expenses, except investment advisory fees.

On May 24, 2021, the Board approved a plan to liquidate and terminate Gotham Neutral 500 Fund, which is expected to occur on or about May 27, 2021.

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

101

GOTHAM FUNDS

Other Information

(Unaudited)

Proxy Voting

Quarterly Portfolio Schedules

102

GOTHAM FUNDS

Statement Regarding Liquidity Risk Management Program

(Unaudited)

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing liquidity risk, as follows:

103

Investment Adviser

Gotham Asset Management, LLC

535 Madison Avenue, 30th Floor

New York, NY 10022

Administrator

The Bank of New York Mellon

301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103-7042

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

GOTII-0321

SIRIOS LONG/SHORT FUND

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)


Average Annual Total Returns for the Periods Ended March 31, 2021
	Six Months^†	1 Year	Since Inception
Institutional Class	12.21%	21.25%	5.49%*
HFRX Equity Hedge Index	10.63%	23.88%	2.44%**

†	Not annualized.

*	The Sirios Long/Short Fund (the “Fund”) Institutional Class shares commenced operations on May 3, 2018.

**	Benchmark performance is from the commencement date of the Fund Class only and is not the commencement 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 (866) 640-5704. 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 table does 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 gross and net operating expenses, as stated in the current prospectus dated February 1, 2021, are 2.49% and 1.60%, respectively, for Institutional Class shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Sirios Capital Management, L.P. (the “Adviser”) has contractually agreed to reduce its compensation and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses,” as defined in Form N-1A, do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until April 30, 2022, unless the Board of Trustees of the Trust approves its earlier termination. This agreement may be terminated only by the Fund’s Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts waived, reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek recoupment from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the HFRX Equity Hedge Index (“HFRX Index”). Hedge Fund Research, Inc. constructs the HFRX Index methodology. The HFRX Index is comprised of long/short equity hedge funds. The HFRX Index is unmanaged and its returns (i) do not include sales charges or fees, which would lower performance; and (ii) are subject to a variety of material distortions, as investments in hedge funds typically involve substantial risks, including the “risk of ruin”. It is impossible to invest directly in an index.

The Fund is non-diversified and invests in a limited number of securities. As a result, the Fund’s investment performance may be more volatile, as it may be more susceptible to risks associated with a single economic, political, or regulatory event than a fund that invests in a greater number of issuers.

Short sales theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Mutual Fund investing involves risk, including loss of principal.

SIRIOS FOCUS FUND

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)


Total Returns for the Period Ended March 31, 2021
		Since Inception
Institutional Class		8.40%*
S&P 500^®Index		8.00%**

†	Not annualized.

*	The Sirios Focus Fund (the “Fund”) Institutional Class shares commenced operations on December 16, 2020.

**	Benchmark performance is from the commencement date of the Fund Class only and is not the commencement date of the benchmark itself.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 16, 2020, are 1.83% and 1.60%, respectively, for Institutional Class shares of the Fund’s average daily net assets. These rates may fluctuate and may differ from the actual expenses incurred by the Fund for the period covered by this report. Sirios Capital Management, L.P. (the “Adviser”) has contractually agreed to reduce its compensation and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, interest, extraordinary items, brokerage commissions, fees and expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses,” as defined in Form N-1A, do not exceed 1.60% (on an annual basis) of the Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until February 1, 2022, unless the Board of Trustees of the Trust approves its earlier termination. This agreement may be terminated only by the Fund’s Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts waived, reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for the Fund. The Adviser is permitted to seek recoupment from the Fund, for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless the Fund’s expenses are below the Expense Limitation.

The Fund intends to evaluate performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®“). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

SIRIOS FUNDS

Fund Expense Disclosure

March 31, 2021

(Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees; and (2) ongoing costs, including management fees, distribution and/or service (Rule 12b-1) fees (if any) and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a 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 October 1, 2020 through March 31, 2021 and held for the entire period.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line for each Fund in 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 Funds 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.

SIRIOS FUNDS

Fund Expense Disclosure (Concluded)

March 31, 2021

(Unaudited)


	Sirios Long/Short Fund
	Beginning Account Value October 1, 2020		Ending Account Value March 31, 2021		Expenses Paid During Period*
Institutional Class
Actual		$1,000.00		$1,122.10		$9.31	**
Hypothetical (5% return before expenses)		1,000.00		1,016.16		8.85	**

	Sirios Focus Fund
	Beginning Account Value December 16, 2020		Ending Account Value March 31, 2021		Expenses Paid During Period***
Institutional Class
Actual		$1,000.00		$1,084.00		$4.66
Hypothetical (5% return before expenses)		1,000.00		1,016.95		8.05

Expenses are equal to the annualized expense ratio for the six-month period ended March 31, 2021 of 1.76% for Institutional Class shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (182), then divided by 365 to reflect the period. The Institutional Class shares ending account values on the first line of the table is based on the actual six-month total return of 12.21%.

**	These amounts include interest paid on securities which the Fund has sold short (“Short-sale interest”). The amount of short-sale interest expense was 0.16% of average net assets for the Institutional Class shares of the Fund.

***

Expenses are equal to the annualized expense ratio for the period beginning December 16, 2020, commencement of operations, to March 31, 2021 of 1.60% for Institutional Class shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (106), then divided by 365 to reflect the period. The Institutional Class shares ending account values on the first line of the table are based on the actual total return for the Fund since commencement of operations of 8.40%. For comparative purposes, the Hypothetical expenses are as if the Institutional Class shares had been in existence from October 1, 2020, and are equal to the Institutional Class shares annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period (182), then divided by 365 to reflect the period.

SIRIOS LONG/SHORT FUND

Portfolio Holdings Summary Table

March 31, 2021

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets			Value
LONG POSITIONS:
Common Stocks:
Healthcare-Products		18.0	%	$	5,119,563
Software		9.1			2,588,972
Commercial Services		8.1			2,310,058
Semiconductors		7.2			2,056,518
Pharmaceuticals		6.5			1,849,211
Aerospace & Defense		5.3			1,498,449
Banks		5.1			1,462,163
Retail		4.9			1,385,217
Diversified Financial Services		4.3			1,220,799
Telecommunications		2.6			752,059
Auto Parts & Equipment		2.6			748,046
Transportation		2.5			700,060
Oil & Gas Services		2.4			691,485
Electronics		2.1			603,714
Leisure Time		2.0			560,870
Beverages		1.7			485,640
Home Builders		1.6			457,275
Airlines		1.6			444,517
Packaging & Containers		1.0			293,983
Media		1.0			283,792
Toys/Games/Hobbies		0.9			266,156
Computers		0.9			259,288
Textiles		0.9			245,186
Environmental Control		0.6			184,538
Chemicals		0.5			146,864
Oil & Gas		0.5			146,462
Machinery-Diversified		0.5			143,834
Short-Term Investments		7.5			2,144,430

Total Long Positions		101.9			29,049,149

SHORT POSITIONS:
Corporate Bonds and Notes:
Retail		(4.4	)		(1,261,295	)

Total Short Positions		(4.4	)		(1,261,295	)

Other Assets In Excess of Liabilities		2.5	%		722,895

NET ASSETS		100.0	%	$	28,510,749

Portfolio holdings are subject to change at any time.

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value

LONG POSITIONS — 101.9%
COMMON STOCKS — 94.4%
Aerospace & Defense — 5.3%
Airbus SE (France)*		5,883	$	667,234
Mercury Systems, Inc.*		2,112		149,213
Raytheon Technologies Corp.†		7,226		558,353
Safran SA (France)*		909		123,649

				1,498,449

Airlines — 1.6%
Southwest Airlines Co.†		7,280		444,517

Auto Parts & Equipment — 2.6%
Allison Transmission Holdings, Inc.†		18,321		748,046

Banks — 5.1%
JPMorgan Chase & Co.†		2,735		416,349
KeyCorp		8,357		166,973
Wells Fargo & Co.		22,494		878,841

				1,462,163

Beverages — 1.7%
Constellation Brands, Inc., Class A		2,130		485,640

Chemicals — 0.5%
Sherwin-Williams Co. (The)		199		146,864

Commercial Services — 8.1%
IHS Markit Ltd. (United Kingdom)†		21,641		2,094,416
PayPal Holdings, Inc.*		888		215,642

				2,310,058

Computers — 0.9%
CyberArk Software Ltd. (Israel)*		1,058		136,842


	Number of Shares		Value
COMMON STOCKS — (Continued)
Computers — (Continued)
Varonis Systems, Inc.*		2,385	$	122,446

				259,288

Diversified Financial Services — 4.3%
Janus Henderson Group PLC (United Kingdom)		11,708		364,704
London Stock Exchange Group PLC (United Kingdom)		8,955		856,095

				1,220,799

Electronics — 2.1%
Keysight Technologies, Inc.*		4,210		603,714

Environmental Control — 0.6%
Waste Connections, Inc.		1,709		184,538

Healthcare-Products — 18.0%
Abbott Laboratories†		7,202		863,088
Alcon, Inc., (Switzerland)*		32,489		2,280,078
Boston Scientific Corp.†*		15,449		597,104
Danaher Corp.		4,173		939,259
Medtronic PLC (Ireland)		3,725		440,034

				5,119,563

Home Builders — 1.6%
DR Horton Inc.†		5,131		457,275

Leisure Time — 2.0%
Carnival Corp.†*		21,133		560,870

Machinery-Diversified — 0.5%
Westinghouse Air Brake
Technologies Corp.		1,817		143,834

Media — 1.0%
Walt Disney Co. (The)*		1,538		283,792

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
Oil & Gas — 0.5%
ConocoPhillips		2,765	$	146,462

Oil & Gas Services — 2.4%
Baker Hughes Co.		15,702		339,320
Schlumberger NV		12,952		352,165

				691,485

Packaging & Containers — 1.0%
Berry Global Group, Inc.*		4,788		293,983

Pharmaceuticals — 6.5%
Eli Lilly and Co.†		4,005		748,214
Option Care Health, Inc.*		13,612		241,477
Pfizer, Inc.†		23,724		859,520

				1,849,211

Retail — 4.9%
BJ’s Wholesale Club
Holdings, Inc.†*		6,820		305,945
Kohl’s Corp.†		4,565		272,120
Lowe’s Cos, Inc.		1,619		307,901
Williams-Sonoma, Inc.†		2,786		499,251

				1,385,217

Semiconductors — 7.2%
Analog Devices, Inc.†		6,552		1,016,084
QUALCOMM, Inc.†		7,847		1,040,434

				2,056,518

Software — 9.1%
Dropbox, Inc., Class A†*		13,420		357,777
Electronic Arts, Inc.†		3,700		500,869
Microsoft Corp.†		2,385		562,311
PTC, Inc.†*		3,006		413,776
Roper Technologies, Inc.†		1,398		563,869
Verra Mobility Corp.†*		14,065		190,370

				2,588,972


	Number of Shares		Value

COMMON STOCKS — (Continued)
Telecommunications — 2.6%
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		21,556	$	285,730
T-Mobile US, Inc.†*		3,722		466,329

				752,059

Textiles — 0.9%
UniFirst Corp.†		1,096		245,186

Toys/Games/Hobbies — 0.9%
Hasbro Inc.		2,769		266,156

Transportation — 2.5%
Kansas City Southern†		2,093		552,385
Union Pacific Corp.		670		147,675

				700,060

TOTAL COMMON STOCKS (Cost $22,528,319)				26,904,719

SHORT-TERM INVESTMENTS — 7.5%
Dreyfus Treasury & Cash Management, Institutional Shares,0.02%^(a)		2,144,430		2,144,430

TOTAL LONG POSITIONS - 101.9% (Cost $24,672,749)			$	29,049,149

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Par Value			Value
SHORT POSITIONS — (4.4)%

CORPORATE BONDS AND NOTES — (4.4)%
Retail — (4.4)%
Kohl’s Corp., 4.250%, 07/17/2025	$	(461,000	)	$	(504,580	)
Kohl’s Corp., 5.550%, 07/17/2045		(539,000	)		(609,180	)
Nordstrom, Inc., 5.000%, 01/15/2044		(150,000	)		(147,535	)

					(1,261,295	)

TOTAL CORPORATE BONDS AND NOTES (Proceeds $1,133,815)					(1,261,295	)

TOTAL SHORT POSITIONS - (4.4)% (Proceeds $1,133,815)					(1,261,295	)

OTHER ASSETS IN EXCESS OF LIABILITIES - 2.5%					722,895

NET ASSETS - 100.0%				$	28,510,749

†	Security position is either entirely or partially held in a segregated account as collateral for swap agreements or securities sold short. (See Note 1 of the Notes to the Financial Statements)

*	Non-income producing.

^(a)	Rate disclosed is the 7-day yield at March 31, 2021.

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)

Forward foreign currency contracts outstanding as of March 31, 2021 were as follows:


Currency Purchased		Currency Sold			Expiration		Counterparty		Unrealized Appreciation (Depreciation)
CAD	456,000		USD	363,563		06/16/21		MS		$(674	)
EUR	73,000		USD	87,371		06/16/21		MS		(1,623	)
GBP	23,000		USD	31,552		06/16/21		MS		163
USD	185,532		CAD	233,000		06/16/21		MS		109
USD	1,985,882		EUR	1,665,000		06/16/21		MS		30,131
USD	891,515		GBP	644,000		06/16/21		MS		3,484
USD	288,855		SEK	2,465,000		06/16/21		MS		6,405
										$37,995

The following table represents Total Return Swaps - Long positions and their related values as of March 31, 2021.

Reference

Entity/Index (Receive)

Pay

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation

U.S. Fed

Cellnex Telecom SA

Funds +0.550%

Maturity

11/15/22

842,916

236,001

The following table represents Total Return Swaps - Short positions and their related values as of March 31, 2021.

Reference

Entity/Index (Pay)

Receive

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation
(Depreciation)

Dow Jones U.S.

U.S. Fed

Real Estate Index

Funds -0.200%

Maturity

10/31/22

113,104

(2,375)

U.S. Fed

Home Depot, Inc.

Funds -0.300%

Maturity

10/31/22

417,674

(48,470)

U.S. Fed

Russell 1000 Index

Funds -0.000%

Maturity

10/31/22

2,950,029

(37,532)

S&P 500 Equal Weight

U.S. Fed

Consumer Discretionary

Funds -0.350%

Maturity

10/31/22

1,122,363

(66,184)

S&P 500 Equal Weight

U.S. Fed

Information Technology

Funds -0.350%

Maturity

10/31/22

1,149,732

(21,652)

S&P 500 Index Financial

U.S. Fed

Select Sector

Funds -0.350%

Maturity

10/31/22

571,866

(90,611)

S&P 500 Index

U.S. Fed

Health Care Select Sector

Funds -0.250%

Maturity

10/31/22

690,313

(207,188)

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

SIRIOS LONG/SHORT FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Reference

Entity/Index (Pay)

Receive

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation
(Depreciation)

S&P 500 Index Regional

U.S. Fed

Banks Select Industry

Funds -0.300%

Maturity

10/31/22

225,846

(88,444

)

U.S. Fed

Walmart, Inc.

Funds -0.300%

Maturity

10/31/22

286,343

10,097

S&P 500 Index

Pharmaceuticals Select

U.S. Fed

Sector

Funds -0.350%

Maturity

12/07/23

782,983

(58,294

)

S&P 500 Index

Semiconductor Select

U.S. Fed

Sector

Funds -0.070%

Maturity

04/11/24

840,127

(32,966

)

S&P 500 Index Software &

U.S. Fed

Services Select Industry

Funds 0.070%

Maturity

04/11/24

850,866

(2,846

)

S&P 500 Equal Weight

U.S. Fed

Index

Funds -0.350%

Maturity

04/24/24

1,784,616

(48,131

)

Canadian Pacific Railway

U.S. Fed

Ltd.

Funds -0.350%

Maturity

04/25/24

178,715

(12,639

)

(707,235

)

Total Swap Contracts

(471,234

)


Legend

CAD		Canadian dollar
EUR		Euro
GBP		British Pound
MS		Morgan Stanley
PLC		Public Limited Company
SEK		Swedish Krona
USD		United States Dollar

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

SIRIOS FOCUS FUND

Portfolio Holdings Summary Table

March 31, 2021

(Unaudited)

The following table presents a summary by sector of the portfolio holdings of the Fund:


	% of Net Assets				Value
LONG POSITIONS:
Common Stocks:
Healthcare-Products		17.8	%		$	1,925,025
Software		8.9				967,675
Commercial Services		8.0				861,543
Semiconductors		7.1		��		766,243
Pharmaceuticals		6.4				693,634
Aerospace & Defense		5.2				561,027
Banks		5.1				552,794
Retail		4.8				523,355
Diversified Financial Services		4.3				460,439
Auto Parts & Equipment		2.6				282,870
Telecommunications		2.6				280,870
Transportation		2.4				260,432
Oil & Gas Services		2.4				258,947
Electronics		2.1				224,995
Leisure Time		1.9				209,029
Beverages		1.7				183,084
Home Builders		1.6				171,021
Airlines		1.5				165,656
Packaging & Containers		1.0				109,722
Media		1.0				107,022
Toys/Games/Hobbies		0.9				99,196
Computers		0.9				96,550
Textiles		0.8				91,721
Environmental Control		0.6				68,783
Chemicals		0.5				55,351
Oil & Gas		0.5				54,559
Machinery-Diversified		0.5				53,987
Other Assets In Excess of Liabilities		6.9	%			752,354

NET ASSETS		100.0	%		$	10,837,884

Portfolio holdings are subject to change at any time.

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

SIRIOS FOCUS FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 93.1%
Aerospace & Defense — 5.2%
Airbus SE (France)*		2,193	$	248,724
Mercury Systems, Inc.*		795		56,167
Raytheon Technologies Corp.		2,711		209,479
Safran SA (France)*		343		46,657

				561,027

Airlines — 1.5%
Southwest Airlines Co.		2,713		165,656

Auto Parts & Equipment — 2.6%
Allison Transmission
Holdings, Inc.		6,928		282,870

Banks — 5.1%
JPMorgan Chase & Co.		1,029		156,645
KeyCorp		3,114		62,218
Wells Fargo & Co.		8,547		333,931

				552,794

Beverages — 1.7%
Constellation Brands, Inc., Class A		803		183,084

Chemicals — 0.5%
Sherwin-Williams Co. (The)		75		55,351

Commercial Services — 8.0%
IHS Markit Ltd. (United Kingdom)		8,064		780,434
PayPal Holdings, Inc.*		334		81,109

				861,543

Computers — 0.9%
CyberArk Software Ltd. (Israel)*		394		50,960
Varonis Systems, Inc.*		888		45,590

				96,550


	Number of Shares		Value

COMMON STOCKS — (Continued)
Diversified Financial Services — 4.3%
Janus Henderson Group PLC (United Kingdom)		4,359	$	135,783
London Stock Exchange Group PLC (United Kingdom)		3,396		324,656

				460,439

Electronics — 2.1%
Keysight Technologies, Inc.*		1,569		224,995

Environmental Control — 0.6%
Waste Connections, Inc		637		68,783

Healthcare-Products — 17.8%
Abbott Laboratories		2,737		328,002
Alcon, Inc., (Switzerland)* .		12,230		858,301
Boston Scientific Corp.*		5,757		222,508
Danaher Corp.		1,565		352,250
Medtronic PLC (Ireland)		1,388		163,964

				1,925,025

Home Builders — 1.6%
DR Horton Inc.		1,919		171,021

Leisure Time — 1.9%
Carnival Corp.*		7,876		209,029

Machinery-Diversified — 0.5%
Westinghouse Air Brake Technologies Corp.		682		53,987

Media — 1.0%
Walt Disney Co. (The)*		580		107,022

Oil & Gas — 0.5%
Conocophillips		1,030		54,559

Oil & Gas Services — 2.4%
Baker Hughes Co.		5,820		125,770

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

SIRIOS FOCUS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
Oil & Gas Services — (Continued)
Schlumberger NV		4,898	$	133,177

				258,947

Packaging & Containers — 1.0%
Berry Global Group, Inc.*		1,787		109,722

Pharmaceuticals — 6.4%
Eli Lilly and Co.		1,497		279,670
Option Care Health, Inc.*		5,073		89,995
Pfizer, Inc.†		8,942		323,969

				693,634

Retail — 4.8%
Bj’s Wholesale Club
Holdings, Inc.*		2,589		116,143
Kohl’s Corp.		1,735		103,423
Lowe’s Cos, Inc.		608		115,629
Williams-Sonoma, Inc.		1,050		188,160

				523,355

Semiconductors — 7.1%
Analog Devices, Inc.		2,441		378,550
QUALCOMM, Inc.†		2,924		387,693

				766,243

Software — 8.9%
Dropbox, Inc., Class A*		5,075		135,300
Electronic Arts, Inc.		1,379		186,675
Microsoft Corp.		889		209,600
PTC, Inc.*		1,121		154,306
Roper Technologies Inc.		521		210,140
Verra Mobility Corp.*		5,294		71,654

				967,675

Telecommunications — 2.6%
Telefonaktiebolaget LM Ericsson, Class B (Sweden)		8,032		106,466


	Number of Shares		Value

COMMON STOCKS — (Continued)
Telecommunications — (Continued)
T-Mobile US, Inc.*		1,392	$	174,404

				280,870

Textiles — 0.8%
UniFirst Corp.		410		91,721

Toys/Games/Hobbies — 0.9%
Hasbro Inc.		1,032		99,196

Transportation — 2.4%
Kansas City Southern		778		205,330
Union Pacific Corp.		250		55,102

				260,432

TOTAL COMMON STOCKS (Cost $9,523,062)				10,085,530

TOTAL INVESTMENTS - 93.1% (Cost $9,523,062)				10,085,530

OTHER ASSETS IN EXCESS OF LIABILITIES - 6.9%				752,354

NET ASSETS - 100.0%			$	10,837,884

†	Security position is either entirely or partially held in a segregated account as collateral for forward foreign currency contracts. (See Note 1 of the Notes to the Financial Statements)

*	Non-income producing.

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

SIRIOS FOCUS FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)

Forward foreign currency contracts outstanding as of March 31, 2021 were as follows:

Currency Purchased

Currency Sold

Expiration

Counterparty

Unrealized
Appreciation
(Depreciation)

EUR

27,000

USD

32,317

06/16/21

$ (602)

GBP

9,000

USD

12,346

06/16/21

USD

739,474

EUR

620,000

06/16/21

11,207

USD

339,175

GBP

245,000

06/16/21

1,337

USD

109,449

SEK

934,000

06/16/21

2,427

$14,433

The following table represents Total Return Swaps - Long positions and their related values as of March 31, 2021.

Reference

Entity/Index (Receive)

Pay

Payment
Frequency

Counter-
Party

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation

Cellnex Telecom SA

U.S. Fed Funds +0.550%

Maturity

04/23/24

$384,090

$16,796


Legend

EUR		Euro
GBP		British Pound
MS		Morgan Stanley
PLC		Public Limited Company
SEK		Swedish Krona
USD		United States Dollar

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

SIRIOS FUNDS

Statements of Assets and Liabilities

March 31, 2021

(Unaudited)


	Sirios Long/Short Fund		Sirios Focus Fund
Assets
Investments, at value (Cost $24,672,749 and $9,523,062, respectively)	$	29,049,149	$	10,085,530
Cash and cash equivalents		217,130		792,312
Unrealized appreciation on swap contracts		246,098		16,796
Unrealized appreciation on forward foreign currency contracts		40,292		15,035
Dividends and interest receivable		8,863		2,335
Receivable from Investment Adviser		—		7,601
Deposits with brokers for securities sold short		1,285,215		—
Prepaid expenses and other assets		24,895		6,010

Total assets		30,871,642		10,925,619


Liabilities
Securities sold short, at value (Proceeds received $1,133,815)		1,261,295		—
Unrealized depreciation on swap contracts		717,332		—
Payable for investments purchased		159,786		63,259
Swap contracts settlement		159,164		—
Payable for audit fees		15,022		6,639
Interest payable on securities sold short		12,173		—
Payable for legal fees		9,575		6,206
Payable for administration and accounting fees		8,887		4,396
Payable to Investment Adviser		8,251		—
Payable for transfer agent fees		2,345		4,144
Unrealized depreciation on forward foreign currency contracts		2,297		602
Payable for custodian fees		2,060		2,011
Payable for shareholder reporting fees		1,511		101
Payable for Trustees and Officers		1,161		296
Accrued expenses		34		81

Total liabilities		2,360,893		87,735

Net Assets	$	28,510,749	$	10,837,884


Net Assets consisted of:
Capital stock, $0.01 par value	$	25,469	$	10,000
Paid-in capital		25,674,232		9,990,000
Total distributable earnings		2,811,048		837,884

Net Assets	$	28,510,749	$	10,837,884


Institutional Class:
Shares outstanding		2,546,917		1,000,000

Net asset value, offering and redemption price per share ($28,510,749 / 2,546,917 shares) and ($10,837,884 / 1,000,000 shares), respectively	$	11.19	$	10.84

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

SIRIOS FUNDS

Statements of Operations

For the Period Ended March 31, 2021

(Unaudited)


	Sirios Long/Short Fund				Sirios Focus Fund*
Investment income
Dividends		$	159,072			$	31,426
Less: foreign taxes withheld			(1,322	)			(170	)

Total investment income			157,750				31,256

Expenses
Advisory fees (Note 2)			185,353				27,393
Administration and accounting fees			32,099				21,895
Interest expense on securities sold short			22,381				—
Trustees’ and officers’ fees			21,594				7,735
Legal fees			21,072				6,506
Audit fees			15,023				6,639
Transfer agent fees (Note 2)			14,367				9,746
Registration and filing fees			13,839				2,811
Shareholder reporting fees			12,730				4,919
Custodian fees (Note 2)			7,290				5,511
Other expenses			7,790				5,648

Total expenses before waivers and reimbursements			353,538				98,803

Less: waivers and reimbursements (Note 2)			(111,480	)			(50,106	)

Net expenses after waivers and reimbursements			242,058				48,697

Net investment loss			(84,308	)			(17,441	)

Net realized and unrealized gain/(loss) from investments
Net realized gain from investments			2,817,118				250,579
Net realized loss from securities sold short			(13,163	)			—
Net realized loss from foreign currency transactions			(2,280	)			(2,055	)
Net realized gain/(loss) from forward foreign currency contracts			(41,504	)			13,093
Net realized gain/(loss) from swap contracts			(3,180,919	)			11
Net change in unrealized appreciation from investments			2,965,034				562,468
Net change in unrealized depreciation from securities sold short			(127,500	)			—
Net change in unrealized depreciation from foreign currency translations			(20	)			—
Net change in unrealized appreciation on forward foreign currency contracts			8,771				14,433
Net change in unrealized appreciation on swap contracts			769,786				16,796

Net realized and unrealized gain from investments			3,195,323				855,325

Net increase in net assets resulting from operations		$	3,111,015			$	837,884

*	The Sirios Focus Fund commenced operations on December 16, 2020.

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

SIRIOS LONG/SHORT FUND

Statements of Changes in Net Assets


	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Increase/(decrease) in net assets from operations:
Net investment loss		$	(84,308	)		$	(173,471	)
Net realized gain/(loss) from investments, securities sold short, forward foreign currency contracts, foreign currency transactions and swap contracts			(420,748	)			91,615
Net change in unrealized appreciation/(depreciation) on investments, securities sold short, forward foreign currency contracts, foreign currency transactions and swap contracts			3,616,071				(1,291,955	)

Net increase/(decrease) in net assets resulting from operations			3,111,015				(1,373,811	)

Less Dividends and Distributions to Shareholders From:
Total distributable earnings			(241,185	)			(144,660	)

Decrease in net assets from dividends and distributions to shareholders			(241,185	)			(144,660	)

Increase in net assets derived from capital share transactions (Note 4)			155,160				58,988

Total increase/(decrease) in net assets			3,024,990				(1,459,483	)

Net assets
Beginning of period			25,485,759				26,945,242

End of period		$	28,510,749			$	25,485,759

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

SIRIOS FOCUS FUND

Statement of Changes in Net Assets


	For the Period December 16, 2020 to March 31, 2021 (Unaudited)*
Increase/(decrease) in net assets from operations:
Net investment loss		$	(17,441	)
Net realized gain from investments, forward foreign currency contracts and swap contracts			261,628
Net change in unrealized appreciation from investments, forward foreign currency contracts and swap contracts			593,697

Net increase in net assets resulting from operations			837,884

Increase in net assets derived from capital share transactions (Note 4)			10,000,000

Total increase in net assets			10,837,884

Net assets
Beginning of period			—

End of period		$	10,837,884

*	The Sirios Focus Fund commenced operations on December 16, 2020.

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

SIRIOS LONG/SHORT FUND

Financial Highlights

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total return in the table represents 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.


	Institutional Class
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Period May 3, 2018* to September 30, 2018
Per Share Operating Performance
Net asset value, beginning of period		$	10.06			$	10.66			$	10.68			$	10.00

Net investment loss⁽¹⁾			(0.03	)			(0.07	)			(0.02	)			(0.01	)
Net realized and unrealized gain/(loss) on investments			1.26				(0.47	)			0.27				0.69

Net increase/(decrease) in net assets resulting from operations			1.23				(0.54	)			0.25				0.68

Dividends and distributions to shareholders from:
Net investment income			—				(0.06	)			(0.01	)			—
Net realized capital gains			(0.10	)			—				(0.26	)			—

Total dividends and distributions to shareholders			(0.10	)			(0.06	)			(0.27	)			—

Net asset value, end of period		$	11.19			$	10.06			$	10.66			$	10.68

Total investment return⁽²⁾			12.21	%			(5.13	)%			2.74	%			6.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$	28,511			$	25,486			$	26,945			$	10,679
Ratio of expenses to average net assets			1.76	%⁽³⁾⁽⁴⁾			1.60	%			2.21	%⁽⁵⁾			2.10	%⁽³⁾⁽⁵⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁶⁾			2.57	%⁽³⁾			2.49	%			3.33	%			4.57	%⁽³⁾
Ratio of net investment loss to average net assets			(0.61	)%⁽³⁾			(0.66	)%			(0.22	)%			(0.19	)%⁽³⁾
Portfolio turnover rate			75	%⁽⁷⁾			153	%			134	%			49	%⁽⁷⁾

^*	Commencement of operations.

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

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

⁽³⁾	Annualized.

⁽⁴⁾	Ratio of expenses to average net assets with waivers and expense reimbursement, excluding short-sale interest expense, was 1.60% for the six months ended March 31, 2021.

⁽⁵⁾	Ratio of expenses to average net assets with waivers and expense reimbursement, excluding short-sale dividend expense, was 1.60% for the year ended September 30, 2019 and for the period ended September 30, 2018.

⁽⁶⁾	During the period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

⁽⁷⁾	Not annualized.

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

SIRIOS FOCUS FUND

Financial Highlights

Contained below is per share operating performance data for Institutional Class shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective period. The total return in the table represents 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.


	Institutional Class
	For the Period December 16, 2020* to March 31, 2021 (Unaudited)
Per Share Operating Performance
Net asset value, beginning of period		$	10.00

Net investment loss⁽¹⁾			(0.02	)
Net realized and unrealized gain on investments			0.86

Net increase in net assets resulting from operations			0.84

Net asset value, end of period		$	10.84

Total investment return⁽²⁾			8.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)		$	10,838
Ratio of expenses to average net assets			1.60	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			3.25	%⁽³⁾
Ratio of net investment loss to average net assets.			(0.57	)%⁽³⁾
Portfolio turnover rate			56	%⁽⁵⁾

^*	Commencement of operations.

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

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

⁽³⁾	Annualized.

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

⁽⁵⁾	Not annualized.

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

SIRIOS FUNDS

Notes to Financial Statements

March 31, 2021

(Unaudited)

1. Organization and Significant Accounting Policies

The Sirios Long/Short Fund and the Sirios Focus Fund are non-diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”) (the Sirios Long/Short Fund and the Sirios Focus Fund are each a “Fund”, and together, the “Funds”). The Sirios Long/Short Fund commenced investment operations on May 3, 2018 and the Sirios Focus Fund commenced investment operations on December 16, 2020. The Funds are each a separate series of FundVantage Trust (the “Trust”) which was organized as a Delaware statutory trust on August 28, 2006. The Trust is a “series trust” authorized to issue an unlimited number of separate series or classes of shares of beneficial interest. Each series is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one series is not deemed to be a shareholder of any other series. Each Fund offers Class A, Advisor Class, Institutional Class and Retail Class shares. As of March 31, 2021, Class A, Advisor Class and Retail Class shares have not been issued.

Each Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

Portfolio Valuation — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (typically 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by each Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees (“Board of Trustees”). Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates market value. Any assets held by the Funds that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Funds do not calculate NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Funds. Foreign securities are valued based on prices from the primary market in which they are traded and are translated from the local currency into U.S. dollars using current exchange rates. Forward foreign currency contracts are valued at the forward rate. Investments in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day (which may use fair value pricing as disclosed in their prospectuses). Over the Counter (“OTC”) investments (including swap contracts) are generally valued by approved pricing services that use evaluated prices from various observable market factors. Securities that do not have a readily

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees.The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to Sirios Capital Management, L.P. (“Sirios” or the “Adviser”) the responsibility for applying the valuation methods. 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations.

Fair Value Measurements — The inputs and valuations techniques used to measure fair value of each Fund’s net assets are summarized into three levels as described in the hierarchy below:



• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers in and out are recognized at the value at the end of the period.

Securities listed on a non-U.S. exchange are generally fair valued daily by an independent fair value pricing service approved by the Board of Trustees and categorized as Level 2 investments within the hierarchy. The fair valuations for these securities may not be the same as quoted or published prices of the securities on their primary markets. Securities for which daily fair value prices from the independent fair value pricing service are not available are generally valued at the last quoted sale price at the close of an exchange on which the security is traded and categorized as Level 1 investments within the hierarchy. Values of foreign securities, currencies, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the exchange rate of said currencies against the U.S. dollar, as of valuation time, as provided by an independent pricing service approved by the Board of Trustees.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

The following is a summary of the inputs used, as of March 31, 2021, in valuing the Fund’s assets and liabilities carried at fair value:


	Sirios Long/Short Fund
Assets	Total Value at 03/31/21			Level 1 Quoted Price			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Long Positions:
Common Stocks:
Aerospace & Defense		$	1,498,449		$	707,566		$	790,883		$	—
Airlines			444,517			444,517			—			—
Auto Parts & Equipment			748,046			748,046			—			—
Banks			1,462,163			1,462,163			—			—
Beverages			485,640			485,640			—			—
Chemicals			146,864			146,864			—			—
Commercial Services			2,310,058			2,310,058			—			—
Computers			259,288			259,288			—			—
Diversified Financial Services			1,220,799			364,704			856,095			—
Electronics			603,714			603,714			—			—
Environmental Control			184,538			184,538			—			—
Healthcare-Products			5,119,563			5,119,563			—			—
Home Builders			457,275			457,275			—			—
Leisure Time			560,870			560,870			—			—
Machinery-Diversified			143,834			143,834			—			—
Media			283,792			283,792			—			—
Oil & Gas			146,462			146,462			—			—
Oil & Gas Services			691,485			691,485			—			—
Packaging & Containers			293,983			293,983			—			—
Pharmaceuticals			1,849,211			1,849,211			—			—
Retail			1,385,217			1,385,217			—			—
Semiconductors			2,056,518			2,056,518			—			—
Software			2,588,972			2,588,972			—			—
Telecommunications			752,059			466,329			285,730			—
Textiles			245,186			245,186			—			—
Toys/Games/Hobbies			266,156			266,156			—			—
Transportation			700,060			700,060			—			—
Short-Term Investments			2,144,430			2,144,430			—			—

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


Assets	Total Value at 03/31/21				Level 1 Quoted Price			Level 2 Other Significant Observable Inputs				Level 3 Significant Unobservable Inputs
Derivatives:
Foreign Currency
Contracts Forward Foreign Currency Contracts		$	40,292			$	—		$	40,292			$	—
Equity Contracts
Total Return Swap Contracts			246,098				—			246,098				—

Total Assets		$	29,335,539			$	27,116,441		$	2,219,098			$	—


Liabilities
Short Positions:
Corporate Bonds and Notes:
Retail		$	(1,261,295	)		$	—		$	(1,261,295	)		$	—
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts			(2,297	)			—			(2,297	)			—
Equity Contracts
Total Return Swap Contracts			(717,332	)			—			(717,332	)			—

Total Liabilities		$	(1,980,924	)		$	—		$	(1,980,924	)		$	—

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


	Sirios Focus Fund
Assets	Total Value at 03/31/21			Level 1 Quoted Price			Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Long Positions:
Common Stocks:
Aerospace & Defense		$	561,027		$	265,646		$	295,381		$	—
Airlines			165,656			165,656			—			—
Auto Parts & Equipment			282,870			282,870			—			—
Banks			552,794			552,794			—			—
Beverages			183,084			183,084			—			—
Chemicals			55,351			55,351			—			—
Commercial Services			861,543			861,543			—			—
Computers			96,550			96,550			—			—
Diversified Financial Services			460,439			135,783			324,656			—
Electronics			224,995			224,995			—			—
Environmental Control			68,783			68,783			—			—
Healthcare-Products			1,925,025			1,925,025			—			—
Home Builders			171,021			171,021			—			—
Leisure Time			209,029			209,029			—			—
Machinery-Diversified			53,987			53,987			—			—
Media			107,022			107,022			—			—
Oil & Gas			54,559			54,559			—			—
Oil & Gas Services			258,947			258,947			—			—
Packaging & Containers			109,722			109,722			—			—
Pharmaceuticals			693,634			693,634			—			—
Retail			523,355			523,355			—			—
Semiconductors			766,243			766,243			—			—
Software			967,675			967,675			—			—
Telecommunications			280,870			174,404			106,466			—
Textiles			91,721			91,721			—			—
Toys/Games/Hobbies			99,196			99,196			—			—
Transportation			260,432			260,432			—			—
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts			15,035			—			15,035			—

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


	Sirios Focus Fund
Assets	Total Value at 03/31/21			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Equity Contract
Total Return Swap Contract	$	16,796		$	—	$	16,796		$	—

Total Assets	$	10,117,361		$	9,359,027	$	758,334		$	—


Liabilities
Derivatives:
Foreign Currency Contracts
Forward Foreign Currency Contracts		(602	)		—		(602	)		—

Total Liabilities	$	(602	)	$	—	$	(602	)	$	—

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

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For the period ended March 31, 2021, there were no transfers in or out of Level 3.

Investment Transactions, Investment Income and Expenses — Investment transactions are recorded on trade date for financial statement preparation purposes. Realized gains and losses on investments sold are recorded on the identified cost basis. Interest income is recorded on the accrual basis. Accretion of discounts and amortization of premiums are recorded on a daily basis using the effective yield method except for short-term securities, which records discounts and premiums on a straight-line basis. Dividends are recorded on the ex-dividend date. Estimated components of distributions received from real estate investment trusts may be considered income, return of capital distributions or capital gain distributions. Return of capital distributions are recorded as a reduction of cost of the related investments. The Funds may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and net unrealized appreciation/depreciation as such income and/or gains are earned. General expenses of the Trust are generally allocated to each fund under methodologies approved by the Board of Trustees. Expenses directly attributable to a particular fund in the Trust are charged directly to that fund.

Cash and Cash Equivalents — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. Each Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

Each Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statements of Operations.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

U.S. Tax Status — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under SubchapterM 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, each Fund may enter into contracts that provide general indemnifications. Each 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.

Forward Foreign Currency Contracts — A forward foreign currency contract (“Forward Contract”) is a commitment to buy or sell a specific amount of a foreign currency at a negotiated price on a specified future date. Forward Contracts can help a fund manage the risk of changes in currency exchange rates. These contracts are marked-to-market daily at the applicable forward currency translation rates. Each Fund records realized gains or losses at the time the Forward Contract is closed. A Forward Contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract.The Fund’s maximum risk of loss from counterparty credit risk related to Forward Contracts is the fair value of the contract.

Each Fund utilized Forward Contracts for hedging purposes to protect the Fund’s returns against adverse currency movements. As of March 31, 2021, the Sirios Focus Fund had securities pledged as collateral for forward foreign currency contracts totaling $187,462.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For the period ended March 31, 2021, the Funds’ average monthly volume of forward foreign currency contracts purchased and forward currency contracts sold were as follows:


	Forward Foreign Currency Contracts - Purchased			Forward Foreign Currency Contracts - Sold
Sirios Long/Short Fund		$	684,011		$	3,288,577
Sirios Focus Fund			90,677			641,809

Total Return Swaps — Total return swaps are contracts in which both parties agree to make payments of the total return from a reference instrument during a specified period. The total return includes appreciation or depreciation on the underlying asset, plus any interest or dividend payments. The unrealized appreciation or depreciation also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate, such as the U.S. effective federal funds rate (“EFFR”). Payments under the swap are based upon an agreed upon principal amount but, since the principal amount is not exchanged, it represents neither an asset nor a liability to either counterparty, and is referred to as notional. Total return swaps are marked to market daily using different sources, including quotations from counterparties, pricing services, brokers or market makers. The unrealized appreciation or depreciation related to the change in the valuation of the notional amount of the swap is combined with the amount due to the Fund at termination or settlement. The primary risks associated with total return swaps are credit risks (if the counterparty fails to meet its obligations) and market risk (if there is no liquid market for the swap or unfavorable changes occur to the underlying reference instrument).

The Funds used total return swaps to enhance returns, obtain short exposure as part of the Funds’ strategy and for market exposure. As of March 31, 2021, the Sirios Long/Short Fund had securities pledged as collateral for total return swaps totaling $5,186,414.

For the period ended March 31, 2021, the quarterly average volume of the notional amounts, long and short positions, of the total return swaps were as follows:


	Notional Amount – Long			Notional Amount – Short
Sirios Long/Short Fund		$	815,574		$	9,914,738
Sirios Focus Fund			128,030			—

Counterparty Risk — Certain of the derivatives entered into by each Fund may not be traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

defaults on its payment obligations to each Fund, this default will cause the value of an investment in the Fund to decrease. In addition, to the extent each Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. Each Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of each Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by each Fund.

Each Fund is subject to the risk that issuers of the instruments in which it invests and trades may default on their obligations, and that certain events may occur that have an immediate and significant adverse effect on the value of those instruments. There can be no assurance that an issuer will not default, or that an event that has an immediate and significant adverse effect on the value of an instrument will not occur, and that each Fund will not sustain a loss on a transaction as a result.

Liquidity Risk — Each Fund may be subject to liquidity risk primarily due to investments in derivatives. Each Fund may invest up to 15% of its net assets in illiquid securities or instruments. Certain derivatives, such as swaps, Forward Contracts and options may not be readily marketable and, therefore, may be deemed to be illiquid. An asset is not readily marketable if it cannot be sold within seven business days in the ordinary course of business for approximately the amount at which it is valued. Investments in illiquid assets involve the risk that the Fund may be unable to sell the asset or sell it at a reasonable price. In addition, each Fund may be required to liquidate positions or close out derivatives on unfavorable terms at a time contrary to the interests of each Fund in order to raise cash to pay redemptions.

An investment in derivatives is also subject to the risk that the Fund may not be able to terminate the derivatives effective on whatever date it chooses, or that the settlement of any early termination may depend on subsequent market movements. As a result, each Fund may be exposed to the risk of additional losses due to such delays.

Master Netting Agreement — In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, each Fund has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”). An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. Bankruptcy or insolvency laws of a particular jurisdiction may restrict or prohibit the right of offset in bankruptcy, insolvency or other events. In addition, certain ISDA Master Agreements allow counterparties to terminate derivative contracts prior to maturity in the event the Fund’s net assets

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

decline by a stated percentage or the Fund fails to meet the terms of its ISDA Master Agreements. The result would cause the Fund to accelerate payment of any net liability owed to the counterparty.

Collateral Requirements — For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately on the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by each Fund, if any, is noted in the Portfolio of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of each Fund. Any additional required collateral is delivered to/pledged by each Fund on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to each Fund from its counterparties are not fully collateralized, they bear the risk of loss from counterparty non-performance. Likewise, to the extent the Fund has delivered collateral to a counterparty and stands ready to perform under the terms of its agreement with such counterparty, it bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts. For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

The following tables present derivative assets and liabilities net of amounts available for offset under a master netting agreement and any related collateral received or posted by each Fund for forward foreign currency contracts and total return swaps as of March 31, 2021:


Counterparty	Derivative Assets – Gross				Derivative Available for Offset				Collateral Received			Derivative Assets – Net *
Sirios Long/Short Fund
Morgan Stanley		$	286,390			$	(286,390	)			$—		$	—

Sirios Focus Fund
Morgan Stanley		$	31,831			$	(602	)			$—		$	31,229

Counterparty	Derivative Liabilities – Gross				Derivative Available for Offset				Collateral Posted			Derivative Liabilities – Net**
Sirios Long/Short Fund
Morgan Stanley		$	(719,629	)		$	286,390			$	433,239			$—

Sirios Focus Fund
Morgan Stanley		$	(602	)		$	602			$	—			$—

*	Net amount represents the net receivable from the counterparty in the event of a default.

**	Net amount represents the net payable to the counterparty in the event of a default.

Currency Risk — Each Fund invests in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which each Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect each Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for each Fund is determined on the basis of U.S. dollars, each Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of each Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of each Fund’s holdings in foreign securities.

Foreign Securities Market Risk — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

Short Sales — Each Fund may sell securities short. A short sale involves the sale by a Fund of a security that it does not own with the anticipation of purchasing the same security at a later date at a lower price. If the price of the security has increased during this time, then the Fund will incur a loss equal to the increase in price from the time that the short sale was entered into plus any premiums and interest paid to the third party. Therefore, short sales involve the risk that losses may be exaggerated, potentially losing more money than the actual cost of the investment. Also, there is the risk that the third party to the short sale may fail to honor its contract terms, causing a loss to the Fund. There can be no assurance that the Fund will be able to close out a short position at any particular time or at an acceptable price. Although the Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. The Fund complies with guidelines established by the Securities and Exchange Commission and other applicable regulatory bodies with respect to coverage of short sales.

As of March 31, 2021, the Sirios Long/Short Fund had securities sold short totaling $1,261,295, securities pledged as collateral totaling $1,837,080 and deposits with brokers for securities sold short totaling $1,285,215.

In accordance with the terms of its prime brokerage agreements, the Fund may receive rebate income or be charged fees on securities sold short. Such income or fee is calculated on a daily basis based upon the market value of securities sold short and a variable rate that is dependent upon the availability of such security.

Disclosures About Derivative Instruments and Hedging Activities

The following tables provide quantitative disclosures about fair value amounts of, gains and losses on, each Fund’s derivative instruments as of March 31, 2021.

The following tables list the fair values of each Fund’s derivative holdings as of March 31, 2021 grouped by contract type and risk exposure category.


Sirios Long/Short Fund Derivative Type	Location Statements of Assets and Liabilities	Equity Risk			Foreign Currency Risk			Total
Asset Derivatives
Forward Foreign Currency Contracts	Unrealized appreciation on forward foreign currency contracts		$	—		$	40,292		$	40,292
Swap Contracts	Unrealized appreciation on swap contracts			246,098			—			246,098
Total Value - Assets			$	246,098		$	40,292		$	286,390

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


Sirios Long/Short Fund Derivative Type	Location Statements of Assets and Liabilities	Equity Risk			Foreign Currency Risk			Total
Liability Derivatives
Forward Foreign Currency Contracts	Unrealized depreciation on forward foreign currency contracts		$	—		$	2,297		$	2,297
Swap Contracts	Unrealized depreciation on swap contracts			717,332			—			717,332
Total Value - Liabilities			$	717,332		$	2,297		$	719,629



Sirios Focus Fund Derivative Type	Location Statements of Assets and Liabilities	Equity Risk			Foreign Currency Risk			Total
Asset Derivatives
Forward Foreign Currency Contracts	Unrealized appreciation on forward foreign currency contracts		$	—		$	15,035		$	15,035
Swap Contracts	Unrealized appreciation on swap contracts			16,796			—			16,796
Total Value - Assets			$	16,796		$	15,035		$	31,831
Liability Derivatives
Forward Foreign Currency Contracts	Unrealized depreciation on forward foreign currency contracts		$	—		$	602		$	602
Total Value - Liabilities			$	—		$	602		$	602

The following tables lists the amounts of realized gains or losses included in net decrease in net assets resulting from operations for the period ended March 31, 2021, grouped by contract type and risk exposure.


Sirios Long/Short Fund Derivative Type	Location Statements of Operations	Equity Risk				Foreign Currency Risk				Total
Realized Gain/(Loss)
Forward Foreign Currency Contracts	Net realized gain/(loss) from forward foreign currency contracts		$	—			$	(41,504	)		$	(41,504	)
Swap Contracts	Net realized gain/(loss) from swap contracts			(3,180,919	)			—				(3,180,919	)
Total Realized Loss			$	(3,180,919	)		$	(41,504	)		$	(3,222,423	)

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)


Sirios Focus Fund Derivative Type	Location Statements of Operations	Equity Risk			Foreign Currency Risk			Total
Realized Gain/(Loss)
Forward Foreign Currency Contracts	Net realized gain/(loss) from forward foreign currency contracts		$	—		$	13,093		$	13,093
Swap Contracts	Net realized gain/(loss) from swap contracts			11			—			11
Total Realized Gain			$	11		$	13,093		$	13,104

The following tables lists the amounts of change in unrealized appreciation (depreciation) included in net decrease in net assets resulting from operations for the period ended March 31, 2021, grouped by contract type and risk exposure.


Sirios Long/Short Fund Derivative Type	Location Statements of Operations	Equity Risk			Foreign Currency Risk			Total
Change in appreciation (depreciation)
Forward Foreign Currency Contracts	Net change in unrealized appreciation on forward foreign currency contracts		$	—		$	8,771		$	8,771
Swap Contracts	Net change in unrealized appreciation on swap contracts			769,786			—			769,786
Total change in appreciation (depreciation)			$	769,786		$	8,771		$	778,557

Sirios Focus Fund Derivative Type	Location Statements of Operations	Equity Risk			Foreign Currency Risk			Total
Change in appreciation (depreciation)
Forward Foreign Currency Contracts	Net change in unrealized appreciation on forward foreign currency contracts		$	—		$	14,433		$	14,433
Swap Contracts	Net change in unrealized appreciation on swap contracts			16,796			—			16,796
Total change in appreciation (depreciation)			$	16,796		$	14,433		$	31,229

2. Transactions with Affiliates and Related Parties and Other Service Providers

Sirios Capital Management, L.P. (“Sirios”) serves as the investment adviser to each Fund pursuant to an investment advisory agreement with the Trust. For its services, the Adviser earns a monthly fee at the annual rate of 1.35% of the Sirios Long/Short Fund’s average daily net assets; and 0.90% of the SiriosFocus Fund’s average daily net assets. The Adviser has contractually agreed to reduce its compensation and/or reimburse certain expenses of each Fund to the extent necessary to ensure that the Fund’s total operating expenses, excluding taxes, interest, extraordinary items, brokerage commissions, fees and

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

expenses attributable to a distribution or service plan adopted by the Trust, dividend and interest expense on short sales of securities and “Acquired Fund Fees and Expenses,” as defined in Form N-1A, do not exceed 1.60% (on an annual basis) of each Fund’s average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until April 30, 2022 for the Sirios Long/Short Fund and February 1, 2022 for the Sirios Focus Fund, unless the Board of Trustees approves its earlier termination. This agreement may be terminated only by the Funds’ Board of Trustees. The Adviser is entitled to recover, subject to approval by the Board of Trustees, such amounts waived, reduced or reimbursed for a period of up to three (3) years from the date on which the Adviser reduced its compensation and/or assumed expenses for each Fund. The Adviser is permitted to seek recoupment from each Fund for fees it waived and Fund expenses it paid to the extent the total annual fund expenses do not exceed the limits described above or any lesser limits in effect at the time of the reimbursement. No reimbursement will occur unless each Fund’s expenses are below the Expense Limitation. As of March 31, 2021, the amount of potential recovery was as follows:


	Expiration 09/30/2021		Expiration 09/30/2022		Expiration 09/30/2023		Expiration 03/31/2024		Total
Sirios Long/Short Fund	$	71,400	$	202,406	$	231,152	$	111,480	$	616,438
Sirios Focus Fund		—		—		—		24,673		24,673

For the period ended March 31, 2021, the Adviser earned advisory fees of $185,353 and $27,343 for the Sirios Long/Short Fund and the Sirios Focus Fund, respectively. For the period ended March 31, 2021, the Adviser waived fees and/or reimbursed expenses of $111,480 and $24,673 for the Sirios Long/Short Fund and the Sirios Focus Fund, respectively.

Other Service Providers

The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian for the Funds. For providing administrative and accounting services, BNY Mellon is entitled to receive a monthly fee equal to an annual percentage rate of the Funds’ average daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses. For the period ended March 31, 2021, BNY Mellon accrued administration and accounting fees totaling $32,099 and $21,895 and waived fees totaling $0 and $16,333 for the Sirios Long/Short Fund and Sirios Focus Fund, respectively. For the period ended March 31, 2021, BNY Mellon accrued custodian fees totaling $7,290 and $5,511 and waived fees totaling $0 and $3,500 for the Sirios Long/Short Fund and Siros Focus Fund, respectively.

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

totaling $14,367 and $9,746 and waived fees totaling $0 and $5,600 for the Sirios Long/Short Fund and Sirios Focus Fund, respectively.

BNY Mellon and the Transfer Agent have the ability to recover such amounts previously waived, if the Funds terminates its agreements with BNY Mellon and the Transfer Agent within three years of commencing operations. As of March 31, 2021, the amount of potential recovery was $25,433 for Sirios Focus Fund. The ability to recover such amounts previously waived expires on December 16, 2023 for the Sirios Focus Fund.

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

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

Trustees and Officers

3. Investment in Securities

For the period ended March 31, 2021, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:


	Purchases		Sales
Sirios Long/Short Fund
Investment Securities	$	18,774,433	$	20,922,855
Sirios Focus Fund
Investment Securities	$	13,693,025	$	4,420,541

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

4. Capital Share Transactions

For the period ended March 31, 2021 and for the year ended September 30, 2020, transactions in capital shares (authorized shares unlimited) were as follows:


	Sirios Long/Short Fund
	For the Six Months Ended March 31, 2021 (Unaudited)							For the Year Ended September 30, 2020
	Shares			Value				Shares			Value
Institutional Class
Sales		—			$	—			9,524			$	101,517
Reinvestments		22,127				241,185			13,436				144,436
Redemptions		(8,094	)			(86,025	)		(17,953	)			(186,965	)

Net Increase		14,033			$	155,160			5,007			$	58,988


								Sirios Focus Fund*
								For the Period December 16, 2020 to March 31, 2021 (Unaudited)
								Shares			Value
Institutional Class
Sales									1,000,000			$	10,000,000
Reinvestments									—				—
Redemptions.									—				—

Net Increase									1,000,000			$	10,000,000

*	The Sirios Focus Fund commenced operations on December 16, 2020.

5. Federal Tax Information

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

SIRIOS FUNDS

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For the year ended September 30, 2020, the tax character of distributions paid by the Sirios Long/Short Fund was $144,660 of ordinary income dividends.

As of September 30, 2020, the components of distributable earnings on a tax basis were as follows:


	Undistributed Long-Term Capital Gain			Undistributed Ordinary Income			Unrealized Depreciation
Sirios Long/Short Fund		$	9,678		$	180,958		$	(249,418	)

As of March 31, 2021, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:


	Federal Tax Cost*		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Sirios Long/Short Fund	$	23,538,934	$	4,665,619	$	(416,699	)	$	4,248,920
Sirios Focus Fund		9,523,062		772,865		(210,397	)		562,468

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2020, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2020. For the year ended September 30, 2020, the Sirios Long/Short Fund had no capital loss deferrals and no late year ordinary loss deferrals.

SIRIOS FUNDS

Notes to Financial Statements (Concluded)

March 31, 2021

(Unaudited)

6. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued, and has determined that there are no subsequent events requiring recognition or disclosure in the financial statements.

SIRIOS FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how a 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 (866) 640-5704 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

Board Consideration of Investment Advisory Agreement

At a meeting held by videoconference on December 2-3, 2020 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved (i) the continuation of the Investment Advisory Agreement between Sirios Capital Management, L.P. (“Sirios” or the “Adviser”) and the Trust (the “Existing Sirios Agreement”) on behalf of the Sirios Long/Short Fund and (ii) a new Investment Advisory Agreement between Sirios and the Trust (the “New Sirios Agreement” and together with the Existing Sirios Agreement, the “Agreements”) on behalf of the Sirios Focus Fund (together with the Sirios Long/Short Fund, the “Sirios Funds”). At the Meeting, the Board considered the continuation of the Existing Sirios Agreement with respect to the Sirios Long/Short Fund for an additional one-year period and the approval of the New Sirios Agreement with respect to the Sirios Focus Fund for an initial two-year period.

In determining whether to approve the Agreements, the Trustees, including the Independent Trustees, considered information provided by Sirios in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “Sirios 15(c) Response”) regarding (i) the services performed or to be performed by Sirios for the Sirios Funds, (ii) the composition and qualifications of Sirios’ portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the Sirios Funds, (iv) investment performance, (v) the financial condition of Sirios, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Sirios Funds and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix)

SIRIOS FUNDS

Other Information

(Unaudited) (Continued)

any litigation, investigation or administrative proceeding which may have a material impact on Sirios’ ability to service the Sirios Funds, and (x) compliance with the Sirios Funds’ investment objectives, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information in the Sirios 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the relative performance of the Sirios Long/Short Fund; compliance with the Sirios Long/Short Fund’s investment objective, policies, strategy and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and the adherence to pricing procedures as established by the Board.

The Board considered additional information provided by representatives from Sirios invited to participate in the Meeting regarding Sirios’ history, performance, investment strategy, and compliance program. Representatives of Sirios responded to questions from the Board. In addition to the foregoing information, the Trustees also considered all other factors they believed to be relevant to considering the approval of the Agreements, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the Sirios Funds and Sirios, as provided by the terms of the Agreements, including the advisory fees under the Agreements, were fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.

The Trustees considered the services provided by or to be provided by Sirios to the Sirios Funds. The Trustees considered Sirios’ personnel and the depth of Sirios’ personnel who provide investment management services to the Sirios Funds and their experience. Based on the Sirios 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided (or to be provided) by Sirios are appropriate and consistent with the terms of the Agreements, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the Sirios Funds are likely to benefit from the provision of those services, (iv) Sirios has sufficient personnel, with the appropriate skills and experience, to serve the Sirios Funds effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the Sirios Long/Short Fund and expected to be provided to the Sirios Focus Fund is likely to continue under the Agreements.

The Board discussed Sirios’ business continuity plan, and its ability to manage the Sirios Funds effectively in light of the recent volatility in financial markets as a result of the COVID-19 virus outbreak.

The Trustees considered the investment performance for the Sirios Long/Short Fund and Sirios. The Trustees reviewed the historical performance charts for the year-to-date, one year, two year and since inception periods ended September 30, 2020 as applicable for the Sirios Long/Short Fund, the Lipper US Index – Global Equity Income Funds, the Sirios Long/Short Fund’s applicable Lipper index and the HFRX Equity Hedge Index. The Trustees noted that the Institutional Class shares of the Sirios

SIRIOS FUNDS

Other Information

(Unaudited) (Continued)

Long/Short Fund underperformed the Lipper US Index – Global Equity Income Funds for the one year and two year periods and outperformed for the year to date and since inception periods ended September 30, 2020. They further noted that the Institutional Class shares of the Sirios Long/Short Fund underperformed the HFRX Equity Hedge Index for the year to date, one year and two year periods and outperformed for the since inception period ended September 30, 2020. With respect to the Sirios Focus Fund, the Trustees considered that the proposed strategy for the Sirios Focus Fund was new, and therefore did not have historical performance. The Trustees noted that they received performance information of a separate account composite and a comparable account for various periods ended September 30, 2020 and the Sirios Long/Short Fund, each of which the Trustees indicated they believed to be representative of the Adviser’s performance in implementing certain types of strategies to be employed for the Sirios Focus Fund. The Trustees concluded that the performance information relating to the separate account composite, comparable account and Sirios Long/Short Fund was acceptable for purposes of its consideration of the New Sirios Agreement.

The Trustees also considered information regarding Sirios’ advisory fee and proposed advisory fee and an analysis of these fees in relation to the delivery of services to the Sirios Funds and any other ancillary benefit resulting from Sirios’ relationship with the Sirios Funds. The Trustees considered the fees that Sirios charges to its separately managed accounts, and evaluated the explanations provided by Sirios as to differences in fees charged to the Sirios Funds and separately managed accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Sirios Long/Short Fund versus other funds in the Sirios Long/Short Fund’s Lipper category with $250 million or less in assets (the “Peer Group”). The Trustees noted that, for the Sirios Long/Short Fund’s Institutional Class shares, the contractual advisory fee and net total expense ratio for the Fund were each higher than but within the range of the median of the contractual advisory fee and net total expense ratio of the Peer Group as of September 30, 2020. The Trustees also noted that Sirios had provided information regarding its advisory fees and an analysis of these fees in relation to the delivery of services to the Sirios Focus Fund and any other ancillary benefit resulting from Sirios’ relationship with the Fund. The Trustees considered the fees that Sirios charges to the Sirios Long/Short Fund, the other series of the Trust advised by Sirios, and evaluated the explanations provided by Sirios as to differences in fees charged to the Sirios Focus Fund, the Sirios/Long Short Fund and similarly managed accounts. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Sirios Focus Fund versus other funds in the Sirios Focus Fund’s Lipper category. The Trustees evaluated information provided by Sirios indicating the proposed advisory fee for the Sirios Focus Fund is within the normal range of fees and expenses for funds of similar size, composition and type of investment product. The Trustees concluded that the advisory fees and services provided by Sirios are consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the Sirios Funds based on the information provided at the Meeting.

The Trustees considered the costs of the services provided by Sirios, the compensation and benefits received by Sirios in providing services to the Sirios Long/Short Fund and to be received by Sirios in

SIRIOS FUNDS

Other Information

(Unaudited) (Concluded)

providing services to the Sirios Focus Fund, the profitability and certain additional information related to the financial condition of Sirios. In addition, the Trustees considered any direct or indirect revenues received by affiliates of Sirios.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the Sirios Funds grow, and whether the advisory fee levels reflect those economies of scale for the benefit of shareholders. The Trustees considered and determined that economies of scale for the benefit of shareholders should be achieved if assets of the Sirios Funds increase because fixed expenses will be spread across a larger asset base. The Trustees also noted that the Sirios Funds’ advisory fees do not include “breakpoint” reductions in the advisory fee rates at specific asset levels but that Sirios has contractually agreed to waive fees and/or reimburse certain expenses of the Sirios Funds for the benefit of shareholders.

At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the Existing Sirios Agreement for an additional one-year period and the approval of the New Sirios Agreement for an initial two year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

Investment Adviser

Sirios Capital Management, L.P.

One International Place

Boston, MA 02110

Administrator

The Bank of New York

Mellon 301 Bellevue Parkway

Wilmington, DE 19809

Transfer Agent

BNY Mellon Investment Servicing (US) Inc.

4400 Computer Drive

Westborough, MA 01581

Principal Underwriter

Foreside Funds Distributors LLC

400 Berwyn Park

899 Cassatt Road

Berwyn, PA 19312

Custodian

The Bank of New York Mellon

240 Greenwich Street

New York, NY 10286

Independent Registered Public Accounting Firm

Ernst & Young LLP

One Commerce Square

2005 Market Street, Suite 700

Philadelphia, PA 19103-7096

Legal Counsel

Troutman Pepper Hamilton Sanders LLP

3000 Two Logan Square

18th and Arch Streets

Philadelphia, PA 19103

SIR-0321

LOGO

SIRIOS LONG/

SHORT FUND

SIRIOS FOCUS FUND

FundVantage Trust

Institutional Class

SEMI-ANNUAL REPORT

March 31, 2021 (Unaudited)

Important Notice: As permitted by the Securities and Exchange Commission, paper copies of the Sirios Funds’ annual and semi-annual shareholder reports are no longer sent by mail, unless you specifically request paper copies of the shareholder reports from the Sirios Funds or from your financial intermediary. Instead, annual and semi-annual shareholder reports are available on the Sirios Funds’ website (www.sirioslp.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

Sirios Funds

FundVantage Trust

c/o BNY Mellon Investment Servicing

P.O. Box 9829

Providence, RI 02940-8029

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

TOBAM EMERGING MARKETS FUND

Semi-Annual Report

Performance Data

March 31, 2021

(Unaudited)


Average Annual Total Returns for the Periods Ended March 31, 2021
	Six Months^†	1 Year	3 Years	Since Inception
Class I	13.87%	51.26%	0.17%	7.34%*
MSCI^®EM Net TR Index	22.43%	58.39%	6.53%	10.28%**

^†Not annualized.

* The TOBAM Emerging Markets Fund (the “Fund”) Class I shares commenced operations on April 25, 2017.

** Benchmark performance is from the commencement date of the Fund Class only and is not the commencement 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 (844) 282-6161. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The table does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

The Fund’s “Total Annual Fund Operating Expenses” and “Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement” are 1.17% and 1.10%, respectively, of the Fund’s average daily net assets for Class I shares. These ratios are stated in the current prospectus dated February 1, 2021, and may differ from the actual expenses incurred by the Fund for the period covered by this report. TOBAM (“TOBAM” or the “Adviser”) has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (excluding taxes, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed (on an annual basis): (a) from the commencement of operations through April 30, 2018, 0.85% with respect to Class I shares, of average daily net assets and (b) from May 1, 2018 through January 31, 2022, 1.10% with respect to Class I shares, of average daily net assets (the “Expense Limitation”), unless the Board of Trustees of FundVantage Trust (the “Trust”) approves its earlier termination. The Adviser may recoup, subject to approval by the Board of Trustees, any expenses or fees it has waived or reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount.

A 1.00% redemption fee applies to shares redeemed within 30 days of purchase. The redemption fee is not reflected in the returns shown above.

The Fund intends to evaluate performance as compared to that of the Morgan Stanley Capital International Emerging Markets Net Total Return Index (“MSCI^® EM Net TR Index”). The MSCI^® EM Net TR Index is a free float-adjusted, market capitalization-weighted index designed to measure the equity performance of emerging market countries in Africa, Asia, Europe, Latin America and the Middle East. An index is unmanaged and it is not possible to invest in an index. All mutual fund investing involves risk, including possible loss of principal.

TOBAM EMERGING MARKETS FUND

Fund Expense Disclosure

March 31, 2021

(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, distribution and/or service (Rule 12b-1) fees (if any) 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 October 1, 2020 through March 31, 2021 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 a 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.

TOBAM EMERGING MARKETS FUND

Fund Expense Disclosure (Concluded)

March 31, 2021

(Unaudited)


	TOBAM Emerging Markets Fund
	Beginning Account Value October 1, 2020			Ending Account Value March 31, 2021			Expenses Paid During Period*
Class I
Actual		$	1,000.00		$	1,138.70		$	5.87
Hypothetical (5% return before expenses)			1,000.00			1,019.45			5.54

Expenses are equal to the annualized expense ratio for the six-month period ended March 31, 2021 of 1.10% for Class I shares, multiplied by the average account value over the period, multiplied by the number of days in the most recent period (182), then divided by 365 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 13.87% for Class I shares.

TOBAM EMERGING MARKETS FUND

Portfolio Holdings Summary Table

March 31, 2021

(Unaudited)

The following table presents a summary by industry group of the portfolio holdings of the Fund:


	% of Net Assets			Value
Common Stocks:
Pharmaceuticals		11.5	%	$	13,475,110
Telecommunications		9.0			10,550,774
Food		6.3			7,327,007
Software		5.8			6,758,391
Retail		5.7			6,668,363
Internet		4.8			5,606,309
Biotechnology		4.8			5,557,961
Computers		3.9			4,565,974
Banks		3.7			4,276,165
Mining		3.6			4,153,687
Healthcare-Products		3.0			3,530,700
Gas		3.0			3,453,720
Semiconductors		2.9			3,366,784
Oil & Gas		2.4			2,759,419
Auto Manufacturers		2.2			2,609,044
Electronics		2.1			2,399,722
Apparel		1.9			2,254,058
Transportation		1.7			1,958,790
Energy-Alternate Sources		1.6			1,893,094
Agriculture		1.6			1,884,417
Diversified Financial
Services		1.4			1,621,338
Beverages		1.3			1,495,011
Commercial Services		1.2			1,463,872
Healthcare-Services		1.2			1,405,604
Forest Products & Paper		1.1			1,356,970
Chemicals		1.1			1,249,546
Miscellaneous
Manufacturers		0.9			1,033,211
Electric		0.9			1,010,003
Auto Parts & Equipment		0.8			956,174


	% of Net Assets			Value
Common Stocks: (Continued)
Water		0.8	%	$	892,097
Shipbuilding		0.7			866,817
Home Furnishings		0.7			759,117
Media		0.6			694,904
Electrical Components & Equipment		0.6			662,562
Iron/Steel		0.5			628,088
Airlines		0.5			619,319
Cosmetics/Personal Care		0.5			575,303
Insurance		0.5			570,361
Leisure Time		0.4			477,112
Housewares		0.4			447,471
Aerospace/Defense		0.3			386,409
Engineering & Construction		0.3			368,850
Household Products/Wares		0.2			238,194
Investment Companies		0.2			238,174
Building Materials		0.2			191,321
Packaging & Containers		0.1			143,393
Lodging		0.1			142,393
Metal Fabricate/Hardware		0.1			139,821
Machinery-Diversified		0.1			111,196
Other Assets in Excess of Liabilities		0.8			880,120

NET ASSETS		100.0	%	$	116,674,240

Portfolio holdings are subject to change at any time.

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — 99.2%
Argentina — 0.2%
Globant SA*		1,087	$	225,672

Brazil — 3.1%
Atacadao SA		97,600		402,285
B2W Cia Digital*		18,300		197,869
CCR SA		138,000		315,784
Raia Drogasil SA		288,800		1,290,933
Suzano SA*		111,000		1,356,970

				3,563,841

China — 34.4%
AK Medical Holdings Ltd.		108,000		138,177
ANTA Sports Products, Ltd.		37,000		606,869
Autohome, Inc., ADR		3,433		320,196
AVIC Jonhon Optronic Technology Co., Ltd., Class A		19,800		204,712
AVIC Shenyang Aircraft Co., Ltd., Class A		21,000		208,592
AVIC Xi’an Aircraft Industry Group Co., Ltd., Class A		48,000		177,817
Bank of Hangzhou Co., Ltd., Class A		104,600		269,829
BeiGene, Ltd., ADR*		4,197		1,460,892
Beijing New Building Materials PLC, Class A		29,000		191,321
BGI Genomics Co., Ltd., Class A		7,400		139,057
Bosideng International Holdings, Ltd.		986,000		445,271
CanSino Biologics, Inc., Class H*		21,400		811,986
Changchun High & New Technology Industry Group, Inc., Class A		7,500		520,103


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
China Feihe Ltd.		106,000	$	300,939
China Greatwall Technology Group Co. Ltd., Class A		46,800		106,544
China Literature Ltd.*		69,800		694,423
China Mengniu Dairy Co., Ltd.		92,000		529,990
China Northern Rare Earth Group High-Tech Co., Ltd., Class A*		61,700		181,124
China Resources Beer Holdings Co., Ltd.		110,000		866,995
China Resources Gas Group, Ltd.		252,000		1,398,702
China Yangtze Power Co., Ltd., Class A		109,311		357,815
Chongqing Changan Automobile Co., Ltd., Class A*		75,900		165,148
Chongqing Zhifei Biological Products Co., Ltd., Class A		28,488		754,577
COSCO SHIPPING Holdings Co., Ltd., Class A*		154,700		321,600
Dashenlin Pharmaceutical Group Co., Ltd., Class A		10,107		129,569
ENN Energy Holdings, Ltd.		112,500		1,814,544
Eve Energy Co. Ltd., Class A		30,998		358,336
Founder Securities Co., Ltd., Class A*		138,400		184,282
Fu Jian Anjoy Foods Co., Ltd., Class A		4,300		137,224

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
Gigadevice Semiconductor Beijing, Inc., Class A		8,500	$	222,580
GOME Retail Holdings, Ltd.*		2,864,000		532,124
Great Wall Motor Co., Ltd., Class A		39,100		181,241
GSX Techedu, Inc., ADR*		7,988		270,633
Guangdong Investment, Ltd.		546,000		892,097
Guangdong Kinlong Hardware Products Co., Ltd., Class A		5,500		139,821
Guangzhou Shiyuan Electronic Technology Co., Ltd., Class A		8,900		177,199
Hangzhou First Applied Material Co., Ltd., Class A		10,903		143,393
Hengan International Group Co., Ltd.		76,500		503,014
Hualan Biological Engineering, Inc., Class A		28,907		175,930
Industrial Bank Co., Ltd., Class A		107,600		396,492
Inner Mongolia BaoTou Steel Union Co., Ltd., Class A*		677,700		161,555
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd., Class A		120,900		97,883
Innovent Biologics, Inc.*		68,000		695,451
Intco Medical Technology Co., Ltd., Class A		6,100		150,374


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
iQIYI, Inc., ADR*		21,453	$	356,549
JCET Group Co., Ltd., Class A*		27,200		142,690
Jiangxi Zhengbang Technology Co., Ltd., Class A		52,600		121,854
Juewei Food Co., Ltd., Class A		11,500		135,479
Kingdee International Software Group Co., Ltd.		323,000		1,012,925
Koolearn Technology Holding Ltd.*		73,000		166,788
Kuang-Chi Technologies Co., Ltd., Class A*		37,400		115,606
Lingyi iTech Guangdong Co., Class A		107,200		134,384
LONGi Green Energy Technology Co., Ltd., Class A		68,200		923,387
Maxscend Microelectronics Co., Ltd., Class A		2,600		242,946
Meinian Onehealth Healthcare Holdings Co., Ltd., Class A*		61,400		144,802
Meituan, Class B*		11,600		452,681
Microport Scientific Corp.		76,000		431,466
Muyuan Food Co., Ltd., Class A		64,089		982,695
NAURA Technology Group Co. Ltd., Class A		8,500		187,289
New Hope Liuhe Co., Ltd., Class A		68,400		209,329
NIO, Inc., ADR*		14,461		563,690

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
Offcn Education Technology Co., Ltd., Class A		31,058	$	134,032
Perfect World Co., Ltd., Class A		35,650		108,055
Pinduoduo, Inc., ADR*		6,522		873,165
Ping An Healthcare And Technology Co. Ltd.*		92,700		1,170,029
Postal Savings Bank Of China Co., Ltd., Class H		1,158,000		867,856
Sanan Optoelectronics Co., Ltd., Class A		82,500		294,657
Sangfor Technologies, Inc., Class A		7,558		286,055
Shandong Gold Mining Co., Ltd., Class A		55,968		182,865
Shandong Weigao Group Medical Polymer Co., Ltd., Class H		616,000		1,221,515
Shanghai Fosun Pharmaceutical Group Co., Ltd., Class A		32,100		195,700
Shanghai International Airport Co., Ltd., Class A		15,800		140,028
Shengyi Technology Co., Ltd., Class A		37,300		129,846
Shenzhen Goodix Technology Co., Ltd., Class A		7,600		130,518
Shenzhen Kangtai Biological Products Co., Ltd., Class A		12,400		260,467
Shenzhou International Group Holdings, Ltd.		39,200		819,929


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
Silergy Corp		3,000	$	247,445
Sungrow Power Supply Co., Ltd., Class A		30,000		331,687
TAL Education Group, ADR*		4,473		240,871
TBEA Co., Ltd., Class A		57,900		99,514
Thunder Software Technology Co. Ltd., Class A		8,200		153,409
Tianjin Zhonghuan Semiconductor Co. Ltd., Class A		45,700		198,036
Tingyi Cayman Islands Holding Corp.		564,000		1,037,041
Tongwei Co., Ltd., Class A		55,299		278,696
Unigroup Guoxin Microelectronics Co. Ltd., Class A		9,400		154,094
Vipshop Holdings, Ltd., ADR*		38,231		1,141,578
Walvax Biotechnology Co., Ltd., Class A		29,400		203,410
Want Want China Holdings, Ltd.		1,406,000		1,056,369
Wens Foodstuffs Group Co., Ltd., Class A		112,820		291,843
Will Semiconductor, Ltd., Class A		16,241		640,866
Wingtech Technology Co. Ltd., Class A		20,800		312,964
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd., Class A		39,400		132,315

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
China — (Continued)
Yifeng Pharmacy Chain Co., Ltd., Class A		9,000	$	122,116
Yonyou Network Technology Co., Ltd., Class A		54,690		299,488
Zai Lab Ltd., ADR*		5,900		787,237
Zhaojin Mining Industry Co., Ltd.		278,500		254,562
Zhejiang Century Huatong Group Co., Ltd., Class A*		123,700		135,009
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd., Class A		22,000		111,196
Zhejiang NHU Co. Ltd., Class A		37,100		217,325

				40,122,769

Colombia — 0.2%
Grupo de Inversiones Suramericana SA		40,190		238,174

Greece — 0.4%
JUMBO SA		26,678		489,498

Hong Kong — 0.5%
China Youzan Ltd.*		1,804,000		594,504

India — 18.9%
Adani Green Energy, Ltd.*		24,471		371,300
Aurobindo Pharma, Ltd.		73,423		887,296
Avenue Supermarts Ltd.*		16,960		664,477
Bajaj Finance, Ltd.		6,201		439,008
Bandhan Bank Ltd.*		139,399		652,075
Bharat Petroleum Corp., Ltd.		184,922		1,086,435
Bharti Airtel, Ltd.		139,286		988,025


	Number of Shares		Value

COMMON STOCKS — (Continued)
India — (Continued)
Cipla, Ltd.		104,222	$	1,164,402
Container Corp Of India, Ltd.		46,757		383,430
Dr Reddy’s Laboratories, Ltd.		26,615		1,646,545
Eicher Motors Ltd.		27,910		997,441
HCL Technologies, Ltd.		115,868		1,561,688
Hero MotoCorp, Ltd.		11,933		477,112
Hindustan Petroleum Corp., Ltd.		192,946		620,231
Indian Oil Corp., Ltd.		417,873		526,323
Indus Towers, Ltd.		150,464		505,876
Infosys, Ltd.		9,438		177,097
InterGlobe Aviation, Ltd.*		27,678		619,319
Ipca Laboratories, Ltd.		7,922		206,508
Lupin, Ltd.		64,898		907,987
Sun Pharmaceutical Industries, Ltd.		210,429		1,723,019
Tata Consultancy Services, Ltd.		39,348		1,714,466
Tech Mahindra, Ltd.		111,809		1,520,576
United Spirits, Ltd.*		82,319		628,016
Wipro, Ltd.		42,454		240,940
Yes Bank Ltd.*		2,852,797		610,373
Zee Entertainment Enterprises, Ltd.		248,916		694,904

				22,014,869

Indonesia — 0.7%
Perusahaan Gas Negara Tbk PT		2,647,700		240,474
Telkom Indonesia Persero Tbk PT		1,427,300		336,894

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
Indonesia — (Continued)
Unilever Indonesia Tbk PT		526,200	$	238,194

				815,562

Malaysia — 3.2%
Axiata Group Bhd		759,385		669,047
Hartalega Holdings Bhd		180,000		387,929
Kossan Rubber Industries		317,600		249,988
Maxis Bhd		609,500		664,696
Public Bank Bhd		476,500		482,918
Supermax Corp. Bhd		429,640		395,294
Top Glove Corp. Bhd		867,900		947,097

				3,796,969

Mexico — 0.4%
Grupo Financiero Banorte SAB de CV, Class O*		77,500		436,991

Peru — 0.5%
Cia de Minas Buenaventura SAA, ADR*		56,613		567,828

Poland — 0.9%
CD Projekt SA*		4,527		219,015
Orange Polska SA*		187,605		312,352
Polski Koncern Naftowy ORLEN SA		32,819		526,430

				1,057,797

Russia — 1.4%
Alrosa PJSC		102,340		143,227
PhosAgro PJSC, GDR		37,725		657,170
Polyus PJSC		4,309		797,271

				1,597,668

South Africa — 1.9%
AngloGold Ashanti, Ltd.		43,473		946,276


	Number of Shares		Value

COMMON STOCKS — (Continued)
South Africa — (Continued)
Capitec Bank Holdings, Ltd.*		2,263	$	217,547
Gold Fields, Ltd.		88,085		827,893
Harmony Gold Mining Co. Ltd.*		59,249		252,641

				2,244,357

South Korea — 14.2%
Alteogen, Inc.*		6,562		522,047
Amorepacific Corp.		2,505		575,303
Celltrion Healthcare Co. Ltd.*		10,872		1,312,221
Celltrion Pharm, Inc.*		4,717		629,014
Celltrion, Inc.*		2,670		769,453
Coway Co., Ltd.		13,066		759,117
Hanmi Pharm Co., Ltd.		1,882		527,456
Hanon Systems		53,707		840,568
HLB, Inc.*		24,856		866,817
Hyundai Glovis Co., Ltd.		3,867		644,265
Hyundai Marine & Fire Insurance Co., Ltd.		16,692		361,650
Kangwon Land, Inc.*		6,341		142,393
Kia Corp.		9,544		701,524
KMW Co., Ltd.*		7,926		454,850
LG Uplus Corp.		28,759		312,060
NCSoft Corp.		2,031		1,569,848
Netmarble Corp.		5,140		588,647
Orion Corp.		6,909		801,348
Pearl Abyss Corp.*		593		162,127
Samsung Biologics Co. Ltd.*		416		276,885
Samsung Fire & Marine Insurance Co., Ltd.		1,242		208,711
Seegene, Inc.		5,672		653,424

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Continued)

March 31, 2021

(Unaudited)


	Number of Shares		Value

COMMON STOCKS — (Continued)
South Korea — (Continued)
Shin Poong Pharmaceutical Co., Ltd.		5,194	$	394,092
Shinsegae, Inc.		628		156,718
SK Chemicals Co., Ltd.		2,223		494,493
SK Telecom Co., Ltd.		5,889		1,435,994
Yuhan Corp.		8,307		463,447

				16,624,472

Taiwan — 9.7%
Accton Technology Corp.		83,000		806,939
ASMedia Technology, Inc.		3,000		158,360
Asustek Computer, Inc.		44,000		577,269
AU Optronics Corp.*		1,029,000		767,652
Eclat Textile Co., Ltd.		38,660		651,575
Far EasTone Telecommunications Co., Ltd.		450,000		1,010,935
Feng TAY Enterprise Co., Ltd.		114,200		782,554
Inventec Corp.		699,000		662,642
Micro-Star International Co., Ltd.		53,000		325,652
Nien Made Enterprise Co., Ltd.		32,000		447,471
Oneness Biotech Co., Ltd.*		47,000		435,689
President Chain Store Corp.		104,000		994,578
Taiwan High Speed Rail Corp.		552,000		609,495
Taiwan Mobile Co., Ltd.		360,000		1,238,986
United Microelectronics Corp.		665,000		1,192,784
Wiwynn Corp.		23,000		681,833

				11,344,414


	Number of Shares		Value

COMMON STOCKS — (Continued)
Thailand — 7.3%
Advanced Info Service PCL		262,800	$	1,461,624
Airports of Thailand PCL		103,300		228,822
Bangkok Bank PCL		38,700		156,457
Bangkok Dusit Medical Services PCL		1,820,800		1,260,802
Bangkok Expressway & Metro PCL		2,161,000		606,397
Berli Jucker PCL		341,500		429,835
Charoen Pokphand Foods PCL		1,124,520		1,063,963
CP ALL PCL*		206,400		457,942
Energy Absolute PCL		320,300		638,020
Global Power Synergy PCL		113,600		280,888
Kasikornbank PCL		86,700		403,174
Krungthai Card PCL		91,500		232,056
Srisawad Corp. PCL		200,800		548,445
Thai Union Group PCL		838,300		394,924
True Corp. PCL		3,233,700		352,496

				8,515,845

Turkey — 1.3%
BIM Birlesik Magazalar AS		125,668		1,076,357
Eregli Demir ve Celik Fabrikalari TAS		251,941		466,533
				��
				1,542,890

TOTAL COMMON STOCKS (Cost $95,109,488)				115,794,120

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

TOBAM EMERGING MARKETS FUND

Portfolio of Investments (Concluded)

March 31, 2021

(Unaudited)


	Value
TOTAL INVESTMENTS - 99.2% (Cost $95,109,488)	$	115,794,120
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.8%		880,120

NET ASSETS - 100.0%	$	116,674,240

*	Non-income producing.


ADR		American Depository Receipt
GDR		Global Depository Receipt
PCL		Public Company Limited
PLC		Public Limited Company

At March 31, 2021, the Fund held the following open positions in futures contracts:


Long Futures Outstanding	Expiration Date		Number of Contracts		Notional Cost			Notional Amount			Value and Unrealized Depreciation
MSCI^®Emerging
Markets Index		06/18/21		14		$	940,205		$	925,750		$	(14,455	)

												$	(14,455	)

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

TOBAM EMERGING MARKETS FUND

Statement of Assets and Liabilities

March 31, 2021

(Unaudited)


Assets
Investments, at value (Cost $95,109,488)	$	115,794,120
Cash and cash equivalents		351,139
Foreign currency (Cost $176,416)		171,631
Dividends receivable		345,446
Deposits for futures contracts*		413,486
Prepaid expenses and other assets		21,772

Total assets		117,097,594

Liabilities
Payable to Investment Adviser		238,829
Deferred foreign capital gains tax		98,023
Payable for custodian fees		32,914
Payable for administration and accounting fees		19,339
Payable for audit fees		17,203
Payable for legal fees		7,025
Payable for transfer agent fees		4,174
Payable for shareholder reporting fees		3,751
Payable for Trustees and Officers		1,403
Accrued expenses		693

Total liabilities		423,354

Net Assets	$	116,674,240

Net Assets consisted of:
Capital stock, $0.01 par value	$	96,277
Paid-in capital		99,210,144
Total distributable earnings/(loss)		17,367,819

Net Assets	$	116,674,240



Class I:
Shares outstanding		9,627,727

Net asset value, offering and redemption price per share ($116,674,240 / 9,627,727 shares)	$	12.12

* Primary risk exposure is equity index contracts.

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

TOBAM EMERGING MARKETS FUND

Statement of Operations

For the Six Months Ended March 31, 2021

(Unaudited)


Investment income
Dividends	$	926,659
Less: foreign taxes withheld		(126,570	)

Total investment income		800,089

Expenses
Advisory fees (Note 2)		471,910
Custodian fees (Note 2)		57,157
Administration and accounting fees (Note 2)		46,643
Trustees’ and officers’ fees (Note 2)		20,169
Legal fees		17,491
Audit fees		17,203
Registration and filing fees		13,507
Transfer agent fees (Note 2)		11,933
Shareholder reporting fees		6,553
Other expenses		8,597

Total expenses before waivers and reimbursements		671,163

Less: waivers and reimbursements (Note 2)		(21,822	)

Net expenses after waivers and reimbursements		649,341

Net investment income		150,748

Net realized and unrealized gain/(loss) from investments
Net realized gain from investments*		3,605,031
Net realized loss from foreign currency transactions		(61,239	)
Net realized gain from futures contracts**		259,864
Net change in unrealized appreciation/(depreciation) on investments***		10,658,264
Net change in unrealized appreciation/(depreciation) on foreign currency transactions		(11,193	)
Net change in unrealized appreciation/(depreciation) on futures contracts**		42,090

Net realized and unrealized gain on investments		14,492,817

Net increase in net assets resulting from operations	$	14,643,565

*	Net realized gain from investments includes foreign capital gains tax of $6,141.

**	Primary risk exposure is equity index contracts.

***	Includes net increase in deferred foreign capital gains tax of $83,726.

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

TOBAM EMERGING MARKETS FUND

Statements of Changes in Net Assets


	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020
Increase/(decrease) in net assets from operations:
Net investment income		$	150,748			$	678,371
Net realized gain/(loss) from investments, futures contracts and foreign currency transactions			3,803,656				(2,406,984	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts and foreign currency transactions			10,689,161				7,086,084

Net increase in net assets resulting from operations			14,643,565				5,357,471

Less dividends and distributions to shareholders from:
Total distributable earnings			(405,754	)			(1,093,800	)

Net decrease in net assets from dividends and distributions to shareholders			(405,754	)			(1,093,800	)

Increase/(decrease) in net assets derived from capital share transactions (Note 4)			(2,594,279	)			1,093,620

Total increase in net assets			11,643,532				5,357,291

Net assets
Beginning of period			105,030,708				99,673,417

End of period		$	116,674,240			$	105,030,708

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

TOBAM EMERGING MARKETS 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
	For the Six Months Ended March 31, 2021 (Unaudited)				For the Year Ended September 30, 2020				For the Year Ended September 30, 2019				For the Year Ended September 30, 2018				For the Period April 25, 2017* to September 30, 2017
Per Share Operating Performance
Net asset value, beginning of period		$	10.68			$	10.25			$	11.58			$	11.35			$	10.00

Net investment income⁽¹⁾			0.02				0.07				0.15				0.16				0.15
Net realized and unrealized gain/(loss) on investments			1.46				0.47				(0.91	)			0.27				1.20

Net increase/(decrease) in net assets resulting from operations			1.48				0.54				(0.76	)			0.43				1.35

Dividends and distributions to shareholders from:
Net investment income			(0.04	)			(0.11	)			(0.12	)			(0.19	)			—
Net realized gains			—				—				(0.45	)			(0.01	)			—

Total dividends and distributions to shareholders			(0.04	)			(0.11	)			(0.57	)			(0.20	)			—

Net asset value, end of period		$	12.12			$	10.68			$	10.25			$	11.58			$	11.35

Total investment return⁽²⁾			13.87	%			5.30	%			(6.47	)%			3.79	%			13.50	%

Ratios/Supplemental Data
Net assets, end of period (in thousands)		$	116,674			$	105,031			$	99,673			$	49,822			$	48,020
Ratio of expenses to average net assets			1.10	%⁽³⁾			1.10	%			1.10	%			0.95	%			0.85	%⁽³⁾
Ratio of expenses to average net assets without waivers and expense reimbursements⁽⁴⁾			1.14	%⁽³⁾			1.17	%			1.20	%			1.44	%			1.66	%⁽³⁾
Ratio of net investment income to average net assets			0.26	%⁽³⁾			0.68	%			1.48	%			1.27	%			3.29	%⁽³⁾
Portfolio turnover rate			21	%⁽⁵⁾			42	%			42	%			33	%			14	%⁽⁵⁾

*	Commencement of operations.

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

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

⁽³⁾	Annualized.

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

⁽⁵⁾	Not annualized.

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

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements

March 31, 2021

(Unaudited)

1. Organization and Significant Accounting Policies

The TOBAM Emerging Markets Fund (the “Fund”) is a diversified, open-end management investment company registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), and commenced investment operations on April 25, 2017. 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 and Class I Shares. As of March 31, 2021, Class A and Class C shares have not been issued.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board Accounting Standards Codification Topic 946.

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 using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. The Fund’s equity securities listed on any national exchange market system will be valued at the last sale price. Equity securities traded in the over-the-counter market are valued at their closing sale or official closing price. If there were no transactions on that day, securities traded principally on an exchange will be valued at the mean of the last bid and ask prices prior to the market close. Securities that do not have a readily available current market value are valued in accordance with procedures adopted by the Trust’s Board of Trustees. The Board of Trustees has adopted methods for valuing securities and other assets in circumstances where market quotes are not readily available and has delegated to TOBAM (“TOBAM” or the “Adviser”) the responsibility for applying the valuation methods. 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. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser. The Trust has established a Valuation Committee which performs certain functions including the oversight of the Adviser’s fair valuation determinations. Prices for equity securities normally are supplied by an independent pricing service approved by the Trust’s Board of Trustees. Fixed income securities are valued based on market quotations, which are furnished by an independent pricing service. Fixed income securities having remaining maturities of 60 days or less are generally valued at amortized cost, provided such amount approximates fair value. Any assets held by the Fund that are denominated in foreign currencies are valued daily in U.S. dollars at the foreign currency exchange rates that are prevailing at the time that the Fund determines the daily NAV per share. Foreign securities may trade on weekends or other days when the Fund does not calculate

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

NAV. As a result, the market value of these investments may change on days when you cannot buy or sell shares of the Fund. Investments in other open-end investment companies are valued based on the NAV of such investment companies (which may use fair value pricing as disclosed in their prospectuses). Exchange traded futures contracts are generally valued using the settlement price determined by the relevant exchange. Exchange traded futures contracts for which no settlement price is reported, are generally valued at the mean between the most recent bid and ask prices obtained from approved pricing services, established market makers, or from broker-dealers.

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:


• 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).

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

The following is a summary of the inputs used, as of March 31, 2021, in valuing the Fund’s investments carried at fair value:


Assets	Total Value at 03/31/21			Level 1 Quoted Price		Level 2 Other Significant Observable Inputs			Level 3 Significant Unobservable Inputs
Common Stocks:
Argentina	$	225,672		$	225,672	$	—		$	—
Brazil		3,563,841			3,563,841		—			—
China		40,122,769			6,165,185		33,957,584			—
Colombia		238,174			238,174		—			—
Greece		489,498			—		489,498			—
Hong Kong		594,504			—		594,504			—
India		22,014,869			—		22,014,869			—
Indonesia		815,562			238,194		577,368			—
Malaysia		3,796,969			—		3,796,969			—
Mexico		436,991			436,991		—			—
Peru		567,828			567,828		—			—
Poland		1,057,797			—		1,057,797			—
Russia		1,597,668			657,170		940,498			—
South Africa		2,244,357			—		2,244,357			—
South Korea		16,624,472			—		16,624,472			—
Taiwan		11,344,414			2,685,610		8,658,804			—
Thailand		8,515,845			—		8,515,845			—
Turkey		1,542,890			—		1,542,890			—

Total Assets	$	115,794,120		$	14,778,665	$	101,015,455		$	—

Liabilities
Derivatives:
Equity Contracts
Futures Contracts		(14,455	)		—		(14,455	)		—

Total Liabilities	$	(14,455	)	$	—	$	(14,455	)	$	—

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

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

For the six months ended March 31, 2021, there were no transfers in or out of Level 3.

Futures Contracts — The Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to unlimited risk of loss.

During the reporting period, the Fund entered into futures contracts to gain exposure to various markets, as part of the Fund’s investment strategy.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

For the six months ended March 31, 2021, the TOBAM Emerging Markets Fund’s monthly average volume of futures bought was $954,521.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currency transactions in the Statement of Operations.

Cash and Cash Equivalent — Cash and cash equivalents include cash and overnight investments in interest-bearing demand deposits with a financial institution with original maturities of three months or less. The Fund maintains deposits with a high quality financial institution in an amount that is in excess of federally insured limits.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

shareholders. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

Other — In the normal course of business, the 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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to its long-term implications. The COVID-19 pandemic could adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to the Fund by its service providers. Fund management is continuing to monitor this development and evaluate its impact on the Fund.

Currency Risk — The Fund invests in securities of foreign issuers, including American Depository Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Fund may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Fund’s NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Fund is determined on the basis of U.S. dollars, the Fund may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Fund’s holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Fund’s holdings in foreign securities.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

Emerging Markets Risk — The Fund invests in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

2. Transactions with Related Parties and Other Service Providers

TOBAM serves as investment adviser to the Fund. For its services, the Adviser is paid a monthly fee at the annual rate of 0.80% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive fees and/or reimburse certain expenses of the Fund to the extent necessary to ensure that the Fund’s total operating expenses (exclusive of taxes, “Acquired Fund Fees and Expenses” (as defined in Form N-1A), dividend and interest expense on securities sold short, interest, extraordinary items and brokerage commissions) do not exceed 1.10% (on an annual basis), with respect to Class I shares, of average daily net assets (the “Expense Limitation”). The Expense Limitation will remain in place until January 31, 2022, unless the Board of Trustees of the Trust approves its earlier termination. The Adviser may recoup, subject to approval by the Board of Trustees, any expenses or fees it has waived or reimbursed within a three-year period from the date on which the Adviser reduced its compensation and/or assumed expenses of the Fund. No recoupment will occur unless the Fund’s expenses are below the Expense Limitation amount. As of March 31, 2021, the amount of potential recovery was as follows:


Expiration
September 30, 2021	September 30, 2022	September 30, 2023	March 31, 2024	Total
$119,274	$88,642	$64,807	$21,822	$294,545

For the six months ended March 31, 2021, the Adviser earned advisory fees of $471,910 and waived fees of $21,822.

Other Service Providers

The Bank of New York Mellon (“BNY Mellon”) serves as administrator and custodian 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 daily net assets and is subject to certain minimum monthly fees. For providing certain custodial services, BNY Mellon is entitled to receive a monthly fee, subject to certain minimum, and out of pocket expenses.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

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

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

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

Trustees and Officers

3. Investment in Securities

For the six months ended March 31, 2021, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:


	Purchases		Sales
Investment Securities	$	23,704,426	$	25,123,078

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Continued)

March 31, 2021

(Unaudited)

4. Capital Share Transactions

For the six months ended March 31, 2021 and for the year ended September 30, 2020, transactions in capital shares (authorized shares unlimited) were as follows:


	For the Six Months Ended March 31, 2021 (Unaudited)						For the Year Ended September 30, 2020
	Shares			Amount			Shares		Amount
Reinvestments		33,669		$	405,721			103,269	$	1,093,620
Redemptions		(237,154	)		(3,000,000	)		—		—

Net increase/(decrease)		(203,485	)	$	(2,594,279	)		103,269	$	1,093,620

There is a 1.00% redemption fee that may be charged on shares redeemed which have been held for 30 days or less. The redemption fee is retained by the Fund for the benefit of the remaining shareholders and recorded as paid-in capital.

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. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as tax benefit or expense in the current year. 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.

For the year ended September 30, 2020, the tax character of distributions paid by the Fund was $1,093,800 of ordinary income dividends. Distributions from net investment income and short-term gains are treated as ordinary income for federal income tax purposes.

As of September 30, 2020, the components of distributable earnings/(loss) on a tax basis were as follows:


Capital Loss Carryforward	Undistributed Ordinary Income	Unrealized Appreciation	Qualified Late-Year Losses
$(4,555,650)	$405,752	$9,751,406	$2,471,500

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.

TOBAM EMERGING MARKETS FUND

Notes to Financial Statements (Concluded)

March 31, 2021

(Unaudited)

As of March 31, 2021, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:



Federal tax cost*	$	95,109,488

Gross unrealized appreciation		28,414,415
Gross unrealized depreciation		(7,729,783	)

Net unrealized appreciation	$	20,684,632

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

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain net capital losses between November 1 and September 30 and late year ordinary losses ((i) ordinary losses between January 1 and September 30, and (ii) specified ordinary and currency losses between November 1 and September 30) as occurring on the first day of the following tax year. For the year ended September 30, 2020, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2020. As of September 30, 2020, the Fund had long-term capital loss deferrals of $713,109 and short-term capital loss deferrals of $1,758,391.

Accumulated capital losses represent net capital loss carryforwards as of September 30, 2020 that may be available to offset future realized capital gains and there by reduce future capital gains distributions. As of September 30, 2020, the Fund had capital loss carryforward of $4,555,650, of which $1,845,687 are long-term losses and $2,709,963 are short-term losses and have an unlimited period of capital loss carryforward.

6. 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 are no subsequent events requiring recognition or disclosure in the financial statements.

TOBAM EMERGING MARKETS 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 (844) 282-6161 and on the Securities and Exchange Commission’s (“SEC”) website at http:// www.sec.gov.

Quarterly Portfolio Schedules

Board Consideration of Investment Advisory Agreement

At a meeting held by videoconference on March 11-12, 2021 (the “Meeting”), the Board of Trustees (the “Board” or the “Trustees”) of FundVantage Trust (the “Trust”), including a majority of the Trustees who are not “interested persons” within the meaning of Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), unanimously approved the continuation of the Investment Advisory Agreement between TOBAM (“TOBAM” or the “Adviser”) and the Trust (the “TOBAM Agreement”) on behalf of the TOBAM Emerging Markets Fund (“TOBAM Fund”). At the Meeting, the Board considered the continuation of the TOBAM Agreement with respect to the TOBAM Fund for an additional one-year period.

In determining whether to continue the TOBAM Agreement for an additional one-year period, the Trustees, including the Independent Trustees, considered information provided by the Adviser in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “TOBAM 15(c) Response”) regarding (i) the services performed by TOBAM for the TOBAM Fund, (ii) the composition and qualifications of TOBAM’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the TOBAM Fund, (iv) investment performance of the TOBAM Fund, (v) the financial condition of TOBAM, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the TOBAM Fund and other clients, (viii) results of any independent audit or regulatory examination, including any recommendations or deficiencies noted, (ix) any litigation, investigation or administrative proceeding which may have a material impact on TOBAM’s ability to service the TOBAM Fund, and (x) compliance with the TOBAM Fund’s investment objective, policies and practices (including codes of ethics and proxy voting policies), federal securities laws and other regulatory requirements. In addition to the information

TOBAM EMERGING MARKETS FUND

Other Information

(Unaudited) (Continued)

in the TOBAM 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the performance of the TOBAM Fund compared to the Lipper Index Emerging Markets Funds Index and the MSCI Emerging Markets NR Index; compliance with the TOBAM Fund’s investment objective, policies, strategy and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and the adherence to pricing procedures as established by the Board.

The Board considered additional information provided by representatives from TOBAM invited to participate in the Meeting regarding TOBAM’s history, performance, investment strategy, and compliance program. Representatives of TOBAM responded to questions from the Board. In addition to the foregoing information, the Trustees also considered other factors they believed to be relevant to considering the continuation of the TOBAM Agreement, including the specific matters discussed below. In their deliberations, the Trustees did not identify any particular information that was controlling, and different Trustees may have attributed different weights to the various factors. After deliberating, the Trustees determined that the overall arrangement between the TOBAM Fund and TOBAM, as provided by the terms of the TOBAM Agreement, including the advisory fee under the TOBAM Agreement, was fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.

The Trustees considered the services provided by TOBAM to the TOBAM Fund. The Trustees considered TOBAM’s personnel and the depth of TOBAM’s personnel who provide investment management services to the TOBAM Fund and their experience. Based on the TOBAM 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided by TOBAM are appropriate and consistent with the terms of the TOBAM Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the TOBAM Fund is likely to benefit from the continued provision of those services, (iv) TOBAM has sufficient personnel, with the appropriate skills and experience, to serve the TOBAM Fund effectively and has demonstrated its continuing ability to attract and retain qualified personnel, and (v) the satisfactory nature, extent, and quality of services currently provided to the TOBAM Fund is likely to continue under the TOBAM Agreement.

The Board discussed TOBAM’s business continuity plan, and its ability to continue to manage the TOBAM Fund effectively in light of the ongoing COVID-19 pandemic, continuing federal, state and local responses thereto and related volatility in the financial markets.

The Trustees considered the investment performance for the TOBAM Fund and TOBAM. The Trustees reviewed historical performance charts, which showed the performance of Class I shares of the TOBAM Fund as compared to the Lipper Emerging Markets Funds Index and the MSCI Emerging Markets NR Index, for the year-to-date, one-year, three-year and since inception periods ended December 31, 2020. The Trustees noted that Class I shares of the Fund underperformed the Lipper Emerging Markets Funds Index and the MSCI Emerging Markets NR Index for the year-to-date, one-year, three-year and since inception periods ended December 31, 2020 and concluded that TOBAM had adequately explained the

TOBAM EMERGING MARKETS FUND

Other Information

(Unaudited) (Concluded)

factors contributing to the TOBAM Fund’s performance over such periods. The Trustees concluded that the performance of the TOBAM Fund was within an acceptable range of performance relative to other mutual funds with similar investment objectives, strategies and policies based on the information provided at the Meeting.

The Trustees also considered information regarding TOBAM’s advisory fee and an analysis of this fee in relation to the delivery of services to the TOBAM Fund and any other ancillary benefit resulting from TOBAM’s relationship with the TOBAM Fund. The Trustees considered the fees that TOBAM charges to another client advised by TOBAM, and evaluated the explanation provided by TOBAM as to differences in fees charged to the TOBAM Fund and such other account, particularly the fact that the other account is not registered in the United States and is not offered for sale to U.S. persons. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the TOBAM Fund versus those funds in the TOBAM Fund’s Lipper category with $250 million or less in assets (the “Peer Group”). The Trustees noted that the contractual advisory fee and net total expense ratio of the TOBAM Fund’s Class I shares were each lower than the median of the contractual advisory fee and net total expense ratio of the Peer Group. The Trustees concluded that the advisory fee and services provided by TOBAM are sufficiently consistent with those of other advisers which manage mutual funds with investment objectives, strategies and policies similar to those of the TOBAM Fund based on the information provided at the Meeting.

The Trustees considered the costs of the services provided by TOBAM, the compensation and benefits received by TOBAM in providing services to the TOBAM Fund, the profitability and certain additional information related to the financial condition of TOBAM. In addition, the Trustees considered any direct or indirect revenues received by affiliates of TOBAM.

The Trustees considered the extent to which economies of scale would be realized relative to fee levels as the TOBAM Fund grows, and whether the advisory fee levels reflect these economies of scale for the benefit of shareholders. The Trustees considered and determined that economies of scale for the benefit of Fund shareholders should be achieved as assets of the TOBAM Fund increase as a result of breakpoint reductions in the Advisory fee rate at specific asset levels which are reflected in the fee schedule of the TOBAM Agreement. In addition, the Trustees also considered the Adviser’s efforts to grow the TOBAM Fund’s assets as economies of scale may be achieved due to the ability of the TOBAM Fund to spread its fixed costs across a larger asset base.

At the Meeting, after consideration of all the factors and taking into consideration the information presented, the Board, including the Independent Trustees, unanimously approved the continuation of the TOBAM Agreement for an additional one-year period. In arriving at their decision, the Trustees did not identify any single matter as controlling, but made their determination in light of all the circumstances.

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Investment Adviser TOBAM 49-53, Avenue des Champs-Élysées 75008 Paris, France Administrator The Bank of New York Mellon 301 Bellevue Parkway Wilmington, DE 19809 Transfer Agent BNY Mellon Investment Servicing (US) Inc. 4400 Computer Drive Westborough, MA 01581 Principal Underwriter Foreside Funds Distributors LLC 400 Berwyn Park 899 Cassatt Road Berwyn, PA 19312 Custodian The Bank of New York Mellon 240 Greenwich Street New York, NY 10286 Independent Registered Public Accounting Firm Ernst & Young LLP One Commerce Square 2005 Market Street, Suite 700 Philadelphia, PA 19103-7096 Legal Counsel Troutman Pepper Hamilton Sanders LLP 3000 Two Logan Square 18th and Arch Streets Philadelphia, PA 19103 TOB-0321		TOBAM EMERGING MARKETS FUND of FundVantage Trust Class I SEMI-ANNUAL REPORT March 31, 2021 (Unaudited) This report is submitted for the general information of shareholders and is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

(b)	Not applicable.


Item 7.		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 9.		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

(a)

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

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.


Item 12.		Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)

Not applicable.

(a)(2)

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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

(Registrant) FundVantage Trust

By (Signature and Title)*

/s/ Joel L. Weiss

Joel L. Weiss, President and

Chief Executive Officer

(principal executive officer)

Date June 4, 2021

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

By (Signature and Title)*

/s/ Joel L. Weiss

Joel L. Weiss, President and

Chief Executive Officer

(principal executive officer)

Date June 4, 2021

By (Signature and Title)*

/s/ T. Richard Keyes

T. Richard Keyes, Treasurer and

Chief Financial Officer

(principal financial officer)

Date June 4, 2021

^* Print the name and title of each signing officer under his or her signature.

FundVantage Trust N-CSRSCertified semi-annual shareholder report (management investment company)