SECURITIES AND EXCHANGE COMMISSION
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
(Exact name of registrant as specified in charter)
103 Bellevue Parkway
Wilmington, DE 19809
Registrant's telephone number, including area code:
Date of reporting period:
Item 1. Report to Stockholders.
(a) The registrant’s annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 is as follows:
Gotham Absolute Return Fund
Institutional Class Shares | GARIX
Annual Shareholder Report — September 30,
2024
This annual shareholder report contains important information about the Gotham Absolute Return Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Absolute Return Fund
(Institutional Class Shares / GARIX) | $ 208 | 1.80 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Absolute Return Fund returned 31.53% (net), the S&P 500
®
Total Return Index returned 36.35%, and the
HFRX
Equity
Hedge
Index returned 11.35%.
The spread for the period was 17.38%
1
.
The long portfolio contributed 41.61% for the trailing twelve-month period. The short portfolio detracted 10.39% for the period.
Top contributors and detractors by sector and stock positions are below:
| Sector Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 12.90 % | 30.04 % |
| Industrials | 8.27 % | 19.92 % |
| Short | Consumer Staples | 0.01 % | -3.84 % |
| (Consumer Staples was the only sector with positive short side contribution) |
| Largest Detractors | | |
| Long | (No sectors were detractors on the long side) |
| Short | Industrials | -2.16 % | -11.79 % |
| Information Technology | -2.15 % | -9.98 % |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Super Micro Computer Inc | 1.92 % | 0.80 % |
| NVIDIA Corporation | 1.78 % | 1.40 % |
| Short | Mobileye Global Inc. | 0.38 % | -0.26 % |
| Lamb Weston Holdings Inc | 0.31 % | -0.55 % |
| Largest Detractors | | |
| Long | Extreme Networks Inc. | -0.25 % | 0.24 % |
| CrowdStrike Holdings Inc | -0.21 % | 0.37 % |
| Short | Coeur Mining Inc | -0.37 % | -0.24 % |
| Snap Inc | -0.33 % | -0.26 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
The following is a comparison of the change in value of a $100,000 investment in Gotham Absolute Return Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index
and
the HFRX Equity Hedge Index.
Growth of $100,000
For the years September 30, 2014 through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Institutional Class Shares | 31.53 % | 11.19 % | 6.79 % |
| S&P 500 ® Total Return Index | 36.35 % | 15.98 % | 13.38 % |
| HFRX Equity Hedge Index | 11.35 % | 6.01 % | 3.49 % |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 787,813,211 |
| Total number of portfolio holdings | 1,877 |
| Total advisory fee paid, net | $ 8,190,698 |
| Portfolio turnover rate as of the end of the reporting period | 270 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net
assets
:
| Information Technology | 26.7 % |
| Industrials | 13.9 % |
| Consumer Discretionary | 12.5 % |
| Health Care | 12.4 % |
| Communication Services | 6.7 % |
| Consumer Staples | 6.2 % |
| Energy | 5.8 % |
| Materials | 5.3 % |
| Utilities | 3.0 % |
| Financials | 2.5 % |
| Other Assets in Excess of Liabilities | 5.0 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Enhanced Return Fund
Institutional Class Shares | GENIX
Annual Shareholder Report —
September
30, 2024
This annual shareholder report contains important information about the Gotham Enhanced Return Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Gotham Enhanced Return Fund
(Institutional Class Shares / GENIX) | $ 253 | 2.07 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Enhanced Return Fund returned 44.53% (net) and the S&P 500
®
Total Return Index returned 36.35%.
The spread for the period was 16.55%
1
.
The long portfolio contributed 60.72% for the trailing twelve-month period. The short portfolio detracted -13.73% for the period.
Top contributors and detractors by sector and stock positions are below:
Sector Contributors/Detractors* |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 16.21 % | 39.30 % |
| Industrials | 11.45 % | 27.73 % |
| Short | (No sectors were contributors on the short side) |
| Largest Detractors | | |
| Long | (No sectors were detractors on the long side) |
| Short | Industrials | -2.96 % | -14.37 % |
| Information Technology | -2.62 % | -12.47 % |
Stock Contributors/Detractors* |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Super Micro Computer Inc | 2.16 % | 0.80 % |
| NVIDIA Corporation | 2.03 % | 2.21 % |
| Short | Mobileye Global Inc. | 0.54 % | -0.34 % |
| Lamb Weston Holdings Inc | 0.41 % | -0.55 % |
| Largest Detractors | | |
| Long | Extreme Networks Inc | -0.28 % | 0.26 % |
| Align Technology Inc | -0.26 % | 0.28 % |
| Short | Snap Inc | -0.47 % | -0.32 % |
| Coeur Mining Inc | -0.45 % | -0.27 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
*
The Gotham Enhanced Return Fund invests in other investment companies sub-advised by Gotham. Sector and Stock Contribution shown above is based on the holdings of the underlying funds.
The following is a comparison of the change in value of a $100,000 investment in Gotham Enhanced Return Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $100,000
For the years September 30, 2014 through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Institutional Class Shares | 44.53 % | 14.53 % | 10.33 % |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 13.38 % |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 274,289,002 |
| Total number of portfolio holdings | 1,898 |
| Total advisory fee paid, net | $ 2,320,629 |
| Portfolio turnover rate as of the end of the reporting period | 181 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Information Technology | 13.3 % |
| Industrials | 8.2 % |
| Health Care | 6.7 % |
| Consumer Discretionary | 6.1 % |
| Communication Services | 3.6 % |
| Consumer Staples | 3.5 % |
| Energy | 3.2 % |
| Materials | 2.8 % |
| Financials | 1.4 % |
| Utilities | 1.3 % |
| Affiliated Equity Registered Investment Companies | 43.7 % |
| Exchange Traded Funds | 1.1 % |
| Other Assets in Excess of Liabilities | 5.1 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Neutral Fund
Institutional Class Shares | GONIX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Neutral Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Neutral Fund
(Institutional Class Shares / GONIX) | $ 210 | 1.88 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Neutral Fund returned 23.18% (net), the S&P 500
®
Total Return Index returned 36.35%, and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index returned 5.46%.
The spread for the period was 13.76%
1
.
The long portfolio contributed 36.96% for the trailing twelve-month period. The short portfolio detracted 16.14% for the period.
Top contributors and detractors by sector and stock positions are below:
| Sector Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 9.16 % | 25.18 % |
| Industrials | 8.91 % | 22.27 % |
| Short | Consumer Staples | 0.32 % | -5.64 % |
| (Consumer Staples was the only sector with positive short side contribution) |
| Largest Detractors | | |
| Long | (No sectors were detractors on the long side) |
| Short | Information Technology | -3.80 % | -18.24 % |
| Industrials | -3.40 % | -18.91 % |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Super Micro Computer Inc | 1.34 % | 1.20 % |
| NVIDIA Corporation | 1.20 % | 0.94 % |
| Short | Mobileye Global Inc. | 0.63 % | -0.46 % |
| Lamb Weston Holdings Inc | 0.52 % | -0.66 % |
| Largest Detractors | | |
| Long | Align Technology Inc | -0.38 % | 0.41 % |
| Extreme Networks Inc | -0.35 % | 0.31 % |
| Short | Snap Inc | -0.65 % | -0.46 % |
| Coeur Mining Inc | -0.46 % | -0.31 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
The following is a comparison of the change in value of a $100,000 investment in Gotham Neutral Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index
and
the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index.
Growth of $100,000
For the years September 30, 2014 through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
| Institutional Class Shares | 23.18 % | 6.83 % | 2.78 % |
| S&P 500® Total Return Index* | 36.35 % | 15.98 % | 13.38 % |
| BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 5.46 % | 2.32 % | 1.65 % |
| The Fund has designated the S&P 500 ® Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 93,786,188 |
| Total number of portfolio holdings | 1,905 |
| Total advisory fee paid, net | $ 818,578 |
| Portfolio turnover rate as of the end of the reporting period | 427 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Information Technology | 22.9 % |
| Industrials | 14.5 % |
| Health Care | 12.9 % |
| Consumer Discretionary | 12.3 % |
| Energy | 7.1 % |
| Materials | 6.8 % |
| Consumer Staples | 6.6 % |
| Communication Services | 5.4 % |
| Utilities | 3.6 % |
| Financials | 1.9 % |
| Other Assets in Excess of Liabilities | 6.0 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were
no
changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Index Plus Fund
Institutional Class Shares | GINDX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Index Plus Fund Institutional Class Shares for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Index Plus Fund
(Institutional Class Shares / GINDX) | $ 232 | 1.96 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Index Plus Fund Institutional Class Shares returned 36.54% (net) and the S&P 500
®
Total Return Index returned 36.35%.
The spread for the period was 5.35%
1
.
The long portfolio contributed 64.49% for the trailing twelve-month period. The short portfolio detracted -26.09% for the period.
Top contributors and detractors by sector and stock positions are below:
Sector Contributors/Detractors* |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 16.41 % | 42.38 % |
| Industrials | 10.96 % | 27.56 % |
| Short | Consumer Staples | 0.08 % | -7.20 % |
| (Consumer Staples was the only sector with positive short side contribution) |
| Largest Detractors | | |
| Long | (No Sectors were detractors on the long side) |
| Short | Information Technology | -5.58 % | -12.77 % |
| Industrials | -5.33 % | -15.48 % |
Stock Contributors/Detractors* |
| | | Average Exposure |
| Largest Contributors | | |
| Long | NVIDIA Corporation | 3.69 % | 4.35 % |
| Microsoft Corp | 2.73 % | 7.83 % |
| Short | Lamb Weston Holdings Inc | 0.49 % | -1.09 % |
| Intel Corp | 0.32 % | -0.69 % |
| Largest Detractors | | |
| Long | Super Micro Computer Inc | -0.45 % | 0.62 % |
| Bath & Body Works Inc | -0.29 % | 0.41 % |
| Short | Axon Enterprise Inc | -0.82 % | -0.90 % |
| Western Digital Corp | -0.64 % | -1.10 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e.,100% long the long portfolio less 100% long the short portfolio).
*
The Gotham Index Plus Fund invests in another investment company sub-advised by Gotham. Sector and Stock Contribution shown above is based on the holdings of the underlying fund.
The following is a comparison of the change in value of a $100,000 investment in Gotham Index Plus Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $100,000
For the period March 31, 2015* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 36.54 % | 16.19 % | 13.62 % * |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 13.44 % ** |
| Institutional Class Shares of the Gotham Index Plus Fund incepted on March 31, 2015 . |
| Benchmark performance is from inception date of the Fund’s Institutional Class Shares only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 893,171,913 |
| Total number of portfolio holdings | 787 |
| Total advisory fee paid, net | $ 4,716,826 |
| Portfolio turnover rate as of the end of the reporting period | 126 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Information Technology | 10.5 % |
| Industrials | 7.8 % |
| Health Care | 6.2 % |
| Consumer Discretionary | 5.9 % |
| Financials | 4.3 % |
| Consumer Staples | 4.1 % |
| Communication Services | 3.5 % |
| Energy | 2.9 % |
| Materials | 2.1 % |
| Real Estate | 1.4 % |
| Utilities | 1.1 % |
| Affiliated Equity Registered Investment Company | 44.9 % |
| Other Assets in Excess of Liabilities | 5.3 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Index Plus Fund
Investor Class Shares | GNNDX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Index Plus Fund Investor Class Shares for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Index Plus Fund
(Investor Class Shares / GNNDX) | $ 260 | 2.20 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Index Plus Fund Investor Class Shares returned 36.14% (net) and the S&P 500
®
Total Return Index returned 36.35%.
The spread for the period was 5.35%
1
.
The long portfolio contributed 64.49% for the trailing twelve-month period. The short portfolio detracted -26.09% for the period.
Top contributors and detractors by sector and stock positions are below:
| Sector Contributors/Detractors* |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 16.41 % | 42.38 % |
| Industrials | 10.96 % | 27.56 % |
| Short | Consumer Staples | 0.08 % | -7.20 % |
| (Consumer Staples was the only sector with positive short side contribution) |
| Largest Detractors | | |
| Long | (No Sectors were detractors on the long side) |
| Short | Information Technology | -5.58 % | -12.77 % |
| Industrials | -5.33 % | - 15.48 % |
Stock Contributors/Detractors * |
| | | Average Exposure |
| Largest Contributors | | |
| Long | NVIDIA Corporation | 3.69 % | 4.35 % |
| Microsoft Corp | 2.73 % | 7.83 % |
| Short | Lamb Weston Holdings Inc | 0.49 % | -1.09 % |
| Intel Corp | 0.32 % | -0.69 % |
| Largest Detractors | | |
| Long | Super Micro Computer Inc | -0.45 % | 0.62 % |
| Bath & Body Works Inc | -0.29 % | 0.41 % |
| Short | Axon Enterprise Inc | -0.82 % | -0.90 % |
| Western Digital Corp | -0.64 % | -1.10 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
*
The Gotham Index Plus Fund invests in another investment company sub-advised by Gotham. Sector and Stock Contribution shown above is based on the holdings of the underlying fund.
The following is a comparison of the change in value of a $
10,000
investment in Gotham Index Plus Fund’s Investor Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $10,000
For the period December 29, 2017* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Investor Class Shares | 36.14 % | 15.90 % | 12.58 % * |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 13.98 % ** |
| Investor Class Shares of the Gotham Index Plus Fund incepted on December 29, 2017 . |
| Benchmark performance is from inception date of the Fund’s Institutional Class Shares only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 893,171,913 |
| Total number of portfolio holdings | 787 |
| Total advisory fee paid, net | $ 4,716,826 |
| Portfolio turnover rate as of the end of the reporting period | 126 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Information Technology | 10.5 % |
| Industrials | 7.8 % |
| Health Care | 6.2 % |
| Consumer Discretionary | 5.9 % |
| Financials | 4.3 % |
| Consumer Staples | 4.1 % |
| Communication Services | 3.5 % |
| Energy | 2.9 % |
| Materials | 2.1 % |
| Real Estate | 1.4 % |
| Utilities | 1.1 % |
| Affiliated Equity Registered Investment Company | 44.9 % |
| Other Assets in Excess of Liabilities | 5.3 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Large Value Fund
Institutional Class Shares | GVALX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Large Value Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Large Value Fund
(Institutional Class Shares / GVALX) | $ 93 | 0.82 % |
Management's Discussion of Fund Performance
Summary of Results
| Sector Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Industrials | 7.48 % | 19.92 % |
| Information Technology | 4.02 % | 11.07 % |
| Largest Detractors | | |
| (No sectors were detractors) |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Broadcom Inc | 0.97 % | 1.42 % |
| General Electric Co | 0.86 % | 1.01 % |
| Largest Detractors | | |
| Lululemon Athletica Inc | -0.24 % | 0.41 % |
| Pfizer Inc | -0.22 % | 1.05 % |
The following is a comparison of the change in value of a $100,000 investment in Gotham Large Value Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $100,000
For the period December 31, 2015* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 26.40 % | 11.83 % | 12.19 % * |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 14.62 % ** |
| The Gotham Large Value Fund commenced operations on December 31, 2015 . |
| Benchmark performance is from the inception date of the Fund Class only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 33,899,823 |
| Total number of portfolio holdings | 237 |
| Total advisory fee paid, net | $ 124,588 |
| Portfolio turnover rate as of the end of the reporting period | 330 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Industrials | 20.7 % |
| Consumer Discretionary | 14.8 % |
| Consumer Staples | 11.7 % |
| Health Care | 11.6 % |
| Information Technology | 10.7 % |
| Financials | 9.0 % |
| Energy | 7.7 % |
| Communication Services | 7.1 % |
| Real Estate | 2.9 % |
| Materials | 2.7 % |
| Utilities | 0.2 % |
| Other Assets in Excess of Liabilities | 0.9 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Enhanced S&P 500
Index Fund
Institutional Class Shares | GSPFX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Enhanced S&P 500 Index Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Enhanced S&P 500 Index Fund
(Institutional Class Shares / GSPFX) | $ 59 | 0.50 % |
Management's Discussion of Fund Performance
Summary of Results
| Sector Contributors/Detractors |
| | Contribution | Average Exposure |
| Largest Contributors | | |
| Information Technology | 11.41 % | 27.72 % |
| Communication Services | 5.29 % | 13.21 % |
| Largest Detractors | | |
| Energy | -0.04 % | 2.81 % |
| (Energy was the only sector with negative contribution) |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Microsoft Corp | 2.76 % | 7.95 % |
| Apple Inc | 2.53 % | 6.64 % |
| Largest Detractors | | |
| Super Micro Computer Inc | -0.25 % | 0.15 % |
| Lululemon Athletica Inc | -0.18 % | 0.19 % |
The following is a comparison of the change in value of a $10,000 investment in Gotham Enhanced S&P 500 Index Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $10,000
For the period December 30, 2016* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 34.43 % | 15.18 % | 15.10 % * |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 15.00 % ** |
| The Gotham Enhanced S&P 500 Index Fund commenced operations on December 30, 2016 . |
| Benchmark performance is from the inception date of the Fund Class only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 21,024,025 |
| Total number of portfolio holdings | 501 |
| Total advisory fee paid, net | $ 68,986 |
| Portfolio turnover rate as of the end of the reporting period | 160 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Information Technology | 28.3 % |
| Consumer Discretionary | 13.3 % |
| Communication Services | 12.8 % |
| Financials | 11.8 % |
| Industrials | 11.8 % |
| Health Care | 8.2 % |
| Consumer Staples | 6.3 % |
| Energy | 4.4 % |
| Materials | 1.4 % |
| Utilities | 0.5 % |
| Real Estate | 0.3 % |
| Other Assets in Excess of Liabilities | 0.9 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Hedged Core Fund
Institutional Class Shares | GCHDX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Hedged Core Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Hedged Core Fund
(Institutional Class Shares / GCHDX) | $ 195 | 1.70 % |
Management's Discussion of Fund
Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Hedged Core Fund returned 29.45% (net), the S&P 500
®
Total Return Index returned 36.35%, and the HFRX Equity Hedge Index returned 11.35%.
The spread for the period was 1.16%
1
.
The long portfolio contributed 42.83% for the trailing twelve-month period. The short portfolio detracted -11.86% for the period.
Top contributors and detractors by sector and stock positions are below:
| Sector Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 11.68 % | 35.90 % |
| Communication Services | 6.11 % | 13.94 % |
| Short | Consumer Staples | 0.21 % | -0.80 % |
| (Consumer Staples was the only sector with positive short side contribution) |
| Largest Detractors | | |
| Long | Energy | -0.02 % | 1.84 % |
| (Energy was the only sector with negative long side contribution) |
| Short | Information Technology | -4.09 % | -10.12 % |
| Utilities | -3.58 % | -9.66 % |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Meta Platforms Inc | 1.80 % | 2.26 % |
| Apple Inc | 1.77 % | 4.53 % |
| Short | Super Micro Computer Inc | 0.39 % | -0.54 % |
| Lululemon Athletica Inc | 0.27 % | -0.39 % |
| Largest Detractors | | |
| Long | Pfizer Inc | -0.25 % | 1.18 % |
| Jabil Inc | -0.18 % | 2.21 % |
| Short | NVIDIA Corporation | -0.92 % | -0.69 % |
| Monolithic Power Systems Inc | -0.53 % | -0.56 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
The following is a comparison of the change in value of a $25,000 investment in Gotham Hedged Core Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index
and
the HFRX Equity Hedge Index.
Growth of $25,000
For the period September 30, 2016* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 29.45 % | 10.97 % | 10.19 % * |
| S&P 500 ® Total Return Index** | 36.35 % | 15.98 % | 15.00 % *** |
| HFRX Equity Hedge Index | 11.35 % | 6.01 % | 4.76 % *** |
| The Gotham Hedged Core Fund commenced operations on September 30, 2016 . |
| The Fund has designated the S&P 500 ® Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
| Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 6,206,596 |
| Total number of portfolio holdings | 291 |
| Total advisory fee paid, net | $ 43,461 |
| Portfolio turnover rate as of the end of the reporting period | 211 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Long | Short | Net |
| Information Technology | 44.8 % | (11.6 ) % | 33.2 % |
| Consumer Staples | 16.9 % | (0.4 ) % | 16.5 % |
| Health Care | 19.2 % | (5.1 ) % | 14.1 % |
| Communication Services | 12.8 % | (1.2 ) % | 11.6 % |
| Financials | 12.1 % | (0.6 ) % | 11.5 % |
| Consumer Discretionary | 12.2 % | (2.9 ) % | 9.3 % |
| Industrials | 13.7 % | (4.7 ) % | 9.0 % |
| Energy | 1.7 % | (1.3 ) % | 0.4 % |
| Materials | 1.1 % | (1.9 ) % | (0.8 ) % |
| Real Estate | — | (1.1 ) % | (1.1 ) % |
| Utilities | 3.2 % | (8.8 ) % | (5.6 ) % |
| Total Investments | 137.7 % | (39.6 ) % | 98.1 % |
| Other Assets in Excess of Liabilities | | | 1.9 % |
| Net Assets | | | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Defensive Long 500 Fund
Institutional Class Shares
|
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Defensive Long 500 Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Defensive Long 500 Fund
(Institutional Class Shares / GDLFX) | $ 308 | 2.69 % |
Management's Discussion of Fund
Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Defensive Long 500 Fund returned 29.11% (net) and the S&P 500
®
Total Return Index returned 36.35%.
The spread for the period was 0.45%
1
.
The long portfolio contributed 59.50% for the trailing twelve-month period. The short portfolio detracted 27.93% for the period.
Top contributors and detractors by sector and stock positions are below:
| Sector Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 16.69 % | 49.84 % |
| Industrials | 8.92 % | 21.79 % |
| Short | (No sectors were contributors on the short side) |
| Largest Detractors | | |
| Long | Energy | -0.10 % | 1.89 % |
| (Energy was the only sector with negative long side contribution) |
| Short | Information Technology | -9.84 % | -23.10 % |
| Utilities | -8.50 % | -22.69 % |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Broadcom Inc | 2.51 % | 2.80 % |
| Meta Platforms Inc | 2.35 % | 2.89 % |
| Short | Super Micro Computer Inc | 0.71 % | -1.12 % |
| Intel Corp | 0.65 % | -1.37 % |
| Largest Detractors | | |
| Long | Pfizer Inc | -0.35 % | 1.68 % |
| Jabil Inc | -0.27 % | 3.23 % |
| Short | NVIDIA Corporation | -2.40 % | -1.79 % |
| Monolithic Power Systems Inc | -1.26 % | -1.32 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
The following is a comparison of the change in value of a $25,000 investment in Gotham Defensive Long 500 Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $25,000
For the period September 30, 2016* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 29.11 % | 7.91 % | 9.75 % * |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 15.00 % ** |
| The Gotham Defensive Long 500 Fund commenced operations on September 30, 2016 . |
| Benchmark performance is from the inception date of the Fund Class only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 18,275,336 |
| Total number of portfolio holdings | 471 |
| Total advisory fee paid, net | $ 85,163 |
| Portfolio turnover rate as of the end of the reporting period | 182 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Information Technology | 30.7 % |
| Health Care | 12.7 % |
| Industrials | 11.7 % |
| Consumer Staples | 11.0 % |
| Communication Services | 8.5 % |
| Financials | 8.2 % |
| Consumer Discretionary | 7.3 % |
| Utilities | 2.2 % |
| Materials | 1.4 % |
| Energy | 1.3 % |
| Other Assets in Excess of Liabilities | 5.0 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Total Return Fund
Institutional Class Shares | GTRFX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Total Return Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/documents
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Total Return Fund
(Institutional Class Shares / GTRFX) | $ 0 | 0.00 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Total Return Fund returned 28.01% (net), the S&P 500
®
Total Return Index returned 36.35%, and the HFRX Equity Hedge Index returned 11.35%.
The spread for the period was 1.15%
1
.
The long portfolio contributed 32.81% for the trailing twelve-month period. The short portfolio detracted -6.64% for the period.
Top contributors and detractors by sector and stock positions are below:
Sector Contributors/Detractors* |
| | Contribution | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 6.30 % | 21.70 % |
| Industrials | 4.75 % | 16.97 % |
| Short | There were no short sectors that contributed |
| Largest Detractors | | |
| Long | There were no long sectors that detracted |
| Short | Information Technology | -1.54 % | -5.63 % |
| Health Care | -1.00 % | -3.75 % |
| Stock Contributors/Detractors* |
| | Contribution | Average Exposure |
| Largest Contributors | | |
| Long | Microsoft Corp | 0.80 % | 2.50 % |
| Apple Inc | 0.75 % | 2.31 % |
| Short | There were no short positions that contributed |
| Largest Detractors | | |
| Long | RLI Corp | -0.01 % | 0.11 % |
| Short | Advanced Micro Devices Inc | -0.09 % | -0.28 % |
| NVIDIA Corporation | -0.09 % | -0.28 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
*
The Gotham Total Return Fund is an allocation strategy that invests in other investment companies advised and/or sub-advised by Gotham. Sector and Stock Contribution shown above is based on the holdings of the underlying funds. Stock Contributors/Detractors that do not round to +/- .01% Contribution are not shown.
The following is a comparison of the change in value of a $100,000 investment in Gotham Total Return Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index
and
the HFRX Equity Hedge Index.
Growth of $100,000
For the period March 31, 2015* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 28.01 % | 7.45 % | 7.48 % * |
| S&P 500 ® Total Return Index** | 36.35 % | 15.98 % | 13.44 % *** |
| HFRX Equity Hedge Index | 11.35 % | 6.01 % | 3.42 % *** |
| The Gotham Total Return Fund commenced operations on March 31, 2015 . |
| The Fund has designated the S&P 500 ® Total Return Index as its new broad-based securities market index in accordance with the SEC’s revised definition for such an index. |
| Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 15,217,606 |
| Total number of portfolio holdings | 6 |
| Total advisory fee paid, net | $ 0 |
| Portfolio turnover rate as of the end of the reporting period | 5 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Affiliated Equity Registered Investment Companies | 99.9 % |
| Other Assets in Excess of Liabilities | 0.1 % |
| TOTAL | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Gotham Enhanced 500 Plus Fund
Institutional Class Shares | GEFPX
Annual Shareholder Report — September 30, 2024
This annual shareholder report contains important information about the Gotham Enhanced 500 Plus Fund for the period of October 1, 2023 to September 30, 2024. You can find additional information about the Fund at
https://www.gothamfunds.com/document
s
. You can also request this information by contacting us at (877) 974-6852.
What were the Fund costs for the last year?
(Based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage
of a $10,000 investment |
Gotham Enhanced 500 Plus Fund
(Institutional Class Shares / GEFPX) | $ 235 | 2.02 % |
Management's Discussion of Fund Performance
Summary of Results
For the trailing twelve-month time period ending 9/30/2024, the Gotham Enhanced 500 Plus Fund returned 32.85% (net) and the S&P 500
®
Total Return Index returned 36.35%.
The spread for the period was 4.16%
1
.
The long portfolio contributed 46.95% for the trailing twelve-month period. The short portfolio detracted -11.99% for the period.
Top contributors and detractors by sector and stock positions are below:
| Sector Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Information Technology | 12.89 % | 34.18 % |
| Industrials | 8.81 % | 19.76 % |
| Short | (No sectors were contributors on the short side) |
| Largest Detractors | | |
| Long | Energy | -0.14 % | 4.38 % |
| (Energy was the only sector with negative long side contribution) |
| Short | Information Technology | -2.58 % | -6.89 % |
| Health Care | -2.08 % | -8.90 % |
| Stock Contributors/Detractors |
| | | Average Exposure |
| Largest Contributors | | |
| Long | Microsoft Corp | 2.76 % | 7.93 % |
| Meta Platforms Inc | 2.70 % | 3.46 % |
| Short | Intel Corp | 0.27 % | -0.75 % |
| Schlumberger Ltd | 0.13 % | -0.33 % |
| Largest Detractors | | |
| Long | Super Micro Computer Inc | -0.48 % | 0.37 % |
| Lululemon Athletica Inc | -0.29 % | 0.42 % |
| Short | Eli Lilly and Co | -0.52 % | -0.85 % |
| Intuitive Surgical Inc | -0.42 % | -0.64 % |
1
The spread is defined as how much our long portfolio outperformed our short portfolio adjusted for leverage (i.e., 100% long the long portfolio less 100% long the short portfolio).
The following is a comparison of the change in value of a $25,000 investment in Gotham Enhanced 500 Plus Fund’s Institutional Class Shares vs. the S&P 500
®
Total Return Index.
Growth of $25,000
For the period September 30, 2016* through September 30, 2024
| Average Annual Total Returns | 1 Year | 5 Years | Since inception |
| Institutional Class Shares | 32.85 % | 14.06 % | 13.84 % * |
| S&P 500® Total Return Index | 36.35 % | 15.98 % | 15.00 % ** |
| The Gotham Enhanced 500 Plus 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. |
All returns represent past performance which is no guarantee of future results.
Current performance may be higher or lower than the performance shown. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The above table and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of shares.
Please visit
https://www.gothamfunds.com/documents
for performance data current to the most recent month-end.
The following table outlines key Fund
statistics that you should pay attention to.
| Fund net assets | $ 4,807,496 |
| Total number of portfolio holdings | 496 |
| Total advisory fee paid, net | $ 0 |
| Portfolio turnover rate as of the end of the reporting period | 167 % |
Portfolio Holdings Summary Table (as of September 30, 2024)
The following table presents a summary by sector of the portfolio holdings of the Fund as a percentage of net assets:
| Long | Short | Net |
| Information Technology | 35.0 % | (8.4 ) % | 26.6 % |
| Consumer Discretionary | 18.5 % | (2.5 ) % | 16.0 % |
| Communication Services | 16.1 % | (0.3 ) % | 15.8 % |
| Industrials | 19.6 % | (4.9 ) % | 14.7 % |
| Financials | 15.4 % | (1.1 ) % | 14.3 % |
| Consumer Staples | 10.4 % | (2.5 ) % | 7.9 % |
| Energy | 6.6 % | (0.9 ) % | 5.7 % |
| Health Care | 13.0 % | (8.4 ) % | 4.6 % |
| Materials | 2.0 % | (2.0 ) % | — |
| Real Estate | 0.6 % | (3.4 ) % | (2.8 ) % |
| Utilities | 0.3 % | (5.2 ) % | (4.9 ) % |
| Total Investments | 137.5 % | (39.6 ) % | 97.9 % |
| Other Assets in Excess of Liabilities | | | 2.1 % |
| Net Assets | | | 100.0 % |
Material Fund changes during the period
There were no material changes to the Fund.
Changes in and Disagreements with Accountants
During the fiscal year ended September 30, 2024, there were no changes in and/or disagreements with Accountants.
Availability of Additional Information
You can find additional information about the Fund, including the Fund’s prospectus, financial information, holdings and proxy voting information, at
https://www.gothamfunds.com/documents
.
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same residential address. Unless we are notified otherwise, we may continue to send only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please contact the Fund at (877) 974-6852, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.
Item 2. Code of Ethics.
| | (a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”). |
| | (c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the Registrant or a third party, and that relates to any element of the code of ethics description. |
| | (d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item’s instructions. |
| | (f) | A copy of the Code of Ethics is filed as an Exhibit. |
Item 3. Audit Committee Financial Expert.
The Audit Committee of the Board of Trustees currently is comprised of Robert J. Christian, Iqbal Mansur, Nicholas M. Marsini, Jr., Nancy B. Wolcott and Stephen M. Wynne, each of whom is considered “independent” within the meaning set forth under Item 3 of Form N-CSR. As of the end of the period covered by the report, the Registrant’s Board of Trustees has determined that Mr. Wynne is an “audit committee financial expert” as such term is defined by Item 3 of Form N-CSR.
The Registrant’s Board of Trustees has determined that Mr. Wynne acquired the attributes necessary to be considered an audit committee financial expert through his experience as a chief executive officer (and other senior-level accounting and/or financial positions) of several large financial institutions and because he has co-authored a text book on mutual fund accounting.
Item 4. Principal Accountant Fees and Services.
Audit Fees
| | (a) | The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $420,725 for the fiscal year ending September 30, 2024 and $471,205 for the fiscal year ending September 30, 2023. |
Audit-Related Fees
| | (b) | The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item are $3,893 for the fiscal year ending September 30, 2024 and $0 for the fiscal year ending September 30, 2023. |
Tax Fees
| | (c) | The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were $0 for the fiscal year ending September 30, 2024 and $1,836 for the fiscal year ending September 30, 2023. These fees were for India tax compliance services. |
All Other Fees
| | (d) | The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item are $0 for the fiscal year ending September 30, 2024 and $0 for the fiscal year ending September 30, 2023. |
| | (e)(1) | Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
The Registrant’s Audit Committee Charter requires the Audit Committee to (i) (a) approve prior to appointment the engagement of independent registered public accounting firm to annually audit and provide their opinion on the Registrant’s financial statements, (b) recommend to the Independent Trustees the selection, retention or termination of the Registrant’s independent registered public accounting firm and, (c) in connection therewith, to review and evaluate matters potentially affecting the independence and capabilities of the independent registered public accounting firm; and (ii) to approve prior to appointment the engagement of the independent registered public accounting firm to provide other audit services to the Registrant, or to provide non-audit services to the Registrant, its series, an investment adviser to its series or any entity controlling, controlled by, or under common control with an investment adviser to its series (“adviser-affiliate”) that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant. The Audit Committee will not approve non-audit services that the Audit Committee believes may impair the independence of the Registrant’s independent registered public accountant. The Audit Committee may delegate, to the extent permitted by law, pre-approved responsibilities to one or more members of the Audit Committee who shall report to the full Audit Committee.
| | (e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) 100%
(c) 100%
(d) Not applicable
| | (g) | The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were $0 for the fiscal year ending September 30, 2024 and $816 for the fiscal year ending September 30, 2023. |
Item 5. Audit Committee of Listed Registrants.
Item 6. Investments.
| | (a) | The Registrant’s “Schedule I – Investments in securities of unaffiliated issuers” as of the close of the reporting period is included as part of the Annual Financials and Additional Information filed under Item 7 of this form. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
GOTHAM FUNDS
of
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 |
| Gotham Defensive Long 500 Fund |
| Gotham Total Return Fund |
| Gotham Enhanced 500 Plus Fund |
ANNUAL FINANCIALS AND ADDITIONAL INFORMATION
September 30, 2024
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
ANNUAL FINANCIALS
AS OF September 30, 2024
TABLE OF CONTENTS
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 95.0% |
| Automobiles & Components — 1.6% |
| American Axle & Manufacturing Holdings, Inc.* | 9,340 | | $ 57,721 |
| Aptiv PLC (Jersey)* | 16,088 | | 1,158,497 |
| BorgWarner, Inc. | 58,684 | | 2,129,642 |
| Dana, Inc. | 67,899 | | 717,014 |
| Dorman Products, Inc.* | 1,663 | | 188,119 |
| Ford Motor Co.(a) | 136,913 | | 1,445,801 |
| General Motors Co.(a) | 82,602 | | 3,703,874 |
| Gentherm, Inc.* | 215 | | 10,008 |
| LCI Industries | 5,259 | | 633,920 |
| Lear Corp. | 12,796 | | 1,396,683 |
| Magna International, Inc. (Canada) | 4,816 | | 197,649 |
| Modine Manufacturing Co.* | 3 | | 398 |
| Phinia, Inc. | 475 | | 21,864 |
| Visteon Corp.* | 10,649 | | 1,014,211 |
| | | | 12,675,401 |
| Capital Goods — 10.1% |
| 3M Co. | 19,554 | | 2,673,032 |
| Acuity Brands, Inc. | 778 | | 214,253 |
| American Superconductor Corp.* | 7,203 | | 169,991 |
| American Woodmark Corp.* | 747 | | 69,807 |
| AMETEK, Inc. | 11,122 | | 1,909,759 |
| API Group Corp.* | 3,713 | | 122,603 |
| Apogee Enterprises, Inc. | 2,714 | | 190,021 |
| Applied Industrial Technologies, Inc. | 149 | | 33,246 |
| Array Technologies, Inc.* | 39,831 | | 262,885 |
| Axon Enterprise, Inc.* | 822 | | 328,471 |
| AZEK Co., Inc. (The)* | 20,434 | | 956,311 |
| AZZ, Inc. | 2,585 | | 213,547 |
| Blue Bird Corp.* | 20,452 | | 980,878 |
| Boise Cascade Co. | 575 | | 81,064 |
| Builders FirstSource, Inc.* | 2,259 | | 437,930 |
| Carlisle Cos., Inc. | 6,413 | | 2,884,247 |
| Caterpillar, Inc.(a) | 8,181 | | 3,199,753 |
| Comfort Systems USA, Inc. | 2 | | 781 |
| Core & Main, Inc., Class A* | 1,315 | | 58,386 |
| Crane Co. | 2,550 | | 403,614 |
| Cummins, Inc. | 5,877 | | 1,902,914 |
| Curtiss-Wright Corp. | 68 | | 22,351 |
| Deere & Co. | 3,121 | | 1,302,487 |
| Distribution Solutions Group, Inc.* | 4 | | 154 |
| Donaldson Co., Inc. | 12,277 | | 904,815 |
| Douglas Dynamics, Inc. | 346 | | 9,543 |
| Dover Corp. | 8,869 | | 1,700,542 |
| Ducommun, Inc.* | 34 | | 2,238 |
| EMCOR Group, Inc. | 2,127 | | 915,737 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Energy Recovery, Inc.* | 172 | | $ 2,991 |
| Enerpac Tool Group Corp. | 4,100 | | 171,749 |
| EnerSys | 663 | | 67,659 |
| Esab Corp. | 2,217 | | 235,689 |
| Federal Signal Corp. | 5,603 | | 523,656 |
| Flowserve Corp. | 3,923 | | 202,780 |
| Fluence Energy, Inc.* | 6,512 | | 147,888 |
| Fluor Corp.* | 3,827 | | 182,586 |
| Gates Industrial Corp. PLC (United Kingdom)* | 4,141 | | 72,675 |
| GE Vernova, Inc.* | 5,076 | | 1,294,279 |
| Generac Holdings, Inc.* | 6,985 | | 1,109,777 |
| General Dynamics Corp. | 2,309 | | 697,780 |
| General Electric Co.(a) | 45,279 | | 8,538,714 |
| Gibraltar Industries, Inc.* | 3,253 | | 227,482 |
| Gorman-Rupp Co. (The) | 513 | | 19,981 |
| Granite Construction, Inc. | 4,598 | | 364,529 |
| Griffon Corp. | 10,846 | | 759,220 |
| Hayward Holdings, Inc.* | 46,695 | | 716,301 |
| Herc Holdings, Inc. | 2,131 | | 339,745 |
| Hexcel Corp. | 5,455 | | 337,283 |
| Hillman Solutions Corp.* | 14,906 | | 157,407 |
| Honeywell International, Inc. | 3,047 | | 629,845 |
| Howmet Aerospace, Inc.(a) | 20,844 | | 2,089,611 |
| Illinois Tool Works, Inc. | 2,846 | | 745,851 |
| Insteel Industries, Inc. | 22 | | 684 |
| ITT, Inc. | 144 | | 21,529 |
| Johnson Controls International PLC (Ireland) | 12,018 | | 932,717 |
| Kennametal, Inc. | 14,562 | | 377,593 |
| Kratos Defense & Security Solutions, Inc.* | 8,609 | | 200,590 |
| Lincoln Electric Holdings, Inc. | 2,368 | | 454,703 |
| Lockheed Martin Corp.(a) | 5,203 | | 3,041,466 |
| Masco Corp. | 16,360 | | 1,373,258 |
| MasTec, Inc.* | 23,718 | | 2,919,686 |
| MDU Resources Group, Inc. | 39,800 | | 1,090,918 |
| Middleby Corp. (The)* | 12,267 | | 1,706,708 |
| MRC Global, Inc.* | 11,388 | | 145,083 |
| MSC Industrial Direct Co., Inc., Class A | 4,070 | | 350,264 |
| Mueller Industries, Inc. | 4 | | 296 |
| Mueller Water Products, Inc., Class A | 15,641 | | 339,410 |
| Northrop Grumman Corp. | 1,377 | | 727,152 |
| NuScale Power Corp.* | 11,270 | | 130,507 |
| nVent Electric PLC (Ireland) | 13,511 | | 949,283 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Otis Worldwide Corp. | 18,513 | | $ 1,924,241 |
| Parker-Hannifin Corp.(a) | 2,956 | | 1,867,660 |
| Pentair PLC (Ireland) | 6,505 | | 636,124 |
| Powell Industries, Inc. | 9,622 | | 2,135,988 |
| Primoris Services Corp. | 4,120 | | 239,290 |
| Proto Labs, Inc.* | 724 | | 21,264 |
| Quanex Building Products Corp. | 104 | | 2,886 |
| Quanta Services, Inc.(a) | 4,803 | | 1,432,014 |
| RBC Bearings, Inc.* | 758 | | 226,930 |
| Regal Rexnord Corp. | 8,932 | | 1,481,640 |
| Rocket Lab USA, Inc.* | 58,926 | | 573,350 |
| Rockwell Automation, Inc. | 1,177 | | 315,977 |
| RTX Corp. | 2,992 | | 362,511 |
| Shoals Technologies Group, Inc., Class A* | 3,250 | | 18,233 |
| Snap-on, Inc. | 5,257 | | 1,523,005 |
| SPX Technologies, Inc.* | 779 | | 124,219 |
| Stanley Black & Decker, Inc. | 14,340 | | 1,579,264 |
| Sterling Infrastructure, Inc.* | 840 | | 121,817 |
| Tennant Co. | 3,193 | | 306,656 |
| Thermon Group Holdings, Inc.* | 162 | | 4,834 |
| Toro Co. (The) | 1,449 | | 125,672 |
| Trane Technologies PLC (Ireland) | 5,191 | | 2,017,897 |
| Tutor Perini Corp.* | 14,378 | | 390,506 |
| United Rentals, Inc. | 1,030 | | 834,022 |
| Valmont Industries, Inc. | 3,522 | | 1,021,204 |
| Watsco, Inc. | 393 | | 193,309 |
| Woodward, Inc. | 1,902 | | 326,212 |
| WW Grainger, Inc. | 1,758 | | 1,826,228 |
| Xylem, Inc. | 5,606 | | 756,978 |
| Zurn Elkay Water Solutions Corp. | 19,058 | | 684,945 |
| | | | 79,423,561 |
| Commercial & Professional Services — 2.5% |
| ABM Industries, Inc. | 10,366 | | 546,910 |
| ACV Auctions, Inc., Class A* | 8,733 | | 177,542 |
| Amentum Holdings, Inc.* | 13,129 | | 423,410 |
| Automatic Data Processing, Inc. | 8,953 | | 2,477,564 |
| BrightView Holdings, Inc.* | 25,641 | | 403,589 |
| Broadridge Financial Solutions, Inc. | 2,146 | | 461,454 |
| Cimpress PLC (Ireland)* | 630 | | 51,610 |
| Cintas Corp. | 8,404 | | 1,730,216 |
| Copart, Inc.* | 8,806 | | 461,434 |
| CoreCivic, Inc.* | 1,300 | | 16,445 |
| Dun & Bradstreet Holdings, Inc. | 20,197 | | 232,467 |
| Enviri Corp.* | 2,507 | | 25,922 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Commercial & Professional Services — (Continued) |
| Heidrick & Struggles International, Inc. | 124 | | $ 4,819 |
| HNI Corp. | 2,904 | | 156,351 |
| ICF International, Inc. | 1,938 | | 323,239 |
| Insperity, Inc. | 224 | | 19,712 |
| Jacobs Solutions, Inc. | 14,280 | | 1,869,252 |
| KBR, Inc. | 6,020 | | 392,083 |
| Kforce, Inc. | 400 | | 24,580 |
| Korn Ferry | 8,618 | | 648,418 |
| Leidos Holdings, Inc. | 14,217 | | 2,317,371 |
| ManpowerGroup, Inc. | 5,721 | | 420,608 |
| Maximus, Inc. | 3,556 | | 331,277 |
| MSA Safety, Inc. | 827 | | 146,660 |
| OPENLANE, Inc.* | 12,479 | | 210,646 |
| Parsons Corp.* | 6,625 | | 686,880 |
| Pitney Bowes, Inc. | 727 | | 5,184 |
| RB Global, Inc. (Canada) | 9,223 | | 742,359 |
| Republic Services, Inc. | 7,201 | | 1,446,249 |
| Steelcase, Inc., Class A | 19,206 | | 259,089 |
| TaskUS, Inc., Class A* | 417 | | 5,388 |
| Tetra Tech, Inc. | 5,587 | | 263,483 |
| UniFirst Corp. | 1,274 | | 253,080 |
| Veralto Corp. | 19,068 | | 2,132,946 |
| WNS Holdings Ltd. (Jersey)* | 283 | | 14,917 |
| | | | 19,683,154 |
| Consumer Discretionary Distribution & Retail — 5.5% |
| Abercrombie & Fitch Co., Class A* | 11,604 | | 1,623,400 |
| Advance Auto Parts, Inc. | 7,517 | | 293,088 |
| Amazon.com, Inc.(a)* | 56,243 | | 10,479,758 |
| AutoZone, Inc.* | 88 | | 277,204 |
| Bath & Body Works, Inc. | 20,328 | | 648,870 |
| Best Buy Co., Inc. | 1,861 | | 192,241 |
| Carvana Co.(a)* | 38,549 | | 6,711,766 |
| Chewy, Inc., Class A* | 112,593 | | 3,297,849 |
| eBay, Inc.(a) | 49,303 | | 3,210,118 |
| Etsy, Inc.* | 13,840 | | 768,535 |
| Foot Locker, Inc. | 23,274 | | 601,400 |
| Gap, Inc. (The) | 102,709 | | 2,264,733 |
| Home Depot, Inc. (The)(a) | 3,542 | | 1,435,218 |
| Kohl's Corp. | 79,925 | | 1,686,418 |
| LKQ Corp. | 12,914 | | 515,527 |
| Lowe's Cos., Inc. | 10,540 | | 2,854,759 |
| Monro, Inc. | 6,159 | | 177,749 |
| Nordstrom, Inc. | 65,633 | | 1,476,086 |
| ODP Corp. (The)* | 10,864 | | 323,204 |
| Ross Stores, Inc. | 12,904 | | 1,942,181 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Discretionary Distribution & Retail — (Continued) |
| Shoe Carnival, Inc. | 2,082 | | $ 91,296 |
| TJX Cos., Inc. (The) | 4,255 | | 500,133 |
| Ulta Beauty, Inc.* | 3,523 | | 1,370,870 |
| Williams-Sonoma, Inc. | 4,511 | | 698,844 |
| | | | 43,441,247 |
| Consumer Durables & Apparel — 2.1% |
| Acushnet Holdings Corp. | 5,582 | | 355,852 |
| Deckers Outdoor Corp.* | 4,311 | | 687,389 |
| DR Horton, Inc. | 5,078 | | 968,730 |
| Garmin Ltd. (Switzerland) | 7,769 | | 1,367,577 |
| G-III Apparel Group Ltd.* | 627 | | 19,136 |
| Hasbro, Inc. | 21,483 | | 1,553,651 |
| Lululemon Athletica, Inc.* | 3,299 | | 895,184 |
| Mattel, Inc.* | 38,260 | | 728,853 |
| Mohawk Industries, Inc.* | 8,841 | | 1,420,572 |
| NIKE, Inc., Class B | 6,813 | | 602,269 |
| NVR, Inc.* | 131 | | 1,285,346 |
| Peloton Interactive, Inc., Class A* | 231,905 | | 1,085,315 |
| PulteGroup, Inc. | 7,634 | | 1,095,708 |
| PVH Corp. | 5,023 | | 506,469 |
| Ralph Lauren Corp. | 3,881 | | 752,409 |
| Skechers USA, Inc., Class A* | 7,439 | | 497,818 |
| Sonos, Inc.* | 50,870 | | 625,192 |
| Tapestry, Inc. | 9,960 | | 467,921 |
| TopBuild Corp.* | 287 | | 116,754 |
| Under Armour, Inc., Class C* | 68,388 | | 571,724 |
| Vista Outdoor, Inc.* | 2,931 | | 114,837 |
| Worthington Enterprises, Inc. | 17,782 | | 737,064 |
| | | | 16,455,770 |
| Consumer Services — 2.8% |
| ADT, Inc. | 32,770 | | 236,927 |
| Aramark | 28,701 | | 1,111,590 |
| Booking Holdings, Inc.(a) | 459 | | 1,933,363 |
| Bright Horizons Family Solutions, Inc.* | 1,718 | | 240,743 |
| Brinker International, Inc.* | 515 | | 39,413 |
| Cava Group, Inc.* | 3,072 | | 380,467 |
| Cracker Barrel Old Country Store, Inc. | 14,925 | | 676,849 |
| Darden Restaurants, Inc. | 1,718 | | 281,975 |
| Domino's Pizza, Inc. | 1,658 | | 713,172 |
| DoorDash, Inc., Class A* | 1,553 | | 221,660 |
| DraftKings, Inc., Class A* | 1,329 | | 52,097 |
| Frontdoor, Inc.* | 13,427 | | 644,362 |
| Hilton Worldwide Holdings, Inc. | 3,257 | | 750,739 |
| Hyatt Hotels Corp., Class A | 5,727 | | 871,649 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| International Game Technology PLC (United Kingdom) | 1,710 | | $ 36,423 |
| Jack in the Box, Inc. | 5,378 | | 250,292 |
| Las Vegas Sands Corp. | 21,761 | | 1,095,449 |
| Life Time Group Holdings, Inc.* | 25,337 | | 618,730 |
| Marriott International, Inc., Class A | 10,984 | | 2,730,623 |
| McDonald's Corp.(a) | 6,907 | | 2,103,251 |
| Papa John's International, Inc. | 6,144 | | 330,977 |
| Perdoceo Education Corp. | 33 | | 734 |
| Rush Street Interactive, Inc.* | 93,134 | | 1,010,504 |
| Strategic Education, Inc. | 2,582 | | 238,964 |
| Stride, Inc.* | 2,210 | | 188,535 |
| Sweetgreen, Inc., Class A* | 25,978 | | 920,920 |
| Target Hospitality Corp.* | 236 | | 1,836 |
| Texas Roadhouse, Inc. | 2,905 | | 513,023 |
| Universal Technical Institute, Inc.* | 316 | | 5,138 |
| Vail Resorts, Inc. | 1,687 | | 294,027 |
| Wynn Resorts Ltd. | 13,630 | | 1,306,844 |
| Yum! Brands, Inc. | 14,134 | | 1,974,661 |
| | | | 21,775,937 |
| Consumer Staples Distribution & Retail — 1.9% |
| Albertsons Cos., Inc., Class A | 39,923 | | 737,777 |
| Costco Wholesale Corp.(a) | 2,706 | | 2,398,923 |
| Dollar General Corp. | 12,984 | | 1,098,057 |
| Dollar Tree, Inc.* | 12,135 | | 853,333 |
| Fresh Market Holdings, Inc. (The), Escrow Shares(b)* | 50,715 | | — |
| Kroger Co. (The) | 14,293 | | 818,989 |
| Natural Grocers by Vitamin Cottage, Inc. | 14 | | 416 |
| Sysco Corp. | 15,927 | | 1,243,261 |
| Target Corp.(a) | 31,179 | | 4,859,559 |
| Walgreens Boots Alliance, Inc. | 49,241 | | 441,199 |
| Walmart, Inc.(a) | 30,537 | | 2,465,863 |
| | | | 14,917,377 |
| Energy — 5.8% |
| Antero Resources Corp.* | 21,575 | | 618,124 |
| Archrock, Inc. | 7,851 | | 158,904 |
| Baker Hughes Co. | 21,116 | | 763,343 |
| Borr Drilling Ltd. (Bermuda) | 117,906 | | 647,304 |
| BW LPG Ltd. (Singapore) | 78 | | 1,123 |
| Cameco Corp. (Canada) | 18,351 | | 876,444 |
| Canadian Natural Resources Ltd. (Canada) | 73,090 | | 2,427,319 |
| Cenovus Energy, Inc. (Canada) | 27,268 | | 456,194 |
| ChampionX Corp. | 15,268 | | 460,330 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Energy — (Continued) |
| Chevron Corp.(a) | 33,750 | | $ 4,970,363 |
| ConocoPhillips | 13,279 | | 1,398,013 |
| Coterra Energy, Inc. | 41,143 | | 985,375 |
| Devon Energy Corp.(a) | 116,194 | | 4,545,509 |
| Diamondback Energy, Inc. | 12,114 | | 2,088,454 |
| Dorian LPG Ltd. (Marshall Islands) | 44,779 | | 1,541,293 |
| DT Midstream, Inc. | 7,114 | | 559,587 |
| EOG Resources, Inc. | 16,086 | | 1,977,452 |
| FLEX LNG Ltd. (Bermuda) | 642 | | 16,333 |
| Hafnia Ltd. (Bermuda) | 3,404 | | 24,373 |
| Halliburton Co. | 35,258 | | 1,024,245 |
| Helix Energy Solutions Group, Inc.* | 34,170 | | 379,287 |
| Helmerich & Payne, Inc. | 14,163 | | 430,838 |
| Hess Corp. | 3,478 | | 472,312 |
| Imperial Oil Ltd. (Canada) | 3,954 | | 278,559 |
| Kinder Morgan, Inc. | 88,638 | | 1,958,013 |
| Liberty Energy, Inc. | 844 | | 16,112 |
| Marathon Oil Corp. | 88,584 | | 2,358,992 |
| Marathon Petroleum Corp. | 2,252 | | 366,873 |
| Murphy Oil Corp. | 60,388 | | 2,037,491 |
| Nabors Industries Ltd. (Bermuda)* | 7,281 | | 469,406 |
| Noble Corp. PLC (United Kingdom) | 11,902 | | 430,138 |
| Occidental Petroleum Corp. | 59,425 | | 3,062,765 |
| Oceaneering International, Inc.* | 1,047 | | 26,039 |
| Ovintiv, Inc. | 18,386 | | 704,368 |
| Phillips 66 | 7,765 | | 1,020,709 |
| Precision Drilling Corp. (Canada)* | 46 | | 2,836 |
| RPC, Inc. | 30,894 | | 196,486 |
| SM Energy Co. | 30,784 | | 1,230,437 |
| Suncor Energy, Inc. (Canada) | 20,896 | | 771,480 |
| TechnipFMC PLC (United Kingdom) | 65,692 | | 1,723,101 |
| Valero Energy Corp. | 16,168 | | 2,183,165 |
| | | | 45,659,489 |
| Financial Services — 4.1% |
| Affirm Holdings, Inc.* | 25,331 | | 1,034,012 |
| Berkshire Hathaway, Inc., Class B* | 4,956 | | 2,281,049 |
| BlackRock, Inc. | 987 | | 937,166 |
| Block, Inc.* | 14,057 | | 943,646 |
| Cboe Global Markets, Inc. | 7,351 | | 1,505,999 |
| CME Group, Inc.(a) | 9,404 | | 2,074,993 |
| Corpay, Inc.* | 3,530 | | 1,104,043 |
| Donnelley Financial Solutions, Inc.* | 39 | | 2,567 |
| Euronet Worldwide, Inc.* | 7,014 | | 695,999 |
| Fiserv, Inc.(a)* | 30,275 | | 5,438,904 |
| Franklin Resources, Inc. | 30,859 | | 621,809 |
| Global Payments, Inc. | 4,769 | | 488,441 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Financial Services — (Continued) |
| Intercontinental Exchange, Inc. | 10,424 | | $ 1,674,511 |
| Jack Henry & Associates, Inc. | 3,211 | | 566,870 |
| Mastercard, Inc., Class A | 3,818 | | 1,885,328 |
| Morningstar, Inc. | 2,289 | | 730,466 |
| Nasdaq, Inc. | 11,918 | | 870,133 |
| Payoneer Global, Inc.* | 85,151 | | 641,187 |
| PayPal Holdings, Inc.(a)* | 47,775 | | 3,727,883 |
| S&P Global, Inc. | 1,162 | | 600,313 |
| T Rowe Price Group, Inc.(a) | 12,466 | | 1,357,921 |
| Visa, Inc., Class A(a) | 10,898 | | 2,996,405 |
| | | | 32,179,645 |
| Food, Beverage & Tobacco — 3.5% |
| Altria Group, Inc. | 47,979 | | 2,448,848 |
| B&G Foods, Inc. | 26,097 | | 231,741 |
| Brown-Forman Corp., Class B | 5,621 | | 276,553 |
| Celsius Holdings, Inc.* | 47,524 | | 1,490,353 |
| Coca-Cola Co. (The)(a) | 30,407 | | 2,185,047 |
| Conagra Brands, Inc. | 32,190 | | 1,046,819 |
| General Mills, Inc. | 1,777 | | 131,231 |
| Hain Celestial Group, Inc. (The)* | 10,391 | | 89,674 |
| Ingredion, Inc. | 6,761 | | 929,164 |
| Kellanova(a) | 37,966 | | 3,064,236 |
| Keurig Dr Pepper, Inc. | 65,395 | | 2,451,005 |
| Kraft Heinz Co. (The) | 69,157 | | 2,428,102 |
| Lancaster Colony Corp. | 2,182 | | 385,276 |
| McCormick & Co., Inc., non-voting shares | 4,974 | | 409,360 |
| MGP Ingredients, Inc. | 823 | | 68,515 |
| Mission Produce, Inc.* | 518 | | 6,641 |
| Molson Coors Beverage Co., Class B | 10,801 | | 621,273 |
| Mondelez International, Inc., Class A | 21,695 | | 1,598,271 |
| PepsiCo, Inc. | 9,952 | | 1,692,338 |
| Philip Morris International, Inc. | 9,373 | | 1,137,882 |
| Pilgrim's Pride Corp.* | 17,452 | | 803,665 |
| Post Holdings, Inc.* | 5,984 | | 692,648 |
| Primo Water Corp. (Canada) | 24,797 | | 626,124 |
| Simply Good Foods Co. (The)* | 11,151 | | 387,720 |
| Tyson Foods, Inc., Class A | 21,130 | | 1,258,503 |
| Utz Brands, Inc. | 16,057 | | 284,209 |
| Vita Coco Co., Inc. (The)* | 27,155 | | 768,758 |
| Vital Farms, Inc.* | 13,136 | | 460,680 |
| | | | 27,974,636 |
| Health Care Equipment & Services — 6.2% |
| Addus HomeCare Corp.* | 32 | | 4,257 |
| Alcon, Inc. (Switzerland) | 4,258 | | 426,098 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| Avanos Medical, Inc.* | 10,904 | | $ 262,023 |
| Aveanna Healthcare Holdings, Inc.* | 119 | | 619 |
| Baxter International, Inc. | 6,955 | | 264,081 |
| Becton Dickinson & Co.(a) | 17,941 | | 4,325,575 |
| Cencora, Inc. | 7,196 | | 1,619,676 |
| Centene Corp.(a)* | 28,347 | | 2,133,962 |
| Cigna Group (The) | 5,450 | | 1,888,098 |
| Community Health Systems, Inc.* | 30,891 | | 187,508 |
| CVS Health Corp. | 5,486 | | 344,960 |
| DaVita, Inc.* | 11,453 | | 1,877,490 |
| DENTSPLY SIRONA, Inc. | 26,947 | | 729,186 |
| Elevance Health, Inc. | 4,058 | | 2,110,160 |
| Envista Holdings Corp.* | 67,415 | | 1,332,121 |
| GE HealthCare Technologies, Inc.(a) | 26,804 | | 2,515,556 |
| GeneDx Holdings Corp.* | 5,357 | | 227,351 |
| Guardant Health, Inc.* | 8,828 | | 202,514 |
| HCA Healthcare, Inc. | 4,563 | | 1,854,540 |
| HealthEquity, Inc.* | 4,394 | | 359,649 |
| HealthStream, Inc. | 102 | | 2,942 |
| Hologic, Inc.* | 29,821 | | 2,429,219 |
| Humana, Inc. | 6,581 | | 2,084,466 |
| ICU Medical, Inc.* | 7,953 | | 1,449,196 |
| LivaNova PLC (United Kingdom)* | 3,117 | | 163,767 |
| Masimo Corp.* | 11,691 | | 1,558,761 |
| McKesson Corp. | 1,835 | | 907,261 |
| Medtronic PLC (Ireland) | 34,399 | | 3,096,942 |
| Merit Medical Systems, Inc.* | 3,210 | | 317,244 |
| Molina Healthcare, Inc.* | 4,261 | | 1,468,170 |
| National HealthCare Corp. | 430 | | 54,081 |
| Omnicell, Inc.* | 16,081 | | 701,132 |
| Owens & Minor, Inc.* | 9,354 | | 146,764 |
| Pediatrix Medical Group, Inc.* | 16,193 | | 187,677 |
| Phreesia, Inc.* | 11,028 | | 251,328 |
| ResMed, Inc.(a) | 13,851 | | 3,381,306 |
| Simulations Plus, Inc. | 419 | | 13,416 |
| Solventum Corp.* | 9,871 | | 688,206 |
| STERIS PLC (Ireland) | 5,834 | | 1,414,978 |
| Tenet Healthcare Corp.(a)* | 12,243 | | 2,034,787 |
| UnitedHealth Group, Inc. | 1,377 | | 805,104 |
| Universal Health Services, Inc., Class B | 8,032 | | 1,839,408 |
| Veeva Systems, Inc., Class A* | 5,555 | | 1,165,828 |
| Zimmer Biomet Holdings, Inc. | 1,861 | | 200,895 |
| | | | 49,028,302 |
| Household & Personal Products — 1.4% |
| BellRing Brands, Inc.* | 5,922 | | 359,584 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Household & Personal Products — (Continued) |
| Central Garden & Pet Co., Class A* | 896 | | $ 28,134 |
| Colgate-Palmolive Co. | 27,553 | | 2,860,277 |
| Coty, Inc., Class A* | 32,863 | | 308,584 |
| Edgewell Personal Care Co. | 4 | | 145 |
| Estee Lauder Cos., Inc. (The), Class A | 27,544 | | 2,745,861 |
| Kenvue, Inc. | 10,688 | | 247,214 |
| Kimberly-Clark Corp.(a) | 19,575 | | 2,785,131 |
| Oddity Tech Ltd., Class A (Israel)* | 13,663 | | 551,712 |
| Procter & Gamble Co. (The) | 3,255 | | 563,766 |
| Reynolds Consumer Products, Inc. | 6,489 | | 201,808 |
| WD-40 Co. | 731 | | 188,510 |
| | | | 10,840,726 |
| Materials — 5.2% |
| Alamos Gold, Inc., Class A (Canada) | 21,734 | | 433,376 |
| Alcoa Corp. | 25,136 | | 969,747 |
| Amcor PLC (Jersey) | 52,666 | | 596,706 |
| AptarGroup, Inc. | 3,603 | | 577,165 |
| Ashland, Inc. | 7,756 | | 674,539 |
| ATI, Inc.* | 2,294 | | 153,492 |
| Avery Dennison Corp. | 5,379 | | 1,187,468 |
| Avient Corp. | 13,582 | | 683,446 |
| Axalta Coating Systems Ltd. (Bermuda)* | 27,919 | | 1,010,389 |
| Ball Corp.(a) | 26,776 | | 1,818,358 |
| Barrick Gold Corp. (Canada) | 38,855 | | 772,826 |
| Cabot Corp. | 5,071 | | 566,786 |
| Carpenter Technology Corp. | 1,795 | | 286,446 |
| Cleveland-Cliffs, Inc.* | 143,878 | | 1,837,322 |
| Commercial Metals Co. | 4,169 | | 229,128 |
| Crown Holdings, Inc. | 10,789 | | 1,034,449 |
| DuPont de Nemours, Inc. | 22,057 | | 1,965,499 |
| Eastman Chemical Co. | 5,167 | | 578,446 |
| FMC Corp. | 9,678 | | 638,167 |
| Fortuna Mining Corp. (Canada)* | 293,254 | | 1,357,766 |
| Freeport-McMoRan, Inc. | 23,270 | | 1,161,638 |
| Graphic Packaging Holding Co. | 2,967 | | 87,794 |
| HB Fuller Co. | 2,552 | | 202,578 |
| Hudbay Minerals, Inc. (Canada) | 181,750 | | 1,670,282 |
| Innospec, Inc. | 2,225 | | 251,625 |
| International Flavors & Fragrances, Inc. | 2,331 | | 244,592 |
| International Paper Co. | 16,910 | | 826,053 |
| Kaiser Aluminum Corp. | 2,104 | | 152,582 |
| Kinross Gold Corp. (Canada) | 80,303 | | 751,636 |
| Knife River Corp.* | 1,907 | | 170,467 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| Kronos Worldwide, Inc. | 2,363 | | $ 29,419 |
| Linde PLC (Ireland) | 6,092 | | 2,905,031 |
| Louisiana-Pacific Corp. | 5,495 | | 590,493 |
| LyondellBasell Industries NV, Class A (Netherlands) | 22,706 | | 2,177,505 |
| Martin Marietta Materials, Inc. | 111 | | 59,746 |
| Mativ Holdings, Inc. | 4,955 | | 84,185 |
| Metallus, Inc.* | 753 | | 11,167 |
| Minerals Technologies, Inc. | 5,729 | | 442,451 |
| Mosaic Co. (The) | 6,615 | | 177,150 |
| New Gold, Inc. (Canada)* | 339,212 | | 976,931 |
| NewMarket Corp. | 593 | | 327,271 |
| Newmont Corp. | 14,998 | | 801,643 |
| Nucor Corp. | 4,061 | | 610,531 |
| Orla Mining Ltd. (Canada)* | 1,498 | | 5,992 |
| Pan American Silver Corp. (Canada) | 54,211 | | 1,131,384 |
| PPG Industries, Inc. | 7,416 | | 982,323 |
| Quaker Chemical Corp. | 4,394 | | 740,345 |
| RPM International, Inc. | 3,140 | | 379,940 |
| Scotts Miracle-Gro Co. (The) | 30,536 | | 2,647,471 |
| Sealed Air Corp. | 20,199 | | 733,224 |
| Sherwin-Williams Co. (The) | 1,324 | | 505,331 |
| Silgan Holdings, Inc. | 10,623 | | 557,707 |
| Southern Copper Corp. | 2,936 | | 339,607 |
| Sylvamo Corp. | 1,295 | | 111,176 |
| Vulcan Materials Co. | 2,442 | | 611,550 |
| West Fraser Timber Co. Ltd. (Canada) | 261 | | 25,411 |
| Worthington Steel, Inc. | 187 | | 6,360 |
| | | | 40,862,112 |
| Media & Entertainment — 5.7% |
| Advantage Solutions, Inc.* | 185 | | 635 |
| Alphabet, Inc., Class A(a) | 63,331 | | 10,503,446 |
| Angi, Inc.* | 4,972 | | 12,828 |
| Bumble, Inc., Class A* | 162,800 | | 1,038,664 |
| Charter Communications, Inc., Class A* | 5,518 | | 1,788,273 |
| Cinemark Holdings, Inc.* | 6,371 | | 177,369 |
| Comcast Corp., Class A | 53,798 | | 2,247,143 |
| Electronic Arts, Inc. | 8,991 | | 1,289,669 |
| EverQuote, Inc., Class A* | 13,582 | | 286,444 |
| Fox Corp., Class A | 15,566 | | 658,909 |
| IAC, Inc.* | 4,601 | | 247,626 |
| Interpublic Group of Cos., Inc. (The) | 36,417 | | 1,151,870 |
| Match Group, Inc.* | 18,726 | | 708,592 |
| Meta Platforms, Inc., Class A(a) | 18,630 | | 10,664,557 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Media & Entertainment — (Continued) |
| Netflix, Inc.(a)* | 4,142 | | $ 2,937,796 |
| News Corp., Class A | 32,462 | | 864,463 |
| Omnicom Group, Inc. | 8,677 | | 897,115 |
| Sinclair, Inc. | 5,804 | | 88,801 |
| Sirius XM Holdings, Inc. | 21,642 | | 511,833 |
| Sphere Entertainment Co.* | 12,857 | | 568,022 |
| Spotify Technology SA (Luxembourg)* | 4,820 | | 1,776,315 |
| Thryv Holdings, Inc.* | 97 | | 1,671 |
| TKO Group Holdings, Inc.* | 9,478 | | 1,172,523 |
| TripAdvisor, Inc.* | 16,092 | | 233,173 |
| Vimeo, Inc.* | 112,104 | | 566,125 |
| Walt Disney Co. (The)(a) | 39,562 | | 3,805,469 |
| Yelp, Inc.* | 11,335 | | 397,632 |
| | | | 44,596,963 |
| Pharmaceuticals, Biotechnology & Life Sciences — 6.2% |
| AbbVie, Inc. | 1,018 | | 201,035 |
| ADMA Biologics, Inc.* | 54,207 | | 1,083,598 |
| Agilent Technologies, Inc. | 3,106 | | 461,179 |
| Alkermes PLC (Ireland)* | 41,995 | | 1,175,440 |
| Alnylam Pharmaceuticals, Inc.* | 2,350 | | 646,320 |
| Amneal Pharmaceuticals, Inc.* | 20,772 | | 172,823 |
| Amphastar Pharmaceuticals, Inc.* | 10,485 | | 508,837 |
| Arcellx, Inc.* | 1,272 | | 106,225 |
| Ardelyx, Inc.* | 11,141 | | 76,761 |
| Avantor, Inc.* | 2,381 | | 61,596 |
| Avid Bioservices, Inc.* | 3,545 | | 40,342 |
| BioCryst Pharmaceuticals, Inc.* | 17,184 | | 130,598 |
| Biogen, Inc.* | 7,354 | | 1,425,499 |
| BioLife Solutions, Inc.* | 6,118 | | 153,195 |
| BioMarin Pharmaceutical, Inc.* | 9,999 | | 702,830 |
| Bio-Rad Laboratories, Inc., Class A* | 521 | | 174,316 |
| Bristol-Myers Squibb Co.(a) | 48,678 | | 2,518,600 |
| Catalent, Inc.* | 21,402 | | 1,296,319 |
| Catalyst Pharmaceuticals, Inc.* | 1,332 | | 26,480 |
| Charles River Laboratories International, Inc.* | 2,634 | | 518,819 |
| Collegium Pharmaceutical, Inc.* | 21,060 | | 813,758 |
| Elanco Animal Health, Inc.* | 119,541 | | 1,756,057 |
| Eli Lilly & Co. | 106 | | 93,910 |
| Exelixis, Inc.* | 1,077 | | 27,948 |
| Fortrea Holdings, Inc.* | 34,524 | | 690,480 |
| Gilead Sciences, Inc.(a) | 41,062 | | 3,442,638 |
| Halozyme Therapeutics, Inc.* | 6,326 | | 362,100 |
| Harmony Biosciences Holdings, Inc.* | 32,896 | | 1,315,840 |
| Illumina, Inc.* | 12,017 | | 1,567,137 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
Pharmaceuticals, Biotechnology & Life Sciences —
(Continued) |
| Incyte Corp.* | 7,559 | | $ 499,650 |
| Indivior PLC (United Kingdom)* | 2,789 | | 27,193 |
| Innoviva, Inc.* | 821 | | 15,853 |
| Iovance Biotherapeutics, Inc.* | 25,050 | | 235,219 |
| IQVIA Holdings, Inc.* | 8,774 | | 2,079,175 |
| Ironwood Pharmaceuticals, Inc.* | 291 | | 1,199 |
| Jazz Pharmaceuticals PLC (Ireland)* | 2,259 | | 251,675 |
| Johnson & Johnson(a) | 36,314 | | 5,885,047 |
| Kiniksa Pharmaceuticals International PLC (United Kingdom)* | 5,746 | | 143,593 |
| Medpace Holdings, Inc.* | 156 | | 52,073 |
| Merck & Co., Inc.(a) | 55,773 | | 6,333,582 |
| Mesa Laboratories, Inc. | 557 | | 72,332 |
| Mettler-Toledo International, Inc.* | 1,180 | | 1,769,646 |
| Natera, Inc.* | 907 | | 115,144 |
| Neurocrine Biosciences, Inc.* | 4,345 | | 500,631 |
| Pacira BioSciences, Inc.* | 23,755 | | 357,513 |
| Phibro Animal Health Corp., Class A | 16 | | 360 |
| Protagonist Therapeutics, Inc.* | 529 | | 23,805 |
| QIAGEN NV (Netherlands) | 29,948 | | 1,364,730 |
| Repligen Corp.* | 9,919 | | 1,476,146 |
| Revvity, Inc. | 5,028 | | 642,327 |
| Rhythm Pharmaceuticals, Inc.* | 1,533 | | 80,314 |
| Supernus Pharmaceuticals, Inc.* | 13,044 | | 406,712 |
| TG Therapeutics, Inc.* | 21,944 | | 513,270 |
| Thermo Fisher Scientific, Inc. | 2,275 | | 1,407,247 |
| Twist Bioscience Corp.* | 13,098 | | 591,768 |
| Vera Therapeutics, Inc.* | 55 | | 2,431 |
| Vertex Pharmaceuticals, Inc.* | 750 | | 348,810 |
| Viatris, Inc. | 37,642 | | 437,024 |
| Waters Corp.* | 4,646 | | 1,672,049 |
| | | | 48,857,198 |
| Semiconductors & Semiconductor Equipment — 8.7% |
| Advanced Micro Devices, Inc.(a)* | 27,481 | | 4,509,082 |
| Applied Materials, Inc.(a) | 17,712 | | 3,578,710 |
| Broadcom, Inc.(a) | 37,303 | | 6,434,767 |
| Cirrus Logic, Inc.* | 21,037 | | 2,613,006 |
| Credo Technology Group Holding Ltd. (Cayman Islands)* | 17,974 | | 553,599 |
| FormFactor, Inc.* | 6,628 | | 304,888 |
| GLOBALFOUNDRIES, Inc. (Cayman Islands)* | 31,371 | | 1,262,683 |
| Ichor Holdings Ltd. (Cayman Islands)* | 9,858 | | 313,583 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Semiconductors & Semiconductor Equipment — (Continued) |
| KLA Corp. | 1,650 | | $ 1,277,777 |
| Lam Research Corp.(a) | 3,180 | | 2,595,134 |
| Microchip Technology, Inc. | 5,198 | | 417,347 |
| Micron Technology, Inc.(a) | 54,400 | | 5,641,824 |
| MKS Instruments, Inc. | 11,487 | | 1,248,752 |
| Monolithic Power Systems, Inc.(a) | 3,213 | | 2,970,419 |
| NVIDIA Corp.(a) | 68,171 | | 8,278,686 |
| NXP Semiconductors NV (Netherlands) | 14,398 | | 3,455,664 |
| ON Semiconductor Corp.* | 32,545 | | 2,363,092 |
| Onto Innovation, Inc.* | 6,787 | | 1,408,710 |
| Photronics, Inc.* | 25,691 | | 636,109 |
| Qorvo, Inc.(a)* | 28,819 | | 2,977,003 |
| QUALCOMM, Inc.(a) | 63,150 | | 10,738,657 |
| Rambus, Inc.* | 27,530 | | 1,162,317 |
| Semtech Corp.* | 10,386 | | 474,225 |
| SiTime Corp.* | 266 | | 45,622 |
| Skyworks Solutions, Inc. | 25,807 | | 2,548,957 |
| SMART Global Holdings, Inc. (Cayman Islands)* | 49,252 | | 1,031,829 |
| | | | 68,842,442 |
| Software & Services — 10.3% |
| Accenture PLC, Class A (Ireland) | 9,762 | | 3,450,672 |
| Adobe, Inc.(a)* | 6,319 | | 3,271,852 |
| Alarm.com Holdings, Inc.* | 15,332 | | 838,200 |
| ANSYS, Inc.* | 3,617 | | 1,152,485 |
| BlackLine, Inc.* | 25,521 | | 1,407,228 |
| Blend Labs, Inc., Class A* | 43,521 | | 163,204 |
| Cadence Design Systems, Inc.* | 8,276 | | 2,243,044 |
| Clear Secure, Inc., Class A | 15,438 | | 511,615 |
| Crowdstrike Holdings, Inc., Class A(a)* | 14,033 | | 3,935,836 |
| Docebo, Inc. (Canada)* | 19 | | 840 |
| DocuSign, Inc.* | 32,730 | | 2,032,206 |
| DXC Technology Co.* | 36,014 | | 747,290 |
| Envestnet, Inc.* | 8,683 | | 543,729 |
| Fortinet, Inc.* | 36,358 | | 2,819,563 |
| Gartner, Inc.* | 2,161 | | 1,095,108 |
| Gen Digital, Inc. | 55,344 | | 1,518,086 |
| GoDaddy, Inc., Class A* | 8,407 | | 1,318,049 |
| Guidewire Software, Inc.* | 5,566 | | 1,018,244 |
| Informatica, Inc., Class A* | 20,796 | | 525,723 |
| Intapp, Inc.* | 1,148 | | 54,909 |
| InterDigital, Inc. | 15,346 | | 2,173,454 |
| International Business Machines Corp. | 446 | | 98,602 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software & Services — (Continued) |
| Intuit, Inc. | 915 | | $ 568,215 |
| Kyndryl Holdings, Inc.* | 27,229 | | 625,722 |
| LiveRamp Holdings, Inc.* | 12,302 | | 304,844 |
| Microsoft Corp.(a) | 19,114 | | 8,224,754 |
| NCR Voyix Corp.* | 9,864 | | 133,854 |
| Nutanix, Inc., Class A* | 2,181 | | 129,224 |
| Oracle Corp.(a) | 37,170 | | 6,333,768 |
| Palantir Technologies, Inc., Class A* | 11,705 | | 435,426 |
| Palo Alto Networks, Inc.(a)* | 17,079 | | 5,837,602 |
| Pegasystems, Inc. | 29,169 | | 2,131,962 |
| Progress Software Corp. | 1,480 | | 99,708 |
| Q2 Holdings, Inc.* | 14,364 | | 1,145,816 |
| Qualys, Inc.* | 8,982 | | 1,153,828 |
| Rapid7, Inc.* | 31,519 | | 1,257,293 |
| Roper Technologies, Inc. | 4,029 | | 2,241,897 |
| Salesforce, Inc.(a) | 6,302 | | 1,724,920 |
| Samsara, Inc., Class A* | 20,725 | | 997,287 |
| ServiceNow, Inc.(a)* | 7,145 | | 6,390,417 |
| Smartsheet, Inc., Class A* | 11,109 | | 614,994 |
| Synopsys, Inc.* | 4,476 | | 2,266,602 |
| Teradata Corp.* | 7,605 | | 230,736 |
| Twilio, Inc., Class A* | 25,571 | | 1,667,741 |
| Unity Software, Inc.* | 38,902 | | 879,963 |
| Varonis Systems, Inc.* | 6,078 | | 343,407 |
| Verint Systems, Inc.* | 17,388 | | 440,438 |
| VeriSign, Inc.* | 9,149 | | 1,737,944 |
| Workday, Inc., Class A* | 7,139 | | 1,744,843 |
| Yext, Inc.* | 31,177 | | 215,745 |
| | | | 80,798,889 |
| Technology Hardware & Equipment — 5.6% |
| Amphenol Corp., Class A | 22,127 | | 1,441,795 |
| Apple, Inc.(a) | 45,292 | | 10,553,036 |
| Arista Networks, Inc.* | 3,012 | | 1,156,066 |
| Arrow Electronics, Inc.* | 1,713 | | 227,538 |
| Bel Fuse, Inc., Class B | 4,215 | | 330,920 |
| Benchmark Electronics, Inc. | 14,078 | | 623,937 |
| Cisco Systems, Inc. | 49,958 | | 2,658,765 |
| Dell Technologies, Inc., Class C(a) | 31,414 | | 3,723,816 |
| Diebold Nixdorf, Inc.* | 17 | | 759 |
| Digi International, Inc.* | 937 | | 25,796 |
| ePlus, Inc.* | 2,663 | | 261,879 |
| F5, Inc.* | 6,862 | | 1,511,012 |
| Fabrinet (Cayman Islands)* | 2,537 | | 599,848 |
| Hewlett Packard Enterprise Co. | 106,505 | | 2,179,092 |
| HP, Inc. | 69,403 | | 2,489,486 |
| Itron, Inc.* | 16,206 | | 1,730,963 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — (Continued) |
| Jabil, Inc. | 7,389 | | $ 885,424 |
| Juniper Networks, Inc. | 5,420 | | 211,272 |
| Littelfuse, Inc. | 631 | | 167,373 |
| Napco Security Technologies, Inc. | 13,839 | | 559,926 |
| NetApp, Inc. | 18,834 | | 2,326,187 |
| NetScout Systems, Inc.* | 8,811 | | 191,639 |
| Plexus Corp.* | 1,588 | | 217,095 |
| Pure Storage, Inc., Class A* | 6,055 | | 304,203 |
| Rogers Corp.* | 6,382 | | 721,230 |
| ScanSource, Inc.* | 8,246 | | 396,055 |
| Seagate Technology Holdings PLC (Ireland) | 15,723 | | 1,722,140 |
| Super Micro Computer, Inc.* | 3,820 | | 1,590,648 |
| TE Connectivity PLC (Ireland) | 8,324 | | 1,256,841 |
| Teledyne Technologies, Inc.* | 3,041 | | 1,330,924 |
| Trimble, Inc.* | 4,739 | | 294,245 |
| Vontier Corp. | 3,337 | | 112,590 |
| Western Digital Corp.* | 37,876 | | 2,586,552 |
| | | | 44,389,052 |
| Telecommunication Services — 1.1% |
| AT&T, Inc.(a) | 76,582 | | 1,684,804 |
| BCE, Inc. (Canada) | 9,801 | | 341,075 |
| Iridium Communications, Inc. | 21,962 | | 668,743 |
| Lumen Technologies, Inc.* | 113,151 | | 803,372 |
| TELUS Corp. (Canada) | 12,487 | | 209,532 |
| T-Mobile US, Inc. | 12,470 | | 2,573,309 |
| Verizon Communications, Inc. | 46,780 | | 2,100,890 |
| | | | 8,381,725 |
| Transportation — 1.8% |
| CSX Corp. | 86,182 | | 2,975,864 |
| Delta Air Lines, Inc.(a) | 31,675 | | 1,608,773 |
| FedEx Corp.(a) | 9,485 | | 2,595,855 |
| Forward Air Corp. | 8,424 | | 298,210 |
| FTAI Infrastructure, Inc. | 26,903 | | 251,812 |
| Genco Shipping & Trading Ltd. (Marshall Islands) | 13,761 | | 268,340 |
| Golden Ocean Group Ltd. (Bermuda) | 18,335 | | 245,322 |
| Heartland Express, Inc. | 916 | | 11,248 |
| JB Hunt Transport Services, Inc. | 7,585 | | 1,307,123 |
| Old Dominion Freight Line, Inc. | 713 | | 141,630 |
| SkyWest, Inc.* | 19,471 | | 1,655,424 |
| Uber Technologies, Inc.* | 29,612 | | 2,225,638 |
| Union Pacific Corp. | 1,176 | | 289,861 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Transportation — (Continued) |
| Werner Enterprises, Inc. | 17,684 | | $ 682,426 |
| XPO, Inc.* | 1 | | 108 |
| | | | 14,557,634 |
| Utilities — 2.9% |
| ALLETE, Inc. | 5,753 | | 369,285 |
| American Water Works Co., Inc. | 3,201 | | 468,114 |
| Atmos Energy Corp. | 2,429 | | 336,927 |
| Brookfield Renewable Corp., Class A (Canada) | 25,895 | | 845,731 |
| CMS Energy Corp. | 5,215 | | 368,335 |
| Constellation Energy Corp.(a) | 22,890 | | 5,951,858 |
| Dominion Energy, Inc.(a) | 67,470 | | 3,899,091 |
| National Fuel Gas Co. | 12,565 | | 761,565 |
| NRG Energy, Inc.(a) | 57,055 | | 5,197,711 |
| PPL Corp. | 52,670 | | 1,742,324 |
| Public Service Enterprise Group, Inc. | 5,807 | | 518,042 |
| Southern Co. (The) | 12,413 | | 1,119,404 |
| Southwest Gas Holdings, Inc. | 7,250 | | 534,760 |
| Vistra Corp. | 4,941 | | 585,706 |
| | | | 22,698,853 |
TOTAL COMMON STOCKS
(Cost $641,761,386) | | | 748,040,113 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 5.0% | | | 39,773,098 |
| NET ASSETS - 100.0% | | | $787,813,211 |
| (a) | Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements) |
| (b) | Security is fair valued by the Fund’s adviser, in its role as valuation designee, in accordance with the policies established by the Board of Trustees. |
| * | 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)
September 30, 2024
The portfolio matures between July 23, 2025 and July 16, 2029, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps, which represents (34.8)% of net assets as of September 30, 2024:
Total Return Swaps
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Long | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| American Axle & Manufacturing Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,456 | | $15,065 | | $15,178 | | $924 |
| Aptiv PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,193 | | 287,985 | | 301,938 | | 30,399 |
| BorgWarner, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 15,223 | | 487,920 | | 552,443 | | 98,078 |
| Dana, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 17,831 | | 220,570 | | 188,295 | | (18,231) |
| Dorman Products, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 434 | | 39,378 | | 49,094 | | 11,920 |
| Ford Motor Co. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 34,666 | | 382,365 | | 366,073 | | 58,710 |
| General Motors Co. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 20,803 | | 783,250 | | 932,807 | | 203,615 |
| Gentherm, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 57 | | 2,702 | | 2,653 | | 54 |
| LCI Industries | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,358 | | 151,702 | | 163,693 | | 23,459 |
| Lear Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,359 | | 381,959 | | 366,635 | | 8,606 |
| Magna International, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,252 | | 49,184 | | 51,382 | | 5,469 |
| Phinia, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 125 | | 5,772 | | 5,754 | | 260 |
| Visteon Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,782 | | 290,133 | | 264,958 | | (8,607) |
| | | | | | | | | | | 104,539 | | 3,097,985 | | 3,260,903 | | 414,656 |
| Capital Goods | | | | | | | | | | | | | | |
| 3M Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,996 | | 514,188 | | 682,953 | | 203,330 |
| Acuity Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 204 | | 44,155 | | 56,180 | | 15,075 |
| American Superconductor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,890 | | 49,648 | | 44,604 | | (2,252) |
| American Woodmark Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 184 | | 13,059 | | 17,195 | | 5,329 |
| AMETEK, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,909 | | 479,359 | | 499,504 | | 49,150 |
| API Group Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 974 | | 32,546 | | 32,161 | | 1,428 |
| Apogee Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 702 | | 43,958 | | 49,151 | | 7,924 |
| Applied Industrial Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 39 | | 5,905 | | 8,702 | | 3,146 |
| Array Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,137 | | 88,514 | | 60,304 | | (23,191) |
| Axon Enterprise, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 185 | | 65,148 | | 73,926 | | 12,856 |
| AZEK Co., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,172 | | 152,466 | | 242,050 | | 101,340 |
| AZZ, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 681 | | 50,933 | | 56,257 | | 8,276 |
| Blue Bird Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,355 | | 233,229 | | 256,826 | | 36,905 |
| Boise Cascade Co. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 138 | | 12,561 | | 19,455 | | 10,835 |
| Builders FirstSource, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 423 | | 71,778 | | 82,003 | | 14,285 |
| Carlisle Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,543 | | 620,677 | | 693,964 | | 110,268 |
| Caterpillar, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,798 | | 529,883 | | 703,234 | | 212,769 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Core & Main, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 237 | | $6,743 | | $10,523 | | $9,350 |
| Crane Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 619 | | 51,890 | | 97,975 | | 51,956 |
| Cummins, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,435 | | 377,883 | | 464,639 | | 113,680 |
| Curtiss-Wright Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 19 | | 3,723 | | 6,245 | | 2,702 |
| Deere & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 812 | | 306,676 | | 338,872 | | 53,704 |
| Distribution Solutions Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1 | | 38 | | 39 | | (49) |
| Donaldson Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,146 | | 208,775 | | 231,860 | | 38,162 |
| Douglas Dynamics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 87 | | 2,412 | | 2,399 | | 100 |
| Dover Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,137 | | 366,766 | | 409,748 | | 65,752 |
| Ducommun, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9 | | 580 | | 592 | | (6) |
| EMCOR Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 555 | | 113,207 | | 238,944 | | 141,283 |
| Energy Recovery, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 47 | | 813 | | 817 | | (1) |
| Enerpac Tool Group Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,038 | | 30,499 | | 43,482 | | 14,718 |
| EnerSys | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 135 | | 11,471 | | 13,777 | | 3,034 |
| Esab Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 569 | | 54,153 | | 60,490 | | 9,473 |
| Federal Signal Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,461 | | 132,282 | | 136,545 | | 11,828 |
| Flowserve Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 972 | | 35,777 | | 50,243 | | 17,270 |
| Fluence Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,712 | | 37,904 | | 38,880 | | 3,095 |
| Fluor Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 899 | | 41,683 | | 42,891 | | 3,616 |
| Gates Industrial Corp. PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 933 | | 11,006 | | 16,374 | | 5,947 |
| GE Vernova, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,133 | | 125,211 | | 288,892 | | 170,802 |
| Generac Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,748 | | 220,551 | | 277,722 | | 70,277 |
| General Dynamics Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 498 | | 142,108 | | 150,496 | | 18,440 |
| General Electric Co. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 11,307 | | 1,852,012 | | 2,132,274 | | 390,897 |
| Gibraltar Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 871 | | 57,394 | | 60,909 | | 6,757 |
| Gorman-Rupp Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 130 | | 4,895 | | 5,064 | | 398 |
| Granite Construction, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,183 | | 81,541 | | 93,788 | | 17,020 |
| Griffon Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,784 | | 90,305 | | 194,880 | | 119,372 |
| Hayward Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12,165 | | 173,648 | | 186,611 | | 22,897 |
| Herc Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 484 | | 69,376 | | 77,164 | | 12,297 |
| Hexcel Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,356 | | 85,053 | | 83,841 | | 1,436 |
| Hillman Solutions Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,865 | | 29,910 | | 40,814 | | 12,807 |
| Honeywell International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 738 | | 155,333 | | 152,552 | | 7,282 |
| Howmet Aerospace, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,149 | | 371,782 | | 516,187 | | 166,315 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Illinois Tool Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 763 | | $177,295 | | $199,959 | | $39,219 |
| Insteel Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9 | | 278 | | 280 | | (34) |
| ITT, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 37 | | 3,544 | | 5,532 | | 3,688 |
| Johnson Controls International PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,159 | | 219,446 | | 245,170 | | 39,412 |
| Kennametal, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,777 | | 90,294 | | 97,938 | | 14,237 |
| Kratos Defense & Security Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,087 | | 36,357 | | 48,627 | | 15,958 |
| Lincoln Electric Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 612 | | 118,639 | | 117,516 | | 5,372 |
| Lockheed Martin Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 1,293 | | 583,920 | | 755,836 | | 220,490 |
| Masco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,303 | | 236,465 | | 361,194 | | 146,522 |
| MasTec, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,260 | | 668,819 | | 770,606 | | 140,420 |
| MDU Resources Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 10,397 | | 197,258 | | 284,982 | | 105,666 |
| Middleby Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,213 | | 442,333 | | 447,025 | | 29,980 |
| MRC Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,085 | | 38,839 | | 39,303 | | 2,637 |
| MSC Industrial Direct Co., Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,078 | | 83,698 | | 92,773 | | 14,810 |
| Mueller Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 3 | | 126 | | 222 | | 56 |
| Mueller Water Products, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,103 | | 83,037 | | 89,035 | | 10,734 |
| Northrop Grumman Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 352 | | 159,698 | | 185,881 | | 38,125 |
| NuScale Power Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,929 | | 33,437 | | 33,918 | | 2,345 |
| nVent Electric PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,674 | | 233,033 | | 258,135 | | 38,726 |
| Otis Worldwide Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,885 | | 452,375 | | 507,747 | | 89,634 |
| Parker-Hannifin Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 821 | | 355,525 | | 518,724 | | 188,207 |
| Pentair PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,803 | | 154,110 | | 176,315 | | 31,366 |
| Powell Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,561 | | 317,159 | | 568,516 | | 275,742 |
| Primoris Services Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,087 | | 52,742 | | 63,133 | | 13,894 |
| Proto Labs, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 192 | | 5,626 | | 5,639 | | 284 |
| Quanex Building Products Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 28 | | 775 | | 777 | | (6) |
| Quanta Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 1,286 | | 283,840 | | 383,421 | | 116,013 |
| RBC Bearings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 201 | | 55,461 | | 60,175 | | 7,840 |
| Regal Rexnord Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,363 | | 361,819 | | 391,974 | | 52,232 |
| Rocket Lab USA, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 15,483 | | 123,647 | | 150,650 | | 34,034 |
| Rockwell Automation, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 311 | | 80,979 | | 83,491 | | 7,248 |
| RTX Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 787 | | 61,800 | | 95,353 | | 37,150 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Shoals Technologies Group, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 856 | | $4,912 | | $4,802 | | $119 |
| Snap-on, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,388 | | 352,778 | | 402,117 | | 82,041 |
| SPX Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 213 | | 27,906 | | 33,965 | | 7,606 |
| Stanley Black & Decker, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,984 | | 356,438 | | 438,758 | | 109,940 |
| Sterling Infrastructure, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 276 | | 24,310 | | 40,026 | | 17,760 |
| Tennant Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 842 | | 70,520 | | 80,866 | | 15,199 |
| Thermon Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 41 | | 1,205 | | 1,223 | | 36 |
| Toro Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 381 | | 31,760 | | 33,044 | | 3,189 |
| Trane Technologies PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,413 | | 422,083 | | 549,275 | | 153,670 |
| Tutor Perini Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,826 | | 72,353 | | 103,914 | | 35,688 |
| United Rentals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 272 | | 194,063 | | 220,247 | | 37,249 |
| Valmont Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 926 | | 257,548 | | 268,494 | | 26,203 |
| Watsco, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 133 | | 60,943 | | 65,420 | | 8,187 |
| Woodward, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 502 | | 64,212 | | 86,098 | | 27,718 |
| WW Grainger, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 451 | | 340,325 | | 468,503 | | 153,635 |
| Xylem, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,477 | | 193,735 | | 199,439 | | 17,366 |
| Zurn Elkay Water Solutions Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,004 | | 143,483 | | 179,844 | | 45,685 |
| | | | | | | | | | | 201,491 | | 16,592,355 | | 20,260,880 | | 4,793,376 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| ABM Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,665 | | 133,029 | | 140,605 | | 15,592 |
| ACV Auctions, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,267 | | 23,355 | | 46,088 | | 24,019 |
| Amentum Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,524 | | 82,178 | | 113,649 | | 123,298 |
| Automatic Data Processing, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 1,943 | | 445,569 | | 537,686 | | 132,706 |
| BrightView Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,656 | | 89,980 | | 104,765 | | 19,889 |
| Broadridge Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 560 | | 119,428 | | 120,417 | | 8,237 |
| Cimpress PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 160 | | 13,347 | | 13,107 | | 473 |
| Cintas Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,167 | | 353,209 | | 446,142 | | 115,061 |
| Copart, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,311 | | 114,203 | | 121,096 | | 13,383 |
| CoreCivic, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 336 | | 4,314 | | 4,250 | | 132 |
| Dun & Bradstreet Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,015 | | 49,228 | | 57,723 | | 11,428 |
| Enviri Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,102 | | 11,338 | | 11,395 | | 655 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Commercial & Professional
Services — (continued) | | | | | | | | | | | | | | |
| Heidrick & Struggles International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 33 | | $1,250 | | $1,282 | | $52 |
| HNI Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 766 | | 39,600 | | 41,241 | | 3,995 |
| ICF International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 498 | | 69,642 | | 83,061 | | 17,454 |
| Insperity, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 60 | | 5,258 | | 5,280 | | 272 |
| Jacobs Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,829 | | 449,407 | | 501,216 | | (9,051) |
| KBR, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,580 | | 97,634 | | 102,905 | | 10,965 |
| Kforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 108 | | 6,701 | | 6,637 | | 270 |
| Korn Ferry | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,265 | | 160,197 | | 170,419 | | 19,985 |
| Leidos Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,638 | | 427,274 | | 592,994 | | 194,805 |
| ManpowerGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,398 | | 97,081 | | 102,781 | | 12,179 |
| Maximus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 932 | | 83,416 | | 86,825 | | 8,399 |
| MSA Safety, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 218 | | 35,836 | | 38,660 | | 5,220 |
| OPENLANE, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,282 | | 55,726 | | 55,400 | | 2,815 |
| Parsons Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,739 | | 163,053 | | 180,300 | | 27,130 |
| Pitney Bowes, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 191 | | 1,369 | | 1,362 | | 19 |
| RB Global, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,423 | | 194,474 | | 195,027 | | 11,339 |
| Republic Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,888 | | 316,453 | | 379,186 | | 84,165 |
| Steelcase, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,973 | | 59,579 | | 67,086 | | 12,452 |
| TaskUS, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 110 | | 1,374 | | 1,421 | | 74 |
| Tetra Tech, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,498 | | 62,299 | | 70,646 | | 11,938 |
| UniFirst Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 340 | | 59,120 | | 67,541 | | 11,054 |
| Veralto Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,209 | | 401,659 | | 582,679 | | 205,270 |
| WNS Holdings Ltd. (Jersey) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 74 | | 3,932 | | 3,901 | | 142 |
| | | | | | | | | | | 65,758 | | 4,231,512 | | 5,054,773 | | 1,095,816 |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,671 | | 316,484 | | 373,673 | | 74,751 |
| Advance Auto Parts, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,946 | | 115,968 | | 75,875 | | (34,128) |
| Amazon.com, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 13,730 | | 1,959,395 | | 2,558,311 | | 716,256 |
| AutoZone, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 17 | | 45,209 | | 53,551 | | 10,880 |
| Bath & Body Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,538 | | 177,755 | | 176,773 | | 9,813 |
| Best Buy Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 129 | | 9,481 | | 13,326 | | 4,830 |
| Carvana Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 10,130 | | 331,886 | | 1,763,734 | | 1,450,809 |
| Chewy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 29,591 | | 864,077 | | 866,720 | | 52,092 |
| eBay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 12,368 | | 538,789 | | 805,280 | | 309,078 |
| Etsy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,536 | | 197,454 | | 196,354 | | 8,372 |
| Foot Locker, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,129 | | 164,536 | | 158,373 | | 3,211 |
| Gap, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 24,602 | | 419,770 | | 542,474 | | 149,160 |
| Home Depot, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 919 | | 282,842 | | 372,379 | | 113,698 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail — (continued) | | | | | | | | | | | | | | |
| Kohl's Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 20,874 | | $409,094 | | $440,441 | | $58,530 |
| LKQ Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,426 | | 151,477 | | 136,766 | | (4,724) |
| Lowe's Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,533 | | 570,646 | | 686,063 | | 150,068 |
| Monro, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,617 | | 38,510 | | 46,667 | | 11,076 |
| Nordstrom, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 17,242 | | 387,275 | | 387,773 | | 23,159 |
| ODP Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 2,789 | | 80,975 | | 82,973 | | 6,585 |
| Ross Stores, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,399 | | 493,712 | | 511,583 | | 47,475 |
| Shoe Carnival, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 549 | | 23,408 | | 24,074 | | 1,954 |
| TJX Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,270 | | 136,440 | | 149,276 | | 21,311 |
| Ulta Beauty, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 928 | | 329,712 | | 361,103 | | 50,241 |
| Williams-Sonoma, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,249 | | 155,133 | | 193,495 | | 48,991 |
| | | | | | | | | | | 167,182 | | 8,200,028 | | 10,977,037 | | 3,283,488 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Acushnet Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,465 | | 95,294 | | 93,394 | | 3,612 |
| Deckers Outdoor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 926 | | 133,385 | | 147,651 | | 21,855 |
| DR Horton, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,333 | | 244,978 | | 254,296 | | 23,388 |
| Garmin Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,897 | | 198,499 | | 333,929 | | 157,156 |
| G-III Apparel Group Ltd. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 165 | | 4,974 | | 5,036 | | 295 |
| Hasbro, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,473 | | 294,508 | | 395,807 | | 124,954 |
| Lululemon Athletica, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 839 | | 212,705 | | 227,663 | | 26,291 |
| Mattel, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,814 | | 176,635 | | 186,957 | | 20,494 |
| Mohawk Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,324 | | 221,860 | | 373,420 | | 164,218 |
| NIKE, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,361 | | 101,626 | | 120,312 | | 24,904 |
| NVR, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 29 | | 224,574 | | 284,542 | | 72,781 |
| Peloton Interactive, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 60,920 | | 285,729 | | 285,106 | | 15,694 |
| PulteGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,994 | | 131,029 | | 286,199 | | 165,109 |
| PVH Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,364 | | 115,760 | | 137,532 | | 28,453 |
| Ralph Lauren Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,037 | | 121,502 | | 201,043 | | 90,231 |
| Skechers USA, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,955 | | 126,780 | | 130,829 | | 11,260 |
| Sonos, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 13,423 | | 207,981 | | 164,969 | | (31,150) |
| Tapestry, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,610 | | 81,214 | | 122,618 | | 48,990 |
| TopBuild Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 74 | | 16,587 | | 30,104 | | 14,415 |
| Under Armour, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 17,971 | | 135,620 | | 150,238 | | 22,335 |
| Vista Outdoor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 761 | | 24,065 | | 29,816 | | 7,078 |
| Worthington Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,688 | | 236,628 | | 194,318 | | (26,572) |
| | | | | | | | | | | 132,423 | | 3,391,933 | | 4,155,779 | | 985,791 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services | | | | | | | | | | | | | | |
| ADT, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,492 | | $51,980 | | $61,397 | | $13,800 |
| Aramark | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,961 | | 194,371 | | 269,600 | | 88,196 |
| Booking Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 100 | | 313,833 | | 421,212 | | 127,747 |
| Bright Horizons Family Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 424 | | 43,962 | | 59,415 | | 17,920 |
| Brinker International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 100 | | 3,643 | | 7,653 | | 18,373 |
| Cava Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 757 | | 91,346 | | 93,754 | | 7,590 |
| Cracker Barrel Old Country Store, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,927 | | 155,059 | | 178,089 | | 32,775 |
| Darden Restaurants, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 451 | | 75,397 | | 74,023 | | 3,025 |
| Domino's Pizza, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 428 | | 194,149 | | 184,100 | | (2,670) |
| DoorDash, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 344 | | 46,081 | | 49,099 | | 5,606 |
| DraftKings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 348 | | 9,964 | | 13,642 | | 4,197 |
| Frontdoor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,477 | | 114,103 | | 166,861 | | 59,243 |
| Hilton Worldwide Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 778 | | 158,488 | | 179,329 | | 34,718 |
| Hyatt Hotels Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,437 | | 196,719 | | 218,711 | | 34,037 |
| International Game Technology PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 453 | | 9,809 | | 9,649 | | 350 |
| Jack in the Box, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,407 | | 65,291 | | 65,482 | | 4,026 |
| Las Vegas Sands Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,719 | | 243,083 | | 287,894 | | 60,180 |
| Life Time Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,674 | | 157,395 | | 162,979 | | 14,549 |
| Marriott International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,847 | | 655,505 | | 707,764 | | 92,952 |
| McDonald's Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 1,827 | | 468,909 | | 556,340 | | 126,214 |
| Papa John's International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,713 | | 78,187 | | 92,279 | | 19,312 |
| Perdoceo Education Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6 | | 133 | | 133 | | (44) |
| Rush Street Interactive, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 24,426 | | 229,224 | | 265,022 | | 48,878 |
| Strategic Education, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 690 | | 71,423 | | 63,860 | | (2,821) |
| Stride, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 435 | | 34,812 | | 37,110 | | 4,241 |
| Sweetgreen, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,885 | | 215,329 | | 244,073 | | 41,028 |
| Target Hospitality Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 46 | | 413 | | 358 | | (83) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| Texas Roadhouse, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 762 | | $126,540 | | $134,569 | | $16,233 |
| Universal Technical Institute, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 71 | | 1,145 | | 1,154 | | 23 |
| Vail Resorts, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 441 | | 76,414 | | 76,862 | | 4,917 |
| Wynn Resorts Ltd. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,581 | | 327,007 | | 343,346 | | 35,387 |
| Yum! Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,772 | | 490,417 | | 526,986 | | 71,123 |
| | | | | | | | | | | 89,779 | | 4,900,131 | | 5,552,745 | | 981,022 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Albertsons Cos., Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 12,897 | | 241,899 | | 238,337 | | 7,419 |
| Costco Wholesale Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 681 | | 512,262 | | 603,720 | | 126,933 |
| Dollar General Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,115 | | 326,454 | | 263,436 | | (43,561) |
| Dollar Tree, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,187 | | 294,421 | | 224,110 | | (53,497) |
| Kroger Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,616 | | 171,112 | | 207,197 | | 49,872 |
| Natural Grocers by Vitamin Cottage, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4 | | 115 | | 119 | | (41) |
| Sysco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,312 | | 314,484 | | 336,595 | | 42,171 |
| Target Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,279 | | 1,165,622 | | 1,290,365 | | 207,135 |
| Walgreens Boots Alliance, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 12,915 | | 245,890 | | 115,718 | | (94,452) |
| Walmart, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 8,111 | | 506,136 | | 654,963 | | 187,387 |
| | | | | | | | | | | 57,117 | | 3,778,395 | | 3,934,560 | | 429,366 |
| Energy | | | | | | | | | | | | | | |
| Antero Resources Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,225 | | 139,911 | | 149,696 | | 18,045 |
| Archrock, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,830 | | 32,941 | | 37,039 | | 7,081 |
| Baker Hughes Co. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 5,310 | | 155,613 | | 191,957 | | 49,398 |
| Borr Drilling Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 31,074 | | 191,418 | | 170,596 | | (5,825) |
| BW LPG Ltd. (Singapore) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 20 | | 288 | | 288 | | (35) |
| Cameco Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,764 | | 183,789 | | 227,529 | | 55,222 |
| Canadian Natural Resources Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 18,201 | | 610,951 | | 604,455 | | 33,746 |
| Cenovus Energy, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,998 | | 133,439 | | 117,077 | | (7,969) |
| ChampionX Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,950 | | 123,273 | | 119,093 | | 3,065 |
| Chevron Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,363 | | 1,294,518 | | 1,231,619 | | 28,578 |
| ConocoPhillips | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,203 | | 338,367 | | 337,212 | | 19,466 |
| Coterra Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,871 | | 254,945 | | 236,410 | | (1,047) |
| Devon Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 29,425 | | 1,298,302 | | 1,151,106 | | (48,868) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Diamondback Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,644 | | $503,909 | | $455,826 | | $(15,009) |
| Dorian LPG Ltd. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 11,733 | | 449,308 | | 403,850 | | 7,550 |
| DT Midstream, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,799 | | 131,876 | | 141,509 | | 18,691 |
| EOG Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,183 | | 509,175 | | 514,216 | | 35,850 |
| FLEX LNG Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 168 | | 4,400 | | 4,274 | | 74 |
| Hafnia Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 874 | | 6,504 | | 6,258 | | 154 |
| Halliburton Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,955 | | 300,744 | | 260,143 | | (21,441) |
| Helix Energy Solutions Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,799 | | 87,730 | | 97,669 | | 14,941 |
| Helmerich & Payne, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,715 | | 121,078 | | 113,010 | | (86) |
| Hess Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 679 | | 95,855 | | 92,208 | | 2,132 |
| Imperial Oil Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,034 | | 72,440 | | 72,845 | | 4,762 |
| Kinder Morgan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 23,316 | | 439,877 | | 515,050 | | 109,140 |
| Liberty Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 223 | | 4,261 | | 4,257 | | 189 |
| Marathon Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 23,340 | | 639,690 | | 621,544 | | 20,364 |
| Marathon Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 601 | | 101,648 | | 97,909 | | 3,062 |
| Murphy Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 15,885 | | 589,272 | | 535,960 | | (16,058) |
| Nabors Industries Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,887 | | 144,534 | | 121,655 | | (14,651) |
| Noble Corp. PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,089 | | 122,389 | | 111,636 | | (2,404) |
| Occidental Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 15,389 | | 895,325 | | 793,149 | | (47,591) |
| Oceaneering International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 276 | | 6,736 | | 6,864 | | 462 |
| Ovintiv, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,827 | | 197,091 | | 184,922 | | (468) |
| Phillips 66 | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,100 | | 283,108 | | 276,045 | | 11,837 |
| Precision Drilling Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 14 | | 857 | | 863 | | 4 |
| RPC, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,107 | | 52,301 | | 51,561 | | 2,328 |
| SM Energy Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,091 | | 326,440 | | 323,397 | | 15,606 |
| Suncor Energy, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,492 | | 206,848 | | 202,765 | | 8,227 |
| TechnipFMC PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 17,197 | | 400,491 | | 451,077 | | 75,382 |
| Valero Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,264 | | 645,170 | | 575,768 | | (28,334) |
| | | | | | | | | | | 306,915 | | 12,096,812 | | 11,610,307 | | 335,570 |
| Financial Services | | | | | | | | | | | | | | |
| Affirm Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,711 | | 405,775 | | 396,403 | | 13,822 |
| Berkshire Hathaway, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 11,792 | | 2,658,122 | | 5,427,386 | | 2,921,485 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Financial Services — (continued) | | | | | | | | | | | | | | |
| BlackRock, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 261 | | $186,044 | | $247,822 | | $81,398 |
| Block, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,690 | | 214,871 | | 247,710 | | 46,399 |
| Cboe Global Markets, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,877 | | 310,686 | | 384,541 | | 95,548 |
| CME Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,408 | | 473,094 | | 531,325 | | 94,849 |
| Corpay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 930 | | 268,967 | | 290,867 | | 37,257 |
| Donnelley Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9 | | 593 | | 592 | | (18) |
| Euronet Worldwide, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,807 | | 180,944 | | 179,309 | | 8,679 |
| Fiserv, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,698 | | 958,255 | | 1,382,946 | | 479,534 |
| Franklin Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 7,671 | | 174,285 | | 154,571 | | 10,461 |
| Global Payments, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,253 | | 123,874 | | 128,332 | | 11,503 |
| Intercontinental Exchange, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,682 | | 409,139 | | 430,836 | | 47,159 |
| Jack Henry & Associates, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 843 | | 146,135 | | 148,823 | | 11,219 |
| Mastercard, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 949 | | 409,694 | | 468,616 | | 83,381 |
| Morningstar, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 587 | | 177,677 | | 187,323 | | 19,791 |
| Nasdaq, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,129 | | 222,789 | | 228,448 | | 19,021 |
| Payoneer Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 22,401 | | 110,824 | | 168,680 | | 64,616 |
| PayPal Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 12,813 | | 687,620 | | 999,798 | | 351,518 |
| S&P Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 330 | | 165,088 | | 170,485 | | 14,997 |
| T Rowe Price Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 3,315 | | 357,546 | | 361,103 | | 60,083 |
| Visa, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,023 | | 764,188 | | 831,174 | | 114,428 |
| | | | | | | | | | | 99,179 | | 9,406,210 | | 13,367,090 | | 4,587,130 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Altria Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 12,590 | | 540,067 | | 642,594 | | 184,540 |
| B&G Foods, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,697 | | 64,082 | | 59,469 | | 3,515 |
| Brown-Forman Corp., Class B | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,476 | | 69,374 | | 72,619 | | 7,168 |
| Celsius Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 12,222 | | 507,613 | | 383,282 | | (95,304) |
| Coca-Cola Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 7,247 | | 432,178 | | 520,769 | | 153,682 |
| Conagra Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,446 | | 240,601 | | 274,664 | | 54,222 |
| General Mills, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 467 | | 29,339 | | 34,488 | | 9,949 |
| Hain Celestial Group, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,728 | | 22,102 | | 23,543 | | 2,655 |
| Ingredion, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,779 | | 193,728 | | 244,488 | | 63,206 |
| Kellanova | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,553 | | 522,970 | | 771,023 | | 296,348 |
| Keurig Dr Pepper, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,946 | | 578,052 | | 635,136 | | 96,544 |
| Kraft Heinz Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 17,837 | | 616,623 | | 626,257 | | 55,066 |
| Lancaster Colony Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 572 | | 106,957 | | 100,998 | | 1,017 |
| McCormick & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,309 | | 79,543 | | 107,731 | | 34,342 |
| MGP Ingredients, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 213 | | 17,703 | | 17,732 | | 992 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Food, Beverage & Tobacco —
(continued) | | | | | | | | | | | | | | |
| Mission Produce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 141 | | $1,843 | | $1,808 | | $19 |
| Molson Coors Beverage Co., Class B | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,827 | | 153,865 | | 162,609 | | 22,663 |
| Mondelez International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,776 | | 391,813 | | 425,518 | | 59,438 |
| PepsiCo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,581 | | 433,991 | | 438,899 | | 33,483 |
| Philip Morris International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,484 | | 238,407 | | 301,558 | | 86,112 |
| Pilgrim's Pride Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,587 | | 199,898 | | 211,231 | | 22,733 |
| Post Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,571 | | 179,584 | | 181,843 | | 12,495 |
| Primo Water Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,508 | | 105,891 | | 164,327 | | 65,741 |
| Simply Good Foods Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,993 | | 102,651 | | 104,067 | | 7,103 |
| Tyson Foods, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,642 | | 342,196 | | 336,038 | | 16,006 |
| Utz Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,216 | | 70,140 | | 74,623 | | 8,845 |
| Vita Coco Co., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,037 | | 172,638 | | 199,217 | | 36,417 |
| Vital Farms, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,468 | | 124,009 | | 121,623 | | 3,955 |
| | | | | | | | | | | 149,913 | | 6,537,858 | | 7,238,154 | | 1,242,952 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Addus HomeCare Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9 | | 1,189 | | 1,197 | | 25 |
| Alcon, Inc. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,086 | | 104,092 | | 108,676 | | 7,180 |
| Avanos Medical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,943 | | 59,445 | | 70,720 | | 14,629 |
| Aveanna Healthcare Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 38 | | 194 | | 198 | | (37) |
| Baxter International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,826 | | 59,444 | | 69,333 | | 13,601 |
| Becton Dickinson & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,687 | | 1,090,049 | | 1,130,036 | | 106,400 |
| Cencora, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,878 | | 402,644 | | 422,700 | | 45,089 |
| Centene Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 7,190 | | 481,008 | | 541,263 | | 88,258 |
| Cigna Group (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,264 | | 421,141 | | 437,900 | | 43,897 |
| Community Health Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,054 | | 42,782 | | 48,888 | | 8,505 |
| CVS Health Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,072 | | 59,221 | | 67,407 | | 26,319 |
| DaVita, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,001 | | 265,534 | | 491,954 | | 241,579 |
| DENTSPLY SIRONA, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,220 | | 178,658 | | 195,373 | | 28,182 |
| Elevance Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,058 | | 551,876 | | 550,160 | | 32,428 |
| Envista Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 19,135 | | 321,213 | | 378,108 | | 76,677 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| GE HealthCare Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 6,784 | | $466,668 | | $636,678 | | $197,424 |
| GeneDx Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,427 | | 42,806 | | 60,562 | | 20,156 |
| Guardant Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,212 | | 50,909 | | 50,743 | | 2,524 |
| HCA Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 965 | | 267,320 | | 392,205 | | 142,598 |
| HealthEquity, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,152 | | 89,784 | | 94,291 | | 9,599 |
| HealthStream, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 26 | | 743 | | 750 | | (2) |
| Hologic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,684 | | 575,147 | | 625,939 | | 83,688 |
| Humana, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,629 | | 605,098 | | 515,969 | | (53,075) |
| ICU Medical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,082 | | 333,050 | | 379,382 | | 65,359 |
| LivaNova PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 781 | | 35,469 | | 41,034 | | 7,981 |
| Masimo Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,874 | | 331,467 | | 383,190 | | 73,152 |
| McKesson Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 485 | | 269,111 | | 239,794 | | (13,795) |
| Medtronic PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,063 | | 718,176 | | 815,942 | | 148,754 |
| Merit Medical Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 820 | | 74,604 | | 81,041 | | 10,658 |
| Molina Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,115 | | 352,914 | | 384,184 | | 51,362 |
| National HealthCare Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 113 | | 14,139 | | 14,212 | | 896 |
| Omnicell, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,096 | | 116,630 | | 178,586 | | 68,585 |
| Owens & Minor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,452 | | 43,588 | | 38,472 | | (2,847) |
| Pediatrix Medical Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,315 | | 45,469 | | 50,011 | | 7,095 |
| Phreesia, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,836 | | 63,825 | | 64,632 | | 4,412 |
| ResMed, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,681 | | 712,362 | | 898,606 | | 230,152 |
| Simulations Plus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 112 | | 3,520 | | 3,586 | | 216 |
| Solventum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,657 | | 133,593 | | 185,246 | | 59,254 |
| STERIS PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,531 | | 350,194 | | 371,329 | | 41,890 |
| Tenet Healthcare Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,250 | | 349,777 | | 540,150 | | 210,358 |
| UnitedHealth Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 368 | | 212,255 | | 215,162 | | 13,919 |
| Universal Health Services, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,106 | | 388,456 | | 482,295 | | 116,691 |
| Veeva Systems, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,458 | | 307,879 | | 305,990 | | 15,697 |
| Zimmer Biomet Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 489 | | 52,086 | | 52,788 | | 3,751 |
| | | | | | | | | | | 129,024 | | 11,045,529 | | 12,616,682 | | 2,249,184 |
| Household & Personal Products | | | | | | | | | | | | | | |
| BellRing Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,555 | | 78,128 | | 94,420 | | 20,715 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Household & Personal Products —
(continued) | | | | | | | | | | | | | | |
| Central Garden & Pet Co., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 235 | | $7,576 | | $7,379 | | $185 |
| Colgate-Palmolive Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,128 | | 628,233 | | 739,958 | | 153,138 |
| Coty, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,663 | | 80,084 | | 81,346 | | 5,798 |
| Edgewell Personal Care Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1 | | 36 | | 36 | | (732) |
| Estee Lauder Cos., Inc. (The), Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,215 | | 697,665 | | 719,263 | | 57,141 |
| Kenvue, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,809 | | 52,544 | | 64,972 | | 17,145 |
| Kimberly-Clark Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,960 | | 637,199 | | 705,709 | | 146,866 |
| Oddity Tech Ltd., Class A (Israel) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,626 | | 125,472 | | 146,418 | | 28,093 |
| Procter & Gamble Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 857 | | 149,453 | | 148,432 | | 7,489 |
| Reynolds Consumer Products, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,708 | | 47,551 | | 53,119 | | 8,838 |
| WD-40 Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 194 | | 41,501 | | 50,029 | | 11,146 |
| | | | | | | | | | | 38,951 | | 2,545,442 | | 2,811,081 | | 455,822 |
| Materials | | | | | | | | | | | | | | |
| Alamos Gold, Inc., Class A (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,630 | | 87,456 | | 112,262 | | 30,102 |
| Alcoa Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,081 | | 263,775 | | 350,345 | | 108,134 |
| Amcor PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 13,829 | | 153,770 | | 156,683 | | 12,636 |
| AptarGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 942 | | 132,125 | | 150,899 | | 27,115 |
| Ashland, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,028 | | 182,652 | | 176,375 | | 4,701 |
| ATI, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 480 | | 25,504 | | 32,117 | | 9,925 |
| Avery Dennison Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,383 | | 301,469 | | 305,311 | | 22,950 |
| Avient Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,566 | | 165,651 | | 179,441 | | 24,024 |
| Axalta Coating Systems Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,273 | | 251,605 | | 263,210 | | 25,962 |
| Ball Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 6,977 | | 400,892 | | 473,808 | | 100,036 |
| Barrick Gold Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,292 | | 185,430 | | 184,818 | | 10,276 |
| Cabot Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,325 | | 124,275 | | 148,095 | | 31,457 |
| Carpenter Technology Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 427 | | 26,772 | | 68,141 | | 43,569 |
| Cleveland-Cliffs, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 36,706 | | 448,947 | | 468,736 | | 45,456 |
| Commercial Metals Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,042 | | 51,985 | | 57,268 | | 8,238 |
| Crown Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,670 | | 206,548 | | 256,000 | | 62,134 |
| DuPont de Nemours, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,752 | | 454,498 | | 512,561 | | 87,621 |
| Eastman Chemical Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,340 | | 119,772 | | 150,013 | | 39,406 |
| FMC Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,534 | | 161,152 | | 167,092 | | 16,551 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Fortuna Mining Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 75,867 | | $307,947 | | $351,264 | | $60,907 |
| Freeport-McMoRan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,109 | | 300,112 | | 304,961 | | 22,623 |
| Graphic Packaging Holding Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 779 | | 22,726 | | 23,051 | | 1,574 |
| HB Fuller Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 645 | | 44,071 | | 51,200 | | 10,043 |
| Hudbay Minerals, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 47,728 | | 401,561 | | 438,620 | | 60,227 |
| Innospec, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 569 | | 57,572 | | 64,348 | | 10,747 |
| International Flavors & Fragrances, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 572 | | 43,083 | | 60,020 | | 20,398 |
| International Paper Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,290 | | 148,587 | | 209,567 | | 73,686 |
| Kaiser Aluminum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 553 | | 49,252 | | 40,104 | | (5,238) |
| Kinross Gold Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 20,924 | | 167,212 | | 195,849 | | 38,641 |
| Knife River Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 501 | | 28,730 | | 44,784 | | 17,648 |
| Kronos Worldwide, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 619 | | 6,849 | | 7,707 | | 907 |
| Linde PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 1,315 | | 475,397 | | 627,071 | | 189,868 |
| Louisiana-Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,431 | | 127,022 | | 153,775 | | 34,410 |
| LyondellBasell Industries NV, Class A (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,949 | | 572,622 | | 570,509 | | 37,755 |
| Martin Marietta Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 30 | | 12,335 | | 16,148 | | 4,568 |
| Mativ Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,287 | | 23,321 | | 21,866 | | (139) |
| Metallus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 186 | | 2,776 | | 2,758 | | 89 |
| Minerals Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,546 | | 93,990 | | 119,398 | | 31,153 |
| Mosaic Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,745 | | 45,274 | | 46,731 | | 4,194 |
| New Gold, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 88,545 | | 232,208 | | 255,010 | | 36,053 |
| NewMarket Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 155 | | 69,542 | | 85,543 | | 21,755 |
| Newmont Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,933 | | 170,316 | | 210,219 | | 51,122 |
| Nucor Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,066 | | 153,875 | | 160,262 | | 15,726 |
| Orla Mining Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 460 | | 1,899 | | 1,840 | | (2) |
| Packaging Corp. of America | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2 | | 314 | | 431 | | 106 |
| Pan American Silver Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,241 | | 279,994 | | 297,210 | | 34,387 |
| PPG Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,958 | | 244,805 | | 259,357 | | 29,576 |
| Quaker Chemical Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,150 | | 212,637 | | 193,764 | | (5,405) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| RPM International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 824 | | $77,246 | | $99,704 | | $27,411 |
| Scotts Miracle-Gro Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,027 | | 481,172 | | 695,941 | | 263,802 |
| Sealed Air Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,308 | | 189,160 | | 192,680 | | 15,776 |
| Sherwin-Williams Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 350 | | 82,857 | | 133,585 | | 56,384 |
| Silgan Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,793 | | 140,878 | | 146,633 | | 14,061 |
| Southern Copper Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 818 | | 81,157 | | 94,618 | | 20,876 |
| Sylvamo Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | 336 | | 25,538 | | 28,846 | | 4,719 |
| Vulcan Materials Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 643 | | 156,292 | | 161,026 | | 13,636 |
| West Fraser Timber Co. Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 66 | | 6,146 | | 6,426 | | 596 |
| Worthington Steel, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 50 | | 1,673 | | 1,701 | | 72 |
| | | | | | | | | | | 415,647 | | 9,282,426 | | 10,587,702 | | 1,925,005 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Advantage Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 40 | | 136 | | 137 | | (42) |
| Alphabet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 16,426 | | 1,987,056 | | 2,724,252 | | 856,508 |
| Angi, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,258 | | 3,322 | | 3,246 | | 62 |
| Bumble, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 42,229 | | 371,346 | | 269,421 | | (80,704) |
| Charter Communications, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,399 | | 435,694 | | 453,388 | | 42,602 |
| Cinemark Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,668 | | 23,545 | | 46,437 | | 24,189 |
| Comcast Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 14,049 | | 516,733 | | 586,827 | | 109,491 |
| Electronic Arts, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,225 | | 271,163 | | 319,154 | | 65,319 |
| EverQuote, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,567 | | 79,886 | | 75,228 | | (133) |
| Fox Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,080 | | 148,869 | | 172,706 | | 33,812 |
| IAC, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,166 | | 59,828 | | 62,754 | | 6,302 |
| Interpublic Group of Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 9,375 | | 266,694 | | 296,531 | | 57,898 |
| Match Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,902 | | 175,234 | | 185,492 | | 20,244 |
| Meta Platforms, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,442 | | 1,476,259 | | 2,542,778 | | 1,157,676 |
| Netflix, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,086 | | 595,876 | | 770,267 | | 208,475 |
| News Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 8,764 | | 222,409 | | 233,385 | | 24,654 |
| Omnicom Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,262 | | 205,264 | | 233,868 | | 44,842 |
| Sinclair, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,511 | | 20,833 | | 23,118 | | 3,598 |
| Sirius XM Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,686 | | 136,923 | | 134,474 | | 5,343 |
| Sphere Entertainment Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,382 | | 118,901 | | 149,417 | | 37,442 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Media & Entertainment —
(continued) | | | | | | | | | | | | | | |
| Spotify Technology SA (Luxembourg) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,326 | | $411,957 | | $488,671 | | $102,696 |
| Thryv Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 26 | | 452 | | 448 | | (30) |
| TKO Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,549 | | 300,255 | | 315,337 | | 32,311 |
| TripAdvisor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,226 | | 111,224 | | 61,235 | | (47,099) |
| Vimeo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 29,395 | | 113,144 | | 148,445 | | 41,730 |
| Walt Disney Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,420 | | 758,936 | | 809,920 | | 97,865 |
| Yelp, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,975 | | 101,709 | | 104,363 | | 8,429 |
| | | | | | | | | | | 178,434 | | 8,913,648 | | 11,211,299 | | 2,853,480 |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| AbbVie, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 72 | | 13,907 | | 14,219 | | 1,268 |
| ADMA Biologics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 14,179 | | 242,709 | | 283,438 | | 54,582 |
| Agilent Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 754 | | 97,320 | | 111,954 | | 32,576 |
| Alkermes PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10,897 | | 295,804 | | 305,007 | | 26,096 |
| Alnylam Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 468 | | 118,682 | | 128,714 | | 19,306 |
| Amneal Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,433 | | 44,881 | | 45,203 | | 2,841 |
| Amphastar Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,745 | | 129,941 | | 133,215 | | 10,666 |
| Arcellx, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 333 | | 27,785 | | 27,809 | | 1,564 |
| Ardelyx, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,454 | | 9,690 | | 16,908 | | 9,073 |
| Avantor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 625 | | 16,109 | | 16,169 | | 930 |
| Avid Bioservices, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 939 | | 10,743 | | 10,686 | | 506 |
| BioCryst Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,271 | | 33,446 | | 32,460 | | 663 |
| Biogen, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,511 | | 306,053 | | 292,892 | | 4,320 |
| BioLife Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,539 | | 38,416 | | 38,537 | | 2,270 |
| BioMarin Pharmaceutical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,627 | | 191,408 | | 184,652 | | 4,157 |
| Bio-Rad Laboratories, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 138 | | 37,485 | | 46,172 | | 10,783 |
| Bristol-Myers Squibb Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 12,386 | | 513,378 | | 640,852 | | 164,096 |
| Catalent, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,626 | | 338,588 | | 340,767 | | 21,523 |
| Catalyst Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 358 | | 7,115 | | 7,117 | | 358 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Charles River Laboratories International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 695 | | $138,187 | | $136,894 | | $6,571 |
| Collegium Pharmaceutical, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,572 | | 145,204 | | 215,302 | | 78,552 |
| Elanco Animal Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 30,751 | | 447,893 | | 451,732 | | 29,446 |
| Eli Lilly & Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 28 | | 24,519 | | 24,806 | | 1,640 |
| Exelixis, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 284 | | 7,442 | | 7,370 | | 303 |
| Fortrea Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,069 | | 195,670 | | 181,380 | | (3,133) |
| Gilead Sciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 10,356 | | 713,445 | | 868,247 | | 212,213 |
| Halozyme Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,661 | | 95,641 | | 95,076 | | 4,862 |
| Harmony Biosciences Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 8,570 | | 264,835 | | 342,800 | | 93,210 |
| Illumina, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,092 | | 390,426 | | 403,228 | | 35,116 |
| Incyte Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,905 | | 98,591 | | 125,921 | | 32,926 |
| Indivior PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 713 | | 6,873 | | 6,952 | | 421 |
| Innoviva, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 187 | | 3,548 | | 3,611 | | 215 |
| Iovance Biotherapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,299 | | 68,556 | | 59,148 | | (5,533) |
| IQVIA Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,271 | | 492,390 | | 538,159 | | 73,924 |
| Ironwood Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 77 | | 319 | | 317 | | (35) |
| Jazz Pharmaceuticals PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 595 | | 64,762 | | 66,289 | | 5,185 |
| Johnson & Johnson | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 8,958 | | 1,338,378 | | 1,451,733 | | 230,720 |
| Kiniksa Pharmaceuticals International PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,506 | | 38,497 | | 37,635 | | 1,292 |
| Medpace Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 41 | | 13,493 | | 13,686 | | 914 |
| Merck & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 14,248 | | 1,594,490 | | 1,618,003 | | 140,359 |
| Mesa Laboratories, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 146 | | 18,460 | | 18,960 | | 1,518 |
| Mettler-Toledo International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 307 | | 380,934 | | 460,408 | | 101,990 |
| Natera, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 262 | | 32,989 | | 33,261 | | 2,111 |
| Neurocrine Biosciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,143 | | 136,123 | | 131,696 | | 3,319 |
| Pacira BioSciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,200 | | 123,759 | | 93,310 | | (23,411) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Phibro Animal Health Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5 | | $112 | | $113 | | $(45) |
| Protagonist Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 139 | | 6,235 | | 6,255 | | 326 |
| QIAGEN NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,872 | | 358,425 | | 358,727 | | 20,783 |
| Repligen Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,630 | | 363,063 | | 391,397 | | 48,821 |
| Revvity, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,356 | | 162,831 | | 173,229 | | 19,722 |
| Rhythm Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 411 | | 9,890 | | 21,532 | | 13,673 |
| Supernus Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,435 | | 114,371 | | 107,103 | | (768) |
| TG Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,014 | | 128,432 | | 140,667 | | 19,541 |
| Thermo Fisher Scientific, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 612 | | 347,162 | | 378,565 | | 51,400 |
| Twist Bioscience Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,613 | | 104,823 | | 163,235 | | 67,405 |
| Vera Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16 | | 286 | | 707 | | 386 |
| Vertex Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 228 | | 106,765 | | 106,038 | | 5,167 |
| Viatris, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,903 | | 115,096 | | 114,974 | | 6,419 |
| Waters Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,229 | | 371,966 | | 442,305 | | 92,355 |
| | | | | | | | | | | 219,754 | | 11,498,341 | | 12,467,542 | | 1,737,458 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,803 | | 783,223 | | 952,156 | | 213,749 |
| Applied Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,065 | | 671,913 | | 821,333 | | 192,117 |
| Broadcom, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 8,694 | | 1,197,672 | | 1,499,715 | | 399,071 |
| Cirrus Logic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,440 | | 646,898 | | 675,702 | | 65,811 |
| Credo Technology Group Holding Ltd. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,439 | | 116,469 | | 136,721 | | 27,971 |
| FormFactor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,737 | | 95,791 | | 79,902 | | (10,454) |
| GLOBALFOUNDRIES, Inc. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,245 | | 351,789 | | 331,861 | | 173 |
| Ichor Holdings Ltd. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,563 | | 88,013 | | 81,529 | | (1,558) |
| KLA Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 411 | | 225,526 | | 318,283 | | 106,747 |
| Lam Research Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 832 | | 644,569 | | 678,979 | | 78,611 |
| Microchip Technology, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 810 | | 61,877 | | 65,035 | | 12,215 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Semiconductors & Semiconductor
Equipment — (continued) | | | | | | | | | | | | | | |
| Micron Technology, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,414 | | $1,596,619 | | $1,494,876 | | $(9,856) |
| MKS Instruments, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,048 | | 362,284 | | 331,348 | | (9,476) |
| Monolithic Power Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 797 | | 429,915 | | 736,827 | | 335,370 |
| NVIDIA Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 23,099 | | 1,895,226 | | 2,805,143 | | 1,019,083 |
| NXP Semiconductors NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 3,862 | | 645,315 | | 926,919 | | 340,460 |
| ON Semiconductor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,700 | | 635,686 | | 631,707 | | 32,385 |
| Onto Innovation, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,800 | | 341,735 | | 373,608 | | 51,377 |
| Photronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 6,826 | | 115,379 | | 169,012 | | 60,185 |
| Qorvo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,562 | | 792,314 | | 781,155 | | 34,177 |
| QUALCOMM, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 16,406 | | 2,415,986 | | 2,789,840 | | 553,265 |
| Rambus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,305 | | 293,856 | | 308,417 | | 30,185 |
| Semtech Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,749 | | 80,579 | | 125,519 | | 50,803 |
| SiTime Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 70 | | 12,159 | | 12,006 | | 491 |
| Skyworks Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 6,940 | | 692,511 | | 685,464 | | 37,450 |
| SMART Global Holdings, Inc. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 12,952 | | 266,082 | | 271,344 | | 20,453 |
| | | | | | | | | | | 159,569 | | 15,459,386 | | 18,084,401 | | 3,630,805 |
| Software & Services | | | | | | | | | | | | | | |
| Accenture PLC, Class A (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,587 | | 785,664 | | 914,453 | | 181,347 |
| Adobe, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,302 | | 638,682 | | 674,150 | | 72,004 |
| Alarm.com Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,994 | | 234,854 | | 218,352 | | (3,099) |
| ANSYS, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 890 | | 275,105 | | 283,581 | | 24,184 |
| BlackLine, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,486 | | 322,237 | | 357,638 | | 54,495 |
| Blend Labs, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 11,290 | | 42,836 | | 42,338 | | 1,904 |
| Cadence Design Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,169 | | 592,417 | | 587,864 | | 29,333 |
| Clear Secure, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,248 | | 75,132 | | 140,779 | | 71,429 |
| Crowdstrike Holdings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,652 | | 1,312,065 | | 1,024,276 | | (212,678) |
| Docebo, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6 | | 261 | | 265 | | (33) |
| DocuSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,594 | | 493,949 | | 533,601 | | 67,897 |
| DXC Technology Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,307 | | 186,211 | | 193,120 | | 17,524 |
| Envestnet, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,242 | | 139,040 | | 140,394 | | 9,267 |
| Fortinet, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,113 | | 543,032 | | 706,713 | | 194,737 |
| Gartner, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 567 | | 275,606 | | 287,333 | | 27,464 |
| Gen Digital, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 14,427 | | 256,079 | | 395,733 | | 164,410 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| GoDaddy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,090 | | $318,635 | | $327,670 | | $27,237 |
| Guidewire Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,441 | | 174,963 | | 263,617 | | 98,625 |
| Informatica, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,224 | | 137,653 | | 132,063 | | 2,143 |
| Intapp, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 302 | | 14,982 | | 14,445 | | 269 |
| InterDigital, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,971 | | 511,595 | | 562,413 | | 81,723 |
| International Business Machines Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 117 | | 26,060 | | 25,866 | | 1,706 |
| Intuit, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 240 | | 153,828 | | 149,040 | | 3,979 |
| Kyndryl Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 7,151 | | 161,118 | | 164,330 | | 12,390 |
| LiveRamp Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,286 | | 96,360 | | 81,427 | | (9,997) |
| Microsoft Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,795 | | 1,440,158 | | 2,063,289 | | 729,904 |
| NCR Voyix Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,644 | | 31,634 | | 35,879 | | 6,173 |
| Nutanix, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 573 | | 19,691 | | 33,950 | | 17,693 |
| Oracle Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 10,188 | | 1,154,566 | | 1,736,035 | | 674,153 |
| Palantir Technologies, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,074 | | 113,359 | | 114,353 | | 7,436 |
| Palo Alto Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,786 | | 1,211,147 | | 1,635,855 | | 494,025 |
| Pegasystems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,753 | | 487,016 | | 566,667 | | 107,867 |
| Progress Software Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 387 | | 24,807 | | 26,072 | | 2,635 |
| Q2 Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,793 | | 165,457 | | 302,568 | | 146,537 |
| Qualys, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,379 | | 302,724 | | 305,606 | | 19,399 |
| Rapid7, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,307 | | 301,666 | | 331,366 | | 46,952 |
| Roper Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,055 | | 580,075 | | 587,044 | | 40,148 |
| Salesforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,383 | | 324,317 | | 378,541 | | 81,978 |
| Samsara, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,451 | | 258,046 | | 262,302 | | 18,987 |
| ServiceNow, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,401 | | 976,695 | | 1,253,040 | | 332,245 |
| Smartsheet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,916 | | 131,424 | | 161,430 | | 37,482 |
| Synopsys, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,174 | | 586,782 | | 594,502 | | 41,283 |
| Teradata Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,995 | | 53,274 | | 60,528 | | 10,350 |
| Twilio, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,712 | | 406,679 | | 437,757 | | 54,323 |
| Unity Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10,213 | | 217,563 | | 231,018 | | 25,866 |
| Varonis Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,580 | | 85,824 | | 89,270 | | 8,311 |
| Verint Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,600 | | 139,202 | | 116,518 | | (14,762) |
| VeriSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 2,465 | | 445,250 | | 468,251 | | 48,107 |
| Workday, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,877 | | 468,490 | | 458,758 | | 17,054 |
| Yext, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 8,245 | | 56,747 | | 57,055 | | 3,328 |
| | | | | | | | | | | 204,442 | | 17,750,957 | | 20,529,115 | | 3,875,734 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Amphenol Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,542 | | $298,320 | | $361,117 | | $81,693 |
| Apple, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 11,060 | | 2,050,456 | | 2,576,980 | | 656,965 |
| Arista Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 631 | | 197,900 | | 242,190 | | 55,576 |
| Arrow Electronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 449 | | 56,282 | | 59,641 | | 6,531 |
| Bel Fuse, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,103 | | 56,217 | | 86,597 | | 34,142 |
| Benchmark Electronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,705 | | 152,144 | | 164,206 | | 21,627 |
| Cisco Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 12,691 | | 608,843 | | 675,415 | | 114,198 |
| Dell Technologies, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,253 | | 977,590 | | 978,311 | | 56,671 |
| Diebold Nixdorf, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4 | | 176 | | 179 | | (39) |
| Digi International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 244 | | 6,576 | | 6,717 | | 466 |
| ePlus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 697 | | 62,963 | | 68,543 | | 9,136 |
| F5, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,769 | | 293,317 | | 389,534 | | 112,968 |
| Fabrinet (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 637 | | 124,889 | | 150,612 | | 32,826 |
| Hewlett Packard Enterprise Co. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 25,331 | | 388,727 | | 518,272 | | 168,710 |
| HP, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 9,347 | | 262,494 | | 335,277 | | 104,574 |
| Itron, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,221 | | 374,144 | | 450,845 | | 98,198 |
| Jabil, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,862 | | 214,321 | | 223,123 | | 21,085 |
| Juniper Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,421 | | 55,089 | | 55,391 | | 3,406 |
| Littelfuse, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 165 | | 41,312 | | 43,766 | | 4,772 |
| Napco Security Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,665 | | 103,467 | | 148,286 | | 51,807 |
| NetApp, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 4,738 | | 439,626 | | 585,190 | | 193,892 |
| NetScout Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,368 | | 46,187 | | 51,504 | | 7,591 |
| Plexus Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 417 | | 51,638 | | 57,008 | | 8,276 |
| Pure Storage, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,709 | | 101,647 | | 85,860 | | (10,077) |
| Rogers Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,682 | | 189,466 | | 190,083 | | 11,283 |
| ScanSource, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,174 | | 101,948 | | 104,417 | | 8,258 |
| Seagate Technology Holdings PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,165 | | 262,027 | | 456,192 | | 225,555 |
| Super Micro Computer, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,009 | | 547,059 | | 420,148 | | (95,624) |
| TE Connectivity PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,185 | | 304,396 | | 329,913 | | 42,506 |
| Teledyne Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 799 | | 334,145 | | 349,690 | | 34,635 |
| Trimble, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,342 | | 71,813 | | 83,325 | | 16,173 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Technology Hardware & Equipment
— (continued) | | | | | | | | | | | | | | |
| Vontier Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 876 | | $28,725 | | $29,556 | | $2,519 |
| Western Digital Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,996 | | 513,365 | | 682,627 | | 198,619 |
| | | | | | | | | | | 126,257 | | 9,317,269 | | 10,960,515 | | 2,278,918 |
| Telecommunication Services | | | | | | | | | | | | | | |
| AT&T, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 20,932 | | 332,795 | | 460,504 | | 158,826 |
| BCE, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,526 | | 86,982 | | 87,905 | | 7,552 |
| Iridium Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,595 | | 144,662 | | 170,368 | | 36,258 |
| Lumen Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 29,157 | | 37,633 | | 207,015 | | 171,485 |
| TELUS Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,304 | | 53,737 | | 55,441 | | 5,258 |
| T-Mobile US, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,466 | | 509,943 | | 715,244 | | 244,067 |
| Verizon Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 12,456 | | 463,967 | | 559,399 | | 147,211 |
| | | | | | | | | | | 77,436 | | 1,629,719 | | 2,255,876 | | 770,657 |
| Transportation | | | | | | | | | | | | | | |
| CSX Corp. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 21,765 | | 697,252 | | 751,545 | | 107,086 |
| Delta Air Lines, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,189 | | 266,530 | | 415,919 | | 171,575 |
| FedEx Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,388 | | 579,809 | | 653,548 | | 119,332 |
| Forward Air Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,215 | | 73,482 | | 78,411 | | 9,086 |
| FTAI Infrastructure, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,697 | | 57,121 | | 62,684 | | 9,001 |
| Genco Shipping & Trading Ltd. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,607 | | 71,080 | | 70,337 | | 4,175 |
| Golden Ocean Group Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,829 | | 58,098 | | 64,612 | | 10,263 |
| Heartland Express, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 246 | | 3,001 | | 3,021 | | 144 |
| JB Hunt Transport Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,935 | | 319,069 | | 333,459 | | 33,410 |
| Old Dominion Freight Line, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 187 | | 37,169 | | 37,146 | | 2,065 |
| SkyWest, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,126 | | 266,187 | | 435,813 | | 184,948 |
| Uber Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 7,941 | | 500,378 | | 596,846 | | 125,080 |
| Union Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 311 | | 69,917 | | 76,655 | | 11,328 |
| Werner Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,644 | | 172,764 | | 179,212 | | 16,269 |
| XPO, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1 | | 79 | | 108 | | (19) |
| | | | | | | | | | | 70,081 | | 3,171,936 | | 3,759,316 | | 803,743 |
| Utilities | | | | | | | | | | | | | | |
| ALLETE, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,480 | | 79,849 | | 95,001 | | 24,371 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Utilities — (continued) | | | | | | | | | | | | | | |
| American Water Works Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 807 | | $110,270 | | $118,016 | | $16,949 |
| Atmos Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 638 | | 75,921 | | 88,497 | | 17,730 |
| Brookfield Renewable Corp., Class A (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,747 | | 195,739 | | 220,357 | | 36,770 |
| CMS Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,124 | | 73,598 | | 79,388 | | 9,840 |
| Constellation Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/23/25 | | 5,592 | | 926,037 | | 1,454,032 | | 587,567 |
| Dominion Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 16,969 | | 939,472 | | 980,639 | | 107,666 |
| National Fuel Gas Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,304 | | 195,151 | | 200,255 | | 17,911 |
| NRG Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 14,840 | | 892,482 | | 1,351,924 | | 531,509 |
| PPL Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 14,077 | | 433,537 | | 465,667 | | 60,807 |
| Public Service Enterprise Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,524 | | 88,135 | | 135,956 | | 55,560 |
| Southern Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,268 | | 284,149 | | 294,708 | | 29,463 |
| Southwest Gas Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,908 | | 134,643 | | 140,734 | | 14,514 |
| Vistra Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,296 | | 143,960 | | 153,628 | | 17,863 |
| | | | | | | | | | | 73,574 | | 4,572,943 | | 5,778,802 | | 1,528,520 |
|
|
| Total Reference Entity — Long | | | | | | 167,420,815 | | 196,474,559 | | 40,258,493 |
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Short | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| Fox Factory Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (25,767) | | $(1,099,143) | | $(1,069,331) | | $20,002 |
| Mobileye Global, Inc., Class A | | USFF -0.780% | | Weekly | | MS | | 07/11/28 | | (336,118) | | (6,909,486) | | (4,604,817) | | 2,243,272 |
| QuantumScape Corp. | | USFF -0.780% | | Weekly | | MS | | 01/12/29 | | (106,114) | | (677,132) | | (610,156) | | 60,913 |
| Rivian Automotive, Inc., Class A | | USFF -0.630% | | Weekly | | MS | | 07/16/29 | | (25,471) | | (284,428) | | (285,785) | | (3,934) |
| Tesla, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,008) | | (1,257,778) | | (1,310,243) | | (63,684) |
| | | | | | | | | | | (498,478) | | (10,227,967) | | (7,880,332) | | 2,256,569 |
| Capital Goods | | | | | | | | | | | | | | |
| A. O. Smith Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,239) | | (287,346) | | (290,959) | | (5,672) |
| AAON, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,432) | | (837,022) | | (1,017,147) | | (188,952) |
| AAR Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (20,260) | | (1,346,731) | | (1,324,194) | | 10,529 |
| Advanced Drainage Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,596) | | (1,646,565) | | (1,665,267) | | (34,873) |
| Albany International Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (13,253) | | (1,235,955) | | (1,177,529) | | 30,644 |
| Ameresco, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (26,043) | | (1,205,265) | | (988,071) | | 205,209 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Archer Aviation, Inc. | | USFF -7.651% | | Weekly | | MS | | 07/11/28 | | (130,104) | | $(617,546) | | $(394,215) | | $217,796 |
| Arcosa, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,681) | | (1,239,313) | | (1,391,172) | | (163,240) |
| Armstrong World Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,707) | | (217,520) | | (224,351) | | (9,292) |
| Astec Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,087) | | (260,497) | | (258,299) | | (933) |
| Atkore, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,624) | | (256,954) | | (137,618) | | 115,642 |
| Atmus Filtration Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (46,708) | | (1,433,513) | | (1,752,951) | | (334,540) |
| Ballard Power Systems, Inc. (Canada) | | USFF -2.030% | | Weekly | | MS | | 01/05/26 | | (162,565) | | (1,741,136) | | (292,617) | | 1,435,053 |
| Barnes Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,449) | | (184,262) | | (220,194) | | (40,968) |
| Beacon Roofing Supply, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (32,753) | | (3,062,645) | | (2,830,842) | | 204,560 |
| Bloom Energy Corp., Class A | | USFF -0.830% | | Weekly | | MS | | 01/12/29 | | (60,509) | | (656,745) | | (638,975) | | 11,887 |
| Boeing Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (30,109) | | (5,357,055) | | (4,577,772) | | 731,668 |
| BWX Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (422) | | (46,347) | | (45,871) | | 12 |
| Cadre Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,355) | | (380,776) | | (430,922) | | (54,555) |
| ChargePoint Holdings, Inc. | | USFF -5.636% | | Weekly | | MS | | 01/10/28 | | (128,283) | | (972,806) | | (175,748) | | 796,952 |
| Columbus McKinnon Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (385) | | (13,354) | | (13,860) | | (676) |
| Construction Partners, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,069) | | (1,001,599) | | (1,191,416) | | (199,520) |
| Dycom Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,092) | | (1,993,734) | | (2,186,233) | | (210,253) |
| Eaton Corp. PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,539) | | (1,168,758) | | (1,172,966) | | (14,179) |
| Emerson Electric Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (12,739) | | (1,341,428) | | (1,393,264) | | (65,173) |
| Enovix Corp. | | USFF -3.230% | | Weekly | | MS | | 07/16/29 | | (23,185) | | (193,620) | | (216,548) | | (25,015) |
| EnPro Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,743) | | (286,663) | | (282,680) | | 616 |
| ESCO Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,422) | | (634,551) | | (699,330) | | (70,580) |
| Fortive Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,488) | | (654,369) | | (669,958) | | (21,450) |
| GATX Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,141) | | (1,041,031) | | (1,078,275) | | (61,002) |
| GMS, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,322) | | (1,143,545) | | (1,206,574) | | (73,233) |
| Helios Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,445) | | (294,913) | | (212,027) | | 78,716 |
| Hillenbrand, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,957) | | (309,048) | | (193,405) | | 109,796 |
| Hubbell, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,853) | | (766,905) | | (793,733) | | (33,689) |
| Huntington Ingalls Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,104) | | (2,440,203) | | (2,406,916) | | (2,730) |
| Ingersoll Rand, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (31,480) | | (2,899,375) | | (3,090,077) | | (216,856) |
| John Bean Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,779) | | (625,083) | | (667,799) | | (48,886) |
| Kadant, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,390) | | (441,380) | | (469,820) | | (32,566) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Lindsay Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | (1,476) | | $(175,158) | | $(183,969) | | $(11,003) |
| Mercury Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (23,394) | | (1,545,229) | | (865,578) | | 662,718 |
| Miller Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,264) | | (134,534) | | (138,104) | | (5,077) |
| Moog, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,427) | | (458,532) | | (490,303) | | (37,955) |
| MYR Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (17,480) | | (2,621,546) | | (1,786,980) | | 811,238 |
| NEXTracker, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (34,272) | | (1,384,354) | | (1,284,515) | | 87,496 |
| Nordson Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (746) | | (191,186) | | (195,922) | | (7,545) |
| Oshkosh Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,390) | | (1,113,110) | | (940,972) | | 158,397 |
| Owens Corning | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (19,778) | | (3,207,698) | | (3,491,213) | | (312,249) |
| Plug Power, Inc. | | USFF -5.880% | | Weekly | | MS | | 01/10/28 | | (437,887) | | (1,888,464) | | (989,625) | | 882,021 |
| Resideo Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,996) | | (38,957) | | (40,199) | | (1,640) |
| Rush Enterprises, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (27,482) | | (1,302,261) | | (1,451,874) | | (176,213) |
| Simpson Manufacturing Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,555) | | (1,594,149) | | (1,636,315) | | (57,967) |
| SiteOne Landscape Supply, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (9,210) | | (1,258,094) | | (1,389,881) | | (143,009) |
| Spirit AeroSystems Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,066) | | (191,795) | | (197,206) | | (7,182) |
| Stantec, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,604) | | (216,170) | | (209,388) | | 4,200 |
| Symbotic, Inc. | | USFF -2.580% | | Weekly | | MS | | 07/16/29 | | (456) | | (11,430) | | (11,122) | | 155 |
| Terex Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,770) | | (316,753) | | (252,381) | | 66,452 |
| Textron, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,836) | | (1,227,855) | | (1,225,593) | | (8,953) |
| Transcat, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,489) | | (180,661) | | (179,827) | | (822) |
| Trex Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,291) | | (294,517) | | (285,695) | | 6,155 |
| Vertiv Holdings Co., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,819) | | (474,850) | | (479,442) | | (8,860) |
| Vicor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (74) | | (3,187) | | (3,115) | | (9) |
| Wabash National Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,615) | | (225,319) | | (222,892) | | 375 |
| Westinghouse Air Brake Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,763) | | (320,415) | | (320,461) | | (2,942) |
| Xometry, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (26,770) | | (685,615) | | (491,765) | | 186,867 |
| | | | | | | | | | | (1,559,222) | | (61,297,397) | | (56,543,932) | | 4,124,895 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Alight, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (126,643) | | (918,191) | | (937,158) | | (27,328) |
| Casella Waste Systems, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,699) | | (680,752) | | (765,974) | | (93,754) |
| CBIZ, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,836) | | (1,011,436) | | (863,734) | | 140,216 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Commercial & Professional
Services — (continued) | | | | | | | | | | | | | | |
| CECO Environmental Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (45) | | $(1,272) | | $(1,269) | | $(60) |
| Clarivate PLC (Jersey) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (101,896) | | (758,073) | | (723,462) | | 27,674 |
| Clean Harbors, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,874) | | (401,022) | | (452,965) | | (61,659) |
| Concentrix Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,888) | | (999,185) | | (609,260) | | 373,349 |
| Dayforce, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,700) | | (1,558,529) | | (1,451,625) | | 93,015 |
| Driven Brands Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (39,656) | | (854,023) | | (565,891) | | 280,715 |
| Exponent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,544) | | (516,311) | | (639,112) | | (136,489) |
| GFL Environmental, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (20,831) | | (710,094) | | (830,740) | | (128,116) |
| Huron Consulting Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,413) | | (734,526) | | (805,793) | | (78,728) |
| Legalzoom.com, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (55,633) | | (361,640) | | (353,270) | | 5,108 |
| MillerKnoll, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,244) | | (78,316) | | (80,321) | | (2,753) |
| Montrose Environmental Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,241) | | (442,745) | | (348,238) | | 90,524 |
| NV5 Global, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,379) | | (222,652) | | (222,389) | | (1,766) |
| Paychex, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,710) | | (2,327,395) | | (2,376,505) | | (89,345) |
| Paycom Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,497) | | (256,395) | | (249,355) | | 4,521 |
| Paycor HCM, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,875) | | (261,660) | | (282,026) | | (23,798) |
| Robert Half, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (38,097) | | (2,415,958) | | (2,568,119) | | (186,517) |
| Science Applications International Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,760) | | (868,778) | | (941,465) | | (83,394) |
| Stericycle, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (37,114) | | (2,036,372) | | (2,263,954) | | (245,714) |
| Thomson Reuters Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (955) | | (163,931) | | (162,923) | | (542) |
| Upwork, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (30,898) | | (383,783) | | (322,884) | | 57,440 |
| VSE Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,562) | | (650,126) | | (625,604) | | 18,698 |
| | | | | | | | | | | (594,990) | | (19,613,165) | | (19,444,036) | | (68,703) |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Academy Sports & Outdoors, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,636) | | (404,904) | | (387,277) | | 13,834 |
| American Eagle Outfitters, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (22,641) | | (486,586) | | (506,932) | | (24,718) |
| Arhaus, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (51,035) | | (608,181) | | (628,241) | | (25,512) |
| Asbury Automotive Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,457) | | (1,501,947) | | (1,540,576) | | (54,816) |
| AutoNation, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,977) | | (673,921) | | (711,565) | | (43,679) |
| Boot Barn Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,719) | | (1,428,988) | | (1,793,074) | | (376,826) |
| Buckle, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (11,701) | | (516,446) | | (514,493) | | (28,507) |
| Burlington Stores, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,105) | | (3,502,603) | | (3,452,905) | | 18,903 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail — (continued) | | | | | | | | | | | | | | |
| Caleres, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,027) | | $(313,612) | | $(265,292) | | $45,278 |
| CarMax, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,417) | | (279,453) | | (264,407) | | 14,362 |
| Dick's Sporting Goods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,952) | | (1,259,698) | | (1,242,182) | | 803 |
| Dillard's, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,333) | | (505,382) | | (511,459) | | (10,860) |
| Five Below, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (41,474) | | (4,441,039) | | (3,664,228) | | 737,330 |
| Floor & Decor Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,944) | | (244,720) | | (241,386) | | 1,109 |
| Genuine Parts Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,276) | | (178,978) | | (178,232) | | (1,676) |
| GigaCloud Technology, Inc., Class A (Cayman Islands) | | USFF -4.480% | | Weekly | | MS | | 01/12/29 | | (17,473) | | (641,554) | | (401,530) | | 234,277 |
| MarineMax, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (18,529) | | (577,442) | | (653,518) | | (82,285) |
| Murphy USA, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,112) | | (1,490,389) | | (1,533,811) | | (65,563) |
| Ollie's Bargain Outlet Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (31,792) | | (3,011,066) | | (3,090,182) | | (105,902) |
| Penske Automotive Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,079) | | (863,056) | | (824,931) | | 13,138 |
| RH | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (768) | | (236,182) | | (256,842) | | (29,030) |
| Savers Value Village, Inc. | | USFF -0.680% | | Weekly | | MS | | 07/16/29 | | (8,241) | | (82,769) | | (86,695) | | (4,713) |
| Sonic Automotive, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,552) | | (526,811) | | (558,601) | | (44,633) |
| Tractor Supply Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,202) | | (340,541) | | (349,698) | | (12,284) |
| Urban Outfitters, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,242) | | (581,622) | | (507,301) | | 69,105 |
| Valvoline, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (56,226) | | (2,404,907) | | (2,353,058) | | 30,445 |
| Warby Parker, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,124) | | (262,385) | | (312,295) | | (52,592) |
| | | | | | | | | | | (374,034) | | (27,365,182) | | (26,830,711) | | 214,988 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Amer Sports, Inc. (Cayman Islands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (33,722) | | (515,743) | | (537,866) | | (28,338) |
| BRP, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,111) | | (67,691) | | (66,149) | | 754 |
| Brunswick Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,488) | | (1,279,863) | | (1,298,204) | | (39,174) |
| Capri Holdings Ltd. (British Virgin Islands) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (61,225) | | (2,769,682) | | (2,598,389) | | 145,878 |
| Cavco Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (658) | | (270,763) | | (281,782) | | (13,474) |
| Figs, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,018) | | (69,445) | | (75,363) | | (6,587) |
| Helen of Troy Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (480) | | (29,836) | | (29,688) | | (168) |
| Installed Building Products, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (305) | | (74,487) | | (75,112) | | (1,338) |
| Leggett & Platt, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (525) | | (7,197) | | (7,151) | | (69) |
| Levi Strauss & Co., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,054) | | (107,872) | | (110,177) | | (3,315) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Durables & Apparel —
(continued) | | | | | | | | | | | | | | |
| Malibu Boats, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (576) | | $(22,777) | | $(22,355) | | $(5,403) |
| Oxford Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,669) | | (143,871) | | (144,802) | | (2,260) |
| Polaris, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,235) | | (1,781,266) | | (1,767,601) | | (17,465) |
| SharkNinja, Inc. (Cayman Islands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,326) | | (1,616,898) | | (2,100,929) | | (523,039) |
| Skyline Champion Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,252) | | (975,181) | | (1,162,102) | | (202,690) |
| Steven Madden Ltd. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,394) | | (672,929) | | (754,152) | | (94,306) |
| Sturm Ruger & Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,727) | | (559,094) | | (530,461) | | 20,317 |
| Topgolf Callaway Brands Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (13,929) | | (421,210) | | (152,940) | | 264,478 |
| VF Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,956) | | (281,695) | | (398,122) | | (132,098) |
| Vizio Holding Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (61,959) | | (670,325) | | (692,082) | | (28,098) |
| Whirlpool Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,814) | | (1,698,413) | | (1,692,098) | | (44,061) |
| YETI Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,008) | | (571,477) | | (574,748) | | (8,397) |
| | | | | | | | | | | (338,431) | | (14,607,715) | | (15,072,273) | | (718,853) |
| Consumer Services | | | | | | | | | | | | | | |
| Bloomin' Brands, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (12,216) | | (216,903) | | (201,930) | | 12,101 |
| Bowlero Corp., Class A | | USFF -12.130% | | Weekly | | MS | | 01/12/29 | | (38,420) | | (496,149) | | (451,051) | | 38,090 |
| Boyd Gaming Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,247) | | (670,849) | | (727,119) | | (63,959) |
| Choice Hotels International, Inc. | | USFF -5.530% | | Weekly | | MS | | 01/12/29 | | (6,005) | | (752,841) | | (782,452) | | (38,857) |
| Chuy's Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,145) | | (303,610) | | (304,623) | | (3,760) |
| Coursera, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (100,491) | | (1,169,024) | | (797,899) | | 360,148 |
| Dave & Buster's Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,921) | | (712,820) | | (542,110) | | 164,330 |
| Everi Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (114,252) | | (1,344,257) | | (1,501,271) | | (169,001) |
| First Watch Restaurant Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (52,936) | | (998,474) | | (825,802) | | 163,756 |
| Krispy Kreme, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (90,028) | | (1,268,126) | | (966,901) | | 277,499 |
| Kura Sushi USA, Inc., Class A | | USFF -3.680% | | Weekly | | MS | | 01/12/29 | | (3,905) | | (234,410) | | (314,587) | | (82,309) |
| Mister Car Wash, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (166,499) | | (1,410,146) | | (1,083,908) | | 313,666 |
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (27,695) | | (536,397) | | (568,024) | | (36,441) |
| Penn Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (44,491) | | (776,884) | | (839,100) | | (69,165) |
| Planet Fitness, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,058) | | (152,029) | | (167,151) | | (23,480) |
| Portillo's, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (71,111) | | (1,290,884) | | (957,865) | | 319,970 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| Red Rock Resorts, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (12,158) | | $(570,350) | | $(661,882) | | $(127,943) |
| Restaurant Brands International, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (23,806) | | (1,691,402) | | (1,716,889) | | (53,140) |
| Royal Caribbean Cruises Ltd. (Liberia) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,056) | | (2,192,253) | | (2,492,972) | | (347,923) |
| Service Corp. International | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,135) | | (548,526) | | (563,166) | | (24,437) |
| Starbucks Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,666) | | (1,042,883) | | (1,039,828) | | (6,874) |
| Udemy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (319) | | (2,459) | | (2,373) | | 12 |
| Wendy's Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (36,333) | | (653,789) | | (636,554) | | 240 |
| Wingstop, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,403) | | (597,242) | | (583,760) | | 8,128 |
| | | | | | | | | | | (871,296) | | (19,632,707) | | (18,729,217) | | 610,651 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Grocery Outlet Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (60,983) | | (1,334,727) | | (1,070,252) | | 252,573 |
| Maplebear, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (46,243) | | (1,816,589) | | (1,883,940) | | (83,531) |
| Performance Food Group Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,441) | | (405,819) | | (426,411) | | (24,247) |
| PriceSmart, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,801) | | (454,880) | | (532,416) | | (91,128) |
| SpartanNash Co. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (14,323) | | (463,596) | | (320,978) | | 114,893 |
| United Natural Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (17,793) | | (462,136) | | (299,278) | | 157,760 |
| US Foods Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,939) | | (182,090) | | (180,749) | | (79) |
| | | | | | | | | | | (153,523) | | (5,119,837) | | (4,714,024) | | 326,241 |
| Energy | | | | | | | | | | | | | | |
| APA Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (123,633) | | (3,432,356) | | (3,024,063) | | 377,767 |
| Atlas Energy Solutions, Inc. | | USFF -0.630% | | Weekly | | MS | | 01/12/29 | | (66,051) | | (1,418,060) | | (1,439,912) | | (50,179) |
| Baytex Energy Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (30,674) | | (121,199) | | (91,102) | | 27,790 |
| California Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (18,791) | | (952,888) | | (985,964) | | (48,616) |
| Cheniere Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,500) | | (265,864) | | (269,760) | | (8,131) |
| Chesapeake Energy Corp. | | USFF -0.730% | | Weekly | | MS | | 07/16/29 | | (5,834) | | (4,170,964) | | (4,706,905) | | (574,266) |
| Chord Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (29,662) | | (4,276,044) | | (3,862,882) | | 349,762 |
| Civitas Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (58,276) | | (3,609,992) | | (2,952,845) | | 507,470 |
| Clean Energy Fuels Corp. | | USFF -0.260% | | Weekly | | MS | | 07/11/28 | | (107,535) | | (409,243) | | (334,434) | | 71,157 |
| CNX Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (26,397) | | (685,832) | | (859,750) | | (180,059) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Comstock Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (133,310) | | $(1,411,819) | | $(1,483,740) | | $(111,665) |
| Core Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (8,352) | | (272,785) | | (154,763) | | 118,620 |
| CVR Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,259) | | (485,750) | | (305,355) | | 162,772 |
| Delek US Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (34,546) | | (713,687) | | (647,738) | | 58,299 |
| DHT Holdings, Inc. (Marshall Islands) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,553) | | (28,050) | | (28,160) | | (411) |
| Enbridge, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (28,072) | | (1,049,483) | | (1,140,004) | | (124,045) |
| EQT Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (23,634) | | (808,749) | | (865,950) | | (67,989) |
| Expro Group Holdings NV (Netherlands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (67,417) | | (1,293,787) | | (1,157,550) | | 124,698 |
| Exxon Mobil Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (30,264) | | (3,497,754) | | (3,547,546) | | (104,644) |
| Gulfport Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,571) | | (1,225,841) | | (1,297,221) | | (82,315) |
| Kinetik Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (18,549) | | (703,667) | | (839,528) | | (260,722) |
| Kodiak Gas Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (24,262) | | (665,605) | | (703,598) | | (44,257) |
| Kosmos Energy Ltd. | | USFF -0.248% | | Weekly | | MS | | 07/11/28 | | (61,605) | | (455,061) | | (248,268) | | 213,006 |
| Magnolia Oil & Gas Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (32,470) | | (808,161) | | (792,917) | | 5,116 |
| New Fortress Energy, Inc. | | USFF -6.880% | | Weekly | | MS | | 07/08/27 | | (42,973) | | (1,337,671) | | (390,625) | | 848,524 |
| NextDecade Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (97,237) | | (596,468) | | (457,986) | | 133,134 |
| Northern Oil and Gas, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,715) | | (374,897) | | (344,008) | | 22,375 |
| NOV, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (26,934) | | (527,250) | | (430,136) | | 86,734 |
| Par Pacific Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (86,369) | | (2,342,476) | | (1,520,094) | | 801,532 |
| Patterson-UTI Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (118,481) | | (1,180,199) | | (906,380) | | 245,785 |
| Peabody Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (23,922) | | (528,177) | | (634,890) | | (114,861) |
| Pembina Pipeline Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (23,102) | | (936,528) | | (952,726) | | (32,294) |
| ProFrac Holding Corp., Class A | | USFF -1.030% | | Weekly | | MS | | 07/08/27 | | (41,424) | | (488,665) | | (281,269) | | 203,005 |
| ProPetro Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (60,171) | | (605,742) | | (460,910) | | 140,664 |
| REX American Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (671) | | (30,741) | | (31,061) | | (645) |
| Select Water Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (20,078) | | (222,682) | | (223,468) | | (3,119) |
| Talos Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (70,724) | | (982,730) | | (731,993) | | 242,673 |
| Targa Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,168) | | (2,236,682) | | (2,689,046) | | (523,105) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| TC Energy Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (25,635) | | $(1,105,336) | | $(1,218,944) | | $(145,555) |
| Transocean Ltd. (Switzerland) | | USFF -0.253% | | Weekly | | MS | | 01/12/29 | | (167,212) | | (873,699) | | (710,651) | | 155,239 |
| Uranium Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (58,885) | | (310,860) | | (365,676) | | (61,696) |
| Valaris Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,672) | | (1,167,670) | | (873,714) | | 283,537 |
| Veren, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,665) | | (108,170) | | (84,040) | | 26,763 |
| Vermilion Energy, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,855) | | (116,963) | | (76,743) | | 37,954 |
| Vital Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (17,534) | | (839,412) | | (471,665) | | 360,353 |
| Williams Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (28,962) | | (1,205,046) | | (1,322,115) | | (157,419) |
| World Fuel Services Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (8,638) | | (242,385) | | (267,001) | | (39,090) |
| | | | | | | | | | | (1,939,244) | | (51,123,090) | | (47,185,096) | | 2,869,646 |
| Financial Services | | | | | | | | | | | | | | |
| Coinbase Global, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,040) | | (1,421,912) | | (1,432,487) | | (23,251) |
| Flywire Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (43,387) | | (722,245) | | (711,113) | | 4,668 |
| MarketAxess Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,385) | | (528,630) | | (611,037) | | (91,632) |
| Marqeta, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (234,364) | | (1,333,151) | | (1,153,071) | | 168,382 |
| MSCI, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (827) | | (454,050) | | (482,083) | | (33,440) |
| Nuvei Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,754) | | (614,563) | | (625,446) | | (18,906) |
| Open Lending Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (468) | | (2,890) | | (2,864) | | (51) |
| Remitly Global, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (142,130) | | (2,327,510) | | (1,903,121) | | 403,383 |
| Shift4 Payments, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,675) | | (231,167) | | (237,005) | | (7,942) |
| WEX, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,596) | | (1,329,388) | | (1,383,379) | | (65,846) |
| | | | | | | | | | | (459,626) | | (8,965,506) | | (8,541,606) | | 335,365 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Bunge Global SA (Switzerland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,239) | | (1,946,822) | | (1,859,257) | | 60,221 |
| Cal-Maine Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (13,220) | | (806,642) | | (989,385) | | (213,160) |
| Darling Ingredients, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (320) | | (25,633) | | (11,891) | | 17,213 |
| Duckhorn Portfolio, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (88,964) | | (689,781) | | (516,881) | | 166,724 |
| J M Smucker Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,293) | | (537,299) | | (519,882) | | 4,196 |
| John B Sanfilippo & Son, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,234) | | (116,505) | | (116,379) | | (960) |
| Lamb Weston Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (78,569) | | (6,816,324) | | (5,086,557) | | 1,618,240 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Food, Beverage & Tobacco —
(continued) | | | | | | | | | | | | | | |
| Monster Beverage Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (50,548) | | $(2,573,247) | | $(2,637,089) | | $(86,740) |
| TreeHouse Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (39,834) | | (1,486,181) | | (1,672,231) | | (201,690) |
| Universal Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,218) | | (302,876) | | (330,238) | | (33,382) |
| Westrock Coffee Co. | | USFF -2.980% | | Weekly | | MS | | 01/12/29 | | (4,076) | | (36,636) | | (26,494) | | 9,765 |
| | | | | | | | | | | (306,515) | | (15,337,946) | | (13,766,284) | | 1,340,427 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Acadia Healthcare Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (34,280) | | (2,500,753) | | (2,173,695) | | 307,457 |
| AdaptHealth Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (20,880) | | (300,527) | | (234,482) | | 62,756 |
| agilon health, Inc. | | USFF -0.265% | | Weekly | | MS | | 07/11/28 | | (114,824) | | (787,596) | | (451,258) | | 329,294 |
| Align Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,465) | | (879,843) | | (881,219) | | (9,239) |
| Alphatec Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (136,186) | | (1,476,260) | | (757,194) | | 705,907 |
| Amedisys, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,756) | | (649,173) | | (652,022) | | (9,265) |
| Artivion, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (166) | | (4,454) | | (4,419) | | (56) |
| Astrana Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,743) | | (98,645) | | (100,989) | | (3,272) |
| Bausch + Lomb Corp. (Canada) | | USFF -3.130% | | Weekly | | MS | | 07/16/29 | | (864) | | (16,505) | | (16,667) | | (360) |
| Boston Scientific Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (20,705) | | (1,694,793) | | (1,735,079) | | (60,881) |
| Certara, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (19,033) | | (225,878) | | (222,876) | | 945 |
| CONMED Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,564) | | (466,436) | | (472,083) | | (10,881) |
| Cooper Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,393) | | (898,795) | | (1,036,424) | | (150,802) |
| CorVel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (681) | | (202,874) | | (222,612) | | (21,591) |
| Doximity, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,107) | | (211,731) | | (222,512) | | (12,712) |
| Edwards Lifesciences Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,838) | | (730,548) | | (517,230) | | 206,780 |
| Encompass Health Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,679) | | (1,009,538) | | (1,128,659) | | (129,347) |
| Enovis Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (34,265) | | (1,601,290) | | (1,475,108) | | 111,913 |
| Ensign Group, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,119) | | (849,045) | | (880,035) | | (42,775) |
| GoodRx Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (99,190) | | (764,098) | | (688,379) | | 68,884 |
| Haemonetics Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,544) | | (1,599,270) | | (1,570,947) | | 13,413 |
| Inari Medical, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (18,777) | | (853,764) | | (774,363) | | 71,768 |
| Inspire Medical Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,884) | | (490,636) | | (608,668) | | (135,583) |
| Insulet Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,654) | | (625,451) | | (617,719) | | 2,127 |
| Integer Holdings Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (16,296) | | (1,915,332) | | (2,118,480) | | (222,769) |
| Integra LifeSciences Holdings Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (68,317) | | (1,904,706) | | (1,241,320) | | 646,423 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| iRhythm Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (38,329) | | $(3,431,621) | | $(2,845,545) | | $555,556 |
| Lantheus Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,183) | | (1,519,597) | | (1,446,834) | | 58,683 |
| LeMaitre Vascular, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (30) | | (2,768) | | (2,787) | | (77) |
| Neogen Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (77,579) | | (1,232,918) | | (1,304,103) | | (82,183) |
| Novocure Ltd. (Jersey) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (42,334) | | (1,494,085) | | (661,680) | | 819,269 |
| Option Care Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (27,873) | | (890,941) | | (872,425) | | 9,607 |
| OrthoPediatrics Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (296) | | (7,857) | | (8,025) | | (289) |
| Patterson Cos., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (12,779) | | (381,433) | | (279,093) | | 90,739 |
| Privia Health Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (31,176) | | (613,698) | | (567,715) | | 40,367 |
| Progyny, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,122) | | (263,533) | | (186,405) | | 80,256 |
| QuidelOrtho Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (25,673) | | (1,694,573) | | (1,170,689) | | 507,794 |
| Schrodinger, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (45,175) | | (1,409,643) | | (837,996) | | 559,079 |
| STAAR Surgical Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (14,787) | | (651,931) | | (549,337) | | 96,754 |
| Stryker Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,239) | | (1,530,192) | | (1,531,381) | | (18,896) |
| Surgery Partners, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (52,915) | | (1,619,266) | | (1,705,980) | | (101,142) |
| Teladoc Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (84,762) | | (1,032,005) | | (778,115) | | 244,676 |
| | | | | | | | | | | (1,150,462) | | (40,534,002) | | (35,552,549) | | 4,578,327 |
| Household & Personal Products | | | | | | | | | | | | | | |
| elf Beauty, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (39,017) | | (5,930,383) | | (4,254,024) | | 1,624,689 |
| Inter Parfums, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,383) | | (1,547,727) | | (1,473,871) | | 41,568 |
| Spectrum Brands Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (12,757) | | (1,166,300) | | (1,213,701) | | (60,453) |
| | | | | | | | | | | (63,157) | | (8,644,410) | | (6,941,596) | | 1,605,804 |
| Materials | | | | | | | | | | | | | | |
| Air Products and Chemicals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,055) | | (1,180,067) | | (1,207,336) | | (66,749) |
| Albemarle Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (9,444) | | (1,467,809) | | (894,441) | | 545,483 |
| Algoma Steel Group, Inc. (Canada) | | USFF -1.330% | | Weekly | | MS | | 01/10/28 | | (53,065) | | (445,567) | | (542,855) | | (114,337) |
| Alpha Metallurgical Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (98) | | (23,494) | | (23,146) | | 88 |
| Arcadium Lithium PLC (Jersey) | | USFF -0.260% | | Weekly | | MS | | 01/12/29 | | (1,131,233) | | (4,078,826) | | (3,224,014) | | 818,546 |
| Arch Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (499) | | (68,885) | | (68,942) | | (720) |
| Aris Mining Corp. (Canada) | | USFF -3.404% | | Weekly | | MS | | 07/16/29 | | (3,028) | | (13,886) | | (13,929) | | (218) |
| Berry Global Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,689) | | (416,095) | | (454,718) | | (46,277) |
| Celanese Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (637) | | (86,848) | | (86,607) | | (5,424) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Century Aluminum Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (105,099) | | $(1,727,403) | | $(1,705,757) | | $2,283 |
| CF Industries Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (25,235) | | (1,957,340) | | (2,165,163) | | (237,246) |
| Chemours Co. (The) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (12,000) | | (224,811) | | (243,840) | | (22,618) |
| Corteva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (25,628) | | (1,430,628) | | (1,506,670) | | (91,057) |
| Ecolab, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,814) | | (452,290) | | (463,169) | | (17,482) |
| Element Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,607) | | (344,574) | | (342,406) | | (1,943) |
| Equinox Gold Corp. (Canada) | | USFF -0.930% | | Weekly | | MS | | 07/23/25 | | (374,290) | | (2,573,884) | | (2,279,426) | | 271,554 |
| First Majestic Silver Corp. (Canada) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (215,538) | | (1,153,645) | | (1,293,228) | | (150,115) |
| Greif, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (11,630) | | (713,308) | | (728,736) | | (28,106) |
| Huntsman Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (26,124) | | (631,530) | | (632,201) | | (17,418) |
| MAG Silver Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (45,924) | | (523,201) | | (644,773) | | (126,349) |
| Materion Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,417) | | (277,829) | | (270,366) | | 4,517 |
| Methanex Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (26,269) | | (1,201,533) | | (1,085,960) | | 80,849 |
| MP Materials Corp. | | USFF -2.880% | | Weekly | | MS | | 01/10/28 | | (58,998) | | (1,100,099) | | (1,041,315) | | 45,251 |
| O-I Glass, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (74,446) | | (1,088,205) | | (976,732) | | 100,247 |
| Olin Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,243) | | (59,482) | | (59,639) | | (737) |
| Reliance Steel & Aluminum Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (803) | | (246,771) | | (232,236) | | 11,744 |
| Ryerson Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (24,458) | | (512,928) | | (486,959) | | 16,862 |
| SilverCrest Metals, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,973) | | (37,900) | | (36,750) | | 761 |
| SSR Mining, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (52,379) | | (807,514) | | (297,513) | | 500,598 |
| Steel Dynamics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,003) | | (249,659) | | (252,538) | | (6,068) |
| Summit Materials, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (32,362) | | (1,280,026) | | (1,263,089) | | 5,396 |
| SunCoke Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,021) | | (8,791) | | (8,862) | | (201) |
| Taseko Mines Ltd. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (137,376) | | (327,359) | | (346,188) | | (21,787) |
| Teck Resources Ltd., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (85,186) | | (3,973,643) | | (4,450,117) | | (548,967) |
| TriMas Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,261) | | (238,479) | | (236,433) | | (737) |
| Tronox Holdings PLC (United Kingdom) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (97,029) | | (1,337,444) | | (1,419,534) | | (129,495) |
| United States Steel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (41,530) | | (1,885,258) | | (1,467,255) | | 396,691 |
| Warrior Met Coal, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,609) | | (474,762) | | (422,315) | | 47,842 |
| Wheaton Precious Metals Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,599) | | (144,135) | | (158,747) | | (17,257) |
| | | | | | | | | | | (2,724,599) | | (34,765,908) | | (33,033,905) | | 1,197,404 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Media & Entertainment | | | | | | | | | | | | | | |
| Cargurus, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (26,312) | | $(658,992) | | $(790,149) | | $(138,001) |
| EchoStar Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (133,398) | | (3,558,571) | | (3,310,938) | | 215,987 |
| Endeavor Group Holdings, Inc., Class A | | USFF -4.780% | | Weekly | | MS | | 07/11/28 | | (70,305) | | (1,808,271) | | (2,007,911) | | (235,587) |
| Gannett Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,874) | | (48,747) | | (49,872) | | (1,609) |
| Integral Ad Science Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (66,430) | | (718,299) | | (718,108) | | (7,123) |
| Lions Gate Entertainment Corp., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (19,990) | | (276,741) | | (138,331) | | 135,901 |
| Live Nation Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,951) | | (733,315) | | (761,065) | | (34,312) |
| Madison Square Garden Sports Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (767) | | (150,552) | | (159,735) | | (11,778) |
| Nexstar Media Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,523) | | (267,005) | | (251,828) | | 5,033 |
| Paramount Global, Class B | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (188,866) | | (2,003,850) | | (2,005,757) | | (28,132) |
| PubMatic, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (123) | | (1,844) | | (1,829) | | (53) |
| Rumble, Inc. | | USFF -11.380% | | Weekly | | MS | | 07/16/29 | | (7,584) | | (40,203) | | (40,650) | | (856) |
| Scholastic Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (501) | | (19,941) | | (16,037) | | 3,335 |
| Snap, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (231,595) | | (2,125,848) | | (2,478,066) | | (406,561) |
| Take-Two Interactive Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,119) | | (914,898) | | (940,551) | | (33,828) |
| TEGNA, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/23/25 | | (1,296) | | (20,307) | | (20,451) | | (376) |
| Warner Bros Discovery, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (634,633) | | (4,956,432) | | (5,235,722) | | (346,297) |
| ZoomInfo Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (323,918) | | (3,123,708) | | (3,342,834) | | (246,911) |
| | | | | | | | | | | (1,729,185) | | (21,427,524) | | (22,269,834) | | (1,131,168) |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| 89bio, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (139) | | (1,021) | | (1,029) | | (68) |
| AbCellera Biologics, Inc. (Canada) | | USFF -4.408% | | Weekly | | MS | | 07/11/28 | | (119,551) | | (499,219) | | (310,833) | | 183,903 |
| Arrowhead Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (79,456) | | (2,067,011) | | (1,539,063) | | 509,545 |
| Avadel Pharmaceuticals PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,471) | | (358,903) | | (307,822) | | 47,842 |
| Axsome Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,777) | | (367,585) | | (429,309) | | (65,039) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Bausch Health Cos., Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (121,733) | | $(1,071,261) | | $(993,341) | | $68,332 |
| Bio-Techne Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (25,415) | | (1,898,325) | | (2,031,421) | | (150,898) |
| Blueprint Medicines Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (127) | | (11,333) | | (11,748) | | (1,027) |
| Bruker Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (58,111) | | (3,748,845) | | (4,013,146) | | (299,561) |
| Corcept Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,899) | | (200,206) | | (226,726) | | (28,349) |
| Crinetics Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (18,982) | | (986,277) | | (969,980) | | 7,488 |
| Cytek Biosciences, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (37,330) | | (443,654) | | (206,808) | | 233,471 |
| Day One Biopharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,406) | | (33,732) | | (33,516) | | (164) |
| Denali Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (22,052) | | (531,473) | | (642,375) | | (116,377) |
| Dianthus Therapeutics, Inc. | | USFF -1.030% | | Weekly | | MS | | 07/16/29 | | (31) | | (841) | | (849) | | (67) |
| Ideaya Biosciences, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,411) | | (53,237) | | (44,700) | | 7,982 |
| Immatics NV (Netherlands) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (59) | | (692) | | (673) | | (39) |
| Immunovant, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (22,316) | | (624,941) | | (636,229) | | (16,888) |
| Insmed, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,941) | | (1,017,731) | | (1,017,693) | | (9,049) |
| Ligand Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (26) | | (2,580) | | (2,602) | | (97) |
| Liquidia Corp. | | USFF -0.580% | | Weekly | | MS | | 01/12/29 | | (30,215) | | (336,180) | | (302,150) | | 30,993 |
| Longboard Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (942) | | (29,993) | | (31,397) | | (1,722) |
| Madrigal Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (695) | | (171,246) | | (147,493) | | 22,155 |
| Maravai LifeSciences Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (129,789) | | (1,094,725) | | (1,078,547) | | 5,363 |
| Ocular Therapeutix, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (44,864) | | (290,262) | | (390,317) | | (105,049) |
| Pfizer, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,619) | | (166,435) | | (162,614) | | 3,269 |
| Pliant Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (38,065) | | (694,318) | | (426,709) | | 261,393 |
| Prestige Consumer Healthcare, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,568) | | (896,629) | | (906,153) | | (18,052) |
| Prothena Corp. PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (77) | | (4,832) | | (1,288) | | 3,449 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Rocket Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (79) | | $(1,422) | | $(1,459) | | $(117) |
| Sana Biotechnology, Inc. | | USFF -0.263% | | Weekly | | MS | | 01/12/29 | | (1,094) | | (9,432) | | (4,551) | | 4,724 |
| Sarepta Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,253) | | (1,661,420) | | (1,655,167) | | (8,550) |
| Sotera Health Co. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (56,145) | | (972,180) | | (937,622) | | 24,779 |
| Standard BioTools, Inc. | | USFF -0.260% | | Weekly | | MS | | 01/12/29 | | (124,644) | | (254,998) | | (240,563) | | 12,120 |
| Tilray Brands, Inc. | | USFF -1.119% | | Weekly | | MS | | 07/11/28 | | (216,121) | | (409,719) | | (380,373) | | 25,657 |
| Vericel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,668) | | (303,825) | | (281,723) | | 19,353 |
| West Pharmaceutical Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,459) | | (2,630,470) | | (2,238,893) | | 366,597 |
| Xenon Pharmaceuticals, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (754) | | (28,988) | | (29,685) | | (1,006) |
| | | | | | | | | | | (1,245,284) | | (23,875,941) | | (22,636,567) | | 1,016,296 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| ACM Research, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (18,888) | | (380,062) | | (383,426) | | (8,828) |
| Allegro MicroSystems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (30,267) | | (941,864) | | (705,221) | | 231,206 |
| Analog Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,759) | | (642,127) | | (635,039) | | (550) |
| Cohu, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (20,957) | | (605,659) | | (538,595) | | 61,635 |
| Diodes, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (37,847) | | (2,690,445) | | (2,425,614) | | 240,892 |
| Enphase Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,038) | | (1,058,846) | | (908,455) | | 140,939 |
| First Solar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,694) | | (253,957) | | (422,551) | | (170,901) |
| indie Semiconductor, Inc., Class A | | USFF -0.590% | | Weekly | | MS | | 01/12/29 | | (84,646) | | (460,105) | | (337,738) | | 118,230 |
| Intel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (216,052) | | (5,816,379) | | (5,068,580) | | 603,477 |
| Kulicke & Soffa Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,425) | | (316,884) | | (289,960) | | 21,695 |
| Lattice Semiconductor Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (46,499) | | (2,448,094) | | (2,467,702) | | (41,395) |
| MACOM Technology Solutions Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,038) | | (414,579) | | (449,268) | | (40,249) |
| MaxLinear, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (87,815) | | (1,779,021) | | (1,271,561) | | 491,613 |
| Power Integrations, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (11,149) | | (941,778) | | (714,874) | | 207,659 |
| Silicon Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,541) | | (943,101) | | (755,943) | | 181,527 |
| Synaptics, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,509) | | (327,210) | | (272,228) | | 53,755 |
| Texas Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,806) | | (2,042,730) | | (2,025,625) | | (18,782) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Semiconductors & Semiconductor
Equipment — (continued) | | | | | | | | | | | | | | |
| Universal Display Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,230) | | $(668,339) | | $(677,977) | | $(17,102) |
| Veeco Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,746) | | (210,771) | | (223,495) | | (14,647) |
| Wolfspeed, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (73,256) | | (1,471,919) | | (710,583) | | 748,215 |
| | | | | | | | | | | (680,162) | | (24,413,870) | | (21,284,435) | | 2,788,389 |
| Software & Services | | | | | | | | | | | | | | |
| A10 Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (24,681) | | (327,777) | | (356,394) | | (31,977) |
| Applied Digital Corp. | | USFF -3.230% | | Weekly | | MS | | 07/16/29 | | (29,311) | | (181,651) | | (241,816) | | (61,829) |
| AppLovin Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,192) | | (275,601) | | (286,166) | | (13,064) |
| Asana, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (65,958) | | (1,011,586) | | (764,453) | | 238,099 |
| Aspen Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (974) | | (215,257) | | (232,611) | | (19,469) |
| Atlassian Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,608) | | (2,156,492) | | (2,002,276) | | 135,018 |
| BILL Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (49,532) | | (3,117,211) | | (2,613,308) | | 476,175 |
| Braze, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,798) | | (833,981) | | (704,947) | | 121,577 |
| CCC Intelligent Solutions Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (260,000) | | (2,841,952) | | (2,873,000) | | (56,332) |
| Cipher Mining, Inc. | | USFF -0.259% | | Weekly | | MS | | 07/16/29 | | (200,491) | | (644,288) | | (775,900) | | (139,209) |
| Cleanspark, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (84,927) | | (1,140,730) | | (793,218) | | 335,620 |
| Confluent, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (132,181) | | (2,684,427) | | (2,693,849) | | (33,307) |
| Couchbase, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,793) | | (71,330) | | (77,263) | | (6,618) |
| DigitalOcean Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,884) | | (172,397) | | (197,265) | | (27,718) |
| Dolby Laboratories, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,731) | | (422,834) | | (438,593) | | (19,565) |
| DoubleVerify Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,204) | | (381,823) | | (154,995) | | 223,386 |
| Elastic NV (Netherlands) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,208) | | (1,057,796) | | (1,090,606) | | (42,253) |
| Enfusion, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (16,496) | | (144,054) | | (156,547) | | (13,824) |
| Fair Isaac Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (685) | | (1,314,379) | | (1,331,311) | | (28,654) |
| Fastly, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (115,627) | | (1,178,785) | | (875,296) | | 292,971 |
| Five9, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (84,890) | | (3,779,605) | | (2,438,890) | | 1,307,106 |
| Freshworks, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (28,311) | | (358,865) | | (325,010) | | 30,617 |
| Globant SA (Luxembourg) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,293) | | (1,071,916) | | (1,048,755) | | 13,878 |
| JFrog Ltd. (Israel) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (18,506) | | (495,062) | | (537,414) | | (46,800) |
| Lightspeed Commerce, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (67,718) | | (1,619,012) | | (1,116,670) | | 486,300 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| Manhattan Associates, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,378) | | $(342,740) | | $(387,742) | | $(48,578) |
| Olo, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (66,033) | | (464,823) | | (327,524) | | 133,034 |
| Open Text Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,175) | | (95,323) | | (72,384) | | 20,382 |
| PagerDuty, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (33,540) | | (680,981) | | (622,167) | | 52,717 |
| Perficient, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,005) | | (751,533) | | (755,177) | | (10,379) |
| SentinelOne, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,912) | | (206,261) | | (213,175) | | (9,847) |
| Shopify, Inc., Class A (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,030) | | (321,429) | | (322,964) | | (4,441) |
| Snowflake, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,418) | | (2,804,278) | | (2,460,071) | | 314,373 |
| Sprinklr, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,537) | | (319,625) | | (181,941) | | 134,794 |
| Sprout Social, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (20,045) | | (794,194) | | (582,708) | | 204,382 |
| SPS Commerce, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,237) | | (259,790) | | (240,188) | | 18,132 |
| Squarespace, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,715) | | (426,389) | | (451,067) | | (28,900) |
| Terawulf, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (180,396) | | (666,696) | | (844,253) | | (192,882) |
| UiPath, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,931) | | (231,547) | | (242,317) | | (13,106) |
| Workiva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,919) | | (445,577) | | (389,191) | | 52,562 |
| Zscaler, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,383) | | (2,317,318) | | (2,458,630) | | (166,061) |
| | | | | | | | | | | (1,681,653) | | (38,627,315) | | (34,678,052) | | 3,576,310 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Advanced Energy Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (11,190) | | (1,255,553) | | (1,177,636) | | 62,534 |
| Belden, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,298) | | (226,296) | | (269,165) | | (45,364) |
| Calix, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (10,288) | | (429,008) | | (399,072) | | 26,076 |
| CDW Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,746) | | (1,078,600) | | (1,074,020) | | (5,944) |
| Ciena Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (55,692) | | (3,053,565) | | (3,430,070) | | (403,668) |
| Cognex Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (58,114) | | (2,424,740) | | (2,353,617) | | 43,106 |
| Corning, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (50,158) | | (2,047,932) | | (2,264,634) | | (263,312) |
| Corsair Gaming, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,236) | | (155,404) | | (126,923) | | 27,050 |
| Crane NXT Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,385) | | (936,368) | | (863,099) | | 61,365 |
| Extreme Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (66,050) | | (917,981) | | (992,732) | | (83,233) |
| Harmonic, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (38,754) | | (429,376) | | (564,646) | | (139,825) |
| IonQ, Inc. | | USFF -2.730% | | Weekly | | MS | | 01/12/29 | | (62,056) | | (516,184) | | (542,369) | | (36,907) |
| Keysight Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,208) | | (1,090,823) | | (1,145,567) | | (64,481) |
| Lumentum Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (7,469) | | (451,562) | | (473,385) | | (28,415) |
| OSI Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,114) | | (1,134,734) | | (1,231,949) | | (107,341) |
| TD SYNNEX Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,992) | | (579,583) | | (599,439) | | (25,162) |
| TTM Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (20,131) | | (386,733) | | (367,391) | | 15,814 |
| Ubiquiti, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (889) | | (261,502) | | (197,109) | | 59,722 |
| Viasat, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (14,996) | | (658,126) | | (179,052) | | 473,179 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Technology Hardware & Equipment
— (continued) | | | | | | | | | | | | | | |
| Viavi Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,508) | | $(91,909) | | $(76,742) | | $14,975 |
| Vishay Intertechnology, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (125,694) | | (2,750,733) | | (2,376,874) | | 326,610 |
| | | | | | | | | | | (590,968) | | (20,876,712) | | (20,705,491) | | (93,221) |
| Telecommunication Services | | | | | | | | | | | | | | |
| Cogent Communications Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,979) | | (442,158) | | (453,926) | | (39,184) |
| Frontier Communications Parent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (10,311) | | (299,744) | | (366,350) | | (69,319) |
| Globalstar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (135,145) | | (170,662) | | (167,580) | | 1,385 |
| Gogo, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (172) | | (3,059) | | (1,235) | | 1,745 |
| Rogers Communications, Inc., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,934) | | (134,915) | | (117,976) | | 12,699 |
| Shenandoah Telecommunications Co. | | USFF -0.250% | | Weekly | | MS | | 07/23/25 | | (14,163) | | (370,497) | | (199,840) | | 106,080 |
| | | | | | | | | | | (168,704) | | (1,421,035) | | (1,306,907) | | 13,406 |
| Transportation | | | | | | | | | | | | | | |
| Air Transport Services Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (47,630) | | (1,013,208) | | (771,130) | | 232,654 |
| Allegiant Travel Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (21,226) | | (1,279,155) | | (1,168,704) | | 89,918 |
| ArcBest Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,669) | | (559,514) | | (506,353) | | 47,582 |
| Canadian National Railway Co. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,391) | | (514,270) | | (514,406) | | (9,981) |
| CH Robinson Worldwide, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,972) | | (201,231) | | (217,650) | | (19,479) |
| Expeditors International of Washington, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,965) | | (753,751) | | (783,801) | | (36,575) |
| Frontier Group Holdings, Inc. | | USFF -0.258% | | Weekly | | MS | | 01/12/29 | | (68,238) | | (285,538) | | (365,073) | | (84,332) |
| JetBlue Airways Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (151,922) | | (785,049) | | (996,608) | | (228,597) |
| Joby Aviation, Inc. | | USFF -4.530% | | Weekly | | MS | | 01/12/29 | | (43,086) | | (211,986) | | (216,723) | | (7,219) |
| Kirby Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,469) | | (1,375,175) | | (1,404,150) | | (41,236) |
| Knight-Swift Transportation Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,284) | | (500,674) | | (554,822) | | (62,689) |
| Matson, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,537) | | (327,807) | | (361,827) | | (40,467) |
| Norfolk Southern Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,982) | | (499,717) | | (492,527) | | (4,452) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Transportation — (continued) | | | | | | | | | | | | | | |
| RXO, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (36,866) | | $(913,920) | | $(1,032,248) | | $(126,494) |
| Saia, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,400) | | (3,796,687) | | (4,110,244) | | (347,317) |
| Schneider National, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,241) | | (392,852) | | (406,438) | | (24,945) |
| Southwest Airlines Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (23,008) | | (824,998) | | (681,727) | | 111,802 |
| Sun Country Airlines Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (13,965) | | (279,501) | | (156,548) | | 121,373 |
| TFI International, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,907) | | (1,034,390) | | (945,499) | | 76,893 |
| United Parcel Service, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,867) | | (662,678) | | (663,567) | | (12,373) |
| | | | | | | | | | | (484,625) | | (16,212,101) | | (16,350,045) | | (365,934) |
| Utilities | | | | | | | | | | | | | | |
| AES Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (62,964) | | (1,144,873) | | (1,263,058) | | (156,955) |
| Algonquin Power & Utilities Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (416,058) | | (2,613,800) | | (2,267,516) | | 219,033 |
| Alliant Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (17,699) | | (904,665) | | (1,074,152) | | (208,719) |
| Ameren Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (16,637) | | (1,206,555) | | (1,455,072) | | (288,039) |
| American States Water Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,450) | | (402,052) | | (453,931) | | (59,343) |
| Avista Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,094) | | (502,836) | | (507,393) | | (11,658) |
| California Water Service Group | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (8,790) | | (479,190) | | (476,594) | | (13,627) |
| Chesapeake Utilities Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,712) | | (701,083) | | (833,429) | | (148,549) |
| Clearway Energy, Inc., Class C | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (43,036) | | (1,083,367) | | (1,320,344) | | (275,048) |
| Consolidated Edison, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,778) | | (174,491) | | (185,143) | | (15,212) |
| DTE Energy Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,613) | | (1,158,247) | | (1,234,405) | | (96,299) |
| Duke Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,686) | | (197,296) | | (194,396) | | 4,313 |
| Edison International | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,714) | | (1,112,012) | | (1,194,352) | | (92,265) |
| Entergy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,826) | | (2,748,297) | | (3,135,740) | | (432,512) |
| Essential Utilities, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (492) | | (18,850) | | (18,976) | | (346) |
| Evergy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (21,659) | | (1,242,162) | | (1,343,075) | | (177,717) |
| Exelon Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (10,884) | | (422,539) | | (441,346) | | (40,184) |
| FirstEnergy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (43,972) | | (1,884,301) | | (1,950,158) | | (120,757) |
| Fortis, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,787) | | (580,918) | | (626,481) | | (56,958) |
| Hawaiian Electric Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,920) | | (122,097) | | (115,386) | | 5,576 |
| IDACORP, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (8,692) | | (877,811) | | (896,058) | | (57,357) |
| MGE Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,906) | | (640,417) | | (723,004) | | (93,910) |
| Middlesex Water Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,786) | | (343,623) | | (312,239) | | 21,855 |
| Montauk Renewables, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,641) | | (12,110) | | (13,760) | | (1,809) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ABSOLUTE RETURN FUND
Portfolio of Investments (Concluded)
September 30, 2024
Total Return Swaps (concluded)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Utilities — (continued) | | | | | | | | | | | | | | |
| New Jersey Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,482) | | $(881,296) | | $(919,550) | | $(56,488) |
| NextEra Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,883) | | (1,355,154) | | (1,511,650) | | (175,592) |
| NiSource, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (16,724) | | (456,499) | | (579,487) | | (156,827) |
| Northwest Natural Holding Co. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (19,909) | | (887,063) | | (812,685) | | 21,264 |
| Northwestern Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (6,355) | | (396,745) | | (363,633) | | (19,032) |
| OGE Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (32,804) | | (1,296,174) | | (1,345,620) | | (61,005) |
| ONE Gas, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,205) | | (1,185,844) | | (1,354,816) | | (190,324) |
| Ormat Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (19,664) | | (1,566,099) | | (1,512,948) | | 29,512 |
| PNM Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (21,206) | | (888,962) | | (928,187) | | (72,573) |
| Portland General Electric Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (21,159) | | (956,634) | | (1,013,516) | | (106,670) |
| ReNew Energy Global PLC, Class A (United Kingdom) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (7,462) | | (46,461) | | (46,936) | | (939) |
| Sempra | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (22,869) | | (1,793,292) | | (1,912,534) | | (190,449) |
| SJW Group | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,327) | | (352,300) | | (367,662) | | (22,253) |
| Sunnova Energy International, Inc. | | USFF -0.680% | | Weekly | | MS | | 07/11/28 | | (28,059) | | (438,971) | | (273,295) | | 160,857 |
| WEC Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,533) | | (671,611) | | (724,524) | | (65,353) |
| Xcel Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,105) | | (1,164,421) | | (1,378,156) | | (247,235) |
| | | | | | | | | | | (1,054,542) | | (34,911,118) | | (37,081,207) | | (3,249,594) |
|
|
| Total Reference Entity — Short | | | | | | (499,000,448) | | (470,548,099) | | 21,227,245 |
| Net Value of Reference Entity | | | | | | $(331,579,633) | | $(274,073,540) | | $61,485,738 |
| * | Includes $3,979,645 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 50.1% |
| Automobiles & Components — 0.7% |
| American Axle & Manufacturing Holdings, Inc.* | 362 | | $ 2,237 |
| Aptiv PLC (Jersey)* | 596 | | 42,918 |
| BorgWarner, Inc.(a) | 4,198 | | 152,345 |
| Dana, Inc. | 11,616 | | 122,665 |
| General Motors Co.(a) | 16,046 | | 719,503 |
| Gentherm, Inc.* | 52 | | 2,420 |
| LCI Industries | 1,259 | | 151,760 |
| Lear Corp.(a) | 3,571 | | 389,775 |
| Magna International, Inc. (Canada) | 1,144 | | 46,950 |
| Phinia, Inc. | 131 | | 6,030 |
| Visteon Corp.(a)* | 3,239 | | 308,482 |
| | | | 1,945,085 |
| Capital Goods — 6.0% |
| 3M Co.(a) | 4,364 | | 596,559 |
| Acuity Brands, Inc. | 79 | | 21,756 |
| American Superconductor Corp.* | 73 | | 1,723 |
| AMETEK, Inc. | 173 | | 29,706 |
| Apogee Enterprises, Inc. | 59 | | 4,131 |
| Array Technologies, Inc.* | 5,016 | | 33,106 |
| AZEK Co., Inc. (The)* | 1,139 | | 53,305 |
| AZZ, Inc. | 127 | | 10,491 |
| Blue Bird Corp.* | 312 | | 14,964 |
| Boise Cascade Co. | 125 | | 17,622 |
| Carlisle Cos., Inc.(a) | 758 | | 340,910 |
| Caterpillar, Inc.(a) | 140 | | 54,757 |
| Comfort Systems USA, Inc. | 55 | | 21,469 |
| Core & Main, Inc., Class A* | 309 | | 13,720 |
| Crane Co. | 458 | | 72,492 |
| Cummins, Inc.(a) | 501 | | 162,219 |
| Curtiss-Wright Corp. | 51 | | 16,763 |
| Deere & Co. | 547 | | 228,279 |
| Donaldson Co., Inc. | 2,233 | | 164,572 |
| Douglas Dynamics, Inc. | 82 | | 2,262 |
| Dover Corp.(a) | 1,627 | | 311,961 |
| Ducommun, Inc.* | 7 | | 461 |
| EMCOR Group, Inc.(a) | 501 | | 215,696 |
| Energy Recovery, Inc.* | 20 | | 348 |
| Enerpac Tool Group Corp. | 688 | | 28,820 |
| EnerSys(a) | 132 | | 13,471 |
| Esab Corp. | 695 | | 73,885 |
| Fastenal Co.(a) | 399 | | 28,497 |
| Federal Signal Corp. | 1,509 | | 141,031 |
| Flowserve Corp. | 1,020 | | 52,724 |
| Fluence Energy, Inc.* | 1,732 | | 39,334 |
| Fluor Corp.* | 1,003 | | 47,853 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Gates Industrial Corp. PLC (United Kingdom)* | 1,189 | | $ 20,867 |
| GE Vernova, Inc.(a)* | 898 | | 228,972 |
| Generac Holdings, Inc.(a)* | 1,927 | | 306,162 |
| General Dynamics Corp.(a) | 533 | | 161,073 |
| General Electric Co.(a) | 9,472 | | 1,786,230 |
| Gibraltar Industries, Inc.* | 897 | | 62,727 |
| Gorman-Rupp Co. (The) | 122 | | 4,752 |
| Granite Construction, Inc. | 970 | | 76,902 |
| Griffon Corp.(a) | 2,614 | | 182,980 |
| Hayward Holdings, Inc.* | 10,635 | | 163,141 |
| Herc Holdings, Inc. | 643 | | 102,513 |
| Hexcel Corp. | 1,742 | | 107,708 |
| Hillman Solutions Corp.* | 3,282 | | 34,658 |
| Honeywell International, Inc. | 722 | | 149,245 |
| Howmet Aerospace, Inc.(a) | 4,929 | | 494,132 |
| Illinois Tool Works, Inc.(a) | 649 | | 170,083 |
| ITT, Inc. | 175 | | 26,164 |
| Johnson Controls International PLC (Ireland) | 2,679 | | 207,917 |
| Kennametal, Inc. | 4,269 | | 110,695 |
| Kratos Defense & Security Solutions, Inc.* | 1,861 | | 43,361 |
| Lincoln Electric Holdings, Inc.(a) | 686 | | 131,726 |
| Lockheed Martin Corp.(a) | 1,225 | | 716,086 |
| Masco Corp.(a) | 3,979 | | 333,997 |
| MasTec, Inc.(a)* | 6,567 | | 808,398 |
| MDU Resources Group, Inc.(a) | 10,410 | | 285,338 |
| Middleby Corp. (The)(a)* | 3,234 | | 449,946 |
| MRC Global, Inc.* | 2,454 | | 31,264 |
| MSC Industrial Direct Co., Inc., Class A(a) | 1,375 | | 118,332 |
| Mueller Water Products, Inc., Class A | 5,199 | | 112,818 |
| Northrop Grumman Corp.(a) | 294 | | 155,253 |
| NuScale Power Corp.* | 3,568 | | 41,317 |
| nVent Electric PLC (Ireland) | 2,943 | | 206,775 |
| Otis Worldwide Corp.(a) | 3,544 | | 368,363 |
| Parker-Hannifin Corp.(a) | 677 | | 427,742 |
| Pentair PLC (Ireland) | 1,826 | | 178,565 |
| Powell Industries, Inc.(a) | 2,693 | | 597,819 |
| Proto Labs, Inc.* | 184 | | 5,404 |
| Quanta Services, Inc.(a) | 1,155 | | 344,363 |
| RBC Bearings, Inc.* | 116 | | 34,728 |
| Regal Rexnord Corp.(a) | 2,444 | | 405,411 |
| Resideo Technologies, Inc.* | 2,194 | | 44,187 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Rocket Lab USA, Inc.* | 21,590 | | $ 210,071 |
| Rockwell Automation, Inc. | 524 | | 140,673 |
| Shoals Technologies Group, Inc., Class A* | 1,011 | | 5,672 |
| Snap-on, Inc.(a) | 1,256 | | 363,876 |
| SPX Technologies, Inc.* | 232 | | 36,995 |
| Stanley Black & Decker, Inc.(a) | 3,449 | | 379,838 |
| Sterling Infrastructure, Inc.(a)* | 478 | | 69,320 |
| Tennant Co. | 866 | | 83,171 |
| Textron, Inc. | 4 | | 354 |
| Thermon Group Holdings, Inc.* | 42 | | 1,253 |
| Toro Co. (The) | 436 | | 37,814 |
| Trane Technologies PLC (Ireland) | 1,153 | | 448,206 |
| Tutor Perini Corp.* | 3,638 | | 98,808 |
| United Rentals, Inc. | 254 | | 205,671 |
| Valmont Industries, Inc.(a) | 1,024 | | 296,909 |
| Watsco, Inc.(a) | 151 | | 74,274 |
| Woodward, Inc.(a) | 747 | | 128,118 |
| WW Grainger, Inc.(a) | 330 | | 342,807 |
| Xylem, Inc.(a) | 1,474 | | 199,034 |
| Zurn Elkay Water Solutions Corp.(a) | 6,197 | | 222,720 |
| | | | 16,398,585 |
| Commercial & Professional Services — 1.4% |
| Amentum Holdings, Inc.(a)* | 2,960 | | 95,460 |
| Automatic Data Processing, Inc. | 21 | | 5,811 |
| BrightView Holdings, Inc.* | 1,726 | | 27,167 |
| Brink's Co. (The) | 82 | | 9,482 |
| Broadridge Financial Solutions, Inc. | 119 | | 25,589 |
| Cimpress PLC (Ireland)* | 165 | | 13,517 |
| Cintas Corp.(a) | 1,200 | | 247,056 |
| Copart, Inc.* | 1,375 | | 72,050 |
| CoreCivic, Inc.* | 228 | | 2,884 |
| Dun & Bradstreet Holdings, Inc. | 5,387 | | 62,004 |
| Enviri Corp.* | 698 | | 7,217 |
| FTI Consulting, Inc.* | 162 | | 36,865 |
| Heidrick & Struggles International, Inc. | 25 | | 971 |
| HNI Corp. | 681 | | 36,665 |
| ICF International, Inc. | 440 | | 73,388 |
| Jacobs Solutions, Inc.(a) | 3,135 | | 410,371 |
| KBR, Inc. | 1,645 | | 107,139 |
| Kforce, Inc. | 93 | | 5,715 |
| Korn Ferry | 2,283 | | 171,773 |
| Leidos Holdings, Inc.(a) | 3,468 | | 565,284 |
| ManpowerGroup, Inc. | 1,895 | | 139,320 |
| Maximus, Inc. | 924 | | 86,080 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Commercial & Professional Services — (Continued) |
| MSA Safety, Inc. | 218 | | $ 38,660 |
| OPENLANE, Inc.* | 2,894 | | 48,851 |
| Parsons Corp.* | 1,700 | | 176,256 |
| Pitney Bowes, Inc. | 167 | | 1,191 |
| RB Global, Inc. (Canada) | 2,680 | | 215,713 |
| Republic Services, Inc.(a) | 1,383 | | 277,762 |
| Steelcase, Inc., Class A | 5,841 | | 78,795 |
| TaskUS, Inc., Class A* | 116 | | 1,499 |
| Tetra Tech, Inc.(a) | 2,422 | | 114,222 |
| UniFirst Corp. | 325 | | 64,561 |
| Veralto Corp.(a) | 4,551 | | 509,075 |
| WNS Holdings Ltd. (Jersey)* | 100 | | 5,271 |
| | | | 3,733,664 |
| Consumer Discretionary Distribution & Retail — 2.1% |
| Abercrombie & Fitch Co., Class A* | 240 | | 33,576 |
| Amazon.com, Inc.(a)* | 2,524 | | 470,297 |
| Bath & Body Works, Inc. | 585 | | 18,673 |
| Best Buy Co., Inc. | 34 | | 3,512 |
| Carvana Co.(a)* | 3,509 | | 610,952 |
| Chewy, Inc., Class A(a)* | 11,088 | | 324,768 |
| eBay, Inc.(a) | 7,374 | | 480,121 |
| Etsy, Inc.(a)* | 3,380 | | 187,692 |
| Foot Locker, Inc. | 6,149 | | 158,890 |
| Gap, Inc. (The)(a) | 22,903 | | 505,011 |
| Home Depot, Inc. (The)(a) | 649 | | 262,975 |
| Kohl's Corp.(a) | 22,981 | | 484,899 |
| LKQ Corp. | 815 | | 32,535 |
| Lowe's Cos., Inc.(a) | 1,731 | | 468,841 |
| Monro, Inc. | 1,680 | | 48,485 |
| Nordstrom, Inc.(a) | 18,277 | | 411,050 |
| ODP Corp. (The)(a)* | 2,959 | | 88,030 |
| Pool Corp.(a) | 103 | | 38,810 |
| Ross Stores, Inc.(a) | 3,071 | | 462,216 |
| Shoe Carnival, Inc. | 652 | | 28,590 |
| Signet Jewelers Ltd. (Bermuda) | 503 | | 51,880 |
| TJX Cos., Inc. (The)(a) | 1,060 | | 124,592 |
| Ulta Beauty, Inc.(a)* | 817 | | 317,911 |
| Williams-Sonoma, Inc.(a) | 1,126 | | 174,440 |
| | | | 5,788,746 |
| Consumer Durables & Apparel — 1.5% |
| Acushnet Holdings Corp. | 922 | | 58,778 |
| Deckers Outdoor Corp.(a)* | 1,169 | | 186,397 |
| DR Horton, Inc. | 782 | | 149,182 |
| Garmin Ltd. (Switzerland) | 1,616 | | 284,465 |
| Hasbro, Inc.(a) | 4,363 | | 315,532 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Durables & Apparel — (Continued) |
| Lululemon Athletica, Inc.(a)* | 788 | | $ 213,824 |
| Mattel, Inc.(a)* | 11,140 | | 212,217 |
| Mohawk Industries, Inc.(a)* | 2,428 | | 390,131 |
| Newell Brands, Inc. | 5,141 | | 39,483 |
| NIKE, Inc., Class B(a) | 593 | | 52,421 |
| NVR, Inc.(a)* | 38 | | 372,848 |
| Peloton Interactive, Inc., Class A(a)* | 68,022 | | 318,343 |
| PulteGroup, Inc.(a) | 1,853 | | 265,961 |
| PVH Corp.(a) | 1,784 | | 179,881 |
| Ralph Lauren Corp.(a) | 1,150 | | 222,951 |
| Skechers USA, Inc., Class A* | 2,299 | | 153,849 |
| Sonos, Inc.* | 14,399 | | 176,964 |
| Tapestry, Inc.(a) | 2,029 | | 95,322 |
| Tempur Sealy International, Inc. | 753 | | 41,114 |
| TopBuild Corp.* | 45 | | 18,306 |
| Under Armour, Inc., Class C* | 19,591 | | 163,781 |
| Vista Outdoor, Inc.* | 1,073 | | 42,040 |
| Worthington Enterprises, Inc. | 4,883 | | 202,400 |
| | | | 4,156,190 |
| Consumer Services — 1.5% |
| ADT, Inc. | 885 | | 6,399 |
| Aramark | 768 | | 29,745 |
| BJ's Restaurants, Inc.* | 76 | | 2,475 |
| Booking Holdings, Inc.(a) | 9 | | 37,909 |
| Bright Horizons Family Solutions, Inc.* | 126 | | 17,656 |
| Brinker International, Inc.* | 85 | | 6,505 |
| Cracker Barrel Old Country Store, Inc. | 1,760 | | 79,816 |
| Darden Restaurants, Inc. | 333 | | 54,655 |
| Domino's Pizza, Inc. | 253 | | 108,825 |
| DoorDash, Inc., Class A* | 375 | | 53,524 |
| DraftKings, Inc., Class A* | 255 | | 9,996 |
| Frontdoor, Inc.(a)* | 3,346 | | 160,575 |
| Hyatt Hotels Corp., Class A | 506 | | 77,013 |
| International Game Technology PLC (United Kingdom) | 2,170 | | 46,221 |
| Jack in the Box, Inc. | 1,543 | | 71,811 |
| Las Vegas Sands Corp.(a) | 5,255 | | 264,537 |
| Life Time Group Holdings, Inc.* | 5,617 | | 137,167 |
| Marriott International, Inc., Class A(a) | 1,507 | | 374,640 |
| McDonald's Corp.(a) | 1,202 | | 366,021 |
| Papa John's International, Inc. | 1,827 | | 98,420 |
| Perdoceo Education Corp. | 15 | | 334 |
| Royal Caribbean Cruises Ltd. (Liberia) | 1,996 | | 354,011 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| Rush Street Interactive, Inc.* | 23,363 | | $ 253,489 |
| Strategic Education, Inc. | 751 | | 69,505 |
| Stride, Inc.* | 511 | | 43,593 |
| Sweetgreen, Inc., Class A* | 7,646 | | 271,051 |
| Target Hospitality Corp.* | 17 | | 132 |
| Texas Roadhouse, Inc.(a) | 822 | | 145,165 |
| Universal Technical Institute, Inc.* | 97 | | 1,577 |
| Vail Resorts, Inc.(a) | 588 | | 102,483 |
| Wynn Resorts Ltd.(a) | 3,364 | | 322,540 |
| Yum! Brands, Inc.(a) | 2,931 | | 409,490 |
| | | | 3,977,280 |
| Consumer Staples Distribution & Retail — 1.0% |
| Albertsons Cos., Inc., Class A | 1,857 | | 34,317 |
| Costco Wholesale Corp.(a) | 303 | | 268,616 |
| Dollar General Corp.(a) | 2,779 | | 235,020 |
| Dollar Tree, Inc.* | 1,242 | | 87,337 |
| Fresh Market Holdings, Inc. (The), Escrow Shares(b)* | 45,368 | | — |
| Kroger Co. (The)(a) | 2,334 | | 133,738 |
| Natural Grocers by Vitamin Cottage, Inc. | 7 | | 208 |
| Sysco Corp.(a) | 3,878 | | 302,717 |
| Target Corp.(a) | 6,832 | | 1,064,836 |
| US Foods Holding Corp.* | 57 | | 3,505 |
| Walgreens Boots Alliance, Inc. | 12,081 | | 108,246 |
| Walmart, Inc.(a) | 6,964 | | 562,343 |
| | | | 2,800,883 |
| Energy — 3.2% |
| Antero Resources Corp.* | 341 | | 9,770 |
| Archrock, Inc. | 354 | | 7,165 |
| Baker Hughes Co.(a) | 369 | | 13,339 |
| Borr Drilling Ltd. (Bermuda) | 9,801 | | 53,807 |
| Cameco Corp. (Canada) | 869 | | 41,503 |
| Canadian Natural Resources Ltd. (Canada) | 10,262 | | 340,801 |
| Cenovus Energy, Inc. (Canada) | 4,537 | | 75,904 |
| ChampionX Corp. | 2,062 | | 62,169 |
| Chevron Corp.(a) | 3,965 | | 583,926 |
| ConocoPhillips | 2,557 | | 269,201 |
| Coterra Energy, Inc. | 8,403 | | 201,252 |
| Devon Energy Corp.(a) | 18,328 | | 716,991 |
| Diamondback Energy, Inc.(a) | 2,006 | | 345,834 |
| Dorian LPG Ltd. (Marshall Islands) | 12,274 | | 422,471 |
| DT Midstream, Inc. | 971 | | 76,379 |
| EOG Resources, Inc.(a) | 4,311 | | 529,951 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Energy — (Continued) |
| FLEX LNG Ltd. (Bermuda) | 169 | | $ 4,299 |
| Hafnia Ltd. (Bermuda) | 742 | | 5,313 |
| Halliburton Co. | 6,974 | | 202,595 |
| Helix Energy Solutions Group, Inc.* | 9,680 | | 107,448 |
| Helmerich & Payne, Inc.(a) | 3,806 | | 115,778 |
| Hess Corp. | 702 | | 95,332 |
| Imperial Oil Ltd. (Canada) | 1,025 | | 72,211 |
| Kinder Morgan, Inc.(a) | 16,774 | | 370,538 |
| Liberty Energy, Inc. | 33 | | 630 |
| Marathon Oil Corp.(a) | 23,042 | | 613,608 |
| Marathon Petroleum Corp. | 313 | | 50,991 |
| Murphy Oil Corp.(a) | 16,818 | | 567,439 |
| Nabors Industries Ltd. (Bermuda)* | 2,294 | | 147,894 |
| Noble Corp. PLC (United Kingdom) | 1,254 | | 45,320 |
| Occidental Petroleum Corp.(a) | 12,396 | | 638,890 |
| Oceaneering International, Inc.* | 286 | | 7,113 |
| Okeanis Eco Tankers Corp. (Marshall Islands) | 6 | | 196 |
| Ovintiv, Inc. | 5,560 | | 213,004 |
| Phillips 66(a) | 1,749 | | 229,906 |
| Precision Drilling Corp. (Canada)* | 15 | | 925 |
| RPC, Inc. | 7,166 | | 45,576 |
| SM Energy Co.(a) | 9,257 | | 370,002 |
| Suncor Energy, Inc. (Canada) | 6,153 | | 227,169 |
| TechnipFMC PLC (United Kingdom) | 14,642 | | 384,060 |
| Valero Energy Corp.(a) | 4,269 | | 576,443 |
| | | | 8,843,143 |
| Financial Services — 2.4% |
| Affirm Holdings, Inc.* | 431 | | 17,593 |
| Berkshire Hathaway, Inc., Class B(a)* | 2,436 | | 1,121,193 |
| Block, Inc.(a)* | 3,830 | | 257,108 |
| Cboe Global Markets, Inc. | 650 | | 133,166 |
| CME Group, Inc.(a) | 1,212 | | 267,428 |
| Corpay, Inc.* | 197 | | 61,614 |
| Euronet Worldwide, Inc.* | 1,841 | | 182,682 |
| Fiserv, Inc.(a)* | 5,650 | | 1,015,023 |
| Franklin Resources, Inc.(a) | 4,707 | | 94,846 |
| Global Payments, Inc. | 1,024 | | 104,878 |
| Intercontinental Exchange, Inc.(a) | 1,993 | | 320,156 |
| Jack Henry & Associates, Inc. | 976 | | 172,303 |
| Mastercard, Inc., Class A(a) | 773 | | 381,707 |
| Morningstar, Inc. | 644 | | 205,513 |
| Nasdaq, Inc. | 2,499 | | 182,452 |
| Payoneer Global, Inc.* | 22,945 | | 172,776 |
| PayPal Holdings, Inc.(a)* | 12,097 | | 943,929 |
| S&P Global, Inc. | 235 | | 121,406 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Financial Services — (Continued) |
| T Rowe Price Group, Inc.(a) | 2,867 | | $ 312,302 |
| Visa, Inc., Class A(a) | 2,222 | | 610,939 |
| | | | 6,679,014 |
| Food, Beverage & Tobacco — 2.2% |
| Altria Group, Inc.(a) | 10,590 | | 540,514 |
| B&G Foods, Inc. | 873 | | 7,752 |
| Brown-Forman Corp., Class B | 186 | | 9,151 |
| Celsius Holdings, Inc.* | 4,168 | | 130,708 |
| Coca-Cola Co. (The)(a) | 7,085 | | 509,128 |
| Conagra Brands, Inc. | 2,495 | | 81,137 |
| General Mills, Inc.(a) | 335 | | 24,740 |
| Hain Celestial Group, Inc. (The)* | 2,456 | | 21,195 |
| Ingredion, Inc.(a) | 2,120 | | 291,352 |
| Kellanova(a) | 8,108 | | 654,397 |
| Keurig Dr Pepper, Inc.(a) | 13,790 | | 516,849 |
| Kraft Heinz Co. (The)(a) | 15,675 | | 550,349 |
| Lancaster Colony Corp. | 585 | | 103,293 |
| McCormick & Co., Inc., non-voting shares(a) | 1,085 | | 89,296 |
| MGP Ingredients, Inc. | 193 | | 16,067 |
| Mission Produce, Inc.* | 15 | | 192 |
| Molson Coors Beverage Co., Class B | 2,523 | | 145,123 |
| Mondelez International, Inc., Class A(a) | 4,455 | | 328,200 |
| PepsiCo, Inc.(a) | 1,890 | | 321,394 |
| Philip Morris International, Inc.(a) | 2,261 | | 274,485 |
| Pilgrim's Pride Corp.* | 4,854 | | 223,527 |
| Post Holdings, Inc.* | 1,467 | | 169,805 |
| Primo Water Corp. (Canada) | 6,784 | | 171,296 |
| Simply Good Foods Co. (The)* | 3,854 | | 134,004 |
| SunOpta, Inc. (Canada)* | 4,789 | | 30,554 |
| Tyson Foods, Inc., Class A(a) | 5,610 | | 334,132 |
| Utz Brands, Inc. | 4,247 | | 75,172 |
| Vita Coco Co., Inc. (The)* | 3,386 | | 95,858 |
| Vital Farms, Inc.* | 4,065 | | 142,560 |
| | | | 5,992,230 |
| Health Care Equipment & Services — 3.5% |
| Astrana Health, Inc.* | 149 | | 8,633 |
| Avanos Medical, Inc.* | 318 | | 7,642 |
| Becton Dickinson & Co. | 185 | | 44,603 |
| Cencora, Inc. | 777 | | 174,887 |
| Centene Corp.(a)* | 3,046 | | 229,303 |
| Cigna Group (The)(a) | 875 | | 303,135 |
| Community Health Systems, Inc.* | 3,854 | | 23,394 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| CVS Health Corp.(a) | 660 | | $ 41,501 |
| DaVita, Inc.(a)* | 2,009 | | 329,335 |
| DENTSPLY SIRONA, Inc. | 6,696 | | 181,194 |
| Elevance Health, Inc.(a) | 717 | | 372,840 |
| Envista Holdings Corp.(a)* | 17,300 | | 341,848 |
| GE HealthCare Technologies, Inc.(a) | 4,712 | | 442,221 |
| GeneDx Holdings Corp.* | 1,373 | | 58,270 |
| Guardant Health, Inc.(a)* | 3,751 | | 86,048 |
| HCA Healthcare, Inc.(a) | 921 | | 374,322 |
| HealthEquity, Inc.* | 1,287 | | 105,341 |
| HealthStream, Inc. | 19 | | 548 |
| Hologic, Inc.(a)* | 6,495 | | 529,083 |
| Humana, Inc.(a) | 1,192 | | 377,554 |
| ICU Medical, Inc.(a)* | 1,756 | | 319,978 |
| LivaNova PLC (United Kingdom)* | 1,341 | | 70,456 |
| Masimo Corp.(a)* | 3,301 | | 440,122 |
| McKesson Corp. | 363 | | 179,474 |
| Medtronic PLC (Ireland) | 7,171 | | 645,605 |
| Merit Medical Systems, Inc.* | 702 | | 69,379 |
| Molina Healthcare, Inc.(a)* | 1,005 | | 346,283 |
| National HealthCare Corp. | 99 | | 12,451 |
| Omnicell, Inc.* | 3,880 | | 169,168 |
| Owens & Minor, Inc.* | 3,811 | | 59,795 |
| Pediatrix Medical Group, Inc.* | 3,711 | | 43,010 |
| Phreesia, Inc.* | 3,176 | | 72,381 |
| PROCEPT BioRobotics Corp.* | 594 | | 47,591 |
| ResMed, Inc.(a) | 3,405 | | 831,229 |
| Simulations Plus, Inc. | 115 | | 3,682 |
| Solventum Corp.(a)* | 1,687 | | 117,618 |
| STERIS PLC (Ireland) | 1,426 | | 345,862 |
| Tandem Diabetes Care, Inc.* | 683 | | 28,966 |
| Tenet Healthcare Corp.(a)* | 3,595 | | 597,489 |
| UnitedHealth Group, Inc.(a) | 279 | | 163,126 |
| Universal Health Services, Inc., Class B(a) | 2,089 | | 478,402 |
| Veeva Systems, Inc., Class A(a)* | 1,660 | | 348,384 |
| Zimmer Biomet Holdings, Inc. | 644 | | 69,520 |
| | | | 9,491,673 |
| Household & Personal Products — 0.7% |
| BellRing Brands, Inc.* | 595 | | 36,128 |
| Central Garden & Pet Co., Class A* | 49 | | 1,539 |
| Colgate-Palmolive Co. | 2,619 | | 271,878 |
| Coty, Inc., Class A* | 3,179 | | 29,851 |
| Estee Lauder Cos., Inc. (The), Class A(a) | 5,380 | | 536,332 |
| Kenvue, Inc.(a) | 2,143 | | 49,568 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Household & Personal Products — (Continued) |
| Kimberly-Clark Corp.(a) | 4,090 | | $ 581,925 |
| Oddity Tech Ltd., Class A (Israel)* | 3,814 | | 154,009 |
| Procter & Gamble Co. (The) | 736 | | 127,475 |
| Reynolds Consumer Products, Inc. | 2,266 | | 70,473 |
| WD-40 Co. | 152 | | 39,198 |
| | | | 1,898,376 |
| Materials — 2.7% |
| Alamos Gold, Inc., Class A (Canada) | 421 | | 8,395 |
| Alcoa Corp. | 1,296 | | 50,000 |
| Alpha Metallurgical Resources, Inc. | 10 | | 2,362 |
| Amcor PLC (Jersey) | 313 | | 3,546 |
| AptarGroup, Inc. | 152 | | 24,349 |
| Ashland, Inc. | 132 | | 11,480 |
| ATI, Inc.* | 137 | | 9,167 |
| Avery Dennison Corp. | 212 | | 46,801 |
| Avient Corp. | 250 | | 12,580 |
| Axalta Coating Systems Ltd. (Bermuda)* | 2,236 | | 80,921 |
| Ball Corp. | 1,522 | | 103,359 |
| Barrick Gold Corp. (Canada) | 7,969 | | 158,503 |
| Cabot Corp. | 661 | | 73,880 |
| Carpenter Technology Corp. | 465 | | 74,205 |
| Celanese Corp.(a) | 51 | | 6,934 |
| Cleveland-Cliffs, Inc.(a)* | 12,123 | | 154,811 |
| Commercial Metals Co. | 469 | | 25,776 |
| Crown Holdings, Inc. | 1,323 | | 126,849 |
| DuPont de Nemours, Inc. | 2,675 | | 238,369 |
| Eastman Chemical Co. | 951 | | 106,464 |
| FMC Corp. | 2,304 | | 151,926 |
| Fortuna Mining Corp. (Canada)* | 63,913 | | 295,917 |
| Freeport-McMoRan, Inc. | 3,666 | | 183,007 |
| Graphic Packaging Holding Co. | 808 | | 23,909 |
| Hawkins, Inc. | 48 | | 6,119 |
| HB Fuller Co. | 667 | | 52,946 |
| Hudbay Minerals, Inc. (Canada) | 47,122 | | 433,051 |
| Innospec, Inc. | 459 | | 51,908 |
| International Flavors & Fragrances, Inc. | 445 | | 46,694 |
| International Paper Co.(a) | 5,065 | | 247,425 |
| Kaiser Aluminum Corp. | 586 | | 42,497 |
| Kinross Gold Corp. (Canada) | 20,514 | | 192,011 |
| Knife River Corp.* | 710 | | 63,467 |
| Kronos Worldwide, Inc. | 1,258 | | 15,662 |
| Linde PLC (Ireland) | 996 | | 474,953 |
| Louisiana-Pacific Corp. | 1,494 | | 160,545 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| LyondellBasell Industries NV, Class A (Netherlands) | 5,332 | | $ 511,339 |
| Martin Marietta Materials, Inc. | 23 | | 12,380 |
| Mativ Holdings, Inc. | 1,081 | | 18,366 |
| Metallus, Inc.* | 151 | | 2,239 |
| Minerals Technologies, Inc. | 1,467 | | 113,296 |
| Mosaic Co. (The) | 1,453 | | 38,911 |
| New Gold, Inc. (Canada)* | 84,037 | | 242,027 |
| NewMarket Corp.(a) | 153 | | 84,439 |
| Newmont Corp. | 3,503 | | 187,235 |
| Nucor Corp. | 900 | | 135,306 |
| Orla Mining Ltd. (Canada)* | 410 | | 1,640 |
| Pan American Silver Corp. (Canada) | 15,011 | | 313,280 |
| PPG Industries, Inc. | 1,612 | | 213,526 |
| Quaker Chemical Corp.(a) | 1,060 | | 178,599 |
| RPM International, Inc.(a) | 966 | | 116,886 |
| Scotts Miracle-Gro Co. (The)(a) | 9,175 | | 795,472 |
| Sealed Air Corp. | 5,797 | | 210,431 |
| Sherwin-Williams Co. (The)(a) | 404 | | 154,195 |
| Silgan Holdings, Inc. | 2,174 | | 114,135 |
| Southern Copper Corp.(a) | 891 | | 103,062 |
| Sylvamo Corp. | 343 | | 29,447 |
| Vulcan Materials Co. | 547 | | 136,985 |
| West Fraser Timber Co. Ltd. (Canada) | 74 | | 7,205 |
| Worthington Steel, Inc. | 48 | | 1,632 |
| | | | 7,482,821 |
| Media & Entertainment — 2.9% |
| Alphabet, Inc., Class A(a) | 10,603 | | 1,758,508 |
| Angi, Inc.* | 36 | | 93 |
| Bumble, Inc., Class A* | 8,756 | | 55,863 |
| Charter Communications, Inc., Class A* | 703 | | 227,828 |
| Cinemark Holdings, Inc.(a)* | 1,778 | | 49,500 |
| Comcast Corp., Class A(a) | 4,877 | | 203,712 |
| Electronic Arts, Inc.(a) | 1,124 | | 161,227 |
| EverQuote, Inc., Class A* | 2,327 | | 49,076 |
| Fox Corp., Class A | 2,892 | | 122,418 |
| IAC, Inc.* | 1,233 | | 66,360 |
| Interpublic Group of Cos., Inc. (The)(a) | 9,896 | | 313,011 |
| Match Group, Inc.* | 3,961 | | 149,884 |
| Meta Platforms, Inc., Class A(a) | 3,314 | | 1,897,066 |
| Netflix, Inc.(a)* | 844 | | 598,624 |
| News Corp., Class A | 8,021 | | 213,599 |
| Omnicom Group, Inc.(a) | 2,016 | | 208,434 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Media & Entertainment — (Continued) |
| Sinclair, Inc. | 1,368 | | $ 20,930 |
| Sirius XM Holdings, Inc. | 6,713 | | 158,763 |
| Sphere Entertainment Co.(a)* | 4,181 | | 184,717 |
| Spotify Technology SA (Luxembourg)* | 1,349 | | 497,147 |
| Thryv Holdings, Inc.* | 22 | | 379 |
| TKO Group Holdings, Inc.(a)* | 2,464 | | 304,821 |
| TripAdvisor, Inc.(a)* | 5,222 | | 75,667 |
| Vimeo, Inc.* | 28,142 | | 142,117 |
| Walt Disney Co. (The)(a) | 4,764 | | 458,249 |
| Yelp, Inc.(a)* | 4,106 | | 144,039 |
| | | | 8,062,032 |
| Pharmaceuticals, Biotechnology & Life Sciences — 3.2% |
| Agilent Technologies, Inc. | 38 | | 5,642 |
| Alkermes PLC (Ireland)* | 693 | | 19,397 |
| Amneal Pharmaceuticals, Inc.* | 126 | | 1,048 |
| Amphastar Pharmaceuticals, Inc.* | 76 | | 3,688 |
| Arcellx, Inc.* | 62 | | 5,178 |
| Ardelyx, Inc.* | 333 | | 2,294 |
| Avid Bioservices, Inc.* | 354 | | 4,029 |
| BioCryst Pharmaceuticals, Inc.* | 251 | | 1,908 |
| Biogen, Inc.* | 662 | | 128,322 |
| BioLife Solutions, Inc.* | 136 | | 3,405 |
| BioMarin Pharmaceutical, Inc.* | 506 | | 35,567 |
| Bio-Rad Laboratories, Inc., Class A* | 58 | | 19,406 |
| Bristol-Myers Squibb Co. | 2,598 | | 134,421 |
| Catalent, Inc.(a)* | 4,568 | | 276,684 |
| Catalyst Pharmaceuticals, Inc.* | 157 | | 3,121 |
| Charles River Laboratories International, Inc.* | 125 | | 24,621 |
| Collegium Pharmaceutical, Inc.* | 2,142 | | 82,767 |
| Elanco Animal Health, Inc.(a)* | 28,665 | | 421,089 |
| Exelixis, Inc.* | 1,524 | | 39,548 |
| Fortrea Holdings, Inc.* | 6,399 | | 127,980 |
| Gilead Sciences, Inc.(a) | 5,962 | | 499,854 |
| Halozyme Therapeutics, Inc.* | 1,667 | | 95,419 |
| Harmony Biosciences Holdings, Inc.(a)* | 7,653 | | 306,120 |
| Illumina, Inc.(a)* | 2,868 | | 374,016 |
| Incyte Corp.(a)* | 1,650 | | 109,065 |
| Indivior PLC (United Kingdom)* | 629 | | 6,133 |
| Innoviva, Inc.* | 188 | | 3,630 |
| Iovance Biotherapeutics, Inc.* | 6,573 | | 61,721 |
| IQVIA Holdings, Inc.(a)* | 1,900 | | 450,243 |
| Jazz Pharmaceuticals PLC (Ireland)* | 635 | | 70,745 |
| Johnson & Johnson(a) | 7,798 | | 1,263,744 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
Pharmaceuticals, Biotechnology & Life Sciences —
(Continued) |
| Kiniksa Pharmaceuticals International PLC (United Kingdom)* | 1,117 | | $ 27,914 |
| Medpace Holdings, Inc.* | 26 | | 8,679 |
| Merck & Co., Inc.(a) | 10,962 | | 1,244,845 |
| Mesa Laboratories, Inc. | 119 | | 15,453 |
| Mettler-Toledo International, Inc.(a)* | 272 | | 407,918 |
| Natera, Inc.* | 314 | | 39,862 |
| Neurocrine Biosciences, Inc.* | 1,322 | | 152,321 |
| Pacira BioSciences, Inc.* | 6,067 | | 91,308 |
| Phibro Animal Health Corp., Class A | 3 | | 68 |
| Protagonist Therapeutics, Inc.* | 149 | | 6,705 |
| QIAGEN NV (Netherlands) | 8,728 | | 397,735 |
| Repligen Corp.(a)* | 2,961 | | 440,656 |
| Revvity, Inc. | 1,208 | | 154,322 |
| Rhythm Pharmaceuticals, Inc.* | 400 | | 20,956 |
| Supernus Pharmaceuticals, Inc.* | 3,361 | | 104,796 |
| TG Therapeutics, Inc.* | 5,611 | | 131,241 |
| Thermo Fisher Scientific, Inc.(a) | 558 | | 345,162 |
| Twist Bioscience Corp.(a)* | 4,315 | | 194,952 |
| Vera Therapeutics, Inc.* | 25 | | 1,105 |
| Vertex Pharmaceuticals, Inc.* | 92 | | 42,787 |
| Viatris, Inc. | 5,726 | | 66,479 |
| Waters Corp.(a)* | 1,134 | | 408,115 |
| | | | 8,884,184 |
| Semiconductors & Semiconductor Equipment — 4.2% |
| Advanced Micro Devices, Inc.(a)* | 804 | | 131,920 |
| Applied Materials, Inc. | 325 | | 65,666 |
| Broadcom, Inc.(a) | 1,300 | | 224,250 |
| Cirrus Logic, Inc.(a)* | 2,128 | | 264,319 |
| Credo Technology Group Holding Ltd. (Cayman Islands)* | 1,961 | | 60,399 |
| FormFactor, Inc.* | 1,523 | | 70,058 |
| GLOBALFOUNDRIES, Inc. (Cayman Islands)* | 7,090 | | 285,373 |
| Ichor Holdings Ltd. (Cayman Islands)* | 2,562 | | 81,497 |
| KLA Corp.(a) | 297 | | 230,000 |
| Lam Research Corp.(a) | 731 | | 596,555 |
| Micron Technology, Inc.(a) | 11,383 | | 1,180,531 |
| MKS Instruments, Inc.(a) | 2,761 | | 300,148 |
| Monolithic Power Systems, Inc.(a) | 778 | | 719,261 |
| NVIDIA Corp.(a) | 8,603 | | 1,044,748 |
| NXP Semiconductors NV (Netherlands) | 2,916 | | 699,869 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Semiconductors & Semiconductor Equipment — (Continued) |
| ON Semiconductor Corp.(a)* | 7,929 | | $ 575,725 |
| Onto Innovation, Inc.(a)* | 1,724 | | 357,833 |
| Photronics, Inc.* | 2,667 | | 66,035 |
| Qorvo, Inc.(a)* | 7,810 | | 806,773 |
| QUALCOMM, Inc.(a) | 13,197 | | 2,244,150 |
| Rambus, Inc.(a)* | 8,531 | | 360,179 |
| Semtech Corp.(a)* | 3,540 | | 161,636 |
| SiTime Corp.* | 82 | | 14,064 |
| Skyworks Solutions, Inc.(a) | 7,021 | | 693,464 |
| SMART Global Holdings, Inc. (Cayman Islands)* | 10,888 | | 228,104 |
| | | | 11,462,557 |
| Software & Services — 5.5% |
| Adobe, Inc.(a)* | 60 | | 31,067 |
| Alarm.com Holdings, Inc.* | 302 | | 16,510 |
| ANSYS, Inc.* | 143 | | 45,564 |
| ASGN, Inc.* | 37 | | 3,450 |
| Blackbaud, Inc.* | 120 | | 10,162 |
| BlackLine, Inc.* | 284 | | 15,660 |
| Blend Labs, Inc., Class A* | 975 | | 3,656 |
| Box, Inc., Class A* | 353 | | 11,554 |
| Cadence Design Systems, Inc.* | 421 | | 114,104 |
| Clear Secure, Inc., Class A | 5,199 | | 172,295 |
| Crowdstrike Holdings, Inc., Class A(a)* | 1,835 | | 514,662 |
| DocuSign, Inc.(a)* | 8,358 | | 518,948 |
| DXC Technology Co.* | 5,997 | | 124,438 |
| Envestnet, Inc.* | 2,100 | | 131,502 |
| Fortinet, Inc.(a)* | 5,754 | | 446,223 |
| Gartner, Inc.* | 435 | | 220,441 |
| Gen Digital, Inc.(a) | 11,410 | | 312,976 |
| GoDaddy, Inc., Class A(a)* | 1,843 | | 288,946 |
| Guidewire Software, Inc.(a)* | 1,595 | | 291,789 |
| Informatica, Inc., Class A* | 6,153 | | 155,548 |
| Instructure Holdings, Inc.* | 1,079 | | 25,410 |
| Intapp, Inc.* | 360 | | 17,219 |
| InterDigital, Inc.(a) | 4,003 | | 566,945 |
| International Business Machines Corp.(a) | 194 | | 42,890 |
| Intuit, Inc. | 216 | | 134,136 |
| Kyndryl Holdings, Inc.(a)* | 7,543 | | 173,338 |
| LiveRamp Holdings, Inc.(a)* | 3,769 | | 93,396 |
| Microsoft Corp.(a) | 4,078 | | 1,754,763 |
| NCR Voyix Corp.(a)* | 4,136 | | 56,126 |
| Nutanix, Inc., Class A(a)* | 741 | | 43,904 |
| Oracle Corp.(a) | 7,758 | | 1,321,963 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software & Services — (Continued) |
| Palo Alto Networks, Inc.(a)* | 3,568 | | $ 1,219,542 |
| Pegasystems, Inc.(a) | 8,543 | | 624,408 |
| Progress Software Corp. | 419 | | 28,228 |
| Q2 Holdings, Inc.(a)* | 4,365 | | 348,196 |
| Qualys, Inc.(a)* | 2,352 | | 302,138 |
| Rapid7, Inc.(a)* | 7,859 | | 313,495 |
| Roper Technologies, Inc.(a) | 798 | | 444,039 |
| Salesforce, Inc.(a) | 802 | | 219,515 |
| Samsara, Inc., Class A(a)* | 6,018 | | 289,586 |
| SEMrush Holdings, Inc., Class A* | 2,035 | | 31,970 |
| ServiceNow, Inc.(a)* | 1,442 | | 1,289,710 |
| Smartsheet, Inc., Class A* | 3,301 | | 182,743 |
| Squarespace, Inc., Class A* | 44 | | 2,043 |
| Synopsys, Inc.(a)* | 979 | | 495,756 |
| Teradata Corp.* | 1,861 | | 56,463 |
| Twilio, Inc., Class A(a)* | 7,018 | | 457,714 |
| Varonis Systems, Inc.* | 1,749 | | 98,818 |
| Verint Systems, Inc.* | 4,863 | | 123,180 |
| VeriSign, Inc.(a)* | 2,337 | | 443,937 |
| Workday, Inc., Class A(a)* | 2,200 | | 537,702 |
| Yext, Inc.* | 4,332 | | 29,977 |
| | | | 15,198,745 |
| Technology Hardware & Equipment — 2.5% |
| Apple, Inc.(a) | 1,432 | | 333,656 |
| Arista Networks, Inc.* | 362 | | 138,943 |
| Arrow Electronics, Inc.* | 154 | | 20,456 |
| Badger Meter, Inc. | 15 | | 3,276 |
| Bel Fuse, Inc., Class B | 256 | | 20,099 |
| Benchmark Electronics, Inc. | 396 | | 17,551 |
| Cisco Systems, Inc.(a) | 6,203 | | 330,124 |
| Dell Technologies, Inc., Class C(a) | 4,694 | | 556,427 |
| Digi International, Inc.* | 191 | | 5,258 |
| ePlus, Inc.* | 668 | | 65,691 |
| F5, Inc.(a)* | 1,090 | | 240,018 |
| Fabrinet (Cayman Islands)* | 551 | | 130,278 |
| Hewlett Packard Enterprise Co.(a) | 21,023 | | 430,131 |
| HP, Inc.(a) | 10,794 | | 387,181 |
| Itron, Inc.(a)* | 4,575 | | 488,656 |
| Jabil, Inc.(a) | 1,551 | | 185,856 |
| Juniper Networks, Inc. | 1,025 | | 39,954 |
| Littelfuse, Inc. | 196 | | 51,989 |
| Napco Security Technologies, Inc. | 3,477 | | 140,679 |
| NetApp, Inc.(a) | 4,686 | | 578,768 |
| NetScout Systems, Inc.* | 2,280 | | 49,590 |
| Plexus Corp.* | 409 | | 55,914 |
| Pure Storage, Inc., Class A(a)* | 1,673 | | 84,052 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — (Continued) |
| Rogers Corp.* | 1,889 | | $ 213,476 |
| ScanSource, Inc.* | 2,216 | | 106,434 |
| Seagate Technology Holdings PLC (Ireland) | 3,521 | | 385,655 |
| Super Micro Computer, Inc.(a)* | 965 | | 401,826 |
| TE Connectivity PLC (Ireland) | 2,108 | | 318,287 |
| Teledyne Technologies, Inc.(a)* | 838 | | 366,759 |
| Trimble, Inc.* | 838 | | 52,031 |
| Vontier Corp. | 1,448 | | 48,856 |
| Western Digital Corp.(a)* | 9,332 | | 637,282 |
| | | | 6,885,153 |
| Telecommunication Services — 0.7% |
| AT&T, Inc.(a) | 19,030 | | 418,660 |
| BCE, Inc. (Canada) | 383 | | 13,328 |
| Iridium Communications, Inc.(a) | 6,330 | | 192,749 |
| Lumen Technologies, Inc.* | 34,571 | | 245,454 |
| TELUS Corp. (Canada) | 3,426 | | 57,488 |
| T-Mobile US, Inc.(a) | 2,262 | | 466,786 |
| Verizon Communications, Inc.(a) | 9,346 | | 419,729 |
| | | | 1,814,194 |
| Transportation — 1.0% |
| CSX Corp.(a) | 9,905 | | 342,020 |
| Delta Air Lines, Inc.(a) | 5,360 | | 272,234 |
| FedEx Corp.(a) | 1,407 | | 385,068 |
| Forward Air Corp. | 1,300 | | 46,020 |
| FTAI Infrastructure, Inc. | 6,033 | | 56,469 |
| Golden Ocean Group Ltd. (Bermuda) | 5,088 | | 68,077 |
| Heartland Express, Inc. | 216 | | 2,652 |
| JB Hunt Transport Services, Inc. | 1,030 | | 177,500 |
| Old Dominion Freight Line, Inc. | 82 | | 16,289 |
| SkyWest, Inc.(a)* | 5,509 | | 468,375 |
| Uber Technologies, Inc.(a)* | 7,172 | | 539,048 |
| Union Pacific Corp.(a) | 236 | | 58,169 |
| Werner Enterprises, Inc. | 5,013 | | 193,452 |
| | | | 2,625,373 |
| Utilities — 1.2% |
| ALLETE, Inc. | 95 | | 6,098 |
| American Water Works Co., Inc. | 143 | | 20,912 |
| Atmos Energy Corp. | 96 | | 13,316 |
| Black Hills Corp. | 107 | | 6,540 |
| Brookfield Renewable Corp., Class A (Canada) | 442 | | 14,436 |
| CMS Energy Corp. | 241 | | 17,022 |
| Constellation Energy Corp.(a) | 1,723 | | 448,014 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Utilities — (Continued) |
| Dominion Energy, Inc.(a) | 9,166 | | $ 529,703 |
| National Fuel Gas Co. | 3,261 | | 197,649 |
| NRG Energy, Inc.(a) | 13,376 | | 1,218,554 |
| PPL Corp.(a) | 10,467 | | 346,248 |
| Public Service Enterprise Group, Inc.(a) | 594 | | 52,991 |
| Southern Co. (The)(a) | 2,091 | | 188,566 |
| Southwest Gas Holdings, Inc. | 2,172 | | 160,207 |
| Vistra Corp. | 1,240 | | 146,990 |
| | | | 3,367,246 |
TOTAL COMMON STOCKS
(Cost $118,276,686) | | | 137,487,174 |
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANIES(c) — 43.7% | | |
| Gotham 1000 Value ETF | 2,190,000 | | 54,331,053 |
| Gotham Enhanced 500 ETF | 2,073,000 | | 65,436,733 |
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES
(Cost $89,392,130) | | | 119,767,786 |
| EXCHANGE TRADED FUNDS — 1.1% |
| SPDR S&P 500 ETF Trust | 5,257 | | 3,016,256 |
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,800,693) | | | 3,016,256 |
|
| |
TOTAL INVESTMENTS - 94.9%
(Cost $210,469,509) | | | 260,271,216 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 5.1% | | | 14,017,786 |
| NET ASSETS - 100.0% | | | $274,289,002 |
| (a) | Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements) |
| (b) | Security is fair valued by the Fund’s adviser, in its role as valuation designee, in accordance with the policies established by the Board of Trustees. |
| (c) | 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. |
| ETF | Exchange-Traded Fund |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
The portfolio matures between August 27, 2025 and July 16, 2029, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps, which represents 4.1% of net assets as of September 30, 2024:
Total Return Swaps
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Long | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| American Axle & Manufacturing Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 19,136 | | $127,413 | | $118,260 | | $(6,204) |
| Aptiv PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,967 | | 477,956 | | 501,694 | | 35,231 |
| BorgWarner, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 26,878 | | 865,195 | | 975,403 | | 136,305 |
| Dana, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 20,306 | | 248,303 | | 214,431 | | (26,641) |
| Dorman Products, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 29 | | 3,280 | | 3,280 | | 90 |
| General Motors Co. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 20,338 | | 776,280 | | 911,956 | | 160,929 |
| Gentherm, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 43 | | 2,040 | | 2,002 | | 23 |
| LCI Industries | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,470 | | 163,583 | | 177,194 | | 20,567 |
| Lear Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,418 | | 388,557 | | 373,075 | | (4,256) |
| Magna International, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,350 | | 52,925 | | 55,404 | | 4,257 |
| Modine Manufacturing Co. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3 | | 200 | | 398 | | 217 |
| Phinia, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 106 | | 4,895 | | 4,879 | | 111 |
| Visteon Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,814 | | 294,408 | | 268,005 | | (19,608) |
| | | | | | | | | | | 102,858 | | 3,405,035 | | 3,605,981 | | 301,021 |
| Capital Goods | | | | | | | | | | | | | | |
| 3M Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,993 | | 416,020 | | 545,843 | | 143,529 |
| Acuity Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 596 | | 127,651 | | 164,132 | | 41,155 |
| American Superconductor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,825 | | 101,867 | | 90,270 | | (9,237) |
| AMETEK, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,356 | | 718,893 | | 747,969 | | 47,332 |
| API Group Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,089 | | 69,816 | | 68,979 | | 785 |
| Apogee Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,275 | | 80,015 | | 89,269 | | 11,535 |
| Applied Industrial Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 70 | | 10,631 | | 15,619 | | 5,398 |
| Array Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 18,644 | | 182,323 | | 123,050 | | (55,061) |
| Axon Enterprise, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 399 | | 140,481 | | 159,440 | | 24,640 |
| AZEK Co., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,025 | | 269,613 | | 422,370 | | 163,530 |
| AZZ, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,378 | | 104,093 | | 113,837 | | 12,339 |
| Blue Bird Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 10,244 | | 463,164 | | 491,302 | | 38,820 |
| Boise Cascade Co. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 629 | | 57,469 | | 88,676 | | 43,291 |
| Builders FirstSource, Inc. | | USFF -0.250% | | Weekly | | MS | | 08/27/25 | | 973 | | 164,895 | | 188,626 | | 27,543 |
| Carlisle Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,662 | | 1,072,655 | | 1,197,234 | | 151,950 |
| Caterpillar, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,070 | | 955,252 | | 1,200,738 | | 309,083 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Comfort Systems USA, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 144 | | $22,322 | | $56,210 | | $34,575 |
| Core & Main, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 662 | | 18,872 | | 29,393 | | 17,610 |
| Crane Co. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,017 | | 80,262 | | 160,971 | | 88,366 |
| Cummins, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,308 | | 608,687 | | 747,307 | | 162,067 |
| Curtiss-Wright Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 97 | | 18,822 | | 31,883 | | 16,199 |
| Deere & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 779 | | 299,102 | | 325,100 | | 35,922 |
| Distribution Solutions Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1 | | 38 | | 39 | | 16 |
| Donaldson Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,588 | | 300,339 | | 338,136 | | 49,106 |
| Douglas Dynamics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 69 | | 1,913 | | 1,903 | | 75 |
| Dover Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,366 | | 408,531 | | 453,657 | | 56,525 |
| Ducommun, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7 | | 451 | | 461 | | 34 |
| EMCOR Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 843 | | 173,950 | | 362,937 | | 207,700 |
| Energy Recovery, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 81 | | 1,403 | | 1,409 | | 52 |
| Enerpac Tool Group Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,461 | | 42,584 | | 61,201 | | 19,872 |
| EnerSys | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 156 | | 13,305 | | 15,920 | | 3,078 |
| Esab Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 677 | | 64,787 | | 71,972 | | 9,060 |
| Fastenal Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 786 | | 49,021 | | 56,136 | | 9,603 |
| Federal Signal Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,889 | | 168,556 | | 176,546 | | 12,012 |
| Flowserve Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,164 | | 43,760 | | 60,167 | | 18,395 |
| Fluence Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,117 | | 47,158 | | 48,077 | | 2,019 |
| Fluor Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 868 | | 40,281 | | 41,412 | | 2,074 |
| Gates Industrial Corp. PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,730 | | 20,598 | | 30,362 | | 10,252 |
| GE Vernova, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,254 | | 134,378 | | 319,745 | | 188,476 |
| Generac Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,032 | | 255,619 | | 322,844 | | 74,394 |
| General Dynamics Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 518 | | 148,397 | | 156,540 | | 11,575 |
| General Electric Co. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 9,558 | | 1,535,328 | | 1,802,448 | | 307,116 |
| Gibraltar Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 763 | | 50,372 | | 53,357 | | 4,170 |
| Gorman-Rupp Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 104 | | 3,930 | | 4,051 | | 226 |
| Granite Construction, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,624 | | 112,098 | | 128,751 | | 19,509 |
| Griffon Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,548 | | 121,231 | | 248,360 | | 138,631 |
| Hayward Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12,135 | | 173,228 | | 186,151 | | 16,958 |
| Herc Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 590 | | 85,088 | | 94,064 | | 11,449 |
| Hexcel Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,428 | | 89,660 | | 88,293 | | (18) |
| Hillman Solutions Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,828 | | 29,815 | | 40,424 | | 11,406 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Honeywell International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 611 | | $129,144 | | $126,300 | | $1,515 |
| Howmet Aerospace, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,783 | | 349,658 | | 479,496 | | 139,039 |
| Illinois Tool Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 574 | | 134,135 | | 150,428 | | 25,004 |
| Insteel Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9 | | 278 | | 280 | | 22 |
| ITT, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 157 | | 17,079 | | 23,473 | | 9,036 |
| Johnson Controls International PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,505 | | 174,327 | | 194,413 | | 25,031 |
| Kennametal, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,894 | | 93,684 | | 100,971 | | 11,078 |
| Kratos Defense & Security Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,623 | | 31,809 | | 37,816 | | 7,294 |
| Lincoln Electric Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 692 | | 137,911 | | 132,878 | | (1,815) |
| Lockheed Martin Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 1,061 | | 470,939 | | 620,218 | | 180,380 |
| Masco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,273 | | 191,067 | | 274,736 | | 94,162 |
| MasTec, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,260 | | 669,552 | | 770,606 | | 116,489 |
| MDU Resources Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,409 | | 178,626 | | 257,901 | | 88,236 |
| Middleby Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,519 | | 480,440 | | 489,598 | | 20,238 |
| MRC Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,703 | | 33,934 | | 34,436 | | 1,298 |
| MSC Industrial Direct Co., Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,129 | | 87,901 | | 97,162 | | 12,278 |
| Mueller Water Products, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,668 | | 111,220 | | 122,996 | | 14,457 |
| Northrop Grumman Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 382 | | 172,956 | | 201,723 | | 36,595 |
| NuScale Power Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,907 | | 33,177 | | 33,663 | | 1,264 |
| nVent Electric PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,608 | | 293,077 | | 323,758 | | 37,976 |
| Otis Worldwide Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,128 | | 288,243 | | 325,124 | | 49,786 |
| Parker-Hannifin Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 609 | | 263,765 | | 384,778 | | 130,834 |
| Pentair PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,555 | | 132,874 | | 152,063 | | 22,830 |
| Powell Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,409 | | 299,237 | | 534,774 | | 247,947 |
| Proto Labs, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 149 | | 4,364 | | 4,376 | | 126 |
| Quanex Building Products Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 56 | | 1,551 | | 1,554 | | 53 |
| Quanta Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,130 | | 254,103 | | 336,910 | | 88,865 |
| RBC Bearings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 213 | | 58,806 | | 63,768 | | 6,331 |
| Regal Rexnord Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,363 | | 364,868 | | 391,974 | | 36,575 |
| Resideo Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,012 | | 39,405 | | 40,522 | | 1,989 |
| Rocket Lab USA, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 18,768 | | 143,797 | | 182,613 | | 42,141 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Rockwell Automation, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 494 | | $129,693 | | $132,619 | | $5,927 |
| RTX Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,231 | | 96,653 | | 149,148 | | 57,737 |
| Shoals Technologies Group, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 827 | | 4,746 | | 4,639 | | 17 |
| Snap-on, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,077 | | 277,498 | | 312,018 | | 49,170 |
| SPX Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 197 | | 25,471 | | 31,414 | | 6,544 |
| Stanley Black & Decker, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,095 | | 369,547 | | 450,982 | | 97,104 |
| Sterling Infrastructure, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 479 | | 38,388 | | 69,465 | | 33,064 |
| Tennant Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 730 | | 63,358 | | 70,109 | | 8,914 |
| Textron, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 3 | | 225 | | 266 | | 61 |
| Thermon Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 32 | | 939 | | 955 | | 51 |
| Toro Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 352 | | 29,436 | | 30,529 | | 1,912 |
| Trane Technologies PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,066 | | 317,971 | | 414,386 | | 105,537 |
| Tutor Perini Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,344 | | 63,605 | | 90,823 | | 28,818 |
| United Rentals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 203 | | 146,921 | | 164,375 | | 20,852 |
| Valmont Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 910 | | 253,417 | | 263,855 | | 16,834 |
| Watsco, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 151 | | 69,323 | | 74,274 | | 6,751 |
| Woodward, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 660 | | 85,805 | | 113,197 | | 30,873 |
| WW Grainger, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 403 | | 353,584 | | 418,640 | | 77,881 |
| Xylem, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,398 | | 183,238 | | 188,772 | | 10,254 |
| Zurn Elkay Water Solutions Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,065 | | 145,336 | | 182,036 | | 41,233 |
| | | | | | | | | | | 235,296 | | 18,395,805 | | 22,277,391 | | 4,541,724 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| ABM Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,877 | | 293,758 | | 310,071 | | 24,239 |
| ACV Auctions, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 6,201 | | 67,386 | | 126,066 | | 60,246 |
| Amentum Holdings, Inc. () | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,249 | | 77,410 | | 104,780 | | 111,188 |
| Automatic Data Processing, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 3,507 | | 809,873 | | 970,492 | | 208,312 |
| Brady Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2 | | 99 | | 153 | | 70 |
| BrightView Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 10,973 | | 149,040 | | 172,715 | | 27,122 |
| Brink's Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 397 | | 33,696 | | 45,909 | | 13,486 |
| Broadridge Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 809 | | 171,752 | | 173,959 | | 6,833 |
| Cimpress PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 703 | | 60,498 | | 57,590 | | (1,501) |
| Cintas Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,321 | | 375,896 | | 477,847 | | 114,148 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Commercial & Professional
Services — (continued) | | | | | | | | | | | | | | |
| Copart, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,877 | | $142,301 | | $150,755 | | $11,745 |
| CoreCivic, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 475 | | 6,121 | | 6,009 | | 43 |
| Dun & Bradstreet Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,497 | | 71,960 | | 86,290 | | 16,292 |
| Enviri Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 632 | | 6,555 | | 6,535 | | 145 |
| FTI Consulting, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 151 | | 34,133 | | 34,362 | | 1,029 |
| Heidrick & Struggles International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 35 | | 1,328 | | 1,360 | | 77 |
| HNI Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 847 | | 43,638 | | 45,602 | | 3,153 |
| ICF International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 494 | | 69,718 | | 82,394 | | 14,392 |
| Jacobs Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,630 | | 435,671 | | 475,167 | | (32,411) |
| KBR, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,369 | | 84,601 | | 89,163 | | 6,656 |
| Kforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 89 | | 5,520 | | 5,469 | | 93 |
| Korn Ferry | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,361 | | 166,827 | | 177,642 | | 15,329 |
| Leidos Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,014 | | 359,640 | | 491,282 | | 143,384 |
| ManpowerGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,606 | | 112,027 | | 118,073 | | 9,921 |
| Maximus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,013 | | 90,492 | | 94,371 | | 6,312 |
| MSA Safety, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 194 | | 31,901 | | 34,404 | | 3,600 |
| OPENLANE, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,080 | | 52,416 | | 51,990 | | 796 |
| Parsons Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,720 | | 161,246 | | 178,330 | | 21,346 |
| Pitney Bowes, Inc. () | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 137 | | 982 | | 977 | | 31 |
| RB Global, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,667 | | 211,675 | | 214,667 | | 8,164 |
| Republic Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,365 | | 242,319 | | 274,147 | | 38,754 |
| Steelcase, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,981 | | 60,147 | | 67,194 | | 10,027 |
| TaskUS, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 84 | | 1,050 | | 1,085 | | 73 |
| Tetra Tech, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,030 | | 79,038 | | 95,735 | | 18,719 |
| UniFirst Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 274 | | 47,837 | | 54,430 | | 7,435 |
| Veralto Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,350 | | 334,706 | | 486,591 | | 161,004 |
| WNS Holdings Ltd. (Jersey) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 77 | | 4,095 | | 4,059 | | 72 |
| | | | | | | | | | | 81,088 | | 4,897,352 | | 5,767,665 | | 1,030,324 |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 6,138 | | 618,160 | | 858,706 | | 254,195 |
| Amazon.com, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 19,377 | | 2,744,822 | | 3,610,516 | | 945,978 |
| AutoZone, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8 | | 21,628 | | 25,200 | | 4,084 |
| Bath & Body Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,759 | | 310,489 | | 311,507 | | 7,181 |
| Best Buy Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 590 | | 35,443 | | 60,947 | | 33,640 |
| Carvana Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 18,300 | | 585,316 | | 3,186,213 | | 2,614,392 |
| Chewy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 49,816 | | 1,454,703 | | 1,459,111 | | 37,926 |
| eBay, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 11,548 | | 508,913 | | 751,890 | | 272,310 |
| Etsy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,229 | | 178,702 | | 179,306 | | 3,431 |
| Foot Locker, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,164 | | 192,692 | | 185,118 | | (3,123) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail — (continued) | | | | | | | | | | | | | | |
| Gap, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 32,504 | | $550,798 | | $716,713 | | $181,593 |
| Home Depot, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 894 | | 275,545 | | 362,249 | | 100,967 |
| Kohl's Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 19,914 | | 392,195 | | 420,185 | | 41,015 |
| LKQ Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 759 | | 30,609 | | 30,299 | | 409 |
| Lowe's Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,104 | | 472,911 | | 569,868 | | 110,611 |
| Monro, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,360 | | 32,344 | | 39,250 | | 8,284 |
| Nordstrom, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 16,752 | | 376,118 | | 376,752 | | 9,851 |
| ODP Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 3,099 | | 89,712 | | 92,195 | | 4,564 |
| Pool Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 139 | | 42,626 | | 52,375 | | 11,111 |
| Ross Stores, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,552 | | 372,704 | | 384,102 | | 20,973 |
| Shoe Carnival, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 534 | | 22,734 | | 23,416 | | 1,220 |
| Signet Jewelers Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 434 | | 35,665 | | 44,763 | | 12,372 |
| TJX Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 970 | | 104,528 | | 114,014 | | 12,266 |
| Ulta Beauty, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 765 | | 267,174 | | 297,677 | | 37,279 |
| Williams-Sonoma, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,103 | | 134,544 | | 170,877 | | 40,745 |
| | | | | | | | | | | 209,812 | | 9,851,075 | | 14,323,249 | | 4,763,274 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Acushnet Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 870 | | 55,661 | | 55,463 | | 1,098 |
| Deckers Outdoor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,108 | | 160,277 | | 176,671 | | 20,099 |
| DR Horton, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,369 | | 252,866 | | 261,164 | | 14,312 |
| Garmin Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,860 | | 199,689 | | 327,416 | | 143,967 |
| G-III Apparel Group Ltd. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 273 | | 8,229 | | 8,332 | | 307 |
| Hasbro, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,330 | | 338,729 | | 457,786 | | 135,099 |
| Lululemon Athletica, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 649 | | 164,717 | | 176,106 | | 14,408 |
| Mattel, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 11,656 | | 210,827 | | 222,047 | | 16,090 |
| Mohawk Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,057 | | 195,720 | | 330,519 | | 139,321 |
| Newell Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,107 | | 35,313 | | 39,222 | | 5,044 |
| NIKE, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 582 | | 42,390 | | 51,449 | | 14,947 |
| NVR, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 11 | | 89,620 | | 107,930 | | 20,388 |
| Peloton Interactive, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 55,412 | | 260,248 | | 259,328 | | 5,088 |
| PulteGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,618 | | 109,057 | | 232,232 | | 127,663 |
| PVH Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,478 | | 123,801 | | 149,027 | | 28,219 |
| Ralph Lauren Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,086 | | 131,630 | | 210,543 | | 85,851 |
| Skechers USA, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,872 | | 121,980 | | 125,274 | | 6,118 |
| Sonos, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 12,321 | | 190,898 | | 151,425 | | (35,063) |
| Tapestry, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,816 | | 61,375 | | 85,316 | | 26,910 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Durables & Apparel —
(continued) | | | | | | | | | | | | | | |
| Tempur Sealy International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 632 | | $29,698 | | $34,507 | | $5,894 |
| TopBuild Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 178 | | 40,108 | | 72,412 | | 33,242 |
| Under Armour, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 17,526 | | 132,647 | | 146,517 | | 16,940 |
| Vista Outdoor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,043 | | 31,603 | | 40,865 | | 10,004 |
| Worthington Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,171 | | 215,922 | | 172,888 | | (36,223) |
| | | | | | | | | | | 131,025 | | 3,203,005 | | 3,894,439 | | 799,723 |
| Consumer Services | | | | | | | | | | | | | | |
| ADT, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 18,926 | | 117,172 | | 136,835 | | 25,462 |
| Aramark | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 14,775 | | 419,397 | | 572,236 | | 170,262 |
| BJ's Restaurants, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,835 | | 57,760 | | 59,748 | | 3,225 |
| Booking Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 141 | | 410,955 | | 593,909 | | 196,134 |
| Bright Horizons Family Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 832 | | 86,866 | | 116,588 | | 31,737 |
| Brinker International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 647 | | 25,392 | | 49,515 | | 41,438 |
| Cava Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,593 | | 192,620 | | 197,293 | | 9,124 |
| Cracker Barrel Old Country Store, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,747 | | 268,402 | | 305,976 | | 44,973 |
| Darden Restaurants, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 596 | | 99,390 | | 97,821 | | 735 |
| Domino's Pizza, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 438 | | 199,370 | | 188,401 | | (10,204) |
| DoorDash, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 455 | | 60,458 | | 64,942 | | 5,891 |
| DraftKings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 211 | | 6,043 | | 8,271 | | 2,382 |
| Frontdoor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,037 | | 133,129 | | 193,736 | | 63,687 |
| Hyatt Hotels Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,041 | | 140,285 | | 158,440 | | 21,784 |
| International Game Technology PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,818 | | 37,232 | | 38,723 | | 2,644 |
| Jack in the Box, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,338 | | 62,324 | | 62,271 | | 1,465 |
| Las Vegas Sands Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,319 | | 184,785 | | 217,418 | | 37,429 |
| Life Time Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,168 | | 169,343 | | 175,043 | | 9,614 |
| Marriott International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,349 | | 312,053 | | 335,361 | | 31,379 |
| McDonald's Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 1,439 | | 370,495 | | 438,190 | | 95,977 |
| Papa John's International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,118 | | 96,233 | | 114,097 | | 22,993 |
| Perdoceo Education Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12 | | 267 | | 267 | | 21 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| Royal Caribbean Cruises Ltd. (Liberia) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,626 | | $137,485 | | $288,387 | | $154,733 |
| Rush Street Interactive, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 21,076 | | 198,451 | | 228,675 | | 34,809 |
| Strategic Education, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 662 | | 69,487 | | 61,268 | | (5,987) |
| Stride, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 911 | | 73,580 | | 77,717 | | 5,846 |
| Sweetgreen, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,807 | | 213,550 | | 241,308 | | 32,691 |
| Target Hospitality Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10 | | 77 | | 78 | | 16 |
| Texas Roadhouse, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 813 | | 135,192 | | 143,576 | | 12,423 |
| Universal Technical Institute, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 88 | | 1,422 | | 1,431 | | 56 |
| Vail Resorts, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 531 | | 92,381 | | 92,548 | | 2,769 |
| Wynn Resorts Ltd. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,971 | | 269,765 | | 284,859 | | 21,650 |
| Yum! Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,684 | | 352,605 | | 374,982 | | 34,543 |
| | | | | | | | | | | 110,014 | | 4,993,966 | | 5,919,910 | | 1,101,701 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Albertsons Cos., Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 21,375 | | 403,763 | | 395,010 | | (55) |
| Costco Wholesale Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 841 | | 550,582 | | 745,563 | | 220,036 |
| Dollar General Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,874 | | 305,140 | | 243,054 | | (54,242) |
| Dollar Tree, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,632 | | 339,837 | | 255,402 | | (76,593) |
| Kroger Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,349 | | 150,907 | | 191,898 | | 47,315 |
| Natural Grocers by Vitamin Cottage, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10 | | 283 | | 297 | | 34 |
| Sysco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,545 | | 260,104 | | 276,723 | | 24,017 |
| Target Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,394 | | 891,674 | | 996,569 | | 137,078 |
| US Foods Holding Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 47 | | 1,726 | | 2,891 | | 1,218 |
| Walgreens Boots Alliance, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 10,253 | | 154,161 | | 91,867 | | (55,100) |
| Walmart, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,957 | | 549,165 | | 723,278 | | 194,085 |
| | | | | | | | | | | 61,277 | | 3,607,342 | | 3,922,552 | | 437,793 |
| Energy | | | | | | | | | | | | | | |
| Antero Resources Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12,344 | | 332,456 | | 353,656 | | 29,207 |
| Archrock, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,402 | | 97,676 | | 109,336 | | 16,080 |
| Baker Hughes Co. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 9,275 | | 287,407 | | 335,291 | | 60,932 |
| Borr Drilling Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 47,132 | | 290,389 | | 258,755 | | (19,030) |
| BW LPG Ltd. () | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 28 | | 403 | | 403 | | 24 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Cameco Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,458 | | $330,559 | | $403,954 | | $82,913 |
| Canadian Natural Resources Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 29,677 | | 1,000,602 | | 985,573 | | 16,975 |
| Cenovus Energy, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,740 | | 187,834 | | 162,950 | | (19,005) |
| ChampionX Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,281 | | 195,542 | | 189,372 | | (1,245) |
| Chevron Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,327 | | 1,454,949 | | 1,373,587 | | (27,189) |
| ConocoPhillips | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,146 | | 435,545 | | 436,491 | | 16,791 |
| Coterra Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 11,784 | | 302,017 | | 282,227 | | (9,175) |
| Devon Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 40,936 | | 1,814,118 | | 1,601,416 | | (141,991) |
| Diamondback Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,167 | | 594,644 | | 545,991 | | (27,361) |
| Dorian LPG Ltd. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 11,012 | | 421,485 | | 379,033 | | (5,263) |
| DT Midstream, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,720 | | 199,653 | | 213,955 | | 21,086 |
| EOG Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,007 | | 488,455 | | 492,581 | | 16,732 |
| FLEX LNG Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 175 | | 4,580 | | 4,452 | | 46 |
| Hafnia Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 786 | | 5,875 | | 5,628 | | (12) |
| Halliburton Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,314 | | 248,121 | | 212,472 | | (28,140) |
| Helix Energy Solutions Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 11,136 | | 111,126 | | 123,610 | | 15,122 |
| Helmerich & Payne, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,756 | | 122,414 | | 114,258 | | (1,137) |
| Hess Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,238 | | 177,093 | | 168,120 | | (4,255) |
| Imperial Oil Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,091 | | 77,173 | | 76,861 | | 1,773 |
| Kinder Morgan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 18,993 | | 358,263 | | 419,555 | | 82,771 |
| Liberty Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 317 | | 6,056 | | 6,052 | | 149 |
| Marathon Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 25,468 | | 699,002 | | 678,213 | | (2,644) |
| Marathon Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 578 | | 98,693 | | 94,162 | | (1,923) |
| Murphy Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 16,686 | | 620,294 | | 562,986 | | (37,877) |
| Nabors Industries Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,068 | | 163,896 | | 133,324 | | (27,325) |
| Noble Corp. PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,285 | | 126,451 | | 118,720 | | (3,625) |
| Occidental Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 12,800 | | 738,155 | | 659,712 | | (58,690) |
| Oceaneering International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 234 | | 5,703 | | 5,820 | | 262 |
| Okeanis Eco Tankers Corp. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5 | | 164 | | 163 | | 17 |
| Ovintiv, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,815 | | 196,778 | | 184,463 | | (7,283) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Phillips 66 | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,715 | | $231,665 | | $225,437 | | $1,540 |
| Precision Drilling Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8 | | 490 | | 493 | | 28 |
| RPC, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,838 | | 44,075 | | 43,490 | | 539 |
| SM Energy Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,551 | | 304,752 | | 301,813 | | 4,094 |
| Suncor Energy, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,953 | | 186,594 | | 182,865 | | 1,447 |
| TechnipFMC PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 20,931 | | 472,039 | | 549,020 | | 90,587 |
| Valero Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,930 | | 592,026 | | 530,668 | | (44,716) |
| | | | | | | | | | | 372,107 | | 14,025,212 | | 13,526,928 | | (8,771) |
| Exchange Traded Funds | | | | | | | | | | | | | | |
| SPDR S&P 500 ETF Trust | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,155 | | 1,756,454 | | 1,810,213 | | 98,791 |
| Financial Services | | | | | | | | | | | | | | |
| Affirm Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 15,250 | | 654,030 | | 622,505 | | (16,447) |
| Berkshire Hathaway, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 2,916 | | 783,653 | | 1,342,118 | | 576,529 |
| BlackRock, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 185 | | 127,065 | | 175,659 | | 57,841 |
| Block, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,955 | | 230,885 | | 265,499 | | 39,946 |
| Cboe Global Markets, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,643 | | 445,086 | | 541,471 | | 112,643 |
| CME Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,588 | | 506,603 | | 571,042 | | 79,700 |
| Corpay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,234 | | 358,588 | | 385,946 | | 35,631 |
| Donnelley Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 18 | | 1,186 | | 1,185 | | 40 |
| Euronet Worldwide, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,100 | | 210,840 | | 208,383 | | 2,413 |
| Fiserv, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,016 | | 884,083 | | 1,260,424 | | 396,717 |
| Franklin Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 9,737 | | 220,026 | | 196,201 | | 5,873 |
| Global Payments, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,570 | | 156,368 | | 160,799 | | 8,047 |
| Intercontinental Exchange, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,808 | | 283,459 | | 290,437 | | 15,813 |
| Jack Henry & Associates, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 794 | | 137,649 | | 140,173 | | 5,908 |
| Mastercard, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 765 | | 326,651 | | 377,757 | | 59,615 |
| Morningstar, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 675 | | 203,982 | | 215,406 | | 16,172 |
| Nasdaq, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,254 | | 160,998 | | 164,565 | | 7,747 |
| Payoneer Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 20,307 | | 101,087 | | 152,912 | | 54,190 |
| PayPal Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 10,050 | | 538,145 | | 784,201 | | 258,678 |
| S&P Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 277 | | 138,125 | | 143,104 | | 8,352 |
| T Rowe Price Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 2,462 | | 262,668 | | 268,186 | | 39,222 |
| Visa, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,151 | | 537,119 | | 591,417 | | 69,531 |
| | | | | | | | | | | 90,755 | | 7,268,296 | | 8,859,390 | | 1,834,161 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Altria Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 9,332 | | $395,631 | | $476,305 | | $184,066 |
| B&G Foods, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 15,193 | | 141,524 | | 134,914 | | 7,171 |
| Brown-Forman Corp., Class B | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,172 | | 101,859 | | 106,862 | | 7,363 |
| Celsius Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 21,676 | | 860,285 | | 679,759 | | (160,697) |
| Coca-Cola Co. (The) | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 6,865 | | 402,395 | | 493,319 | | 140,512 |
| Conagra Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 12,042 | | 341,723 | | 391,606 | | 68,650 |
| General Mills, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 273 | | 17,149 | | 20,161 | | 4,908 |
| Hain Celestial Group, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,187 | | 17,764 | | 18,874 | | 1,533 |
| Ingredion, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,914 | | 209,454 | | 263,041 | | 61,056 |
| Kellanova | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,652 | | 415,503 | | 617,593 | | 229,170 |
| Keurig Dr Pepper, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 12,229 | | 416,588 | | 458,343 | | 56,113 |
| Kraft Heinz Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 13,527 | | 461,716 | | 474,933 | | 24,306 |
| Lancaster Colony Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 697 | | 130,476 | | 123,069 | | (3,227) |
| McCormick & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,374 | | 84,235 | | 113,080 | | 32,530 |
| MGP Ingredients, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 182 | | 15,129 | | 15,152 | | 386 |
| Mission Produce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 231 | | 3,022 | | 2,961 | | 24 |
| Molson Coors Beverage Co., Class B | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,443 | | 136,448 | | 140,521 | | 10,894 |
| Mondelez International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,976 | | 267,231 | | 292,912 | | 34,731 |
| PepsiCo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,101 | | 354,022 | | 357,275 | | 14,604 |
| Philip Morris International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,090 | | 206,812 | | 253,726 | | 59,209 |
| Pilgrim's Pride Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,754 | | 207,258 | | 218,922 | | 16,451 |
| Post Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,463 | | 167,985 | | 169,342 | | 5,241 |
| Primo Water Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,993 | | 99,436 | | 151,323 | | 55,330 |
| Simply Good Foods Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,221 | | 109,907 | | 111,994 | | 4,537 |
| SunOpta, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,004 | | 23,040 | | 25,546 | | 3,047 |
| Tyson Foods, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,965 | | 361,531 | | 355,275 | | 4,839 |
| Utz Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,451 | | 57,869 | | 61,083 | | 4,866 |
| Vita Coco Co., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 11,245 | | 277,630 | | 318,346 | | 47,170 |
| Vital Farms, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,472 | | 125,123 | | 121,763 | | (993) |
| | | | | | | | | | | 161,724 | | 6,408,745 | | 6,968,000 | | 913,790 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Addus HomeCare Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 18 | | 2,377 | | 2,395 | | 86 |
| Alcon, Inc. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,226 | | 213,596 | | 222,756 | | 12,779 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Astrana Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,317 | | $48,822 | | $76,307 | | $30,165 |
| Avanos Medical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,935 | | 100,185 | | 118,588 | | 20,725 |
| Aveanna Healthcare Holdings, Inc. () | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 58 | | 297 | | 302 | | 26 |
| Baxter International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,070 | | 100,917 | | 116,568 | | 18,775 |
| Becton Dickinson & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,395 | | 1,948,235 | | 2,024,034 | | 128,198 |
| Cencora, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,305 | | 493,785 | | 518,809 | | 39,099 |
| Centene Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 10,449 | | 707,709 | | 786,601 | | 95,753 |
| Cigna Group (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,393 | | 462,958 | | 482,591 | | 33,908 |
| Community Health Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10,253 | | 54,328 | | 62,236 | | 9,173 |
| CVS Health Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,111 | | 61,534 | | 69,860 | | 9,853 |
| DaVita, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,360 | | 380,102 | | 714,735 | | 343,402 |
| DENTSPLY SIRONA, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,534 | | 162,351 | | 176,810 | | 19,480 |
| Elevance Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 882 | | 459,946 | | 458,640 | | 11,898 |
| Envista Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 22,544 | | 380,603 | | 445,469 | | 74,414 |
| GE HealthCare Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 6,655 | | 473,397 | | 624,572 | | 162,806 |
| GeneDx Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,140 | | 34,335 | | 48,382 | | 14,851 |
| Guardant Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,298 | | 81,713 | | 75,656 | | (5,336) |
| HCA Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,112 | | 310,944 | | 451,950 | | 150,881 |
| HealthEquity, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,050 | | 81,866 | | 85,943 | | 5,977 |
| HealthStream, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 25 | | 715 | | 721 | | 37 |
| Hologic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,790 | | 584,229 | | 634,573 | | 63,814 |
| Humana, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,388 | | 509,605 | | 439,635 | | (56,990) |
| ICU Medical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,516 | | 399,167 | | 458,466 | | 68,506 |
| LivaNova PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,313 | | 61,030 | | 68,985 | | 9,542 |
| Masimo Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,040 | | 354,233 | | 405,323 | | 59,853 |
| McKesson Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 403 | | 223,520 | | 199,251 | | (20,772) |
| Medtronic PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,695 | | 526,711 | | 602,751 | | 94,941 |
| Merit Medical Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,076 | | 98,579 | | 106,341 | | 10,046 |
| Molina Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 846 | | 278,156 | | 291,498 | | 19,481 |
| National HealthCare Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 90 | | 11,255 | | 11,319 | | 386 |
| Omnicell, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,481 | | 99,733 | | 151,772 | | 54,350 |
| Owens & Minor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,127 | | 57,058 | | 49,063 | | (7,051) |
| Pediatrix Medical Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,049 | | 42,765 | | 46,928 | | 5,162 |
| Phreesia, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,772 | | 62,291 | | 63,174 | | 2,332 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| PROCEPT BioRobotics Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 507 | | $33,370 | | $40,621 | | $8,033 |
| ResMed, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,218 | | 621,626 | | 785,578 | | 181,034 |
| Simulations Plus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 96 | | 3,021 | | 3,074 | | 137 |
| Solventum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,534 | | 78,845 | | 106,950 | | 29,935 |
| STERIS PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,825 | | 416,725 | | 442,635 | | 36,444 |
| Tandem Diabetes Care, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 655 | | 32,788 | | 27,779 | | (5,210) |
| Tenet Healthcare Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,176 | | 342,948 | | 527,851 | | 192,816 |
| UnitedHealth Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 238 | | 136,806 | | 139,154 | | 4,303 |
| Universal Health Services, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,797 | | 326,115 | | 411,531 | | 93,705 |
| Veeva Systems, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,352 | | 285,702 | | 283,744 | | 4,637 |
| Zimmer Biomet Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 520 | | 55,402 | | 56,134 | | 2,147 |
| | | | | | | | | | | 146,634 | | 12,202,395 | | 13,918,055 | | 2,028,531 |
| Household & Personal Products | | | | | | | | | | | | | | |
| BellRing Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,071 | | 105,020 | | 125,751 | | 23,164 |
| Central Garden & Pet Co., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 367 | | 11,845 | | 11,524 | | (35) |
| Colgate-Palmolive Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,330 | | 826,241 | | 968,547 | | 168,344 |
| Coty, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 14,797 | | 137,182 | | 138,944 | | 4,919 |
| elf Beauty, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2 | | 177 | | 218 | | 60 |
| Estee Lauder Cos., Inc. (The), Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,144 | | 774,819 | | 811,875 | | 52,062 |
| Kenvue, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,965 | | 55,304 | | 68,580 | | 16,190 |
| Kimberly-Clark Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,066 | | 512,416 | | 578,510 | | 108,279 |
| Oddity Tech Ltd., Class A (Israel) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,804 | | 132,050 | | 153,606 | | 24,614 |
| Procter & Gamble Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 598 | | 104,413 | | 103,574 | | 4,005 |
| Reynolds Consumer Products, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,885 | | 52,718 | | 58,624 | | 7,825 |
| WD-40 Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 146 | | 33,389 | | 37,650 | | 5,170 |
| | | | | | | | | | | 48,175 | | 2,745,574 | | 3,057,403 | | 414,597 |
| Materials | | | | | | | | | | | | | | |
| Alamos Gold, Inc., Class A (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 12,598 | | 183,155 | | 251,204 | | 73,199 |
| Alcoa Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 13,827 | | 407,258 | | 533,446 | | 148,092 |
| Alpha Metallurgical Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 321 | | 77,235 | | 75,814 | | (3,048) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Amcor PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 21,254 | | $236,241 | | $240,808 | | $11,578 |
| AptarGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,643 | | 230,169 | | 263,192 | | 40,012 |
| Ashland, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,242 | | 382,829 | | 368,927 | | (3,846) |
| ATI, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,856 | | 99,909 | | 124,185 | | 29,783 |
| Avery Dennison Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,302 | | 503,191 | | 508,190 | | 19,941 |
| Avient Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,062 | | 328,753 | | 355,360 | | 35,751 |
| Axalta Coating Systems Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 14,140 | | 476,138 | | 511,727 | | 46,776 |
| Ball Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 10,956 | | 622,519 | | 744,022 | | 143,894 |
| Barrick Gold Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,780 | | 195,553 | | 194,524 | | 4,459 |
| Cabot Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,796 | | 255,891 | | 312,509 | | 64,311 |
| Carpenter Technology Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,652 | | 106,293 | | 263,626 | | 168,554 |
| Celanese Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 379 | | 49,746 | | 51,529 | | 1,295 |
| Cleveland-Cliffs, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 65,064 | | 810,518 | | 830,867 | | 38,949 |
| Commercial Metals Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,975 | | 99,221 | | 108,546 | | 11,775 |
| Crown Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,704 | | 286,841 | | 355,140 | | 77,454 |
| DuPont de Nemours, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,444 | | 509,165 | | 574,225 | | 82,241 |
| Eastman Chemical Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,249 | | 113,706 | | 139,826 | | 30,595 |
| Ecolab, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 231 | | 38,063 | | 58,981 | | 22,307 |
| FMC Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 2,283 | | 145,131 | | 150,541 | | 10,005 |
| Fortuna Mining Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 96,275 | | 390,846 | | 445,753 | | 63,923 |
| Freeport-McMoRan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,733 | | 334,294 | | 336,111 | | 11,866 |
| Graphic Packaging Holding Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 826 | | 24,113 | | 24,441 | | 898 |
| Hawkins, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 39 | | 2,506 | | 4,971 | | 2,771 |
| HB Fuller Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 791 | | 53,974 | | 62,790 | | 10,548 |
| Hudbay Minerals, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 48,841 | | 414,670 | | 448,849 | | 43,981 |
| Innospec, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 529 | | 55,063 | | 59,825 | | 6,611 |
| International Flavors & Fragrances, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 765 | | 57,825 | | 80,271 | | 25,130 |
| International Paper Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,617 | | 199,729 | | 274,390 | | 85,633 |
| Kaiser Aluminum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 555 | | 49,733 | | 40,249 | | (8,115) |
| Kinross Gold Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 19,134 | | 151,612 | | 179,094 | | 31,514 |
| Knife River Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 617 | | 35,744 | | 55,154 | | 20,247 |
| Kronos Worldwide, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,196 | | 14,490 | | 14,890 | | 851 |
| Linde PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 1,400 | | 548,844 | | 667,604 | | 142,987 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Louisiana-Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,323 | | $117,527 | | $142,170 | | $27,786 |
| LyondellBasell Industries NV, Class A (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,987 | | 576,266 | | 574,153 | | 24,592 |
| Martin Marietta Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 21 | | 8,828 | | 11,303 | | 2,913 |
| Mativ Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,185 | | 21,458 | | 20,133 | | (784) |
| Metallus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 185 | | 2,758 | | 2,744 | | 63 |
| Minerals Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,342 | | 83,536 | | 103,643 | | 22,382 |
| Mosaic Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,311 | | 33,994 | | 35,109 | | 2,121 |
| New Gold, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 87,085 | | 227,291 | | 250,805 | | 28,763 |
| NewMarket Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 148 | | 69,404 | | 81,680 | | 15,464 |
| Newmont Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,091 | | 135,266 | | 165,214 | | 34,278 |
| Nucor Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 818 | | 118,750 | | 122,978 | | 5,575 |
| Orla Mining Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 318 | | 1,325 | | 1,272 | | (8) |
| Pan American Silver Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 13,988 | | 275,501 | | 291,930 | | 23,943 |
| PPG Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,480 | | 184,956 | | 196,041 | | 16,037 |
| Quaker Chemical Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,058 | | 194,359 | | 178,262 | | (10,364) |
| RPM International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 827 | | 77,087 | | 100,067 | | 24,994 |
| Scotts Miracle-Gro Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,915 | | 473,481 | | 686,230 | | 245,263 |
| Sealed Air Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,200 | | 184,656 | | 188,760 | | 10,051 |
| Sherwin-Williams Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 332 | | 78,676 | | 126,714 | | 50,776 |
| Silgan Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,221 | | 111,807 | | 116,603 | | 7,608 |
| Southern Copper Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 816 | | 82,109 | | 94,387 | | 16,589 |
| Sylvamo Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 329 | | 24,971 | | 28,245 | | 3,863 |
| Vulcan Materials Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 498 | | 121,755 | | 124,714 | | 5,778 |
| West Fraser Timber Co. Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 66 | | 6,150 | | 6,426 | | 447 |
| Worthington Steel, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 36 | | 1,204 | | 1,224 | | 62 |
| | | | | | | | | | | 506,656 | | 11,704,083 | | 13,362,388 | | 2,051,114 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Advantage Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 72 | | 244 | | 247 | | 22 |
| Alphabet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 14,119 | | 1,773,813 | | 2,341,636 | | 615,797 |
| Angi, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,303 | | 6,060 | | 5,942 | | 35 |
| Bumble, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 85,593 | | 786,492 | | 546,083 | | (222,281) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Media & Entertainment —
(continued) | | | | | | | | | | | | | | |
| Charter Communications, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,249 | | $719,245 | | $728,856 | | $26,190 |
| Cinemark Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,636 | | 65,704 | | 129,066 | | 64,890 |
| Comcast Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 17,312 | | 650,297 | | 723,122 | | 100,718 |
| Electronic Arts, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,659 | | 321,738 | | 381,407 | | 70,678 |
| EverQuote, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,768 | | 84,538 | | 79,467 | | (3,110) |
| Fox Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,475 | | 130,230 | | 147,097 | | 20,760 |
| IAC, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,311 | | 67,502 | | 70,558 | | 4,625 |
| Interpublic Group of Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 8,148 | | 231,989 | | 257,721 | | 46,585 |
| Match Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,969 | | 142,121 | | 150,187 | | 11,354 |
| Meta Platforms, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,917 | | 1,059,871 | | 2,242,247 | | 1,212,178 |
| Netflix, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,249 | | 611,801 | | 885,878 | | 288,182 |
| News Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 7,381 | | 191,620 | | 196,556 | | 10,511 |
| Omnicom Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,860 | | 168,438 | | 192,305 | | 31,142 |
| Sinclair, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,290 | | 17,690 | | 19,737 | | 2,627 |
| Sirius XM Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,469 | | 131,662 | | 129,342 | | 726 |
| Sphere Entertainment Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,505 | | 123,740 | | 154,851 | | 34,456 |
| Spotify Technology SA (Luxembourg) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,289 | | 399,544 | | 475,035 | | 87,145 |
| Thryv Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 19 | | 330 | | 327 | | 19 |
| TKO Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,955 | | 348,377 | | 365,563 | | 25,262 |
| TripAdvisor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,029 | | 132,595 | | 72,870 | | (56,656) |
| Vimeo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 23,571 | | 90,863 | | 119,034 | | 30,277 |
| Walt Disney Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 11,388 | | 1,012,042 | | 1,095,412 | | 111,747 |
| Yelp, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,679 | | 128,533 | | 129,059 | | 3,345 |
| | | | | | | | | | | 222,215 | | 9,397,079 | | 11,639,605 | | 2,517,224 |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| ADMA Biologics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 29,355 | | 502,564 | | 586,806 | | 96,076 |
| Agilent Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,176 | | 155,726 | | 174,612 | | 43,262 |
| Alkermes PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 22,529 | | 611,267 | | 630,587 | | 33,413 |
| Alnylam Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,203 | | 296,857 | | 330,861 | | 43,446 |
| Amneal Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,917 | | 81,840 | | 82,509 | | 2,568 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Amphastar Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,970 | | $227,791 | | $241,194 | | $18,664 |
| Arcellx, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 703 | | 58,173 | | 58,708 | | 1,888 |
| Ardelyx, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,524 | | 26,156 | | 44,950 | | 21,219 |
| Avantor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,237 | | 31,884 | | 32,001 | | 866 |
| Avid Bioservices, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,560 | | 17,763 | | 17,753 | | 413 |
| BioCryst Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,527 | | 74,899 | | 72,405 | | (1,021) |
| Biogen, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,224 | | 449,468 | | 431,100 | | (8,001) |
| BioLife Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,796 | | 69,993 | | 70,012 | | 1,645 |
| BioMarin Pharmaceutical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,472 | | 409,822 | | 384,627 | | (15,742) |
| Bio-Rad Laboratories, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 269 | | 73,119 | | 90,002 | | 18,581 |
| Bristol-Myers Squibb Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,739 | | 686,676 | | 866,076 | | 219,006 |
| Catalent, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,017 | | 362,192 | | 364,450 | | 10,613 |
| Catalyst Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 420 | | 8,351 | | 8,350 | | 205 |
| Charles River Laboratories International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 927 | | 183,767 | | 182,591 | | 3,071 |
| Collegium Pharmaceutical, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 7,445 | | 199,395 | | 287,675 | | 93,400 |
| Elanco Animal Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 35,242 | | 513,578 | | 517,705 | | 15,969 |
| Eli Lilly & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 74 | | 54,655 | | 65,560 | | 12,352 |
| Exelixis, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,733 | | 44,332 | | 44,971 | | 1,675 |
| Fortrea Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12,257 | | 266,045 | | 245,140 | | (14,763) |
| Gilead Sciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,225 | | 484,434 | | 605,744 | | 142,436 |
| Halozyme Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,767 | | 101,683 | | 101,143 | | 1,816 |
| Harmony Biosciences Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 8,123 | | 251,136 | | 324,920 | | 79,815 |
| Illumina, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,325 | | 430,062 | | 433,613 | | 13,462 |
| Incyte Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,747 | | 90,293 | | 115,477 | | 27,277 |
| Indivior PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 629 | | 6,071 | | 6,133 | | 216 |
| Innoviva, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 220 | | 4,178 | | 4,248 | | 181 |
| Iovance Biotherapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,807 | | 85,415 | | 73,308 | | (10,126) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| IQVIA Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,837 | | $397,122 | | $435,314 | | $47,353 |
| Jazz Pharmaceuticals PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 515 | | 56,141 | | 57,376 | | 2,542 |
| Johnson & Johnson | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 7,488 | | 1,113,789 | | 1,213,505 | | 191,404 |
| Kiniksa Pharmaceuticals International PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,071 | | 27,445 | | 26,764 | | (35) |
| Medpace Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 63 | | 20,761 | | 21,029 | | 761 |
| Merck & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 10,879 | | 1,227,761 | | 1,235,419 | | 52,995 |
| Mesa Laboratories, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 128 | | 16,226 | | 16,622 | | 796 |
| Mettler-Toledo International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 258 | | 316,894 | | 386,923 | | 78,802 |
| Natera, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 296 | | 37,253 | | 37,577 | | 1,200 |
| Neurocrine Biosciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,158 | | 137,964 | | 133,425 | | (1,348) |
| Pacira BioSciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,079 | | 96,550 | | 76,439 | | (17,873) |
| Phibro Animal Health Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3 | | 67 | | 68 | | 16 |
| Protagonist Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 122 | | 5,472 | | 5,490 | | 158 |
| QIAGEN NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,443 | | 381,530 | | 384,748 | | 12,019 |
| Repligen Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,487 | | 342,252 | | 370,115 | | 35,559 |
| Revvity, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,051 | | 126,170 | | 134,265 | | 11,161 |
| Rhythm Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 328 | | 7,870 | | 17,184 | | 10,930 |
| Supernus Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,418 | | 113,823 | | 106,573 | | (4,615) |
| TG Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,928 | | 147,396 | | 162,046 | | 18,059 |
| Thermo Fisher Scientific, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 476 | | 267,811 | | 294,439 | | 33,083 |
| Twist Bioscience Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,774 | | 110,270 | | 170,509 | | 66,558 |
| Vera Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 25 | | 443 | | 1,105 | | 686 |
| Vertex Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 78 | | 36,155 | | 36,276 | | 368 |
| Viatris, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,666 | | 53,747 | | 54,172 | | 1,678 |
| Waters Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 984 | | 297,656 | | 354,132 | | 63,884 |
| | | | | | | | | | | 272,714 | | 12,198,153 | | 13,226,746 | | 1,460,023 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 10,102 | | $1,290,448 | | $1,657,536 | | $396,823 |
| Applied Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 6,827 | | 1,147,603 | | 1,379,395 | | 273,481 |
| Broadcom, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 12,653 | | 1,898,041 | | 2,182,642 | | 359,909 |
| Cirrus Logic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,284 | | 1,117,938 | | 1,153,166 | | 60,989 |
| Credo Technology Group Holding Ltd. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 9,843 | | 260,085 | | 303,164 | | 50,360 |
| FormFactor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,037 | | 114,511 | | 93,702 | | (18,503) |
| GLOBALFOUNDRIES, Inc. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10,053 | | 432,009 | | 404,633 | | (17,411) |
| Ichor Holdings Ltd. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,439 | | 85,022 | | 77,585 | | (5,465) |
| KLA Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 371 | | 196,661 | | 287,306 | | 98,813 |
| Lam Research Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 631 | | 478,466 | | 514,946 | | 51,757 |
| Micron Technology, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 13,987 | | 1,533,733 | | 1,450,592 | | (47,436) |
| MKS Instruments, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,332 | | 394,667 | | 362,222 | | (22,507) |
| Monolithic Power Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 845 | | 468,954 | | 781,202 | | 326,376 |
| NVIDIA Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 20,374 | | 1,687,086 | | 2,474,219 | | 826,577 |
| NXP Semiconductors NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 3,010 | | 503,880 | | 722,430 | | 247,273 |
| ON Semiconductor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,456 | | 460,791 | | 468,770 | | 18,607 |
| Onto Innovation, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,839 | | 351,496 | | 381,703 | | 38,300 |
| Photronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 10,410 | | 181,307 | | 257,752 | | 80,590 |
| Qorvo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,116 | | 740,925 | | 735,083 | | 11,237 |
| QUALCOMM, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 12,781 | | 1,793,576 | | 2,173,409 | | 455,401 |
| Rambus, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,361 | | 306,828 | | 310,781 | | 10,632 |
| Semtech Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,380 | | 99,464 | | 154,331 | | 57,172 |
| SiTime Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 67 | | 11,639 | | 11,491 | | 134 |
| Skyworks Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,925 | | 601,639 | | 585,212 | | (1,086) |
| SMART Global Holdings, Inc. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10,042 | | 208,939 | | 210,380 | | 6,267 |
| | | | | | | | | | | 171,165 | | 16,365,708 | | 19,133,652 | | 3,258,290 |
| Software & Services | | | | | | | | | | | | | | |
| Accenture PLC, Class A (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,915 | | 1,187,736 | | 1,383,874 | | 234,661 |
| Adobe, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,959 | | 1,393,553 | | 1,532,111 | | 170,668 |
| Alarm.com Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,871 | | 405,829 | | 375,638 | | (20,830) |
| ANSYS, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,836 | | 569,147 | | 585,005 | | 28,985 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| ASGN, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 679 | | $59,168 | | $63,303 | | $5,512 |
| Blackbaud, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 704 | | 50,575 | | 59,615 | | 10,218 |
| BlackBerry Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 264 | | 677 | | 692 | | 44 |
| BlackLine, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 13,570 | | 675,505 | | 748,250 | | 88,931 |
| Blend Labs, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 20,125 | | 76,311 | | 75,469 | | 929 |
| Box, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,937 | | 48,944 | | 63,398 | | 15,903 |
| Cadence Design Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,890 | | 774,715 | | 783,277 | | 26,419 |
| Clear Secure, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,590 | | 83,043 | | 152,113 | | 72,365 |
| Crowdstrike Holdings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,791 | | 1,307,854 | | 1,063,262 | | (214,456) |
| Docebo, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8 | | 348 | | 354 | | 28 |
| DocuSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,432 | | 543,879 | | 585,633 | | 54,295 |
| DXC Technology Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,301 | | 324,476 | | 338,246 | | 21,257 |
| Envestnet, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,839 | | 176,218 | | 177,778 | | 5,633 |
| Fortinet, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 8,682 | | 527,308 | | 673,289 | | 158,140 |
| Gartner, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 454 | | 219,602 | | 230,069 | | 15,538 |
| Gen Digital, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 12,779 | | 231,186 | | 350,528 | | 133,964 |
| Gitlab, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 126 | | 6,439 | | 6,494 | | 218 |
| GoDaddy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,422 | | 370,080 | | 379,721 | | 18,179 |
| Guidewire Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,015 | | 237,249 | | 368,624 | | 144,787 |
| Informatica, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,930 | | 158,312 | | 149,910 | | (5,507) |
| Instructure Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,381 | | 32,281 | | 32,523 | | 1,000 |
| Intapp, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 327 | | 16,187 | | 15,640 | | (160) |
| InterDigital, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 4,357 | | 566,781 | | 617,082 | | 65,072 |
| International Business Machines Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 243 | | 43,710 | | 53,722 | | 12,049 |
| Intuit, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 191 | | 122,652 | | 118,611 | | (1,196) |
| Kyndryl Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 7,598 | | 173,873 | | 174,602 | | 4,623 |
| LiveRamp Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,242 | | 98,602 | | 80,337 | | (16,813) |
| Microsoft Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 3,404 | | 987,762 | | 1,464,741 | | 526,096 |
| NCR Voyix Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,662 | | 43,945 | | 49,693 | | 7,060 |
| Nutanix, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 645 | | 22,316 | | 38,216 | | 20,877 |
| Oracle Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 7,291 | | 800,567 | | 1,242,386 | | 491,143 |
| Palo Alto Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,451 | | 903,030 | | 1,179,552 | | 298,191 |
| Pegasystems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,689 | | 482,063 | | 561,989 | | 92,008 |
| Progress Software Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 344 | | 22,022 | | 23,175 | | 1,675 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| Q2 Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,630 | | $157,821 | | $289,565 | | $135,393 |
| Qualys, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,690 | | 335,327 | | 345,557 | | 17,603 |
| Rapid7, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,396 | | 305,953 | | 334,916 | | 36,024 |
| Roper Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 795 | | 431,059 | | 442,370 | | 21,253 |
| Salesforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,798 | | 668,428 | | 765,841 | | 115,631 |
| Samsara, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,821 | | 267,192 | | 280,107 | | 19,082 |
| SEMrush Holdings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,683 | | 23,787 | | 26,440 | | 3,199 |
| ServiceNow, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 1,282 | | 865,436 | | 1,146,608 | | 301,787 |
| Smartsheet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,761 | | 125,626 | | 152,849 | | 30,131 |
| Squarespace, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 36 | | 1,012 | | 1,671 | | 697 |
| Synopsys, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 841 | | 423,299 | | 425,874 | | 12,338 |
| Teradata Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,351 | | 62,745 | | 71,329 | | 10,162 |
| Twilio, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,453 | | 390,885 | | 420,865 | | 38,996 |
| Varonis Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,597 | | 86,979 | | 90,231 | | 5,268 |
| Verint Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,294 | | 130,195 | | 108,767 | | (18,416) |
| VeriSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 1,929 | | 345,469 | | 366,433 | | 28,704 |
| Workday, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,794 | | 448,118 | | 438,472 | | 689 |
| Yext, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 10,494 | | 70,132 | | 72,618 | | 3,898 |
| | | | | | | | | | | 228,589 | | 18,883,408 | | 21,579,435 | | 3,229,945 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Amphenol Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,592 | | 541,673 | | 559,855 | | 32,091 |
| Apple, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 15,908 | | 2,871,045 | | 3,706,564 | | 959,258 |
| Arista Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,076 | | 339,377 | | 412,990 | | 82,851 |
| Arrow Electronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 826 | | 103,539 | | 109,718 | | 8,577 |
| Badger Meter, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 310 | | 42,739 | | 67,707 | | 26,375 |
| Bel Fuse, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,814 | | 94,668 | | 142,417 | | 50,522 |
| Benchmark Electronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,816 | | 240,381 | | 257,765 | | 24,235 |
| Cisco Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12,405 | | 608,295 | | 660,194 | | 66,129 |
| Dell Technologies, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 7,852 | | 927,604 | | 930,776 | | 24,551 |
| Diebold Nixdorf, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3 | | 132 | | 134 | | 19 |
| Digi International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 267 | | 7,201 | | 7,351 | | 329 |
| ePlus, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 788 | | 71,029 | | 77,492 | | 8,113 |
| F5, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,126 | | 354,042 | | 468,145 | | 122,272 |
| Fabrinet (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 913 | | 174,119 | | 215,870 | | 45,775 |
| Hewlett Packard Enterprise Co. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 23,445 | | 367,845 | | 479,685 | | 139,694 |
| HP, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 16,258 | | 368,135 | | 583,174 | | 289,952 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Technology Hardware & Equipment
— (continued) | | | | | | | | | | | | | | |
| Itron, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,199 | | $383,972 | | $448,495 | | $73,378 |
| Jabil, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,764 | | 203,921 | | 211,380 | | 12,631 |
| Juniper Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 890 | | 34,564 | | 34,692 | | 939 |
| Littelfuse, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 157 | | 39,417 | | 41,644 | | 3,150 |
| Napco Security Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,929 | | 86,077 | | 118,507 | | 35,246 |
| NetApp, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 4,060 | | 373,030 | | 501,451 | | 153,422 |
| NetScout Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,408 | | 50,819 | | 52,374 | | 1,392 |
| Plexus Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 408 | | 50,444 | | 55,778 | | 6,509 |
| Pure Storage, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,876 | | 111,689 | | 94,250 | | (14,852) |
| Rogers Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,726 | | 193,312 | | 195,055 | | 6,147 |
| ScanSource, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,840 | | 86,494 | | 88,375 | | 3,887 |
| Seagate Technology Holdings PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,177 | | 204,508 | | 347,977 | | 160,607 |
| Super Micro Computer, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 808 | | 443,602 | | 336,451 | | (96,920) |
| TE Connectivity PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,009 | | 281,191 | | 303,339 | | 28,638 |
| Teledyne Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 697 | | 291,585 | | 305,049 | | 20,194 |
| Trimble, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 704 | | 38,625 | | 43,711 | | 6,859 |
| Vontier Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,224 | | 41,076 | | 41,298 | | 1,292 |
| Western Digital Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,716 | | 415,101 | | 526,926 | | 121,399 |
| | | | | | | | | | | 136,991 | | 10,441,251 | | 12,426,589 | | 2,404,661 |
| Telecommunication Services | | | | | | | | | | | | | | |
| AT&T, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 18,334 | | 291,228 | | 403,348 | | 133,541 |
| BCE, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,671 | | 160,847 | | 162,551 | | 8,221 |
| Iridium Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,356 | | 165,660 | | 193,540 | | 33,696 |
| Lumen Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 30,771 | | 39,901 | | 218,474 | | 177,979 |
| TELUS Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,166 | | 51,418 | | 53,125 | | 3,432 |
| T-Mobile US, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,776 | | 408,930 | | 572,855 | | 190,105 |
| Verizon Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 9,043 | | 342,539 | | 406,121 | | 97,693 |
| | | | | | | | | | | 75,117 | | 1,460,523 | | 2,010,014 | | 644,667 |
| Transportation | | | | | | | | | | | | | | |
| CSX Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 25,517 | | 823,275 | | 881,102 | | 89,659 |
| Delta Air Lines, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,124 | | 290,959 | | 463,408 | | 184,956 |
| FedEx Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,575 | | 618,212 | | 704,726 | | 114,444 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Transportation — (continued) | | | | | | | | | | | | | | |
| Forward Air Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,912 | | $97,236 | | $103,085 | | $7,626 |
| FTAI Infrastructure, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,869 | | 66,365 | | 73,654 | | 9,109 |
| Golden Ocean Group Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,648 | | 56,041 | | 62,190 | | 7,956 |
| Heartland Express, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 210 | | 2,563 | | 2,579 | | 92 |
| JB Hunt Transport Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,029 | | 172,520 | | 177,328 | | 8,795 |
| Old Dominion Freight Line, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 304 | | 60,424 | | 60,387 | | 1,371 |
| SkyWest, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,523 | | 240,329 | | 384,545 | | 151,859 |
| Uber Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,310 | | 397,042 | | 474,260 | | 86,376 |
| Union Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 283 | | 63,105 | | 69,754 | | 9,069 |
| Werner Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,053 | | 188,246 | | 194,995 | | 11,099 |
| XPO, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2 | | 101 | | 215 | | 130 |
| | | | | | | | | | | 70,359 | | 3,076,418 | | 3,652,228 | | 682,541 |
| Utilities | | | | | | | | | | | | | | |
| ALLETE, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,664 | | 144,334 | | 171,002 | | 37,803 |
| American Water Works Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,397 | | 190,813 | | 204,297 | | 22,305 |
| Atmos Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,061 | | 126,589 | | 147,171 | | 24,806 |
| Black Hills Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,171 | | 56,979 | | 71,572 | | 18,934 |
| Brookfield Renewable Corp., Class A (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 13,442 | | 390,056 | | 439,016 | | 59,975 |
| CMS Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,045 | | 132,955 | | 144,438 | | 15,196 |
| Constellation Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 08/27/25 | | 7,680 | | 1,258,324 | | 1,996,954 | | 775,926 |
| Dominion Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 25,939 | | 1,435,421 | | 1,499,015 | | 113,764 |
| National Fuel Gas Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,866 | | 228,388 | | 234,318 | | 13,154 |
| NRG Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 15,784 | | 1,019,768 | | 1,437,922 | | 460,048 |
| PPL Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 14,459 | | 445,327 | | 478,304 | | 47,650 |
| Public Service Enterprise Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 660 | | 37,791 | | 58,879 | | 23,159 |
| Southern Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4,049 | | 352,123 | | 365,139 | | 24,567 |
| Southwest Gas Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,118 | | 149,629 | | 156,224 | | 11,103 |
| Vistra Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,009 | | 111,698 | | 119,607 | | 10,498 |
| | | | | | | | | | | 97,344 | | 6,080,195 | | 7,523,858 | | 1,658,888 |
|
|
| Total Reference Entity — Long | | | | | | 182,367,074 | | 212,405,691 | | 36,164,012 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Short | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| Fox Factory Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,989) | | $(429,654) | | $(414,544) | | $6,660 |
| Mobileye Global, Inc., Class A | | USFF -0.780% | | Weekly | | MS | | 07/11/28 | | (150,211) | | (3,123,726) | | (2,057,891) | | 1,004,306 |
| Patrick Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (452) | | (63,168) | | (64,351) | | (2,414) |
| QuantumScape Corp. | | USFF -0.780% | | Weekly | | MS | | 07/11/28 | | (39,963) | | (252,047) | | (229,787) | | 17,308 |
| Rivian Automotive, Inc., Class A | | USFF -0.630% | | Weekly | | MS | | 07/16/29 | | (10,281) | | (114,750) | | (115,353) | | (2,850) |
| Tesla, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,083) | | (517,681) | | (544,975) | | (38,429) |
| XPEL, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,837) | | (75,231) | | (79,671) | | (6,064) |
| | | | | | | | | | | (214,816) | | (4,576,257) | | (3,506,572) | | 978,517 |
| Capital Goods | | | | | | | | | | | | | | |
| A. O. Smith Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,396) | | (123,712) | | (125,403) | | (3,955) |
| AAON, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,204) | | (373,276) | | (453,359) | | (88,333) |
| AAR Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,381) | | (492,065) | | (482,422) | | (38) |
| Advanced Drainage Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,745) | | (742,636) | | (745,724) | | (18,398) |
| Albany International Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,872) | | (453,075) | | (432,877) | | 5,340 |
| Ameresco, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (8,935) | | (424,569) | | (338,994) | | 76,644 |
| American Woodmark Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,548) | | (140,021) | | (144,661) | | (7,384) |
| Archer Aviation, Inc. | | USFF -7.651% | | Weekly | | MS | | 07/11/28 | | (48,847) | | (230,684) | | (148,006) | | 78,147 |
| Arcosa, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,116) | | (517,782) | | (579,552) | | (72,114) |
| Astec Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,935) | | (94,614) | | (93,744) | | (1,259) |
| Atkore, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (608) | | (96,178) | | (51,522) | | 42,263 |
| Atmus Filtration Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,713) | | (666,906) | | (814,889) | | (162,183) |
| Ballard Power Systems, Inc. (Canada) | | USFF -2.030% | | Weekly | | MS | | 01/05/26 | | (62,644) | | (806,225) | | (112,759) | | 678,567 |
| Barnes Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,397) | | (80,514) | | (96,863) | | (19,401) |
| Beacon Roofing Supply, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (14,631) | | (1,374,289) | | (1,264,557) | | 82,669 |
| Bloom Energy Corp., Class A | | USFF -0.830% | | Weekly | | MS | | 01/12/29 | | (24,382) | | (264,487) | | (257,474) | | 1,817 |
| Boeing Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,555) | | (2,414,236) | | (2,060,902) | | 305,782 |
| BWX Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (177) | | (19,439) | | (19,240) | | (168) |
| Cadre Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,211) | | (140,979) | | (159,807) | | (21,954) |
| ChargePoint Holdings, Inc. | | USFF -5.636% | | Weekly | | MS | | 01/10/28 | | (49,769) | | (324,052) | | (68,184) | | 252,810 |
| Columbus McKinnon Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (144) | | (4,978) | | (5,184) | | (290) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Construction Partners, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,384) | | $(483,798) | | $(585,203) | | $(111,843) |
| Dycom Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,818) | | (866,482) | | (949,628) | | (100,203) |
| Eaton Corp. PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,220) | | (402,319) | | (404,357) | | (9,765) |
| Emerson Electric Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,719) | | (808,540) | | (844,227) | | (52,836) |
| Enovix Corp. | | USFF -3.230% | | Weekly | | MS | | 07/16/29 | | (8,659) | | (72,905) | | (80,875) | | (9,956) |
| EnPro Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (773) | | (125,843) | | (125,365) | | (2,354) |
| ESCO Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,694) | | (308,621) | | (347,472) | | (45,098) |
| Fortive Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,849) | | (296,584) | | (303,802) | | (12,993) |
| GATX Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (3,401) | | (433,397) | | (450,462) | | (29,733) |
| GMS, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,023) | | (516,738) | | (545,503) | | (38,932) |
| Helios Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (1,424) | | (94,896) | | (67,925) | | 24,697 |
| Hillenbrand, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (2,667) | | (126,930) | | (74,143) | | 48,971 |
| Hubbell, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (880) | | (364,014) | | (376,948) | | (20,369) |
| Huntington Ingalls Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,099) | | (1,099,184) | | (1,083,694) | | (12,910) |
| Ingersoll Rand, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,071) | | (1,318,231) | | (1,381,209) | | (89,098) |
| John Bean Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,926) | | (270,062) | | (288,240) | | (23,715) |
| Kadant, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (432) | | (141,077) | | (146,016) | | (7,724) |
| Mercury Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (9,997) | | (661,920) | | (369,889) | | 277,647 |
| Miller Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (815) | | (48,440) | | (49,715) | | (2,308) |
| Moog, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,107) | | (212,992) | | (223,636) | | (15,972) |
| MYR Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,657) | | (999,681) | | (680,545) | | 299,454 |
| NEXTracker, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,943) | | (604,734) | | (560,064) | | 32,770 |
| Nordson Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (446) | | (113,887) | | (117,133) | | (5,877) |
| Oshkosh Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,438) | | (526,024) | | (444,732) | | 69,373 |
| Owens Corning | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,536) | | (1,391,055) | | (1,506,775) | | (143,761) |
| Plug Power, Inc. | | USFF -5.880% | | Weekly | | MS | | 01/10/28 | | (150,902) | | (627,428) | | (341,039) | | 274,042 |
| Rush Enterprises, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (10,921) | | (518,401) | | (576,956) | | (74,947) |
| Simpson Manufacturing Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,562) | | (651,196) | | (681,304) | | (43,552) |
| SiteOne Landscape Supply, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (4,060) | | (555,431) | | (612,695) | | (68,193) |
| Spirit AeroSystems Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,517) | | (111,433) | | (114,338) | | (5,109) |
| Stantec, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,067) | | (88,486) | | (85,797) | | 861 |
| Symbotic, Inc. | | USFF -2.580% | | Weekly | | MS | | 07/16/29 | | (99) | | (2,482) | | (2,415) | | 32 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Terex Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,552) | | $(169,036) | | $(135,026) | | $32,776 |
| Transcat, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (531) | | (64,599) | | (64,129) | | (788) |
| Trex Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,979) | | (135,851) | | (131,762) | | 1,426 |
| Vertiv Holdings Co., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,063) | | (203,362) | | (205,248) | | (5,878) |
| Vicor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (27) | | (1,163) | | (1,137) | | 17 |
| Wabash National Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,881) | | (74,672) | | (74,476) | | (1,262) |
| Westinghouse Air Brake Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (750) | | (136,312) | | (136,328) | | (2,686) |
| Xometry, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (10,222) | | (264,565) | | (187,778) | | 71,229 |
| | | | | | | | | | | (602,321) | | (25,677,488) | | (23,814,109) | | 1,323,995 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Alight, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (56,673) | | (411,756) | | (419,380) | | (15,882) |
| CACI International, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (142) | | (54,083) | | (71,648) | | (18,616) |
| Casella Waste Systems, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,469) | | (308,835) | | (345,131) | | (43,413) |
| CBIZ, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,536) | | (435,011) | | (372,517) | | 54,572 |
| CECO Environmental Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10) | | (283) | | (282) | | 9 |
| Clarivate PLC (Jersey) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (49,305) | | (366,286) | | (350,066) | | 8,836 |
| Clean Harbors, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (889) | | (185,820) | | (214,880) | | (35,418) |
| Concentrix Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,872) | | (405,444) | | (249,690) | | 144,889 |
| CSG Systems International, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,160) | | (52,852) | | (56,434) | | (5,142) |
| Dayforce, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,461) | | (569,287) | | (518,236) | | 39,849 |
| Driven Brands Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (14,125) | | (274,067) | | (201,564) | | 67,188 |
| Exponent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,353) | | (217,240) | | (271,254) | | (62,043) |
| GFL Environmental, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,961) | | (306,817) | | (357,365) | | (57,287) |
| Huron Consulting Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,736) | | (270,151) | | (297,403) | | (32,920) |
| Insperity, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,111) | | (121,080) | | (97,768) | | 20,670 |
| Legalzoom.com, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (20,292) | | (131,989) | | (128,854) | | 549 |
| MillerKnoll, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,169) | | (28,205) | | (28,944) | | (1,280) |
| Montrose Environmental Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,263) | | (175,209) | | (138,417) | | 33,354 |
| NV5 Global, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (848) | | (79,374) | | (79,271) | | (1,447) |
| Paychex, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,794) | | (1,026,156) | | (1,045,877) | | (48,263) |
| Paycom Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (797) | | (136,471) | | (132,756) | | 919 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Commercial & Professional
Services — (continued) | | | | | | | | | | | | | | |
| Paycor HCM, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,681) | | $(114,059) | | $(123,183) | | $(11,782) |
| Robert Half, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (16,530) | | (1,049,688) | | (1,114,287) | | (90,647) |
| Science Applications International Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,384) | | (435,997) | | (471,290) | | (45,384) |
| Stericycle, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,586) | | (863,092) | | (950,746) | | (104,645) |
| Thomson Reuters Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (568) | | (97,544) | | (96,901) | | (1,307) |
| Upwork, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,366) | | (220,893) | | (181,475) | | 35,080 |
| Vestis Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,810) | | (91,984) | | (71,669) | | 19,725 |
| VSE Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,676) | | (230,301) | | (221,385) | | 4,392 |
| | | | | | | | | | | (265,567) | | (8,659,974) | | (8,608,673) | | (145,444) |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Academy Sports & Outdoors, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,515) | | (152,974) | | (146,775) | | 3,198 |
| American Eagle Outfitters, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,820) | | (210,733) | | (219,870) | | (13,274) |
| Arhaus, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (19,991) | | (238,007) | | (246,089) | | (12,758) |
| Asbury Automotive Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,251) | | (527,559) | | (537,066) | | (20,711) |
| AutoNation, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,930) | | (326,190) | | (345,316) | | (25,800) |
| Boot Barn Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,927) | | (532,604) | | (656,909) | | (134,784) |
| Buckle, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,663) | | (205,150) | | (205,032) | | (12,995) |
| Burlington Stores, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,799) | | (1,551,814) | | (1,527,921) | | (6,463) |
| Caleres, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,695) | | (136,146) | | (122,120) | | 10,155 |
| CarMax, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,435) | | (117,341) | | (111,040) | | 4,766 |
| Dick's Sporting Goods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,545) | | (541,753) | | (531,142) | | (2,328) |
| Dillard's, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (602) | | (228,096) | | (230,981) | | (7,497) |
| Five Below, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,364) | | (1,970,255) | | (1,622,459) | | 308,992 |
| Floor & Decor Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (611) | | (76,278) | | (75,868) | | (1,079) |
| GigaCloud Technology, Inc., Class A (Cayman Islands) | | USFF -4.480% | | Weekly | | MS | | 01/12/29 | | (6,359) | | (236,556) | | (146,130) | | 85,780 |
| MarineMax, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,259) | | (193,553) | | (220,755) | | (31,452) |
| Murphy USA, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,409) | | (680,701) | | (694,454) | | (31,000) |
| Ollie's Bargain Outlet Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,620) | | (1,387,852) | | (1,421,064) | | (60,542) |
| Penske Automotive Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,462) | | (413,291) | | (399,878) | | (2,838) |
| RH | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (285) | | (87,732) | | (95,313) | | (12,093) |
| Savers Value Village, Inc. | | USFF -0.680% | | Weekly | | MS | | 07/16/29 | | (3,028) | | (30,344) | | (31,855) | | (2,094) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail — (continued) | | | | | | | | | | | | | | |
| Sonic Automotive, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,259) | | $(234,862) | | $(249,066) | | $(22,492) |
| Tractor Supply Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (674) | | (188,182) | | (196,087) | | (11,737) |
| Urban Outfitters, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,187) | | (363,445) | | (313,644) | | 42,655 |
| Valvoline, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (25,106) | | (1,073,989) | | (1,050,686) | | 2,157 |
| Warby Parker, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,583) | | (104,521) | | (123,830) | | (21,721) |
| | | | | | | | | | | (158,379) | | (11,809,928) | | (11,521,350) | | 24,045 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Amer Sports, Inc. (Cayman Islands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,415) | | (189,773) | | (198,019) | | (12,604) |
| BRP, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (399) | | (24,319) | | (23,756) | | 97 |
| Brunswick Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,947) | | (574,582) | | (582,298) | | (23,168) |
| Capri Holdings Ltd. (British Virgin Islands) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (27,284) | | (1,235,754) | | (1,157,933) | | 52,966 |
| Cavco Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (301) | | (124,035) | | (128,900) | | (7,295) |
| Figs, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,947) | | (24,821) | | (26,997) | | (2,652) |
| Helen of Troy Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (155) | | (9,635) | | (9,587) | | (128) |
| Installed Building Products, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (120) | | (29,292) | | (29,552) | | (823) |
| Leggett & Platt, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (170) | | (2,330) | | (2,315) | | (17) |
| Levi Strauss & Co., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,289) | | (48,809) | | (49,900) | | (2,038) |
| Malibu Boats, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (218) | | (8,645) | | (8,461) | | (1,780) |
| Oxford Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (651) | | (56,126) | | (56,481) | | (1,457) |
| Polaris, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,648) | | (810,313) | | (803,100) | | (15,777) |
| SharkNinja, Inc. (Cayman Islands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,218) | | (675,311) | | (893,379) | | (244,128) |
| Skyline Champion Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,942) | | (465,013) | | (563,599) | | (111,043) |
| Steven Madden Ltd. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,447) | | (281,330) | | (315,839) | | (44,493) |
| Sturm Ruger & Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,704) | | (206,700) | | (196,063) | | 5,351 |
| Topgolf Callaway Brands Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (5,179) | | (164,367) | | (56,865) | | 104,278 |
| VF Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,132) | | (95,597) | | (142,283) | | (54,828) |
| Vizio Holding Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,162) | | (250,058) | | (258,720) | | (13,703) |
| Whirlpool Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,336) | | (683,915) | | (677,952) | | (21,429) |
| YETI Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,895) | | (239,411) | | (241,872) | | (7,164) |
| | | | | | | | | | | (137,559) | | (6,200,136) | | (6,423,871) | | (401,835) |
| Consumer Services | | | | | | | | | | | | | | |
| Airbnb, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (560) | | (92,449) | | (71,014) | | 19,628 |
| Bloomin' Brands, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,146) | | (192,943) | | (167,713) | | 19,019 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| Bowlero Corp., Class A | | USFF -12.130% | | Weekly | | MS | | 01/12/29 | | (14,089) | | $(181,610) | | $(165,405) | | $11,689 |
| Boyd Gaming Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,967) | | (296,636) | | (321,117) | | (31,045) |
| Choice Hotels International, Inc. | | USFF -5.530% | | Weekly | | MS | | 01/12/29 | | (2,101) | | (257,508) | | (273,760) | | (22,418) |
| Chuy's Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,148) | | (117,379) | | (117,735) | | (2,655) |
| Coursera, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (47,166) | | (563,896) | | (374,498) | | 178,035 |
| Dave & Buster's Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,057) | | (317,262) | | (240,291) | | 70,735 |
| Everi Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (42,039) | | (494,692) | | (552,392) | | (67,433) |
| Expedia Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (865) | | (117,620) | | (128,037) | | (13,455) |
| First Watch Restaurant Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (20,091) | | (380,923) | | (313,420) | | 60,013 |
| Krispy Kreme, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (33,301) | | (472,371) | | (357,653) | | 100,786 |
| Kura Sushi USA, Inc., Class A | | USFF -3.680% | | Weekly | | MS | | 01/12/29 | | (1,368) | | (82,463) | | (110,206) | | (29,354) |
| Mister Car Wash, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (65,361) | | (560,686) | | (425,500) | | 124,154 |
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,421) | | (437,608) | | (480,365) | | (57,702) |
| Penn Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,863) | | (275,851) | | (299,176) | | (28,746) |
| Planet Fitness, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,307) | | (97,297) | | (106,155) | | (13,496) |
| Portillo's, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (24,498) | | (417,784) | | (329,988) | | 79,051 |
| Red Rock Resorts, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (5,263) | | (245,008) | | (286,518) | | (60,454) |
| Restaurant Brands International, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,734) | | (762,341) | | (774,136) | | (32,443) |
| Service Corp. International | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,104) | | (238,416) | | (244,999) | | (13,263) |
| Starbucks Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,513) | | (443,154) | | (439,972) | | (5,770) |
| Udemy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (93) | | (717) | | (692) | | 25 |
| Wendy's Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,022) | | (309,928) | | (298,225) | | 193 |
| Wingstop, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (742) | | (314,977) | | (308,731) | | 79 |
| | | | | | | | | | | (358,819) | | (7,671,519) | | (7,187,698) | | 285,173 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Grocery Outlet Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (22,201) | | (488,367) | | (389,628) | | 89,131 |
| Maplebear, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (20,943) | | (822,099) | | (853,218) | | (47,302) |
| Performance Food Group Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,254) | | (168,921) | | (176,646) | | (11,039) |
| PriceSmart, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,497) | | (194,322) | | (229,175) | | (42,880) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Staples Distribution &
Retail — (continued) | | | | | | | | | | | | | | |
| SpartanNash Co. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (6,243) | | $(201,538) | | $(139,906) | | $47,779 |
| United Natural Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (9,717) | | (288,182) | | (163,440) | | 118,447 |
| | | | | | | | | | | (63,855) | | (2,163,429) | | (1,952,013) | | 154,136 |
| Energy | | | | | | | | | | | | | | |
| APA Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (55,171) | | (1,542,854) | | (1,349,483) | | 162,517 |
| Atlas Energy Solutions, Inc. | | USFF -0.630% | | Weekly | | MS | | 01/12/29 | | (23,059) | | (494,143) | | (502,686) | | (23,817) |
| Baytex Energy Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,847) | | (62,066) | | (47,066) | | 14,331 |
| California Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,419) | | (427,720) | | (441,745) | | (25,549) |
| Cheniere Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (792) | | (139,934) | | (142,433) | | (6,279) |
| Chesapeake Energy Corp. | | USFF -0.730% | | Weekly | | MS | | 07/16/29 | | (1,810) | | (1,814,640) | | (2,045,088) | | (266,485) |
| Chord Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,205) | | (1,905,398) | | (1,719,687) | | 136,996 |
| Civitas Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (26,116) | | (1,627,971) | | (1,323,298) | | 219,287 |
| Clean Energy Fuels Corp. | | USFF -0.260% | | Weekly | | MS | | 07/11/28 | | (39,804) | | (149,654) | | (123,790) | | 22,934 |
| CNX Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,024) | | (234,956) | | (293,912) | | (63,570) |
| Comstock Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (53,052) | | (570,967) | | (590,469) | | (40,242) |
| Core Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (5,151) | | (166,365) | | (95,448) | | 68,753 |
| CVR Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,117) | | (151,417) | | (94,815) | | 49,517 |
| Delek US Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (12,891) | | (266,678) | | (241,706) | | 19,225 |
| DHT Holdings, Inc. (Marshall Islands) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,020) | | (11,207) | | (11,251) | | (328) |
| Enbridge, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,020) | | (412,161) | | (447,522) | | (54,312) |
| EQT Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,265) | | (351,996) | | (376,110) | | (34,010) |
| Expro Group Holdings NV (Netherlands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (28,223) | | (543,057) | | (484,589) | | 47,783 |
| Exxon Mobil Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,234) | | (1,528,363) | | (1,551,289) | | (62,729) |
| Gulfport Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,855) | | (551,379) | | (583,454) | | (42,925) |
| Kinetik Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (7,432) | | (281,892) | | (336,372) | | (107,500) |
| Kodiak Gas Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,859) | | (243,230) | | (256,911) | | (18,595) |
| Kosmos Energy Ltd. | | USFF -0.248% | | Weekly | | MS | | 07/11/28 | | (31,682) | | (228,252) | | (127,678) | | 99,984 |
| Magnolia Oil & Gas Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,142) | | (277,769) | | (272,088) | | (736) |
| New Fortress Energy, Inc. | | USFF -6.880% | | Weekly | | MS | | 07/08/27 | | (16,868) | | (518,432) | | (153,330) | | 322,463 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| NexGen Energy Ltd. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,673) | | $(89,511) | | $(89,285) | | $(1,810) |
| NextDecade Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (36,678) | | (225,838) | | (172,753) | | 48,649 |
| Northern Oil and Gas, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (3,479) | | (134,794) | | (123,191) | | 7,178 |
| NOV, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (17,458) | | (340,694) | | (278,804) | | 53,944 |
| Par Pacific Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (34,674) | | (948,807) | | (610,262) | | 319,952 |
| Patterson-UTI Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (59,058) | | (581,186) | | (451,794) | | 110,218 |
| Peabody Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,322) | | (184,302) | | (220,866) | | (41,815) |
| Pembina Pipeline Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,262) | | (336,081) | | (340,725) | | (13,341) |
| ProFrac Holding Corp., Class A | | USFF -1.030% | | Weekly | | MS | | 07/08/27 | | (16,709) | | (213,157) | | (113,454) | | 95,517 |
| ProPetro Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (22,823) | | (226,637) | | (174,824) | | 47,783 |
| REX American Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (183) | | (8,382) | | (8,471) | | (240) |
| Select Water Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,430) | | (146,804) | | (149,476) | | (5,990) |
| Talos Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (28,865) | | (393,601) | | (298,753) | | 87,427 |
| Targa Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,549) | | (929,003) | | (1,117,327) | | (229,581) |
| TC Energy Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,613) | | (456,964) | | (504,648) | | (65,093) |
| Transocean Ltd. (Switzerland) | | USFF -0.253% | | Weekly | | MS | | 07/16/29 | | (52,167) | | (259,431) | | (221,710) | | 32,624 |
| Uranium Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (23,723) | | (125,416) | | (147,320) | | (26,003) |
| Valaris Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,605) | | (420,614) | | (312,479) | | 99,863 |
| Veren, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (13,393) | | (103,483) | | (82,367) | | 19,091 |
| Vermilion Energy, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,187) | | (60,837) | | (40,907) | | 18,807 |
| Vital Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,162) | | (290,936) | | (165,758) | | 119,745 |
| Williams Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,494) | | (480,581) | | (524,701) | | (61,448) |
| World Fuel Services Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (5,619) | | (157,002) | | (173,683) | | (27,965) |
| | | | | | | | | | | (816,184) | | (21,616,562) | | (19,935,778) | | 1,004,225 |
| Financial Services | | | | | | | | | | | | | | |
| Coinbase Global, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,480) | | (614,263) | | (620,032) | | (17,857) |
| Flywire Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (20,544) | | (342,668) | | (336,716) | | (785) |
| MarketAxess Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,033) | | (229,874) | | (264,655) | | (41,662) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Financial Services — (continued) | | | | | | | | | | | | | | |
| Marqeta, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (105,963) | | $(604,551) | | $(521,338) | | $71,462 |
| MSCI, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (357) | | (196,159) | | (208,106) | | (16,776) |
| Nuvei Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,764) | | (286,905) | | (292,279) | | (12,184) |
| Open Lending Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (182) | | (1,122) | | (1,114) | | — |
| Remitly Global, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (54,661) | | (909,388) | | (731,911) | | 159,434 |
| Shift4 Payments, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,035) | | (89,306) | | (91,701) | | (4,140) |
| WEX, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,972) | | (598,967) | | (623,318) | | (36,138) |
| | | | | | | | | | | (198,991) | | (3,873,203) | | (3,691,170) | | 101,354 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Bunge Global SA (Switzerland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,825) | | (901,658) | | (852,848) | | 26,952 |
| Cal-Maine Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,952) | | (364,711) | | (445,448) | | (98,422) |
| Darling Ingredients, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (399) | | (31,912) | | (14,827) | | 17,462 |
| Duckhorn Portfolio Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (34,489) | | (269,272) | | (200,381) | | 63,600 |
| Hormel Foods Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,962) | | (96,171) | | (93,895) | | 455 |
| J M Smucker Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,577) | | (322,279) | | (312,075) | | (1,345) |
| John B Sanfilippo & Son, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (449) | | (42,388) | | (42,345) | | (778) |
| Lamb Weston Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (34,287) | | (2,989,077) | | (2,219,740) | | 687,585 |
| Monster Beverage Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (22,903) | | (1,165,713) | | (1,194,850) | | (52,089) |
| TreeHouse Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,787) | | (551,244) | | (620,758) | | (81,279) |
| Universal Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,263) | | (210,906) | | (226,408) | | (23,898) |
| Westrock Coffee Co. | | USFF -2.980% | | Weekly | | MS | | 01/12/29 | | (1,473) | | (13,191) | | (9,575) | | 3,372 |
| | | | | | | | | | | (133,366) | | (6,958,522) | | (6,233,150) | | 541,615 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Acadia Healthcare Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (15,087) | | (1,110,404) | | (956,667) | | 133,145 |
| AdaptHealth Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (8,592) | | (117,059) | | (96,488) | | 18,036 |
| agilon health, Inc. | | USFF -0.265% | | Weekly | | MS | | 01/10/28 | | (46,926) | | (366,067) | | (184,419) | | 174,449 |
| Align Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,616) | | (410,446) | | (410,981) | | (8,607) |
| Alphatec Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (48,730) | | (551,999) | | (270,939) | | 270,199 |
| Amedisys, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,202) | | (305,963) | | (309,025) | | (9,373) |
| Artivion, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (52) | | (1,395) | | (1,384) | | (2) |
| Bausch + Lomb Corp. (Canada) | | USFF -3.130% | | Weekly | | MS | | 07/16/29 | | (404) | | (7,720) | | (7,793) | | (211) |
| Boston Scientific Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,132) | | (748,164) | | (765,262) | | (34,980) |
| Certara, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,681) | | (90,945) | | (89,945) | | (777) |
| CONMED Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,947) | | (141,547) | | (140,028) | | (1,524) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Cooper Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (3,939) | | $(377,339) | | $(434,629) | | $(67,341) |
| CorVel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (278) | | (82,892) | | (90,875) | | (9,603) |
| Doximity, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,638) | | (109,180) | | (114,938) | | (7,895) |
| Edwards Lifesciences Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,385) | | (315,558) | | (223,376) | | 85,979 |
| Encompass Health Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,087) | | (437,788) | | (491,608) | | (62,883) |
| Enovis Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,134) | | (707,358) | | (651,519) | | 41,918 |
| Ensign Group, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,862) | | (394,566) | | (411,613) | | (26,843) |
| GoodRx Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (37,945) | | (291,588) | | (263,338) | | 22,519 |
| Haemonetics Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,812) | | (568,052) | | (547,549) | | 9,286 |
| Inari Medical, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,423) | | (382,219) | | (347,365) | | 27,338 |
| Inspire Medical Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,540) | | (260,245) | | (325,017) | | (76,163) |
| Insulet Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,279) | | (295,529) | | (297,687) | | (7,967) |
| Integer Holdings Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,188) | | (846,425) | | (934,440) | | (105,929) |
| Integra LifeSciences Holdings Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (30,244) | | (858,975) | | (549,533) | | 292,532 |
| iRhythm Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,154) | | (1,540,248) | | (1,273,513) | | 236,403 |
| Lantheus Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,004) | | (692,008) | | (658,939) | | 19,137 |
| LeMaitre Vascular, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (12) | | (1,107) | | (1,115) | | 4 |
| LifeStance Health Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (9,252) | | (82,344) | | (64,764) | | 15,671 |
| Neogen Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (27,732) | | (464,949) | | (466,175) | | (10,373) |
| Novocure Ltd. (Jersey) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (18,247) | | (607,398) | | (285,201) | | 310,468 |
| Option Care Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,100) | | (451,032) | | (441,330) | | 401 |
| OrthoPediatrics Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (2,102) | | (98,220) | | (56,985) | | 39,314 |
| Patterson Cos., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,884) | | (175,266) | | (128,507) | | 39,776 |
| Privia Health Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,515) | | (228,667) | | (209,688) | | 14,563 |
| Progyny, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,271) | | (124,393) | | (88,342) | | 35,742 |
| QuidelOrtho Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (12,177) | | (793,103) | | (555,271) | | 221,743 |
| Schrodinger, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (18,565) | | (622,715) | | (344,381) | | 266,080 |
| STAAR Surgical Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,617) | | (285,519) | | (245,822) | | 34,086 |
| Stryker Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,865) | | (673,991) | | (673,750) | | (14,845) |
| Surgery Partners, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (22,458) | | (686,651) | | (724,046) | | (50,909) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Teladoc Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (31,515) | | $(396,727) | | $(289,308) | | $99,617 |
| UFP Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (190) | | (62,217) | | (60,173) | | 640 |
| US Physical Therapy, Inc. | | USFF -0.250% | | Weekly | | MS | | 08/27/25 | | (1,013) | | (133,377) | | (85,730) | | 39,043 |
| | | | | | | | | | | (481,796) | | (17,899,355) | | (15,569,458) | | 1,951,864 |
| Household & Personal Products | | | | | | | | | | | | | | |
| Inter Parfums, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,171) | | (702,523) | | (669,541) | | 9,496 |
| Spectrum Brands Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,713) | | (522,430) | | (543,535) | | (32,566) |
| | | | | | | | | | | (10,884) | | (1,224,953) | | (1,213,076) | | (23,070) |
| Materials | | | | | | | | | | | | | | |
| Air Products and Chemicals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,571) | | (459,658) | | (467,750) | | (28,419) |
| Albemarle Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,421) | | (526,483) | | (324,003) | | 187,181 |
| Algoma Steel Group, Inc. (Canada) | | USFF -1.330% | | Weekly | | MS | | 01/10/28 | | (19,662) | | (165,781) | | (201,142) | | (43,392) |
| Arcadium Lithium PLC (Jersey) | | USFF -0.260% | | Weekly | | MS | | 01/12/29 | | (472,926) | | (1,742,185) | | (1,347,839) | | 360,036 |
| Arch Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (200) | | (27,609) | | (27,632) | | (553) |
| Aris Mining Corp. (Canada) | | USFF -3.404% | | Weekly | | MS | | 07/16/29 | | (1,129) | | (5,196) | | (5,193) | | (85) |
| Berry Global Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,864) | | (239,820) | | (262,675) | | (29,716) |
| Century Aluminum Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (43,463) | | (716,332) | | (705,404) | | (4,898) |
| CF Industries Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,997) | | (929,157) | | (1,029,343) | | (124,201) |
| Chemours Co. (The) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,785) | | (89,567) | | (97,231) | | (9,974) |
| Corteva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,630) | | (593,875) | | (624,938) | | (43,974) |
| Dow, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,704) | | (92,957) | | (93,090) | | (3,143) |
| Element Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,604) | | (207,319) | | (206,525) | | (3,888) |
| Equinox Gold Corp. (Canada) | | USFF -0.930% | | Weekly | | MS | | 08/27/25 | | (141,919) | | (1,022,374) | | (864,287) | | 137,959 |
| First Majestic Silver Corp. (Canada) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (94,388) | | (508,351) | | (566,328) | | (68,085) |
| Greif, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,159) | | (255,312) | | (260,603) | | (12,477) |
| Hecla Mining Co. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (10,793) | | (61,052) | | (71,989) | | (15,390) |
| Huntsman Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,849) | | (263,190) | | (262,546) | | (9,084) |
| MAG Silver Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (18,931) | | (215,624) | | (265,791) | | (54,526) |
| Materion Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,059) | | (121,605) | | (118,460) | | 563 |
| Methanex Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (10,646) | | (494,808) | | (440,106) | | 35,400 |
| MP Materials Corp. | | USFF -2.880% | | Weekly | | MS | | 01/10/28 | | (21,064) | | (386,325) | | (371,780) | | 5,013 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Novagold Resources, Inc. (Canada) | | USFF -0.266% | | Weekly | | MS | | 07/08/27 | | (15,123) | | $(73,242) | | $(62,004) | | $9,809 |
| O-I Glass, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (29,299) | | (437,739) | | (384,403) | | 44,140 |
| Olin Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (490) | | (23,446) | | (23,510) | | (775) |
| Packaging Corp. of America | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,235) | | (255,696) | | (266,019) | | (17,980) |
| Reliance, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (443) | | (136,069) | | (128,120) | | 5,222 |
| Ryerson Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,920) | | (187,453) | | (177,597) | | 4,525 |
| SilverCrest Metals, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,742) | | (16,604) | | (16,114) | | 177 |
| SSR Mining, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (25,999) | | (389,553) | | (147,674) | | 233,661 |
| Steel Dynamics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,092) | | (135,394) | | (137,679) | | (5,441) |
| Stepan Co. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (816) | | (107,608) | | (63,036) | | 39,173 |
| Summit Materials, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,801) | | (502,265) | | (499,623) | | (7,386) |
| SunCoke Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (557) | | (4,734) | | (4,835) | | (180) |
| Taseko Mines Ltd. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (55,236) | | (132,391) | | (139,195) | | (9,398) |
| Teck Resources Ltd., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (38,510) | | (1,798,021) | | (2,011,762) | | (265,899) |
| TriMas Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,765) | | (97,135) | | (96,120) | | (1,128) |
| Tronox Holdings PLC (United Kingdom) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (37,201) | | (515,260) | | (544,251) | | (52,187) |
| United States Steel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,534) | | (663,732) | | (513,486) | | 135,676 |
| Warrior Met Coal, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,728) | | (265,744) | | (238,219) | | 22,226 |
| Wheaton Precious Metals Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,484) | | (82,109) | | (90,643) | | (11,007) |
| | | | | | | | | | | (1,149,739) | | (14,948,775) | | (14,158,945) | | 397,575 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Cargurus, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,134) | | (369,320) | | (454,474) | | (93,168) |
| EchoStar Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (58,127) | | (1,448,998) | | (1,442,712) | | (22,248) |
| Endeavor Group Holdings, Inc., Class A | | USFF -4.780% | | Weekly | | MS | | 07/11/28 | | (30,080) | | (776,981) | | (859,085) | | (106,028) |
| Gannett Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,373) | | (18,518) | | (18,956) | | (789) |
| Integral Ad Science Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (25,159) | | (271,443) | | (271,969) | | (6,218) |
| Lions Gate Entertainment Corp., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (8,419) | | (123,574) | | (58,259) | | 64,826 |
| Live Nation Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,116) | | (328,373) | | (341,171) | | (19,254) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Media & Entertainment —
(continued) | | | | | | | | | | | | | | |
| Madison Square Garden Entertainment Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,318) | | $(89,165) | | $(98,585) | | $(11,694) |
| Madison Square Garden Sports Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (541) | | (105,716) | | (112,669) | | (9,548) |
| Magnite, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,659) | | (51,919) | | (64,527) | | (13,689) |
| Nexstar Media Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (847) | | (146,794) | | (140,051) | | (448) |
| Paramount Global, Class B | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (77,334) | | (820,638) | | (821,287) | | (20,196) |
| PubMatic, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (37) | | (555) | | (550) | | 8 |
| Rumble, Inc. | | USFF -11.380% | | Weekly | | MS | | 07/16/29 | | (2,832) | | (15,051) | | (15,180) | | (411) |
| Scholastic Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (207) | | (8,047) | | (6,626) | | 1,152 |
| Snap, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (98,707) | | (909,623) | | (1,056,165) | | (181,866) |
| Take-Two Interactive Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,330) | | (350,412) | | (358,144) | | (14,622) |
| TechTarget, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5) | | (122) | | (122) | | 11 |
| TEGNA, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (444) | | (6,957) | | (7,006) | | (172) |
| Warner Bros Discovery, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (274,869) | | (2,145,340) | | (2,267,669) | | (176,141) |
| Ziff Davis, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (247) | | (14,511) | | (12,019) | | 2,495 |
| ZoomInfo Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (143,425) | | (1,384,350) | | (1,480,146) | | (123,056) |
| | | | | | | | | | | (752,210) | | (9,386,407) | | (9,887,372) | | (731,056) |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| AbCellera Biologics, Inc. (Canada) | | USFF -4.408% | | Weekly | | MS | | 07/11/28 | | (42,359) | | (173,282) | | (110,133) | | 59,748 |
| Apellis Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,037) | | (56,585) | | (29,907) | | 25,577 |
| Arrowhead Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (32,299) | | (856,406) | | (625,632) | | 213,916 |
| Avadel Pharmaceuticals PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,186) | | (140,623) | | (120,474) | | 17,392 |
| Axsome Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,826) | | (138,223) | | (164,103) | | (28,589) |
| Bausch Health Cos., Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (47,969) | | (425,048) | | (391,427) | | 25,248 |
| Bio-Techne Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (11,909) | | (899,790) | | (951,886) | | (70,632) |
| Blueprint Medicines Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (74) | | (6,616) | | (6,845) | | (582) |
| Bruker Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (25,975) | | (1,675,135) | | (1,793,834) | | (152,549) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Corcept Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,907) | | $(77,551) | | $(88,256) | | $(12,219) |
| Crinetics Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,574) | | (446,008) | | (438,131) | | (896) |
| Cytek Biosciences, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (12,828) | | (157,877) | | (71,067) | | 84,009 |
| Day One Biopharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (130) | | (1,846) | | (1,811) | | 17 |
| Denali Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,962) | | (240,361) | | (290,193) | | (55,001) |
| Ideaya Biosciences, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (86) | | (3,358) | | (2,724) | | 1,043 |
| Immunovant, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,194) | | (258,725) | | (262,121) | | (8,479) |
| Insmed, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,313) | | (461,036) | | (460,849) | | (8,882) |
| Ligand Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (63) | | (6,245) | | (6,306) | | (170) |
| Liquidia Corp. | | USFF -0.580% | | Weekly | | MS | | 01/12/29 | | (11,134) | | (124,304) | | (111,340) | | 10,529 |
| Longboard Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (341) | | (10,850) | | (11,366) | | (715) |
| Madrigal Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (68) | | (17,015) | | (14,431) | | 2,760 |
| Maravai LifeSciences Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (48,182) | | (368,400) | | (400,392) | | (39,691) |
| Ocular Therapeutix, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,655) | | (114,611) | | (153,599) | | (42,208) |
| Pfizer, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,091) | | (91,555) | | (89,454) | | 2,240 |
| Pliant Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (13,178) | | (233,774) | | (147,725) | | 81,457 |
| Prestige Consumer Healthcare, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,774) | | (340,363) | | (344,205) | | (10,738) |
| Prothena Corp. PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (3) | | (188) | | (50) | | 148 |
| Sana Biotechnology, Inc. | | USFF -0.263% | | Weekly | | MS | | 01/12/29 | | (93) | | (838) | | (387) | | 449 |
| Sarepta Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,014) | | (753,934) | | (751,088) | | (11,995) |
| Soleno Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,559) | | (73,734) | | (78,714) | | (7,259) |
| Sotera Health Co. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (23,842) | | (416,738) | | (398,161) | | 9,820 |
| Standard BioTools, Inc. | | USFF -0.260% | | Weekly | | MS | | 01/12/29 | | (45,422) | | (93,321) | | (87,664) | | 3,832 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Tarsus Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,950) | | $(62,625) | | $(64,136) | | $(3,407) |
| Tilray Brands, Inc. | | USFF -1.119% | | Weekly | | MS | | 07/11/28 | | (80,538) | | (152,569) | | (141,747) | | 7,826 |
| Vericel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,355) | | (107,975) | | (99,499) | | 6,364 |
| West Pharmaceutical Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,291) | | (1,162,610) | | (987,827) | | 151,196 |
| Xenon Pharmaceuticals, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (264) | | (10,150) | | (10,394) | | (429) |
| | | | | | | | | | | (485,445) | | (10,160,269) | | (9,707,878) | | 249,130 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| ACM Research, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,194) | | (145,221) | | (146,038) | | (4,511) |
| Allegro MicroSystems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (16,196) | | (501,771) | | (377,367) | | 116,069 |
| Analog Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,676) | | (390,351) | | (385,765) | | (4,284) |
| Cohu, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,598) | | (220,032) | | (195,269) | | 20,442 |
| Diodes, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,999) | | (1,000,221) | | (897,196) | | 83,333 |
| Enphase Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (3,301) | | (439,306) | | (373,079) | | 57,586 |
| First Solar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (651) | | (97,570) | | (162,385) | | (66,723) |
| indie Semiconductor, Inc., Class A | | USFF -0.590% | | Weekly | | MS | | 01/12/29 | | (30,990) | | (169,494) | | (123,650) | | 42,518 |
| Intel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (92,705) | | (2,541,121) | | (2,174,859) | | 270,238 |
| Kulicke & Soffa Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,578) | | (175,948) | | (161,475) | | 9,709 |
| Lattice Semiconductor Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,028) | | (1,113,240) | | (1,115,956) | | (24,635) |
| MACOM Technology Solutions Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,540) | | (259,793) | | (282,600) | | (29,042) |
| MaxLinear, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (30,586) | | (598,516) | | (442,885) | | 143,853 |
| Power Integrations, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,311) | | (444,450) | | (340,541) | | 90,677 |
| Silicon Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,813) | | (405,016) | | (325,098) | | 73,238 |
| Synaptics, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,716) | | (159,982) | | (133,127) | | 24,503 |
| Texas Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,191) | | (873,845) | | (865,735) | | (17,716) |
| Universal Display Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,720) | | (350,615) | | (361,028) | | (19,468) |
| Veeco Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,339) | | (181,027) | | (176,881) | | 594 |
| Wolfspeed, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (26,266) | | (530,314) | | (254,780) | | 265,099 |
| | | | | | | | | | | (279,398) | | (10,597,833) | | (9,295,714) | | 1,031,480 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services | | | | | | | | | | | | | | |
| A10 Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,001) | | $(119,528) | | $(129,974) | | $(12,935) |
| Appian Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (841) | | (36,907) | | (28,712) | | 7,945 |
| Applied Digital Corp. | | USFF -3.230% | | Weekly | | MS | | 07/16/29 | | (10,281) | | (63,197) | | (84,818) | | (22,852) |
| AppLovin Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,133) | | (142,440) | | (147,913) | | (8,488) |
| Asana, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (30,036) | | (459,787) | | (348,117) | | 102,625 |
| Aspen Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (775) | | (178,093) | | (185,086) | | (10,705) |
| Atlassian Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,519) | | (953,820) | | (876,472) | | 58,570 |
| Autodesk, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (216) | | (53,605) | | (59,504) | | (6,941) |
| BILL Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (21,656) | | (1,362,026) | | (1,142,571) | | 192,634 |
| Braze, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,138) | | (389,683) | | (327,863) | | 54,157 |
| CCC Intelligent Solutions Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (116,494) | | (1,274,636) | | (1,287,259) | | (37,721) |
| Cipher Mining, Inc. | | USFF -0.259% | | Weekly | | MS | | 07/16/29 | | (93,246) | | (301,548) | | (360,862) | | (66,720) |
| Cleanspark, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (28,107) | | (389,149) | | (262,519) | | 117,102 |
| Clearwater Analytics Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,497) | | (61,023) | | (88,299) | | (31,133) |
| Confluent, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (59,556) | | (1,211,647) | | (1,213,751) | | (25,962) |
| Couchbase, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,165) | | (87,668) | | (83,260) | | 2,695 |
| DigitalOcean Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,391) | | (84,096) | | (96,572) | | (14,929) |
| Dolby Laboratories, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,508) | | (185,152) | | (191,937) | | (10,419) |
| DoubleVerify Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,333) | | (220,456) | | (89,808) | | 126,319 |
| Elastic NV (Netherlands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,856) | | (530,658) | | (526,267) | | (6,050) |
| Enfusion, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,054) | | (52,934) | | (57,452) | | (5,547) |
| Fair Isaac Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (377) | | (722,558) | | (732,707) | | (24,370) |
| Fastly, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (43,411) | | (475,356) | | (328,621) | | 137,383 |
| Five9, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (38,683) | | (1,729,937) | | (1,111,363) | | 584,505 |
| Freshworks, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,909) | | (190,079) | | (171,155) | | 15,192 |
| Globant SA (Luxembourg) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,393) | | (484,682) | | (474,149) | | 1,169 |
| JFrog Ltd. (Israel) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,239) | | (222,266) | | (239,261) | | (21,359) |
| Lightspeed Commerce, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (26,794) | | (738,137) | | (441,833) | | 281,058 |
| Manhattan Associates, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (710) | | (176,533) | | (199,780) | | (27,329) |
| Olo, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (26,815) | | (195,448) | | (133,002) | | 58,570 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| Open Text Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (947) | | $(41,495) | | $(31,516) | | $8,453 |
| PagerDuty, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,976) | | (262,718) | | (240,705) | | 16,837 |
| Perficient, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,504) | | (338,322) | | (339,962) | | (8,291) |
| SentinelOne, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,017) | | (116,162) | | (120,007) | | (6,714) |
| Shopify, Inc., Class A (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,701) | | (214,232) | | (216,458) | | (6,433) |
| Snowflake, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,937) | | (1,281,058) | | (1,141,364) | | 111,260 |
| Sprinklr, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,592) | | (143,673) | | (81,876) | | 58,981 |
| Sprout Social, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,932) | | (309,121) | | (230,583) | | 72,461 |
| SPS Commerce, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (608) | | (127,572) | | (118,055) | | 7,422 |
| Terawulf, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (68,394) | | (272,020) | | (320,084) | | (57,996) |
| UiPath, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,594) | | (117,156) | | (122,803) | | (8,362) |
| Unity Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,230) | | (71,031) | | (50,443) | | 19,203 |
| Workiva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,596) | | (233,316) | | (205,396) | | 23,469 |
| Zscaler, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,380) | | (1,029,040) | | (1,090,597) | | (84,828) |
| | | | | | | | | | | (725,542) | | (17,649,965) | | (15,730,736) | | 1,551,926 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Advanced Energy Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,943) | | (551,495) | | (520,201) | | 18,665 |
| Belden, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,132) | | (110,380) | | (132,591) | | (24,601) |
| Calix, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,088) | | (251,701) | | (236,154) | | 10,600 |
| CDW Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,501) | | (567,308) | | (565,976) | | (10,428) |
| Ciena Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (23,533) | | (1,307,843) | | (1,449,397) | | (167,308) |
| Cognex Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (25,615) | | (1,070,757) | | (1,037,408) | | 9,407 |
| Corning, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (21,677) | | (888,245) | | (978,717) | | (121,322) |
| Corsair Gaming, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,679) | | (57,177) | | (46,486) | | 9,579 |
| Crane NXT Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,782) | | (412,596) | | (380,470) | | 22,437 |
| Extreme Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (26,566) | | (373,742) | | (399,287) | | (33,090) |
| Harmonic, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (16,520) | | (205,864) | | (240,696) | | (39,212) |
| IonQ, Inc. | | USFF -2.730% | | Weekly | | MS | | 01/12/29 | | (29,147) | | (273,252) | | (254,745) | | 10,631 |
| Keysight Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,941) | | (447,323) | | (467,413) | | (29,568) |
| Lumentum Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,756) | | (167,590) | | (174,675) | | (11,305) |
| OSI Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,081) | | (431,683) | | (467,788) | | (44,596) |
| TD SYNNEX Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,027) | | (236,003) | | (243,402) | | (11,751) |
| TTM Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,769) | | (148,859) | | (141,784) | | 4,130 |
| Ubiquiti, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (356) | | (105,033) | | (78,932) | | 23,205 |
| Viasat, Inc. | | USFF -0.250% | | Weekly | | MS | | 08/27/25 | | (6,809) | | (308,854) | | (81,299) | | 221,483 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Technology Hardware & Equipment
— (continued) | | | | | | | | | | | | | | |
| Viavi Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,537) | | $(48,881) | | $(40,924) | | $7,294 |
| Vishay Intertechnology, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (51,873) | | (1,144,415) | | (980,918) | | 131,208 |
| | | | | | | | | | | (253,332) | | (9,109,001) | | (8,919,263) | | (24,542) |
| Telecommunication Services | | | | | | | | | | | | | | |
| Cogent Communications Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,402) | | (179,967) | | (182,360) | | (14,219) |
| Frontier Communications Parent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,988) | | (145,856) | | (177,224) | | (34,348) |
| Globalstar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (108,508) | | (167,729) | | (134,550) | | 29,822 |
| Gogo, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (377) | | (6,649) | | (2,707) | | 3,836 |
| Rogers Communications, Inc., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,101) | | (94,641) | | (84,481) | | 6,882 |
| Shenandoah Telecommunications Co. | | USFF -0.250% | | Weekly | | MS | | 08/27/25 | | (6,468) | | (190,120) | | (91,263) | | 54,587 |
| United States Cellular Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,189) | | (43,636) | | (64,979) | | (22,367) |
| | | | | | | | | | | (126,033) | | (828,598) | | (737,564) | | 24,193 |
| Transportation | | | | | | | | | | | | | | |
| Air Transport Services Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 08/27/25 | | (18,622) | | (415,060) | | (301,490) | | 105,218 |
| Allegiant Travel Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,595) | | (525,805) | | (473,241) | | 38,615 |
| ArcBest Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,207) | | (263,274) | | (239,349) | | 18,481 |
| Canadian National Railway Co. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,051) | | (239,956) | | (240,275) | | (8,013) |
| CH Robinson Worldwide, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (607) | | (62,429) | | (66,995) | | (6,158) |
| Expeditors International of Washington, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,091) | | (388,081) | | (406,157) | | (25,708) |
| Frontier Group Holdings, Inc. | | USFF -0.258% | | Weekly | | MS | | 01/12/29 | | (28,771) | | (122,639) | | (153,925) | | (34,162) |
| JetBlue Airways Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (54,419) | | (280,782) | | (356,989) | | (83,204) |
| Joby Aviation, Inc. | | USFF -4.530% | | Weekly | | MS | | 01/12/29 | | (18,488) | | (91,528) | | (92,995) | | (3,305) |
| Kirby Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,431) | | (534,048) | | (542,487) | | (18,947) |
| Knight-Swift Transportation Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,325) | | (213,672) | | (233,334) | | (25,828) |
| Matson, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,492) | | (191,305) | | (212,789) | | (27,221) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Transportation — (continued) | | | | | | | | | | | | | | |
| Norfolk Southern Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (800) | | $(201,949) | | $(198,800) | | $(3,551) |
| RXO, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,027) | | (373,269) | | (420,756) | | (54,827) |
| Saia, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,142) | | (1,671,234) | | (1,811,131) | | (172,810) |
| Schneider National, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,582) | | (203,635) | | (216,390) | | (20,559) |
| Southwest Airlines Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,368) | | (305,439) | | (277,574) | | 16,445 |
| Sun Country Airlines Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (5,899) | | (113,868) | | (66,128) | | 45,619 |
| TFI International, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,994) | | (448,483) | | (409,849) | | 28,650 |
| United Parcel Service, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,054) | | (279,667) | | (280,042) | | (7,420) |
| | | | | | | | | | | (194,965) | | (6,926,123) | | (7,000,696) | | (238,685) |
| Utilities | | | | | | | | | | | | | | |
| AES Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (23,947) | | (453,433) | | (480,377) | | (50,023) |
| Algonquin Power & Utilities Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (184,396) | | (1,151,788) | | (1,004,958) | | 79,068 |
| Alliant Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (7,296) | | (378,076) | | (442,794) | | (86,098) |
| Altus Power, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,264) | | (83,554) | | (48,540) | | 33,453 |
| Ameren Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,411) | | (466,803) | | (560,706) | | (113,988) |
| American States Water Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,370) | | (174,695) | | (197,397) | | (27,809) |
| Avista Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,757) | | (221,046) | | (223,084) | | (7,493) |
| California Water Service Group | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,425) | | (184,652) | | (185,704) | | (9,274) |
| Chesapeake Utilities Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,628) | | (275,320) | | (326,319) | | (60,202) |
| Clearway Energy, Inc., Class C | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,946) | | (480,124) | | (581,263) | | (122,829) |
| Consolidated Edison, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,003) | | (98,433) | | (104,442) | | (9,873) |
| DTE Energy Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,937) | | (474,455) | | (505,550) | | (44,444) |
| Duke Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,704) | | (196,635) | | (196,471) | | (5,018) |
| Edison International | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,643) | | (458,378) | | (491,449) | | (42,441) |
| Entergy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,447) | | (1,210,003) | | (1,374,930) | | (197,419) |
| Essential Utilities, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (165) | | (6,322) | | (6,364) | | (153) |
| Evergy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,542) | | (489,172) | | (529,689) | | (77,028) |
| Exelon Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,103) | | (202,863) | | (206,927) | | (17,173) |
| FirstEnergy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (19,395) | | (830,958) | | (860,168) | | (62,543) |
| Fortis, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,491) | | (232,520) | | (249,511) | | (23,630) |
| Hawaiian Electric Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,506) | | (56,704) | | (53,298) | | 2,302 |
| IDACORP, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,666) | | (362,475) | | (377,928) | | (34,661) |
| MGE Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,211) | | (259,073) | | (293,646) | | (42,010) |
| Middlesex Water Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,685) | | (118,116) | | (109,929) | | 3,703 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED RETURN FUND
Portfolio of Investments (Concluded)
September 30, 2024
Total Return Swaps (concluded)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Utilities — (continued) | | | | | | | | | | | | | | |
| Montauk Renewables, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (991) | | $(4,554) | | $(5,163) | | $(684) |
| New Jersey Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,299) | | (375,798) | | (391,713) | | (27,665) |
| NextEra Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,119) | | (628,421) | | (686,299) | | (72,383) |
| NiSource, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (6,874) | | (187,590) | | (238,184) | | (67,209) |
| Northwest Natural Holding Co. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (8,974) | | (405,926) | | (366,319) | | 7,837 |
| Northwestern Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 08/27/25 | | (2,977) | | (207,395) | | (170,344) | | 3,127 |
| OGE Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (14,779) | | (584,152) | | (606,235) | | (33,578) |
| ONE Gas, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,080) | | (526,647) | | (601,314) | | (89,829) |
| Ormat Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (8,065) | | (632,225) | | (620,521) | | (4,299) |
| Otter Tail Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (715) | | (64,092) | | (55,884) | | 7,048 |
| PNM Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,265) | | (391,519) | | (405,529) | | (32,929) |
| Portland General Electric Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,186) | | (413,657) | | (440,009) | | (51,282) |
| ReNew Energy Global PLC, Class A (United Kingdom) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (2,817) | | (17,546) | | (17,719) | | (504) |
| Sempra | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (9,733) | | (772,613) | | (813,971) | | (75,706) |
| SJW Group | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,750) | | (153,005) | | (159,803) | | (11,399) |
| Sunnova Energy International, Inc. | | USFF -0.680% | | Weekly | | MS | | 07/11/28 | | (12,583) | | (172,447) | | (122,558) | | 45,380 |
| WEC Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,226) | | (287,405) | | (310,277) | | (31,557) |
| Xcel Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,889) | | (436,600) | | (515,152) | | (95,778) |
| | | | | | | | | | | (471,260) | | (15,127,190) | | (15,938,438) | | (1,446,993) |
|
|
| Total Reference Entity — Short | | | | | | (213,065,487) | | (201,033,524) | | 6,607,603 |
| Net Value of Reference Entity | | | | | | $(30,698,413) | | $11,372,167 | | $42,771,615 |
| * | Includes $701,035 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 94.0% |
| Automobiles & Components — 1.8% |
| American Axle & Manufacturing Holdings, Inc.* | 1,223 | | $ 7,558 |
| Aptiv PLC (Jersey)* | 2,281 | | 164,255 |
| BorgWarner, Inc.(a) | 10,454 | | 379,376 |
| Dana, Inc. | 8,130 | | 85,853 |
| Dorman Products, Inc.* | 248 | | 28,054 |
| General Motors Co.(a) | 9,066 | | 406,519 |
| Gentherm, Inc.* | 32 | | 1,490 |
| LCI Industries | 599 | | 72,203 |
| Lear Corp.(a) | 2,741 | | 299,180 |
| Magna International, Inc. (Canada) | 837 | | 34,350 |
| Phinia, Inc. | 103 | | 4,741 |
| Visteon Corp.(a)* | 2,312 | | 220,195 |
| | | | 1,703,774 |
| Capital Goods — 10.4% |
| 3M Co.(a) | 1,734 | | 237,038 |
| Acuity Brands, Inc.(a) | 271 | | 74,631 |
| AECOM(a) | 329 | | 33,976 |
| American Superconductor Corp.* | 903 | | 21,311 |
| AMETEK, Inc.(a) | 806 | | 138,398 |
| API Group Corp.* | 870 | | 28,727 |
| Apogee Enterprises, Inc. | 391 | | 27,376 |
| Array Technologies, Inc.(a)* | 7,022 | | 46,345 |
| Axon Enterprise, Inc.* | 65 | | 25,974 |
| AZZ, Inc. | 393 | | 32,466 |
| Blue Bird Corp.(a)* | 2,737 | | 131,267 |
| Builders FirstSource, Inc.* | 185 | | 35,864 |
| BWX Technologies, Inc.(a) | 184 | | 20,001 |
| Carlisle Cos., Inc.(a) | 1,336 | | 600,866 |
| Caterpillar, Inc.(a) | 571 | | 223,330 |
| Cummins, Inc.(a) | 742 | | 240,252 |
| Deere & Co. | 285 | | 118,939 |
| Distribution Solutions Group, Inc.* | 2 | | 77 |
| Donaldson Co., Inc.(a) | 2,031 | | 149,685 |
| Douglas Dynamics, Inc. | 40 | | 1,103 |
| Dover Corp.(a) | 1,102 | | 211,297 |
| Ducommun, Inc.* | 8 | | 527 |
| Energy Recovery, Inc.* | 49 | | 852 |
| Enerpac Tool Group Corp. | 621 | | 26,014 |
| Esab Corp. | 499 | | 53,049 |
| Federal Signal Corp. | 996 | | 93,086 |
| Flowserve Corp.(a) | 531 | | 27,447 |
| Fluence Energy, Inc.* | 1,373 | | 31,181 |
| Franklin Electric Co., Inc. | 279 | | 29,245 |
| GE Vernova, Inc.* | 449 | | 114,486 |
| Generac Holdings, Inc.(a)* | 947 | | 150,459 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| General Dynamics Corp.(a) | 358 | | $ 108,188 |
| General Electric Co.(a) | 3,974 | | 749,417 |
| Gibraltar Industries, Inc.* | 568 | | 39,720 |
| Gorman-Rupp Co. (The) | 66 | | 2,571 |
| Granite Construction, Inc. | 1,031 | | 81,738 |
| Griffon Corp.(a) | 1,811 | | 126,770 |
| Hayward Holdings, Inc.* | 6,768 | | 103,821 |
| Herc Holdings, Inc. | 399 | | 63,613 |
| Hexcel Corp.(a) | 1,249 | | 77,226 |
| Hillman Solutions Corp.* | 1,456 | | 15,375 |
| Honeywell International, Inc. | 359 | | 74,209 |
| Howmet Aerospace, Inc.(a) | 2,340 | | 234,585 |
| IDEX Corp. | 195 | | 41,828 |
| Illinois Tool Works, Inc.(a) | 254 | | 66,566 |
| Insteel Industries, Inc. | 5 | | 155 |
| Johnson Controls International PLC (Ireland) | 1,127 | | 87,466 |
| Kennametal, Inc. | 2,481 | | 64,332 |
| Kratos Defense & Security Solutions, Inc.* | 1,186 | | 27,634 |
| Lincoln Electric Holdings, Inc.(a) | 566 | | 108,683 |
| Lockheed Martin Corp.(a) | 367 | | 214,534 |
| Masco Corp.(a) | 1,519 | | 127,505 |
| MasTec, Inc.(a)* | 4,974 | | 612,299 |
| MDU Resources Group, Inc.(a) | 1,703 | | 46,679 |
| Middleby Corp. (The)(a)* | 2,641 | | 367,442 |
| MRC Global, Inc.* | 1,319 | | 16,804 |
| MSC Industrial Direct Co., Inc., Class A(a) | 1,158 | | 99,657 |
| Mueller Industries, Inc.(a) | 220 | | 16,302 |
| Mueller Water Products, Inc., Class A | 4,531 | | 98,323 |
| Northrop Grumman Corp.(a) | 232 | | 122,512 |
| NuScale Power Corp.* | 2,018 | | 23,368 |
| nVent Electric PLC (Ireland) | 2,649 | | 186,119 |
| Otis Worldwide Corp.(a) | 1,159 | | 120,466 |
| Parker-Hannifin Corp.(a) | 209 | | 132,050 |
| Pentair PLC (Ireland) | 1,057 | | 103,364 |
| Powell Industries, Inc.(a) | 1,367 | | 303,460 |
| Proto Labs, Inc.* | 85 | | 2,496 |
| Quanex Building Products Corp. | 575 | | 15,956 |
| Quanta Services, Inc.(a) | 506 | | 150,864 |
| Regal Rexnord Corp.(a) | 1,787 | | 296,428 |
| Rocket Lab USA, Inc.* | 12,416 | | 120,808 |
| Rockwell Automation, Inc. | 409 | | 109,800 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Shoals Technologies Group, Inc., Class A* | 918 | | $ 5,150 |
| Snap-on, Inc.(a) | 557 | | 161,368 |
| Stanley Black & Decker, Inc.(a) | 2,015 | | 221,912 |
| Sterling Infrastructure, Inc.(a)* | 142 | | 20,593 |
| Tennant Co. | 433 | | 41,585 |
| Thermon Group Holdings, Inc.* | 22 | | 656 |
| Toro Co. (The) | 351 | | 30,442 |
| Trane Technologies PLC (Ireland) | 428 | | 166,376 |
| Tutor Perini Corp.* | 1,680 | | 45,629 |
| United Rentals, Inc. | 88 | | 71,256 |
| Valmont Industries, Inc.(a) | 759 | | 220,072 |
| Watsco, Inc.(a) | 137 | | 67,388 |
| Willis Lease Finance Corp. | 1 | | 149 |
| Woodward, Inc.(a) | 198 | | 33,959 |
| WW Grainger, Inc.(a) | 143 | | 148,550 |
| Xylem, Inc.(a) | 952 | | 128,549 |
| Zurn Elkay Water Solutions Corp.(a) | 3,208 | | 115,296 |
| | | | 9,765,332 |
| Commercial & Professional Services — 2.7% |
| ABM Industries, Inc.(a) | 2,241 | | 118,235 |
| ACV Auctions, Inc., Class A(a)* | 1,160 | | 23,583 |
| Amentum Holdings, Inc.(a)* | 2,021 | | 65,177 |
| Automatic Data Processing, Inc.(a) | 810 | | 224,151 |
| BrightView Holdings, Inc.* | 3,614 | | 56,884 |
| Brink's Co. (The) | 262 | | 30,298 |
| Broadridge Financial Solutions, Inc. | 179 | | 38,490 |
| Cimpress PLC (Ireland)* | 275 | | 22,528 |
| Cintas Corp.(a) | 668 | | 137,528 |
| Copart, Inc.* | 1,207 | | 63,247 |
| CoreCivic, Inc.* | 256 | | 3,238 |
| Dun & Bradstreet Holdings, Inc. | 5,659 | | 65,135 |
| Enviri Corp.* | 343 | | 3,547 |
| FTI Consulting, Inc.* | 128 | | 29,128 |
| Heidrick & Struggles International, Inc. | 19 | | 738 |
| HNI Corp. | 580 | | 31,227 |
| ICF International, Inc. | 293 | | 48,870 |
| Jacobs Solutions, Inc.(a) | 2,229 | | 291,776 |
| KBR, Inc. | 1,411 | | 91,899 |
| Kforce, Inc. | 47 | | 2,888 |
| Korn Ferry | 1,524 | | 114,666 |
| Leidos Holdings, Inc.(a) | 1,255 | | 204,565 |
| ManpowerGroup, Inc.(a) | 1,295 | | 95,208 |
| Maximus, Inc. | 774 | | 72,106 |
| MSA Safety, Inc. | 126 | | 22,345 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Commercial & Professional Services — (Continued) |
| OPENLANE, Inc.* | 1,826 | | $ 30,823 |
| Parsons Corp.(a)* | 1,113 | | 115,396 |
| Pitney Bowes, Inc. | 134 | | 955 |
| RB Global, Inc. (Canada) | 1,922 | | 154,702 |
| Republic Services, Inc. | 500 | | 100,420 |
| Steelcase, Inc., Class A | 3,714 | | 50,102 |
| TaskUS, Inc., Class A* | 121 | | 1,563 |
| Tetra Tech, Inc.(a) | 1,782 | | 84,039 |
| UniFirst Corp. | 164 | | 32,579 |
| Veralto Corp.(a) | 1,170 | | 130,876 |
| WNS Holdings Ltd. (Jersey)* | 24 | | 1,265 |
| | | | 2,560,177 |
| Consumer Discretionary Distribution & Retail — 4.9% |
| Abercrombie & Fitch Co., Class A(a)* | 2,220 | | 310,578 |
| Advance Auto Parts, Inc.(a) | 6,189 | | 241,309 |
| Amazon.com, Inc.(a)* | 3,533 | | 658,304 |
| AutoZone, Inc.* | 22 | | 69,301 |
| Bath & Body Works, Inc. | 3,003 | | 95,856 |
| Best Buy Co., Inc. | 74 | | 7,644 |
| CarMax, Inc.* | 699 | | 54,089 |
| Chewy, Inc., Class A(a)* | 23,006 | | 673,846 |
| eBay, Inc.(a) | 2,277 | | 148,255 |
| Etsy, Inc.* | 1,138 | | 63,193 |
| Foot Locker, Inc. | 4,711 | | 121,732 |
| Gap, Inc. (The)(a) | 19,625 | | 432,731 |
| Group 1 Automotive, Inc.(a) | 289 | | 110,699 |
| Home Depot, Inc. (The) | 15 | | 6,078 |
| Kohl's Corp.(a) | 13,456 | | 283,922 |
| Leslie's, Inc.* | 14,760 | | 46,642 |
| Lithia Motors, Inc. | 260 | | 82,586 |
| LKQ Corp. | 244 | | 9,741 |
| Lowe's Cos., Inc.(a) | 704 | | 190,678 |
| Monro, Inc. | 3,052 | | 88,081 |
| Nordstrom, Inc.(a) | 12,447 | | 279,933 |
| ODP Corp. (The)(a)* | 1,972 | | 58,667 |
| O'Reilly Automotive, Inc.(a)* | 32 | | 36,851 |
| Ross Stores, Inc.(a) | 1,129 | | 169,926 |
| Shoe Carnival, Inc. | 318 | | 13,944 |
| Signet Jewelers Ltd. (Bermuda) | 400 | | 41,256 |
| TJX Cos., Inc. (The) | 347 | | 40,786 |
| Ulta Beauty, Inc.(a)* | 344 | | 133,857 |
| Williams-Sonoma, Inc.(a) | 664 | | 102,867 |
| | | | 4,573,352 |
| Consumer Durables & Apparel — 2.2% |
| Acushnet Holdings Corp. | 392 | | 24,990 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Durables & Apparel — (Continued) |
| Deckers Outdoor Corp.(a)* | 897 | | $ 143,027 |
| DR Horton, Inc. | 473 | | 90,234 |
| Garmin Ltd. (Switzerland) | 542 | | 95,408 |
| G-III Apparel Group Ltd.* | 78 | | 2,381 |
| Hasbro, Inc.(a) | 2,639 | | 190,853 |
| Kontoor Brands, Inc. | 249 | | 20,363 |
| Lululemon Athletica, Inc.(a)* | 322 | | 87,375 |
| Mattel, Inc.(a)* | 9,367 | | 178,441 |
| Mohawk Industries, Inc.* | 667 | | 107,174 |
| Newell Brands, Inc. | 2,974 | | 22,840 |
| NVR, Inc.* | 5 | | 49,059 |
| Peloton Interactive, Inc., Class A(a)* | 45,221 | | 211,634 |
| PulteGroup, Inc.(a) | 639 | | 91,716 |
| PVH Corp. | 704 | | 70,984 |
| Ralph Lauren Corp.(a) | 388 | | 75,222 |
| Skechers USA, Inc., Class A* | 2,095 | | 140,197 |
| Sonos, Inc.* | 8,882 | | 109,160 |
| Tapestry, Inc. | 1,148 | | 53,933 |
| Tempur Sealy International, Inc. | 503 | | 27,464 |
| Under Armour, Inc., Class C* | 12,237 | | 102,301 |
| Vista Outdoor, Inc.(a)* | 779 | | 30,521 |
| Worthington Enterprises, Inc. | 2,582 | | 107,024 |
| | | | 2,032,301 |
| Consumer Services — 3.1% |
| Accel Entertainment, Inc.* | 12 | | 139 |
| ADT, Inc. | 7,526 | | 54,413 |
| Aramark(a) | 5,149 | | 199,421 |
| BJ's Restaurants, Inc.* | 1,235 | | 40,212 |
| Bright Horizons Family Solutions, Inc.* | 127 | | 17,797 |
| Cava Group, Inc.* | 501 | | 62,049 |
| Cracker Barrel Old Country Store, Inc.(a) | 3,435 | | 155,777 |
| Darden Restaurants, Inc. | 371 | | 60,892 |
| Domino's Pizza, Inc.(a) | 151 | | 64,951 |
| DoorDash, Inc., Class A* | 298 | | 42,534 |
| Frontdoor, Inc.(a)* | 1,481 | | 71,073 |
| Grand Canyon Education, Inc.* | 139 | | 19,717 |
| Hilton Worldwide Holdings, Inc.(a) | 588 | | 135,534 |
| Hyatt Hotels Corp., Class A(a) | 1,613 | | 245,499 |
| International Game Technology PLC (United Kingdom) | 2,638 | | 56,189 |
| Jack in the Box, Inc. | 1,133 | | 52,730 |
| Las Vegas Sands Corp.(a) | 1,548 | | 77,926 |
| Life Time Group Holdings, Inc.* | 3,701 | | 90,378 |
| Marriott International, Inc., Class A(a) | 1,045 | | 259,787 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| McDonald's Corp.(a) | 392 | | $ 119,368 |
| Papa John's International, Inc.(a) | 1,598 | | 86,084 |
| Perdoceo Education Corp. | 810 | | 18,014 |
| Rush Street Interactive, Inc.* | 12,179 | | 132,142 |
| Sabre Corp.* | 6,145 | | 22,552 |
| Strategic Education, Inc. | 418 | | 38,686 |
| Stride, Inc.* | 665 | | 56,731 |
| Sweetgreen, Inc., Class A(a)* | 4,601 | | 163,106 |
| Target Hospitality Corp.* | 101 | | 786 |
| Texas Roadhouse, Inc.(a) | 667 | | 117,792 |
| Universal Technical Institute, Inc.* | 98 | | 1,594 |
| Vail Resorts, Inc.(a) | 470 | | 81,916 |
| Wyndham Hotels & Resorts, Inc.(a) | 800 | | 62,512 |
| Wynn Resorts Ltd.(a) | 1,914 | | 183,514 |
| Yum! Brands, Inc.(a) | 929 | | 129,791 |
| | | | 2,921,606 |
| Consumer Staples Distribution & Retail — 1.5% |
| Albertsons Cos., Inc., Class A(a) | 11,215 | | 207,253 |
| Costco Wholesale Corp. | 164 | | 145,389 |
| Dollar General Corp.(a) | 1,629 | | 137,765 |
| Dollar Tree, Inc.* | 1,104 | | 77,633 |
| Fresh Market Holdings, Inc. (The), Escrow Shares(b)* | 14,027 | | — |
| Kroger Co. (The)(a) | 465 | | 26,645 |
| Natural Grocers by Vitamin Cottage, Inc. | 8 | | 238 |
| Sysco Corp.(a) | 2,368 | | 184,846 |
| Target Corp.(a) | 2,933 | | 457,137 |
| Walgreens Boots Alliance, Inc. | 6,949 | | 62,263 |
| Walmart, Inc.(a) | 1,494 | | 120,640 |
| | | | 1,419,809 |
| Energy — 7.1% |
| Antero Resources Corp.(a)* | 4,405 | | 126,203 |
| Archrock, Inc.(a) | 2,026 | | 41,006 |
| Baker Hughes Co. | 2,385 | | 86,218 |
| Borr Drilling Ltd. (Bermuda) | 15,604 | | 85,666 |
| BW LPG Ltd. (Singapore) | 13 | | 187 |
| Cameco Corp. (Canada) | 3,032 | | 144,808 |
| Canadian Natural Resources Ltd. (Canada) | 14,967 | | 497,054 |
| Cenovus Energy, Inc. (Canada) | 5,946 | | 99,477 |
| ChampionX Corp.(a) | 2,829 | | 85,294 |
| Chevron Corp.(a) | 2,076 | | 305,733 |
| ConocoPhillips(a) | 2,153 | | 226,668 |
| CONSOL Energy, Inc.(a) | 257 | | 26,895 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Energy — (Continued) |
| Coterra Energy, Inc.(a) | 5,259 | | $ 125,953 |
| Devon Energy Corp.(a) | 19,934 | | 779,818 |
| Diamondback Energy, Inc.(a) | 1,108 | | 191,019 |
| Dorian LPG Ltd. (Marshall Islands) | 6,746 | | 232,197 |
| DT Midstream, Inc.(a) | 1,528 | | 120,193 |
| EOG Resources, Inc.(a) | 2,809 | | 345,310 |
| FLEX LNG Ltd. (Bermuda) | 100 | | 2,544 |
| Hafnia Ltd. (Bermuda) | 439 | | 3,143 |
| Halliburton Co. | 1,856 | | 53,917 |
| Helix Energy Solutions Group, Inc.(a)* | 5,454 | | 60,539 |
| Helmerich & Payne, Inc.(a) | 2,903 | | 88,309 |
| Hess Corp. | 611 | | 82,974 |
| Imperial Oil Ltd. (Canada) | 857 | | 60,376 |
| Kinder Morgan, Inc.(a) | 6,544 | | 144,557 |
| Liberty Energy, Inc. | 156 | | 2,978 |
| Marathon Oil Corp.(a) | 18,044 | | 480,512 |
| Marathon Petroleum Corp. | 77 | | 12,544 |
| Murphy Oil Corp.(a) | 12,905 | | 435,415 |
| Nabors Industries Ltd. (Bermuda)* | 1,385 | | 89,291 |
| Noble Corp. PLC (United Kingdom) | 1,471 | | 53,162 |
| Occidental Petroleum Corp.(a) | 5,432 | | 279,965 |
| Oceaneering International, Inc.* | 208 | | 5,173 |
| Okeanis Eco Tankers Corp. (Marshall Islands) | 6 | | 196 |
| Ovintiv, Inc. | 3,452 | | 132,246 |
| Phillips 66 | 541 | | 71,115 |
| Precision Drilling Corp. (Canada)* | 6 | | 370 |
| RPC, Inc. | 203 | | 1,291 |
| SM Energy Co.(a) | 6,303 | | 251,931 |
| Suncor Energy, Inc. (Canada) | 4,850 | | 179,062 |
| TechnipFMC PLC (United Kingdom) | 12,020 | | 315,285 |
| Valero Energy Corp.(a) | 2,579 | | 348,242 |
| | | | 6,674,836 |
| Financial Services — 3.2% |
| Affirm Holdings, Inc.(a)* | 5,584 | | 227,939 |
| Berkshire Hathaway, Inc., Class B(a)* | 658 | | 302,851 |
| BlackRock, Inc. | 93 | | 88,304 |
| Block, Inc.(a)* | 2,439 | | 163,730 |
| Cboe Global Markets, Inc. | 705 | | 144,433 |
| CME Group, Inc.(a) | 814 | | 179,609 |
| Corpay, Inc.* | 234 | | 73,186 |
| Donnelley Financial Solutions, Inc.* | 9 | | 592 |
| Euronet Worldwide, Inc.(a)* | 1,721 | | 170,775 |
| FactSet Research Systems, Inc.(a) | 30 | | 13,795 |
| Fiserv, Inc.(a)* | 1,018 | | 182,884 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Financial Services — (Continued) |
| Franklin Resources, Inc.(a) | 2,937 | | $ 59,181 |
| Global Payments, Inc. | 1,081 | | 110,716 |
| Intercontinental Exchange, Inc. | 542 | | 87,067 |
| Jack Henry & Associates, Inc. | 755 | | 133,288 |
| Mastercard, Inc., Class A(a) | 312 | | 154,066 |
| Moody's Corp. | 34 | | 16,136 |
| Morningstar, Inc.(a) | 567 | | 180,941 |
| Nasdaq, Inc. | 948 | | 69,213 |
| Payoneer Global, Inc.* | 9,977 | | 75,127 |
| PayPal Holdings, Inc.(a)* | 2,521 | | 196,714 |
| S&P Global, Inc. | 129 | | 66,644 |
| T Rowe Price Group, Inc.(a) | 841 | | 91,610 |
| Visa, Inc., Class A(a) | 686 | | 188,616 |
| | | | 2,977,417 |
| Food, Beverage & Tobacco — 4.0% |
| Altria Group, Inc.(a) | 3,966 | | 202,425 |
| B&G Foods, Inc. | 5,065 | | 44,977 |
| Brown-Forman Corp., Class B(a) | 3,224 | | 158,621 |
| Celsius Holdings, Inc.(a)* | 9,864 | | 309,335 |
| Coca-Cola Co. (The)(a) | 1,672 | | 120,150 |
| Coca-Cola Consolidated, Inc. | 16 | | 21,062 |
| Conagra Brands, Inc.(a) | 4,321 | | 140,519 |
| Darling Ingredients, Inc.(a)* | 8,641 | | 321,099 |
| Hain Celestial Group, Inc. (The)* | 3,905 | | 33,700 |
| Ingredion, Inc.(a) | 1,372 | | 188,554 |
| Kellanova(a) | 2,248 | | 181,436 |
| Keurig Dr Pepper, Inc.(a) | 5,120 | | 191,898 |
| Kraft Heinz Co. (The)(a) | 6,463 | | 226,916 |
| Lancaster Colony Corp.(a) | 650 | | 114,770 |
| MGP Ingredients, Inc. | 115 | | 9,574 |
| Mission Produce, Inc.* | 58 | | 744 |
| Molson Coors Beverage Co., Class B | 1,650 | | 94,908 |
| Mondelez International, Inc., Class A | 745 | | 54,884 |
| PepsiCo, Inc.(a) | 487 | | 82,814 |
| Philip Morris International, Inc. | 842 | | 102,219 |
| Pilgrim's Pride Corp.(a)* | 3,976 | | 183,095 |
| Post Holdings, Inc.(a)* | 1,255 | | 145,266 |
| Primo Water Corp. (Canada) | 3,405 | | 85,976 |
| Simply Good Foods Co. (The)(a)* | 3,125 | | 108,656 |
| SunOpta, Inc. (Canada)* | 2,512 | | 16,027 |
| Tyson Foods, Inc., Class A(a) | 4,870 | | 290,057 |
| Utz Brands, Inc. | 2,504 | | 44,321 |
| Vita Coco Co., Inc. (The)(a)* | 4,822 | | 136,511 |
| Vital Farms, Inc.* | 2,956 | | 103,667 |
| | | | 3,714,181 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — 7.0% |
| Addus HomeCare Corp.* | 316 | | $ 42,037 |
| Alcon, Inc. (Switzerland) | 957 | | 95,767 |
| Avanos Medical, Inc.* | 1,318 | | 31,672 |
| Aveanna Healthcare Holdings, Inc.* | 19 | | 99 |
| Becton Dickinson & Co.(a) | 2,821 | | 680,143 |
| Cencora, Inc.(a) | 817 | | 183,890 |
| Centene Corp.(a)* | 2,603 | | 195,954 |
| Cigna Group (The)(a) | 549 | | 190,196 |
| Community Health Systems, Inc.* | 3,483 | | 21,142 |
| Cross Country Healthcare, Inc.* | 1,708 | | 22,956 |
| CVS Health Corp. | 292 | | 18,361 |
| DaVita, Inc.* | 681 | | 111,636 |
| DENTSPLY SIRONA, Inc.(a) | 6,958 | | 188,284 |
| Doximity, Inc., Class A(a)* | 2,200 | | 95,854 |
| Elevance Health, Inc.(a) | 310 | | 161,200 |
| Envista Holdings Corp.(a)* | 15,125 | | 298,870 |
| GE HealthCare Technologies, Inc.(a) | 2,170 | | 203,655 |
| GeneDx Holdings Corp.* | 706 | | 29,963 |
| Guardant Health, Inc.(a)* | 2,318 | | 53,175 |
| HCA Healthcare, Inc. | 222 | | 90,227 |
| HealthEquity, Inc.* | 963 | | 78,822 |
| HealthStream, Inc. | 13 | | 375 |
| Hologic, Inc.(a)* | 4,713 | | 383,921 |
| Humana, Inc.(a) | 500 | | 158,370 |
| ICU Medical, Inc.(a)* | 1,574 | | 286,814 |
| IDEXX Laboratories, Inc.(a)* | 103 | | 52,038 |
| LivaNova PLC (United Kingdom)* | 1,104 | | 58,004 |
| Masimo Corp.(a)* | 2,716 | | 362,124 |
| McKesson Corp. | 201 | | 99,378 |
| Medtronic PLC (Ireland) | 2,414 | | 217,332 |
| Merit Medical Systems, Inc.* | 748 | | 73,925 |
| Molina Healthcare, Inc.(a)* | 424 | | 146,093 |
| National HealthCare Corp. | 56 | | 7,043 |
| Omnicell, Inc.* | 1,915 | | 83,494 |
| Owens & Minor, Inc.* | 2,024 | | 31,757 |
| Pediatrix Medical Group, Inc.* | 2,137 | | 24,768 |
| Phreesia, Inc.* | 1,199 | | 27,325 |
| PROCEPT BioRobotics Corp.* | 429 | | 34,371 |
| ResMed, Inc.(a) | 1,514 | | 369,598 |
| Simulations Plus, Inc. | 59 | | 1,889 |
| Solventum Corp.(a)* | 911 | | 63,515 |
| STERIS PLC (Ireland) | 1,346 | | 326,459 |
| Tenet Healthcare Corp.(a)* | 2,077 | | 345,197 |
| UnitedHealth Group, Inc.(a) | 154 | | 90,041 |
| Universal Health Services, Inc., Class B(a) | 1,131 | | 259,010 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| Veeva Systems, Inc., Class A(a)* | 1,153 | | $ 241,980 |
| Zimmer Biomet Holdings, Inc.(a) | 693 | | 74,809 |
| | | | 6,613,533 |
| Household & Personal Products — 1.6% |
| BellRing Brands, Inc.(a)* | 955 | | 57,988 |
| Central Garden & Pet Co., Class A* | 116 | | 3,642 |
| Church & Dwight Co., Inc. | 246 | | 25,761 |
| Colgate-Palmolive Co.(a) | 2,948 | | 306,032 |
| Coty, Inc., Class A* | 8,960 | | 84,134 |
| Edgewell Personal Care Co. | 1,104 | | 40,119 |
| Energizer Holdings, Inc. | 643 | | 20,422 |
| Estee Lauder Cos., Inc. (The), Class A(a) | 4,488 | | 447,409 |
| Kenvue, Inc. | 270 | | 6,245 |
| Kimberly-Clark Corp.(a) | 1,500 | | 213,420 |
| Oddity Tech Ltd., Class A (Israel)* | 2,482 | | 100,223 |
| Procter & Gamble Co. (The) | 258 | | 44,686 |
| Reynolds Consumer Products, Inc. | 1,977 | | 61,485 |
| WD-40 Co.(a) | 208 | | 53,639 |
| | | | 1,465,205 |
| Materials — 6.7% |
| Agnico Eagle Mines Ltd. (Canada) | 329 | | 26,504 |
| Alamos Gold, Inc., Class A (Canada) | 3,151 | | 62,831 |
| Alcoa Corp.(a) | 6,487 | | 250,269 |
| Alpha Metallurgical Resources, Inc.(a) | 284 | | 67,075 |
| Amcor PLC (Jersey) | 4,474 | | 50,690 |
| AptarGroup, Inc. | 657 | | 105,245 |
| Ashland, Inc.(a) | 1,671 | | 145,327 |
| ATI, Inc.(a)* | 1,175 | | 78,619 |
| Avery Dennison Corp.(a) | 773 | | 170,648 |
| Avient Corp. | 2,222 | | 111,811 |
| Axalta Coating Systems Ltd. (Bermuda)* | 6,390 | | 231,254 |
| Ball Corp.(a) | 3,892 | | 264,306 |
| Barrick Gold Corp. (Canada) | 6,007 | | 119,479 |
| Cabot Corp.(a) | 1,199 | | 134,012 |
| Celanese Corp.(a) | 218 | | 29,639 |
| Cleveland-Cliffs, Inc.(a)* | 29,143 | | 372,156 |
| Commercial Metals Co. | 1,031 | | 56,664 |
| Crown Holdings, Inc.(a) | 1,651 | | 158,298 |
| DuPont de Nemours, Inc.(a) | 1,860 | | 165,745 |
| Eastman Chemical Co. | 463 | | 51,833 |
| FMC Corp.(a) | 3,272 | | 215,756 |
| Fortuna Mining Corp. (Canada)* | 51,845 | | 240,042 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| Freeport-McMoRan, Inc. | 2,089 | | $ 104,283 |
| Hudbay Minerals, Inc. (Canada) | 28,667 | | 263,450 |
| Innospec, Inc. | 177 | | 20,017 |
| International Paper Co.(a) | 1,319 | | 64,433 |
| Kaiser Aluminum Corp. | 272 | | 19,725 |
| Kinross Gold Corp. (Canada) | 13,585 | | 127,156 |
| Kronos Worldwide, Inc. | 563 | | 7,009 |
| Linde PLC (Ireland) | 413 | | 196,943 |
| Louisiana-Pacific Corp. | 916 | | 98,433 |
| LyondellBasell Industries NV, Class A (Netherlands) | 3,609 | | 346,103 |
| Mativ Holdings, Inc. | 2,490 | | 42,305 |
| Metallus, Inc.* | 1,018 | | 15,097 |
| Minerals Technologies, Inc. | 782 | | 60,394 |
| Mosaic Co. (The) | 1,008 | | 26,994 |
| New Gold, Inc. (Canada)* | 52,152 | | 150,198 |
| NewMarket Corp.(a) | 151 | | 83,335 |
| Newmont Corp. | 1,768 | | 94,500 |
| Nucor Corp. | 416 | | 62,541 |
| Nutrien Ltd. (Canada) | 1,453 | | 69,831 |
| Orla Mining Ltd. (Canada)* | 115 | | 460 |
| Pan American Silver Corp. (Canada) | 10,417 | | 217,403 |
| PPG Industries, Inc. | 586 | | 77,622 |
| Quaker Chemical Corp. | 574 | | 96,713 |
| Scotts Miracle-Gro Co. (The)(a) | 5,683 | | 492,716 |
| Sealed Air Corp.(a) | 4,048 | | 146,942 |
| Silgan Holdings, Inc. | 1,619 | | 84,998 |
| Sonoco Products Co. | 693 | | 37,859 |
| Southern Copper Corp.(a) | 572 | | 66,163 |
| Sylvamo Corp. | 235 | | 20,175 |
| Vulcan Materials Co. | 182 | | 45,578 |
| West Fraser Timber Co. Ltd. (Canada) | 46 | | 4,479 |
| Worthington Steel, Inc. | 27 | | 918 |
| | | | 6,252,976 |
| Media & Entertainment — 4.7% |
| Advantage Solutions, Inc.* | 98 | | 336 |
| Alphabet, Inc., Class A(a) | 3,680 | | 610,328 |
| Angi, Inc.* | 388 | | 1,001 |
| Bumble, Inc., Class A(a)* | 30,839 | | 196,753 |
| Charter Communications, Inc., Class A(a)* | 1,085 | | 351,627 |
| Comcast Corp., Class A(a) | 4,535 | | 189,427 |
| Electronic Arts, Inc. | 628 | | 90,080 |
| EverQuote, Inc., Class A* | 2,239 | | 47,221 |
| Fox Corp., Class A | 1,646 | | 69,675 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Media & Entertainment — (Continued) |
| IAC, Inc.* | 1,345 | | $ 72,388 |
| Interpublic Group of Cos., Inc. (The)(a) | 3,853 | | 121,870 |
| Match Group, Inc.* | 1,770 | | 66,977 |
| Meta Platforms, Inc., Class A(a) | 1,063 | | 608,504 |
| Netflix, Inc.(a)* | 412 | | 292,219 |
| News Corp., Class A(a) | 4,874 | | 129,795 |
| Omnicom Group, Inc.(a) | 1,086 | | 112,282 |
| Sinclair, Inc. | 619 | | 9,471 |
| Sirius XM Holdings, Inc. | 4,531 | | 107,158 |
| Sphere Entertainment Co.(a)* | 2,571 | | 113,587 |
| Spotify Technology SA (Luxembourg)* | 961 | | 354,157 |
| Thryv Holdings, Inc.* | 16 | | 276 |
| TKO Group Holdings, Inc.(a)* | 2,235 | | 276,492 |
| TripAdvisor, Inc.(a)* | 4,015 | | 58,177 |
| Vimeo, Inc.* | 12,309 | | 62,160 |
| Walt Disney Co. (The)(a) | 3,400 | | 327,046 |
| Yelp, Inc.(a)* | 3,341 | | 117,202 |
| | | | 4,386,209 |
| Pharmaceuticals, Biotechnology & Life Sciences — 5.9% |
| ADMA Biologics, Inc.(a)* | 12,427 | | 248,416 |
| Alkermes PLC (Ireland)* | 9,504 | | 266,017 |
| Alnylam Pharmaceuticals, Inc.(a)* | 607 | | 166,943 |
| Amneal Pharmaceuticals, Inc.* | 2,634 | | 21,915 |
| Amphastar Pharmaceuticals, Inc.* | 2,349 | | 113,997 |
| Arcellx, Inc.* | 255 | | 21,295 |
| Avantor, Inc.* | 645 | | 16,686 |
| Avid Bioservices, Inc.* | 198 | | 2,253 |
| BioCryst Pharmaceuticals, Inc.* | 3,543 | | 26,927 |
| Biogen, Inc.(a)* | 493 | | 95,563 |
| BioLife Solutions, Inc.* | 741 | | 18,555 |
| BioMarin Pharmaceutical, Inc.(a)* | 2,519 | | 177,060 |
| Bristol-Myers Squibb Co.(a) | 2,931 | | 151,650 |
| Catalent, Inc.(a)* | 3,781 | | 229,015 |
| Catalyst Pharmaceuticals, Inc.* | 136 | | 2,704 |
| Charles River Laboratories International, Inc.* | 182 | | 35,849 |
| Collegium Pharmaceutical, Inc.* | 2,751 | | 106,299 |
| Elanco Animal Health, Inc.(a)* | 23,601 | | 346,699 |
| Eli Lilly & Co.(a) | 40 | | 35,438 |
| Exelixis, Inc.* | 1,611 | | 41,805 |
| Fortrea Holdings, Inc.(a)* | 6,679 | | 133,580 |
| Gilead Sciences, Inc. | 122 | | 10,228 |
| Halozyme Therapeutics, Inc.* | 1,397 | | 79,964 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
Pharmaceuticals, Biotechnology & Life Sciences —
(Continued) |
| Harmony Biosciences Holdings, Inc.(a)* | 4,128 | | $ 165,120 |
| Illumina, Inc.(a)* | 2,207 | | 287,815 |
| Indivior PLC (United Kingdom)* | 350 | | 3,412 |
| Innoviva, Inc.* | 1,373 | | 26,513 |
| Iovance Biotherapeutics, Inc.* | 2,725 | | 25,588 |
| IQVIA Holdings, Inc.(a)* | 683 | | 161,850 |
| Jazz Pharmaceuticals PLC (Ireland)* | 604 | | 67,292 |
| Johnson & Johnson(a) | 2,098 | | 340,002 |
| Kiniksa Pharmaceuticals International PLC (United Kingdom)* | 363 | | 9,071 |
| Medpace Holdings, Inc.* | 44 | | 14,687 |
| Merck & Co., Inc.(a) | 3,131 | | 355,556 |
| Mesa Laboratories, Inc. | 63 | | 8,181 |
| Mettler-Toledo International, Inc.(a)* | 114 | | 170,966 |
| Natera, Inc.* | 149 | | 18,916 |
| Neurocrine Biosciences, Inc.* | 1,082 | | 124,668 |
| Organon & Co. | 33 | | 631 |
| Pacira BioSciences, Inc.* | 3,802 | | 57,220 |
| Phibro Animal Health Corp., Class A | 6 | | 135 |
| Protagonist Therapeutics, Inc.* | 111 | | 4,995 |
| QIAGEN NV (Netherlands) | 7,022 | | 319,992 |
| Repligen Corp.(a)* | 1,991 | | 296,301 |
| Revvity, Inc. | 711 | | 90,830 |
| Supernus Pharmaceuticals, Inc.* | 2,110 | | 65,790 |
| TG Therapeutics, Inc.(a)* | 4,284 | | 100,203 |
| Thermo Fisher Scientific, Inc.(a) | 287 | | 177,530 |
| Twist Bioscience Corp.(a)* | 1,307 | | 59,050 |
| Viatris, Inc. | 1,074 | | 12,469 |
| Waters Corp.(a)* | 536 | | 192,901 |
| | | | 5,506,542 |
| Semiconductors & Semiconductor Equipment — 7.0% |
| Advanced Micro Devices, Inc.(a)* | 1,913 | | 313,885 |
| Applied Materials, Inc.(a) | 1,419 | | 286,709 |
| Broadcom, Inc. | 1,685 | | 290,663 |
| Cirrus Logic, Inc.(a)* | 4,237 | | 526,278 |
| Credo Technology Group Holding Ltd. (Cayman Islands)* | 4,534 | | 139,647 |
| FormFactor, Inc.* | 755 | | 34,730 |
| GLOBALFOUNDRIES, Inc. (Cayman Islands)* | 6,664 | | 268,226 |
| KLA Corp. | 18 | | 13,939 |
| Lam Research Corp.(a) | 273 | | 222,790 |
| Micron Technology, Inc.(a) | 7,235 | | 750,342 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Semiconductors & Semiconductor Equipment — (Continued) |
| MKS Instruments, Inc.(a) | 1,890 | | $ 205,462 |
| Monolithic Power Systems, Inc.(a) | 210 | | 194,145 |
| NVIDIA Corp.(a) | 2,728 | | 331,288 |
| NXP Semiconductors NV (Netherlands) | 955 | | 229,210 |
| ON Semiconductor Corp.(a)* | 2,941 | | 213,546 |
| Onto Innovation, Inc.(a)* | 1,147 | | 238,071 |
| Photronics, Inc.* | 3,139 | | 77,722 |
| Qorvo, Inc.(a)* | 5,247 | | 542,015 |
| QUALCOMM, Inc.(a) | 4,924 | | 837,326 |
| Rambus, Inc.(a)* | 5,584 | | 235,756 |
| Semtech Corp.(a)* | 2,094 | | 95,612 |
| Skyworks Solutions, Inc.(a) | 4,176 | | 412,464 |
| SMART Global Holdings, Inc. (Cayman Islands)* | 4,900 | | 102,655 |
| | | | 6,562,481 |
| Software & Services — 9.8% |
| Accenture PLC, Class A (Ireland) | 800 | | 282,784 |
| Adobe, Inc.(a)* | 1,055 | | 546,258 |
| Alarm.com Holdings, Inc.* | 2,023 | | 110,597 |
| ANSYS, Inc.(a)* | 804 | | 256,178 |
| Appfolio, Inc., Class A(a)* | 87 | | 20,480 |
| ASGN, Inc.* | 385 | | 35,894 |
| Blackbaud, Inc.* | 305 | | 25,827 |
| BlackBerry Ltd. (Canada)* | 211 | | 553 |
| BlackLine, Inc.(a)* | 5,236 | | 288,713 |
| Blend Labs, Inc., Class A* | 5,481 | | 20,554 |
| Box, Inc., Class A(a)* | 1,800 | | 58,914 |
| Cadence Design Systems, Inc.(a)* | 556 | | 150,693 |
| Clear Secure, Inc., Class A(a) | 2,807 | | 93,024 |
| Crowdstrike Holdings, Inc., Class A(a)* | 924 | | 259,154 |
| Docebo, Inc. (Canada)* | 3 | | 133 |
| DocuSign, Inc.(a)* | 7,079 | | 439,535 |
| DoubleVerify Holdings, Inc.* | 2,624 | | 44,188 |
| DXC Technology Co.(a)* | 8,184 | | 169,818 |
| Envestnet, Inc.* | 1,590 | | 99,566 |
| Fortinet, Inc.(a)* | 2,285 | | 177,202 |
| Gartner, Inc.* | 159 | | 80,575 |
| Gen Digital, Inc.(a) | 5,021 | | 137,726 |
| Gitlab, Inc., Class A* | 455 | | 23,451 |
| GoDaddy, Inc., Class A(a)* | 1,584 | | 248,339 |
| Guidewire Software, Inc.(a)* | 856 | | 156,597 |
| Informatica, Inc., Class A(a)* | 4,307 | | 108,881 |
| Instructure Holdings, Inc.* | 865 | | 20,371 |
| Intapp, Inc.* | 134 | | 6,409 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software & Services — (Continued) |
| InterDigital, Inc.(a) | 3,224 | | $ 456,615 |
| International Business Machines Corp. | 112 | | 24,761 |
| Intuit, Inc. | 101 | | 62,721 |
| Kyndryl Holdings, Inc.(a)* | 4,491 | | 103,203 |
| LiveRamp Holdings, Inc.(a)* | 2,346 | | 58,134 |
| Microsoft Corp.(a) | 1,132 | | 487,100 |
| NCR Voyix Corp.(a)* | 3,139 | | 42,596 |
| Oracle Corp. | 743 | | 126,607 |
| Palo Alto Networks, Inc.(a)* | 1,300 | | 444,340 |
| Pegasystems, Inc.(a) | 5,717 | | 417,855 |
| Progress Software Corp. | 226 | | 15,226 |
| Q2 Holdings, Inc.(a)* | 1,768 | | 141,033 |
| Qualys, Inc.(a)* | 2,034 | | 261,288 |
| Rapid7, Inc.(a)* | 5,269 | | 210,180 |
| Roper Technologies, Inc.(a) | 261 | | 145,231 |
| Salesforce, Inc.(a) | 696 | | 190,502 |
| Samsara, Inc., Class A(a)* | 4,413 | | 212,354 |
| SEMrush Holdings, Inc., Class A* | 1,119 | | 17,579 |
| ServiceNow, Inc.(a)* | 361 | | 322,875 |
| Smartsheet, Inc., Class A* | 1,932 | | 106,955 |
| Synopsys, Inc.(a)* | 300 | | 151,917 |
| Teradata Corp.* | 1,546 | | 46,906 |
| Twilio, Inc., Class A(a)* | 5,187 | | 338,296 |
| Unity Software, Inc.* | 7,455 | | 168,632 |
| Varonis Systems, Inc.* | 1,350 | | 76,275 |
| Verint Systems, Inc.* | 2,813 | | 71,253 |
| VeriSign, Inc.(a)* | 1,156 | | 219,594 |
| Workday, Inc., Class A(a)* | 1,655 | | 404,499 |
| Yext, Inc.* | 3,850 | | 26,642 |
| | | | 9,213,583 |
| Technology Hardware & Equipment — 4.5% |
| Amphenol Corp., Class A | 1,512 | | 98,522 |
| Apple, Inc.(a) | 3,309 | | 770,997 |
| Arista Networks, Inc.(a)* | 385 | | 147,771 |
| Arrow Electronics, Inc.* | 640 | | 85,011 |
| Avnet, Inc. | 289 | | 15,696 |
| Bel Fuse, Inc., Class B | 372 | | 29,206 |
| Benchmark Electronics, Inc. | 1,837 | | 81,416 |
| Cisco Systems, Inc. | 2,372 | | 126,238 |
| Dell Technologies, Inc., Class C(a) | 2,115 | | 250,712 |
| Diebold Nixdorf, Inc.* | 5 | | 223 |
| Digi International, Inc.* | 111 | | 3,056 |
| ePlus, Inc.* | 438 | | 43,073 |
| F5, Inc.(a)* | 705 | | 155,241 |
| Fabrinet (Cayman Islands)* | 323 | | 76,370 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — (Continued) |
| Hewlett Packard Enterprise Co.(a) | 8,605 | | $ 176,058 |
| HP, Inc.(a) | 5,050 | | 181,143 |
| Itron, Inc.(a)* | 2,993 | | 319,682 |
| Jabil, Inc.(a) | 669 | | 80,166 |
| Juniper Networks, Inc. | 288 | | 11,226 |
| Littelfuse, Inc. | 141 | | 37,400 |
| Mirion Technologies, Inc.* | 3,340 | | 36,974 |
| Napco Security Technologies, Inc. | 1,210 | | 48,957 |
| NetApp, Inc.(a) | 2,003 | | 247,390 |
| NetScout Systems, Inc.(a)* | 1,749 | | 38,041 |
| Plexus Corp.* | 293 | | 40,056 |
| Pure Storage, Inc., Class A(a)* | 946 | | 47,527 |
| Rogers Corp.* | 1,097 | | 123,972 |
| ScanSource, Inc.* | 1,196 | | 57,444 |
| Seagate Technology Holdings PLC (Ireland) | 1,212 | | 132,750 |
| TE Connectivity PLC (Ireland) | 1,137 | | 171,676 |
| Teledyne Technologies, Inc.(a)* | 439 | | 192,133 |
| Trimble, Inc.* | 676 | | 41,973 |
| Vontier Corp. | 1,171 | | 39,509 |
| Western Digital Corp.(a)* | 4,306 | | 294,057 |
| | | | 4,201,666 |
| Telecommunication Services — 0.7% |
| AT&T, Inc.(a) | 5,347 | | 117,634 |
| BCE, Inc. (Canada) | 2,185 | | 76,038 |
| Iridium Communications, Inc.(a) | 4,793 | | 145,947 |
| TELUS Corp. (Canada) | 2,652 | | 44,500 |
| T-Mobile US, Inc.(a) | 911 | | 187,994 |
| Verizon Communications, Inc.(a) | 2,054 | | 92,245 |
| | | | 664,358 |
| Transportation — 1.7% |
| CSX Corp.(a) | 6,833 | | 235,943 |
| Delta Air Lines, Inc.(a) | 2,181 | | 110,773 |
| FedEx Corp.(a) | 864 | | 236,460 |
| Forward Air Corp. | 1,939 | | 68,641 |
| FTAI Infrastructure, Inc. | 3,873 | | 36,251 |
| Genco Shipping & Trading Ltd. (Marshall Islands) | 925 | | 18,038 |
| Golden Ocean Group Ltd. (Bermuda) | 3,188 | | 42,655 |
| Heartland Express, Inc. | 700 | | 8,596 |
| JB Hunt Transport Services, Inc.(a) | 998 | | 171,985 |
| Old Dominion Freight Line, Inc. | 192 | | 38,139 |
| SkyWest, Inc.(a)* | 2,586 | | 219,862 |
| Uber Technologies, Inc.(a)* | 2,271 | | 170,688 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Transportation — (Continued) |
| Union Pacific Corp.(a) | 231 | | $ 56,937 |
| Werner Enterprises, Inc.(a) | 4,074 | | 157,216 |
| | | | 1,572,184 |
| Utilities — 3.5% |
| American Water Works Co., Inc. | 510 | | 74,582 |
| Atmos Energy Corp. | 509 | | 70,603 |
| Brookfield Renewable Corp., Class A (Canada) | 4,316 | | 140,961 |
| CMS Energy Corp. | 899 | | 63,496 |
| Constellation Energy Corp.(a) | 1,521 | | 395,491 |
| Dominion Energy, Inc.(a) | 13,405 | | 774,675 |
| National Fuel Gas Co.(a) | 2,880 | | 174,557 |
| NRG Energy, Inc.(a) | 10,354 | | 943,249 |
| Pinnacle West Capital Corp. | 247 | | 21,882 |
| PPL Corp.(a) | 8,226 | | 272,116 |
| Southern Co. (The)(a) | 2,332 | | 210,300 |
| Southwest Gas Holdings, Inc.(a) | 1,759 | | 129,744 |
| Vistra Corp. | 539 | | 63,893 |
| | | | 3,335,549 |
TOTAL COMMON STOCKS
(Cost $80,847,189) | | | 88,117,071 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 6.0% | | | 5,669,117 |
| NET ASSETS - 100.0% | | | $93,786,188 |
| (a) | Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements) |
| (b) | Security is fair valued by the Fund’s adviser, in its role as valuation designee, in accordance with the policies established by the Board of Trustees. |
| * | Non-income producing. |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
The portfolio matures between August 29, 2025 and September 17, 2029, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps, which represents (69.0)% of net assets as of September 30, 2024:
Total Return Swaps
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Long | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| American Axle & Manufacturing Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 328 | | $2,012 | | $2,027 | | $148 |
| Aptiv PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 483 | | 32,847 | | 34,781 | | 4,305 |
| BorgWarner, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,719 | | 86,778 | | 98,673 | | 18,933 |
| Dana, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,203 | | 26,317 | | 23,264 | | (998) |
| Dorman Products, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 70 | | 6,391 | | 7,918 | | 1,978 |
| General Motors Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,517 | | 94,677 | | 112,862 | | 25,575 |
| Gentherm, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 7 | | 333 | | 326 | | 5 |
| LCI Industries | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 162 | | 17,410 | | 19,527 | | 3,689 |
| Lear Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 753 | | 85,536 | | 82,190 | | 3,314 |
| Magna International, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 236 | | 9,252 | | 9,685 | | 1,188 |
| Phinia, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 27 | | 1,247 | | 1,243 | | 74 |
| Visteon Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 621 | | 65,671 | | 59,144 | | (1,772) |
| | | | | | | | | | | 10,126 | | 428,471 | | 451,640 | | 56,439 |
| Capital Goods | | | | | | | | | | | | | | |
| 3M Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 486 | | 50,650 | | 66,436 | | 19,990 |
| Acuity Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 33 | | 7,100 | | 9,088 | | 2,627 |
| American Superconductor Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 139 | | 3,404 | | 3,280 | | 111 |
| AMETEK, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 232 | | 38,177 | | 39,837 | | 4,517 |
| API Group Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 236 | | 7,885 | | 7,793 | | 468 |
| Apogee Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 113 | | 7,041 | | 7,912 | | 1,401 |
| Array Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,570 | | 14,217 | | 10,362 | | (2,836) |
| Axon Enterprise, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 18 | | 6,301 | | 7,193 | | 1,337 |
| AZZ, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 315 | | 23,881 | | 26,022 | | 3,905 |
| Blue Bird Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 837 | | 40,829 | | 40,143 | | 2,265 |
| Builders FirstSource, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 51 | | 9,805 | | 9,887 | | 781 |
| BWX Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 72 | | 6,631 | | 7,826 | | 1,868 |
| Carlisle Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 357 | | 143,305 | | 160,561 | | 28,031 |
| Caterpillar, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 154 | | 51,254 | | 60,232 | | 12,853 |
| Cummins, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 213 | | 56,154 | | 68,967 | | 17,670 |
| Deere & Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 77 | | 27,509 | | 32,134 | | 6,735 |
| Donaldson Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 551 | | 37,095 | | 40,609 | | 6,689 |
| Douglas Dynamics, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 14 | | 386 | | 386 | | 15 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Dover Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 303 | | $52,072 | | $58,097 | | $10,034 |
| Ducommun, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 2 | | 129 | | 132 | | — |
| Energy Recovery, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 14 | | 242 | | 243 | | 6 |
| Enerpac Tool Group Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 179 | | 5,374 | | 7,498 | | 2,538 |
| Esab Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 132 | | 12,605 | | 14,033 | | 2,365 |
| Federal Signal Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 275 | | 24,877 | | 25,702 | | 2,625 |
| Flowserve Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 158 | | 6,033 | | 8,167 | | 2,856 |
| Fluence Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 380 | | 8,415 | | 8,630 | | 813 |
| Franklin Electric Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 67 | | 6,603 | | 7,023 | | 901 |
| GE Vernova, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 122 | | 16,520 | | 31,108 | | 15,774 |
| Generac Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 291 | | 39,889 | | 46,234 | | 9,411 |
| General Dynamics Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 99 | | 28,790 | | 29,918 | | 3,357 |
| General Electric Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,187 | | 189,021 | | 223,844 | | 48,964 |
| Gibraltar Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 148 | | 9,727 | | 10,350 | | 1,318 |
| Gorman-Rupp Co. (The) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 18 | | 673 | | 701 | | 64 |
| Granite Construction, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 279 | | 19,280 | | 22,119 | | 4,279 |
| Griffon Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 494 | | 18,023 | | 34,580 | | 19,157 |
| Hayward Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,857 | | 26,631 | | 28,486 | | 3,776 |
| Herc Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 108 | | 15,514 | | 17,218 | | 2,896 |
| Hexcel Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 344 | | 21,591 | | 21,270 | | 873 |
| Hillman Solutions Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 405 | | 3,136 | | 4,277 | | 1,366 |
| Honeywell International, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 100 | | 20,810 | | 20,671 | | 1,469 |
| Howmet Aerospace, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 629 | | 46,514 | | 63,057 | | 20,103 |
| IDEX Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 54 | | 11,128 | | 11,583 | | 1,277 |
| Illinois Tool Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 74 | | 17,366 | | 19,393 | | 4,002 |
| Insteel Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 1 | | 31 | | 31 | | (10) |
| Johnson Controls International PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 310 | | 21,315 | | 24,059 | | 4,391 |
| Kennametal, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 698 | | 16,809 | | 18,099 | | 2,785 |
| Kratos Defense & Security Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 339 | | 6,653 | | 7,899 | | 1,781 |
| Lincoln Electric Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 149 | | 28,612 | | 28,611 | | 2,153 |
| Lockheed Martin Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 162 | | 74,241 | | 94,699 | | 27,118 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Masco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 414 | | $26,200 | | $34,751 | | $11,095 |
| MasTec, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,359 | | 128,173 | | 167,293 | | 48,607 |
| MDU Resources Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 494 | | 9,109 | | 13,541 | | 5,595 |
| Middleby Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 725 | | 98,371 | | 100,869 | | 9,627 |
| MRC Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 439 | | 5,524 | | 5,593 | | 457 |
| MSC Industrial Direct Co., Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 327 | | 25,694 | | 28,142 | | 4,360 |
| Mueller Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 60 | | 3,238 | | 4,446 | | 1,525 |
| Mueller Water Products, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,255 | | 24,458 | | 27,234 | | 4,567 |
| Northrop Grumman Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 68 | | 30,168 | | 35,909 | | 8,312 |
| NuScale Power Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 546 | | 6,271 | | 6,323 | | 494 |
| nVent Electric PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 814 | | 51,578 | | 57,192 | | 9,431 |
| Otis Worldwide Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 342 | | 32,113 | | 35,547 | | 6,345 |
| Parker-Hannifin Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 60 | | 30,460 | | 37,909 | | 9,871 |
| Pentair PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 288 | | 24,433 | | 28,164 | | 5,564 |
| Powell Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 379 | | 46,576 | | 84,134 | | 42,253 |
| Proto Labs, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 26 | | 761 | | 764 | | 45 |
| Quanex Building Products Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 158 | | 4,264 | | 4,385 | | 429 |
| Quanta Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 162 | | 35,105 | | 48,300 | | 15,761 |
| Regal Rexnord Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 489 | | 75,011 | | 81,115 | | 11,771 |
| Rocket Lab USA, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 3,396 | | 27,325 | | 33,043 | | 7,689 |
| Rockwell Automation, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 111 | | 29,112 | | 29,799 | | 2,786 |
| Shoals Technologies Group, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 249 | | 1,429 | | 1,397 | | 59 |
| Snap-on, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 157 | | 41,701 | | 45,484 | | 7,967 |
| Stanley Black & Decker, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 546 | | 49,703 | | 60,131 | | 14,953 |
| Sterling Infrastructure, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 20 | | 1,543 | | 2,900 | | 1,635 |
| Tennant Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 109 | | 9,239 | | 10,468 | | 2,004 |
| Thermon Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 5 | | 146 | | 149 | | 1 |
| Toro Co. (The) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 99 | | 8,253 | | 8,586 | | 954 |
| Trane Technologies PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 118 | | 34,089 | | 45,870 | | 14,460 |
| Tutor Perini Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 533 | | 9,986 | | 14,476 | | 5,203 |
| United Rentals, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 24 | | 17,757 | | 19,434 | | 2,953 |
| Valmont Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 204 | | 56,737 | | 59,150 | | 6,641 |
| Watsco, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 47 | | 21,280 | | 23,118 | | 3,468 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Woodward, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 33 | | $4,320 | | $5,660 | | $1,862 |
| WW Grainger, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 41 | | 36,119 | | 42,591 | | 9,362 |
| Xylem, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 263 | | 34,227 | | 35,513 | | 3,845 |
| Zurn Elkay Water Solutions Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 866 | | 24,849 | | 31,124 | | 8,421 |
| | | | | | | | | | | 30,072 | | 2,345,570 | | 2,756,904 | | 597,241 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| ABM Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 21 | | 1,020 | | 1,108 | | 153 |
| Amentum Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 560 | | 13,520 | | 18,060 | | 19,816 |
| BrightView Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 986 | | 13,423 | | 15,520 | | 3,058 |
| Brink's Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 87 | | 6,981 | | 10,061 | | 3,633 |
| Broadridge Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 52 | | 10,958 | | 11,182 | | 1,046 |
| Cimpress PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 78 | | 6,662 | | 6,390 | | 199 |
| Cintas Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 184 | | 29,709 | | 37,882 | | 10,464 |
| Copart, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 321 | | 15,848 | | 16,820 | | 2,110 |
| CoreCivic, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 70 | | 898 | | 886 | | 39 |
| Dun & Bradstreet Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,562 | | 14,809 | | 17,979 | | 4,296 |
| Enviri Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 111 | | 1,173 | | 1,148 | | 47 |
| FTI Consulting, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 36 | | 8,142 | | 8,192 | | 628 |
| Heidrick & Struggles International, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 6 | | 227 | | 233 | | 10 |
| HNI Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 162 | | 8,365 | | 8,722 | | 978 |
| ICF International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 77 | | 11,001 | | 12,843 | | 2,642 |
| Jacobs Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 617 | | 74,836 | | 80,765 | | (2,994) |
| KBR, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 392 | | 24,632 | | 25,531 | | 2,721 |
| Kforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 12 | | 744 | | 737 | | 35 |
| Korn Ferry | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 419 | | 29,623 | | 31,526 | | 4,154 |
| Leidos Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 347 | | 38,809 | | 56,561 | | 21,075 |
| ManpowerGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 394 | | 27,596 | | 28,967 | | 3,688 |
| Maximus, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 216 | | 19,304 | | 20,123 | | 2,218 |
| MSA Safety, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 47 | | 7,694 | | 8,335 | | 1,268 |
| OPENLANE, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 503 | | 8,526 | | 8,491 | | 571 |
| Parsons Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 305 | | 28,639 | | 31,622 | | 5,092 |
| Pitney Bowes, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 36 | | 258 | | 257 | | 5 |
| RB Global, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 526 | | 41,645 | | 42,338 | | 3,691 |
| Republic Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 133 | | 27,250 | | 26,712 | | 1,427 |
| Steelcase, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 975 | | 11,753 | | 13,153 | | 2,555 |
| TaskUS, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 39 | | 489 | | 504 | | 37 |
| Tetra Tech, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 426 | | 15,981 | | 20,090 | | 5,297 |
| UniFirst Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 44 | | 7,706 | | 8,741 | | 1,595 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Commercial & Professional
Services — (continued) | | | | | | | | | | | | | | |
| Veralto Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 358 | | $25,222 | | $40,046 | | $16,741 |
| WNS Holdings Ltd. (Jersey) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 7 | | 366 | | 369 | | 17 |
| | | | | | | | | | | 10,109 | | 533,809 | | 611,894 | | 118,312 |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Abercrombie & Fitch Co., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 620 | | 89,442 | | 86,738 | | 3,776 |
| Advance Auto Parts, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 7 | | 283 | | 273 | | (2) |
| Amazon.com, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 509 | | 76,349 | | 94,842 | | 24,023 |
| AutoZone, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 5 | | 15,663 | | 15,750 | | 1,212 |
| Bath & Body Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 876 | | 27,514 | | 27,962 | | 2,513 |
| Best Buy Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 27 | | 2,044 | | 2,789 | | 964 |
| CarMax, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 194 | | 15,085 | | 15,012 | | 1,009 |
| Chewy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 6,298 | | 184,422 | | 184,468 | | 13,422 |
| eBay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 646 | | 30,386 | | 42,061 | | 14,267 |
| Etsy, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 351 | | 19,215 | | 19,491 | | 1,599 |
| Foot Locker, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,318 | | 35,205 | | 34,057 | | 1,395 |
| Gap, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,490 | | 111,172 | | 121,055 | | 17,944 |
| Group 1 Automotive, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 81 | | 27,574 | | 31,026 | | 5,561 |
| Home Depot, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 4 | | 1,602 | | 1,621 | | 131 |
| Kohl's Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 3,685 | | 71,318 | | 77,754 | | 12,172 |
| Leslie's, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,818 | | 16,571 | | 12,065 | | (3,316) |
| Lithia Motors, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 71 | | 20,024 | | 22,552 | | 4,065 |
| LKQ Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 72 | | 2,882 | | 2,874 | | 189 |
| Lowe's Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 195 | | 44,437 | | 52,816 | | 11,733 |
| Monro, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 844 | | 22,078 | | 24,358 | | 4,402 |
| Nordstrom, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 3,416 | | 76,746 | | 76,826 | | 5,736 |
| ODP Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 521 | | 15,132 | | 15,500 | | 1,454 |
| O'Reilly Automotive, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 7 | | 7,802 | | 8,061 | | 868 |
| Ross Stores, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 317 | | 46,619 | | 47,712 | | 4,573 |
| Shoe Carnival, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 91 | | 3,850 | | 3,990 | | 407 |
| Signet Jewelers Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 113 | | 9,327 | | 11,655 | | 3,196 |
| TJX Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 97 | | 11,334 | | 11,401 | | 881 |
| Ulta Beauty, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 95 | | 33,004 | | 36,966 | | 6,346 |
| Williams-Sonoma, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 177 | | 21,439 | | 27,421 | | 7,647 |
| | | | | | | | | | | 29,945 | | 1,038,519 | | 1,109,096 | | 148,167 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Acushnet Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 107 | | 6,863 | | 6,821 | | 444 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Durables & Apparel —
(continued) | | | | | | | | | | | | | | |
| Deckers Outdoor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 251 | | $36,913 | | $40,022 | | $5,776 |
| DR Horton, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 128 | | 23,415 | | 24,419 | | 2,702 |
| Garmin Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 155 | | 16,347 | | 27,285 | | 12,682 |
| G-III Apparel Group Ltd. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 21 | | 633 | | 641 | | 41 |
| Hasbro, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 776 | | 42,095 | | 56,120 | | 18,030 |
| Kontoor Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 65 | | 4,234 | | 5,316 | | 1,441 |
| Lululemon Athletica, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 87 | | 21,567 | | 23,607 | | 3,544 |
| Mattel, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,589 | | 46,741 | | 49,320 | | 5,968 |
| Mohawk Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 168 | | 13,586 | | 26,994 | | 14,382 |
| Newell Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 846 | | 5,790 | | 6,497 | | 1,165 |
| Peloton Interactive, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 12,290 | | 57,891 | | 57,517 | | 3,817 |
| PulteGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 165 | | 10,934 | | 23,682 | | 13,717 |
| PVH Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 194 | | 18,470 | | 19,561 | | 2,419 |
| Ralph Lauren Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 110 | | 13,408 | | 21,326 | | 9,263 |
| Skechers USA, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 573 | | 36,979 | | 38,345 | | 4,038 |
| Sonos, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,447 | | 37,942 | | 30,074 | | (5,127) |
| Tapestry, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 314 | | 12,414 | | 14,752 | | 3,355 |
| Tempur Sealy International, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 117 | | 5,493 | | 6,388 | | 1,256 |
| Under Armour, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 3,374 | | 25,655 | | 28,207 | | 4,401 |
| Vista Outdoor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 226 | | 7,017 | | 8,855 | | 2,334 |
| Worthington Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 689 | | 35,651 | | 28,559 | | (4,252) |
| | | | | | | | | | | 25,692 | | 480,038 | | 544,308 | | 101,396 |
| Consumer Services | | | | | | | | | | | | | | |
| Accel Entertainment, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 5 | | 58 | | 58 | | (8) |
| ADT, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 193 | | 1,379 | | 1,395 | | 104 |
| Aramark | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 220 | | 7,224 | | 8,521 | | 1,899 |
| BJ's Restaurants, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 330 | | 10,737 | | 10,745 | | 765 |
| Bright Horizons Family Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 34 | | 3,637 | | 4,764 | | 1,379 |
| Cava Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 135 | | 16,530 | | 16,720 | | 1,377 |
| Cracker Barrel Old Country Store, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 921 | | 37,203 | | 41,767 | | 7,405 |
| Darden Restaurants, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 102 | | 17,067 | | 16,741 | | 901 |
| Domino's Pizza, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 42 | | 19,380 | | 18,066 | | (289) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| DoorDash, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 83 | | $11,334 | | $11,847 | | $1,323 |
| Frontdoor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 396 | | 13,361 | | 19,004 | | 6,600 |
| Grand Canyon Education, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 12 | | 1,472 | | 1,702 | | 324 |
| Hilton Worldwide Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 161 | | 34,266 | | 37,111 | | 5,525 |
| Hyatt Hotels Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 434 | | 60,258 | | 66,055 | | 10,252 |
| International Game Technology PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 734 | | 15,120 | | 15,634 | | 1,767 |
| Jack in the Box, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 300 | | 13,877 | | 13,962 | | 1,109 |
| Las Vegas Sands Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 444 | | 18,396 | | 22,351 | | 6,289 |
| Life Time Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 999 | | 23,698 | | 24,396 | | 2,405 |
| Marriott International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 280 | | 63,554 | | 69,608 | | 10,817 |
| McDonald's Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 135 | | 34,018 | | 41,109 | | 10,060 |
| Papa John's International, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 442 | | 20,036 | | 23,811 | | 5,517 |
| Perdoceo Education Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 205 | | 4,283 | | 4,559 | | 597 |
| Rush Street Interactive, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,407 | | 32,427 | | 36,966 | | 6,881 |
| Sabre Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,881 | | 5,823 | | 6,903 | | 1,490 |
| Strategic Education, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 104 | | 10,995 | | 9,625 | | (501) |
| Stride, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 195 | | 15,670 | | 16,635 | | 2,090 |
| Sweetgreen, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,261 | | 41,351 | | 44,702 | | 6,340 |
| Target Hospitality Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 58 | | 495 | | 451 | | (21) |
| Texas Roadhouse, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 184 | | 30,560 | | 32,494 | | 4,352 |
| Universal Technical Institute, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 18 | | 290 | | 293 | | 10 |
| Vail Resorts, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 101 | | 17,499 | | 17,603 | | 1,408 |
| Wyndham Hotels & Resorts, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 216 | | 15,425 | | 16,878 | | 2,710 |
| Wynn Resorts Ltd. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 536 | | 49,538 | | 51,392 | | 5,622 |
| Yum! Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 257 | | 34,850 | | 35,905 | | 3,652 |
| | | | | | | | | | | 14,825 | | 681,811 | | 739,773 | | 110,151 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Albertsons Cos., Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,905 | | 35,251 | | 35,204 | | 1,919 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Staples Distribution &
Retail — (continued) | | | | | | | | | | | | | | |
| Costco Wholesale Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 46 | | $41,587 | | $40,780 | | $2,199 |
| Dollar General Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 460 | | 46,380 | | 38,902 | | (4,014) |
| Dollar Tree, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 300 | | 26,146 | | 21,096 | | (3,164) |
| Kroger Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 460 | | 20,742 | | 26,358 | | 7,503 |
| Natural Grocers by Vitamin Cottage, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 3 | | 85 | | 89 | | (2) |
| Sysco Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 643 | | 49,000 | | 50,193 | | 4,752 |
| Target Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 819 | | 111,063 | | 127,649 | | 26,039 |
| Walgreens Boots Alliance, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,967 | | 29,596 | | 17,624 | | (9,195) |
| Walmart, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 672 | | 40,639 | | 54,264 | | 17,099 |
| | | | | | | | | | | 7,275 | | 400,489 | | 412,159 | | 43,136 |
| Energy | | | | | | | | | | | | | | |
| Antero Resources Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 966 | | 25,730 | | 27,676 | | 3,801 |
| Archrock, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 416 | | 7,501 | | 8,420 | | 1,593 |
| Baker Hughes Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 708 | | 24,568 | | 25,594 | | 2,896 |
| Borr Drilling Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,440 | | 27,195 | | 24,376 | | (268) |
| BW LPG Ltd. (Singapore) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 4 | | 58 | | 58 | | (9) |
| Cameco Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 829 | | 32,040 | | 39,593 | | 9,944 |
| Canadian Natural Resources Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,105 | | 137,721 | | 136,327 | | 10,014 |
| Cenovus Energy, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,600 | | 29,762 | | 26,768 | | (669) |
| ChampionX Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 809 | | 25,210 | | 24,391 | | 1,053 |
| Chevron Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 568 | | 86,368 | | 83,649 | | 4,484 |
| ConocoPhillips | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 595 | | 61,975 | | 62,642 | | 5,249 |
| CONSOL Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 38 | | 3,017 | | 3,977 | | 937 |
| Coterra Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | 1,604 | | 41,087 | | 38,416 | | 889 |
| Devon Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,435 | | 240,122 | | 212,617 | | (6,929) |
| Diamondback Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 309 | | 55,915 | | 53,272 | | 2,465 |
| Dorian LPG Ltd. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,876 | | 70,842 | | 64,572 | | 3,584 |
| DT Midstream, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 430 | | 31,558 | | 33,824 | | 4,876 |
| EOG Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 760 | | 92,077 | | 93,427 | | 8,275 |
| FLEX LNG Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 28 | | 734 | | 712 | | 19 |
| Hafnia Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 174 | | 1,287 | | 1,246 | | 56 |
| Halliburton Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 446 | | 14,667 | | 12,956 | | (580) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Helix Energy Solutions Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,534 | | $15,079 | | $17,027 | | $3,037 |
| Helmerich & Payne, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 802 | | 26,161 | | 24,397 | | 404 |
| Hess Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 163 | | 22,924 | | 22,135 | | 945 |
| Imperial Oil Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 227 | | 15,926 | | 15,992 | | 1,259 |
| Kinder Morgan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,281 | | 45,886 | | 50,387 | | 6,077 |
| Liberty Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 42 | | 802 | | 802 | | 45 |
| Marathon Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 4,939 | | 136,915 | | 131,526 | | 4,821 |
| Marathon Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 22 | | 3,533 | | 3,584 | | 427 |
| Murphy Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,447 | | 128,283 | | 116,302 | | (1,952) |
| Nabors Industries Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 418 | | 31,818 | | 26,948 | | (2,611) |
| Noble Corp. PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 413 | | 16,040 | | 14,926 | | 244 |
| Occidental Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,486 | | 84,325 | | 76,588 | | (1,317) |
| Oceaneering International, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 57 | | 1,390 | | 1,418 | | 116 |
| Okeanis Eco Tankers Corp. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 2 | | 66 | | 65 | | (9) |
| Ovintiv, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 951 | | 38,340 | | 36,433 | | 917 |
| Phillips 66 | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 176 | | 23,299 | | 23,135 | | 1,632 |
| Precision Drilling Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 3 | | 183 | | 185 | | 2 |
| RPC, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 42 | | 259 | | 267 | | 15 |
| SM Energy Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,731 | | 69,826 | | 69,188 | | 4,419 |
| Suncor Energy, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,339 | | 50,904 | | 49,436 | | 2,451 |
| TechnipFMC PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,390 | | 77,401 | | 88,920 | | 17,565 |
| Valero Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 718 | | 107,213 | | 96,952 | | (2,290) |
| | | | | | | | | | | 50,323 | | 1,906,007 | | 1,841,126 | | 87,877 |
| Financial Services | | | | | | | | | | | | | | |
| Affirm Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,528 | | 66,161 | | 62,373 | | 1,002 |
| Berkshire Hathaway, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 181 | | 51,335 | | 83,307 | | 35,686 |
| BlackRock, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 33 | | 23,433 | | 31,334 | | 10,751 |
| Block, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 668 | | 38,966 | | 44,843 | | 9,018 |
| Cboe Global Markets, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 236 | | 41,316 | | 48,349 | | 10,675 |
| CME Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 191 | | 37,248 | | 42,144 | | 8,488 |
| Corpay, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 62 | | 18,727 | | 19,391 | | 2,011 |
| Donnelley Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 3 | | 198 | | 197 | | 1 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Financial Services — (continued) | | | | | | | | | | | | | | |
| Euronet Worldwide, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 472 | | $47,507 | | $46,837 | | $2,766 |
| FactSet Research Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 13 | | 5,260 | | 5,978 | | 1,251 |
| Fiserv, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 316 | | 45,381 | | 56,769 | | 14,670 |
| Franklin Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 878 | | 19,402 | | 17,692 | | 1,883 |
| Global Payments, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 298 | | 29,468 | | 30,521 | | 3,180 |
| Intercontinental Exchange, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 150 | | 24,068 | | 24,096 | | 1,763 |
| Jack Henry & Associates, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 206 | | 35,698 | | 36,367 | | 3,300 |
| Mastercard, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 80 | | 33,857 | | 39,504 | | 8,186 |
| Moody's Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 9 | | 4,269 | | 4,271 | | 300 |
| Morningstar, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 148 | | 44,237 | | 47,230 | | 6,212 |
| Nasdaq, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 262 | | 18,781 | | 19,129 | | 1,756 |
| Payoneer Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,689 | | 13,148 | | 20,248 | | 8,137 |
| PayPal Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 756 | | 39,111 | | 58,991 | | 22,706 |
| S&P Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 36 | | 17,778 | | 18,598 | | 2,123 |
| T Rowe Price Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 236 | | 23,686 | | 25,707 | | 6,397 |
| Visa, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 189 | | 52,610 | | 51,966 | | 3,165 |
| | | | | | | | | | | 9,640 | | 731,645 | | 835,842 | | 165,427 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Altria Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,059 | | 43,951 | | 54,051 | | 16,361 |
| B&G Foods, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,473 | | 13,812 | | 13,080 | | 1,305 |
| Brown-Forman Corp., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 874 | | 38,574 | | 43,001 | | 7,354 |
| Celsius Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,698 | | 100,368 | | 84,609 | | (8,485) |
| Coca-Cola Co. (The) | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 935 | | 59,806 | | 67,189 | | 13,507 |
| Coca-Cola Consolidated, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 3 | | 3,800 | | 3,949 | | 412 |
| Conagra Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,258 | | 35,689 | | 40,910 | | 8,635 |
| Darling Ingredients, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 2,366 | | 89,846 | | 87,921 | | 4,529 |
| Hain Celestial Group, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,164 | | 8,578 | | 10,045 | | 2,077 |
| Ingredion, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 383 | | 41,080 | | 52,636 | | 15,211 |
| Kellanova | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 628 | | 32,973 | | 50,686 | | 21,476 |
| Keurig Dr Pepper, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,399 | | 48,087 | | 52,435 | | 8,356 |
| Kraft Heinz Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,775 | | 58,651 | | 62,320 | | 8,475 |
| Lancaster Colony Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 176 | | 32,775 | | 31,076 | | 1,110 |
| MGP Ingredients, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 39 | | 3,229 | | 3,247 | | 239 |
| Mission Produce, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 16 | | 211 | | 205 | | (3) |
| Molson Coors Beverage Co., Class B | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 445 | | 24,430 | | 25,596 | | 3,703 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Food, Beverage & Tobacco —
(continued) | | | | | | | | | | | | | | |
| Mondelez International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 203 | | $15,192 | | $14,955 | | $939 |
| PepsiCo, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 291 | | 49,953 | | 49,485 | | 3,383 |
| Philip Morris International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 238 | | 22,457 | | 28,893 | | 8,944 |
| Pilgrim's Pride Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,105 | | 48,274 | | 50,885 | | 6,103 |
| Post Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 340 | | 39,174 | | 39,355 | | 3,012 |
| Primo Water Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 949 | | 15,697 | | 23,962 | | 9,676 |
| Simply Good Foods Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 852 | | 28,794 | | 29,624 | | 2,897 |
| SunOpta, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 654 | | 3,656 | | 4,173 | | 769 |
| Tyson Foods, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,331 | | 80,472 | | 79,274 | | 5,213 |
| Utz Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 555 | | 9,293 | | 9,824 | | 1,246 |
| Vita Coco Co., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,304 | | 32,007 | | 36,916 | | 7,233 |
| Vital Farms, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 784 | | 27,997 | | 27,495 | | 1,424 |
| | | | | | | | | | | 25,297 | | 1,008,826 | | 1,077,797 | | 155,101 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Addus HomeCare Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 4 | | 528 | | 532 | | 29 |
| Alcon, Inc. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 210 | | 20,054 | | 21,015 | | 1,787 |
| Avanos Medical, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 459 | | 9,331 | | 11,030 | | 2,363 |
| Aveanna Healthcare Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 2 | | 10 | | 10 | | (12) |
| Becton Dickinson & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 653 | | 151,122 | | 157,438 | | 17,908 |
| Cencora, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 239 | | 51,777 | | 53,794 | | 5,985 |
| Centene Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 753 | | 51,032 | | 56,686 | | 9,346 |
| Cigna Group (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 169 | | 55,659 | | 58,548 | | 7,117 |
| Community Health Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 959 | | 5,106 | | 5,821 | | 1,073 |
| Cross Country Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 421 | | 10,809 | | 5,658 | | (4,436) |
| CVS Health Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 568 | | 32,345 | | 35,716 | | 6,285 |
| DaVita, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 188 | | 28,535 | | 30,819 | | 4,342 |
| DENTSPLY SIRONA, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,896 | | 46,847 | | 51,306 | | 8,189 |
| Doximity, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 620 | | 16,043 | | 27,013 | | 12,746 |
| Elevance Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 89 | | 46,515 | | 46,280 | | 3,359 |
| Envista Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,445 | | 75,723 | | 87,833 | | 17,723 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| GE HealthCare Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 596 | | $41,524 | | $55,935 | | $17,478 |
| GeneDx Holdings Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 195 | | 5,835 | | 8,276 | | 2,852 |
| Guardant Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 630 | | 18,129 | | 14,452 | | (2,642) |
| HCA Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 62 | | 22,603 | | 25,199 | | 4,272 |
| HealthEquity, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 262 | | 20,426 | | 21,445 | | 2,488 |
| HealthStream, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 4 | | 115 | | 115 | | (4) |
| Hologic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,289 | | 97,072 | | 105,002 | | 14,965 |
| Humana, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 138 | | 48,317 | | 43,710 | | (988) |
| ICU Medical, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 429 | | 68,735 | | 78,172 | | 14,415 |
| IDEXX Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | 31 | | 14,542 | | 15,662 | | 2,340 |
| LivaNova PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 323 | | 15,140 | | 16,970 | | 2,927 |
| Masimo Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 757 | | 86,753 | | 100,931 | | 20,662 |
| McKesson Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 50 | | 28,262 | | 24,721 | | (1,473) |
| Medtronic PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 677 | | 52,274 | | 60,950 | | 12,932 |
| Merit Medical Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 205 | | 18,684 | | 20,260 | | 2,920 |
| Molina Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 116 | | 35,969 | | 39,969 | | 6,599 |
| National HealthCare Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 15 | | 1,874 | | 1,887 | | 145 |
| Omnicell, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 522 | | 14,875 | | 22,759 | | 8,951 |
| Owens & Minor, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 543 | | 9,835 | | 8,520 | | (631) |
| Pediatrix Medical Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 642 | | 6,788 | | 7,441 | | 1,133 |
| Phreesia, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 349 | | 7,820 | | 7,954 | | 688 |
| PROCEPT BioRobotics Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 133 | | 8,745 | | 10,656 | | 2,546 |
| ResMed, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 414 | | 81,313 | | 101,066 | | 25,959 |
| Simulations Plus, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 14 | | 440 | | 448 | | 27 |
| Solventum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 255 | | 12,471 | | 17,779 | | 6,200 |
| STERIS PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 367 | | 82,980 | | 89,012 | | 12,225 |
| Tenet Healthcare Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 562 | | 60,006 | | 93,404 | | 37,742 |
| UnitedHealth Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 43 | | 24,839 | | 25,141 | | 2,195 |
| Universal Health Services, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 309 | | 55,203 | | 70,764 | | 19,467 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Veeva Systems, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 315 | | $66,532 | | $66,109 | | $4,395 |
| Zimmer Biomet Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 241 | | 25,535 | | 26,016 | | 2,389 |
| | | | | | | | | | | 22,163 | | 1,635,072 | | 1,830,224 | | 316,978 |
| Household & Personal Products | | | | | | | | | | | | | | |
| BellRing Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 265 | | 13,526 | | 16,091 | | 3,677 |
| Central Garden & Pet Co., Class A | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 33 | | 1,065 | | 1,036 | | 36 |
| Church & Dwight Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 69 | | 6,996 | | 7,226 | | 725 |
| Colgate-Palmolive Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 776 | | 71,653 | | 80,557 | | 14,551 |
| Coty, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,449 | | 23,991 | | 22,996 | | 732 |
| Edgewell Personal Care Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 319 | | 12,057 | | 11,592 | | 501 |
| Energizer Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 179 | | 5,269 | | 5,685 | | 785 |
| Estee Lauder Cos., Inc. (The), Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | 1,226 | | 113,551 | | 122,220 | | 17,014 |
| Kenvue, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 74 | | 1,717 | | 1,712 | | 106 |
| Kimberly-Clark Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 465 | | 59,347 | | 66,160 | | 13,204 |
| Oddity Tech Ltd., Class A (Israel) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 667 | | 23,103 | | 26,933 | | 5,496 |
| Procter & Gamble Co. (The) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 71 | | 12,379 | | 12,297 | | 830 |
| Reynolds Consumer Products, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 563 | | 15,832 | | 17,509 | | 3,025 |
| WD-40 Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 53 | | 12,476 | | 13,668 | | 2,144 |
| | | | | | | | | | | 7,209 | | 372,962 | | 405,682 | | 62,826 |
| Materials | | | | | | | | | | | | | | |
| Alamos Gold, Inc., Class A (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 452 | | 7,764 | | 9,013 | | 1,808 |
| Amcor PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,218 | | 13,570 | | 13,800 | | 1,298 |
| AptarGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 159 | | 22,210 | | 25,470 | | 4,985 |
| Ashland, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 456 | | 40,993 | | 39,658 | | 1,752 |
| ATI, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 207 | | 11,141 | | 13,850 | | 3,733 |
| Avery Dennison Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 173 | | 37,488 | | 38,191 | | 3,665 |
| Avient Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 604 | | 28,195 | | 30,393 | | 4,359 |
| Axalta Coating Systems Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,330 | | 44,962 | | 48,133 | | 6,420 |
| Ball Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 759 | | 42,153 | | 51,544 | | 13,065 |
| Barrick Gold Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,643 | | 32,404 | | 32,679 | | 2,658 |
| Cabot Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 326 | | 30,996 | | 36,437 | | 7,885 |
| Celanese Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 58 | | 7,718 | | 7,886 | | (550) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Cleveland-Cliffs, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,266 | | $87,216 | | $92,787 | | $11,890 |
| Commercial Metals Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 280 | | 14,099 | | 15,389 | | 2,306 |
| Crown Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 454 | | 35,250 | | 43,530 | | 11,041 |
| DuPont de Nemours, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 511 | | 40,349 | | 45,535 | | 8,586 |
| Eastman Chemical Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 124 | | 12,252 | | 13,882 | | 2,606 |
| FMC Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 891 | | 54,855 | | 58,753 | | 8,377 |
| Fortuna Mining Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 14,123 | | 58,273 | | 65,389 | | 11,334 |
| Freeport-McMoRan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 576 | | 27,848 | | 28,754 | | 2,971 |
| Hudbay Minerals, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 7,841 | | 66,773 | | 72,059 | | 10,157 |
| Innospec, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 28 | | 3,399 | | 3,167 | | (6) |
| International Paper Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 372 | | 12,640 | | 18,172 | | 6,802 |
| Kaiser Aluminum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 82 | | 7,341 | | 5,947 | | (850) |
| Kinross Gold Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,730 | | 28,999 | | 34,913 | | 8,103 |
| Kronos Worldwide, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 177 | | 2,149 | | 2,204 | | 213 |
| Linde PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 120 | | 48,706 | | 57,223 | | 12,943 |
| Louisiana-Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 251 | | 22,314 | | 26,972 | | 6,340 |
| LyondellBasell Industries NV, Class A (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 998 | | 95,620 | | 95,708 | | 9,385 |
| Mativ Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 673 | | 11,774 | | 11,434 | | 618 |
| Metallus, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 352 | | 7,079 | | 5,220 | | (1,357) |
| Minerals Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 214 | | 13,630 | | 16,527 | | 3,930 |
| Mosaic Co. (The) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 284 | | 7,369 | | 7,606 | | 809 |
| New Gold, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 14,140 | | 36,665 | | 40,723 | | 6,708 |
| NewMarket Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 37 | | 14,464 | | 20,420 | | 7,576 |
| Newmont Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 490 | | 21,060 | | 26,191 | | 6,818 |
| Nucor Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 117 | | 16,931 | | 17,590 | | 1,938 |
| Nutrien Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 400 | | 19,848 | | 19,224 | | 952 |
| Orla Mining Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 106 | | 439 | | 424 | | 4 |
| Pan American Silver Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,832 | | 55,645 | | 59,104 | | 7,697 |
| PPG Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 162 | | 20,244 | | 21,459 | | 2,908 |
| Quaker Chemical Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 163 | | 29,362 | | 27,464 | | 382 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Scotts Miracle-Gro Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,570 | | $97,148 | | $136,119 | | $50,248 |
| Sealed Air Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | 1,123 | | 39,925 | | 40,765 | | 4,045 |
| Silgan Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 444 | | 22,354 | | 23,310 | | 2,611 |
| Sonoco Products Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 179 | | 8,949 | | 9,779 | | 1,548 |
| Southern Copper Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 157 | | 15,814 | | 18,160 | | 3,890 |
| Sylvamo Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 58 | | 4,383 | | 4,979 | | 901 |
| Vulcan Materials Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 58 | | 13,975 | | 14,525 | | 1,551 |
| West Fraser Timber Co. Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 15 | | 1,385 | | 1,460 | | 167 |
| Worthington Steel, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 8 | | 268 | | 272 | | 11 |
| | | | | | | | | | | 68,791 | | 1,396,388 | | 1,550,193 | | 267,231 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Advantage Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 45 | | 158 | | 154 | | (5) |
| Alphabet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,017 | | 149,355 | | 168,669 | | 30,448 |
| Angi, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 255 | | 673 | | 658 | | 21 |
| Bumble, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,524 | | 82,266 | | 54,383 | | (21,923) |
| Charter Communications, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 296 | | 94,290 | | 95,928 | | 8,470 |
| Comcast Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 678 | | 26,523 | | 28,320 | | 3,898 |
| Electronic Arts, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 173 | | 25,436 | | 24,815 | | 1,237 |
| EverQuote, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 596 | | 13,587 | | 12,570 | | (44) |
| Fox Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 440 | | 16,782 | | 18,625 | | 3,146 |
| IAC, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 364 | | 18,502 | | 19,590 | | 2,419 |
| Interpublic Group of Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,045 | | 29,477 | | 33,053 | | 6,892 |
| Match Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 491 | | 17,672 | | 18,579 | | 2,178 |
| Meta Platforms, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 299 | | 97,595 | | 171,160 | | 81,062 |
| Netflix, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 130 | | 79,847 | | 92,205 | | 18,142 |
| News Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,315 | | 34,082 | | 35,018 | | 3,529 |
| Omnicom Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 298 | | 26,642 | | 30,810 | | 6,658 |
| Sinclair, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 175 | | 2,413 | | 2,678 | | 445 |
| Sirius XM Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 1,243 | | 29,902 | | 29,397 | | 1,653 |
| Sphere Entertainment Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 705 | | 24,921 | | 31,147 | | 8,022 |
| Spotify Technology SA (Luxembourg) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 271 | | 80,946 | | 99,872 | | 24,907 |
| Thryv Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 6 | | 104 | | 103 | | (6) |
| TKO Group Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 614 | | 72,289 | | 75,958 | | 8,919 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Media & Entertainment —
(continued) | | | | | | | | | | | | | | |
| TripAdvisor, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,092 | | $28,711 | | $15,823 | | $(11,057) |
| Vimeo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,622 | | 13,888 | | 18,291 | | 5,399 |
| Walt Disney Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 998 | | 89,772 | | 95,998 | | 13,014 |
| Yelp, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 876 | | 30,767 | | 30,730 | | 2,174 |
| | | | | | | | | | | 25,568 | | 1,086,600 | | 1,204,534 | | 199,598 |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| ADMA Biologics, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,702 | | 28,435 | | 34,023 | | 7,639 |
| Alkermes PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 2,616 | | 71,010 | | 73,222 | | 7,353 |
| Alnylam Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 50 | | 11,222 | | 13,752 | | 3,332 |
| Amneal Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 740 | | 6,122 | | 6,157 | | 466 |
| Amphastar Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 469 | | 20,972 | | 22,761 | | 3,298 |
| Arcellx, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 70 | | 5,889 | | 5,846 | | 371 |
| Avantor, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 177 | | 4,562 | | 4,579 | | 335 |
| Avid Bioservices, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 63 | | 709 | | 717 | | 47 |
| BioCryst Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,060 | | 8,373 | | 8,056 | | 251 |
| Biogen, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 134 | | 26,589 | | 25,975 | | 1,303 |
| BioLife Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 216 | | 5,410 | | 5,409 | | 379 |
| BioMarin Pharmaceutical, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 693 | | 52,682 | | 48,711 | | (159) |
| Bristol-Myers Squibb Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,724 | | 74,826 | | 89,200 | | 20,291 |
| Catalent, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,023 | | 61,578 | | 61,963 | | 4,843 |
| Catalyst Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 47 | | 934 | | 934 | | 55 |
| Charles River Laboratories International, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 49 | | 9,593 | | 9,652 | | 742 |
| Collegium Pharmaceutical, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 871 | | 22,951 | | 33,655 | | 12,372 |
| Elanco Animal Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 6,470 | | 93,708 | | 95,044 | | 8,127 |
| Eli Lilly & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 53 | | 41,033 | | 46,955 | | 9,000 |
| Exelixis, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 441 | | 11,287 | | 11,444 | | 963 |
| Fortrea Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,839 | | 39,894 | | 36,780 | | (230) |
| Gilead Sciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 34 | | 2,821 | | 2,851 | | 222 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Halozyme Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 383 | | $22,044 | | $21,923 | | $1,467 |
| Harmony Biosciences Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,122 | | 34,571 | | 44,880 | | 12,823 |
| Illumina, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 605 | | 78,325 | | 78,898 | | 6,246 |
| Indivior PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 86 | | 830 | | 839 | | 56 |
| Innoviva, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 293 | | 4,359 | | 5,658 | | 1,602 |
| Iovance Biotherapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 739 | | 7,954 | | 6,939 | | (450) |
| IQVIA Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 192 | | 40,955 | | 45,498 | | 7,504 |
| Jazz Pharmaceuticals PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 161 | | 17,760 | | 17,937 | | 1,454 |
| Johnson & Johnson | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 668 | | 97,051 | | 108,256 | | 19,277 |
| Kiniksa Pharmaceuticals International PLC (United Kingdom) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 99 | | 2,521 | | 2,474 | | 123 |
| Medpace Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 12 | | 3,948 | | 4,006 | | 331 |
| Merck & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,141 | | 129,776 | | 129,572 | | 11,036 |
| Mesa Laboratories, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 10 | | 1,274 | | 1,299 | | 105 |
| Mettler-Toledo International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 37 | | 46,444 | | 55,489 | | 12,404 |
| Natera, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 53 | | 6,647 | | 6,728 | | 552 |
| Neurocrine Biosciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 295 | | 35,161 | | 33,990 | | 1,369 |
| Organon & Co. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 8 | | 154 | | 153 | | (2) |
| Pacira BioSciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,081 | | 20,595 | | 16,269 | | (2,843) |
| Phibro Animal Health Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 1 | | 22 | | 23 | | (11) |
| Protagonist Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 31 | | 1,390 | | 1,395 | | 93 |
| QIAGEN NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,910 | | 86,098 | | 87,039 | | 7,179 |
| Repligen Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 550 | | 76,085 | | 81,851 | | 11,229 |
| Revvity, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 193 | | 23,089 | | 24,656 | | 3,242 |
| Supernus Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 586 | | 19,537 | | 18,271 | | 140 |
| TG Therapeutics, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,227 | | 26,208 | | 28,700 | | 4,381 |
| Thermo Fisher Scientific, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 88 | | 49,733 | | 54,434 | | 8,322 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Twist Bioscience Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 351 | | $10,535 | | $15,858 | | $6,204 |
| Vertex Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 3 | | 1,388 | | 1,395 | | 105 |
| Viatris, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 288 | | 3,314 | | 3,344 | | 257 |
| Waters Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 140 | | 42,174 | | 50,385 | | 11,314 |
| | | | | | | | | | | 32,894 | | 1,490,542 | | 1,585,845 | | 206,509 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 445 | | 62,151 | | 73,016 | | 15,364 |
| Applied Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 194 | | 35,205 | | 39,198 | | 6,557 |
| Broadcom, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 461 | | 78,959 | | 79,523 | | 6,517 |
| Cirrus Logic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,159 | | 142,413 | | 143,959 | | 11,873 |
| Credo Technology Group Holding Ltd. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,234 | | 32,785 | | 38,007 | | 7,728 |
| FormFactor, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 213 | | 11,347 | | 9,798 | | (738) |
| GLOBALFOUNDRIES, Inc. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,822 | | 78,072 | | 73,336 | | 919 |
| KLA Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 7 | | 5,599 | | 5,421 | | 210 |
| Lam Research Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 77 | | 60,899 | | 62,838 | | 6,927 |
| Micron Technology, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,297 | | 252,987 | | 238,222 | | 3,641 |
| MKS Instruments, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 520 | | 61,219 | | 56,529 | | (143) |
| Monolithic Power Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 63 | | 38,833 | | 58,244 | | 22,400 |
| NVIDIA Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,705 | | 317,614 | | 449,935 | | 155,462 |
| NXP Semiconductors NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 285 | | 54,608 | | 68,403 | | 19,026 |
| ON Semiconductor Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 804 | | 55,412 | | 58,378 | | 6,977 |
| Onto Innovation, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 311 | | 59,077 | | 64,551 | | 9,748 |
| Photronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 904 | | 16,034 | | 22,383 | | 7,498 |
| Qorvo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,437 | | 147,712 | | 148,442 | | 11,441 |
| QUALCOMM, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,372 | | 199,134 | | 233,309 | | 51,093 |
| Rambus, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,531 | | 62,830 | | 64,639 | | 6,002 |
| Semtech Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 566 | | 16,557 | | 25,844 | | 10,863 |
| Skyworks Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,152 | | 114,222 | | 113,783 | | 7,975 |
| SMART Global Holdings, Inc. (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,324 | | 27,195 | | 27,738 | | 2,504 |
| | | | | | | | | | | 21,883 | | 1,930,864 | | 2,155,496 | | 369,844 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services | | | | | | | | | | | | | | |
| Adobe, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 209 | | $108,920 | | $108,216 | | $7,191 |
| Alarm.com Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 473 | | 27,628 | | 25,859 | | 224 |
| ANSYS, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 222 | | 68,667 | | 70,736 | | 7,041 |
| ASGN, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 62 | | 5,391 | | 5,780 | | 768 |
| Blackbaud, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 115 | | 8,253 | | 9,738 | | 2,071 |
| BlackBerry Ltd. (Canada) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 57 | | 146 | | 149 | | 1 |
| BlackLine, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,544 | | 76,487 | | 85,136 | | 14,247 |
| Blend Labs, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,453 | | 5,474 | | 5,449 | | 360 |
| Box, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 488 | | 12,400 | | 15,972 | | 4,460 |
| Cadence Design Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 174 | | 48,262 | | 47,159 | | 2,388 |
| Clear Secure, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 776 | | 13,169 | | 25,717 | | 14,014 |
| Crowdstrike Holdings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 254 | | 86,606 | | 71,239 | | (9,092) |
| Docebo, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 1 | | 43 | | 44 | | (9) |
| DocuSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,936 | | 111,356 | | 120,206 | | 16,921 |
| DoubleVerify Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 716 | | 12,222 | | 12,057 | | 710 |
| DXC Technology Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,254 | | 44,949 | | 46,771 | | 5,072 |
| Envestnet, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 434 | | 27,066 | | 27,177 | | 2,064 |
| Fortinet, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 705 | | 48,422 | | 54,673 | | 9,754 |
| Gartner, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 43 | | 20,810 | | 21,791 | | 2,478 |
| Gen Digital, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,431 | | 27,105 | | 39,252 | | 15,081 |
| Gitlab, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 123 | | 6,685 | | 6,339 | | 127 |
| GoDaddy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 436 | | 66,521 | | 68,356 | | 6,652 |
| Guidewire Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 246 | | 26,677 | | 45,003 | | 21,090 |
| Informatica, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,137 | | 29,574 | | 28,743 | | 1,249 |
| Instructure Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 231 | | 5,401 | | 5,440 | | 419 |
| Intapp, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 38 | | 1,871 | | 1,818 | | 70 |
| InterDigital, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 887 | | 116,951 | | 125,626 | | 17,368 |
| International Business Machines Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 31 | | 6,884 | | 6,853 | | 457 |
| Intuit, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 27 | | 17,203 | | 16,767 | | 814 |
| Kyndryl Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,210 | | 31,499 | | 27,806 | | (1,419) |
| LiveRamp Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 647 | | 19,910 | | 16,033 | | (2,563) |
| Microsoft Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 334 | | 129,871 | | 143,720 | | 24,953 |
| NCR Voyix Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 899 | | 10,931 | | 12,199 | | 2,100 |
| Oracle Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 203 | | 33,752 | | 34,591 | | 3,277 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| Palo Alto Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 355 | | $116,389 | | $121,339 | | $13,215 |
| Pegasystems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,578 | | 98,878 | | 115,336 | | 23,767 |
| Progress Software Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 63 | | 4,022 | | 4,244 | | 502 |
| Q2 Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 482 | | 23,226 | | 38,449 | | 16,896 |
| Qualys, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 562 | | 69,905 | | 72,195 | | 7,253 |
| Rapid7, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,475 | | 53,972 | | 58,838 | | 8,774 |
| Roper Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 71 | | 37,991 | | 39,507 | | 4,261 |
| Salesforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 163 | | 37,374 | | 44,615 | | 10,347 |
| Samsara, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,223 | | 58,033 | | 58,851 | | 5,018 |
| SEMrush Holdings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 302 | | 4,318 | | 4,744 | | 726 |
| ServiceNow, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 154 | | 114,856 | | 137,736 | | 31,206 |
| Smartsheet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 533 | | 25,846 | | 29,507 | | 5,524 |
| Synopsys, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 105 | | 52,871 | | 53,171 | | 4,125 |
| Teradata Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 424 | | 11,331 | | 12,864 | | 2,352 |
| Twilio, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,418 | | 85,916 | | 92,482 | | 12,791 |
| Unity Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 2,040 | | 44,306 | | 46,145 | | 5,043 |
| Varonis Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 379 | | 20,575 | | 21,414 | | 2,320 |
| Verint Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 772 | | 23,336 | | 19,555 | | (2,100) |
| VeriSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 311 | | 54,969 | | 59,078 | | 8,201 |
| Workday, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 453 | | 113,160 | | 110,718 | | 5,760 |
| Yext, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,190 | | 8,041 | | 8,235 | | 741 |
| | | | | | | | | | | 33,849 | | 2,316,421 | | 2,481,438 | | 337,060 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Amphenol Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 407 | | 25,547 | | 26,520 | | 2,865 |
| Apple, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 11 | | 2,497 | | 2,563 | | 298 |
| Arista Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 128 | | 40,188 | | 49,129 | | 11,846 |
| Arrow Electronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 137 | | 16,915 | | 18,198 | | 2,498 |
| Avnet, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 79 | | 4,118 | | 4,290 | | 459 |
| Bel Fuse, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 158 | | 8,145 | | 12,405 | | 4,860 |
| Benchmark Electronics, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 499 | | 20,593 | | 22,116 | | 3,122 |
| Cisco Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 651 | | 32,964 | | 34,646 | | 4,063 |
| Dell Technologies, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 579 | | 68,864 | | 68,635 | | 4,757 |
| Diebold Nixdorf, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 1 | | 44 | | 45 | | (9) |
| Digi International, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 34 | | 918 | | 936 | | 71 |
| ePlus, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 127 | | 11,509 | | 12,489 | | 1,803 |
| F5, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 192 | | 29,781 | | 42,278 | | 14,647 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Technology Hardware & Equipment
— (continued) | | | | | | | | | | | | | | |
| Fabrinet (Cayman Islands) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 87 | | $19,007 | | $20,570 | | $2,930 |
| Hewlett Packard Enterprise Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,654 | | 49,237 | | 54,301 | | 9,142 |
| HP, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,414 | | 38,849 | | 50,720 | | 16,809 |
| Itron, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 837 | | 79,168 | | 89,400 | | 15,960 |
| Jabil, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 200 | | 22,819 | | 23,966 | | 3,115 |
| Juniper Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 84 | | 3,270 | | 3,274 | | (319) |
| Littelfuse, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 38 | | 9,537 | | 10,080 | | 1,222 |
| Mirion Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 915 | | 9,412 | | 10,129 | | 1,388 |
| Napco Security Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 299 | | 10,010 | | 12,098 | | 2,858 |
| NetApp, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 546 | | 55,969 | | 67,436 | | 16,230 |
| NetScout Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 489 | | 11,038 | | 10,636 | | 276 |
| Plexus Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 78 | | 9,641 | | 10,663 | | 1,710 |
| Pure Storage, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 263 | | 15,626 | | 13,213 | | (1,291) |
| Rogers Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 304 | | 34,180 | | 34,355 | | 2,631 |
| ScanSource, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 324 | | 15,195 | | 15,562 | | 1,457 |
| Seagate Technology Holdings PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 345 | | 22,293 | | 37,788 | | 18,398 |
| TE Connectivity PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 304 | | 42,263 | | 45,901 | | 6,645 |
| Teledyne Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 119 | | 49,699 | | 52,082 | | 5,978 |
| Trimble, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 186 | | 10,215 | | 11,549 | | 2,128 |
| Vontier Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 319 | | 10,815 | | 10,763 | | 726 |
| Western Digital Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,176 | | 66,125 | | 80,309 | | 18,972 |
| | | | | | | | | | | 13,984 | | 846,451 | | 959,045 | | 178,245 |
| Telecommunication Services | | | | | | | | | | | | | | |
| AT&T, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,727 | | 27,364 | | 37,994 | | 14,431 |
| BCE, Inc. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 573 | | 19,708 | | 19,940 | | 1,916 |
| Iridium Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,296 | | 33,966 | | 39,463 | | 8,342 |
| TELUS Corp. (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 732 | | 11,895 | | 12,283 | | 1,362 |
| T-Mobile US, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 302 | | 51,387 | | 62,321 | | 15,328 |
| Verizon Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,105 | | 44,036 | | 49,626 | | 10,225 |
| | | | | | | | | | | 5,735 | | 188,356 | | 221,627 | | 51,604 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Transportation | | | | | | | | | | | | | | |
| CSX Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,879 | | $59,639 | | $64,882 | | $10,299 |
| Delta Air Lines, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 713 | | 31,038 | | 36,213 | | 7,741 |
| FedEx Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 241 | | 64,139 | | 65,957 | | 6,902 |
| Forward Air Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 531 | | 17,588 | | 18,797 | | 2,278 |
| FTAI Infrastructure, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,342 | | 11,275 | | 12,561 | | 2,130 |
| Genco Shipping & Trading Ltd. (Marshall Islands) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 263 | | 4,546 | | 5,129 | | 929 |
| Golden Ocean Group Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 868 | | 10,415 | | 11,614 | | 2,052 |
| Heartland Express, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 183 | | 2,242 | | 2,247 | | 159 |
| JB Hunt Transport Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | 273 | | 44,585 | | 47,046 | | 5,802 |
| Old Dominion Freight Line, Inc. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 53 | | 10,534 | | 10,528 | | 747 |
| SkyWest, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 717 | | 36,765 | | 60,959 | | 26,851 |
| Uber Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 639 | | 38,902 | | 48,027 | | 11,936 |
| Union Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 70 | | 15,777 | | 17,254 | | 2,688 |
| Werner Enterprises, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,121 | | 41,270 | | 43,259 | | 4,978 |
| | | | | | | | | | | 8,893 | | 388,715 | | 444,473 | | 85,492 |
| Utilities | | | | | | | | | | | | | | |
| American Water Works Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 133 | | 17,531 | | 19,450 | | 3,576 |
| Atmos Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 145 | | 17,282 | | 20,113 | | 4,249 |
| Brookfield Renewable Corp., Class A (Canada) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 1,198 | | 34,888 | | 39,127 | | 6,921 |
| CMS Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 249 | | 16,112 | | 17,587 | | 2,626 |
| Constellation Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 411 | | 68,216 | | 106,868 | | 45,488 |
| Dominion Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 3,670 | | 202,920 | | 212,089 | | 26,467 |
| National Fuel Gas Co. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 787 | | 46,522 | | 47,700 | | 4,941 |
| NRG Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,933 | | 216,165 | | 267,196 | | 69,437 |
| Pinnacle West Capital Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 68 | | 5,909 | | 6,024 | | 531 |
| PPL Corp. | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 2,238 | | 68,823 | | 74,033 | | 10,859 |
| Southern Co. (The) | | USFF +0.250% | | Weekly | | MS | | 03/12/29 | | 636 | | 55,279 | | 57,354 | | 6,480 |
| Southwest Gas Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 481 | | 34,034 | | 35,479 | | 4,157 |
| Vistra Corp. | | USFF +0.250% | | Weekly | | MS | | 09/13/29 | | 146 | | 16,952 | | 17,307 | | 1,573 |
| | | | | | | | | | | 13,095 | | 800,633 | | 920,327 | | 187,305 |
|
|
| Total Reference Entity — Long | | | | | | 22,008,189 | | 24,139,423 | | 3,845,939 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Short | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| Ford Motor Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (32,878) | | $(386,338) | | $(347,192) | | $34,930 |
| Fox Factory Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,751) | | (162,454) | | (155,666) | | 6,158 |
| Mobileye Global, Inc., Class A | | USFF -0.780% | | Weekly | | MS | | 07/11/28 | | (68,651) | | (1,431,711) | | (940,519) | | 485,744 |
| Modine Manufacturing Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,151) | | (234,042) | | (285,631) | | (52,491) |
| Patrick Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (220) | | (30,756) | | (31,321) | | (695) |
| QuantumScape Corp. | | USFF -0.780% | | Weekly | | MS | | 07/11/28 | | (15,602) | | (94,850) | | (89,711) | | 4,766 |
| Rivian Automotive, Inc., Class A | | USFF -0.630% | | Weekly | | MS | | 09/17/29 | | (5,981) | | (66,916) | | (67,107) | | (458) |
| Tesla, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (704) | | (171,735) | | (184,188) | | (13,117) |
| XPEL, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (690) | | (28,139) | | (29,925) | | (1,906) |
| | | | | | | | | | | (130,628) | | (2,606,941) | | (2,131,260) | | 462,931 |
| Capital Goods | | | | | | | | | | | | | | |
| A. O. Smith Corp. | | USFF -0.250% | | Weekly | | MS | | 03/12/29 | | (1,541) | | (133,303) | | (138,428) | | (5,877) |
| AAON, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,830) | | (163,561) | | (197,347) | | (34,683) |
| AAR Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,568) | | (171,375) | | (167,844) | | 2,868 |
| Advanced Drainage Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,251) | | (354,927) | | (353,767) | | (555) |
| AGCO Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (67) | | (6,606) | | (6,557) | | 11 |
| Albany International Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,708) | | (158,235) | | (151,756) | | 3,763 |
| Ameresco, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,573) | | (174,817) | | (135,560) | | 38,528 |
| Archer Aviation, Inc. | | USFF -7.651% | | Weekly | | MS | | 07/11/28 | | (21,996) | | (103,481) | | (66,648) | | 36,427 |
| Arcosa, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,334) | | (197,667) | | (221,170) | | (24,332) |
| Argan, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (55) | | (5,504) | | (5,579) | | (109) |
| Astec Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | (965) | | (31,047) | | (30,822) | | 4 |
| Atmus Filtration Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,617) | | (295,837) | | (360,926) | | (66,699) |
| Ballard Power Systems, Inc. (Canada) | | USFF -2.030% | | Weekly | | MS | | 01/05/26 | | (27,337) | | (251,666) | | (49,207) | | 201,491 |
| Barnes Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (988) | | (32,745) | | (39,925) | | (7,792) |
| Beacon Roofing Supply, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,689) | | (627,545) | | (578,130) | | 47,019 |
| Bloom Energy Corp., Class A | | USFF -0.830% | | Weekly | | MS | | 01/10/28 | | (9,025) | | (118,847) | | (95,304) | | 23,079 |
| Boeing Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,302) | | (1,116,493) | | (958,156) | | 154,085 |
| Boise Cascade Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (611) | | (83,506) | | (86,139) | | (6,146) |
| Cadre Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,321) | | (44,486) | | (50,132) | | (5,940) |
| ChargePoint Holdings, Inc. | | USFF -5.636% | | Weekly | | MS | | 01/10/28 | | (25,008) | | (137,514) | | (34,261) | | 102,800 |
| Columbus McKinnon Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (63) | | (2,187) | | (2,268) | | (101) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Comfort Systems USA, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (304) | | $(116,742) | | $(118,666) | | $(2,381) |
| Construction Partners, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,561) | | (206,904) | | (248,558) | | (42,452) |
| Core & Main, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,694) | | (116,664) | | (119,614) | | (3,405) |
| Crane Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (311) | | (47,449) | | (49,225) | | (1,969) |
| Dycom Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,214) | | (398,196) | | (436,379) | | (39,708) |
| Eaton Corp. PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (780) | | (257,602) | | (258,523) | | (1,912) |
| Emerson Electric Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,907) | | (512,315) | | (536,679) | | (27,532) |
| EnerSys | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (974) | | (96,130) | | (99,397) | | (3,804) |
| Enovix Corp. | | USFF -3.230% | | Weekly | | MS | | 07/16/29 | | (5,021) | | (42,040) | | (46,896) | | (5,028) |
| EnPro Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (431) | | (67,654) | | (69,900) | | (2,693) |
| ESCO Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (964) | | (110,194) | | (124,337) | | (14,634) |
| Fluor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (815) | | (40,416) | | (38,884) | | 1,368 |
| Fortive Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,793) | | (138,561) | | (141,521) | | (3,499) |
| Fortune Brands Innovations, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (803) | | (60,118) | | (71,893) | | (12,347) |
| GATX Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,327) | | (168,668) | | (175,761) | | (10,195) |
| GMS, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,979) | | (256,161) | | (269,808) | | (14,633) |
| Hillenbrand, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (935) | | (45,119) | | (25,993) | | 18,823 |
| Hubbell, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (413) | | (170,840) | | (176,909) | | (6,730) |
| Huntington Ingalls Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,808) | | (485,747) | | (477,999) | | 3,235 |
| Ingersoll Rand, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,397) | | (603,598) | | (627,930) | | (26,715) |
| JELD-WEN Holding, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (3,096) | | (61,360) | | (48,948) | | 12,166 |
| John Bean Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (620) | | (56,359) | | (61,076) | | (4,965) |
| Kadant, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (143) | | (46,688) | | (48,334) | | (1,872) |
| Mercury Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (3,340) | | (215,128) | | (123,580) | | 90,561 |
| Miller Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (267) | | (15,877) | | (16,287) | | (513) |
| Moog, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (438) | | (84,001) | | (88,485) | | (4,945) |
| MYR Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,176) | | (328,225) | | (222,452) | | 104,514 |
| NEXTracker, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,515) | | (312,887) | | (281,662) | | 30,024 |
| Nordson Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (241) | | (61,256) | | (63,294) | | (2,347) |
| Oshkosh Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,136) | | (252,408) | | (214,049) | | 36,159 |
| Owens Corning | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,731) | | (608,103) | | (658,596) | | (52,808) |
| Plug Power, Inc. | | USFF -5.880% | | Weekly | | MS | | 01/10/28 | | (53,727) | | (232,459) | | (121,423) | | 110,140 |
| Resideo Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (431) | | (8,435) | | (8,680) | | (290) |
| Rush Enterprises, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,855) | | (183,438) | | (203,660) | | (22,872) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Simpson Manufacturing Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,686) | | $(318,846) | | $(322,481) | | $(5,089) |
| SiteOne Landscape Supply, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,983) | | (270,915) | | (299,255) | | (29,381) |
| Spirit AeroSystems Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,094) | | (35,313) | | (35,566) | | (410) |
| Standex International Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (153) | | (27,985) | | (27,965) | | (169) |
| Stantec, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (382) | | (31,721) | | (30,717) | | 778 |
| Symbotic, Inc. | | USFF -2.580% | | Weekly | | MS | | 09/17/29 | | (167) | | (4,186) | | (4,073) | | 84 |
| Terex Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,667) | | (109,749) | | (88,201) | | 21,115 |
| Textron, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (3,090) | | (273,544) | | (273,712) | | (1,278) |
| Timken Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (232) | | (20,534) | | (19,555) | | 731 |
| Transcat, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (168) | | (20,382) | | (20,289) | | 2 |
| Trex Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (827) | | (56,737) | | (55,062) | | 1,447 |
| Vertiv Holdings Co., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,288) | | (126,800) | | (128,143) | | (1,837) |
| Vicor Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (19) | | (818) | | (800) | | 2 |
| Wabash National Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,104) | | (21,189) | | (21,186) | | (90) |
| Westinghouse Air Brake Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (285) | | (51,756) | | (51,804) | | (258) |
| Xometry, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (4,602) | | (110,222) | | (84,539) | | 25,181 |
| | | | | | | | | | | (265,743) | | (12,099,788) | | (11,468,672) | | 565,410 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Alight, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (24,114) | | (174,718) | | (178,444) | | (4,401) |
| Booz Allen Hamilton Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (58) | | (9,414) | | (9,440) | | (74) |
| CACI International, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (86) | | (32,716) | | (43,392) | | (10,813) |
| Casella Waste Systems, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,396) | | (125,078) | | (138,888) | | (14,416) |
| CBIZ, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,076) | | (162,351) | | (139,694) | | 22,131 |
| CECO Environmental Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (20) | | (565) | | (564) | | (13) |
| Clarivate PLC (Jersey) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (19,596) | | (148,879) | | (139,132) | | 9,170 |
| Clean Harbors, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (372) | | (75,909) | | (89,916) | | (14,530) |
| Concentrix Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,428) | | (118,038) | | (73,185) | | 43,555 |
| Conduent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (5,975) | | (30,663) | | (24,079) | | 6,446 |
| Dayforce, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,809) | | (194,165) | | (172,051) | | 21,364 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Commercial & Professional
Services — (continued) | | | | | | | | | | | | | | |
| Driven Brands Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,465) | | $(109,391) | | $(77,986) | | $30,983 |
| Equifax, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (115) | | (32,739) | | (33,794) | | (1,428) |
| Exponent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (632) | | (59,070) | | (72,857) | | (14,932) |
| GFL Environmental, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (3,422) | | (117,863) | | (136,469) | | (19,077) |
| Huron Consulting Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (881) | | (87,318) | | (95,765) | | (8,791) |
| Insperity, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (454) | | (49,465) | | (39,952) | | 8,919 |
| Legalzoom.com, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,014) | | (45,561) | | (44,539) | | 836 |
| MillerKnoll, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (351) | | (8,530) | | (8,691) | | (206) |
| Montrose Environmental Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,190) | | (72,210) | | (57,597) | | 14,326 |
| NV5 Global, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (272) | | (25,440) | | (25,427) | | (96) |
| Paychex, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,408) | | (448,130) | | (457,320) | | (13,598) |
| Paycom Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (361) | | (61,484) | | (60,132) | | 1,041 |
| Paycor HCM, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,933) | | (60,892) | | (55,809) | | 4,788 |
| Robert Half, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,043) | | (448,096) | | (474,769) | | (30,604) |
| Science Applications International Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,506) | | (193,687) | | (209,741) | | (17,178) |
| Stericycle, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,192) | | (349,379) | | (377,712) | | (29,672) |
| Thomson Reuters Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (293) | | (50,275) | | (49,986) | | 86 |
| Upwork, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,681) | | (100,312) | | (80,266) | | 19,651 |
| Verra Mobility Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (936) | | (24,540) | | (26,030) | | (1,652) |
| VSE Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (913) | | (78,340) | | (75,532) | | 2,497 |
| | | | | | | | | | | (110,992) | | (3,495,218) | | (3,469,159) | | 4,312 |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Academy Sports & Outdoors, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,373) | | (83,610) | | (80,128) | | 3,132 |
| American Eagle Outfitters, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (4,945) | | (106,368) | | (110,719) | | (4,767) |
| Arhaus, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,781) | | (92,372) | | (95,784) | | (3,776) |
| Asbury Automotive Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (756) | | (177,330) | | (180,374) | | (3,730) |
| AutoNation, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (120) | | (22,883) | | (21,470) | | 1,313 |
| Boot Barn Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,608) | | (219,195) | | (268,986) | | (50,636) |
| Burlington Stores, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,775) | | (742,063) | | (731,157) | | 8,130 |
| Caleres, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (1,496) | | (52,276) | | (49,443) | | 2,242 |
| Dick's Sporting Goods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,166) | | (249,079) | | (243,344) | | 3,859 |
| Dillard's, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (342) | | (129,185) | | (131,222) | | (2,615) |
| Five Below, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,697) | | (763,458) | | (680,030) | | 80,516 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail — (continued) | | | | | | | | | | | | | | |
| GigaCloud Technology, Inc., Class A (Cayman Islands) | | USFF -4.480% | | Weekly | | MS | | 01/12/29 | | (1,246) | | $(44,476) | | $(28,633) | | $15,662 |
| MarineMax, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,475) | | (75,846) | | (87,293) | | (11,821) |
| Murphy USA, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (280) | | (143,040) | | (138,004) | | 4,398 |
| Ollie's Bargain Outlet Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,077) | | (671,168) | | (687,884) | | (19,277) |
| Penske Automotive Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (283) | | (49,923) | | (45,965) | | 2,749 |
| RH | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (102) | | (31,189) | | (34,112) | | (3,237) |
| Savers Value Village, Inc. | | USFF -0.680% | | Weekly | | MS | | 07/16/29 | | (1,370) | | (13,638) | | (14,412) | | (839) |
| Sonic Automotive, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (761) | | (43,704) | | (44,503) | | (1,523) |
| Tractor Supply Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (461) | | (126,272) | | (134,119) | | (8,606) |
| Urban Outfitters, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,551) | | (157,014) | | (136,039) | | 20,366 |
| Valvoline, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,698) | | (332,828) | | (322,161) | | 9,390 |
| Warby Parker, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,185) | | (70,493) | | (84,671) | | (14,459) |
| | | | | | | | | | | (60,548) | | (4,397,410) | | (4,350,453) | | 26,471 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Amer Sports, Inc. (Cayman Islands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,526) | | (68,611) | | (72,190) | | (3,897) |
| BRP, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (133) | | (8,089) | | (7,919) | | 110 |
| Brunswick Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,143) | | (259,983) | | (263,446) | | (6,310) |
| Capri Holdings Ltd. (British Virgin Islands) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,826) | | (360,991) | | (332,135) | | 27,281 |
| Cavco Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (129) | | (53,230) | | (55,243) | | (2,228) |
| Figs, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,968) | | (12,309) | | (13,461) | | (1,212) |
| Helen of Troy Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (87) | | (5,408) | | (5,381) | | (6) |
| Installed Building Products, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (81) | | (19,819) | | (19,948) | | (217) |
| Leggett & Platt, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (160) | | (2,193) | | (2,179) | | (7) |
| Levi Strauss & Co., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,474) | | (48,973) | | (53,933) | | (6,155) |
| Malibu Boats, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (485) | | (18,246) | | (18,823) | | (659) |
| NIKE, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,794) | | (157,797) | | (158,590) | | (1,405) |
| Oxford Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (216) | | (18,604) | | (18,740) | | (219) |
| Polaris, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,506) | | (378,303) | | (375,079) | | (1,651) |
| SharkNinja, Inc. (Cayman Islands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,316) | | (261,772) | | (360,482) | | (102,034) |
| Skyline Champion Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,383) | | (190,515) | | (226,028) | | (36,867) |
| Steven Madden Ltd. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,802) | | (121,641) | | (137,270) | | (17,702) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Durables & Apparel —
(continued) | | | | | | | | | | | | | | |
| Sturm Ruger & Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,428) | | $(62,788) | | $(59,519) | | $2,642 |
| TopBuild Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (85) | | (34,710) | | (34,579) | | (13) |
| VF Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,879) | | (39,171) | | (57,436) | | (18,903) |
| Vizio Holding Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,760) | | (94,802) | | (97,849) | | (3,420) |
| Whirlpool Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,430) | | (253,505) | | (260,010) | | (11,430) |
| YETI Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,391) | | (96,760) | | (98,103) | | (1,723) |
| | | | | | | | | | | (54,002) | | (2,568,220) | | (2,728,343) | | (186,025) |
| Consumer Services | | | | | | | | | | | | | | |
| Bloomin' Brands, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,876) | | (74,002) | | (64,070) | | 8,639 |
| Booking Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (76) | | (312,821) | | (320,121) | | (8,500) |
| Bowlero Corp., Class A | | USFF -12.130% | | Weekly | | MS | | 01/12/29 | | (5,133) | | (66,371) | | (60,261) | | 5,522 |
| Boyd Gaming Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,220) | | (132,218) | | (143,523) | | (12,164) |
| Brinker International, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,224) | | (87,245) | | (93,673) | | (6,771) |
| Choice Hotels International, Inc. | | USFF -5.530% | | Weekly | | MS | | 01/12/29 | | (472) | | (57,007) | | (61,502) | | (4,829) |
| Chuy's Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,050) | | (39,158) | | (39,270) | | (273) |
| Coursera, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,933) | | (224,359) | | (142,388) | | 81,110 |
| Dave & Buster's Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,723) | | (119,265) | | (92,718) | | 26,081 |
| Duolingo, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (147) | | (31,125) | | (41,457) | | (10,463) |
| Everi Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,819) | | (175,433) | | (194,722) | | (19,968) |
| First Watch Restaurant Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,616) | | (126,372) | | (103,210) | | 22,670 |
| Krispy Kreme, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (9,236) | | (133,228) | | (99,195) | | 32,285 |
| Kura Sushi USA, Inc., Class A | | USFF -3.680% | | Weekly | | MS | | 07/16/29 | | (396) | | (23,940) | | (31,902) | | (8,065) |
| Mister Car Wash, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (24,690) | | (220,823) | | (160,732) | | 59,240 |
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,726) | | (54,383) | | (55,910) | | (1,746) |
| Penn Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,214) | | (91,113) | | (98,336) | | (7,582) |
| Planet Fitness, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (801) | | (59,350) | | (65,057) | | (6,604) |
| Portillo's, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (8,133) | | (141,853) | | (109,552) | | 31,750 |
| Red Rock Resorts, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (2,067) | | (98,502) | | (112,527) | | (19,887) |
| Restaurant Brands International, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,119) | | (364,052) | | (369,182) | | (9,233) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| Royal Caribbean Cruises Ltd. (Liberia) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,760) | | $(276,753) | | $(312,154) | | $(39,995) |
| Service Corp. International | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,279) | | (98,523) | | (100,951) | | (3,336) |
| Starbucks Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,273) | | (222,817) | | (221,595) | | 366 |
| Udemy, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (110) | | (848) | | (818) | | 14 |
| Wendy's Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,606) | | (120,213) | | (115,737) | | 1,925 |
| Wingstop, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (331) | | (140,454) | | (137,722) | | 2,185 |
| | | | | | | | | | | (127,030) | | (3,492,228) | | (3,348,285) | | 112,371 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Chefs' Warehouse, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (561) | | (19,874) | | (23,568) | | (3,826) |
| Grocery Outlet Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,090) | | (156,330) | | (124,429) | | 31,294 |
| Maplebear, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,087) | | (394,884) | | (410,944) | | (17,573) |
| Performance Food Group Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (765) | | (57,181) | | (59,953) | | (3,002) |
| SpartanNash Co. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (1,479) | | (48,062) | | (33,144) | | 12,364 |
| United Natural Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,523) | | (102,175) | | (59,257) | | 42,433 |
| US Foods Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (719) | | (44,544) | | (44,219) | | 152 |
| | | | | | | | | | | (24,224) | | (823,050) | | (755,514) | | 61,842 |
| Energy | | | | | | | | | | | | | | |
| APA Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (26,774) | | (751,839) | | (654,892) | | 93,658 |
| Atlas Energy Solutions, Inc. | | USFF -0.630% | | Weekly | | MS | | 01/12/29 | | (7,532) | | (160,999) | | (164,198) | | (5,730) |
| Baytex Energy Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,060) | | (54,562) | | (41,758) | | 12,608 |
| California Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,237) | | (213,993) | | (222,315) | | (10,529) |
| Cheniere Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (239) | | (42,383) | | (42,982) | | (876) |
| Chesapeake Energy Corp. | | USFF -0.730% | | Weekly | | MS | | 07/16/29 | | (818) | | (847,318) | | (958,149) | | (114,178) |
| Chord Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,076) | | (875,111) | | (791,277) | | 75,601 |
| Civitas Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (12,344) | | (767,993) | | (625,470) | | 114,024 |
| Clean Energy Fuels Corp. | | USFF -0.260% | | Weekly | | MS | | 01/07/27 | | (22,332) | | (92,619) | | (69,453) | | 22,802 |
| CNX Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,226) | | (83,463) | | (105,071) | | (21,937) |
| Comstock Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (21,796) | | (237,493) | | (242,589) | | (8,003) |
| Core Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (1,339) | | (40,203) | | (24,812) | | 15,232 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Delek US Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,610) | | $(95,543) | | $(86,438) | | $8,533 |
| DHT Holdings, Inc. (Marshall Islands) | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (522) | | (5,735) | | (5,758) | | (57) |
| Enbridge, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,508) | | (132,162) | | (142,460) | | (14,086) |
| EQT Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,946) | | (169,593) | | (181,221) | | (12,806) |
| Expro Group Holdings NV (Netherlands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,385) | | (218,938) | | (195,480) | | 22,613 |
| Exxon Mobil Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,639) | | (648,982) | | (661,004) | | (18,511) |
| Gulfport Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,886) | | (272,630) | | (285,446) | | (13,864) |
| Kinetik Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (2,623) | | (98,903) | | (118,717) | | (37,018) |
| Kodiak Gas Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,126) | | (85,743) | | (90,654) | | (5,298) |
| Magnolia Oil & Gas Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,833) | | (95,275) | | (93,602) | | 925 |
| Matador Resources Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (519) | | (33,297) | | (25,649) | | 7,645 |
| New Fortress Energy, Inc. | | USFF -6.880% | | Weekly | | MS | | 07/08/27 | | (5,937) | | (178,515) | | (53,967) | | 113,090 |
| NexGen Energy Ltd. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (7,890) | | (51,262) | | (51,522) | | (551) |
| NextDecade Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,552) | | (77,461) | | (59,120) | | 18,034 |
| Northern Oil and Gas, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,100) | | (42,754) | | (38,951) | | 3,020 |
| NOV, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,273) | | (161,434) | | (132,120) | | 27,654 |
| Par Pacific Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,789) | | (351,774) | | (225,086) | | 125,339 |
| Patterson-UTI Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (29,679) | | (286,052) | | (227,044) | | 54,539 |
| Peabody Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,772) | | (61,397) | | (73,569) | | (12,563) |
| Pembina Pipeline Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,718) | | (70,269) | | (70,850) | | (909) |
| ProFrac Holding Corp., Class A | | USFF -1.030% | | Weekly | | MS | | 07/08/27 | | (7,376) | | (93,234) | | (50,083) | | 42,785 |
| ProPetro Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,039) | | (80,336) | | (61,579) | | 18,478 |
| Range Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (729) | | (22,696) | | (22,424) | | 173 |
| REX American Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (203) | | (9,162) | | (9,397) | | (282) |
| Select Water Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,067) | | (55,209) | | (56,396) | | (1,552) |
| Talos Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (12,398) | | (164,343) | | (128,319) | | 35,387 |
| Targa Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,015) | | (375,060) | | (446,250) | | (79,035) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| TC Energy Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,205) | | $(181,306) | | $(199,948) | | $(23,193) |
| Transocean Ltd. (Switzerland) | | USFF -0.253% | | Weekly | | MS | | 07/16/29 | | (19,656) | | (95,756) | | (83,538) | | 11,841 |
| Uranium Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15,442) | | (91,702) | | (95,895) | | (4,636) |
| Valaris Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,777) | | (134,671) | | (99,068) | | 35,079 |
| Veren, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,032) | | (54,746) | | (43,247) | | 11,498 |
| Vital Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (1,951) | | (101,843) | | (52,482) | | 48,962 |
| Williams Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,880) | | (165,278) | | (177,122) | | (14,535) |
| World Fuel Services Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (3,028) | | (82,656) | | (93,595) | | (15,173) |
| | | | | | | | | | | (339,878) | | (9,013,693) | | (8,380,967) | | 504,198 |
| Financial Services | | | | | | | | | | | | | | |
| AvidXchange Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (748) | | (6,053) | | (6,066) | | (49) |
| Coinbase Global, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,193) | | (396,947) | | (390,727) | | 4,700 |
| Flywire Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,312) | | (155,725) | | (152,624) | | 2,497 |
| MarketAxess Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (397) | | (88,905) | | (101,711) | | (13,745) |
| Marqeta, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (47,070) | | (268,969) | | (231,584) | | 36,350 |
| MSCI, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (106) | | (58,398) | | (61,791) | | (3,785) |
| Nuvei Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,281) | | (139,919) | | (142,771) | | (3,944) |
| Open Lending Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (99) | | (612) | | (606) | | (9) |
| Remitly Global, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (16,148) | | (285,041) | | (216,222) | | 67,719 |
| Shift4 Payments, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (442) | | (38,259) | | (39,161) | | (1,060) |
| WEX, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,353) | | (272,741) | | (283,765) | | (12,072) |
| | | | | | | | | | | (82,149) | | (1,711,569) | | (1,627,028) | | 76,602 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Archer-Daniels-Midland Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,506) | | (91,908) | | (89,968) | | 1,602 |
| Bunge Global SA (Switzerland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,940) | | (404,952) | | (380,762) | | 20,583 |
| Cal-Maine Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,739) | | (109,877) | | (130,147) | | (22,897) |
| Duckhorn Portfolio Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,084) | | (94,566) | | (70,208) | | 23,986 |
| General Mills, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,499) | | (335,398) | | (332,251) | | 1,860 |
| J M Smucker Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,244) | | (155,606) | | (150,648) | | 1,758 |
| John B Sanfilippo & Son, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (128) | | (12,101) | | (12,072) | | (29) |
| Lamb Weston Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (10,381) | | (902,658) | | (672,066) | | 221,133 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Food, Beverage & Tobacco —
(continued) | | | | | | | | | | | | | | |
| Monster Beverage Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,368) | | $(528,801) | | $(540,899) | | $(14,118) |
| TreeHouse Foods, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (4,119) | | (154,273) | | (172,916) | | (19,381) |
| Universal Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,348) | | (66,787) | | (71,592) | | (6,164) |
| | | | | | | | | | | (51,356) | | (2,856,927) | | (2,623,529) | | 208,333 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Acadia Healthcare Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,374) | | (470,204) | | (404,175) | | 64,740 |
| AdaptHealth Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,204) | | (34,390) | | (35,981) | | (1,745) |
| agilon health, Inc. | | USFF -0.265% | | Weekly | | MS | | 01/10/28 | | (15,748) | | (126,058) | | (61,890) | | 63,677 |
| Align Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (756) | | (191,990) | | (192,266) | | (1,018) |
| Alphatec Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (16,370) | | (190,716) | | (91,017) | | 98,962 |
| Amedisys, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,239) | | (119,063) | | (119,576) | | (1,004) |
| Artivion, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (30) | | (805) | | (799) | | (10) |
| Astrana Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (300) | | (16,969) | | (17,382) | | (490) |
| Axonics, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (877) | | (59,483) | | (61,039) | | (1,795) |
| Bausch + Lomb Corp. (Canada) | | USFF -3.130% | | Weekly | | MS | | 01/12/29 | | (1,695) | | (27,569) | | (32,697) | | (5,245) |
| Boston Scientific Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,189) | | (342,616) | | (351,038) | | (10,581) |
| Certara, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,772) | | (32,946) | | (32,460) | | 348 |
| CONMED Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (254) | | (19,132) | | (18,268) | | 771 |
| Cooper Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,579) | | (151,365) | | (174,227) | | (23,637) |
| CorVel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (95) | | (28,515) | | (31,055) | | (2,661) |
| Encompass Health Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | (2,028) | | (175,670) | | (195,986) | | (21,199) |
| Enovis Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,653) | | (308,934) | | (286,412) | | 21,336 |
| Ensign Group, Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,129) | | (157,326) | | (162,373) | | (5,922) |
| GoodRx Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,196) | | (108,826) | | (98,520) | | 9,880 |
| Haemonetics Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,283) | | (190,797) | | (183,508) | | 6,552 |
| Inari Medical, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,634) | | (164,622) | | (149,866) | | 14,118 |
| Inspire Medical Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (819) | | (137,840) | | (172,850) | | (36,732) |
| Insulet Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (510) | | (110,856) | | (118,702) | | (8,280) |
| Integer Holdings Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (3,035) | | (359,326) | | (394,550) | | (36,894) |
| Integra LifeSciences Holdings Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (11,356) | | (327,066) | | (206,339) | | 119,472 |
| iRadimed Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (7) | | (349) | | (352) | | (17) |
| iRhythm Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,068) | | (646,485) | | (524,728) | | 119,289 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Lantheus Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,724) | | $(313,893) | | $(298,959) | | $13,672 |
| LeMaitre Vascular, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (13) | | (1,200) | | (1,208) | | (24) |
| LifeStance Health Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (5,031) | | (41,202) | | (35,217) | | 5,815 |
| Neogen Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (9,122) | | (161,871) | | (153,341) | | 7,903 |
| Novocure Ltd. (Jersey) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,123) | | (245,047) | | (95,702) | | 148,401 |
| Option Care Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,773) | | (217,509) | | (211,995) | | 4,566 |
| OrthoPediatrics Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (52) | | (1,382) | | (1,410) | | (45) |
| Privia Health Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,847) | | (56,735) | | (51,844) | | 4,663 |
| Progyny, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,936) | | (45,676) | | (32,447) | | 13,325 |
| QuidelOrtho Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (5,335) | | (340,840) | | (243,276) | | 96,117 |
| RadNet, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (588) | | (34,394) | | (40,801) | | (6,551) |
| Schrodinger, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (6,439) | | (231,298) | | (119,443) | | 110,964 |
| STAAR Surgical Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,914) | | (128,605) | | (108,255) | | 19,849 |
| Stryker Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (801) | | (289,251) | | (289,369) | | (1,939) |
| Surgery Partners, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,880) | | (297,536) | | (318,531) | | (22,137) |
| Teladoc Health, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (11,979) | | (145,108) | | (109,967) | | 34,577 |
| UFP Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (87) | | (28,239) | | (27,553) | | 547 |
| | | | | | | | | | | (180,844) | | (7,079,704) | | (6,257,374) | | 791,618 |
| Household & Personal Products | | | | | | | | | | | | | | |
| elf Beauty, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,720) | | (1,180,211) | | (841,712) | | 334,424 |
| Inter Parfums, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,592) | | (219,172) | | (206,132) | | 9,114 |
| Spectrum Brands Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,422) | | (222,230) | | (230,429) | | (9,520) |
| | | | | | | | | | | (11,734) | | (1,621,613) | | (1,278,273) | | 334,018 |
| Materials | | | | | | | | | | | | | | |
| Air Products and Chemicals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (363) | | (108,807) | | (108,080) | | (2,348) |
| Albemarle Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,040) | | (180,120) | | (98,498) | | 79,254 |
| Algoma Steel Group, Inc. (Canada) | | USFF -1.330% | | Weekly | | MS | | 01/10/28 | | (6,804) | | (56,978) | | (69,605) | | (14,506) |
| Arcadium Lithium PLC (Jersey) | | USFF -0.260% | | Weekly | | MS | | 01/12/29 | | (177,093) | | (663,133) | | (504,715) | | 155,888 |
| Arch Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (155) | | (21,263) | | (21,415) | | (245) |
| Aris Mining Corp. (Canada) | | USFF -3.404% | | Weekly | | MS | | 07/16/29 | | (402) | | (1,845) | | (1,849) | | (24) |
| Berry Global Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,031) | | (126,601) | | (138,067) | | (12,657) |
| Century Aluminum Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (17,048) | | (278,484) | | (276,689) | | 400 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| CF Industries Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,853) | | $(477,652) | | $(502,187) | | $(30,516) |
| Chemours Co. (The) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,250) | | (42,261) | | (45,720) | | (3,915) |
| Coeur Mining, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (8,102) | | (56,927) | | (55,742) | | 931 |
| Corteva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,623) | | (258,153) | | (271,786) | | (14,760) |
| Dow, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (402) | | (21,930) | | (21,961) | | (355) |
| Ecolab, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (484) | | (120,481) | | (123,580) | | (3,885) |
| Element Solutions, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,173) | | (113,531) | | (113,339) | | (586) |
| Equinox Gold Corp. (Canada) | | USFF -0.930% | | Weekly | | MS | | 08/29/25 | | (49,198) | | (340,178) | | (299,616) | | 39,258 |
| First Majestic Silver Corp. (Canada) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (41,092) | | (222,945) | | (246,552) | | (24,514) |
| Franco-Nevada Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (322) | | (41,380) | | (40,009) | | 1,069 |
| Graphic Packaging Holding Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (711) | | (20,198) | | (21,038) | | (1,192) |
| Greif, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (1,367) | | (83,893) | | (85,656) | | (2,829) |
| HB Fuller Co. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (122) | | (9,837) | | (9,684) | | (7) |
| Hecla Mining Co. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (11,811) | | (66,053) | | (78,779) | | (14,066) |
| Huntsman Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,108) | | (99,472) | | (99,414) | | (2,087) |
| MAG Silver Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,876) | | (78,877) | | (96,539) | | (17,974) |
| Martin Marietta Materials, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (762) | | (404,222) | | (410,146) | | (7,987) |
| Materion Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (400) | | (45,873) | | (44,744) | | 873 |
| Methanex Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,949) | | (184,713) | | (163,252) | | 17,325 |
| MP Materials Corp. | | USFF -2.880% | | Weekly | | MS | | 01/07/27 | | (7,502) | | (182,368) | | (132,410) | | 49,253 |
| Novagold Resources, Inc. (Canada) | | USFF -0.266% | | Weekly | | MS | | 07/08/27 | | (5,591) | | (26,862) | | (22,923) | | 3,824 |
| O-I Glass, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (10,325) | | (158,606) | | (135,464) | | 22,427 |
| Olin Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (346) | | (16,559) | | (16,601) | | (118) |
| Packaging Corp. of America | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (764) | | (154,262) | | (164,566) | | (11,633) |
| Reliance Steel & Aluminum Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (187) | | (57,521) | | (54,082) | | 3,022 |
| Ryerson Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,983) | | (62,626) | | (59,392) | | 2,441 |
| SilverCrest Metals, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (711) | | (6,787) | | (6,577) | | 171 |
| SSR Mining, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,944) | | (91,278) | | (33,762) | | 56,564 |
| Steel Dynamics, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (584) | | (72,510) | | (73,631) | | (1,647) |
| Summit Materials, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,373) | | (208,801) | | (209,708) | | (1,713) |
| SunCoke Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (299) | | (2,546) | | (2,595) | | (72) |
| Taseko Mines Ltd. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (22,410) | | (53,723) | | (56,473) | | (2,967) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Teck Resources Ltd., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (16,765) | | $(787,094) | | $(875,804) | | $(98,992) |
| TriMas Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,464) | | (38,004) | | (37,376) | | 383 |
| Tronox Holdings PLC (United Kingdom) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (15,206) | | (209,890) | | (222,464) | | (19,199) |
| United States Steel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,808) | | (220,923) | | (169,867) | | 49,744 |
| Warrior Met Coal, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,638) | | (247,673) | | (232,468) | | 13,890 |
| Wheaton Precious Metals Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (427) | | (23,728) | | (26,081) | | (2,588) |
| | | | | | | | | | | (456,868) | | (6,747,568) | | (6,480,906) | | 203,335 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Altice USA, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (13,689) | | (89,507) | | (33,675) | | 55,480 |
| Cargurus, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,596) | | (159,298) | | (198,078) | | (39,433) |
| EchoStar Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (23,143) | | (578,882) | | (574,409) | | 2,262 |
| Endeavor Group Holdings, Inc., Class A | | USFF -4.780% | | Weekly | | MS | | 07/11/28 | | (11,967) | | (309,008) | | (341,778) | | (37,066) |
| Gannett Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,241) | | (6,835) | | (6,974) | | (178) |
| Integral Ad Science Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,911) | | (77,643) | | (85,518) | | (8,247) |
| Live Nation Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,285) | | (135,721) | | (140,695) | | (5,502) |
| Madison Square Garden Entertainment Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (893) | | (34,276) | | (37,979) | | (3,981) |
| Madison Square Garden Sports Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (134) | | (26,449) | | (27,907) | | (1,694) |
| Magnite, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (5,270) | | (81,297) | | (72,990) | | 7,986 |
| Nexstar Media Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (425) | | (73,349) | | (70,274) | | 677 |
| Paramount Global, Class B | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (27,567) | | (293,270) | | (292,762) | | (1,725) |
| PubMatic, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (42) | | (630) | | (625) | | (10) |
| Rumble, Inc. | | USFF -11.380% | | Weekly | | MS | | 07/16/29 | | (1,103) | | (5,863) | | (5,912) | | (85) |
| Scholastic Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (19) | | (602) | | (608) | | (21) |
| Snap, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (46,033) | | (423,603) | | (492,553) | | (75,734) |
| Take-Two Interactive Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (703) | | (106,349) | | (108,058) | | (2,125) |
| TechTarget, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (9) | | (219) | | (220) | | (14) |
| TEGNA, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (275) | | (4,309) | | (4,340) | | (52) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Media & Entertainment —
(continued) | | | | | | | | | | | | | | |
| Trade Desk, Inc. (The), Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (683) | | $(69,200) | | $(74,891) | | $(5,967) |
| Warner Bros Discovery, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (120,032) | | (938,567) | | (990,264) | | (59,145) |
| ZoomInfo Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (63,581) | | (613,490) | | (656,156) | | (45,008) |
| | | | | | | | | | | (332,601) | | (4,028,367) | | (4,216,666) | | (219,582) |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| 89bio, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (2) | | (15) | | (15) | | (13) |
| AbCellera Biologics, Inc. (Canada) | | USFF -4.408% | | Weekly | | MS | | 07/11/28 | | (15,827) | | (65,015) | | (41,150) | | 23,605 |
| Agios Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (11) | | (501) | | (489) | | (3) |
| Arrowhead Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (11,994) | | (320,142) | | (232,324) | | 86,590 |
| Arvinas, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,112) | | (28,562) | | (27,389) | | 1,053 |
| Avadel Pharmaceuticals PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,226) | | (49,452) | | (42,309) | | 6,942 |
| Axsome Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (645) | | (49,470) | | (57,966) | | (8,696) |
| Bausch Health Cos., Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (16,023) | | (143,806) | | (130,748) | | 12,502 |
| Bio-Rad Laboratories, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (640) | | (211,493) | | (214,131) | | (3,468) |
| Bio-Techne Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,495) | | (415,070) | | (439,215) | | (26,110) |
| Blueprint Medicines Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (145) | | (12,769) | | (13,413) | | (705) |
| Bruker Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,861) | | (763,937) | | (819,121) | | (58,497) |
| Corcept Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (669) | | (27,506) | | (30,961) | | (3,573) |
| Crinetics Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,027) | | (209,854) | | (205,780) | | 3,264 |
| Cytek Biosciences, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (5,694) | | (66,662) | | (31,545) | | 34,852 |
| Day One Biopharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (42) | | (596) | | (585) | | (4) |
| Denali Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,594) | | (111,889) | | (133,823) | | (22,371) |
| Humacyte, Inc. | | USFF -0.580% | | Weekly | | MS | | 07/16/29 | | (3,679) | | (20,014) | | (20,014) | | (90) |
| Ideaya Biosciences, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (45) | | (1,757) | | (1,426) | | 312 |
| Immunovant, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,952) | | (111,836) | | (112,672) | | (1,273) |
| Insmed, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (3,180) | | (232,281) | | (232,140) | | (754) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Ligand Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (41) | | $(4,068) | | $(4,104) | | $(64) |
| Liquidia Corp. | | USFF -0.580% | | Weekly | | MS | | 01/12/29 | | (3,408) | | (37,961) | | (34,080) | | 3,724 |
| Longboard Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (263) | | (8,559) | | (8,766) | | (252) |
| Madrigal Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10) | | (2,497) | | (2,122) | | 353 |
| Maravai LifeSciences Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (16,085) | | (117,245) | | (133,666) | | (16,879) |
| Moderna, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (239) | | (15,343) | | (15,972) | | (700) |
| Ocular Therapeutix, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,767) | | (50,181) | | (67,573) | | (17,729) |
| Pfizer, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,047) | | (31,012) | | (30,300) | | (3,350) |
| Pliant Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (4,613) | | (81,917) | | (51,712) | | 29,882 |
| Prestige Consumer Healthcare, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,704) | | (121,169) | | (122,858) | | (2,187) |
| Sarepta Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,865) | | (359,154) | | (357,810) | | (32) |
| Soleno Therapeutics, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (105) | | (5,130) | | (5,301) | | (215) |
| Sotera Health Co. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (8,733) | | (156,369) | | (145,841) | | 9,922 |
| Standard BioTools, Inc. | | USFF -0.260% | | Weekly | | MS | | 07/16/29 | | (7,403) | | (13,975) | | (14,288) | | (378) |
| Tarsus Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (735) | | (23,380) | | (24,174) | | (965) |
| Tilray Brands, Inc. | | USFF -1.119% | | Weekly | | MS | | 07/11/28 | | (30,639) | | (57,549) | | (53,925) | | 3,393 |
| Vericel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (838) | | (38,872) | | (35,406) | | 3,306 |
| West Pharmaceutical Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,135) | | (389,573) | | (340,682) | | 47,226 |
| Xencor, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (6) | | (123) | | (121) | | (11) |
| Xenon Pharmaceuticals, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (115) | | (4,424) | | (4,528) | | (133) |
| | | | | | | | | | | (180,614) | | (4,361,128) | | (4,240,445) | | 98,474 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| ACM Research, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,439) | | (67,796) | | (69,812) | | (2,485) |
| Allegro MicroSystems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,048) | | (188,619) | | (140,918) | | 47,196 |
| Analog Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,131) | | (262,591) | | (260,322) | | 582 |
| Cohu, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,731) | | (78,707) | | (70,187) | | 8,209 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Semiconductors & Semiconductor
Equipment — (continued) | | | | | | | | | | | | | | |
| Diodes, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,382) | | $(380,463) | | $(344,932) | | $34,073 |
| Enphase Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (903) | | (121,131) | | (102,057) | | 18,601 |
| First Solar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (285) | | (42,823) | | (71,090) | | (28,443) |
| indie Semiconductor, Inc., Class A | | USFF -0.590% | | Weekly | | MS | | 07/11/28 | | (18,166) | | (103,256) | | (72,482) | | 30,369 |
| Intel Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (45,089) | | (1,236,920) | | (1,057,788) | | 164,902 |
| Kulicke & Soffa Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,791) | | (87,830) | | (80,828) | | 5,958 |
| Lattice Semiconductor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,077) | | (521,727) | | (534,786) | | (15,053) |
| MACOM Technology Solutions Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,567) | | (158,935) | | (174,344) | | (16,228) |
| MaxLinear, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (11,985) | | (239,101) | | (173,543) | | 64,637 |
| Microchip Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,083) | | (245,767) | | (247,534) | | (2,933) |
| Power Integrations, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,570) | | (132,927) | | (100,668) | | 30,266 |
| Silicon Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,198) | | (141,776) | | (138,453) | | 2,772 |
| SiTime Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (361) | | (38,497) | | (61,915) | | (24,683) |
| Synaptics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,099) | | (102,763) | | (85,260) | | 17,126 |
| Texas Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,024) | | (421,460) | | (418,098) | | (2,963) |
| Universal Display Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (943) | | (186,441) | | (197,936) | | (12,709) |
| Veeco Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,821) | | (95,603) | | (93,460) | | 1,767 |
| Wolfspeed, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (10,827) | | (210,900) | | (105,022) | | 105,065 |
| | | | | | | | | | | (132,520) | | (5,066,033) | | (4,601,435) | | 426,026 |
| Software & Services | | | | | | | | | | | | | | |
| A10 Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,920) | | (38,777) | | (42,165) | | (3,597) |
| Amplitude, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,868) | | (27,377) | | (25,726) | | 1,534 |
| Appian Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (963) | | (41,323) | | (32,877) | | 8,277 |
| Applied Digital Corp. | | USFF -3.230% | | Weekly | | MS | | 07/16/29 | | (5,207) | | (32,129) | | (42,958) | | (10,964) |
| AppLovin Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (701) | | (88,243) | | (91,516) | | (3,620) |
| Asana, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,417) | | (223,249) | | (167,093) | | 55,295 |
| Aspen Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (369) | | (80,875) | | (88,125) | | (7,570) |
| Atlassian Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,619) | | (455,539) | | (415,923) | | 37,873 |
| Autodesk, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (115) | | (28,493) | | (31,680) | | (3,308) |
| BigCommerce Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (4,151) | | (89,047) | | (24,283) | | 64,413 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| BILL Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,861) | | $(566,377) | | $(467,506) | | $96,708 |
| Braze, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,127) | | (198,020) | | (165,807) | | 31,448 |
| CCC Intelligent Solutions Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (45,835) | | (501,014) | | (506,477) | | (7,377) |
| Cipher Mining, Inc. | | USFF -0.259% | | Weekly | | MS | | 01/12/29 | | (54,108) | | (180,770) | | (209,398) | | (29,403) |
| Cleanspark, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,017) | | (128,959) | | (84,219) | | 44,238 |
| Clearwater Analytics Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (930) | | (16,237) | | (23,483) | | (7,589) |
| Confluent, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (28,319) | | (574,494) | | (577,141) | | (4,842) |
| Couchbase, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,254) | | (38,710) | | (36,334) | | 2,215 |
| Datadog, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (197) | | (25,247) | | (22,667) | | 2,471 |
| DigitalOcean Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,299) | | (45,531) | | (52,467) | | (7,121) |
| Dolby Laboratories, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (592) | | (44,445) | | (45,306) | | (1,043) |
| Elastic NV (Netherlands) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,308) | | (260,087) | | (253,922) | | 5,164 |
| Enfusion, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,993) | | (17,438) | | (18,914) | | (1,554) |
| Fair Isaac Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (259) | | (491,967) | | (503,372) | | (13,285) |
| Fastly, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,397) | | (223,745) | | (139,265) | | 83,617 |
| Five9, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,915) | | (652,696) | | (457,238) | | 192,968 |
| Freshworks, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,110) | | (133,455) | | (104,583) | | 28,352 |
| Globant SA (Luxembourg) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,082) | | (219,093) | | (214,387) | | 3,870 |
| Jamf Holding Corp. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (1,134) | | (41,637) | | (19,675) | | 21,792 |
| JFrog Ltd. (Israel) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,959) | | (106,780) | | (114,969) | | (8,607) |
| Lightspeed Commerce, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (12,431) | | (345,455) | | (204,987) | | 139,060 |
| Manhattan Associates, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (339) | | (84,288) | | (95,388) | | (11,433) |
| Nutanix, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,546) | | (282,712) | | (269,350) | | 12,323 |
| Olo, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (11,481) | | (83,779) | | (56,946) | | 26,502 |
| PagerDuty, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,836) | | (98,085) | | (89,708) | | 7,992 |
| Palantir Technologies, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,694) | | (92,371) | | (100,217) | | (20,667) |
| Perficient, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,107) | | (158,269) | | (159,036) | | (1,381) |
| RingCentral, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,234) | | (37,944) | | (39,031) | | (1,245) |
| SentinelOne, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,393) | | (78,097) | | (81,161) | | (3,373) |
| Shopify, Inc., Class A (Canada) | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (2,023) | | (160,752) | | (162,123) | | (1,994) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| Snowflake, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (5,000) | | $(614,130) | | $(574,300) | | $37,181 |
| Sprout Social, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,290) | | (132,146) | | (95,640) | | 35,991 |
| SPS Commerce, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (472) | | (98,428) | | (91,648) | | 6,422 |
| Squarespace, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,612) | | (141,795) | | (167,705) | | (26,535) |
| Terawulf, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (32,134) | | (133,029) | | (150,387) | | (17,876) |
| UiPath, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,313) | | (76,846) | | (80,806) | | (4,265) |
| Workiva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,178) | | (106,707) | | (93,203) | | 13,086 |
| Zscaler, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,944) | | (471,897) | | (503,247) | | (33,155) |
| | | | | | | | | | | (346,053) | | (8,768,484) | | (7,994,359) | | 726,988 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Advanced Energy Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,008) | | (223,963) | | (211,322) | | 11,119 |
| Belden, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (576) | | (55,567) | | (67,467) | | (12,246) |
| Calix, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (2,267) | | (112,346) | | (87,937) | | 23,970 |
| CDW Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,448) | | (325,538) | | (327,682) | | (3,866) |
| Ciena Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (10,127) | | (565,973) | | (623,722) | | (59,911) |
| Cognex Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (11,799) | | (494,845) | | (477,859) | | 13,787 |
| Corning, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (9,144) | | (368,912) | | (412,852) | | (49,527) |
| Corsair Gaming, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,486) | | (20,804) | | (17,303) | | 3,409 |
| Crane NXT Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,529) | | (153,446) | | (141,877) | | 10,413 |
| Extreme Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,763) | | (96,765) | | (101,648) | | (5,263) |
| Harmonic, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (6,396) | | (82,870) | | (93,190) | | (10,647) |
| IonQ, Inc. | | USFF -2.730% | | Weekly | | MS | | 01/12/29 | | (11,272) | | (103,415) | | (98,517) | | 4,010 |
| Keysight Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,309) | | (196,992) | | (208,039) | | (11,808) |
| Lumentum Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,294) | | (78,359) | | (82,014) | | (3,995) |
| Novanta, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (266) | | (48,151) | | (47,593) | | 358 |
| OSI Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,075) | | (150,811) | | (163,217) | | (12,991) |
| Sanmina Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (420) | | (30,938) | | (28,749) | | 2,089 |
| Super Micro Computer, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (137) | | (62,023) | | (57,047) | | 4,728 |
| TD SYNNEX Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (583) | | (68,677) | | (70,007) | | (1,604) |
| TTM Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,877) | | (54,922) | | (52,505) | | 2,195 |
| Ubiquiti, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (108) | | (31,931) | | (23,946) | | 7,344 |
| Vishay Intertechnology, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,752) | | (415,925) | | (354,600) | | 56,442 |
| | | | | | | | | | | (93,636) | | (3,743,173) | | (3,749,093) | | (31,994) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Telecommunication Services | | | | | | | | | | | | | | |
| Cogent Communications Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (662) | | $(50,013) | | $(50,259) | | $(2,468) |
| Frontier Communications Parent, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (2,371) | | (71,204) | | (84,242) | | (13,320) |
| Globalstar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (38,252) | | (57,459) | | (47,432) | | 9,796 |
| Rogers Communications, Inc., Class B (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (568) | | (26,418) | | (22,839) | | 2,864 |
| Shenandoah Telecommunications Co. | | USFF -0.250% | | Weekly | | MS | | 08/29/25 | | (1,726) | | (45,843) | | (24,354) | | 14,156 |
| | | | | | | | | | | (43,579) | | (250,937) | | (229,126) | | 11,028 |
| Transportation | | | | | | | | | | | | | | |
| Air Transport Services Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 08/29/25 | | (6,356) | | (139,579) | | (102,904) | | 36,102 |
| Allegiant Travel Co. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,586) | | (166,465) | | (142,385) | | 21,974 |
| ArcBest Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,503) | | (177,748) | | (163,000) | | 13,843 |
| Canadian National Railway Co. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (987) | | (115,419) | | (115,627) | | (1,544) |
| CH Robinson Worldwide, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (292) | | (29,856) | | (32,228) | | (2,679) |
| Expeditors International of Washington, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,542) | | (193,601) | | (202,619) | | (9,766) |
| Frontier Group Holdings, Inc. | | USFF -0.258% | | Weekly | | MS | | 01/12/29 | | (12,676) | | (57,158) | | (67,817) | | (11,207) |
| JetBlue Airways Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (17,363) | | (92,021) | | (113,901) | | (23,563) |
| Kirby Corp. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (836) | | (104,394) | | (102,351) | | 1,633 |
| Knight-Swift Transportation Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,543) | | (76,574) | | (83,245) | | (7,467) |
| Matson, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (743) | | (94,759) | | (105,967) | | (11,922) |
| Norfolk Southern Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (273) | | (68,994) | | (67,841) | | 149 |
| RXO, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (6,124) | | (148,786) | | (171,472) | | (23,263) |
| Ryder System, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (616) | | (73,961) | | (89,813) | | (17,317) |
| Saia, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,861) | | (754,835) | | (813,741) | | (61,785) |
| Schneider National, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,800) | | (77,440) | | (79,912) | | (4,014) |
| Southwest Airlines Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,091) | | (58,366) | | (61,956) | | (5,005) |
| Sun Country Airlines Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (2,591) | | (50,829) | | (29,045) | | 21,650 |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Transportation — (continued) | | | | | | | | | | | | | | |
| TFI International, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,414) | | $(210,756) | | $(193,562) | | $15,736 |
| United Parcel Service, Inc., Class B | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (1,137) | | (154,811) | | (155,019) | | (1,210) |
| | | | | | | | | | | (65,334) | | (2,846,352) | | (2,894,405) | | (69,655) |
| Utilities | | | | | | | | | | | | | | |
| AES Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (8,185) | | (147,385) | | (164,191) | | (20,524) |
| Algonquin Power & Utilities Corp. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (78,448) | | (483,713) | | (427,542) | | 36,947 |
| ALLETE, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,104) | | (69,943) | | (70,866) | | (1,201) |
| Alliant Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,196) | | (109,845) | | (133,275) | | (26,860) |
| Altus Power, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,195) | | (38,851) | | (22,880) | | 15,810 |
| Ameren Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,933) | | (142,455) | | (169,060) | | (30,116) |
| American States Water Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (872) | | (64,099) | | (72,629) | | (9,421) |
| Avangrid, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (50) | | (1,787) | | (1,790) | | (22) |
| Avista Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (951) | | (36,729) | | (36,851) | | (275) |
| California Water Service Group | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,137) | | (62,236) | | (61,648) | | (1,198) |
| Chesapeake Utilities Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (915) | | (96,284) | | (113,616) | | (18,993) |
| Clearway Energy, Inc., Class C | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (7,917) | | (199,852) | | (242,894) | | (48,839) |
| DTE Energy Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,399) | | (168,767) | | (179,646) | | (12,960) |
| Duke Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,051) | | (120,025) | | (121,180) | | (2,630) |
| Edison International | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,971) | | (160,943) | | (171,654) | | (11,336) |
| Entergy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,503) | | (526,390) | | (592,640) | | (71,799) |
| Essential Utilities, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (131) | | (5,019) | | (5,053) | | (66) |
| Evergy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,406) | | (138,696) | | (149,196) | | (18,577) |
| Exelon Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (687) | | (27,224) | | (27,858) | | (1,939) |
| FirstEnergy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,343) | | (357,109) | | (370,012) | | (20,663) |
| Fortis, Inc. (Canada) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,706) | | (73,812) | | (77,521) | | (4,528) |
| Hawaiian Electric Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (2,158) | | (22,134) | | (20,889) | | 1,147 |
| IDACORP, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,190) | | (117,800) | | (122,677) | | (9,326) |
| MGE Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,078) | | (87,098) | | (98,583) | | (12,624) |
| Middlesex Water Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (526) | | (37,447) | | (34,316) | | 2,277 |
| Montauk Renewables, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (297) | | (1,377) | | (1,547) | | (188) |
| New Jersey Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,549) | | (116,696) | | (120,313) | | (5,207) |
| NextEra Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,744) | | (301,245) | | (316,480) | | (17,065) |
| NiSource, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (1,660) | | (45,342) | | (57,519) | | (15,341) |
| Northwest Natural Holding Co. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (2,969) | | (128,520) | | (121,195) | | 1,066 |
| Northwestern Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (1,002) | | (61,090) | | (57,334) | | (3,140) |
The accompanying notes are an integral part of the financial statements.
GOTHAM NEUTRAL FUND
Portfolio of Investments (Concluded)
September 30, 2024
Total Return Swaps (concluded)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Utilities — (continued) | | | | | | | | | | | | | | |
| OGE Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (6,435) | | $(254,346) | | $(263,964) | | $(10,596) |
| ONE Gas, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,127) | | (205,248) | | (232,711) | | (29,544) |
| Ormat Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,133) | | (248,267) | | (241,053) | | 4,937 |
| Otter Tail Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (300) | | (26,853) | | (23,448) | | 3,219 |
| PNM Resources, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,782) | | (109,909) | | (121,768) | | (15,164) |
| Portland General Electric Co. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,362) | | (156,575) | | (161,040) | | (11,607) |
| Public Service Enterprise Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 09/17/29 | | (2,153) | | (188,436) | | (192,069) | | (4,362) |
| ReNew Energy Global PLC, Class A (United Kingdom) | | USFF -0.780% | | Weekly | | MS | | 07/16/29 | | (988) | | (6,155) | | (6,215) | | (96) |
| Sempra | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (3,917) | | (316,288) | | (327,579) | | (17,701) |
| SJW Group | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,050) | | (58,371) | | (61,016) | | (3,472) |
| Sunnova Energy International, Inc. | | USFF -0.680% | | Weekly | | MS | | 07/11/28 | | (7,789) | | (97,613) | | (75,865) | | 21,364 |
| WEC Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (461) | | (40,835) | | (44,339) | | (4,057) |
| Xcel Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,148) | | (119,302) | | (140,264) | | (23,780) |
| | | | | | | | | | | (187,918) | | (5,778,111) | | (6,054,186) | | (398,450) |
|
|
| Total Reference Entity — Short | | | | | | (93,356,514) | | (88,879,478) | | 3,708,251 |
| Net Value of Reference Entity | | | | | | $(71,348,325) | | $(64,740,055) | | $7,554,190 |
| * | Includes $945,920 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 49.8% |
| Automobiles & Components — 0.3% |
| BorgWarner, Inc. | 9,792 | | $ 355,352 |
| General Motors Co.(a) | 55,721 | | 2,498,529 |
| | | | 2,853,881 |
| Banks — 0.6% |
| Bank of America Corp.(a) | 21,745 | | 862,842 |
| Citigroup, Inc. | 5,891 | | 368,777 |
| Citizens Financial Group, Inc. | 1,366 | | 56,102 |
| JPMorgan Chase & Co.(a) | 12,340 | | 2,602,012 |
| PNC Financial Services Group, Inc. (The) | 1,132 | | 209,250 |
| Truist Financial Corp. | 5,229 | | 223,644 |
| US Bancorp | 6,007 | | 274,700 |
| Wells Fargo & Co.(a) | 14,478 | | 817,862 |
| | | | 5,415,189 |
| Capital Goods — 5.1% |
| 3M Co.(a) | 16,618 | | 2,271,681 |
| A. O. Smith Corp. | 4,039 | | 362,823 |
| AMETEK, Inc. | 4,428 | | 760,332 |
| Builders FirstSource, Inc.(a)* | 3,628 | | 703,324 |
| Caterpillar, Inc.(a) | 4,049 | | 1,583,645 |
| Cummins, Inc.(a) | 3,117 | | 1,009,253 |
| Dover Corp.(a) | 8,540 | | 1,637,460 |
| Eaton Corp. PLC (Ireland) | 1,409 | | 466,999 |
| Emerson Electric Co.(a) | 18,514 | | 2,024,876 |
| Fortive Corp. | 175 | | 13,813 |
| GE Vernova, Inc.* | 301 | | 76,749 |
| General Dynamics Corp.(a) | 4,422 | | 1,336,328 |
| General Electric Co.(a) | 20,900 | | 3,941,322 |
| Honeywell International, Inc. | 1,324 | | 273,684 |
| Howmet Aerospace, Inc.(a) | 23,092 | | 2,314,973 |
| Illinois Tool Works, Inc.(a) | 6,807 | | 1,783,911 |
| Ingersoll Rand, Inc.(a) | 5,003 | | 491,095 |
| Johnson Controls International PLC (Ireland) | 14,098 | | 1,094,146 |
| Lockheed Martin Corp.(a) | 6,272 | | 3,666,360 |
| Masco Corp.(a) | 24,087 | | 2,021,863 |
| Northrop Grumman Corp.(a) | 1,804 | | 952,638 |
| Otis Worldwide Corp.(a) | 22,415 | | 2,329,815 |
| Parker-Hannifin Corp.(a) | 3,664 | | 2,314,989 |
| Pentair PLC (Ireland) | 13,546 | | 1,324,663 |
| Quanta Services, Inc. | 160 | | 47,704 |
| Snap-on, Inc.(a) | 10,279 | | 2,977,929 |
| Textron, Inc.(a) | 13,988 | | 1,239,057 |
| Trane Technologies PLC (Ireland) | 4,302 | | 1,672,316 |
| TransDigm Group, Inc.(a) | 508 | | 724,982 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| United Rentals, Inc.(a) | 2,909 | | $ 2,355,505 |
| WW Grainger, Inc.(a) | 1,363 | | 1,415,898 |
| | | | 45,190,133 |
| Commercial & Professional Services — 1.5% |
| Amentum Holdings, Inc.(a)* | 17,128 | | 552,378 |
| Automatic Data Processing, Inc.(a) | 2,856 | | 790,341 |
| Broadridge Financial Solutions, Inc. | 2,007 | | 431,565 |
| Cintas Corp.(a) | 7,944 | | 1,635,511 |
| Jacobs Solutions, Inc.(a) | 18,108 | | 2,370,337 |
| Leidos Holdings, Inc.(a) | 20,333 | | 3,314,279 |
| Paychex, Inc. | 2,048 | | 274,821 |
| Republic Services, Inc.(a) | 6,183 | | 1,241,794 |
| Veralto Corp.(a) | 24,372 | | 2,726,252 |
| | | | 13,337,278 |
| Consumer Discretionary Distribution & Retail — 1.8% |
| Amazon.com, Inc.(a)* | 14,137 | | 2,634,147 |
| AutoZone, Inc.(a)* | 133 | | 418,955 |
| Bath & Body Works, Inc.(a) | 45,179 | | 1,442,114 |
| Best Buy Co., Inc. | 4,331 | | 447,392 |
| eBay, Inc.(a) | 10,643 | | 692,966 |
| Home Depot, Inc. (The)(a) | 2,489 | | 1,008,543 |
| LKQ Corp.(a) | 98,006 | | 3,912,400 |
| Lowe's Cos., Inc.(a) | 7,991 | | 2,164,362 |
| Ross Stores, Inc.(a) | 6,999 | | 1,053,420 |
| TJX Cos., Inc. (The)(a) | 8,371 | | 983,927 |
| Ulta Beauty, Inc.(a)* | 3,057 | | 1,189,540 |
| | | | 15,947,766 |
| Consumer Durables & Apparel — 1.3% |
| DR Horton, Inc.(a) | 2,976 | | 567,732 |
| Garmin Ltd. (Switzerland) | 6,400 | | 1,126,592 |
| Lennar Corp., Class A | 805 | | 150,921 |
| Mohawk Industries, Inc.* | 2,540 | | 408,127 |
| NIKE, Inc., Class B(a) | 41,997 | | 3,712,535 |
| PulteGroup, Inc.(a) | 9,065 | | 1,301,099 |
| Ralph Lauren Corp.(a) | 8,944 | | 1,733,973 |
| Tapestry, Inc.(a) | 48,373 | | 2,272,564 |
| | | | 11,273,543 |
| Consumer Services — 2.1% |
| Booking Holdings, Inc.(a) | 423 | | 1,781,727 |
| Caesars Entertainment, Inc.(a)* | 23,642 | | 986,817 |
| Darden Restaurants, Inc.(a) | 5,389 | | 884,497 |
| Expedia Group, Inc.(a)* | 5,925 | | 877,018 |
| Hilton Worldwide Holdings, Inc.(a) | 10,407 | | 2,398,813 |
| Marriott International, Inc., Class A(a) | 15,363 | | 3,819,242 |
| McDonald's Corp.(a) | 10,692 | | 3,255,821 |
| MGM Resorts International* | 9,285 | | 362,951 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| Wynn Resorts Ltd.(a) | 16,156 | | $ 1,549,037 |
| Yum! Brands, Inc.(a) | 18,492 | | 2,583,517 |
| | | | 18,499,440 |
| Consumer Staples Distribution & Retail — 1.1% |
| Costco Wholesale Corp.(a) | 926 | | 820,918 |
| Kroger Co. (The)(a) | 15,737 | | 901,730 |
| Sysco Corp.(a) | 13,239 | | 1,033,436 |
| Target Corp.(a) | 29,144 | | 4,542,384 |
| Walgreens Boots Alliance, Inc.(a) | 113,282 | | 1,015,007 |
| Walmart, Inc.(a) | 14,694 | | 1,186,540 |
| | | | 9,500,015 |
| Energy — 2.8% |
| Baker Hughes Co.(a) | 31,396 | | 1,134,965 |
| Chevron Corp.(a) | 8,203 | | 1,208,056 |
| ConocoPhillips(a) | 24,073 | | 2,534,405 |
| Coterra Energy, Inc.(a) | 68,640 | | 1,643,928 |
| Devon Energy Corp.(a) | 55,893 | | 2,186,534 |
| Diamondback Energy, Inc.(a) | 16,621 | | 2,865,460 |
| EOG Resources, Inc.(a) | 13,566 | | 1,667,668 |
| Exxon Mobil Corp.(a) | 10,432 | | 1,222,839 |
| Halliburton Co.(a) | 55,413 | | 1,609,748 |
| Kinder Morgan, Inc.(a) | 168,332 | | 3,718,454 |
| Marathon Oil Corp.(a) | 75,324 | | 2,005,878 |
| Marathon Petroleum Corp.(a) | 4,999 | | 814,387 |
| Occidental Petroleum Corp. | 16,138 | | 831,753 |
| Phillips 66(a) | 9,230 | | 1,213,284 |
| Valero Energy Corp.(a) | 6,091 | | 822,468 |
| | | | 25,479,827 |
| Equity Real Estate Investment Trusts (REITs) — 1.3% |
| Alexandria Real Estate Equities, Inc. | 1,465 | | 173,969 |
| American Tower Corp. | 1,403 | | 326,282 |
| AvalonBay Communities, Inc. | 1,978 | | 445,545 |
| Camden Property Trust | 1,704 | | 210,495 |
| Digital Realty Trust, Inc.(a) | 7,892 | | 1,277,162 |
| Essex Property Trust, Inc. | 1,478 | | 436,631 |
| Extra Space Storage, Inc.(a) | 8,043 | | 1,449,268 |
| Healthpeak Properties, Inc. | 4,033 | | 92,235 |
| Prologis, Inc. | 2,189 | | 276,427 |
| Realty Income Corp.(a) | 29,365 | | 1,862,328 |
| Simon Property Group, Inc.(a) | 13,768 | | 2,327,067 |
| VICI Properties, Inc.(a) | 35,442 | | 1,180,573 |
| Welltower, Inc.(a) | 9,148 | | 1,171,218 |
| | | | 11,229,200 |
| Financial Services — 2.7% |
| American Express Co. | 952 | | 258,182 |
| Ameriprise Financial, Inc. | 200 | | 93,962 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Financial Services — (Continued) |
| Bank of New York Mellon Corp. (The) | 2,912 | | $ 209,256 |
| Berkshire Hathaway, Inc., Class B(a)* | 2,120 | | 975,751 |
| BlackRock, Inc. | 378 | | 358,915 |
| Capital One Financial Corp.(a) | 3,481 | | 521,210 |
| Cboe Global Markets, Inc. | 2,359 | | 483,288 |
| Charles Schwab Corp. (The)(a) | 6,151 | | 398,646 |
| CME Group, Inc.(a) | 1,738 | | 383,490 |
| Corpay, Inc.(a)* | 4,264 | | 1,333,609 |
| Discover Financial Services | 780 | | 109,426 |
| Fiserv, Inc.(a)* | 5,994 | | 1,076,822 |
| Franklin Resources, Inc.(a) | 29,740 | | 599,261 |
| Goldman Sachs Group, Inc. (The)(a) | 1,754 | | 868,423 |
| Intercontinental Exchange, Inc.(a) | 15,775 | | 2,534,096 |
| Invesco Ltd. (Bermuda) | 1,014 | | 17,806 |
| KKR & Co., Inc. | 4,022 | | 525,193 |
| Mastercard, Inc., Class A(a) | 4,065 | | 2,007,297 |
| Moody's Corp.(a) | 1,581 | | 750,327 |
| Nasdaq, Inc.(a) | 31,126 | | 2,272,509 |
| Northern Trust Corp. | 278 | | 25,028 |
| PayPal Holdings, Inc.(a)* | 26,133 | | 2,039,158 |
| Raymond James Financial, Inc. | 919 | | 112,541 |
| S&P Global, Inc.(a) | 3,546 | | 1,831,935 |
| Synchrony Financial | 1,660 | | 82,801 |
| T Rowe Price Group, Inc.(a) | 7,555 | | 822,966 |
| Visa, Inc., Class A(a) | 13,081 | | 3,596,621 |
| | | | 24,288,519 |
| Food, Beverage & Tobacco — 2.7% |
| Altria Group, Inc.(a) | 22,645 | | 1,155,801 |
| Archer-Daniels-Midland Co. | 2,065 | | 123,363 |
| Campbell Soup Co. | 7 | | 342 |
| Coca-Cola Co. (The)(a) | 47,139 | | 3,387,408 |
| Conagra Brands, Inc.(a) | 46,002 | | 1,495,985 |
| Constellation Brands, Inc., Class A(a) | 1,797 | | 463,069 |
| General Mills, Inc.(a) | 17,722 | | 1,308,770 |
| Kellanova(a) | 38,656 | | 3,119,926 |
| Keurig Dr Pepper, Inc.(a) | 61,141 | | 2,291,565 |
| Kraft Heinz Co. (The)(a) | 96,378 | | 3,383,831 |
| Molson Coors Beverage Co., Class B(a) | 16,197 | | 931,651 |
| Mondelez International, Inc., Class A(a) | 45,807 | | 3,374,602 |
| PepsiCo, Inc.(a) | 10,738 | | 1,825,997 |
| Philip Morris International, Inc.(a) | 12,924 | | 1,568,974 |
| | | | 24,431,284 |
| Health Care Equipment & Services — 3.5% |
| Abbott Laboratories | 2,573 | | 293,348 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| Baxter International, Inc.(a) | 7,528 | | $ 285,838 |
| Becton Dickinson & Co.(a) | 5,974 | | 1,440,331 |
| Cardinal Health, Inc. | 1,858 | | 205,346 |
| Cencora, Inc.(a) | 4,710 | | 1,060,127 |
| Centene Corp.(a)* | 10,454 | | 786,977 |
| Cigna Group (The)(a) | 5,537 | | 1,918,238 |
| CVS Health Corp.(a) | 21,315 | | 1,340,287 |
| DaVita, Inc.(a)* | 9,796 | | 1,605,858 |
| Elevance Health, Inc.(a) | 2,210 | | 1,149,200 |
| GE HealthCare Technologies, Inc.(a) | 32,956 | | 3,092,921 |
| HCA Healthcare, Inc.(a) | 3,155 | | 1,282,287 |
| Hologic, Inc.(a)* | 48,098 | | 3,918,063 |
| McKesson Corp.(a) | 1,895 | | 936,926 |
| Medtronic PLC (Ireland) | 33,754 | | 3,038,873 |
| Molina Healthcare, Inc.(a)* | 2,999 | | 1,033,335 |
| ResMed, Inc.(a) | 11,027 | | 2,691,911 |
| Solventum Corp.(a)* | 48,750 | | 3,398,850 |
| Teleflex, Inc.(a) | 1,549 | | 383,099 |
| UnitedHealth Group, Inc.(a) | 1,550 | | 906,254 |
| Universal Health Services, Inc., Class B | 3,456 | | 791,459 |
| | | | 31,559,528 |
| Household & Personal Products — 0.8% |
| Colgate-Palmolive Co.(a) | 14,161 | | 1,470,054 |
| Kenvue, Inc.(a) | 25,821 | | 597,240 |
| Kimberly-Clark Corp.(a) | 18,894 | | 2,688,238 |
| Procter & Gamble Co. (The)(a) | 15,377 | | 2,663,296 |
| | | | 7,418,828 |
| Insurance — 1.4% |
| Aflac, Inc. | 2,667 | | 298,171 |
| American International Group, Inc. | 1,584 | | 115,996 |
| Aon PLC, Class A (Ireland) | 786 | | 271,948 |
| Assurant, Inc. | 262 | | 52,101 |
| Brown & Brown, Inc.(a) | 7,635 | | 790,986 |
| Chubb Ltd. (Switzerland) | 2,825 | | 814,702 |
| Cincinnati Financial Corp. | 1,864 | | 253,728 |
| Hartford Financial Services Group, Inc. (The)(a) | 9,559 | | 1,124,234 |
| Loews Corp.(a) | 23,228 | | 1,836,174 |
| MetLife, Inc.(a) | 16,036 | | 1,322,649 |
| Prudential Financial, Inc.(a) | 17,763 | | 2,151,099 |
| Travelers Cos., Inc. (The)(a) | 6,870 | | 1,608,404 |
| Willis Towers Watson PLC (Ireland) | 5,507 | | 1,621,977 |
| | | | 12,262,169 |
| Materials — 2.1% |
| Avery Dennison Corp. | 1,851 | | 408,627 |
| Ball Corp. | 3,380 | | 229,536 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| Celanese Corp. | 3,836 | | $ 521,543 |
| DuPont de Nemours, Inc.(a) | 30,670 | | 2,733,004 |
| Eastman Chemical Co.(a) | 10,610 | | 1,187,789 |
| Ecolab, Inc. | 512 | | 130,729 |
| FMC Corp.(a) | 27,248 | | 1,796,733 |
| International Paper Co.(a) | 20,863 | | 1,019,158 |
| Linde PLC (Ireland) | 7,854 | | 3,745,258 |
| LyondellBasell Industries NV, Class A (Netherlands) | 37,620 | | 3,607,758 |
| Martin Marietta Materials, Inc. | 105 | | 56,516 |
| Mosaic Co. (The)(a) | 97,414 | | 2,608,747 |
| Packaging Corp. of America | 1,020 | | 219,708 |
| Smurfit WestRock PLC (Ireland) | 2,106 | | 104,078 |
| Steel Dynamics, Inc. | 1,866 | | 235,265 |
| | | | 18,604,449 |
| Media & Entertainment — 3.0% |
| Alphabet, Inc., Class A(a) | 37,144 | | 6,160,332 |
| Charter Communications, Inc., Class A(a)* | 2,994 | | 970,295 |
| Electronic Arts, Inc. | 984 | | 141,145 |
| Fox Corp., Class A(a) | 88,885 | | 3,762,502 |
| Interpublic Group of Cos., Inc. (The) | 7,525 | | 238,016 |
| Meta Platforms, Inc., Class A(a) | 11,062 | | 6,332,331 |
| Netflix, Inc.(a)* | 4,503 | | 3,193,843 |
| News Corp., Class A(a) | 21,709 | | 578,111 |
| Omnicom Group, Inc.(a) | 16,891 | | 1,746,360 |
| Take-Two Interactive Software, Inc.* | 580 | | 89,152 |
| Walt Disney Co. (The)(a) | 32,898 | | 3,164,459 |
| | | | 26,376,546 |
| Pharmaceuticals, Biotechnology & Life Sciences — 2.7% |
| AbbVie, Inc. | 417 | | 82,349 |
| Biogen, Inc.* | 3,955 | | 766,637 |
| Bristol-Myers Squibb Co.(a) | 16,675 | | 862,765 |
| Danaher Corp.(a) | 1,870 | | 519,897 |
| Gilead Sciences, Inc.(a) | 39,535 | | 3,314,615 |
| Incyte Corp.(a)* | 8,044 | | 531,708 |
| IQVIA Holdings, Inc.(a)* | 7,594 | | 1,799,550 |
| Johnson & Johnson(a) | 33,807 | | 5,478,763 |
| Merck & Co., Inc.(a) | 42,050 | | 4,775,198 |
| Mettler-Toledo International, Inc.(a)* | 994 | | 1,490,702 |
| Thermo Fisher Scientific, Inc.(a) | 2,032 | | 1,256,934 |
| Vertex Pharmaceuticals, Inc.(a)* | 1,186 | | 551,585 |
| Viatris, Inc.(a) | 206,677 | | 2,399,520 |
| | | | 23,830,223 |
| Real Estate Management & Development — 0.1% |
| CBRE Group, Inc., Class A(a)* | 6,834 | | 850,696 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Semiconductors & Semiconductor Equipment — 3.9% |
| Applied Materials, Inc.(a) | 3,368 | | $ 680,504 |
| Broadcom, Inc.(a) | 11,696 | | 2,017,560 |
| KLA Corp.(a) | 969 | | 750,403 |
| Lam Research Corp.(a) | 2,769 | | 2,259,726 |
| Micron Technology, Inc. | 3,068 | | 318,182 |
| NVIDIA Corp.(a) | 97,747 | | 11,870,396 |
| NXP Semiconductors NV (Netherlands) | 5,653 | | 1,356,777 |
| Qorvo, Inc.(a)* | 44,019 | | 4,547,163 |
| QUALCOMM, Inc.(a) | 43,899 | | 7,465,025 |
| Skyworks Solutions, Inc.(a) | 35,976 | | 3,553,349 |
| | | | 34,819,085 |
| Software & Services — 3.4% |
| Accenture PLC, Class A (Ireland) | 1,585 | | 560,266 |
| ANSYS, Inc.* | 130 | | 41,422 |
| Cadence Design Systems, Inc.* | 1,402 | | 379,984 |
| Cognizant Technology Solutions Corp., Class A | 728 | | 56,187 |
| Crowdstrike Holdings, Inc., Class A* | 1,162 | | 325,906 |
| EPAM Systems, Inc.* | 116 | | 23,088 |
| Fair Isaac Corp.* | 285 | | 553,903 |
| Gen Digital, Inc.(a) | 132,758 | | 3,641,552 |
| GoDaddy, Inc., Class A(a)* | 10,044 | | 1,574,698 |
| International Business Machines Corp.(a) | 5,121 | | 1,132,151 |
| Intuit, Inc.(a) | 440 | | 273,240 |
| Microsoft Corp.(a) | 27,086 | | 11,655,106 |
| Oracle Corp. | 4,022 | | 685,349 |
| Palantir Technologies, Inc., Class A(a)* | 72,114 | | 2,682,641 |
| Roper Technologies, Inc.(a) | 3,568 | | 1,985,378 |
| Salesforce, Inc.(a) | 6,006 | | 1,643,902 |
| Synopsys, Inc.(a)* | 1,511 | | 765,155 |
| VeriSign, Inc.(a)* | 14,548 | | 2,763,538 |
| | | | 30,743,466 |
| Technology Hardware & Equipment — 2.6% |
| Amphenol Corp., Class A | 7,096 | | 462,375 |
| Apple, Inc.(a) | 14,695 | | 3,423,935 |
| CDW Corp. | 633 | | 143,248 |
| Cisco Systems, Inc.(a) | 26,408 | | 1,405,434 |
| Dell Technologies, Inc., Class C | 557 | | 66,027 |
| F5, Inc.(a)* | 9,038 | | 1,990,167 |
| Hewlett Packard Enterprise Co.(a) | 113,766 | | 2,327,652 |
| HP, Inc.(a) | 65,700 | | 2,356,659 |
| Jabil, Inc.(a) | 9,631 | | 1,154,083 |
| Motorola Solutions, Inc.(a) | 2,947 | | 1,325,060 |
| NetApp, Inc.(a) | 24,305 | | 3,001,910 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — (Continued) |
| Super Micro Computer, Inc.(a)* | 2,774 | | $ 1,155,094 |
| TE Connectivity PLC (Ireland) | 6,728 | | 1,015,861 |
| Teledyne Technologies, Inc.(a)* | 7,858 | | 3,439,132 |
| | | | 23,266,637 |
| Telecommunication Services — 0.5% |
| AT&T, Inc.(a) | 51,654 | | 1,136,388 |
| T-Mobile US, Inc.(a) | 8,755 | | 1,806,682 |
| Verizon Communications, Inc.(a) | 40,413 | | 1,814,948 |
| | | | 4,758,018 |
| Transportation — 1.4% |
| CSX Corp.(a) | 72,510 | | 2,503,770 |
| Delta Air Lines, Inc.(a) | 71,525 | | 3,632,755 |
| FedEx Corp.(a) | 10,387 | | 2,842,714 |
| Uber Technologies, Inc.(a)* | 6,332 | | 475,913 |
| Union Pacific Corp.(a) | 9,619 | | 2,370,891 |
| United Parcel Service, Inc., Class B(a) | 7,976 | | 1,087,448 |
| | | | 12,913,491 |
| Utilities — 1.1% |
| Constellation Energy Corp.(a) | 5,016 | | 1,304,260 |
| Duke Energy Corp. | 1,485 | | 171,221 |
| NRG Energy, Inc.(a) | 73,571 | | 6,702,318 |
| PG&E Corp. | 8,354 | | 165,159 |
| Public Service Enterprise Group, Inc.(a) | 10,728 | | 957,045 |
| Vistra Corp. | 3,241 | | 384,188 |
| | | | 9,684,191 |
TOTAL COMMON STOCKS
(Cost $373,375,282) | | | 444,533,402 |
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANY(b) — 44.9% | | |
| Gotham Enhanced 500 ETF | 12,710,300 | | 401,215,872 |
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANY
(Cost $322,519,946) | | | 401,215,872 |
|
| |
TOTAL INVESTMENTS - 94.7%
(Cost $695,895,228) | | | 845,749,274 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 5.3% | | | 47,422,639 |
| NET ASSETS - 100.0% | | | $893,171,913 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| (a) | Security position is either entirely or partially designated as collateral for total return swaps. (See Note 1 of the Notes to Financial Statements) |
| (b) | 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. |
| ETF | Exchange-Traded Fund |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
The portfolio matures between July 29, 2025 and July 16, 2029, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps, which represents 4.5% of net assets as of September 30, 2024:
Total Return Swaps
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Long | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| BorgWarner, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 38,217 | | $1,203,867 | | $1,386,895 | | $247,007 |
| General Motors Co. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 116,737 | | 4,035,462 | | 5,234,487 | | 1,366,963 |
| | | | | | | | | | | 154,954 | | 5,239,329 | | 6,621,382 | | 1,613,970 |
| Banks | | | | | | | | | | | | | | |
| Bank of America Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 51,030 | | 1,656,569 | | 2,024,870 | | 546,207 |
| Citigroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 11,891 | | 677,377 | | 744,377 | | 104,262 |
| Citizens Financial Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 2,306 | | 66,252 | | 94,707 | | 36,443 |
| Fifth Third Bancorp | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,393 | | 275,386 | | 273,876 | | 9,919 |
| JPMorgan Chase & Co. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 20,630 | | 2,324,575 | | 4,350,042 | | 2,303,194 |
| PNC Financial Services Group, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,506 | | 354,582 | | 463,234 | | 167,399 |
| Truist Financial Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,303 | | 174,093 | | 226,809 | | 75,629 |
| US Bancorp | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 6,145 | | 214,098 | | 281,011 | | 93,613 |
| Wells Fargo & Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,764 | | 825,481 | | 834,018 | | 46,239 |
| | | | | | | | | | | 120,968 | | 6,568,413 | | 9,292,944 | | 3,382,905 |
| Capital Goods | | | | | | | | | | | | | | |
| 3M Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 17,943 | | 1,994,031 | | 2,452,808 | | 539,180 |
| A. O. Smith Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 15,024 | | 1,167,177 | | 1,349,606 | | 292,629 |
| AMETEK, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 29,778 | | 4,790,965 | | 5,113,180 | | 494,960 |
| Builders FirstSource, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 30,068 | | 4,492,607 | | 5,828,983 | | 1,480,820 |
| Caterpillar, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 18,030 | | 5,460,440 | | 7,051,894 | | 1,901,162 |
| Cummins, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,132 | | 3,781,481 | | 4,575,800 | | 954,252 |
| Dover Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 14,438 | | 2,645,342 | | 2,768,342 | | 214,334 |
| Eaton Corp. PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,489 | | 1,305,696 | | 1,487,834 | | 235,121 |
| Emerson Electric Co. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 23,505 | | 2,400,060 | | 2,570,742 | | 281,751 |
| GE Vernova, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 4,182 | | 978,459 | | 1,066,326 | | 119,492 |
| General Dynamics Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 6,861 | | 1,948,885 | | 2,073,394 | | 198,646 |
| General Electric Co. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 52,749 | | 8,329,982 | | 9,947,406 | | 1,911,483 |
| Honeywell International, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,978 | | 583,867 | | 615,582 | | 58,112 |
| Howmet Aerospace, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 30,474 | | 1,897,971 | | 3,055,019 | | 1,225,943 |
| Illinois Tool Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 6,507 | | 1,557,393 | | 1,705,290 | | 249,994 |
| Ingersoll Rand, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 9,132 | | 646,537 | | 896,397 | | 271,532 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Johnson Controls International PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 23,002 | | $1,350,765 | | $1,785,185 | | $507,546 |
| Lockheed Martin Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 7,518 | | 3,509,551 | | 4,394,722 | | 1,120,762 |
| Masco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 33,469 | | 2,040,512 | | 2,809,388 | | 879,038 |
| Northrop Grumman Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 3,077 | | 1,450,803 | | 1,624,871 | | 237,041 |
| Otis Worldwide Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 27,584 | | 2,450,325 | | 2,867,081 | | 536,891 |
| Parker-Hannifin Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,190 | | 2,575,618 | | 3,279,146 | | 805,530 |
| Pentair PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 23,258 | | 1,695,167 | | 2,274,400 | | 669,255 |
| Quanta Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 843 | | 207,962 | | 251,340 | | 50,362 |
| Snap-on, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 14,626 | | 3,366,632 | | 4,237,298 | | 1,168,271 |
| Textron, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 23,037 | | 1,764,104 | | 2,040,617 | | 336,556 |
| Trane Technologies PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 5,831 | | 1,751,164 | | 2,266,685 | | 589,074 |
| TransDigm Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 875 | | 1,006,610 | | 1,248,739 | | 299,962 |
| United Rentals, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,516 | | 2,916,681 | | 3,656,741 | | 851,368 |
| WW Grainger, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,094 | | 1,850,685 | | 2,175,268 | | 417,004 |
| | | | | | | | | | | 455,210 | | 71,917,472 | | 87,470,084 | | 18,898,071 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Amentum Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 28,140 | | 618,836 | | 907,515 | | 965,557 |
| Automatic Data Processing, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 21,003 | | 5,173,176 | | 5,812,160 | | 897,459 |
| Broadridge Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,775 | | 1,871,728 | | 1,886,888 | | 83,651 |
| Cintas Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 10,716 | | 1,781,397 | | 2,206,210 | | 489,989 |
| Jacobs Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 32,994 | | 3,717,444 | | 4,318,915 | | 80,941 |
| Leidos Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 33,235 | | 3,477,483 | | 5,417,305 | | 2,101,030 |
| Paychex, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 5,350 | | 693,896 | | 717,917 | | 49,733 |
| Republic Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 9,319 | | 1,762,551 | | 1,871,628 | | 173,493 |
| Veralto Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 33,427 | | 2,428,167 | | 3,739,144 | | 1,401,010 |
| | | | | | | | | | | 182,959 | | 21,524,678 | | 26,877,682 | | 6,242,863 |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Amazon.com, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 103,982 | | 13,190,680 | | 19,374,966 | | 6,607,982 |
| AutoZone, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,557 | | 4,470,930 | | 4,904,612 | | 578,704 |
| Bath & Body Works, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 121,390 | | 4,352,621 | | 3,874,769 | | (347,409) |
| Best Buy Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 15,040 | | 1,063,258 | | 1,553,632 | | 615,640 |
| eBay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 28,974 | | 1,327,486 | | 1,886,497 | | 655,169 |
| Home Depot, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 5,331 | | 1,670,096 | | 2,160,121 | | 596,309 |
| LKQ Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 113,892 | | 4,717,838 | | 4,546,569 | | 22,882 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail — (continued) | | | | | | | | | | | | | | |
| Lowe's Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 11,554 | | $2,441,497 | | $3,129,401 | | $835,176 |
| Ross Stores, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,074 | | 1,172,056 | | 1,215,218 | | 84,529 |
| TJX Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 16,942 | | 1,496,533 | | 1,991,363 | | 566,499 |
| Ulta Beauty, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 3,120 | | 1,103,480 | | 1,214,054 | | 146,213 |
| | | | | | | | | | | 429,856 | | 37,006,475 | | 45,851,202 | | 10,361,694 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| DR Horton, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 6,935 | | 1,009,109 | | 1,322,990 | | 356,451 |
| Garmin Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 8,709 | | 1,124,723 | | 1,533,045 | | 464,870 |
| Lennar Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 1,757 | | 178,963 | | 329,402 | | 164,438 |
| Mohawk Industries, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 16,222 | | 1,562,515 | | 2,606,551 | | 1,094,411 |
| NIKE, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 44,529 | | 3,687,082 | | 3,936,364 | | 381,915 |
| PulteGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 13,232 | | 1,228,384 | | 1,899,189 | | 721,200 |
| Ralph Lauren Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 13,433 | | 1,539,869 | | 2,604,256 | | 1,156,349 |
| Tapestry, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 60,631 | | 1,695,444 | | 2,848,444 | | 1,332,099 |
| | | | | | | | | | | 165,448 | | 12,026,089 | | 17,080,241 | | 5,671,733 |
| Consumer Services | | | | | | | | | | | | | | |
| Booking Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 931 | | 3,073,459 | | 3,921,484 | | 964,496 |
| Caesars Entertainment, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 51,714 | | 1,985,951 | | 2,158,542 | | 236,561 |
| Darden Restaurants, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 11,455 | | 1,688,438 | | 1,880,109 | | 223,963 |
| Expedia Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 11,537 | | 1,461,641 | | 1,707,707 | | 305,168 |
| Hilton Worldwide Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,443 | | 2,927,238 | | 3,329,112 | | 513,245 |
| Marriott International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 18,422 | | 4,010,338 | | 4,579,709 | | 749,740 |
| McDonald's Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 11,876 | | 3,138,127 | | 3,616,361 | | 722,263 |
| MGM Resorts International | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 19,887 | | 700,642 | | 777,383 | | 101,094 |
| Wynn Resorts Ltd. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 18,718 | | 1,517,678 | | 1,794,682 | | 362,592 |
| Yum! Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 26,032 | | 3,371,861 | | 3,636,931 | | 468,413 |
| | | | | | | | | | | 185,015 | | 23,875,373 | | 27,402,020 | | 4,647,535 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Costco Wholesale Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 832 | | 499,326 | | 737,585 | | 269,438 |
| Kroger Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 19,739 | | 959,213 | | 1,131,045 | | 222,254 |
| Sysco Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 15,516 | | 1,126,929 | | 1,211,179 | | 128,317 |
| Target Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 31,006 | | 4,479,173 | | 4,832,595 | | 532,245 |
| Walgreens Boots Alliance, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 121,733 | | 1,374,432 | | 1,090,728 | | (246,240) |
| Walmart, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 24,155 | | 1,584,122 | | 1,950,516 | | 476,748 |
| | | | | | | | | | | 212,981 | | 10,023,195 | | 10,953,648 | | 1,382,762 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy | | | | | | | | | | | | | | |
| Baker Hughes Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 73,533 | | $2,442,145 | | $2,658,218 | | $389,024 |
| Chevron Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 27,634 | | 4,113,892 | | 4,069,659 | | 126,684 |
| ConocoPhillips | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 34,639 | | 3,655,628 | | 3,646,794 | | 128,341 |
| Coterra Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 148,935 | | 3,557,246 | | 3,566,993 | | 129,945 |
| Devon Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 143,364 | | 6,115,363 | | 5,608,400 | | (177,583) |
| Diamondback Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 24,962 | | 4,717,195 | | 4,303,449 | | (225,197) |
| EOG Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 29,996 | | 3,548,374 | | 3,687,408 | | 431,662 |
| Exxon Mobil Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 10,851 | | 1,035,868 | | 1,271,954 | | 339,068 |
| Halliburton Co. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 94,493 | | 2,873,061 | | 2,745,022 | | 13,509 |
| Kinder Morgan, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 192,148 | | 3,712,838 | | 4,244,549 | | 760,882 |
| Marathon Oil Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 87,998 | | 2,293,633 | | 2,343,387 | | 138,141 |
| Marathon Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 6,235 | | 930,471 | | 1,015,744 | | 156,369 |
| Occidental Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 49,147 | | 2,540,067 | | 2,533,036 | | 74,768 |
| Phillips 66 | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,502 | | 1,263,115 | | 1,249,038 | | 30,474 |
| Valero Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 8,732 | | 1,170,672 | | 1,179,082 | | 87,105 |
| | | | | | | | | | | 942,169 | | 43,969,568 | | 44,122,733 | | 2,403,192 |
Equity Real Estate Investment
Trusts (REITs) | | | | | | | | | | | | | | |
| Alexandria Real Estate Equities, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,374 | | 887,652 | | 1,113,163 | | 302,400 |
| American Tower Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,084 | | 1,083,251 | | 1,182,335 | | 141,344 |
| AvalonBay Communities, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 8,216 | | 1,553,426 | | 1,850,654 | | 413,750 |
| Camden Property Trust | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 16,823 | | 1,540,693 | | 2,078,145 | | 646,462 |
| Digital Realty Trust, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 15,185 | | 2,062,255 | | 2,457,389 | | 548,009 |
| Essex Property Trust, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 9,269 | | 2,848,924 | | 2,738,248 | | 1,526 |
| Extra Space Storage, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 11,145 | | 1,287,317 | | 2,008,218 | | 833,353 |
| Healthpeak Properties, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 13,221 | | 205,168 | | 302,364 | | 132,417 |
| Prologis, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,289 | | 480,682 | | 541,615 | | 86,018 |
| Realty Income Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 44,817 | | 2,265,994 | | 2,842,294 | | 755,745 |
| Simon Property Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 15,936 | | 2,192,973 | | 2,693,503 | | 679,766 |
| VICI Properties, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 41,068 | | 1,192,893 | | 1,367,975 | | 249,805 |
| Welltower, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 11,047 | | 1,056,196 | | 1,414,347 | | 423,055 |
| | | | | | | | | | | 205,474 | | 18,657,424 | | 22,590,250 | | 5,213,650 |
| Exchange Traded Funds | | | | | | | | | | | | | | |
| SPDR S&P 500 ETF Trust | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 16,181 | | 8,816,144 | | 9,284,011 | | 774,788 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Financial Services | | | | | | | | | | | | | | |
| American Express Co. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 5,712 | | $878,696 | | $1,549,094 | | $722,023 |
| Ameriprise Financial, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 721 | | 301,485 | | 338,733 | | 49,042 |
| Bank of New York Mellon Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,995 | | 252,681 | | 287,081 | | 44,046 |
| Berkshire Hathaway, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 18,053 | | 4,360,321 | | 8,309,074 | | 4,088,952 |
| BlackRock, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,388 | | 1,389,531 | | 2,267,430 | | 1,111,312 |
| Blackstone, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 5,421 | | 688,113 | | 830,118 | | 178,348 |
| Capital One Financial Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,996 | | 457,682 | | 748,051 | | 349,040 |
| Cboe Global Markets, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 11,987 | | 2,090,986 | | 2,455,777 | | 449,982 |
| Charles Schwab Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 7,030 | | 454,955 | | 455,614 | | 30,776 |
| CME Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 15,155 | | 3,047,442 | | 3,343,951 | | 467,210 |
| Corpay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 11,799 | | 2,974,914 | | 3,690,255 | | 811,062 |
| Discover Financial Services | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,231 | | 153,550 | | 172,697 | | 25,350 |
| Fiserv, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 32,927 | | 4,173,562 | | 5,915,336 | | 1,875,976 |
| Franklin Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 79,070 | | 2,205,064 | | 1,593,261 | | (299,734) |
| Goldman Sachs Group, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,513 | | 873,664 | | 1,244,211 | | 446,044 |
| Intercontinental Exchange, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 22,181 | | 3,007,264 | | 3,563,156 | | 705,245 |
| Invesco Ltd. (Bermuda) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,336 | | 32,543 | | 41,020 | | 16,089 |
| KKR & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 4,284 | | 473,757 | | 559,405 | | 101,725 |
| Mastercard, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 7,415 | | 3,158,747 | | 3,661,527 | | 638,417 |
| Moody's Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,469 | | 1,001,951 | | 1,171,763 | | 204,281 |
| Nasdaq, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 33,588 | | 2,160,778 | | 2,452,260 | | 374,019 |
| Northern Trust Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,331 | | 93,672 | | 119,830 | | 33,370 |
| PayPal Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 79,059 | | 4,121,491 | | 6,168,974 | | 2,180,014 |
| Raymond James Financial, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 918 | | 93,675 | | 112,418 | | 24,913 |
| S&P Global, Inc. | | USFF +0.250% | | Weekly | | MS | | 11/03/25 | | 5,171 | | 2,479,076 | | 2,671,442 | | 279,461 |
| Synchrony Financial | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,696 | | 87,138 | | 84,596 | | 880 |
| T Rowe Price Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 13,275 | | 1,444,407 | | 1,446,046 | | 278,666 |
| Visa, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 18,126 | | 4,606,119 | | 4,983,744 | | 589,065 |
| | | | | | | | | | | 394,847 | | 47,063,264 | | 60,236,864 | | 15,775,574 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Altria Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 28,682 | | 1,230,058 | | 1,463,929 | | 516,449 |
| Archer-Daniels-Midland Co. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 51,731 | | 2,898,772 | | 3,090,410 | | 349,612 |
| Campbell Soup Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 695 | | 27,358 | | 33,999 | | 13,059 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Food, Beverage & Tobacco —
(continued) | | | | | | | | | | | | | | |
| Coca-Cola Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 44,292 | | $2,651,721 | | $3,182,823 | | $821,300 |
| Conagra Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 141,156 | | 4,061,210 | | 4,590,393 | | 756,090 |
| Constellation Brands, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,986 | | 465,691 | | 511,772 | | 68,706 |
| General Mills, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 19,579 | | 1,244,771 | | 1,445,909 | | 331,209 |
| Kellanova | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 41,955 | | 2,310,818 | | 3,386,188 | | 1,203,132 |
| Keurig Dr Pepper, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 73,558 | | 2,374,054 | | 2,756,954 | | 493,664 |
| Kraft Heinz Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 119,395 | | 4,093,867 | | 4,191,958 | | 440,217 |
| Molson Coors Beverage Co., Class B | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 17,505 | | 930,607 | | 1,006,888 | | 125,630 |
| Mondelez International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 50,323 | | 3,420,760 | | 3,707,295 | | 481,380 |
| PepsiCo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,758 | | 2,496,805 | | 2,509,598 | | 104,414 |
| Philip Morris International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 15,234 | | 1,523,710 | | 1,849,408 | | 472,286 |
| | | | | | | | | | | 620,849 | | 29,730,202 | | 33,727,524 | | 6,177,148 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Abbott Laboratories | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 13,700 | | 1,389,233 | | 1,561,937 | | 297,120 |
| Baxter International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 53,828 | | 1,755,968 | | 2,043,849 | | 388,295 |
| Becton Dickinson & Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 12,855 | | 3,016,730 | | 3,099,341 | | 178,813 |
| Cardinal Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 6,604 | | 629,863 | | 729,874 | | 146,827 |
| Cencora, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 15,241 | | 3,098,464 | | 3,430,444 | | 466,804 |
| Centene Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 29,511 | | 2,057,260 | | 2,221,588 | | 230,587 |
| Cigna Group (The) | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 14,055 | | 4,530,182 | | 4,869,214 | | 552,877 |
| CVS Health Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 65,481 | | 3,720,622 | | 4,117,445 | | 626,605 |
| DaVita, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 20,786 | | 2,221,703 | | 3,407,449 | | 1,257,215 |
| Elevance Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,412 | | 2,835,463 | | 2,814,240 | | 75,287 |
| GE HealthCare Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 57,191 | | 4,520,196 | | 5,367,375 | | 996,147 |
| HCA Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 7,368 | | 1,753,178 | | 2,994,576 | | 1,324,865 |
| Hologic, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 58,089 | | 4,435,174 | | 4,731,930 | | 439,357 |
| McKesson Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 3,887 | | 1,914,116 | | 1,921,811 | | 77,925 |
| Medtronic PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 51,828 | | 4,364,181 | | 4,666,075 | | 495,154 |
| Molina Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 3,083 | | 955,422 | | 1,062,278 | | 137,741 |
| ResMed, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 15,001 | | 3,262,118 | | 3,662,044 | | 512,049 |
| Solventum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 82,638 | | 4,918,510 | | 5,761,521 | | 1,004,613 |
| Teleflex, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,783 | | 528,609 | | 688,292 | | 180,481 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| UnitedHealth Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 3,523 | | $1,806,444 | | $2,059,828 | | $344,661 |
| Universal Health Services, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,952 | | 910,042 | | 905,048 | | 24,441 |
| | | | | | | | | | | 526,816 | | 54,623,478 | | 62,116,159 | | 9,757,864 |
| Household & Personal Products | | | | | | | | | | | | | | |
| Colgate-Palmolive Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 42,237 | | 3,612,239 | | 4,384,623 | | 943,283 |
| Kenvue, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 41,021 | | 755,115 | | 948,816 | | 236,131 |
| Kimberly-Clark Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 25,570 | | 3,278,398 | | 3,638,100 | | 591,828 |
| Procter & Gamble Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 20,104 | | 3,103,017 | | 3,482,013 | | 601,054 |
| | | | | | | | | | | 128,932 | | 10,748,769 | | 12,453,552 | | 2,372,296 |
| Insurance | | | | | | | | | | | | | | |
| Aflac, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 24,023 | | 2,189,554 | | 2,685,771 | | 617,575 |
| American International Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 14,706 | | 1,096,438 | | 1,076,920 | | 22,966 |
| Aon PLC, Class A (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,194 | | 2,488,597 | | 2,835,042 | | 431,432 |
| Assurant, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 6,055 | | 1,107,683 | | 1,204,097 | | 137,960 |
| Brown & Brown, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 32,358 | | 2,529,026 | | 3,352,289 | | 925,986 |
| Chubb Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 11,159 | | 2,771,493 | | 3,218,144 | | 567,288 |
| Cincinnati Financial Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 7,740 | | 780,055 | | 1,053,569 | | 322,082 |
| Hartford Financial Services Group, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 24,308 | | 2,444,103 | | 2,858,864 | | 512,812 |
| Loews Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 30,087 | | 2,056,695 | | 2,378,377 | | 397,653 |
| MetLife, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 19,447 | | 1,433,630 | | 1,603,989 | | 226,994 |
| Prudential Financial, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 24,266 | | 2,694,855 | | 2,938,613 | | 378,200 |
| Travelers Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 8,632 | | 1,955,271 | | 2,020,924 | | 138,870 |
| Willis Towers Watson PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 8,726 | | 2,136,550 | | 2,570,069 | | 526,981 |
| | | | | | | | | | | 219,701 | | 25,683,950 | | 29,796,668 | | 5,206,799 |
| Materials | | | | | | | | | | | | | | |
| Avery Dennison Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,605 | | 3,611,768 | | 3,665,720 | | 188,107 |
| Ball Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 32,218 | | 2,167,086 | | 2,187,924 | | 101,092 |
| Celanese Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,618 | | 2,269,277 | | 2,259,383 | | 54,784 |
| DuPont de Nemours, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 52,337 | | 4,126,941 | | 4,663,750 | | 707,141 |
| Eastman Chemical Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 23,844 | | 2,151,362 | | 2,669,336 | | 628,887 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Ecolab, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,351 | | $715,732 | | $1,110,941 | | $428,319 |
| FMC Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 32,975 | | 2,025,909 | | 2,174,372 | | 232,840 |
| International Paper Co. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 47,304 | | 1,596,053 | | 2,310,800 | | 938,093 |
| Linde PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 9,653 | | 3,910,969 | | 4,603,130 | | 866,952 |
| LyondellBasell Industries NV, Class A (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 47,359 | | 4,490,739 | | 4,541,728 | | 253,575 |
| Martin Marietta Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 242 | | 117,468 | | 130,257 | | 20,908 |
| Mosaic Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 112,728 | | 3,022,119 | | 3,018,856 | | 104,922 |
| Packaging Corp. of America | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,070 | | 171,423 | | 230,478 | | 75,521 |
| Smurfit WestRock PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,160 | | 103,718 | | 106,747 | | 7,224 |
| Steel Dynamics, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 2,467 | | 274,187 | | 311,039 | | 51,845 |
| | | | | | | | | | | 401,931 | | 30,754,751 | | 33,984,461 | | 4,660,210 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Alphabet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 90,930 | | 8,577,535 | | 15,080,741 | | 6,811,670 |
| Charter Communications, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 10,726 | | 2,842,837 | | 3,476,082 | | 724,725 |
| Electronic Arts, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 5,664 | | 767,015 | | 812,444 | | 71,668 |
| Fox Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 122,852 | | 4,824,000 | | 5,200,325 | | 559,432 |
| Interpublic Group of Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 6,155 | | 173,045 | | 194,683 | | 70,273 |
| Meta Platforms, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 17,460 | | 4,679,938 | | 9,994,802 | | 5,489,225 |
| Netflix, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 5,247 | | 3,173,616 | | 3,721,540 | | 650,023 |
| News Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 32,141 | | 776,401 | | 855,915 | | 110,971 |
| Omnicom Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 19,118 | | 1,659,525 | | 1,976,610 | | 420,999 |
| Take-Two Interactive Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 1,059 | | 139,533 | | 162,779 | | 27,937 |
| Walt Disney Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 76,696 | | 7,269,755 | | 7,377,388 | | 366,112 |
| | | | | | | | | | | 388,048 | | 34,883,200 | | 48,853,309 | | 15,303,035 |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| AbbVie, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 24,068 | | 4,049,780 | | 4,752,949 | | 968,297 |
| Biogen, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 27,370 | | 5,592,143 | | 5,305,401 | | (106,997) |
| Bristol-Myers Squibb Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 90,524 | | 3,739,228 | | 4,683,712 | | 1,109,867 |
| Danaher Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 4,903 | | 1,234,199 | | 1,363,132 | | 185,858 |
| Gilead Sciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 65,148 | | 4,504,260 | | 5,462,008 | | 1,297,089 |
| Incyte Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 27,654 | | 1,464,043 | | 1,827,929 | | 411,101 |
| IQVIA Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 9,981 | | 2,209,114 | | 2,365,198 | | 227,218 |
| Johnson & Johnson | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 36,298 | | 5,410,381 | | 5,882,454 | | 1,071,590 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Merck & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 47,568 | | $5,302,207 | | $5,401,822 | | $443,527 |
| Mettler-Toledo International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,365 | | 1,687,773 | | 2,047,091 | | 414,846 |
| Thermo Fisher Scientific, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,890 | | 1,708,573 | | 1,787,667 | | 134,846 |
| Vertex Pharmaceuticals, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 1,478 | | 541,330 | | 687,388 | | 163,649 |
| Viatris, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 239,900 | | 2,546,390 | | 2,785,239 | | 379,295 |
| | | | | | | | | | | 579,147 | | 39,989,421 | | 44,351,990 | | 6,700,186 |
Real Estate Management &
Development | | | | | | | | | | | | | | |
| CBRE Group, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,993 | | 1,570,847 | | 2,115,289 | | 595,084 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Applied Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 24,634 | | 4,241,238 | | 4,977,300 | | 920,237 |
| Broadcom, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 40,825 | | 4,682,915 | | 7,042,313 | | 2,626,701 |
| KLA Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 1,225 | | 796,823 | | 948,652 | | 200,053 |
| Lam Research Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,967 | | 2,263,816 | | 2,421,309 | | 255,684 |
| Micron Technology, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 7,278 | | 446,243 | | 754,801 | | 330,660 |
| NVIDIA Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 144,026 | | 8,238,769 | | 17,490,517 | | 9,520,542 |
| NXP Semiconductors NV (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 9,928 | | 1,913,925 | | 2,382,819 | | 571,080 |
| Qorvo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 54,608 | | 5,754,339 | | 5,641,006 | | 71,620 |
| QUALCOMM, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 52,256 | | 8,190,977 | | 8,886,133 | | 1,086,788 |
| Skyworks Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 46,942 | | 4,532,264 | | 4,636,461 | | 305,030 |
| | | | | | | | | | | 384,689 | | 41,061,309 | | 55,181,311 | | 15,888,395 |
| Software & Services | | | | | | | | | | | | | | |
| Accenture PLC, Class A (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 13,993 | | 4,174,989 | | 4,946,246 | | 928,250 |
| ANSYS, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 685 | | 158,782 | | 218,262 | | 64,789 |
| Cadence Design Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,622 | | 672,423 | | 710,641 | | 75,438 |
| Cognizant Technology Solutions Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 3,910 | | 244,657 | | 301,774 | | 80,150 |
| Crowdstrike Holdings, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,351 | | 333,626 | | 378,915 | | 56,210 |
| EPAM Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 415 | | 175,159 | | 82,597 | | (86,727) |
| Fair Isaac Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 509 | | 785,182 | | 989,252 | | 229,489 |
| Gen Digital, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 253,303 | | 5,036,392 | | 6,948,101 | | 2,187,535 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| GoDaddy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 11,903 | | $1,729,168 | | $1,866,152 | | $192,710 |
| International Business Machines Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 4,085 | | 660,704 | | 903,112 | | 292,612 |
| Intuit, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 786 | | 445,978 | | 488,106 | | 57,365 |
| Microsoft Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 56,622 | | 15,629,333 | | 24,364,447 | | 9,655,362 |
| Oracle Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 6,663 | | 1,085,143 | | 1,135,375 | | 84,711 |
| Palantir Technologies, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 73,570 | | 2,756,335 | | 2,736,804 | | 69,172 |
| Roper Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 4,212 | | 2,173,283 | | 2,343,725 | | 247,020 |
| Salesforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 6,177 | | 1,271,999 | | 1,690,707 | | 493,258 |
| Synopsys, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 2,212 | | 1,068,951 | | 1,120,135 | | 85,714 |
| VeriSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 16,296 | | 2,920,351 | | 3,095,588 | | 266,614 |
| | | | | | | | | | | 459,314 | | 41,322,455 | | 54,319,939 | | 14,979,672 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Amphenol Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 57,834 | | 3,023,993 | | 3,768,463 | | 876,480 |
| Apple, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 127,703 | | 13,954,036 | | 29,754,799 | | 16,715,307 |
| CDW Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,344 | | 284,139 | | 304,147 | | 32,983 |
| Cisco Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 100,442 | | 4,386,077 | | 5,345,523 | | 1,442,280 |
| Dell Technologies, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 31,154 | | 3,662,192 | | 3,692,995 | | 148,588 |
| F5, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 15,591 | | 2,613,904 | | 3,433,138 | | 903,364 |
| Hewlett Packard Enterprise Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 123,616 | | 2,134,514 | | 2,529,183 | | 493,055 |
| HP, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 107,706 | | 3,131,305 | | 3,863,414 | | 1,104,836 |
| Jabil, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 12,539 | | 1,365,074 | | 1,502,548 | | 182,573 |
| Motorola Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 3,881 | | 1,244,620 | | 1,745,014 | | 551,972 |
| NetApp, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 36,970 | | 3,414,671 | | 4,566,165 | | 1,319,956 |
| Super Micro Computer, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,841 | | 1,254,138 | | 1,182,992 | | (30,670) |
| TE Connectivity PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 11,398 | | 1,763,060 | | 1,720,984 | | 14,738 |
| Teledyne Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | 8,640 | | 3,546,241 | | 3,781,382 | | 349,204 |
| | | | | | | | | | | 641,659 | | 45,777,964 | | 67,190,747 | | 24,104,666 |
| Telecommunication Services | | | | | | | | | | | | | | |
| AT&T, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 53,757 | | 908,049 | | 1,182,654 | | 366,713 |
| T-Mobile US, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 10,843 | | 1,687,488 | | 2,237,562 | | 626,336 |
| Verizon Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 47,267 | | 1,763,832 | | 2,122,761 | | 492,856 |
| | | | | | | | | | | 111,867 | | 4,359,369 | | 5,542,977 | | 1,485,905 |
| Transportation | | | | | | | | | | | | | | |
| CSX Corp. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 153,221 | | 5,100,552 | | 5,290,721 | | 427,679 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Transportation — (continued) | | | | | | | | | | | | | | |
| Delta Air Lines, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 150,609 | | $5,845,373 | | $7,649,431 | | $2,069,762 |
| FedEx Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 25,151 | | 6,558,330 | | 6,883,326 | | 598,092 |
| Uber Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6,424 | | 412,738 | | 482,828 | | 83,552 |
| Union Pacific Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 10,403 | | 2,451,612 | | 2,564,131 | | 208,809 |
| United Parcel Service, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 8,957 | | 1,131,752 | | 1,221,197 | | 155,621 |
| | | | | | | | | | | 354,765 | | 21,500,357 | | 24,091,634 | | 3,543,515 |
| Utilities | | | | | | | | | | | | | | |
| Constellation Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 21,613 | | 3,636,911 | | 5,619,812 | | 2,115,687 |
| Dominion Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 58,784 | | 3,397,986 | | 3,397,127 | | 108,444 |
| Duke Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 16,869 | | 1,535,775 | | 1,944,996 | | 502,611 |
| NRG Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/29/25 | | 103,565 | | 4,507,748 | | 9,434,772 | | 5,281,070 |
| PG&E Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 11,594 | | 172,182 | | 229,213 | | 63,163 |
| Public Service Enterprise Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 14,372 | | 902,914 | | 1,282,126 | | 442,984 |
| Vistra Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,307 | | 391,534 | | 392,012 | | 13,259 |
| | | | | | | | | | | 230,104 | | 14,545,050 | | 22,300,058 | | 8,527,218 |
|
|
| Total Reference Entity — Long | | | | | | 703,238,546 | | 863,808,679 | | 195,670,730 |
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Short | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| Aptiv PLC (Jersey) | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (12,531) | | $(1,435,531) | | $(902,357) | | $492,980 |
| Ford Motor Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (533,751) | | (6,149,426) | | (5,636,411) | | 104,369 |
| | | | | | | | | | | (546,282) | | (7,584,957) | | (6,538,768) | | 597,349 |
| Banks | | | | | | | | | | | | | | |
| Huntington Bancshares, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (7,881) | | (129,716) | | (115,851) | | 1,628 |
| KeyCorp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (6,548) | | (160,409) | | (109,679) | | 33,735 |
| M&T Bank Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,266) | | (603,637) | | (581,740) | | (28,848) |
| Regions Financial Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (4,532) | | (113,248) | | (105,732) | | 144 |
| | | | | | | | | | | (22,227) | | (1,007,010) | | (913,002) | | 6,659 |
| Capital Goods | | | | | | | | | | | | | | |
| Allegion PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (38,011) | | (4,900,684) | | (5,539,723) | | (859,270) |
| Axon Enterprise, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (16,779) | | (4,560,427) | | (6,704,888) | | (2,272,608) |
| Boeing Co. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (67,381) | | (12,596,791) | | (10,244,607) | | 1,997,847 |
| Carrier Global Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (94,134) | | (5,820,877) | | (7,576,846) | | (1,958,640) |
| Deere & Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,358) | | (509,178) | | (566,734) | | (83,453) |
| Fastenal Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (73,393) | | (5,103,344) | | (5,241,728) | | (335,091) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Capital Goods — (continued) | | | | | | | | | | | | | | |
| Generac Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (16,320) | | $(2,365,543) | | $(2,592,922) | | $(293,748) |
| Hubbell, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,497) | | (3,707,449) | | (4,068,040) | | (484,647) |
| Huntington Ingalls Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (31,548) | | (8,186,045) | | (8,340,660) | | (433,988) |
| IDEX Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (15,313) | | (3,424,849) | | (3,284,638) | | 21,008 |
| L3Harris Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (17,418) | | (4,037,949) | | (4,143,220) | | (272,950) |
| Nordson Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,220) | | (3,658,144) | | (3,734,599) | | (190,092) |
| PACCAR, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (41,376) | | (4,133,598) | | (4,082,984) | | (45,794) |
| Rockwell Automation, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (16,086) | | (4,425,572) | | (4,318,448) | | (61,130) |
| RTX Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,912) | | (577,648) | | (595,138) | | (48,762) |
| Stanley Black & Decker, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (38,941) | | (3,753,751) | | (4,288,572) | | (669,173) |
| Westinghouse Air Brake Technologies Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,051) | | (2,133,157) | | (2,372,280) | | (300,396) |
| Xylem, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (39,953) | | (5,172,947) | | (5,394,854) | | (391,094) |
| | | | | | | | | | | (549,691) | | (79,067,953) | | (83,090,881) | | (6,681,981) |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Copart, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (60,942) | | (3,323,105) | | (3,193,361) | | 36,423 |
| Dayforce, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (25,212) | | (2,266,685) | | (1,544,235) | | 658,863 |
| Equifax, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (22,894) | | (5,883,964) | | (6,727,631) | | (1,041,940) |
| Paycom Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (20,096) | | (4,084,889) | | (3,347,391) | | 614,197 |
| Rollins, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (107,161) | | (4,947,987) | | (5,420,203) | | (651,149) |
| Verisk Analytics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (24,069) | | (6,071,729) | | (6,449,529) | | (585,264) |
| Waste Management, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (14,005) | | (2,741,775) | | (2,907,438) | | (282,043) |
| | | | | | | | | | | (274,379) | | (29,320,134) | | (29,589,788) | | (1,250,913) |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Genuine Parts Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (28,029) | | (3,962,738) | | (3,915,091) | | (88,940) |
| O'Reilly Automotive, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,673) | | (4,081,929) | | (4,229,827) | | (262,576) |
| Pool Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,688) | | (5,014,175) | | (5,157,638) | | (301,488) |
| Tractor Supply Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (20,870) | | (5,464,470) | | (6,071,709) | | (791,825) |
| | | | | | | | | | | (66,260) | | (18,523,312) | | (19,374,265) | | (1,444,829) |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Deckers Outdoor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (28,664) | | (4,500,329) | | (4,570,475) | | (196,601) |
| Hasbro, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (16,257) | | (1,068,569) | | (1,175,706) | | (146,361) |
| Lululemon Athletica, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,128) | | (2,485,521) | | (1,934,183) | | 481,592 |
| NVR, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (158) | | (1,364,435) | | (1,550,264) | | (225,848) |
| | | | | | | | | | | (52,207) | | (9,418,854) | | (9,230,628) | | (87,218) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services | | | | | | | | | | | | | | |
| Airbnb, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (38,526) | | $(5,335,938) | | $(4,885,482) | | $300,482 |
| Carnival Corp. (Panama) | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (303,876) | | (5,236,187) | | (5,615,628) | | (526,608) |
| Chipotle Mexican Grill, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (81,695) | | (4,689,103) | | (4,707,266) | | (149,931) |
| Domino's Pizza, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,768) | | (2,105,545) | | (2,050,907) | | (9,750) |
| Las Vegas Sands Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (55,567) | | (2,372,274) | | (2,797,243) | | (501,813) |
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (245,284) | | (4,758,879) | | (5,030,775) | | (413,306) |
| Royal Caribbean Cruises Ltd. (Liberia) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (27,778) | | (3,955,405) | | (4,926,706) | | (1,093,239) |
| Starbucks Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (51,109) | | (4,180,339) | | (4,982,616) | | (938,716) |
| | | | | | | | | | | (808,603) | | (32,633,670) | | (34,996,623) | | (3,332,881) |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Dollar General Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (8,263) | | (1,653,939) | | (698,802) | | 886,510 |
| Dollar Tree, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (56,930) | | (5,370,313) | | (4,003,318) | | 1,210,804 |
| | | | | | | | | | | (65,193) | | (7,024,252) | | (4,702,120) | | 2,097,314 |
| Energy | | | | | | | | | | | | | | |
| APA Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (479,329) | | (12,939,373) | | (11,724,387) | | 851,006 |
| EQT Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (348,087) | | (12,186,290) | | (12,753,908) | | (1,003,877) |
| Hess Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (54,497) | | (8,047,715) | | (7,400,693) | | 346,183 |
| ONEOK, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (13,740) | | (1,223,044) | | (1,252,126) | | (112,295) |
| Schlumberger NV (Curacao) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (100,872) | | (5,240,767) | | (4,231,580) | | 787,935 |
| Targa Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (24,302) | | (2,904,308) | | (3,596,939) | | (804,756) |
| Williams Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (129,629) | | (5,229,642) | | (5,917,564) | | (959,339) |
| | | | | | | | | | | (1,150,456) | | (47,771,139) | | (46,877,197) | | (895,143) |
Equity Real Estate Investment
Trusts (REITs) | | | | | | | | | | | | | | |
| BXP, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,535) | | (662,171) | | (767,186) | | (152,164) |
| Crown Castle, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (32,641) | | (3,596,606) | | (3,872,202) | | (461,303) |
| Equinix, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (5,302) | | (4,381,778) | | (4,706,214) | | (547,715) |
| Equity Residential | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (36,178) | | (2,828,875) | | (2,693,814) | | 3,772 |
| Federal Realty Investment Trust | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (17,582) | | (1,967,259) | | (2,021,403) | | (153,178) |
| Host Hotels & Resorts, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (39,347) | | (791,988) | | (692,507) | | 48,819 |
| Invitation Homes, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (16,975) | | (603,529) | | (598,538) | | (17,313) |
| Iron Mountain, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (27,656) | | (2,120,646) | | (3,286,362) | | (1,375,443) |
| Kimco Realty Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (131,537) | | (3,012,521) | | (3,054,289) | | (309,258) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Equity Real Estate Investment
Trusts (REITs) — (continued) | | | | | | | | | | | | | | |
| Mid-America Apartment Communities, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (23,119) | | $(3,358,875) | | $(3,673,609) | | $(430,479) |
| Public Storage | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (6,045) | | (1,915,175) | | (2,199,594) | | (461,174) |
| Regency Centers Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (28,653) | | (1,991,517) | | (2,069,606) | | (273,546) |
| SBA Communications Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,673) | | (1,528,039) | | (1,606,191) | | (137,914) |
| UDR, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (25,957) | | (1,118,675) | | (1,176,890) | | (113,445) |
| Ventas, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (35,367) | | (2,073,197) | | (2,268,086) | | (346,307) |
| Weyerhaeuser Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (50,718) | | (1,612,687) | | (1,717,311) | | (172,658) |
| | | | | | | | | | | (493,285) | | (33,563,538) | | (36,403,802) | | (4,899,306) |
| Financial Services | | | | | | | | | | | | | | |
| FactSet Research Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (10,582) | | (4,690,108) | | (4,866,133) | | (324,320) |
| Fidelity National Information Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (79,826) | | (7,029,574) | | (6,685,427) | | 37,068 |
| Global Payments, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (33,942) | | (4,707,348) | | (3,476,340) | | 1,062,323 |
| Jack Henry & Associates, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (31,311) | | (5,317,855) | | (5,527,644) | | (410,413) |
| MarketAxess Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 11/03/25 | | (24,673) | | (5,465,501) | | (6,321,223) | | (1,042,837) |
| MSCI, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (13,900) | | (7,763,482) | | (8,102,727) | | (643,975) |
| State Street Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (13,127) | | (1,204,700) | | (1,161,346) | | (44,838) |
| | | | | | | | | | | (207,361) | | (36,178,568) | | (36,140,840) | | (1,366,992) |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Brown-Forman Corp., Class B | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (39,440) | | (2,630,674) | | (1,940,448) | | 566,949 |
| Bunge Global SA (Switzerland) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (18,529) | | (1,946,751) | | (1,790,643) | | 76,394 |
| Hershey Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (36,473) | | (6,951,738) | | (6,994,792) | | (285,384) |
| J M Smucker Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (58,524) | | (7,145,948) | | (7,087,256) | | (259,798) |
| Lamb Weston Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (93,917) | | (8,684,589) | | (6,080,187) | | 2,284,142 |
| McCormick & Co., Inc., non-voting shares | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (96,129) | | (7,188,217) | | (7,911,417) | | (932,647) |
| Monster Beverage Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (161,685) | | (8,482,794) | | (8,435,106) | | (190,858) |
| Tyson Foods, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (20,442) | | (1,227,750) | | (1,217,525) | | (50,397) |
| | | | | | | | | | | (525,139) | | (44,258,461) | | (41,457,374) | | 1,208,401 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Align Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (7,248) | | (2,504,745) | | (1,843,311) | | 570,672 |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Boston Scientific Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (38,137) | | $(2,857,265) | | $(3,195,881) | | $(418,825) |
| Cooper Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (75,315) | | (7,185,524) | | (8,310,257) | | (1,333,930) |
| Dexcom, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (119,832) | | (10,995,958) | | (8,033,537) | | 2,653,140 |
| Edwards Lifesciences Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (80,179) | | (6,570,684) | | (5,291,012) | | 1,095,185 |
| Henry Schein, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (58,980) | | (4,670,116) | | (4,299,642) | | 236,257 |
| Humana, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,831) | | (1,454,536) | | (896,691) | | 507,096 |
| IDEXX Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (9,365) | | (5,035,613) | | (4,731,385) | | 162,707 |
| Insulet Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (25,795) | | (6,786,212) | | (6,003,786) | | 591,632 |
| Intuitive Surgical, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,421) | | (2,854,774) | | (3,154,445) | | (379,810) |
| Labcorp Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (40,492) | | (8,511,156) | | (9,049,152) | | (813,160) |
| Quest Diagnostics, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (21,399) | | (3,114,582) | | (3,322,195) | | (342,829) |
| STERIS PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (11,954) | | (2,777,304) | | (2,899,323) | | (241,346) |
| Stryker Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,190) | | (4,876,611) | | (5,126,279) | | (411,203) |
| Zimmer Biomet Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (32,017) | | (3,542,332) | | (3,456,235) | | (21,335) |
| | | | | | | | | | | (544,155) | | (73,737,412) | | (69,613,131) | | 1,854,251 |
| Household & Personal Products | | | | | | | | | | | | | | |
| Church & Dwight Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (56,213) | | (5,795,388) | | (5,886,625) | | (294,790) |
| Clorox Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (33,696) | | (5,237,432) | | (5,489,415) | | (482,161) |
| Estee Lauder Cos., Inc. (The), Class A | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (11,665) | | (1,602,658) | | (1,162,884) | | 380,483 |
| | | | | | | | | | | (101,574) | | (12,635,478) | | (12,538,924) | | (396,468) |
| Insurance | | | | | | | | | | | | | | |
| Allstate Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,687) | | (1,721,243) | | (1,837,140) | | (178,047) |
| Arch Capital Group Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (26,902) | | (2,680,186) | | (3,009,796) | | (412,567) |
| Arthur J Gallagher & Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,139) | | (1,173,908) | | (1,164,590) | | (25,250) |
| Erie Indemnity Co., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5,918) | | (3,186,586) | | (3,194,655) | | (97,547) |
| Everest Group Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (4,412) | | (1,728,869) | | (1,728,754) | | (74,756) |
| Globe Life, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (46,492) | | (4,698,431) | | (4,923,968) | | (368,851) |
| Marsh & McLennan Cos., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (18,214) | | (3,768,809) | | (4,063,361) | | (412,764) |
| Principal Financial Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (37,068) | | (2,990,156) | | (3,184,141) | | (337,189) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Insurance — (continued) | | | | | | | | | | | | | | |
| Progressive Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,600) | | $(867,368) | | $(913,536) | | $(70,370) |
| W R Berkley Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (40,190) | | (2,266,977) | | (2,279,979) | | (103,138) |
| | | | | | | | | | | (196,622) | | (25,082,533) | | (26,299,920) | | (2,080,479) |
| Materials | | | | | | | | | | | | | | |
| Air Products and Chemicals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (25,737) | | (7,268,433) | | (7,662,934) | | (740,620) |
| Albemarle Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (10,753) | | (2,165,897) | | (1,018,417) | | 1,064,973 |
| Amcor PLC (Jersey) | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (16,514) | | (173,963) | | (187,104) | | (24,520) |
| CF Industries Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (48,319) | | (3,561,243) | | (4,145,770) | | (714,439) |
| Corteva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (100,248) | | (5,409,125) | | (5,893,580) | | (652,290) |
| Dow, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (138,485) | | (7,418,598) | | (7,565,436) | | (451,571) |
| Freeport-McMoRan, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (19,493) | | (932,447) | | (973,091) | | (70,362) |
| International Flavors & Fragrances, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (46,974) | | (4,694,006) | | (4,928,982) | | (411,660) |
| Newmont Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (12,910) | | (617,656) | | (690,039) | | (103,273) |
| Nucor Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (10,137) | | (1,643,909) | | (1,523,997) | | 67,787 |
| PPG Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (11,332) | | (1,451,858) | | (1,501,037) | | (96,224) |
| Sherwin-Williams Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (12,423) | | (4,101,116) | | (4,741,486) | | (786,707) |
| Vulcan Materials Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,144) | | (2,891,422) | | (2,790,792) | | 6,411 |
| | | | | | | | | | | (464,469) | | (42,329,673) | | (43,622,665) | | (2,912,495) |
| Media & Entertainment | | | | | | | | | | | | | | |
| Comcast Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,922) | | (595,143) | | (623,292) | | (48,991) |
| Live Nation Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (62,832) | | (6,081,440) | | (6,879,476) | | (980,391) |
| Match Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (64,159) | | (3,558,613) | | (2,427,777) | | 1,022,910 |
| Paramount Global, Class B | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (835,872) | | (8,888,541) | | (8,876,961) | | (278,924) |
| Warner Bros Discovery, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (926,968) | | (7,561,889) | | (7,647,486) | | (307,763) |
| | | | | | | | | | | (1,904,753) | | (26,685,626) | | (26,454,992) | | (593,159) |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| Agilent Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (13,050) | | (1,879,546) | | (1,937,664) | | (114,467) |
| Amgen, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (11,924) | | (3,919,831) | | (3,842,032) | | (50,971) |
| Bio-Techne Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (59,067) | | (5,211,072) | | (4,721,225) | | 311,177 |
| Catalent, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (36,712) | | (4,364,663) | | (2,223,646) | | 2,073,934 |
| Charles River Laboratories International, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (8,954) | | (2,191,573) | | (1,763,669) | | 366,430 |
| Eli Lilly & Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (343) | | (300,331) | | (303,877) | | (11,737) |
| Moderna, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (123,201) | | (12,263,608) | | (8,233,523) | | 3,680,458 |
| Pfizer, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (284,062) | | (8,048,679) | | (8,220,754) | | (491,605) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Regeneron Pharmaceuticals, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,437) | | $(4,887,308) | | $(4,664,352) | | $85,609 |
| Revvity, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (29,234) | | (3,249,392) | | (3,734,643) | | (581,197) |
| Waters Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,814) | | (956,939) | | (1,012,730) | | (82,515) |
| West Pharmaceutical Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (21,338) | | (7,314,738) | | (6,404,814) | | 697,131 |
| Zoetis, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (34,762) | | (6,645,777) | | (6,791,800) | | (361,320) |
| | | | | | | | | | | (629,898) | | (61,233,457) | | (53,854,729) | | 5,520,927 |
Real Estate Management &
Development | | | | | | | | | | | | | | |
| CoStar Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (68,432) | | (5,745,317) | | (5,162,510) | | 421,311 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (8,594) | | (1,435,800) | | (1,410,103) | | (14,504) |
| Analog Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (23,195) | | (4,922,780) | | (5,338,793) | | (586,878) |
| Enphase Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (12,356) | | (3,162,416) | | (1,396,475) | | 1,677,143 |
| First Solar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (27,297) | | (6,003,803) | | (6,808,964) | | (973,932) |
| Intel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (215,212) | | (7,956,321) | | (5,048,873) | | 2,574,183 |
| Microchip Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (50,507) | | (3,819,136) | | (4,055,207) | | (373,175) |
| Monolithic Power Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (884) | | (724,020) | | (817,258) | | (114,752) |
| ON Semiconductor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (18,327) | | (1,489,457) | | (1,330,723) | | 117,022 |
| Teradyne, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (30,781) | | (3,983,755) | | (4,122,499) | | (285,271) |
| Texas Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (27,410) | | (5,257,285) | | (5,662,084) | | (668,540) |
| | | | | | | | | | | (414,563) | | (38,754,773) | | (35,990,979) | | 1,351,296 |
| Software & Services | | | | | | | | | | | | | | |
| Adobe, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (4,100) | | (2,183,286) | | (2,122,898) | | (852) |
| Akamai Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (73,915) | | (7,465,244) | | (7,461,719) | | (206,381) |
| Autodesk, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (13,629) | | (3,187,403) | | (3,754,517) | | (659,721) |
| Fortinet, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (101,821) | | (6,628,806) | | (7,896,219) | | (1,460,326) |
| Gartner, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,260) | | (2,055,505) | | (2,158,798) | | (170,985) |
| Palo Alto Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (14,591) | | (4,576,413) | | (4,987,204) | | (540,835) |
| PTC, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (26,016) | | (4,369,408) | | (4,700,051) | | (453,413) |
| ServiceNow, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,565) | | (2,748,646) | | (3,188,500) | | (517,007) |
| Tyler Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (9,961) | | (5,093,424) | | (5,814,435) | | (864,159) |
| | | | | | | | | | | (251,858) | | (38,308,135) | | (42,084,341) | | (4,873,679) |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Arista Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (9,791) | | (3,027,931) | | (3,757,982) | | (818,457) |
| Corning, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (76,195) | | (2,872,058) | | (3,440,204) | | (757,834) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Technology Hardware & Equipment
— (continued) | | | | | | | | | | | | | | |
| Juniper Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (94,471) | | $(3,511,491) | | $(3,682,480) | | $(327,224) |
| Keysight Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (22,358) | | (3,389,387) | | (3,553,357) | | (261,680) |
| Seagate Technology Holdings PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (96,156) | | (9,474,387) | | (10,531,967) | | (1,432,836) |
| Trimble, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (40,396) | | (2,743,252) | | (2,508,188) | | 158,064 |
| Western Digital Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (47,780) | | (3,264,666) | | (3,262,896) | | (89,906) |
| Zebra Technologies Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (9,272) | | (2,718,792) | | (3,433,607) | | (835,789) |
| | | | | | | | | | | (396,419) | | (31,001,964) | | (34,170,681) | | (4,365,662) |
| Transportation | | | | | | | | | | | | | | |
| CH Robinson Worldwide, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (91,026) | | (7,884,424) | | (10,046,540) | | (2,535,022) |
| Expeditors International of Washington, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,080) | | (773,238) | | (798,912) | | (47,226) |
| JB Hunt Transport Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (8,781) | | (1,790,913) | | (1,513,230) | | 213,373 |
| Norfolk Southern Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (39,763) | | (9,378,566) | | (9,881,105) | | (803,354) |
| Old Dominion Freight Line, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (8,129) | | (1,563,563) | | (1,614,745) | | (96,631) |
| Southwest Airlines Co. | | USFF -0.250% | | Weekly | | MS | | 01/05/26 | | (299,055) | | (10,203,699) | | (8,861,000) | | 838,579 |
| United Airlines Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (55,509) | | (2,929,068) | | (3,167,344) | | (320,505) |
| | | | | | | | | | | (508,343) | | (34,523,471) | | (35,882,876) | | (2,750,786) |
| Utilities | | | | | | | | | | | | | | |
| AES Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (173,783) | | (3,502,716) | | (3,486,087) | | (131,250) |
| Alliant Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (76,298) | | (4,284,973) | | (4,630,526) | | (668,356) |
| Ameren Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (67,105) | | (5,445,144) | | (5,869,003) | | (731,073) |
| American Electric Power Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (33,461) | | (3,343,146) | | (3,433,099) | | (324,814) |
| American Water Works Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 11/03/25 | | (17,430) | | (2,617,902) | | (2,548,963) | | (68,767) |
| Atmos Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (15,513) | | (1,846,989) | | (2,151,808) | | (421,154) |
| CenterPoint Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (138,811) | | (3,983,972) | | (4,083,820) | | (288,666) |
| CMS Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (23,676) | | (1,654,096) | | (1,672,236) | | (140,446) |
| Consolidated Edison, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (22,992) | | (2,246,711) | | (2,394,157) | | (233,693) |
| DTE Energy Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (20,761) | | (2,476,398) | | (2,665,920) | | (319,105) |
| Edison International | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (41,414) | | (3,190,403) | | (3,606,745) | | (684,271) |
| Entergy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (28,077) | | (3,134,472) | | (3,695,214) | | (737,540) |
| Evergy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (75,445) | | (4,587,130) | | (4,678,344) | | (476,164) |
The accompanying notes are an integral part of the financial statements.
GOTHAM INDEX PLUS FUND
Portfolio of Investments (Concluded)
September 30, 2024
Total Return Swaps (concluded)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Utilities — (continued) | | | | | | | | | | | | | | |
| Eversource Energy | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (101,257) | | $(6,735,063) | | $(6,890,539) | | $(630,986) |
| Exelon Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (138,570) | | (5,392,437) | | (5,619,013) | | (519,463) |
| FirstEnergy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (64,214) | | (2,727,150) | | (2,847,891) | | (303,292) |
| NextEra Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (47,645) | | (3,697,977) | | (4,027,432) | | (493,429) |
| NiSource, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (82,366) | | (2,511,318) | | (2,853,982) | | (543,555) |
| Pinnacle West Capital Corp. | | USFF -0.250% | | Weekly | | MS | | 07/29/25 | | (31,656) | | (2,609,327) | | (2,804,405) | | (409,791) |
| PPL Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (57,212) | | (1,701,498) | | (1,892,573) | | (260,249) |
| Sempra | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (50,755) | | (4,004,283) | | (4,244,641) | | (474,218) |
| Southern Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (24,437) | | (2,100,261) | | (2,203,729) | | (189,118) |
| WEC Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (35,179) | | (3,321,432) | | (3,383,516) | | (277,579) |
| Xcel Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 11/03/25 | | (101,377) | | (6,228,786) | | (6,619,918) | | (795,675) |
| | | | | | | | | | | (1,469,434) | | (83,343,584) | | (88,303,561) | | (10,122,654) |
|
|
| Total Reference Entity — Short | | | | | | (819,733,271) | | (823,294,597) | | (34,997,137) |
| Net Value of Reference Entity | | | | | | $(116,494,725) | | $40,514,082 | | $160,673,593 |
| * | Includes $3,664,786 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| USFF | U.S. Fed Funds |
The accompanying notes are an integral part of the financial statements.
GOTHAM LARGE VALUE FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 99.1% |
| Automobiles & Components — 0.8% |
| Aptiv PLC (Jersey)* | 898 | | $ 64,665 |
| BorgWarner, Inc. | 752 | | 27,290 |
| General Motors Co. | 3,589 | | 160,931 |
| | | | 252,886 |
| Banks — 2.4% |
| Citigroup, Inc. | 5,709 | | 357,383 |
| Citizens Financial Group, Inc. | 1,549 | | 63,617 |
| Fifth Third Bancorp | 2,915 | | 124,878 |
| Huntington Bancshares, Inc. | 6,178 | | 90,817 |
| KeyCorp. | 2,381 | | 39,882 |
| PNC Financial Services Group, Inc. (The) | 669 | | 123,665 |
| | | | 800,242 |
| Capital Goods — 17.2% |
| 3M Co. | 2,040 | | 278,868 |
| A. O. Smith Corp. | 626 | | 56,234 |
| Allegion PLC (Ireland) | 255 | | 37,164 |
| AMETEK, Inc. | 753 | | 129,298 |
| Builders FirstSource, Inc.* | 521 | | 101,001 |
| Caterpillar, Inc. | 1,984 | | 775,982 |
| Cummins, Inc. | 583 | | 188,770 |
| Dover Corp. | 586 | | 112,360 |
| Emerson Electric Co. | 725 | | 79,293 |
| GE Vernova, Inc.* | 472 | | 120,351 |
| Generac Holdings, Inc.* | 195 | | 30,982 |
| General Electric Co. | 3,377 | | 636,835 |
| Honeywell International, Inc. | 1,488 | | 307,584 |
| Howmet Aerospace, Inc. | 1,740 | | 174,435 |
| IDEX Corp. | 251 | | 53,839 |
| Illinois Tool Works, Inc. | 1,152 | | 301,905 |
| Johnson Controls International PLC (Ireland) | 2,163 | | 167,870 |
| Lockheed Martin Corp. | 827 | | 483,431 |
| Masco Corp. | 938 | | 78,736 |
| Nordson Corp. | 238 | | 62,506 |
| Otis Worldwide Corp. | 1,724 | | 179,192 |
| PACCAR, Inc. | 1,049 | | 103,515 |
| Parker-Hannifin Corp. | 524 | | 331,074 |
| Pentair PLC (Ireland) | 550 | | 53,784 |
| Snap-on, Inc. | 224 | | 64,895 |
| Stanley Black & Decker, Inc. | 656 | | 72,245 |
| Trane Technologies PLC (Ireland) | 717 | | 278,719 |
| United Rentals, Inc. | 285 | | 230,773 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Westinghouse Air Brake Technologies Corp. | 754 | | $ 137,055 |
| WW Grainger, Inc. | 199 | | 206,723 |
| | | | 5,835,419 |
| Commercial & Professional Services — 1.9% |
| Amentum Holdings, Inc.* | 504 | | 16,254 |
| Automatic Data Processing, Inc. | 983 | | 272,026 |
| Broadridge Financial Solutions, Inc. | 386 | | 83,001 |
| Jacobs Solutions, Inc. | 534 | | 69,901 |
| Leidos Holdings, Inc. | 576 | | 93,888 |
| Republic Services, Inc. | 13 | | 2,611 |
| Veralto Corp. | 1,053 | | 117,788 |
| | | | 655,469 |
| Consumer Discretionary Distribution & Retail — 5.7% |
| AutoZone, Inc.* | 25 | | 78,751 |
| Best Buy Co., Inc. | 921 | | 95,139 |
| CarMax, Inc.* | 505 | | 39,077 |
| eBay, Inc. | 2,170 | | 141,289 |
| Home Depot, Inc. (The) | 1,188 | | 481,378 |
| LKQ Corp. | 418 | | 16,687 |
| Lowe's Cos., Inc. | 2,438 | | 660,332 |
| Ross Stores, Inc. | 1,200 | | 180,612 |
| TJX Cos., Inc. (The) | 1,987 | | 233,552 |
| Ulta Beauty, Inc.* | 44 | | 17,121 |
| | | | 1,943,938 |
| Consumer Durables & Apparel — 3.5% |
| DR Horton, Inc. | 1,065 | | 203,170 |
| Garmin Ltd. (Switzerland) | 818 | | 143,993 |
| Hasbro, Inc. | 583 | | 42,163 |
| Mohawk Industries, Inc.* | 265 | | 42,580 |
| NIKE, Inc., Class B | 5,023 | | 444,033 |
| NVR, Inc.* | 10 | | 98,118 |
| PulteGroup, Inc. | 704 | | 101,045 |
| Ralph Lauren Corp. | 281 | | 54,478 |
| Tapestry, Inc. | 978 | | 45,946 |
| | | | 1,175,526 |
| Consumer Services — 4.0% |
| Booking Holdings, Inc. | 103 | | 433,848 |
| Caesars Entertainment, Inc.* | 474 | | 19,785 |
| Darden Restaurants, Inc. | 245 | | 40,212 |
| Expedia Group, Inc.* | 12 | | 1,776 |
| Hilton Worldwide Holdings, Inc. | 341 | | 78,600 |
| Las Vegas Sands Corp. | 2,476 | | 124,642 |
| Marriott International, Inc., Class A | 940 | | 233,684 |
The accompanying notes are an integral part of the financial statements.
GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| McDonald's Corp. | 670 | | $ 204,022 |
| MGM Resorts International* | 1,046 | | 40,888 |
| Wynn Resorts Ltd. | 375 | | 35,955 |
| Yum! Brands, Inc. | 928 | | 129,651 |
| | | | 1,343,063 |
| Consumer Staples Distribution & Retail — 2.0% |
| Dollar General Corp. | 727 | | 61,483 |
| Kroger Co. (The) | 3,074 | | 176,140 |
| Sysco Corp. | 1,635 | | 127,628 |
| Target Corp. | 1,972 | | 307,356 |
| | | | 672,607 |
| Energy — 7.7% |
| Baker Hughes Co. | 3,731 | | 134,876 |
| Chevron Corp. | 3,274 | | 482,162 |
| ConocoPhillips | 2,372 | | 249,724 |
| Coterra Energy, Inc. | 2,484 | | 59,492 |
| Devon Energy Corp. | 2,306 | | 90,211 |
| Diamondback Energy, Inc. | 590 | | 101,716 |
| EOG Resources, Inc. | 1,962 | | 241,189 |
| Exxon Mobil Corp. | 1,869 | | 219,084 |
| Halliburton Co. | 2,239 | | 65,043 |
| Kinder Morgan, Inc. | 7,224 | | 159,578 |
| Marathon Oil Corp. | 1,901 | | 50,624 |
| Marathon Petroleum Corp. | 1,108 | | 180,504 |
| Occidental Petroleum Corp. | 2,758 | | 142,147 |
| Phillips 66 | 1,720 | | 226,094 |
| Schlumberger NV (Curacao) | 631 | | 26,470 |
| Valero Energy Corp. | 1,394 | | 188,232 |
| | | | 2,617,146 |
| Equity Real Estate Investment Trusts (REITs) — 2.9% |
| Alexandria Real Estate Equities, Inc. | 694 | | 82,412 |
| AvalonBay Communities, Inc. | 134 | | 30,184 |
| BXP, Inc. | 525 | | 42,241 |
| Camden Property Trust | 315 | | 38,912 |
| Essex Property Trust, Inc. | 209 | | 61,743 |
| Extra Space Storage, Inc. | 599 | | 107,934 |
| Federal Realty Investment Trust | 277 | | 31,847 |
| Kimco Realty Corp. | 2,194 | | 50,945 |
| Prologis, Inc. | 16 | | 2,020 |
| Public Storage | 116 | | 42,209 |
| Realty Income Corp. | 1,848 | | 117,200 |
| Regency Centers Corp. | 590 | | 42,616 |
| Simon Property Group, Inc. | 1,390 | | 234,938 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Equity Real Estate Investment Trusts (REITs) — (Continued) |
| UDR, Inc. | 1,072 | | $ 48,604 |
| Ventas, Inc. | 903 | | 57,909 |
| | | | 991,714 |
| Financial Services — 4.5% |
| Cboe Global Markets, Inc. | 8 | | 1,639 |
| Corpay, Inc.* | 305 | | 95,392 |
| Fiserv, Inc.* | 2,498 | | 448,766 |
| Franklin Resources, Inc. | 2,243 | | 45,197 |
| Global Payments, Inc. | 827 | | 84,701 |
| Intercontinental Exchange, Inc. | 700 | | 112,448 |
| Mastercard, Inc., Class A | 24 | | 11,851 |
| Nasdaq, Inc. | 1,009 | | 73,667 |
| PayPal Holdings, Inc.* | 4,490 | | 350,355 |
| S&P Global, Inc. | 27 | | 13,949 |
| T Rowe Price Group, Inc. | 953 | | 103,810 |
| Visa, Inc., Class A | 713 | | 196,039 |
| | | | 1,537,814 |
| Food, Beverage & Tobacco — 8.7% |
| Altria Group, Inc. | 6,951 | | 354,779 |
| Archer-Daniels-Midland Co. | 663 | | 39,608 |
| Bunge Global SA (Switzerland) | 542 | | 52,379 |
| Coca-Cola Co. (The) | 7,110 | | 510,925 |
| Conagra Brands, Inc. | 2,038 | | 66,276 |
| General Mills, Inc. | 868 | | 64,102 |
| Kellanova | 1,453 | | 117,272 |
| Keurig Dr Pepper, Inc. | 4,478 | | 167,835 |
| Kraft Heinz Co. (The) | 5,175 | | 181,694 |
| McCormick & Co., Inc., non-voting shares | 1,114 | | 91,682 |
| Molson Coors Beverage Co., Class B | 904 | | 51,998 |
| Mondelez International, Inc., Class A | 3,920 | | 288,786 |
| PepsiCo, Inc. | 995 | | 169,200 |
| Philip Morris International, Inc. | 6,171 | | 749,159 |
| Tyson Foods, Inc., Class A | 890 | | 53,008 |
| | | | 2,958,703 |
| Health Care Equipment & Services — 7.5% |
| Baxter International, Inc. | 855 | | 32,464 |
| Cencora, Inc. | 641 | | 144,276 |
| Centene Corp.* | 1,748 | | 131,589 |
| Cigna Group (The) | 918 | | 318,032 |
| CVS Health Corp. | 4,190 | | 263,467 |
| DaVita, Inc.* | 281 | | 46,064 |
| Elevance Health, Inc. | 542 | | 281,840 |
| GE HealthCare Technologies, Inc. | 1,517 | | 142,371 |
The accompanying notes are an integral part of the financial statements.
GOTHAM LARGE VALUE FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| HCA Healthcare, Inc. | 819 | | $ 332,866 |
| Henry Schein, Inc.* | 55 | | 4,010 |
| Hologic, Inc.* | 781 | | 63,620 |
| Humana, Inc. | 398 | | 126,063 |
| McKesson Corp. | 47 | | 23,238 |
| Medtronic PLC (Ireland) | 2,148 | | 193,384 |
| Molina Healthcare, Inc.* | 199 | | 68,567 |
| Quest Diagnostics, Inc. | 346 | | 53,717 |
| ResMed, Inc. | 570 | | 139,148 |
| Solventum Corp.* | 426 | | 29,701 |
| UnitedHealth Group, Inc. | 167 | | 97,642 |
| Universal Health Services, Inc., Class B | 224 | | 51,298 |
| | | | 2,543,357 |
| Household & Personal Products — 1.9% |
| Colgate-Palmolive Co. | 2,229 | | 231,392 |
| Estee Lauder Cos., Inc. (The), Class A | 104 | | 10,368 |
| Kimberly-Clark Corp. | 1,374 | | 195,493 |
| Procter & Gamble Co. (The) | 1,137 | | 196,928 |
| | | | 634,181 |
| Insurance — 4.4% |
| Aflac, Inc. | 1,183 | | 132,259 |
| American International Group, Inc. | 2,115 | | 154,881 |
| Aon PLC, Class A (Ireland) | 429 | | 148,430 |
| Arthur J Gallagher & Co. | 157 | | 44,175 |
| Brown & Brown, Inc. | 1,212 | | 125,563 |
| Chubb Ltd. (Switzerland) | 182 | | 52,487 |
| Cincinnati Financial Corp. | 338 | | 46,009 |
| Hartford Financial Services Group, Inc. (The) | 973 | | 114,434 |
| Loews Corp. | 944 | | 74,623 |
| MetLife, Inc. | 1,970 | | 162,486 |
| Principal Financial Group, Inc. | 52 | | 4,467 |
| Prudential Financial, Inc. | 1,531 | | 185,404 |
| Travelers Cos., Inc. (The) | 490 | | 114,719 |
| W R Berkley Corp. | 87 | | 4,935 |
| Willis Towers Watson PLC (Ireland) | 435 | | 128,121 |
| | | | 1,492,993 |
| Materials — 2.7% |
| Albemarle Corp. | 288 | | 27,277 |
| Amcor PLC (Jersey) | 4,769 | | 54,033 |
| Avery Dennison Corp. | 344 | | 75,941 |
| Ball Corp. | 1,334 | | 90,592 |
| Celanese Corp. | 466 | | 63,357 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| DuPont de Nemours, Inc. | 1,783 | | $ 158,883 |
| Eastman Chemical Co. | 492 | | 55,079 |
| FMC Corp. | 533 | | 35,146 |
| International Paper Co. | 1,480 | | 72,298 |
| LyondellBasell Industries NV, Class A (Netherlands) | 1,083 | | 103,860 |
| Mosaic Co. (The) | 1,059 | | 28,360 |
| Packaging Corp. of America | 166 | | 35,756 |
| PPG Industries, Inc. | 573 | | 75,900 |
| Sherwin-Williams Co. (The) | 100 | | 38,167 |
| | | | 914,649 |
| Media & Entertainment — 3.5% |
| Charter Communications, Inc., Class A* | 617 | | 199,957 |
| Comcast Corp., Class A | 7,373 | | 307,970 |
| Fox Corp., Class A | 1,768 | | 74,840 |
| Interpublic Group of Cos., Inc. (The) | 1,613 | | 51,019 |
| Match Group, Inc.* | 888 | | 33,602 |
| News Corp., Class A | 2,415 | | 64,312 |
| Omnicom Group, Inc. | 834 | | 86,227 |
| Walt Disney Co. (The) | 3,946 | | 379,566 |
| | | | 1,197,493 |
| Pharmaceuticals, Biotechnology & Life Sciences — 4.1% |
| AbbVie, Inc. | 228 | | 45,025 |
| Biogen, Inc.* | 483 | | 93,625 |
| Bristol-Myers Squibb Co. | 3,523 | | 182,280 |
| Charles River Laboratories International, Inc.* | 133 | | 26,197 |
| Gilead Sciences, Inc. | 4,430 | | 371,411 |
| Incyte Corp.* | 256 | | 16,921 |
| Johnson & Johnson | 2,382 | | 386,027 |
| Merck & Co., Inc. | 1,928 | | 218,944 |
| Viatris, Inc. | 3,944 | | 45,790 |
| | | | 1,386,220 |
| Semiconductors & Semiconductor Equipment — 2.1% |
| Enphase Energy, Inc.* | 253 | | 28,594 |
| NXP Semiconductors NV (Netherlands) | 135 | | 32,401 |
| ON Semiconductor Corp.* | 31 | | 2,251 |
| Qorvo, Inc.* | 320 | | 33,056 |
| QUALCOMM, Inc. | 3,709 | | 630,716 |
| | | | 727,018 |
| Software & Services — 0.7% |
| Accenture PLC, Class A (Ireland) | 195 | | 68,929 |
The accompanying notes are an integral part of the financial statements.
GOTHAM LARGE VALUE FUND
Portfolio of Investments (Concluded)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software & Services — (Continued) |
| Gen Digital, Inc. | 2,715 | | $ 74,472 |
| GoDaddy, Inc., Class A* | 75 | | 11,759 |
| VeriSign, Inc.* | 426 | | 80,923 |
| | | | 236,083 |
| Technology Hardware & Equipment — 4.5% |
| Amphenol Corp., Class A | 1,748 | | 113,900 |
| CDW Corp. | 8 | | 1,810 |
| Cisco Systems, Inc. | 7,597 | | 404,312 |
| F5, Inc.* | 249 | | 54,830 |
| Hewlett Packard Enterprise Co. | 4,315 | | 88,285 |
| HP, Inc. | 4,167 | | 149,470 |
| Jabil, Inc. | 512 | | 61,353 |
| Motorola Solutions, Inc. | 588 | | 264,382 |
| NetApp, Inc. | 878 | | 108,442 |
| TE Connectivity PLC (Ireland) | 1,308 | | 197,495 |
| Teledyne Technologies, Inc.* | 156 | | 68,275 |
| | | | 1,512,554 |
| Telecommunication Services — 3.6% |
| AT&T, Inc. | 19,125 | | 420,750 |
| T-Mobile US, Inc. | 1,645 | | 339,462 |
| Verizon Communications, Inc. | 10,261 | | 460,822 |
| | | | 1,221,034 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Transportation — 2.6% |
| CSX Corp. | 7,122 | | $ 245,923 |
| Delta Air Lines, Inc. | 2,159 | | 109,655 |
| FedEx Corp. | 812 | | 222,228 |
| Union Pacific Corp. | 931 | | 229,473 |
| United Parcel Service, Inc., Class B | 417 | | 56,854 |
| | | | 864,133 |
| Utilities — 0.2% |
| NRG Energy, Inc. | 887 | | 80,806 |
TOTAL COMMON STOCKS
(Cost $28,052,193) | | | 33,595,048 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | | | 304,775 |
| NET ASSETS - 100.0% | | | $33,899,823 |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 99.1% |
| Automobiles & Components — 1.2% |
| Aptiv PLC (Jersey)* | 16 | | $ 1,152 |
| BorgWarner, Inc. | 13 | | 472 |
| Ford Motor Co. | 236 | | 2,492 |
| General Motors Co. | 1,745 | | 78,246 |
| Tesla, Inc.* | 648 | | 169,536 |
| | | | 251,898 |
| Banks — 2.9% |
| Bank of America Corp. | 3,122 | | 123,881 |
| Citigroup, Inc. | 763 | | 47,764 |
| Citizens Financial Group, Inc. | 179 | | 7,352 |
| Fifth Third Bancorp | 268 | | 11,481 |
| Huntington Bancshares, Inc. | 69 | | 1,014 |
| JPMorgan Chase & Co. | 1,227 | | 258,725 |
| KeyCorp. | 367 | | 6,147 |
| M&T Bank Corp. | 39 | | 6,947 |
| PNC Financial Services Group, Inc. (The) | 127 | | 23,476 |
| Regions Financial Corp. | 45 | | 1,050 |
| Truist Financial Corp. | 524 | | 22,411 |
| US Bancorp | 611 | | 27,941 |
| Wells Fargo & Co. | 1,363 | | 76,996 |
| | | | 615,185 |
| Capital Goods — 9.9% |
| 3M Co. | 888 | | 121,390 |
| A. O. Smith Corp. | 8 | | 719 |
| Allegion PLC (Ireland) | 5 | | 729 |
| AMETEK, Inc. | 13 | | 2,232 |
| Axon Enterprise, Inc.* | 4 | | 1,598 |
| Boeing Co. (The)* | 37 | | 5,625 |
| Builders FirstSource, Inc.* | 233 | | 45,169 |
| Carrier Global Corp. | 52 | | 4,185 |
| Caterpillar, Inc. | 905 | | 353,964 |
| Cummins, Inc. | 268 | | 86,776 |
| Deere & Co. | 16 | | 6,677 |
| Dover Corp. | 222 | | 42,566 |
| Eaton Corp. PLC (Ireland) | 23 | | 7,623 |
| Emerson Electric Co. | 34 | | 3,719 |
| Fastenal Co. | 28 | | 2,000 |
| Fortive Corp. | 20 | | 1,579 |
| GE Vernova, Inc.* | 333 | | 84,908 |
| Generac Holdings, Inc.* | 3 | | 477 |
| General Dynamics Corp. | 16 | | 4,835 |
| General Electric Co. | 1,753 | | 330,581 |
| Honeywell International, Inc. | 539 | | 111,417 |
| Howmet Aerospace, Inc. | 24 | | 2,406 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Hubbell, Inc. | 3 | | $ 1,285 |
| Huntington Ingalls Industries, Inc. | 2 | | 529 |
| IDEX Corp. | 4 | | 858 |
| Illinois Tool Works, Inc. | 19 | | 4,979 |
| Ingersoll Rand, Inc. | 23 | | 2,258 |
| Johnson Controls International PLC (Ireland) | 956 | | 74,195 |
| L3Harris Technologies, Inc. | 13 | | 3,092 |
| Lockheed Martin Corp. | 376 | | 219,795 |
| Masco Corp. | 415 | | 34,835 |
| Nordson Corp. | 3 | | 788 |
| Northrop Grumman Corp. | 60 | | 31,684 |
| Otis Worldwide Corp. | 639 | | 66,418 |
| PACCAR, Inc. | 30 | | 2,960 |
| Parker-Hannifin Corp. | 190 | | 120,046 |
| Pentair PLC (Ireland) | 9 | | 880 |
| Quanta Services, Inc. | 8 | | 2,385 |
| Rockwell Automation, Inc. | 6 | | 1,611 |
| RTX Corp. | 78 | | 9,451 |
| Snap-on, Inc. | 101 | | 29,261 |
| Stanley Black & Decker, Inc. | 9 | | 991 |
| Textron, Inc. | 347 | | 30,737 |
| Trane Technologies PLC (Ireland) | 137 | | 53,256 |
| TransDigm Group, Inc. | 3 | | 4,281 |
| United Rentals, Inc. | 115 | | 93,119 |
| Westinghouse Air Brake Technologies Corp. | 191 | | 34,718 |
| WW Grainger, Inc. | 24 | | 24,931 |
| Xylem, Inc. | 12 | | 1,620 |
| | | | 2,072,138 |
| Commercial & Professional Services — 1.3% |
| Amentum Holdings, Inc.* | 224 | | 7,224 |
| Automatic Data Processing, Inc. | 433 | | 119,824 |
| Broadridge Financial Solutions, Inc. | 188 | | 40,426 |
| Cintas Corp. | 20 | | 4,117 |
| Copart, Inc.* | 46 | | 2,410 |
| Dayforce, Inc.* | 8 | | 490 |
| Equifax, Inc. | 6 | | 1,763 |
| Jacobs Solutions, Inc. | 231 | | 30,238 |
| Leidos Holdings, Inc. | 254 | | 41,402 |
| Paychex, Inc. | 21 | | 2,818 |
| Paycom Software, Inc. | 3 | | 500 |
| Republic Services, Inc. | 18 | | 3,615 |
| Rollins, Inc. | 24 | | 1,214 |
| Veralto Corp. | 17 | | 1,902 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Commercial & Professional Services — (Continued) |
| Verisk Analytics, Inc. | 8 | | $ 2,144 |
| Waste Management, Inc. | 20 | | 4,152 |
| | | | 264,239 |
| Consumer Discretionary Distribution & Retail — 7.7% |
| Amazon.com, Inc.* | 5,072 | | 945,066 |
| AutoZone, Inc.* | 2 | | 6,300 |
| Bath & Body Works, Inc. | 13 | | 415 |
| Best Buy Co., Inc. | 348 | | 35,948 |
| CarMax, Inc.* | 9 | | 696 |
| eBay, Inc. | 936 | | 60,943 |
| Genuine Parts Co. | 9 | | 1,257 |
| Home Depot, Inc. (The) | 491 | | 198,953 |
| LKQ Corp. | 429 | | 17,126 |
| Lowe's Cos., Inc. | 917 | | 248,369 |
| O'Reilly Automotive, Inc.* | 3 | | 3,455 |
| Pool Corp. | 2 | | 754 |
| Ross Stores, Inc. | 574 | | 86,393 |
| TJX Cos., Inc. (The) | 125 | | 14,692 |
| Tractor Supply Co. | 6 | | 1,746 |
| Ulta Beauty, Inc.* | 2 | | 778 |
| | | | 1,622,891 |
| Consumer Durables & Apparel — 1.9% |
| Deckers Outdoor Corp.* | 7 | | 1,116 |
| DR Horton, Inc. | 19 | | 3,625 |
| Garmin Ltd. (Switzerland) | 366 | | 64,427 |
| Hasbro, Inc. | 259 | | 18,731 |
| Lennar Corp., Class A | 110 | | 20,623 |
| Lululemon Athletica, Inc.* | 8 | | 2,171 |
| Mohawk Industries, Inc.* | 119 | | 19,121 |
| NIKE, Inc., Class B | 2,433 | | 215,077 |
| NVR, Inc.* | 1 | | 9,812 |
| PulteGroup, Inc. | 12 | | 1,722 |
| Ralph Lauren Corp. | 122 | | 23,652 |
| Tapestry, Inc. | 437 | | 20,530 |
| | | | 400,607 |
| Consumer Services — 2.0% |
| Airbnb, Inc., Class A* | 30 | | 3,804 |
| Booking Holdings, Inc. | 49 | | 206,394 |
| Caesars Entertainment, Inc.* | 12 | | 501 |
| Carnival Corp. (Panama)* | 61 | | 1,127 |
| Chipotle Mexican Grill, Inc.* | 56 | | 3,227 |
| Darden Restaurants, Inc. | 7 | | 1,149 |
| Domino's Pizza, Inc. | 2 | | 860 |
| Expedia Group, Inc.* | 7 | | 1,036 |
| Hilton Worldwide Holdings, Inc. | 15 | | 3,458 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| Las Vegas Sands Corp. | 421 | | $ 21,193 |
| Marriott International, Inc., Class A | 457 | | 113,610 |
| McDonald's Corp. | 91 | | 27,710 |
| MGM Resorts International* | 18 | | 704 |
| Norwegian Cruise Line Holdings Ltd. (Bermuda)* | 21 | | 431 |
| Royal Caribbean Cruises Ltd. (Liberia) | 18 | | 3,193 |
| Starbucks Corp. | 66 | | 6,434 |
| Wynn Resorts Ltd. | 180 | | 17,258 |
| Yum! Brands, Inc. | 19 | | 2,655 |
| | | | 414,744 |
| Consumer Staples Distribution & Retail — 1.6% |
| Costco Wholesale Corp. | 21 | | 18,617 |
| Dollar General Corp. | 356 | | 30,107 |
| Dollar Tree, Inc.* | 12 | | 844 |
| Kroger Co. (The) | 1,297 | | 74,318 |
| Sysco Corp. | 795 | | 62,058 |
| Target Corp. | 745 | | 116,116 |
| Walgreens Boots Alliance, Inc. | 53 | | 475 |
| Walmart, Inc. | 482 | | 38,921 |
| | | | 341,456 |
| Energy — 4.4% |
| APA Corp. | 17 | | 416 |
| Baker Hughes Co. | 1,604 | | 57,985 |
| Chevron Corp. | 1,031 | | 151,835 |
| ConocoPhillips | 925 | | 97,384 |
| Coterra Energy, Inc. | 43 | | 1,030 |
| Devon Energy Corp. | 1,014 | | 39,668 |
| Diamondback Energy, Inc. | 288 | | 49,651 |
| EOG Resources, Inc. | 108 | | 13,276 |
| EQT Corp. | 25 | | 916 |
| Exxon Mobil Corp. | 1,383 | | 162,115 |
| Halliburton Co. | 1,336 | | 38,811 |
| Hess Corp. | 18 | | 2,444 |
| Kinder Morgan, Inc. | 130 | | 2,872 |
| Marathon Oil Corp. | 232 | | 6,178 |
| Marathon Petroleum Corp. | 531 | | 86,505 |
| Occidental Petroleum Corp. | 1,463 | | 75,403 |
| ONEOK, Inc. | 27 | | 2,461 |
| Phillips 66 | 676 | | 88,860 |
| Schlumberger NV (Curacao) | 83 | | 3,482 |
| Targa Resources Corp. | 11 | | 1,628 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Energy — (Continued) |
| Valero Energy Corp. | 281 | | $ 37,943 |
| Williams Cos., Inc. (The) | 64 | | 2,922 |
| | | | 923,785 |
| Equity Real Estate Investment Trusts (REITs) — 0.3% |
| Alexandria Real Estate Equities, Inc. | 10 | | 1,188 |
| American Tower Corp. | 28 | | 6,512 |
| AvalonBay Communities, Inc. | 8 | | 1,802 |
| BXP, Inc. | 9 | | 724 |
| Camden Property Trust | 6 | | 741 |
| Crown Castle, Inc. | 25 | | 2,966 |
| Digital Realty Trust, Inc. | 15 | | 2,427 |
| Equinix, Inc. | 4 | | 3,551 |
| Equity Residential | 22 | | 1,638 |
| Essex Property Trust, Inc. | 3 | | 886 |
| Extra Space Storage, Inc. | 11 | | 1,982 |
| Federal Realty Investment Trust | 4 | | 460 |
| Healthpeak Properties, Inc. | 34 | | 778 |
| Host Hotels & Resorts, Inc. | 34 | | 598 |
| Invitation Homes, Inc. | 30 | | 1,058 |
| Iron Mountain, Inc. | 14 | | 1,664 |
| Kimco Realty Corp. | 36 | | 836 |
| Mid-America Apartment Communities, Inc. | 6 | | 953 |
| Prologis, Inc. | 54 | | 6,819 |
| Public Storage | 10 | | 3,639 |
| Realty Income Corp. | 52 | | 3,298 |
| Regency Centers Corp. | 10 | | 722 |
| SBA Communications Corp. | 6 | | 1,444 |
| Simon Property Group, Inc. | 19 | | 3,211 |
| UDR, Inc. | 19 | | 861 |
| Ventas, Inc. | 20 | | 1,283 |
| VICI Properties, Inc. | 49 | | 1,632 |
| Welltower, Inc. | 36 | | 4,609 |
| Weyerhaeuser Co. | 42 | | 1,422 |
| | | | 59,704 |
| Financial Services — 8.9% |
| American Express Co. | 292 | | 79,190 |
| Ameriprise Financial, Inc. | 39 | | 18,323 |
| Bank of New York Mellon Corp. (The) | 298 | | 21,414 |
| Berkshire Hathaway, Inc., Class B* | 845 | | 388,920 |
| BlackRock, Inc. | 60 | | 56,971 |
| Blackstone, Inc. | 34 | | 5,206 |
| Capital One Financial Corp. | 23 | | 3,444 |
| Cboe Global Markets, Inc. | 6 | | 1,229 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Financial Services — (Continued) |
| Charles Schwab Corp. (The) | 87 | | $ 5,638 |
| CME Group, Inc. | 21 | | 4,634 |
| Corpay, Inc.* | 122 | | 38,157 |
| Discover Financial Services | 17 | | 2,385 |
| FactSet Research Systems, Inc. | 2 | | 920 |
| Fidelity National Information Services, Inc. | 32 | | 2,680 |
| Fiserv, Inc.* | 1,146 | | 205,879 |
| Franklin Resources, Inc. | 210 | | 4,231 |
| Global Payments, Inc. | 13 | | 1,331 |
| Goldman Sachs Group, Inc. (The) | 135 | | 66,840 |
| Intercontinental Exchange, Inc. | 711 | | 114,215 |
| Invesco Ltd. (Bermuda) | 29 | | 509 |
| Jack Henry & Associates, Inc. | 4 | | 706 |
| KKR & Co., Inc. | 358 | | 46,748 |
| MarketAxess Holdings, Inc. | 2 | | 512 |
| Mastercard, Inc., Class A | 376 | | 185,669 |
| Moody's Corp. | 10 | | 4,746 |
| Morgan Stanley | 648 | | 67,548 |
| MSCI, Inc. | 4 | | 2,332 |
| Nasdaq, Inc. | 72 | | 5,257 |
| Northern Trust Corp. | 14 | | 1,260 |
| PayPal Holdings, Inc.* | 1,712 | | 133,587 |
| Raymond James Financial, Inc. | 12 | | 1,470 |
| S&P Global, Inc. | 15 | | 7,749 |
| State Street Corp. | 16 | | 1,416 |
| Synchrony Financial | 158 | | 7,881 |
| T Rowe Price Group, Inc. | 107 | | 11,655 |
| Visa, Inc., Class A | 1,354 | | 372,282 |
| | | | 1,872,934 |
| Food, Beverage & Tobacco — 3.7% |
| Altria Group, Inc. | 2,203 | | 112,441 |
| Archer-Daniels-Midland Co. | 518 | | 30,945 |
| Brown-Forman Corp., Class B | 23 | | 1,132 |
| Bunge Global SA (Switzerland) | 8 | | 773 |
| Campbell Soup Co. | 17 | | 832 |
| Coca-Cola Co. (The) | 3,723 | | 267,535 |
| Conagra Brands, Inc. | 591 | | 19,219 |
| Constellation Brands, Inc., Class A | 10 | | 2,577 |
| General Mills, Inc. | 32 | | 2,363 |
| Hershey Co. (The) | 11 | | 2,110 |
| Hormel Foods Corp. | 32 | | 1,014 |
| J M Smucker Co. (The) | 6 | | 727 |
| Kellanova | 107 | | 8,636 |
| Keurig Dr Pepper, Inc. | 404 | | 15,142 |
| Kraft Heinz Co. (The) | 72 | | 2,528 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Food, Beverage & Tobacco — (Continued) |
| Lamb Weston Holdings, Inc. | 7 | | $ 453 |
| McCormick & Co., Inc., non-voting shares | 18 | | 1,481 |
| Molson Coors Beverage Co., Class B | 342 | | 19,672 |
| Mondelez International, Inc., Class A | 80 | | 5,894 |
| Monster Beverage Corp.* | 50 | | 2,608 |
| PepsiCo, Inc. | 80 | | 13,604 |
| Philip Morris International, Inc. | 2,223 | | 269,872 |
| Tyson Foods, Inc., Class A | 21 | | 1,251 |
| | | | 782,809 |
| Health Care Equipment & Services — 4.0% |
| Abbott Laboratories | 707 | | 80,605 |
| Align Technology, Inc.* | 4 | | 1,017 |
| Baxter International, Inc. | 29 | | 1,101 |
| Becton Dickinson & Co. | 13 | | 3,134 |
| Boston Scientific Corp.* | 70 | | 5,866 |
| Cardinal Health, Inc. | 14 | | 1,547 |
| Cencora, Inc. | 324 | | 72,926 |
| Centene Corp.* | 31 | | 2,334 |
| Cigna Group (The) | 530 | | 183,613 |
| Cooper Cos., Inc. (The)* | 12 | | 1,324 |
| CVS Health Corp. | 743 | | 46,720 |
| DaVita, Inc.* | 137 | | 22,458 |
| Dexcom, Inc.* | 18 | | 1,207 |
| Edwards Lifesciences Corp.* | 29 | | 1,914 |
| Elevance Health, Inc. | 13 | | 6,760 |
| GE HealthCare Technologies, Inc. | 26 | | 2,440 |
| HCA Healthcare, Inc. | 425 | | 172,733 |
| Henry Schein, Inc.* | 7 | | 510 |
| Hologic, Inc.* | 180 | | 14,663 |
| Humana, Inc. | 174 | | 55,113 |
| IDEXX Laboratories, Inc.* | 4 | | 2,021 |
| Insulet Corp.* | 4 | | 931 |
| Intuitive Surgical, Inc.* | 16 | | 7,860 |
| Labcorp Holdings, Inc. | 4 | | 894 |
| McKesson Corp. | 7 | | 3,461 |
| Medtronic PLC (Ireland) | 77 | | 6,932 |
| Molina Healthcare, Inc.* | 95 | | 32,733 |
| Quest Diagnostics, Inc. | 6 | | 932 |
| ResMed, Inc. | 120 | | 29,294 |
| Solventum Corp.* | 278 | | 19,382 |
| STERIS PLC (Ireland) | 4 | | 970 |
| Stryker Corp. | 18 | | 6,503 |
| Teleflex, Inc. | 2 | | 495 |
| UnitedHealth Group, Inc. | 56 | | 32,742 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| Universal Health Services, Inc., Class B | 108 | | $ 24,733 |
| Zimmer Biomet Holdings, Inc. | 10 | | 1,080 |
| | | | 848,948 |
| Household & Personal Products — 1.5% |
| Church & Dwight Co., Inc. | 12 | | 1,257 |
| Clorox Co. (The) | 8 | | 1,303 |
| Colgate-Palmolive Co. | 944 | | 97,997 |
| Estee Lauder Cos., Inc. (The), Class A | 17 | | 1,695 |
| Kenvue, Inc. | 112 | | 2,590 |
| Kimberly-Clark Corp. | 157 | | 22,338 |
| Procter & Gamble Co. (The) | 1,115 | | 193,118 |
| | | | 320,298 |
| Insurance — 1.6% |
| Aflac, Inc. | 29 | | 3,242 |
| Allstate Corp. (The) | 13 | | 2,466 |
| American International Group, Inc. | 39 | | 2,856 |
| Aon PLC, Class A (Ireland) | 268 | | 92,725 |
| Arch Capital Group Ltd. (Bermuda)* | 22 | | 2,461 |
| Arthur J Gallagher & Co. | 82 | | 23,072 |
| Assurant, Inc. | 3 | | 597 |
| Brown & Brown, Inc. | 520 | | 53,872 |
| Chubb Ltd. (Switzerland) | 24 | | 6,921 |
| Cincinnati Financial Corp. | 9 | | 1,225 |
| Erie Indemnity Co., Class A | 3 | | 1,620 |
| Everest Group Ltd. (Bermuda) | 2 | | 784 |
| Globe Life, Inc. | 5 | | 530 |
| Hartford Financial Services Group, Inc. (The) | 15 | | 1,764 |
| Loews Corp. | 319 | | 25,217 |
| Marsh & McLennan Cos., Inc. | 29 | | 6,470 |
| MetLife, Inc. | 42 | | 3,464 |
| Principal Financial Group, Inc. | 12 | | 1,031 |
| Progressive Corp. (The) | 28 | | 7,105 |
| Prudential Financial, Inc. | 253 | | 30,638 |
| Travelers Cos., Inc. (The) | 13 | | 3,044 |
| W R Berkley Corp. | 22 | | 1,248 |
| Willis Towers Watson PLC (Ireland) | 195 | | 57,433 |
| | | | 329,785 |
| Materials — 1.4% |
| Air Products and Chemicals, Inc. | 10 | | 2,977 |
| Albemarle Corp. | 6 | | 568 |
| Amcor PLC (Jersey) | 2,334 | | 26,444 |
| Avery Dennison Corp. | 130 | | 28,699 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| Ball Corp. | 512 | | $ 34,770 |
| Celanese Corp. | 6 | | 816 |
| CF Industries Holdings, Inc. | 11 | | 944 |
| Corteva, Inc. | 41 | | 2,410 |
| Dow, Inc. | 41 | | 2,240 |
| DuPont de Nemours, Inc. | 602 | | 53,644 |
| Eastman Chemical Co. | 7 | | 784 |
| Ecolab, Inc. | 15 | | 3,830 |
| FMC Corp. | 7 | | 462 |
| Freeport-McMoRan, Inc. | 84 | | 4,193 |
| International Flavors & Fragrances, Inc. | 15 | | 1,574 |
| International Paper Co. | 555 | | 27,112 |
| Linde PLC (Ireland) | 28 | | 13,352 |
| LyondellBasell Industries NV, Class A (Netherlands) | 525 | | 50,347 |
| Martin Marietta Materials, Inc. | 3 | | 1,615 |
| Mosaic Co. (The) | 19 | | 509 |
| Newmont Corp. | 53 | | 2,833 |
| Nucor Corp. | 14 | | 2,105 |
| Packaging Corp. of America | 47 | | 10,124 |
| PPG Industries, Inc. | 13 | | 1,722 |
| Sherwin-Williams Co. (The) | 14 | | 5,343 |
| Smurfit WestRock PLC (Ireland) | 208 | | 10,279 |
| Steel Dynamics, Inc. | 9 | | 1,135 |
| Vulcan Materials Co. | 7 | | 1,753 |
| | | | 292,584 |
| Media & Entertainment — 9.8% |
| Alphabet, Inc., Class A | 5,503 | | 912,673 |
| Charter Communications, Inc., Class A* | 71 | | 23,010 |
| Comcast Corp., Class A | 231 | | 9,649 |
| Electronic Arts, Inc. | 108 | | 15,491 |
| Fox Corp., Class A | 752 | | 31,832 |
| Interpublic Group of Cos., Inc. (The) | 22 | | 696 |
| Live Nation Entertainment, Inc.* | 11 | | 1,204 |
| Match Group, Inc.* | 189 | | 7,152 |
| Meta Platforms, Inc., Class A | 1,235 | | 706,963 |
| Netflix, Inc.* | 173 | | 122,704 |
| News Corp., Class A | 34 | | 905 |
| Omnicom Group, Inc. | 379 | | 39,185 |
| Paramount Global, Class B | 40 | | 425 |
| Take-Two Interactive Software, Inc.* | 72 | | 11,067 |
| Walt Disney Co. (The) | 1,895 | | 182,280 |
| Warner Bros Discovery, Inc.* | 144 | | 1,188 |
| | | | 2,066,424 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Pharmaceuticals, Biotechnology & Life Sciences — 4.2% |
| AbbVie, Inc. | 107 | | $ 21,130 |
| Agilent Technologies, Inc. | 14 | | 2,079 |
| Amgen, Inc. | 32 | | 10,311 |
| Biogen, Inc.* | 8 | | 1,551 |
| Bio-Techne Corp. | 8 | | 639 |
| Bristol-Myers Squibb Co. | 121 | | 6,260 |
| Catalent, Inc.* | 9 | | 545 |
| Charles River Laboratories International, Inc.* | 3 | | 591 |
| Danaher Corp. | 294 | | 81,738 |
| Eli Lilly & Co. | 45 | | 39,867 |
| Gilead Sciences, Inc. | 2,026 | | 169,860 |
| Incyte Corp.* | 77 | | 5,090 |
| IQVIA Holdings, Inc.* | 8 | | 1,896 |
| Johnson & Johnson | 1,526 | | 247,303 |
| Merck & Co., Inc. | 2,148 | | 243,927 |
| Mettler-Toledo International, Inc.* | 1 | | 1,500 |
| Moderna, Inc.* | 23 | | 1,537 |
| Pfizer, Inc. | 333 | | 9,637 |
| Regeneron Pharmaceuticals, Inc.* | 7 | | 7,359 |
| Revvity, Inc. | 7 | | 894 |
| Thermo Fisher Scientific, Inc. | 18 | | 11,134 |
| Vertex Pharmaceuticals, Inc.* | 15 | | 6,976 |
| Viatris, Inc. | 69 | | 801 |
| Waters Corp.* | 3 | | 1,080 |
| West Pharmaceutical Services, Inc. | 4 | | 1,201 |
| Zoetis, Inc. | 21 | | 4,103 |
| | | | 879,009 |
| Real Estate Management & Development — 0.0% |
| CBRE Group, Inc., Class A* | 18 | | 2,241 |
| CoStar Group, Inc.* | 19 | | 1,433 |
| | | | 3,674 |
| Semiconductors & Semiconductor Equipment — 7.3% |
| Advanced Micro Devices, Inc.* | 77 | | 12,634 |
| Analog Devices, Inc. | 23 | | 5,294 |
| Applied Materials, Inc. | 82 | | 16,568 |
| Broadcom, Inc. | 327 | | 56,408 |
| Enphase Energy, Inc.* | 6 | | 678 |
| First Solar, Inc.* | 5 | | 1,247 |
| Intel Corp. | 245 | | 5,748 |
| KLA Corp. | 8 | | 6,195 |
| Lam Research Corp. | 153 | | 124,860 |
| Microchip Technology, Inc. | 31 | | 2,489 |
| Micron Technology, Inc. | 446 | | 46,255 |
| Monolithic Power Systems, Inc. | 2 | | 1,849 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Semiconductors & Semiconductor Equipment — (Continued) |
| NVIDIA Corp. | 7,373 | | $ 895,377 |
| NXP Semiconductors NV (Netherlands) | 15 | | 3,600 |
| ON Semiconductor Corp.* | 25 | | 1,815 |
| Qorvo, Inc.* | 158 | | 16,322 |
| QUALCOMM, Inc. | 1,913 | | 325,306 |
| Skyworks Solutions, Inc. | 13 | | 1,284 |
| Teradyne, Inc. | 9 | | 1,205 |
| Texas Instruments, Inc. | 44 | | 9,089 |
| | | | 1,534,223 |
| Software & Services — 9.1% |
| Accenture PLC, Class A (Ireland) | 37 | | 13,079 |
| Adobe, Inc.* | 27 | | 13,980 |
| Akamai Technologies, Inc.* | 8 | | 808 |
| ANSYS, Inc.* | 36 | | 11,471 |
| Autodesk, Inc.* | 13 | | 3,581 |
| Cadence Design Systems, Inc.* | 16 | | 4,336 |
| Cognizant Technology Solutions Corp., Class A | 200 | | 15,436 |
| Crowdstrike Holdings, Inc., Class A* | 10 | | 2,805 |
| EPAM Systems, Inc.* | 22 | | 4,379 |
| Fair Isaac Corp.* | 1 | | 1,944 |
| Fortinet, Inc.* | 37 | | 2,869 |
| Gartner, Inc.* | 4 | | 2,027 |
| Gen Digital, Inc. | 1,082 | | 29,679 |
| GoDaddy, Inc., Class A* | 6 | | 941 |
| International Business Machines Corp. | 54 | | 11,938 |
| Intuit, Inc. | 13 | | 8,073 |
| Microsoft Corp. | 3,622 | | 1,558,547 |
| Oracle Corp. | 163 | | 27,775 |
| Palantir Technologies, Inc., Class A* | 134 | | 4,985 |
| Palo Alto Networks, Inc.* | 16 | | 5,469 |
| PTC, Inc.* | 6 | | 1,084 |
| Roper Technologies, Inc. | 44 | | 24,483 |
| Salesforce, Inc. | 390 | | 106,747 |
| ServiceNow, Inc.* | 13 | | 11,627 |
| Synopsys, Inc.* | 10 | | 5,064 |
| Tyler Technologies, Inc.* | 2 | | 1,167 |
| VeriSign, Inc.* | 162 | | 30,773 |
| | | | 1,905,067 |
| Technology Hardware & Equipment — 9.5% |
| Amphenol Corp., Class A | 74 | | 4,822 |
| Apple, Inc. | 6,181 | | 1,440,173 |
| Arista Networks, Inc.* | 16 | | 6,141 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — (Continued) |
| CDW Corp. | 8 | | $ 1,810 |
| Cisco Systems, Inc. | 1,461 | | 77,755 |
| Corning, Inc. | 49 | | 2,212 |
| Dell Technologies, Inc., Class C | 1,139 | | 135,017 |
| F5, Inc.* | 112 | | 24,662 |
| Hewlett Packard Enterprise Co. | 2,097 | | 42,905 |
| HP, Inc. | 1,594 | | 57,177 |
| Jabil, Inc. | 232 | | 27,801 |
| Juniper Networks, Inc. | 19 | | 741 |
| Keysight Technologies, Inc.* | 11 | | 1,748 |
| Motorola Solutions, Inc. | 11 | | 4,946 |
| NetApp, Inc. | 381 | | 47,057 |
| Seagate Technology Holdings PLC (Ireland) | 12 | | 1,314 |
| Super Micro Computer, Inc.* | 97 | | 40,391 |
| TE Connectivity PLC (Ireland) | 499 | | 75,344 |
| Teledyne Technologies, Inc.* | 2 | | 875 |
| Trimble, Inc.* | 12 | | 745 |
| Western Digital Corp.* | 19 | | 1,298 |
| Zebra Technologies Corp., Class A* | 3 | | 1,111 |
| | | | 1,996,045 |
| Telecommunication Services — 3.0% |
| AT&T, Inc. | 5,714 | | 125,708 |
| T-Mobile US, Inc. | 1,576 | | 325,223 |
| Verizon Communications, Inc. | 4,035 | | 181,212 |
| | | | 632,143 |
| Transportation — 1.4% |
| CH Robinson Worldwide, Inc. | 6 | | 662 |
| CSX Corp. | 3,027 | | 104,522 |
| Delta Air Lines, Inc. | 1,042 | | 52,923 |
| Expeditors International of Washington, Inc. | 8 | | 1,051 |
| FedEx Corp. | 391 | | 107,009 |
| JB Hunt Transport Services, Inc. | 5 | | 862 |
| Norfolk Southern Corp. | 13 | | 3,231 |
| Old Dominion Freight Line, Inc. | 10 | | 1,986 |
| Southwest Airlines Co. | 29 | | 859 |
| Uber Technologies, Inc.* | 98 | | 7,366 |
| Union Pacific Corp. | 35 | | 8,627 |
| United Airlines Holdings, Inc.* | 16 | | 913 |
| United Parcel Service, Inc., Class B | 51 | | 6,953 |
| | | | 296,964 |
| Utilities — 0.5% |
| AES Corp. (The) | 40 | | 802 |
| Alliant Energy Corp. | 13 | | 789 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED S&P 500 INDEX FUND
Portfolio of Investments (Concluded)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Utilities — (Continued) |
| Ameren Corp. | 13 | | $ 1,137 |
| American Electric Power Co., Inc. | 25 | | 2,565 |
| American Water Works Co., Inc. | 9 | | 1,316 |
| Atmos Energy Corp. | 7 | | 971 |
| CenterPoint Energy, Inc. | 30 | | 883 |
| CMS Energy Corp. | 14 | | 989 |
| Consolidated Edison, Inc. | 20 | | 2,083 |
| Constellation Energy Corp. | 19 | | 4,940 |
| Dominion Energy, Inc. | 48 | | 2,774 |
| DTE Energy Co. | 12 | | 1,541 |
| Duke Energy Corp. | 45 | | 5,188 |
| Edison International | 18 | | 1,568 |
| Entergy Corp. | 10 | | 1,316 |
| Evergy, Inc. | 11 | | 682 |
| Eversource Energy | 17 | | 1,157 |
| Exelon Corp. | 59 | | 2,392 |
| FirstEnergy Corp. | 28 | | 1,242 |
| NextEra Energy, Inc. | 97 | | 8,199 |
| NiSource, Inc. | 21 | | 728 |
| NRG Energy, Inc. | 377 | | 34,345 |
| PG&E Corp. | 863 | | 17,061 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Utilities — (Continued) |
| Pinnacle West Capital Corp. | 6 | | $ 532 |
| PPL Corp. | 43 | | 1,422 |
| Public Service Enterprise Group, Inc. | 29 | | 2,587 |
| Sempra | 30 | | 2,509 |
| Southern Co. (The) | 52 | | 4,689 |
| Vistra Corp. | 20 | | 2,371 |
| WEC Energy Group, Inc. | 15 | | 1,443 |
| Xcel Energy, Inc. | 27 | | 1,763 |
| | | | 111,984 |
TOTAL COMMON STOCKS
(Cost $14,901,949) | | | 20,839,538 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% | | | 184,487 |
| NET ASSETS - 100.0% | | | $21,024,025 |
| PLC | Public Limited Company |
The accompanying notes are an integral part of the financial statements.
GOTHAM HEDGED CORE FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| LONG POSITIONS — 137.7% |
| COMMON STOCKS — 137.7% |
| Capital Goods — 9.4% |
| 3M Co. | 99 | | $ 13,533 |
| Caterpillar, Inc. | 71 | | 27,770 |
| GE Vernova, Inc.†* | 29 | | 7,394 |
| General Dynamics Corp. | 1 | | 302 |
| General Electric Co.† | 1,124 | | 211,964 |
| Honeywell International, Inc. | 157 | | 32,454 |
| Lockheed Martin Corp.† | 170 | | 99,375 |
| Masco Corp. | 134 | | 11,248 |
| Northrop Grumman Corp.† | 14 | | 7,393 |
| Otis Worldwide Corp. | 712 | | 74,005 |
| Snap-on, Inc.† | 156 | | 45,195 |
| Trane Technologies PLC (Ireland) | 19 | | 7,386 |
| WW Grainger, Inc.† | 42 | | 43,630 |
| | | | 581,649 |
| Commercial & Professional Services — 5.0% |
| Amentum Holdings, Inc.* | 194 | | 6,256 |
| Automatic Data Processing, Inc. | 175 | | 48,428 |
| Broadridge Financial Solutions, Inc. | 283 | | 60,853 |
| Jacobs Solutions, Inc. | 224 | | 29,322 |
| Leidos Holdings, Inc. | 889 | | 144,907 |
| Republic Services, Inc. | 112 | | 22,494 |
| | | | 312,260 |
| Consumer Discretionary Distribution & Retail — 5.8% |
| Amazon.com, Inc.†* | 938 | | 174,778 |
| AutoZone, Inc.†* | 5 | | 15,750 |
| Best Buy Co., Inc.† | 23 | | 2,376 |
| eBay, Inc.† | 1,092 | | 71,100 |
| Genuine Parts Co.† | 35 | | 4,889 |
| Home Depot, Inc. (The) | 67 | | 27,148 |
| Lowe's Cos., Inc.† | 143 | | 38,732 |
| Ross Stores, Inc. | 144 | | 21,673 |
| Ulta Beauty, Inc.* | 15 | | 5,837 |
| | | | 362,283 |
| Consumer Durables & Apparel — 3.3% |
| Garmin Ltd. (Switzerland)† | 466 | | 82,030 |
| NIKE, Inc., Class B | 454 | | 40,134 |
| PulteGroup, Inc. | 216 | | 31,002 |
| Tapestry, Inc. | 1,159 | | 54,450 |
| | | | 207,616 |
| Consumer Services — 3.1% |
| Booking Holdings, Inc.† | 15 | | 63,182 |
| Hilton Worldwide Holdings, Inc. | 36 | | 8,298 |
| Marriott International, Inc., Class A | 182 | | 45,245 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| McDonald's Corp.† | 73 | | $ 22,229 |
| Wynn Resorts Ltd. | 85 | | 8,150 |
| Yum! Brands, Inc.† | 335 | | 46,803 |
| | | | 193,907 |
| Consumer Staples Distribution & Retail — 2.6% |
| Dollar General Corp. | 493 | | 41,693 |
| Kroger Co. (The)† | 1,990 | | 114,027 |
| Sysco Corp.† | 59 | | 4,605 |
| | | | 160,325 |
| Energy — 1.7% |
| Baker Hughes Co. | 31 | | 1,121 |
| ConocoPhillips | 199 | | 20,951 |
| Devon Energy Corp. | 73 | | 2,856 |
| Diamondback Energy, Inc. | 205 | | 35,342 |
| EOG Resources, Inc. | 108 | | 13,276 |
| Halliburton Co. | 450 | | ��� 13,072 |
| Marathon Petroleum Corp. | 27 | | 4,399 |
| Occidental Petroleum Corp. | 42 | | 2,165 |
| Phillips 66 | 79 | | 10,384 |
| Valero Energy Corp. | 23 | | 3,106 |
| | | | 106,672 |
| Financial Services — 9.0% |
| Berkshire Hathaway, Inc., Class B†* | 243 | | 111,843 |
| Cboe Global Markets, Inc.† | 376 | | 77,031 |
| CME Group, Inc.† | 320 | | 70,608 |
| Corpay, Inc.* | 19 | | 5,943 |
| Fiserv, Inc.†* | 657 | | 118,030 |
| Intercontinental Exchange, Inc. | 5 | | 803 |
| Mastercard, Inc., Class A† | 83 | | 40,985 |
| PayPal Holdings, Inc.†* | 629 | | 49,081 |
| Visa, Inc., Class A† | 315 | | 86,609 |
| | | | 560,933 |
| Food, Beverage & Tobacco — 9.7% |
| Altria Group, Inc.† | 1,899 | | 96,925 |
| Archer-Daniels-Midland Co. | 511 | | 30,527 |
| Coca-Cola Co. (The)† | 953 | | 68,483 |
| Conagra Brands, Inc.† | 329 | | 10,699 |
| Kellanova† | 657 | | 53,026 |
| Keurig Dr Pepper, Inc.† | 1,711 | | 64,128 |
| Kraft Heinz Co. (The)† | 1,779 | | 62,461 |
| McCormick & Co., Inc., non-voting shares† | 212 | | 17,448 |
| Molson Coors Beverage Co., Class B† | 320 | | 18,406 |
The accompanying notes are an integral part of the financial statements.
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Food, Beverage & Tobacco — (Continued) |
| Mondelez International, Inc., Class A | 906 | | $ 66,745 |
| PepsiCo, Inc. | 291 | | 49,484 |
| Philip Morris International, Inc.† | 524 | | 63,614 |
| | | | 601,946 |
| Health Care Equipment & Services — 13.7% |
| Abbott Laboratories† | 156 | | 17,785 |
| Cardinal Health, Inc.† | 594 | | 65,649 |
| Cencora, Inc.† | 722 | | 162,508 |
| Centene Corp.†* | 156 | | 11,744 |
| Cigna Group (The)† | 131 | | 45,384 |
| DaVita, Inc.†* | 214 | | 35,081 |
| Elevance Health, Inc. | 105 | | 54,600 |
| GE HealthCare Technologies, Inc.† | 36 | | 3,378 |
| Hologic, Inc.* | 488 | | 39,752 |
| Humana, Inc. | 303 | | 95,972 |
| McKesson Corp.† | 359 | | 177,497 |
| Molina Healthcare, Inc.†* | 105 | | 36,179 |
| Solventum Corp.* | 782 | | 54,521 |
| UnitedHealth Group, Inc. | 54 | | 31,573 |
| Universal Health Services, Inc., Class B | 72 | | 16,489 |
| | | | 848,112 |
| Household & Personal Products — 4.6% |
| Church & Dwight Co., Inc.† | 27 | | 2,827 |
| Colgate-Palmolive Co.† | 1,032 | | 107,132 |
| Kimberly-Clark Corp.† | 699 | | 99,454 |
| Procter & Gamble Co. (The)† | 424 | | 73,437 |
| | | | 282,850 |
| Insurance — 5.8% |
| Aon PLC, Class A (Ireland) | 146 | | 50,514 |
| Arch Capital Group Ltd. (Bermuda)* | 12 | | 1,343 |
| Arthur J Gallagher & Co. | 165 | | 46,426 |
| Brown & Brown, Inc.† | 562 | | 58,223 |
| Chubb Ltd. (Switzerland) | 40 | | 11,536 |
| Marsh & McLennan Cos., Inc.† | 95 | | 21,194 |
| Progressive Corp. (The) | 369 | | 93,637 |
| Willis Towers Watson PLC (Ireland)† | 256 | | 75,400 |
| | | | 358,273 |
| Materials — 1.1% |
| Amcor PLC (Jersey) | 325 | | 3,682 |
| Avery Dennison Corp. | 142 | | 31,348 |
| Ball Corp. | 437 | | 29,677 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| LyondellBasell Industries NV, Class A (Netherlands) | 1 | | $ 96 |
| Packaging Corp. of America | 15 | | 3,231 |
| | | | 68,034 |
| Media & Entertainment — 8.4% |
| Alphabet, Inc., Class A† | 1,102 | | 182,767 |
| Charter Communications, Inc., Class A†* | 13 | | 4,213 |
| Electronic Arts, Inc.† | 24 | | 3,442 |
| Fox Corp., Class A | 200 | | 8,466 |
| Interpublic Group of Cos., Inc. (The) | 387 | | 12,241 |
| Meta Platforms, Inc., Class A† | 263 | | 150,552 |
| Netflix, Inc.†* | 127 | | 90,077 |
| Omnicom Group, Inc.† | 353 | | 36,497 |
| Take-Two Interactive Software, Inc.†* | 17 | | 2,613 |
| Walt Disney Co. (The) | 317 | | 30,492 |
| | | | 521,360 |
| Pharmaceuticals, Biotechnology & Life Sciences — 5.5% |
| AbbVie, Inc. | 16 | | 3,160 |
| Biogen, Inc.* | 32 | | 6,203 |
| Danaher Corp.† | 66 | | 18,349 |
| Gilead Sciences, Inc. | 1,321 | | 110,753 |
| Johnson & Johnson† | 379 | | 61,421 |
| Merck & Co., Inc.† | 1,217 | | 138,202 |
| | | | 338,088 |
| Semiconductors & Semiconductor Equipment — 9.7% |
| Applied Materials, Inc.† | 520 | | 105,066 |
| Broadcom, Inc.† | 489 | | 84,352 |
| KLA Corp.† | 20 | | 15,488 |
| Lam Research Corp.† | 78 | | 63,654 |
| Qorvo, Inc.* | 633 | | 65,389 |
| QUALCOMM, Inc. | 1,558 | | 264,938 |
| Skyworks Solutions, Inc. | 23 | | 2,272 |
| | | | 601,159 |
| Software & Services — 8.3% |
| Accenture PLC, Class A (Ireland) | 145 | | 51,255 |
| Gen Digital, Inc. | 134 | | 3,676 |
| GoDaddy, Inc., Class A* | 420 | | 65,848 |
| Microsoft Corp.† | 620 | | 266,786 |
| Roper Technologies, Inc.† | 10 | | 5,564 |
| Salesforce, Inc.† | 161 | | 44,067 |
| VeriSign, Inc.†* | 413 | | 78,453 |
| | | | 515,649 |
The accompanying notes are an integral part of the financial statements.
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — 22.3% |
| Apple, Inc.† | 1,201 | | $ 279,833 |
| Cisco Systems, Inc.† | 1,367 | | 72,752 |
| Dell Technologies, Inc., Class C | 1,668 | | 197,725 |
| F5, Inc.†* | 493 | | 108,559 |
| Hewlett Packard Enterprise Co. | 1,565 | | 32,020 |
| HP, Inc.† | 1,612 | | 57,822 |
| Jabil, Inc.† | 1,022 | | 122,466 |
| Juniper Networks, Inc.† | 2,754 | | 107,351 |
| Motorola Solutions, Inc.† | 168 | | 75,538 |
| NetApp, Inc.† | 1,566 | | 193,417 |
| TE Connectivity PLC (Ireland) | 575 | | 86,819 |
| Western Digital Corp.* | 729 | | 49,783 |
| | | | 1,384,085 |
| Telecommunication Services — 4.4% |
| AT&T, Inc.† | 1,929 | | 42,438 |
| T-Mobile US, Inc.† | 820 | | 169,215 |
| Verizon Communications, Inc.† | 1,422 | | 63,862 |
| | | | 275,515 |
| Transportation — 1.1% |
| CSX Corp. | 610 | | 21,063 |
| Delta Air Lines, Inc.† | 549 | | 27,884 |
| FedEx Corp.† | 80 | | 21,894 |
| | | | 70,841 |
| Utilities — 3.2% |
| NRG Energy, Inc.† | 2,177 | | 198,325 |
TOTAL COMMON STOCKS
(Cost $6,951,129) | | | 8,549,882 |
|
| |
TOTAL LONG POSITIONS - 137.7%
(Cost $6,951,129) | | | 8,549,882 |
| SHORT POSITIONS — (39.6)% |
| COMMON STOCKS — (39.6)% |
| Automobiles & Components — (0.5)% |
| Ford Motor Co. | (1,504) | | (15,882) |
| Tesla, Inc.* | (47) | | (12,297) |
| | | | (28,179) |
| Capital Goods — (2.4)% |
| Axon Enterprise, Inc.* | (49) | | (19,581) |
| Boeing Co. (The)* | (227) | | (34,513) |
| Carrier Global Corp. | (219) | | (17,627) |
| Deere & Co. | (3) | | (1,252) |
| Eaton Corp. PLC (Ireland) | (35) | | (11,601) |
| Hubbell, Inc. | (24) | | (10,280) |
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Huntington Ingalls Industries, Inc. | (38) | | $ (10,047) |
| Ingersoll Rand, Inc. | (14) | | (1,374) |
| Quanta Services, Inc. | (55) | | (16,398) |
| Rockwell Automation, Inc. | (24) | | (6,443) |
| Textron, Inc. | (242) | | (21,436) |
| | | | (150,552) |
| Commercial & Professional Services — (0.3)% |
| Dayforce, Inc.* | (199) | | (12,189) |
| Equifax, Inc. | (29) | | (8,522) |
| | | | (20,711) |
| Consumer Discretionary Distribution & Retail — (0.0)% |
| Pool Corp. | (4) | | (1,507) |
| Consumer Durables & Apparel — (1.1)% |
| Deckers Outdoor Corp.* | (135) | | (21,526) |
| Lululemon Athletica, Inc.* | (90) | | (24,422) |
| Ralph Lauren Corp. | (106) | | (20,550) |
| | | | (66,498) |
| Consumer Services — (1.3)% |
| Airbnb, Inc., Class A* | (150) | | (19,022) |
| Carnival Corp. (Panama)* | (1,068) | | (19,737) |
| Chipotle Mexican Grill, Inc.* | (109) | | (6,281) |
| Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (644) | | (13,208) |
| Royal Caribbean Cruises Ltd. (Liberia) | (76) | | (13,479) |
| Starbucks Corp. | (62) | | (6,044) |
| | | | (77,771) |
| Consumer Staples Distribution & Retail — (0.1)% |
| Costco Wholesale Corp. | (4) | | (3,546) |
| Energy — (1.3)% |
| APA Corp. | (561) | | (13,722) |
| EQT Corp. | (501) | | (18,357) |
| Exxon Mobil Corp. | (218) | | (25,554) |
| Targa Resources Corp. | (40) | | (5,920) |
| Williams Cos., Inc. (The) | (386) | | (17,621) |
| | | | (81,174) |
| Equity Real Estate Investment Trusts (REITs) — (1.0)% |
| American Tower Corp. | (20) | | (4,651) |
| Crown Castle, Inc. | (122) | | (14,473) |
| Equinix, Inc. | (30) | | (26,629) |
| Iron Mountain, Inc. | (32) | | (3,802) |
The accompanying notes are an integral part of the financial statements.
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Equity Real Estate Investment Trusts (REITs) — (Continued) |
| SBA Communications Corp. | (10) | | $ (2,407) |
| Weyerhaeuser Co. | (208) | | (7,043) |
| | | | (59,005) |
| Financial Services — (0.5)% |
| MarketAxess Holdings, Inc. | (38) | | (9,736) |
| MSCI, Inc. | (35) | | (20,402) |
| | | | (30,138) |
| Food, Beverage & Tobacco — (0.3)% |
| Constellation Brands, Inc., Class A | (11) | | (2,834) |
| Lamb Weston Holdings, Inc. | (243) | | (15,732) |
| | | | (18,566) |
| Health Care Equipment & Services — (2.7)% |
| Align Technology, Inc.* | (23) | | (5,849) |
| Boston Scientific Corp.* | (31) | | (2,598) |
| Cooper Cos., Inc. (The)* | (210) | | (23,171) |
| Dexcom, Inc.* | (441) | | (29,565) |
| Edwards Lifesciences Corp.* | (319) | | (21,051) |
| IDEXX Laboratories, Inc.* | (39) | | (19,704) |
| Insulet Corp.* | (126) | | (29,326) |
| Intuitive Surgical, Inc.* | (44) | | (21,616) |
| Stryker Corp. | (47) | | (16,979) |
| Teleflex, Inc. | (3) | | (742) |
| | | | (170,601) |
| Insurance — (0.1)% |
| Everest Group Ltd. (Bermuda) | (17) | | (6,661) |
| Materials — (1.9)% |
| Air Products and Chemicals, Inc. | (86) | | (25,605) |
| Albemarle Corp. | (83) | | (7,861) |
| Corteva, Inc. | (58) | | (3,410) |
| Dow, Inc. | (94) | | (5,135) |
| Freeport-McMoRan, Inc. | (477) | | (23,812) |
| Martin Marietta Materials, Inc. | (55) | | (29,604) |
| Steel Dynamics, Inc. | (17) | | (2,143) |
| Vulcan Materials Co. | (88) | | (22,038) |
| | | | (119,608) |
| Media & Entertainment — (1.2)% |
| Live Nation Entertainment, Inc.* | (300) | | (32,847) |
| Paramount Global, Class B | (1,698) | | (18,033) |
| Warner Bros Discovery, Inc.* | (3,126) | | (25,789) |
| | | | (76,669) |
| Pharmaceuticals, Biotechnology & Life Sciences — (2.4)% |
| Agilent Technologies, Inc. | (15) | | (2,227) |
| Bio-Techne Corp. | (311) | | (24,858) |
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
Pharmaceuticals, Biotechnology & Life Sciences —
(Continued) |
| Eli Lilly & Co. | (39) | | $ (34,552) |
| Moderna, Inc.* | (163) | | (10,893) |
| Pfizer, Inc. | (544) | | (15,744) |
| Revvity, Inc. | (78) | | (9,965) |
| West Pharmaceutical Services, Inc. | (113) | | (33,918) |
| Zoetis, Inc. | (98) | | (19,147) |
| | | | (151,304) |
| Real Estate Management & Development — (0.6)% |
| CBRE Group, Inc., Class A* | (28) | | (3,485) |
| CoStar Group, Inc.* | (408) | | (30,780) |
| | | | (34,265) |
| Semiconductors & Semiconductor Equipment — (4.1)% |
| Advanced Micro Devices, Inc.* | (217) | | (35,605) |
| Analog Devices, Inc. | (95) | | (21,866) |
| Enphase Energy, Inc.* | (96) | | (10,850) |
| First Solar, Inc.* | (103) | | (25,692) |
| Intel Corp. | (1,226) | | (28,762) |
| Microchip Technology, Inc. | (227) | | (18,226) |
| Monolithic Power Systems, Inc. | (30) | | (27,735) |
| NVIDIA Corp. | (330) | | (40,075) |
| ON Semiconductor Corp.* | (59) | | (4,284) |
| Teradyne, Inc. | (166) | | (22,233) |
| Texas Instruments, Inc. | (102) | | (21,070) |
| | | | (256,398) |
| Software & Services — (6.0)% |
| Adobe, Inc.* | (52) | | (26,925) |
| Akamai Technologies, Inc.* | (5) | | (505) |
| Autodesk, Inc.* | (93) | | (25,620) |
| Cadence Design Systems, Inc.* | (129) | | (34,963) |
| Crowdstrike Holdings, Inc., Class A* | (126) | | (35,339) |
| Fair Isaac Corp.* | (8) | | (15,548) |
| Fortinet, Inc.* | (433) | | (33,579) |
| Intuit, Inc. | (30) | | (18,630) |
| Oracle Corp. | (115) | | (19,596) |
| Palantir Technologies, Inc., Class A* | (618) | | (22,990) |
| Palo Alto Networks, Inc.* | (116) | | (39,649) |
| PTC, Inc.* | (93) | | (16,801) |
| ServiceNow, Inc.* | (37) | | (33,092) |
| Synopsys, Inc.* | (71) | | (35,954) |
| Tyler Technologies, Inc.* | (28) | | (16,344) |
| | | | (375,535) |
| Technology Hardware & Equipment — (1.3)% |
| Arista Networks, Inc.* | (58) | | (22,261) |
The accompanying notes are an integral part of the financial statements.
GOTHAM HEDGED CORE FUND
Portfolio of Investments (Concluded)
September 30, 2024
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Technology Hardware & Equipment — (Continued) |
| Keysight Technologies, Inc.* | (102) | | $ (16,211) |
| Seagate Technology Holdings PLC (Ireland) | (206) | | (22,563) |
| Super Micro Computer, Inc.* | (19) | | (7,912) |
| Zebra Technologies Corp., Class A* | (34) | | (12,591) |
| | | | (81,538) |
| Transportation — (1.7)% |
| CH Robinson Worldwide, Inc. | (126) | | (13,907) |
| Norfolk Southern Corp. | (91) | | (22,613) |
| Old Dominion Freight Line, Inc. | (116) | | (23,042) |
| Southwest Airlines Co. | (673) | | (19,941) |
| Uber Technologies, Inc.* | (310) | | (23,300) |
| | | | (102,803) |
| Utilities — (8.8)% |
| AES Corp. (The) | (1,499) | | (30,070) |
| Alliant Energy Corp. | (303) | | (18,389) |
| Ameren Corp. | (372) | | (32,535) |
| American Electric Power Co., Inc. | (142) | | (14,569) |
| American Water Works Co., Inc. | (197) | | (28,809) |
| Atmos Energy Corp. | (97) | | (13,455) |
| CenterPoint Energy, Inc. | (931) | | (27,390) |
| CMS Energy Corp. | (83) | | (5,862) |
| Consolidated Edison, Inc. | (108) | | (11,246) |
| Constellation Energy Corp. | (67) | | (17,421) |
| Dominion Energy, Inc. | (5) | | (289) |
| DTE Energy Co. | (120) | | (15,409) |
| Duke Energy Corp. | (67) | | (7,725) |
| Edison International | (218) | | (18,986) |
| Entergy Corp. | (114) | | (15,004) |
| Evergy, Inc. | (338) | | (20,959) |
| Eversource Energy | (497) | | (33,821) |
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Utilities — (Continued) |
| Exelon Corp. | (736) | | $ (29,845) |
| FirstEnergy Corp. | (238) | | (10,555) |
| NextEra Energy, Inc. | (317) | | (26,796) |
| NiSource, Inc. | (536) | | (18,572) |
| Pinnacle West Capital Corp. | (123) | | (10,897) |
| PPL Corp. | (38) | | (1,257) |
| Public Service Enterprise Group, Inc. | (193) | | (17,218) |
| Sempra | (324) | | (27,096) |
| Southern Co. (The) | (101) | | (9,108) |
| Vistra Corp. | (314) | | (37,222) |
| WEC Energy Group, Inc. | (163) | | (15,677) |
| Xcel Energy, Inc. | (458) | | (29,908) |
| | | | (546,090) |
TOTAL COMMON STOCKS
(Proceeds $2,471,429) | | | (2,459,119) |
|
| |
TOTAL SHORT POSITIONS - (39.6)%
(Proceeds $2,471,429) | | (2,459,119) |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 1.9% | | | 115,833 |
| NET ASSETS - 100.0% | | | $6,206,596 |
| † | 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 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — 95.0% |
| Capital Goods — 8.2% |
| 3M Co. | 447 | | $ 61,105 |
| A. O. Smith Corp. | 98 | | 8,803 |
| AMETEK, Inc. | 12 | | 2,060 |
| Caterpillar, Inc. | 282 | | 110,296 |
| Cummins, Inc. | 54 | | 17,485 |
| Fastenal Co. | 20 | | 1,428 |
| General Dynamics Corp. | 4 | | 1,209 |
| General Electric Co.(a) | 2,310 | | 435,620 |
| Honeywell International, Inc. | 384 | | 79,377 |
| Lockheed Martin Corp.(a) | 327 | | 191,151 |
| Masco Corp. | 1,107 | | 92,921 |
| Northrop Grumman Corp. | 22 | | 11,617 |
| Otis Worldwide Corp. | 1,584 | | 164,641 |
| Pentair PLC (Ireland) | 54 | | 5,281 |
| Snap-on, Inc.(a) | 463 | | 134,136 |
| Trane Technologies PLC (Ireland) | 182 | | 70,749 |
| Westinghouse Air Brake Technologies Corp. | 56 | | 10,179 |
| WW Grainger, Inc.(a) | 102 | | 105,959 |
| | | | 1,504,017 |
| Commercial & Professional Services — 3.5% |
| Amentum Holdings, Inc.* | 503 | | 16,222 |
| Automatic Data Processing, Inc. | 382 | | 105,711 |
| Broadridge Financial Solutions, Inc. | 617 | | 132,673 |
| Jacobs Solutions, Inc. | 567 | | 74,220 |
| Leidos Holdings, Inc.(a) | 1,753 | | 285,739 |
| Republic Services, Inc. | 162 | | 32,536 |
| | | | 647,101 |
| Consumer Discretionary Distribution & Retail — 2.5% |
| Amazon.com, Inc.(a)* | 870 | | 162,107 |
| AutoZone, Inc.* | 9 | | 28,350 |
| Best Buy Co., Inc. | 43 | | 4,442 |
| eBay, Inc.(a) | 1,459 | | 94,995 |
| Genuine Parts Co. | 55 | | 7,682 |
| Home Depot, Inc. (The) | 93 | | 37,684 |
| LKQ Corp. | 461 | | 18,403 |
| Lowe's Cos., Inc. | 232 | | 62,837 |
| Ross Stores, Inc. | 209 | | 31,457 |
| TJX Cos., Inc. (The) | 13 | | 1,528 |
| Ulta Beauty, Inc.* | 22 | | 8,561 |
| | | | 458,046 |
| Consumer Durables & Apparel — 2.5% |
| Garmin Ltd. (Switzerland) | 1,094 | | 192,577 |
| Hasbro, Inc. | 79 | | 5,713 |
| NIKE, Inc., Class B | 1,018 | | 89,991 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Durables & Apparel — (Continued) |
| PulteGroup, Inc. | 371 | | $ 53,250 |
| Tapestry, Inc. | 2,440 | | 114,631 |
| | | | 456,162 |
| Consumer Services — 2.3% |
| Booking Holdings, Inc.(a) | 23 | | 96,879 |
| Hilton Worldwide Holdings, Inc. | 191 | | 44,026 |
| Marriott International, Inc., Class A | 479 | | 119,079 |
| McDonald's Corp. | 155 | | 47,199 |
| Wynn Resorts Ltd. | 133 | | 12,752 |
| Yum! Brands, Inc. | 697 | | 97,378 |
| | | | 417,313 |
| Consumer Staples Distribution & Retail — 1.7% |
| Dollar General Corp. | 1,044 | | 88,291 |
| Kroger Co. (The)(a) | 3,730 | | 213,729 |
| Sysco Corp. | 87 | | 6,791 |
| | | | 308,811 |
| Energy — 1.3% |
| Baker Hughes Co. | 83 | | 3,001 |
| ConocoPhillips | 400 | | 42,112 |
| Coterra Energy, Inc. | 136 | | 3,257 |
| Devon Energy Corp. | 312 | | 12,205 |
| Diamondback Energy, Inc. | 489 | | 84,304 |
| EOG Resources, Inc. | 191 | | 23,480 |
| Halliburton Co. | 627 | | 18,214 |
| Marathon Petroleum Corp. | 13 | | 2,118 |
| Occidental Petroleum Corp. | 360 | | 18,554 |
| Phillips 66 | 165 | | 21,689 |
| Valero Energy Corp. | 22 | | 2,971 |
| | | | 231,905 |
| Financial Services — 6.3% |
| Berkshire Hathaway, Inc., Class B(a)* | 510 | | 234,733 |
| Cboe Global Markets, Inc. | 586 | | 120,054 |
| CME Group, Inc. | 530 | | 116,944 |
| Corpay, Inc.* | 167 | | 52,231 |
| Fiserv, Inc.(a)* | 1,436 | | 257,977 |
| Intercontinental Exchange, Inc. | 104 | | 16,707 |
| Mastercard, Inc., Class A | 144 | | 71,107 |
| PayPal Holdings, Inc.* | 1,420 | | 110,803 |
| Visa, Inc., Class A(a) | 641 | | 176,243 |
| | | | 1,156,799 |
| Food, Beverage & Tobacco — 6.4% |
| Altria Group, Inc.(a) | 3,697 | | 188,695 |
| Archer-Daniels-Midland Co. | 1,172 | | 70,015 |
| Coca-Cola Co. (The)(a) | 1,593 | | 114,473 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Food, Beverage & Tobacco — (Continued) |
| Conagra Brands, Inc. | 1,039 | | $ 33,788 |
| Kellanova(a) | 1,072 | | 86,521 |
| Keurig Dr Pepper, Inc.(a) | 3,187 | | 119,449 |
| Kraft Heinz Co. (The)(a) | 3,436 | | 120,638 |
| McCormick & Co., Inc., non-voting shares | 340 | | 27,982 |
| Molson Coors Beverage Co., Class B(a) | 901 | | 51,826 |
| Mondelez International, Inc., Class A(a) | 1,824 | | 134,374 |
| PepsiCo, Inc. | 494 | | 84,005 |
| Philip Morris International, Inc. | 1,200 | | 145,680 |
| | | | 1,177,446 |
| Health Care Equipment & Services — 9.3% |
| Abbott Laboratories | 243 | | 27,705 |
| Cardinal Health, Inc.(a) | 885 | | 97,810 |
| Cencora, Inc.(a) | 1,335 | | 300,482 |
| Centene Corp.* | 398 | | 29,962 |
| Cigna Group (The) | 303 | | 104,971 |
| DaVita, Inc.* | 477 | | 78,195 |
| Elevance Health, Inc. | 206 | | 107,120 |
| GE HealthCare Technologies, Inc. | 179 | | 16,799 |
| HCA Healthcare, Inc. | 89 | | 36,172 |
| Hologic, Inc.* | 983 | | 80,075 |
| Humana, Inc.(a) | 562 | | 178,008 |
| McKesson Corp.(a) | 622 | | 307,529 |
| Molina Healthcare, Inc.(a)* | 200 | | 68,912 |
| ResMed, Inc. | 20 | | 4,882 |
| Solventum Corp.(a)* | 2,005 | | 139,789 |
| UnitedHealth Group, Inc. | 90 | | 52,621 |
| Universal Health Services, Inc., Class B | 301 | | 68,932 |
| | | | 1,699,964 |
| Household & Personal Products — 2.9% |
| Church & Dwight Co., Inc. | 33 | | 3,456 |
| Colgate-Palmolive Co.(a) | 1,940 | | 201,391 |
| Kimberly-Clark Corp.(a) | 1,320 | | 187,810 |
| Procter & Gamble Co. (The)(a) | 757 | | 131,112 |
| | | | 523,769 |
| Insurance — 3.9% |
| Aon PLC, Class A (Ireland) | 302 | | 104,489 |
| Arthur J Gallagher & Co. | 314 | | 88,350 |
| Brown & Brown, Inc. | 1,210 | | 125,356 |
| Chubb Ltd. (Switzerland) | 110 | | 31,723 |
| Marsh & McLennan Cos., Inc.(a) | 191 | | 42,610 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Insurance — (Continued) |
| Progressive Corp. (The) | 610 | | $ 154,794 |
| Willis Towers Watson PLC (Ireland) | 535 | | 157,573 |
| | | | 704,895 |
| Materials — 1.4% |
| Amcor PLC (Jersey) | 2,303 | | 26,093 |
| Avery Dennison Corp. | 423 | | 93,382 |
| Ball Corp. | 1,461 | | 99,217 |
| International Paper Co. | 98 | | 4,787 |
| LyondellBasell Industries NV, Class A (Netherlands) | 106 | | 10,165 |
| Packaging Corp. of America | 125 | | 26,925 |
| | | | 260,569 |
| Media & Entertainment — 5.6% |
| Alphabet, Inc., Class A(a) | 1,696 | | 281,282 |
| Charter Communications, Inc., Class A* | 16 | | 5,185 |
| Electronic Arts, Inc. | 42 | | 6,024 |
| Fox Corp., Class A | 856 | | 36,234 |
| Interpublic Group of Cos., Inc. (The) | 551 | | 17,428 |
| Meta Platforms, Inc., Class A(a) | 517 | | 295,952 |
| Netflix, Inc.(a)* | 250 | | 177,318 |
| Omnicom Group, Inc.(a) | 1,071 | | 110,731 |
| Take-Two Interactive Software, Inc.* | 24 | | 3,689 |
| Walt Disney Co. (The) | 843 | | 81,088 |
| | | | 1,014,931 |
| Pharmaceuticals, Biotechnology & Life Sciences — 3.4% |
| AbbVie, Inc. | 104 | | 20,538 |
| Danaher Corp. | 96 | | 26,690 |
| Gilead Sciences, Inc.(a) | 2,390 | | 200,378 |
| Johnson & Johnson(a) | 685 | | 111,011 |
| Merck & Co., Inc.(a) | 2,295 | | 260,620 |
| | | | 619,237 |
| Semiconductors & Semiconductor Equipment — 7.6% |
| Applied Materials, Inc.(a) | 1,345 | | 271,757 |
| Broadcom, Inc.(a) | 1,180 | | 203,550 |
| KLA Corp.(a) | 104 | | 80,539 |
| Lam Research Corp.(a) | 217 | | 177,089 |
| Qorvo, Inc.* | 1,699 | | 175,507 |
| QUALCOMM, Inc.(a) | 2,530 | | 430,227 |
| Skyworks Solutions, Inc.(a) | 443 | | 43,755 |
| | | | 1,382,424 |
| Software & Services — 4.9% |
| Accenture PLC, Class A (Ireland) | 414 | | 146,341 |
| Gen Digital, Inc. | 1,440 | | 39,499 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software & Services — (Continued) |
| GoDaddy, Inc., Class A* | 850 | | $ 133,263 |
| Microsoft Corp.(a) | 745 | | 320,573 |
| Roper Technologies, Inc. | 15 | | 8,346 |
| Salesforce, Inc.(a) | 301 | | 82,387 |
| VeriSign, Inc.(a)* | 906 | | 172,104 |
| | | | 902,513 |
| Technology Hardware & Equipment — 14.9% |
| Apple, Inc.(a) | 2,166 | | 504,678 |
| Cisco Systems, Inc.(a) | 2,901 | | 154,391 |
| Dell Technologies, Inc., Class C | 3,309 | | 392,249 |
| F5, Inc.(a)* | 824 | | 181,445 |
| Hewlett Packard Enterprise Co. | 5,169 | | 105,758 |
| HP, Inc. | 4,059 | | 145,596 |
| Jabil, Inc.(a) | 2,385 | | 285,795 |
| Juniper Networks, Inc.(a) | 4,626 | | 180,321 |
| Motorola Solutions, Inc. | 355 | | 159,619 |
| NetApp, Inc.(a) | 3,280 | | 405,113 |
| Seagate Technology Holdings PLC (Ireland) | 1 | | 109 |
| TE Connectivity PLC (Ireland) | 1,363 | | 205,799 |
| | | | 2,720,873 |
| Telecommunication Services — 2.9% |
| AT&T, Inc. | 3,688 | | 81,136 |
| T-Mobile US, Inc.(a) | 1,575 | | 325,017 |
| Verizon Communications, Inc.(a) | 2,859 | | 128,398 |
| | | | 534,551 |
| Transportation — 1.2% |
| CSX Corp. | 1,766 | | 60,980 |
| Delta Air Lines, Inc. | 1,838 | | 93,352 |
| FedEx Corp. | 237 | | 64,862 |
| | | | 219,194 |
| Utilities — 2.3% |
| NRG Energy, Inc.(a) | 4,538 | | 413,412 |
TOTAL COMMON STOCKS
(Cost $14,368,933) | | | 17,353,932 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 5.0% | | | 921,404 |
| NET ASSETS - 100.0% | | | $18,275,336 |
| (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 DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
The portfolio matures between August 29, 2025 and July 16, 2029, however underlying individual contracts are entered into and closed (terminated) on a daily basis. The maturity date shown in the table below is the earliest maturity date for the specific entity. The following table represents the individual long and short positions and related values of total return swaps, which represents 4.0% of net assets as of September 30, 2024:
Total Return Swaps
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Long | | | | | | | | | | | | | | | | |
| Capital Goods | | | | | | | | | | | | | | |
| 3M Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 447 | | $55,848 | | $61,105 | | $7,703 |
| A. O. Smith Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 96 | | 6,372 | | 8,624 | | 3,531 |
| AMETEK, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 10 | | 1,713 | | 1,717 | | 223 |
| Caterpillar, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 273 | | 90,075 | | 106,776 | | 20,489 |
| Cummins, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 51 | | 13,984 | | 16,513 | | 3,869 |
| Fastenal Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 37 | | 2,244 | | 2,643 | | 619 |
| General Dynamics Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 4 | | 1,207 | | 1,209 | | 127 |
| General Electric Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,240 | | 376,953 | | 422,419 | | 60,465 |
| Honeywell International, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 374 | | 74,919 | | 77,310 | | 5,573 |
| Lockheed Martin Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 318 | | 136,551 | | 185,890 | | 61,764 |
| Masco Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,111 | | 70,687 | | 93,257 | | 26,370 |
| Northrop Grumman Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 17 | | 7,415 | | 8,977 | | 2,707 |
| Otis Worldwide Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,561 | | 146,636 | | 162,250 | | 21,750 |
| Pentair PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 53 | | 3,071 | | 5,183 | | 2,331 |
| Snap-on, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 443 | | 108,504 | | 128,342 | | 28,680 |
| Trane Technologies PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 183 | | 49,389 | | 71,138 | | 24,128 |
| Westinghouse Air Brake Technologies Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 54 | | 8,429 | | 9,816 | | 1,792 |
| WW Grainger, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 102 | | 94,046 | | 105,959 | | 16,673 |
| | | | | | | | | | | 7,374 | | 1,248,043 | | 1,469,128 | | 288,794 |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Amentum Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 486 | | 11,791 | | 15,673 | | 16,885 |
| Automatic Data Processing, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 363 | | 88,337 | | 100,453 | | 16,314 |
| Broadridge Financial Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 635 | | 134,378 | | 136,544 | | 7,725 |
| Jacobs Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 547 | | 66,816 | | 71,602 | | (5,176) |
| Leidos Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,721 | | 228,820 | | 280,523 | | 61,503 |
| Republic Services, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 153 | | 23,402 | | 30,729 | | 8,559 |
| Veralto Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | — | | — | | — | | 80 |
| | | | | | | | | | | 3,905 | | 553,544 | | 635,524 | | 105,890 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Consumer Discretionary
Distribution & Retail | | | | | | | | | | | | | | |
| Amazon.com, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,913 | | $210,661 | | $356,449 | | $153,711 |
| AutoZone, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 6 | | 15,725 | | 18,900 | | 3,841 |
| Best Buy Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 25 | | 1,770 | | 2,582 | | 1,152 |
| eBay, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,451 | | 60,617 | | 94,475 | | 39,353 |
| Genuine Parts Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 56 | | 7,117 | | 7,822 | | 1,500 |
| Home Depot, Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 81 | | 26,455 | | 32,821 | | 7,965 |
| LKQ Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 476 | | 19,773 | | 19,002 | | 146 |
| Lowe's Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 228 | | 46,370 | | 61,754 | | 18,594 |
| Ross Stores, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 206 | | 29,498 | | 31,005 | | 2,793 |
| TJX Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 12 | | 1,111 | | 1,410 | | 467 |
| Ulta Beauty, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 22 | | 7,222 | | 8,561 | | 1,688 |
| | | | | | | | | | | 4,476 | | 426,319 | | 634,781 | | 231,210 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Garmin Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,073 | | 111,749 | | 188,880 | | 85,280 |
| Hasbro, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 65 | | 3,257 | | 4,701 | | 1,737 |
| NIKE, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,002 | | 83,082 | | 88,577 | | 8,963 |
| PulteGroup, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 374 | | 27,895 | | 53,680 | | 27,203 |
| Tapestry, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,408 | | 67,405 | | 113,128 | | 51,907 |
| | | | | | | | | | | 4,922 | | 293,388 | | 448,966 | | 175,090 |
| Consumer Services | | | | | | | | | | | | | | |
| Booking Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 20 | | 56,549 | | 84,242 | | 30,404 |
| Hilton Worldwide Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 180 | | 37,474 | | 41,490 | | 5,937 |
| Marriott International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 462 | | 105,298 | | 114,853 | | 13,843 |
| McDonald's Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 161 | | 41,780 | | 49,026 | | 11,053 |
| Wynn Resorts Ltd. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 127 | | 9,466 | | 12,177 | | 3,175 |
| Yum! Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 693 | | 90,776 | | 96,819 | | 10,756 |
| | | | | | | | | | | 1,643 | | 341,343 | | 398,607 | | 75,168 |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Dollar General Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 1,023 | | 85,087 | | 86,515 | | 4,720 |
| Kroger Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,728 | | 174,754 | | 213,614 | | 52,775 |
| Sysco Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 94 | | 6,106 | | 7,338 | | 2,215 |
| | | | | | | | | | | 4,845 | | 265,947 | | 307,467 | | 59,710 |
| Energy | | | | | | | | | | | | | | |
| Baker Hughes Co. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 91 | | 2,674 | | 3,290 | | 950 |
| ConocoPhillips | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 396 | | 41,864 | | 41,691 | | 1,643 |
| Coterra Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 137 | | 3,207 | | 3,281 | | 274 |
| Devon Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 271 | | 11,030 | | 10,602 | | 93 |
| Diamondback Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 475 | | 91,796 | | 81,890 | | (5,721) |
| EOG Resources, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 231 | | 28,732 | | 28,397 | | 827 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Energy — (continued) | | | | | | | | | | | | | | |
| Halliburton Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 604 | | $19,641 | | $17,546 | | $(1,139) |
| Marathon Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 16 | | 2,593 | | 2,607 | | 190 |
| Occidental Petroleum Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 353 | | 18,157 | | 18,194 | | 793 |
| Phillips 66 | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 166 | | 20,806 | | 21,821 | | 2,760 |
| Valero Energy Corp. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 17 | | 2,332 | | 2,295 | | 474 |
| | | | | | | | | | | 2,757 | | 242,832 | | 231,614 | | 1,144 |
| Financial Services | | | | | | | | | | | | | | |
| Berkshire Hathaway, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 202 | | 49,784 | | 92,973 | | 45,122 |
| Cboe Global Markets, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 569 | | 98,968 | | 116,571 | | 24,475 |
| CME Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 572 | | 113,463 | | 126,212 | | 18,015 |
| Corpay, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 163 | | 40,538 | | 50,980 | | 12,031 |
| Fiserv, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,412 | | 191,285 | | 253,666 | | 69,583 |
| Intercontinental Exchange, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 55 | | 8,004 | | 8,835 | | 1,718 |
| Mastercard, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 134 | | 55,873 | | 66,169 | | 13,569 |
| PayPal Holdings, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,402 | | 72,148 | | 109,398 | | 40,016 |
| Visa, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 641 | | 169,205 | | 176,243 | | 15,046 |
| | | | | | | | | | | 5,150 | | 799,268 | | 1,001,047 | | 239,575 |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Altria Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 3,731 | | 155,590 | | 190,430 | | 69,319 |
| Archer-Daniels-Midland Co. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,153 | | 61,613 | | 68,880 | | 11,207 |
| Coca-Cola Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 1,579 | | 90,033 | | 113,467 | | 32,733 |
| Conagra Brands, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 938 | | 26,575 | | 30,504 | | 7,880 |
| Kellanova | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | 997 | | 65,725 | | 80,468 | | 19,803 |
| Keurig Dr Pepper, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,138 | | 102,347 | | 117,612 | | 20,815 |
| Kraft Heinz Co. (The) | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 3,397 | | 115,887 | | 119,269 | | 17,508 |
| McCormick & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 343 | | 20,678 | | 28,229 | | 8,833 |
| Molson Coors Beverage Co., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 885 | | 44,936 | | 50,905 | | 8,144 |
| Mondelez International, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,813 | | 119,805 | | 133,564 | | 20,184 |
| PepsiCo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 477 | | 79,755 | | 81,114 | | 4,852 |
| Philip Morris International, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,184 | | 113,385 | | 143,738 | | 42,125 |
| | | | | | | | | | | 19,635 | | 996,329 | | 1,158,180 | | 263,403 |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Abbott Laboratories | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 219 | | 21,730 | | 24,968 | | 5,253 |
| Cardinal Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 839 | | 83,149 | | 92,726 | | 15,186 |
| Cencora, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,294 | | 270,046 | | 291,254 | | 33,901 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Health Care Equipment & Services
— (continued) | | | | | | | | | | | | | | |
| Centene Corp. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 383 | | $27,094 | | $28,832 | | $2,827 |
| Cigna Group (The) | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 306 | | 101,655 | | 106,011 | | 10,343 |
| DaVita, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 468 | | 62,758 | | 76,719 | | 16,378 |
| Elevance Health, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 196 | | 101,695 | | 101,920 | | 4,302 |
| GE HealthCare Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 174 | | 11,567 | | 16,330 | | 5,291 |
| HCA Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 85 | | 26,441 | | 34,547 | | 9,263 |
| Hologic, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 954 | | 75,616 | | 77,713 | | 4,992 |
| Humana, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 567 | | 187,145 | | 179,592 | | 336 |
| McKesson Corp. | | USFF +0.250% | | Weekly | | MS | | 01/05/26 | | 624 | | 302,658 | | 308,518 | | 19,105 |
| Molina Healthcare, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 204 | | 62,042 | | 70,290 | | 10,638 |
| ResMed, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 21 | | 5,029 | | 5,127 | | 320 |
| Solventum Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,979 | | 114,063 | | 137,976 | | 28,239 |
| UnitedHealth Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 88 | | 51,098 | | 51,452 | | 2,442 |
| Universal Health Services, Inc., Class B | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 291 | | 59,669 | | 66,642 | | 9,329 |
| | | | | | | | | | | 8,692 | | 1,563,455 | | 1,670,617 | | 178,145 |
| Household & Personal Products | | | | | | | | | | | | | | |
| Church & Dwight Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 32 | | 2,750 | | 3,351 | | 819 |
| Colgate-Palmolive Co. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,840 | | 157,032 | | 191,010 | | 42,531 |
| Kimberly-Clark Corp. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 1,323 | | 159,803 | | 188,236 | | 46,406 |
| Procter & Gamble Co. (The) | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 739 | | 109,363 | | 127,995 | | 28,524 |
| | | | | | | | | | | 3,934 | | 428,948 | | 510,592 | | 118,280 |
| Insurance | | | | | | | | | | | | | | |
| Aon PLC, Class A (Ireland) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 302 | | 88,310 | | 104,489 | | 19,902 |
| Arthur J Gallagher & Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 303 | | 85,954 | | 85,255 | | 2,788 |
| Brown & Brown, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,300 | | 97,556 | | 134,680 | | 41,392 |
| Chubb Ltd. (Switzerland) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 68 | | 18,161 | | 19,611 | | 2,397 |
| Marsh & McLennan Cos., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 183 | | 34,152 | | 40,825 | | 8,434 |
| Progressive Corp. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 598 | | 125,469 | | 151,748 | | 31,066 |
| Willis Towers Watson PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 529 | | 137,199 | | 155,806 | | 25,209 |
| | | | | | | | | | | 3,283 | | 586,801 | | 692,414 | | 131,188 |
| Materials | | | | | | | | | | | | | | |
| Amcor PLC (Jersey) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 2,193 | | 24,549 | | 24,847 | | 1,444 |
| Avery Dennison Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 396 | | 84,851 | | 87,421 | | 6,130 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Materials — (continued) | | | | | | | | | | | | | | |
| Ball Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,413 | | $94,315 | | $95,957 | | $5,682 |
| International Paper Co. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 96 | | 3,168 | | 4,690 | | 2,033 |
| LyondellBasell Industries NV, Class A (Netherlands) | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 108 | | 10,283 | | 10,357 | | 538 |
| Packaging Corp. of America | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 121 | | 18,931 | | 26,063 | | 9,032 |
| | | | | | | | | | | 4,327 | | 236,097 | | 249,335 | | 24,859 |
| Media & Entertainment | | | | | | | | | | | | | | |
| Alphabet, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,572 | | 164,582 | | 260,716 | | 102,951 |
| Charter Communications, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 22 | | 6,741 | | 7,130 | | 720 |
| Electronic Arts, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 29 | | 3,436 | | 4,160 | | 954 |
| Fox Corp., Class A | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 855 | | 34,141 | | 36,192 | | 3,607 |
| Interpublic Group of Cos., Inc. (The) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 514 | | 14,441 | | 16,258 | | 3,113 |
| Meta Platforms, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 510 | | 181,136 | | 291,944 | | 118,333 |
| Netflix, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 249 | | 132,562 | | 176,608 | | 49,062 |
| Omnicom Group, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,068 | | 86,821 | | 110,421 | | 30,906 |
| Take-Two Interactive Software, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/07/27 | | 24 | | 2,672 | | 3,689 | | 1,197 |
| Walt Disney Co. (The) | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 875 | | 81,786 | | 84,166 | | 5,517 |
| | | | | | | | | | | 5,718 | | 708,318 | | 991,284 | | 316,360 |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| AbbVie, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 103 | | 14,475 | | 20,340 | | 6,964 |
| Danaher Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 97 | | 21,288 | | 26,968 | | 6,825 |
| Gilead Sciences, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 2,344 | | 159,679 | | 196,521 | | 46,627 |
| Johnson & Johnson | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 663 | | 99,836 | | 107,446 | | 20,386 |
| Merck & Co., Inc. | | USFF +0.250% | | Weekly | | MS | | 07/06/26 | | 2,253 | | 257,873 | | 255,851 | | 10,461 |
| | | | | | | | | | | 5,460 | | 553,151 | | 607,126 | | 91,263 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Applied Materials, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,107 | | 193,622 | | 223,669 | | 39,369 |
| Broadcom, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 1,108 | | 165,605 | | 191,130 | | 33,894 |
| KLA Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 88 | | 59,733 | | 68,148 | | 12,331 |
| Lam Research Corp. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 218 | | 169,364 | | 177,905 | | 15,972 |
| Qorvo, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,678 | | 179,749 | | 173,337 | | 361 |
| QUALCOMM, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,509 | | 423,159 | | 426,655 | | 24,546 |
| Skyworks Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 429 | | 39,020 | | 42,372 | | 5,614 |
| | | | | | | | | | | 7,137 | | 1,230,252 | | 1,303,216 | | 132,087 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Pay | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
Long | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services | | | | | | | | | | | | | | |
| Accenture PLC, Class A (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 403 | | $114,889 | | $142,452 | | $32,451 |
| Gen Digital, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,463 | | 34,679 | | 40,130 | | 7,181 |
| GoDaddy, Inc., Class A | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 844 | | 122,820 | | 132,322 | | 14,155 |
| Microsoft Corp. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,209 | | 245,098 | | 520,233 | | 297,797 |
| Roper Technologies, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 14 | | 5,749 | | 7,790 | | 2,463 |
| Salesforce, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 308 | | 61,587 | | 84,303 | | 26,912 |
| VeriSign, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 890 | | 156,079 | | 169,064 | | 18,853 |
| | | | | | | | | | | 5,131 | | 740,901 | | 1,096,294 | | 399,812 |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Apple, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 1,685 | | 112,632 | | 392,605 | | 291,259 |
| Cisco Systems, Inc. | | USFF +0.250% | | Weekly | | MS | | 08/29/25 | | 2,873 | | 127,174 | | 152,901 | | 48,726 |
| Dell Technologies, Inc., Class C | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 3,269 | | 386,296 | | 387,507 | | 15,673 |
| F5, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 803 | | 143,498 | | 176,821 | | 38,745 |
| Hewlett Packard Enterprise Co. | | USFF +0.250% | | Weekly | | MS | | 07/16/29 | | 5,124 | | 90,372 | | 104,837 | | 18,572 |
| HP, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 3,961 | | 118,075 | | 142,081 | | 32,032 |
| Jabil, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,370 | | 290,309 | | 283,997 | | 4,884 |
| Juniper Networks, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,575 | | 125,555 | | 178,333 | | 62,625 |
| Motorola Solutions, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 350 | | 112,838 | | 157,370 | | 49,843 |
| NetApp, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,231 | | 322,718 | | 399,061 | | 92,665 |
| TE Connectivity PLC (Ireland) | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,347 | | 194,664 | | 203,384 | | 16,047 |
| | | | | | | | | | | 29,588 | | 2,024,131 | | 2,578,897 | | 671,071 |
| Telecommunication Services | | | | | | | | | | | | | | |
| AT&T, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/08/27 | | 3,544 | | 60,440 | | 77,968 | | 21,524 |
| T-Mobile US, Inc. | | USFF +0.250% | | Weekly | | MS | | 01/10/28 | | 1,553 | | 238,038 | | 320,477 | | 95,206 |
| Verizon Communications, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 2,810 | | 94,892 | | 126,197 | | 40,192 |
| | | | | | | | | | | 7,907 | | 393,370 | | 524,642 | | 156,922 |
| Transportation | | | | | | | | | | | | | | |
| CSX Corp. | | USFF +0.250% | | Weekly | | MS | | 01/12/29 | | 1,758 | | 58,406 | | 60,704 | | 4,834 |
| Delta Air Lines, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 1,811 | | 65,008 | | 91,981 | | 29,969 |
| FedEx Corp. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 253 | | 66,908 | | 69,241 | | 6,200 |
| | | | | | | | | | | 3,822 | | 190,322 | | 221,926 | | 41,003 |
| Utilities | | | | | | | | | | | | | | |
| NRG Energy, Inc. | | USFF +0.250% | | Weekly | | MS | | 07/11/28 | | 4,517 | | 310,820 | | 411,499 | | 115,102 |
|
|
| Total Reference Entity — Long | | | | | | 14,133,579 | | 17,143,156 | | 3,816,076 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Short | | | | | | | | | | | | | | | | |
| Automobiles & Components | | | | | | | | | | | | | | |
| Ford Motor Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (6,631) | | $(84,452) | | $(70,023) | | $10,099 |
| Tesla, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (139) | | (42,558) | | (36,367) | | 4,991 |
| | | | | | | | | | | (6,770) | | (127,010) | | (106,390) | | 15,090 |
| Capital Goods | | | | | | | | | | | | | | |
| Axon Enterprise, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (322) | | (86,037) | | (128,671) | | (45,078) |
| Boeing Co. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,584) | | (288,427) | | (240,831) | | 39,214 |
| Carrier Global Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,254) | | (79,394) | | (100,934) | | (24,096) |
| Deere & Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (22) | | (8,363) | | (9,181) | | (1,442) |
| Eaton Corp. PLC (Ireland) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (246) | | (75,231) | | (81,534) | | (8,465) |
| GE Vernova, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (171) | | (31,973) | | (43,602) | | (12,889) |
| Hubbell, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (149) | | (58,705) | | (63,824) | | (6,795) |
| Huntington Ingalls Industries, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (245) | | (65,493) | | (64,773) | | (1,340) |
| Ingersoll Rand, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (48) | | (4,633) | | (4,712) | | (134) |
| Quanta Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (332) | | (85,996) | | (98,986) | | (15,526) |
| Rockwell Automation, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (162) | | (45,796) | | (43,491) | | 711 |
| Textron, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,544) | | (136,038) | | (136,768) | | (4,668) |
| | | | | | | | | | | (6,079) | | (966,086) | | (1,017,307) | | (80,508) |
Commercial & Professional
Services | | | | | | | | | | | | | | |
| Copart, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (35) | | (1,902) | | (1,834) | | 93 |
| Dayforce, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (592) | | (69,441) | | (36,260) | | 31,224 |
| Equifax, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (116) | | (32,636) | | (34,088) | | (2,372) |
| Paycom Software, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (17) | | (8,361) | | (2,832) | | 5,326 |
| Rollins, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (137) | | (6,957) | | (6,929) | | (96) |
| | | | | | | | | | | (897) | | (119,297) | | (81,943) | | 34,175 |
| Consumer Durables & Apparel | | | | | | | | | | | | | | |
| Deckers Outdoor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (779) | | (123,494) | | (124,212) | | (4,260) |
| Lululemon Athletica, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (413) | | (191,456) | | (112,068) | | 73,838 |
| Ralph Lauren Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (426) | | (76,324) | | (82,589) | | (9,323) |
| | | | | | | | | | | (1,618) | | (391,274) | | (318,869) | | 60,255 |
| Consumer Services | | | | | | | | | | | | | | |
| Airbnb, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (977) | | (144,000) | | (123,893) | | 15,963 |
| Carnival Corp. (Panama) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (5,382) | | (92,421) | | (99,459) | | (9,669) |
| Chipotle Mexican Grill, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,162) | | (67,741) | | (66,954) | | (1,121) |
| Norwegian Cruise Line Holdings Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,645) | | (53,861) | | (54,249) | | (2,119) |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Consumer Services — (continued) | | | | | | | | | | | | | | |
| Royal Caribbean Cruises Ltd. (Liberia) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (448) | | $(68,149) | | $(79,457) | | $(13,397) |
| Starbucks Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (574) | | (55,502) | | (55,959) | | (2,005) |
| | | | | | | | | | | (11,188) | | (481,674) | | (479,971) | | (12,348) |
Consumer Staples Distribution &
Retail | | | | | | | | | | | | | | |
| Costco Wholesale Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (66) | | (59,271) | | (58,510) | | (898) |
| Dollar Tree, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (15) | | (2,317) | | (1,055) | | 1,274 |
| | | | | | | | | | | (81) | | (61,588) | | (59,565) | | 376 |
| Energy | | | | | | | | | | | | | | |
| APA Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (2,852) | | (79,013) | | (69,760) | | 7,015 |
| EQT Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,765) | | (123,418) | | (137,950) | | (18,449) |
| Exxon Mobil Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,456) | | (169,346) | | (170,672) | | (7,331) |
| Hess Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (36) | | (5,633) | | (4,889) | | 642 |
| Targa Resources Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (332) | | (44,565) | | (49,139) | | (5,971) |
| Williams Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (3,012) | | (123,560) | | (137,498) | | (19,691) |
| | | | | | | | | | | (11,453) | | (545,535) | | (569,908) | | (43,785) |
Equity Real Estate Investment
Trusts (REITs) | | | | | | | | | | | | | | |
| American Tower Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (130) | | (30,218) | | (30,233) | | (825) |
| Crown Castle, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (852) | | (93,008) | | (101,073) | | (12,494) |
| Digital Realty Trust, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (22) | | (3,551) | | (3,560) | | (33) |
| Equinix, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (188) | | (155,283) | | (166,874) | | (19,894) |
| Iron Mountain, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (80) | | (8,696) | | (9,506) | | (1,264) |
| SBA Communications Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (34) | | (8,245) | | (8,184) | | (102) |
| Weyerhaeuser Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (889) | | (28,513) | | (30,102) | | (1,909) |
| | | | | | | | | | | (2,195) | | (327,514) | | (349,532) | | (36,521) |
| Financial Services | | | | | | | | | | | | | | |
| MarketAxess Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (222) | | (46,719) | | (56,876) | | (11,702) |
| MSCI, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (236) | | (137,230) | | (137,571) | | (5,817) |
| | | | | | | | | | | (458) | | (183,949) | | (194,447) | | (17,519) |
| Food, Beverage & Tobacco | | | | | | | | | | | | | | |
| Constellation Brands, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (91) | | (23,178) | | (23,450) | | (711) |
| Lamb Weston Holdings, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,719) | | (247,929) | | (176,028) | | 62,374 |
| Monster Beverage Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (253) | | (13,135) | | (13,199) | | (369) |
| | | | | | | | | | | (3,063) | | (284,242) | | (212,677) | | 61,294 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Health Care Equipment & Services | | | | | | | | | | | | | | |
| Align Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (64) | | $(30,645) | | $(16,276) | | $13,503 |
| Boston Scientific Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (454) | | (35,086) | | (38,045) | | (3,908) |
| Cooper Cos., Inc. (The) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,330) | | (119,639) | | (146,752) | | (30,542) |
| Dexcom, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (3,388) | | (360,082) | | (227,132) | | 122,468 |
| Edwards Lifesciences Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,344) | | (192,937) | | (154,681) | | 32,677 |
| IDEXX Laboratories, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (249) | | (145,927) | | (125,800) | | 15,927 |
| Insulet Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (756) | | (223,787) | | (175,959) | | 41,344 |
| Intuitive Surgical, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (309) | | (125,468) | | (151,802) | | (29,934) |
| Stryker Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (351) | | (120,553) | | (126,802) | | (9,911) |
| | | | | | | | | | | (9,245) | | (1,354,124) | | (1,163,249) | | 151,624 |
| Insurance | | | | | | | | | | | | | | |
| Erie Indemnity Co., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (5) | | (2,705) | | (2,699) | | 7 |
| Everest Group Ltd. (Bermuda) | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (173) | | (68,041) | | (67,787) | | (2,563) |
| | | | | | | | | | | (178) | | (70,746) | | (70,486) | | (2,556) |
| Materials | | | | | | | | | | | | | | |
| Air Products and Chemicals, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (588) | | (168,514) | | (175,071) | | (13,802) |
| Albemarle Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (246) | | (65,389) | | (23,299) | | 39,590 |
| Corteva, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (310) | | (17,278) | | (18,225) | | (1,533) |
| Dow, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (753) | | (39,997) | | (41,136) | | (2,759) |
| Freeport-McMoRan, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,530) | | (123,746) | | (126,298) | | (6,327) |
| Martin Marietta Materials, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (392) | | (208,777) | | (210,994) | | (8,548) |
| Steel Dynamics, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (156) | | (19,632) | | (19,668) | | (603) |
| Vulcan Materials Co. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (656) | | (161,297) | | (164,282) | | (7,886) |
| | | | | | | | | | | (5,631) | | (804,630) | | (778,973) | | (1,868) |
| Media & Entertainment | | | | | | | | | | | | | | |
| Live Nation Entertainment, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,963) | | (190,399) | | (214,929) | | (30,138) |
| Paramount Global, Class B | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (7,361) | | (79,519) | | (78,174) | | (1,275) |
| Warner Bros Discovery, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (14,760) | | (121,959) | | (121,770) | | (3,520) |
| | | | | | | | | | | (24,084) | | (391,877) | | (414,873) | | (34,933) |
Pharmaceuticals, Biotechnology &
Life Sciences | | | | | | | | | | | | | | |
| Agilent Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (148) | | (20,928) | | (21,975) | | (1,581) |
| Bio-Techne Corp. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (1,750) | | (199,001) | | (139,878) | | 52,302 |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
Pharmaceuticals, Biotechnology &
Life Sciences — (continued) | | | | | | | | | | | | | | |
| Charles River Laboratories International, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (271) | | $(90,999) | | $(53,379) | | $35,031 |
| Eli Lilly & Co. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (298) | | (251,896) | | (264,010) | | (19,790) |
| Moderna, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,714) | | (172,558) | | (114,547) | | 52,849 |
| Pfizer, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (4,182) | | (121,765) | | (121,027) | | (2,809) |
| Revvity, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (448) | | (49,306) | | (57,232) | | (9,337) |
| West Pharmaceutical Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (856) | | (315,186) | | (256,937) | | 48,610 |
| Zoetis, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (655) | | (125,747) | | (127,974) | | (6,440) |
| | | | | | | | | | | (10,322) | | (1,347,386) | | (1,156,959) | | 148,835 |
Real Estate Management &
Development | | | | | | | | | | | | | | |
| CoStar Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (2,486) | | (209,241) | | (187,544) | | 15,640 |
Semiconductors & Semiconductor
Equipment | | | | | | | | | | | | | | |
| Advanced Micro Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (1,540) | | (246,023) | | (252,683) | | (13,797) |
| Analog Devices, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (636) | | (136,659) | | (146,388) | | (14,470) |
| Enphase Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (171) | | (19,880) | | (19,326) | | 51 |
| First Solar, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (539) | | (121,824) | | (134,448) | | (16,117) |
| Intel Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (7,952) | | (328,290) | | (186,554) | | 131,721 |
| Microchip Technology, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (1,457) | | (111,426) | | (116,983) | | (9,944) |
| Monolithic Power Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (181) | | (133,162) | | (167,335) | | (39,272) |
| NVIDIA Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (2,606) | | (245,988) | | (316,473) | | (77,658) |
| ON Semiconductor Corp. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (376) | | (40,473) | | (27,301) | | 12,128 |
| Teradyne, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (1,029) | | (123,762) | | (137,814) | | (18,000) |
| Texas Instruments, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (687) | | (134,530) | | (141,914) | | (11,444) |
| | | | | | | | | | | (17,174) | | (1,642,017) | | (1,647,219) | | (56,802) |
| Software & Services | | | | | | | | | | | | | | |
| Adobe, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (414) | | (219,049) | | (214,361) | | (1,658) |
| Akamai Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (196) | | (19,675) | | (19,786) | | (608) |
| Autodesk, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (610) | | (157,878) | | (168,043) | | (14,761) |
| Cadence Design Systems, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (945) | | (256,371) | | (256,123) | | (7,193) |
| Crowdstrike Holdings, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (921) | | (342,264) | | (258,313) | | 73,991 |
| Fair Isaac Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (54) | | (71,652) | | (104,950) | | (35,320) |
| Fortinet, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (3,172) | | (222,350) | | (245,989) | | (30,081) |
| Intuit, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (209) | | (133,029) | | (129,789) | | (593) |
| Oracle Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (916) | | (128,701) | | (156,086) | | (31,191) |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Continued)
September 30, 2024
Total Return Swaps (continued)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Software & Services — (continued) | | | | | | | | | | | | | | |
| Palantir Technologies, Inc., Class A | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (3,055) | | $(114,149) | | $(113,646) | | $(2,765) |
| Palo Alto Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (866) | | (272,371) | | (295,999) | | (31,538) |
| PTC, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (738) | | (129,747) | | (133,327) | | (7,306) |
| ServiceNow, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (273) | | (209,335) | | (244,168) | | (40,894) |
| Synopsys, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (507) | | (265,418) | | (256,740) | | 972 |
| Tyler Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (189) | | (101,349) | | (110,323) | | (11,867) |
| | | | | | | | | | | (13,065) | | (2,643,338) | | (2,707,643) | | (140,812) |
| Technology Hardware & Equipment | | | | | | | | | | | | | | |
| Arista Networks, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (417) | | (133,249) | | (160,053) | | (30,633) |
| Keysight Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (691) | | (106,215) | | (109,821) | | (6,641) |
| Super Micro Computer, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (57) | | (58,075) | | (23,735) | | 32,717 |
| Western Digital Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (112) | | (8,812) | | (7,648) | | 1,524 |
| Zebra Technologies Corp., Class A | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (177) | | (54,132) | | (65,547) | | (13,718) |
| | | | | | | | | | | (1,454) | | (360,483) | | (366,804) | | (16,751) |
| Transportation | | | | | | | | | | | | | | |
| CH Robinson Worldwide, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (1,106) | | (97,034) | | (122,069) | | (28,892) |
| JB Hunt Transport Services, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (286) | | (58,551) | | (49,286) | | 6,977 |
| Norfolk Southern Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (573) | | (135,263) | | (142,391) | | (11,903) |
| Old Dominion Freight Line, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (754) | | (153,624) | | (149,775) | | (1,196) |
| Southwest Airlines Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (5,453) | | (170,410) | | (161,572) | | 1,655 |
| Uber Technologies, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,973) | | (142,671) | | (148,291) | | (9,725) |
| | | | | | | | | | | (10,145) | | (757,553) | | (773,384) | | (43,084) |
| Utilities | | | | | | | | | | | | | | |
| AES Corp. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (8,764) | | (180,837) | | (175,806) | | (4,981) |
| Alliant Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (2,338) | | (142,089) | | (141,893) | | (12,015) |
| Ameren Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (2,665) | | (216,093) | | (233,081) | | (30,833) |
| American Electric Power Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (954) | | (92,970) | | (97,880) | | (10,994) |
| American Water Works Co., Inc. | | USFF -0.250% | | Weekly | | MS | | 07/06/26 | | (1,229) | | (199,265) | | (179,729) | | 6,812 |
| Atmos Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (704) | | (82,979) | | (97,652) | | (20,084) |
| CenterPoint Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (6,321) | | (182,873) | | (185,964) | | (13,491) |
| CMS Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (633) | | (40,169) | | (44,709) | | (8,765) |
| Consolidated Edison, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (806) | | (77,629) | | (83,929) | | (9,718) |
The accompanying notes are an integral part of the financial statements.
GOTHAM DEFENSIVE LONG 500 FUND
Portfolio of Investments (Concluded)
September 30, 2024
Total Return Swaps (concluded)
Reference
Entity | | Receive | | Payment
Frequency | | Counter-
party | | Maturity
Date | | Number of
Contracts
(Short) | | Notional
Amount | | Value | | Unrealized
Appreciation/
(Depreciation)* |
| Utilities — (continued) | | | | | | | | | | | | | | |
| Constellation Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (517) | | $(118,619) | | $(134,430) | | $(19,301) |
| DTE Energy Co. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (707) | | (80,698) | | (90,786) | | (14,204) |
| Duke Energy Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (477) | | (54,688) | | (54,998) | | (1,954) |
| Edison International | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,292) | | (95,894) | | (112,520) | | (21,925) |
| Entergy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (797) | | (87,371) | | (104,893) | | (21,594) |
| Evergy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (2,378) | | (145,274) | | (147,460) | | (14,972) |
| Eversource Energy | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (3,289) | | (231,234) | | (223,816) | | (9,019) |
| Exelon Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (4,841) | | (203,156) | | (196,303) | | (8,927) |
| FirstEnergy Corp. | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (1,654) | | (67,944) | | (73,355) | | (11,278) |
| NextEra Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (2,125) | | (169,219) | | (179,626) | | (19,875) |
| NiSource, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (3,903) | | (110,778) | | (135,239) | | (33,076) |
| Pinnacle West Capital Corp. | | USFF -0.250% | | Weekly | | MS | | 08/29/25 | | (786) | | (76,544) | | (69,632) | | (5,116) |
| PPL Corp. | | USFF -0.250% | | Weekly | | MS | | 07/16/29 | | (341) | | (11,107) | | (11,280) | | (437) |
| Public Service Enterprise Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/11/28 | | (1,429) | | (109,016) | | (127,481) | | (22,873) |
| Sempra | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (2,319) | | (179,521) | | (193,938) | | (28,594) |
| Southern Co. (The) | | USFF -0.250% | | Weekly | | MS | | 01/10/28 | | (713) | | (59,234) | | (64,298) | | (7,994) |
| Vistra Corp. | | USFF -0.250% | | Weekly | | MS | | 01/12/29 | | (2,149) | | (201,074) | | (254,742) | | (60,419) |
| WEC Energy Group, Inc. | | USFF -0.250% | | Weekly | | MS | | 07/08/27 | | (1,249) | | (118,864) | | (120,129) | | (10,108) |
| Xcel Energy, Inc. | | USFF -0.250% | | Weekly | | MS | | 01/07/27 | | (3,317) | | (207,877) | | (216,600) | | (21,463) |
| | | | | | | | | | | (58,697) | | (3,543,016) | | (3,752,169) | | (437,198) |
|
|
| Total Reference Entity — Short | | | | | | (16,612,580) | | (16,409,912) | | (437,396) |
| Net Value of Reference Entity | | | | | | $(2,479,001) | | $733,244 | | $3,378,680 |
| * | Includes $166,435 related to open trades, dividends receivables/payables and swap receivables/payables activities. |
| MS | Morgan Stanley |
| MSCI | Morgan Stanley Capital International |
| USFF | U.S. Fed Funds |
The accompanying notes are an integral part of the financial statements.
GOTHAM TOTAL RETURN FUND
Portfolio of Investments
September 30, 2024
| | Number
of Shares | | Value |
AFFILIATED EQUITY REGISTERED
INVESTMENT COMPANIES(a) — 99.9% | | |
| Gotham 1000 Value ETF | 186,866 | | $ 4,635,902 |
| Gotham Defensive Long 500 Fund* | 79,920 | | 1,492,105 |
| Gotham Enhanced S&P 500 Index Fund | 118,020 | | 2,288,400 |
| Gotham Hedged Core Fund | 167,604 | | 2,249,243 |
| Gotham Large Value Fund | 190,906 | | 3,022,043 |
| Gotham Neutral Fund* | 105,430 | | 1,518,197 |
TOTAL AFFILIATED EQUITY REGISTERED INVESTMENT COMPANIES
(Cost $11,964,862) | | | 15,205,890 |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% | | | 11,716 |
| NET ASSETS - 100.0% | | | $15,217,606 |
| (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
September 30, 2024
| | Number
of Shares | | Value |
| LONG POSITIONS — 137.5% |
| COMMON STOCKS — 137.5% |
| Automobiles & Components — 0.7% |
| Aptiv PLC (Jersey)* | 60 | | $ 4,321 |
| BorgWarner, Inc. | 2 | | 72 |
| General Motors Co.† | 625 | | 28,025 |
| | | | 32,418 |
| Banks — 2.9% |
| Bank of America Corp. | 716 | | 28,411 |
| Citigroup, Inc. | 177 | | 11,080 |
| Citizens Financial Group, Inc. | 41 | | 1,684 |
| Fifth Third Bancorp | 64 | | 2,742 |
| Huntington Bancshares, Inc. | 15 | | 220 |
| JPMorgan Chase & Co.† | 283 | | 59,673 |
| KeyCorp. | 82 | | 1,373 |
| M&T Bank Corp. | 7 | | 1,247 |
| PNC Financial Services Group, Inc. (The) | 28 | | 5,176 |
| Truist Financial Corp. | 118 | | 5,047 |
| US Bancorp | 138 | | 6,311 |
| Wells Fargo & Co. | 308 | | 17,399 |
| | | | 140,363 |
| Capital Goods — 16.7% |
| 3M Co.† | 318 | | 43,471 |
| A. O. Smith Corp. | 33 | | 2,964 |
| Allegion PLC (Ireland) | 13 | | 1,895 |
| AMETEK, Inc. | 52 | | 8,929 |
| Builders FirstSource, Inc.* | 80 | | 15,509 |
| Caterpillar, Inc.† | 318 | | 124,376 |
| Cummins, Inc. | 93 | | 30,112 |
| Dover Corp. | 80 | | 15,339 |
| Emerson Electric Co. | 73 | | 7,984 |
| Fastenal Co. | 7 | | 500 |
| Fortive Corp.† | 10 | | 789 |
| GE Vernova, Inc.†* | 103 | | 26,263 |
| General Dynamics Corp. | 6 | | 1,813 |
| General Electric Co.† | 628 | | 118,428 |
| Honeywell International, Inc.† | 252 | | 52,091 |
| Howmet Aerospace, Inc. | 126 | | 12,632 |
| IDEX Corp. | 10 | | 2,145 |
| Illinois Tool Works, Inc.† | 77 | | 20,179 |
| Ingersoll Rand, Inc. | 21 | | 2,061 |
| Johnson Controls International PLC (Ireland)† | 391 | | 30,346 |
| Lockheed Martin Corp.† | 133 | | 77,747 |
| Masco Corp. | 148 | | 12,423 |
| Nordson Corp. | 3 | | 788 |
| Otis Worldwide Corp. | 236 | | 24,530 |
| PACCAR, Inc. | 19 | | 1,875 |
| Parker-Hannifin Corp.† | 71 | | 44,859 |
| Pentair PLC (Ireland) | 51 | | 4,987 |
| Snap-on, Inc. | 35 | | 10,140 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Capital Goods — (Continued) |
| Stanley Black & Decker, Inc. | 29 | | $ 3,194 |
| Textron, Inc. | 44 | | 3,898 |
| Trane Technologies PLC (Ireland)† | 81 | | 31,487 |
| TransDigm Group, Inc. | 2 | | 2,854 |
| United Rentals, Inc. | 41 | | 33,199 |
| Westinghouse Air Brake Technologies Corp. | 94 | | 17,086 |
| WW Grainger, Inc.† | 16 | | 16,621 |
| | | | 803,514 |
| Commercial & Professional Services — 2.1% |
| Amentum Holdings, Inc.* | 79 | | 2,548 |
| Automatic Data Processing, Inc. | 185 | | 51,195 |
| Broadridge Financial Solutions, Inc. | 68 | | 14,622 |
| Copart, Inc.* | 1 | | 52 |
| Jacobs Solutions, Inc. | 82 | | 10,734 |
| Leidos Holdings, Inc. | 91 | | 14,833 |
| Veralto Corp.† | 54 | | 6,040 |
| | | | 100,024 |
| Consumer Discretionary Distribution & Retail — 10.0% |
| Amazon.com, Inc.†* | 1,145 | | 213,348 |
| AutoZone, Inc.* | 3 | | 9,450 |
| Bath & Body Works, Inc. | 67 | | 2,139 |
| Best Buy Co., Inc.† | 126 | | 13,016 |
| CarMax, Inc.* | 34 | | 2,631 |
| eBay, Inc.† | 328 | | 21,356 |
| Home Depot, Inc. (The)† | 185 | | 74,962 |
| LKQ Corp. | 158 | | 6,307 |
| Lowe's Cos., Inc. | 330 | | 89,380 |
| Ross Stores, Inc.† | 205 | | 30,855 |
| TJX Cos., Inc. (The)† | 155 | | 18,219 |
| Ulta Beauty, Inc.* | 1 | | 389 |
| | | | 482,052 |
| Consumer Durables & Apparel — 3.3% |
| Deckers Outdoor Corp.* | 20 | | 3,189 |
| DR Horton, Inc. | 23 | | 4,388 |
| Garmin Ltd. (Switzerland) | 127 | | 22,356 |
| Hasbro, Inc. | 83 | | 6,002 |
| Lennar Corp., Class A | 25 | | 4,687 |
| Lululemon Athletica, Inc.* | 39 | | 10,583 |
| Mohawk Industries, Inc.* | 41 | | 6,588 |
| NIKE, Inc., Class B | 875 | | 77,350 |
| PulteGroup, Inc. | 64 | | 9,186 |
| Ralph Lauren Corp. | 43 | | 8,336 |
| Tapestry, Inc. | 151 | | 7,094 |
| | | | 159,759 |
| Consumer Services — 3.6% |
| Booking Holdings, Inc.† | 13 | | 54,758 |
| Caesars Entertainment, Inc.* | 67 | | 2,797 |
| Darden Restaurants, Inc. | 12 | | 1,970 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Consumer Services — (Continued) |
| Hilton Worldwide Holdings, Inc. | 64 | | $ 14,752 |
| Las Vegas Sands Corp. | 313 | | 15,757 |
| Marriott International, Inc., Class A† | 164 | | 40,770 |
| McDonald's Corp.† | 65 | | 19,793 |
| MGM Resorts International* | 71 | | 2,775 |
| Wynn Resorts Ltd. | 65 | | 6,232 |
| Yum! Brands, Inc.† | 82 | | 11,456 |
| | | | 171,060 |
| Consumer Staples Distribution & Retail — 2.2% |
| Dollar General Corp. | 128 | | 10,825 |
| Kroger Co. (The) | 458 | | 26,243 |
| Sysco Corp. | 285 | | 22,247 |
| Target Corp. | 267 | | 41,615 |
| Walgreens Boots Alliance, Inc. | 268 | | 2,401 |
| | | | 103,331 |
| Energy — 6.6% |
| Baker Hughes Co. | 574 | | 20,750 |
| Chevron Corp. | 458 | | 67,450 |
| ConocoPhillips | 372 | | 39,164 |
| Coterra Energy, Inc. | 167 | | 4,000 |
| Devon Energy Corp. | 363 | | 14,200 |
| Diamondback Energy, Inc. | 103 | | 17,757 |
| EOG Resources, Inc. | 143 | | 17,579 |
| Exxon Mobil Corp. | 71 | | 8,323 |
| Halliburton Co. | 489 | | 14,205 |
| Kinder Morgan, Inc. | 30 | | 663 |
| Marathon Oil Corp. | 219 | | 5,832 |
| Marathon Petroleum Corp.† | 193 | | 31,442 |
| Occidental Petroleum Corp. | 523 | | 26,955 |
| Phillips 66† | 242 | | 31,811 |
| Schlumberger NV (Curacao) | 18 | | 755 |
| Valero Energy Corp.† | 132 | | 17,824 |
| | | | 318,710 |
| Equity Real Estate Investment Trusts (REITs) — 0.6% |
| Essex Property Trust, Inc. | 4 | | 1,182 |
| Extra Space Storage, Inc. | 23 | | 4,144 |
| Realty Income Corp.† | 106 | | 6,723 |
| Regency Centers Corp. | 7 | | 506 |
| Simon Property Group, Inc. | 75 | | 12,676 |
| Welltower, Inc. | 9 | | 1,152 |
| | | | 26,383 |
| Financial Services — 12.0% |
| American Express Co. | 68 | | 18,442 |
| Ameriprise Financial, Inc. | 9 | | 4,228 |
| Bank of New York Mellon Corp. (The)† | 68 | | 4,887 |
| Berkshire Hathaway, Inc., Class B†* | 212 | | 97,575 |
| BlackRock, Inc.† | 15 | | 14,243 |
| Blackstone, Inc. | 7 | | 1,072 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Financial Services — (Continued) |
| Capital One Financial Corp. | 6 | | $ 898 |
| Charles Schwab Corp. (The) | 19 | | 1,231 |
| CME Group, Inc. | 5 | | 1,103 |
| Corpay, Inc.* | 47 | | 14,700 |
| Discover Financial Services | 4 | | 561 |
| Fiserv, Inc.†* | 399 | | 71,680 |
| Franklin Resources, Inc.† | 203 | | 4,091 |
| Global Payments, Inc. | 33 | | 3,380 |
| Goldman Sachs Group, Inc. (The) | 32 | | 15,844 |
| Intercontinental Exchange, Inc. | 280 | | 44,979 |
| Invesco Ltd. (Bermuda) | 6 | | 105 |
| KKR & Co., Inc. | 81 | | 10,577 |
| Mastercard, Inc., Class A† | 108 | | 53,330 |
| Moody's Corp. | 2 | | 949 |
| Morgan Stanley | 148 | | 15,428 |
| Nasdaq, Inc. | 187 | | 13,653 |
| Northern Trust Corp. | 3 | | 270 |
| PayPal Holdings, Inc.†* | 667 | | 52,046 |
| Raymond James Financial, Inc. | 3 | | 367 |
| S&P Global, Inc. | 11 | | 5,683 |
| State Street Corp. | 4 | | 354 |
| Synchrony Financial | 36 | | 1,796 |
| T Rowe Price Group, Inc.† | 84 | | 9,150 |
| Visa, Inc., Class A† | 420 | | 115,479 |
| | | | 578,101 |
| Food, Beverage & Tobacco — 6.7% |
| Altria Group, Inc.† | 987 | | 50,377 |
| Archer-Daniels-Midland Co.† | 227 | | 13,561 |
| Bunge Global SA (Switzerland) | 9 | | 870 |
| Coca-Cola Co. (The)† | 1,130 | | 81,202 |
| Conagra Brands, Inc. | 272 | | 8,845 |
| Kellanova | 37 | | 2,986 |
| Keurig Dr Pepper, Inc.† | 458 | | 17,166 |
| Kraft Heinz Co. (The)† | 370 | | 12,991 |
| McCormick & Co., Inc., non-voting shares | 59 | | 4,856 |
| Molson Coors Beverage Co., Class B | 124 | | 7,132 |
| Mondelez International, Inc., Class A† | 244 | | 17,975 |
| PepsiCo, Inc. | 42 | | 7,142 |
| Philip Morris International, Inc.† | 791 | | 96,027 |
| | | | 321,130 |
| Health Care Equipment & Services — 7.0% |
| Align Technology, Inc.* | 2 | | 509 |
| Cencora, Inc.† | 117 | | 26,334 |
| Centene Corp.* | 127 | | 9,561 |
| Cigna Group (The)† | 186 | | 64,438 |
| CVS Health Corp.† | 434 | | 27,290 |
| DaVita, Inc.* | 50 | | 8,196 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Health Care Equipment & Services — (Continued) |
| Elevance Health, Inc. | 43 | | $ 22,360 |
| GE HealthCare Technologies, Inc. | 103 | | 9,666 |
| HCA Healthcare, Inc.† | 154 | | 62,590 |
| Hologic, Inc.* | 99 | | 8,064 |
| Humana, Inc. | 70 | | 22,172 |
| McKesson Corp.† | 21 | | 10,383 |
| Medtronic PLC (Ireland) | 96 | | 8,643 |
| Molina Healthcare, Inc.* | 35 | | 12,060 |
| ResMed, Inc. | 66 | | 16,112 |
| Solventum Corp.†* | 100 | | 6,972 |
| UnitedHealth Group, Inc. | 17 | | 9,940 |
| Universal Health Services, Inc., Class B | 40 | | 9,160 |
| | | | 334,450 |
| Household & Personal Products — 2.4% |
| Colgate-Palmolive Co.† | 387 | | 40,174 |
| Estee Lauder Cos., Inc. (The), Class A | 4 | | 399 |
| Kimberly-Clark Corp.† | 134 | | 19,065 |
| Procter & Gamble Co. (The)† | 333 | | 57,676 |
| | | | 117,314 |
| Insurance — 3.1% |
| Aflac, Inc. | 7 | | 783 |
| Allstate Corp. (The) | 3 | | 569 |
| American International Group, Inc. | 12 | | 879 |
| Aon PLC, Class A (Ireland)† | 106 | | 36,675 |
| Arthur J Gallagher & Co. | 54 | | 15,194 |
| Brown & Brown, Inc. | 182 | | 18,855 |
| Chubb Ltd. (Switzerland) | 35 | | 10,094 |
| Hartford Financial Services Group, Inc. (The) | 66 | | 7,762 |
| Loews Corp. | 119 | | 9,407 |
| MetLife, Inc. | 49 | | 4,042 |
| Progressive Corp. (The) | 7 | | 1,776 |
| Prudential Financial, Inc. | 132 | | 15,985 |
| Travelers Cos., Inc. (The) | 37 | | 8,662 |
| W R Berkley Corp. | 4 | | 227 |
| Willis Towers Watson PLC (Ireland) | 68 | | 20,028 |
| | | | 150,938 |
| Materials — 2.0% |
| Amcor PLC (Jersey) | 834 | | 9,449 |
| Avery Dennison Corp. | 47 | | 10,376 |
| Ball Corp. | 185 | | 12,563 |
| Celanese Corp. | 2 | | 272 |
| DuPont de Nemours, Inc. | 241 | | 21,476 |
| Eastman Chemical Co. | 27 | | 3,023 |
| Ecolab, Inc. | 4 | | 1,021 |
| FMC Corp. | 2 | | 132 |
| International Paper Co.† | 204 | | 9,965 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Materials — (Continued) |
| LyondellBasell Industries NV, Class A (Netherlands) | 188 | | $ 18,029 |
| Mosaic Co. (The) | 73 | | 1,955 |
| Packaging Corp. of America | 8 | | 1,723 |
| Sherwin-Williams Co. (The) | 4 | | 1,527 |
| Smurfit WestRock PLC (Ireland) | 47 | | 2,323 |
| | | | 93,834 |
| Media & Entertainment — 11.3% |
| Alphabet, Inc., Class A† | 1,242 | | 205,986 |
| Charter Communications, Inc., Class A†* | 57 | | 18,473 |
| Comcast Corp., Class A† | 361 | | 15,079 |
| Fox Corp., Class A | 270 | | 11,429 |
| Interpublic Group of Cos., Inc. (The) | 115 | | 3,637 |
| Match Group, Inc.* | 118 | | 4,465 |
| Meta Platforms, Inc., Class A† | 278 | | 159,138 |
| Netflix, Inc.†* | 40 | | 28,371 |
| News Corp., Class A | 173 | | 4,607 |
| Omnicom Group, Inc.† | 131 | | 13,544 |
| Walt Disney Co. (The) | 820 | | 78,876 |
| | | | 543,605 |
| Pharmaceuticals, Biotechnology & Life Sciences — 6.0% |
| AbbVie, Inc.† | 19 | | 3,752 |
| Amgen, Inc.† | 2 | | 645 |
| Biogen, Inc.* | 33 | | 6,397 |
| Bristol-Myers Squibb Co. | 620 | | 32,079 |
| Danaher Corp.† | 66 | | 18,349 |
| Gilead Sciences, Inc.† | 738 | | 61,874 |
| Incyte Corp.* | 18 | | 1,190 |
| Johnson & Johnson† | 502 | | 81,354 |
| Merck & Co., Inc.† | 706 | | 80,173 |
| Viatris, Inc. | 223 | | 2,589 |
| | | | 288,402 |
| Semiconductors & Semiconductor Equipment — 10.6% |
| Applied Materials, Inc.† | 207 | | 41,824 |
| Broadcom, Inc.† | 155 | | 26,737 |
| KLA Corp.† | 20 | | 15,488 |
| Lam Research Corp.† | 72 | | 58,758 |
| Micron Technology, Inc.† | 100 | | 10,371 |
| Monolithic Power Systems, Inc. | 10 | | 9,245 |
| NVIDIA Corp.† | 1,789 | | 217,256 |
| NXP Semiconductors NV (Netherlands) | 17 | | 4,080 |
| ON Semiconductor Corp.* | 6 | | 436 |
| Qorvo, Inc.* | 57 | | 5,888 |
| QUALCOMM, Inc. | 674 | | 114,614 |
| Skyworks Solutions, Inc. | 49 | | 4,840 |
| Teradyne, Inc. | 4 | | 536 |
| | | | 510,073 |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Software & Services — 8.9% |
| Accenture PLC, Class A (Ireland)† | 28 | | $ 9,898 |
| ANSYS, Inc.* | 8 | | 2,549 |
| Cognizant Technology Solutions Corp., Class A | 46 | | 3,550 |
| EPAM Systems, Inc.* | 5 | | 995 |
| Gen Digital, Inc. | 391 | | 10,725 |
| GoDaddy, Inc., Class A* | 32 | | 5,017 |
| Microsoft Corp.† | 817 | | 351,555 |
| Palantir Technologies, Inc., Class A* | 187 | | 6,956 |
| Roper Technologies, Inc. | 1 | | 556 |
| Salesforce, Inc.† | 87 | | 23,813 |
| VeriSign, Inc.* | 59 | | 11,208 |
| | | | 426,822 |
| Technology Hardware & Equipment — 11.5% |
| Amphenol Corp., Class A† | 106 | | 6,907 |
| Apple, Inc.† | 1,298 | | 302,434 |
| Arista Networks, Inc.* | 9 | | 3,454 |
| Cisco Systems, Inc.† | 933 | | 49,654 |
| Dell Technologies, Inc., Class C | 406 | | 48,127 |
| F5, Inc.* | 39 | | 8,588 |
| Hewlett Packard Enterprise Co. | 749 | | 15,325 |
| HP, Inc.† | 575 | | 20,625 |
| Jabil, Inc. | 84 | | 10,066 |
| Juniper Networks, Inc. | 2 | | 78 |
| Motorola Solutions, Inc. | 49 | | 22,032 |
| NetApp, Inc.† | 133 | | 16,427 |
| Super Micro Computer, Inc.* | 34 | | 14,158 |
| TE Connectivity PLC (Ireland) | 180 | | 27,178 |
| Teledyne Technologies, Inc.* | 11 | | 4,814 |
| Western Digital Corp.* | 76 | | 5,190 |
| | | | 555,057 |
| Telecommunication Services — 4.8% |
| AT&T, Inc.† | 2,134 | | 46,948 |
| T-Mobile US, Inc.† | 543 | | 112,053 |
| Verizon Communications, Inc.† | 1,614 | | 72,485 |
| | | | 231,486 |
| Transportation — 2.2% |
| CSX Corp. | 1,126 | | 38,881 |
| Delta Air Lines, Inc. | 374 | | 18,996 |
| FedEx Corp.† | 140 | | 38,315 |
| Union Pacific Corp. | 34 | | 8,380 |
| | | | 104,572 |
| | Number
of Shares | | Value |
| COMMON STOCKS — (Continued) |
| Utilities — 0.3% |
| NRG Energy, Inc. | 133 | | $ 12,116 |
| PG&E Corp. | 194 | | 3,836 |
| | | | 15,952 |
TOTAL COMMON STOCKS
(Cost $5,086,158) | | | 6,609,350 |
|
| |
TOTAL LONG POSITIONS - 137.5%
(Cost $5,086,158) | | | 6,609,350 |
| SHORT POSITIONS — (39.6)% |
| COMMON STOCKS — (39.6)% |
| Automobiles & Components — (0.2)% |
| Ford Motor Co. | (815) | | (8,606) |
| Banks — (0.0)% |
| Regions Financial Corp. | (2) | | (47) |
| Capital Goods — (2.4)% |
| Axon Enterprise, Inc.* | (15) | | (5,994) |
| Boeing Co. (The)* | (124) | | (18,853) |
| Carrier Global Corp. | (182) | | (14,649) |
| Deere & Co. | (58) | | (24,205) |
| Eaton Corp. PLC (Ireland) | (32) | | (10,606) |
| Generac Holdings, Inc.* | (13) | | (2,066) |
| Hubbell, Inc. | (11) | | (4,712) |
| Huntington Ingalls Industries, Inc. | (9) | | (2,379) |
| L3Harris Technologies, Inc. | (38) | | (9,039) |
| Northrop Grumman Corp. | (5) | | (2,640) |
| Quanta Services, Inc. | (29) | | (8,646) |
| Rockwell Automation, Inc. | (23) | | (6,175) |
| RTX Corp. | (47) | | (5,695) |
| Xylem, Inc. | (6) | | (810) |
| | | | (116,469) |
| Commercial & Professional Services — (1.2)% |
| Cintas Corp. | (34) | | (7,000) |
| Dayforce, Inc.* | (33) | | (2,021) |
| Equifax, Inc. | (26) | | (7,640) |
| Paychex, Inc. | (36) | | (4,831) |
| Paycom Software, Inc. | (12) | | (1,999) |
| Republic Services, Inc. | (6) | | (1,205) |
| Rollins, Inc. | (123) | | (6,221) |
| Verisk Analytics, Inc. | (31) | | (8,307) |
| Waste Management, Inc. | (85) | | (17,646) |
| | | | (56,870) |
| Consumer Discretionary Distribution & Retail — (0.6)% |
| Genuine Parts Co. | (28) | | (3,911) |
| O'Reilly Automotive, Inc.* | (13) | | (14,971) |
| Pool Corp. | (8) | | (3,014) |
| Tractor Supply Co. | (22) | | (6,401) |
| | | | (28,297) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Consumer Services — (1.6)% |
| Airbnb, Inc., Class A* | (132) | | $ (16,739) |
| Carnival Corp. (Panama)* | (257) | | (4,749) |
| Chipotle Mexican Grill, Inc.* | (279) | | (16,076) |
| Domino's Pizza, Inc. | (7) | | (3,011) |
| Expedia Group, Inc.* | (14) | | (2,072) |
| Norwegian Cruise Line Holdings Ltd. (Bermuda)* | (89) | | (1,826) |
| Royal Caribbean Cruises Ltd. (Liberia) | (51) | | (9,046) |
| Starbucks Corp. | (225) | | (21,935) |
| | | | (75,454) |
| Consumer Staples Distribution & Retail — (1.0)% |
| Costco Wholesale Corp. | (30) | | (26,596) |
| Dollar Tree, Inc.* | (43) | | (3,024) |
| Walmart, Inc. | (242) | | (19,541) |
| | | | (49,161) |
| Energy — (0.9)% |
| APA Corp. | (75) | | (1,835) |
| EQT Corp. | (90) | | (3,298) |
| Hess Corp. | (63) | | (8,555) |
| ONEOK, Inc. | (121) | | (11,027) |
| Targa Resources Corp. | (49) | | (7,252) |
| Williams Cos., Inc. (The) | (263) | | (12,006) |
| | | | (43,973) |
| Equity Real Estate Investment Trusts (REITs) — (3.2)% |
| Alexandria Real Estate Equities, Inc. | (35) | | (4,156) |
| American Tower Corp. | (94) | | (21,861) |
| AvalonBay Communities, Inc. | (29) | | (6,532) |
| BXP, Inc. | (32) | | (2,575) |
| Camden Property Trust | (22) | | (2,718) |
| Crown Castle, Inc. | (88) | | (10,439) |
| Digital Realty Trust, Inc. | (66) | | (10,681) |
| Equinix, Inc. | (22) | | (19,528) |
| Equity Residential | (76) | | (5,659) |
| Federal Realty Investment Trust | (1) | | (115) |
| Healthpeak Properties, Inc. | (144) | | (3,293) |
| Host Hotels & Resorts, Inc. | (161) | | (2,834) |
| Invitation Homes, Inc. | (124) | | (4,372) |
| Iron Mountain, Inc. | (63) | | (7,486) |
| Kimco Realty Corp. | (10) | | (232) |
| Mid-America Apartment Communities, Inc. | (25) | | (3,973) |
| Prologis, Inc. | (185) | | (23,362) |
| Public Storage | (13) | | (4,730) |
| SBA Communications Corp. | (22) | | (5,295) |
| UDR, Inc. | (52) | | (2,358) |
| VICI Properties, Inc. | (212) | | (7,062) |
| Weyerhaeuser Co. | (150) | | (5,079) |
| | | | (154,340) |
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Financial Services — (0.7)% |
| Cboe Global Markets, Inc. | (21) | | $ (4,302) |
| FactSet Research Systems, Inc. | (8) | | (3,679) |
| Fidelity National Information Services, Inc. | (111) | | (9,296) |
| Jack Henry & Associates, Inc. | (15) | | (2,648) |
| MarketAxess Holdings, Inc. | (8) | | (2,050) |
| MSCI, Inc. | (18) | | (10,493) |
| | | | (32,468) |
| Food, Beverage & Tobacco — (1.2)% |
| Brown-Forman Corp., Class B | (95) | | (4,674) |
| Campbell Soup Co. | (60) | | (2,935) |
| Constellation Brands, Inc., Class A | (38) | | (9,792) |
| General Mills, Inc. | (112) | | (8,271) |
| Hershey Co. (The) | (42) | | (8,055) |
| Hormel Foods Corp. | (110) | | (3,487) |
| J M Smucker Co. (The) | (22) | | (2,664) |
| Lamb Weston Holdings, Inc. | (30) | | (1,942) |
| Monster Beverage Corp.* | (198) | | (10,330) |
| Tyson Foods, Inc., Class A | (71) | | (4,229) |
| | | | (56,379) |
| Health Care Equipment & Services — (3.7)% |
| Abbott Laboratories | (211) | | (24,056) |
| Baxter International, Inc. | (102) | | (3,873) |
| Becton Dickinson & Co. | (32) | | (7,715) |
| Boston Scientific Corp.* | (304) | | (25,475) |
| Cardinal Health, Inc. | (29) | | (3,205) |
| Cooper Cos., Inc. (The)* | (40) | | (4,414) |
| Dexcom, Inc.* | (85) | | (5,698) |
| Edwards Lifesciences Corp.* | (125) | | (8,249) |
| Henry Schein, Inc.* | (26) | | (1,895) |
| IDEXX Laboratories, Inc.* | (18) | | (9,094) |
| Insulet Corp.* | (14) | | (3,259) |
| Intuitive Surgical, Inc.* | (71) | | (34,880) |
| Labcorp Holdings, Inc. | (17) | | (3,799) |
| Quest Diagnostics, Inc. | (19) | | (2,950) |
| STERIS PLC (Ireland) | (22) | | (5,336) |
| Stryker Corp. | (79) | | (28,540) |
| Teleflex, Inc. | (10) | | (2,473) |
| Zimmer Biomet Holdings, Inc. | (42) | | (4,534) |
| | | | (179,445) |
| Household & Personal Products — (0.4)% |
| Church & Dwight Co., Inc. | (51) | | (5,341) |
| Clorox Co. (The) | (25) | | (4,073) |
| Kenvue, Inc. | (382) | | (8,835) |
| | | | (18,249) |
| Insurance — (0.7)% |
| Arch Capital Group Ltd. (Bermuda)* | (35) | | (3,916) |
| Assurant, Inc. | (9) | | (1,790) |
| Cincinnati Financial Corp. | (33) | | (4,492) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Continued)
September 30, 2024
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Insurance — (Continued) |
| Erie Indemnity Co., Class A | (10) | | $ (5,398) |
| Everest Group Ltd. (Bermuda) | (9) | | (3,526) |
| Globe Life, Inc. | (20) | | (2,118) |
| Marsh & McLennan Cos., Inc. | (55) | | (12,270) |
| Principal Financial Group, Inc. | (20) | | (1,718) |
| | | | (35,228) |
| Materials — (2.0)% |
| Air Products and Chemicals, Inc. | (46) | | (13,696) |
| Albemarle Corp. | (24) | | (2,273) |
| CF Industries Holdings, Inc. | (37) | | (3,175) |
| Corteva, Inc. | (139) | | (8,172) |
| Dow, Inc. | (142) | | (7,757) |
| Freeport-McMoRan, Inc. | (293) | | (14,626) |
| International Flavors & Fragrances, Inc. | (51) | | (5,351) |
| Linde PLC (Ireland) | (1) | | (477) |
| Martin Marietta Materials, Inc. | (13) | | (6,997) |
| Newmont Corp. | (238) | | (12,721) |
| Nucor Corp. | (50) | | (7,517) |
| PPG Industries, Inc. | (11) | | (1,457) |
| Steel Dynamics, Inc. | (32) | | (4,035) |
| Vulcan Materials Co. | (27) | | (6,762) |
| | | | (95,016) |
| Media & Entertainment — (0.3)% |
| Live Nation Entertainment, Inc.* | (49) | | (5,365) |
| Paramount Global, Class B | (133) | | (1,412) |
| Take-Two Interactive Software, Inc.* | (21) | | (3,228) |
| Warner Bros Discovery, Inc.* | (491) | | (4,051) |
| | | | (14,056) |
| Pharmaceuticals, Biotechnology & Life Sciences — (4.7)% |
| Agilent Technologies, Inc. | (61) | | (9,057) |
| Bio-Techne Corp. | (36) | | (2,877) |
| Catalent, Inc.* | (39) | | (2,362) |
| Charles River Laboratories International, Inc.* | (11) | | (2,167) |
| Eli Lilly & Co. | (40) | | (35,438) |
| IQVIA Holdings, Inc.* | (37) | | (8,768) |
| Mettler-Toledo International, Inc.* | (5) | | (7,499) |
| Moderna, Inc.* | (78) | | (5,213) |
| Pfizer, Inc. | (1,150) | | (33,281) |
| Regeneron Pharmaceuticals, Inc.* | (24) | | (25,230) |
| Revvity, Inc. | (25) | | (3,194) |
| Thermo Fisher Scientific, Inc. | (64) | | (39,588) |
| Vertex Pharmaceuticals, Inc.* | (50) | | (23,254) |
| Waters Corp.* | (13) | | (4,679) |
| West Pharmaceutical Services, Inc. | (15) | | (4,502) |
| Zoetis, Inc. | (96) | | (18,756) |
| | | | (225,865) |
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Real Estate Management & Development — (0.3)% |
| CBRE Group, Inc., Class A* | (62) | | $ (7,718) |
| CoStar Group, Inc.* | (88) | | (6,638) |
| | | | (14,356) |
| Semiconductors & Semiconductor Equipment — (2.1)% |
| Advanced Micro Devices, Inc.* | (10) | | (1,641) |
| Analog Devices, Inc. | (103) | | (23,707) |
| Enphase Energy, Inc.* | (28) | | (3,165) |
| First Solar, Inc.* | (22) | | (5,488) |
| Intel Corp. | (865) | | (20,293) |
| Microchip Technology, Inc. | (107) | | (8,591) |
| Texas Instruments, Inc. | (192) | | (39,661) |
| | | | (102,546) |
| Software & Services — (5.2)% |
| Adobe, Inc.* | (71) | | (36,762) |
| Akamai Technologies, Inc.* | (31) | | (3,129) |
| Autodesk, Inc.* | (43) | | (11,846) |
| Cadence Design Systems, Inc.* | (54) | | (14,636) |
| Crowdstrike Holdings, Inc., Class A* | (49) | | (13,743) |
| Fair Isaac Corp.* | (5) | | (9,718) |
| Fortinet, Inc.* | (170) | | (13,183) |
| International Business Machines Corp. | (57) | | (12,601) |
| Intuit, Inc. | (39) | | (24,219) |
| Oracle Corp. | (154) | | (26,242) |
| Palo Alto Networks, Inc.* | (70) | | (23,926) |
| PTC, Inc.* | (26) | | (4,697) |
| ServiceNow, Inc.* | (40) | | (35,776) |
| Synopsys, Inc.* | (30) | | (15,192) |
| Tyler Technologies, Inc.* | (10) | | (5,837) |
| | | | (251,507) |
| Technology Hardware & Equipment — (0.7)% |
| CDW Corp. | (27) | | (6,110) |
| Corning, Inc. | (167) | | (7,540) |
| Keysight Technologies, Inc.* | (35) | | (5,563) |
| Seagate Technology Holdings PLC (Ireland) | (42) | | (4,600) |
| Trimble, Inc.* | (52) | | (3,229) |
| Zebra Technologies Corp., Class A* | (11) | | (4,073) |
| | | | (31,115) |
| Transportation — (1.3)% |
| CH Robinson Worldwide, Inc. | (24) | | (2,649) |
| Expeditors International of Washington, Inc. | (1) | | (131) |
| JB Hunt Transport Services, Inc. | (23) | | (3,964) |
| Norfolk Southern Corp. | (46) | | (11,431) |
| Old Dominion Freight Line, Inc. | (45) | | (8,939) |
| Southwest Airlines Co. | (129) | | (3,822) |
| Uber Technologies, Inc.* | (285) | | (21,421) |
The accompanying notes are an integral part of the financial statements.
GOTHAM ENHANCED 500 PLUS FUND
Portfolio of Investments (Concluded)
September 30, 2024
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Transportation — (Continued) |
| United Airlines Holdings, Inc.* | (68) | | $ (3,880) |
| United Parcel Service, Inc., Class B | (51) | | (6,953) |
| | | | (63,190) |
| Utilities — (5.2)% |
| AES Corp. (The) | (144) | | (2,889) |
| Alliant Energy Corp. | (61) | | (3,702) |
| Ameren Corp. | (62) | | (5,423) |
| American Electric Power Co., Inc. | (124) | | (12,722) |
| American Water Works Co., Inc. | (41) | | (5,996) |
| Atmos Energy Corp. | (32) | | (4,439) |
| CenterPoint Energy, Inc. | (137) | | (4,031) |
| CMS Energy Corp. | (70) | | (4,944) |
| Consolidated Edison, Inc. | (71) | | (7,393) |
| Constellation Energy Corp. | (63) | | (16,381) |
| Dominion Energy, Inc. | (179) | | (10,344) |
| DTE Energy Co. | (42) | | (5,393) |
| Duke Energy Corp. | (157) | | (18,102) |
| Edison International | (90) | | (7,838) |
| Entergy Corp. | (50) | | (6,581) |
| Evergy, Inc. | (51) | | (3,163) |
| Eversource Energy | (82) | | (5,580) |
| Exelon Corp. | (204) | | (8,272) |
| FirstEnergy Corp. | (136) | | (6,032) |
| NextEra Energy, Inc. | (425) | | (35,925) |
| NiSource, Inc. | (94) | | (3,257) |
| Pinnacle West Capital Corp. | (26) | | (2,303) |
| | Number
of Shares | | Value |
|
| COMMON STOCKS — (Continued) |
| Utilities — (Continued) |
| PPL Corp. | (158) | | $ (5,227) |
| Public Service Enterprise Group, Inc. | (107) | | (9,545) |
| Sempra | (135) | | (11,290) |
| Southern Co. (The) | (227) | | (20,471) |
| Vistra Corp. | (70) | | (8,298) |
| WEC Energy Group, Inc. | (79) | | (7,598) |
| Xcel Energy, Inc. | (133) | | (8,685) |
| | | | (251,824) |
TOTAL COMMON STOCKS
(Proceeds $1,680,029) | | | (1,904,461) |
|
| |
TOTAL SHORT POSITIONS - (39.6)%
(Proceeds $1,680,029) | | (1,904,461) |
| OTHER ASSETS IN EXCESS OF LIABILITIES - 2.1% | | | 102,607 |
| NET ASSETS - 100.0% | | | $4,807,496 |
| † | 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 |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Assets and Liabilities
September 30, 2024
| | Gotham Absolute
Return Fund | | Gotham Enhanced
Return Fund | | Gotham Neutral
Fund |
| Assets | | | | | |
| Non-affiliated investments, at value1,2 | $748,040,113 | | $140,503,430 | | $88,117,071 |
| Affiliated investments, at value3 | — | | 119,767,786 | | — |
| Swaps, at value(a) | 61,485,738 | | 42,771,615 | | 7,554,190 |
| Cash and cash equivalents | 3,000,721 | | 1,354,352 | | 3,164,770 |
| Due from broker | 6,932,246 | | 8,741,415 | | 438,259 |
| Receivables: | | | | | |
| Investments sold | 7,745,648 | | 3,171,896 | | 973,650 |
| Capital shares sold | 718,098 | | 57,426 | | 702,273 |
| Dividends | 489,889 | | 101,074 | | 51,685 |
| Prepaid expenses and other assets | 21,837 | | 7,884 | | 20,728 |
| Total Assets | 828,434,290 | | 316,476,878 | | 101,022,626 |
| Liabilities | | | | | |
| Obligation to return cash collateral on swap contracts (Note 1) | 30,495,700 | | 41,150,000 | | 5,000,000 |
| Payables: | | | | | |
| Investments purchased | 8,350,650 | | 482,870 | | 2,066,235 |
| Capital shares redeemed | 769,165 | | 223,506 | | 10,701 |
| Investment adviser | 765,087 | | 207,291 | | 70,687 |
| Administration and accounting fees | 81,080 | | 52,237 | | 42,085 |
| Accrued expenses | 159,397 | | 71,972 | | 46,730 |
| Total Liabilities | 40,621,079 | | 42,187,876 | | 7,236,438 |
| Contingencies and Commitments (Note 2) | N/A | | N/A | | N/A |
| Net Assets | $787,813,211 | | $274,289,002 | | $93,786,188 |
| Net Assets Consisted of: | | | | | |
| Capital stock, $0.01 par value | $327,376 | | $181,365 | | $65,119 |
| Paid-in capital | 538,543,851 | | 147,603,186 | | 135,012,640 |
| Total distributable earnings/(loss) | 248,941,984 | | 126,504,451 | | (41,291,571) |
| Net Assets | $787,813,211 | | $274,289,002 | | $93,786,188 |
| Institutional Class Shares: | | | | | |
| Net assets | $787,813,211 | | $274,289,002 | | $93,786,188 |
| Shares outstanding | 32,737,567 | | 18,136,507 | | 6,511,891 |
| Net asset value, offering and redemption price per share | $24.06 | | $15.12 | | $14.40 |
| 1Non-affiliated investments, at cost | $641,761,386 | | $121,077,379 | | $80,847,189 |
| 2Includes market value of securities designated as collateral for swaps | $206,436,433 | | $85,461,161 | | $53,937,324 |
| 3Affiliated investments, at cost | $— | | $89,392,130 | | $— |
| (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)
September 30, 2024
| | Gotham Index
Plus Fund | | Gotham Large
Value Fund | | Gotham Enhanced S&P
500 Index Fund |
| Assets | | | | | |
| Non-affiliated investments, at value1,2 | $444,533,402 | | $33,595,048 | | $20,839,538 |
| Affiliated investments, at value3 | 401,215,872 | | — | | — |
| Swaps, at value(a) | 160,673,593 | | — | | — |
| Cash and cash equivalents | 1,289,532 | | 306,737 | | 170,737 |
| Due from broker | 42,367,881 | | — | | — |
| Receivables: | | | | | |
| Investments sold | 4,693,916 | | 388,888 | | 152,045 |
| Capital shares sold | 666,751 | | — | | 21,495 |
| Dividends | 398,980 | | 48,187 | | 16,084 |
| Prepaid expenses and other assets | 33,949 | | — | | — |
| Total Assets | 1,055,873,876 | | 34,338,860 | | 21,199,899 |
| Liabilities | | | | | |
| Obligation to return cash collateral on swap contracts (Note 1) | 158,350,000 | | — | | — |
| Due to broker | 2,124 | | — | | — |
| Payables: | | | | | |
| Capital shares redeemed | 2,275,061 | | — | | 1,502 |
| Investments purchased | 1,372,317 | | 393,061 | | 166,002 |
| Investment adviser | 469,357 | | 961 | | 5,838 |
| Administration and accounting fees | 64,007 | | 6,875 | | — |
| Distribution fees (Investor Class Shares) | 3,413 | | — | | — |
| Distributions to shareholders | — | | — | | 32 |
| Accrued expenses | 165,684 | | 38,140 | | 2,500 |
| Total Liabilities | 162,701,963 | | 439,037 | | 175,874 |
| Contingencies and Commitments (Note 2) | — | | N/A | | N/A |
| Net Assets | $893,171,913 | | $33,899,823 | | $21,024,025 |
| Net Assets Consisted of: | | | | | |
| Capital stock, $0.01 par value | $318,607 | | $21,413 | | $10,841 |
| Paid-in capital | 585,035,804 | | 26,578,355 | | 13,921,693 |
| Total distributable earnings | 307,817,502 | | 7,300,055 | | 7,091,491 |
| Net Assets | $893,171,913 | | $33,899,823 | | $21,024,025 |
| Institutional Class Shares: | | | | | |
| Net assets | $876,163,265 | | $33,899,823 | | $21,024,025 |
| Shares outstanding | 31,250,484 | | 2,141,309 | | 1,084,101 |
| Net asset value, offering and redemption price per share | $28.04 | | $15.83 | | $19.39 |
| Investor Class Shares: | | | | | |
| Net assets | $17,008,648 | | N/A | | N/A |
| Shares outstanding | 610,216 | | N/A | | N/A |
| Net asset value, offering and redemption price per share | $27.87 | | N/A | | N/A |
| 1Non-affiliated investments, at cost | $373,375,282 | | $28,052,193 | | $14,901,949 |
| 2Includes market value of securities designated as collateral for swaps | $351,383,482 | | $— | | $— |
| 3Affiliated investments, at cost | $322,519,946 | | $— | | $— |
| (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 (Concluded)
September 30, 2024
| | Gotham Hedged
Core Fund | | Gotham Defensive
Long 500 Fund | | Gotham Total
Return Fund | | Gotham Enhanced
500 Plus Fund |
| Assets | | | | | | | |
| Non-affiliated investments, at value1,2,3 | $8,549,882 | | $17,353,932 | | $— | | $6,609,350 |
| Affiliated investments, at value4 | — | | — | | 15,205,890 | | — |
| Swaps, at value(a) | — | | 3,378,680 | | — | | — |
| Cash and cash equivalents | 104,626 | | 920,393 | | 39,489 | | 44,682 |
| Due from broker | — | | 880,910 | | — | | — |
| Deposits with brokers for securities sold short | 12,294 | | — | | — | | 83,592 |
| Receivables: | | | | | | | |
| Investments sold | 57,908 | | 76,829 | | — | | 57,944 |
| Dividends | 9,326 | | 19,610 | | — | | 6,310 |
| Investment adviser | — | | — | | 9,774 | | 9,110 |
| Prepaid expenses and other assets | — | | 6,345 | | — | | 1,288 |
| Total Assets | 8,734,036 | | 22,636,699 | | 15,255,153 | | 6,812,276 |
| Liabilities | | | | | | | |
| Securities sold short, at value5 | 2,459,119 | | — | | — | | 1,904,461 |
| Obligation to return cash collateral on swap contracts (Note 1) | — | | 4,200,000 | | — | | — |
| Payables: | | | | | | | |
| Investments purchased | 62,425 | | 120,338 | | — | | 59,737 |
| Investment adviser | 3,496 | | 710 | | — | | — |
| Dividends and fees on securities sold short | 1,653 | | — | | — | | 1,327 |
| Capital shares redeemed | — | | — | | 7 | | — |
| Administration and accounting fees | — | | 11,692 | | 7,833 | | 11,362 |
| Accrued expenses | 747 | | 28,623 | | 29,707 | | 27,893 |
| Total Liabilities | 2,527,440 | | 4,361,363 | | 37,547 | | 2,004,780 |
| Contingencies and Commitments (Note 2) | — | | N/A | | — | | — |
| Net Assets | $6,206,596 | | $18,275,336 | | $15,217,606 | | $4,807,496 |
| Net Assets Consisted of: | | | | | | | |
| Capital stock, $0.01 par value | $4,625 | | $9,790 | | $10,599 | | $3,108 |
| Paid-in capital | 4,231,819 | | 12,293,022 | | 10,690,574 | | 3,272,768 |
| Total distributable earnings | 1,970,152 | | 5,972,524 | | 4,516,433 | | 1,531,620 |
| Net Assets | $6,206,596 | | $18,275,336 | | $15,217,606 | | $4,807,496 |
| Institutional Class Shares: | | | | | | | |
| Net assets | $6,206,596 | | $18,275,336 | | $15,217,606 | | $4,807,496 |
| Shares outstanding | 462,463 | | 978,986 | | 1,059,910 | | 310,755 |
| Net asset value, offering and redemption price per share | $13.42 | | $18.67 | | $14.36 | | $15.47 |
| 1Non-affiliated investments, at cost | $6,951,129 | | $14,368,933 | | $— | | $5,086,158 |
| 2Includes market value of securities designated as collateral for swaps | $— | | $7,430,712 | | $— | | $— |
| 3Includes market value of securities designated as collateral for shorts | $4,112,855 | | $— | | $— | | $3,012,822 |
| 4Affiliated investments, at cost | $— | | $— | | $11,964,862 | | $— |
| 5Proceeds received, securities sold short | $2,471,429 | | $— | | $— | | $1,680,029 |
| (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 Year Ended September 30, 2024
| | Gotham Absolute
Return Fund | | Gotham Enhanced
Return Fund | | Gotham Neutral
Fund |
| Investment income | | | | | |
| Dividends from non-affiliated investments | $9,034,330 | | $1,714,768 | | $1,064,662 |
| Dividends from affiliated investments | — | | 1,216,848 | | — |
| Less: taxes withheld | (33,823) | | (7,487) | | (10,073) |
| Total investment income | 9,000,507 | | 2,924,129 | | 1,054,589 |
| Expenses | | | | | |
| Advisory fees(Note 2) | 9,619,458 | | 2,861,457 | | 1,141,065 |
| Interest expense | 1,898,071 | | 1,775,712 | | 287,805 |
| Transfer agent fees(Note 2) | 570,067 | | 134,256 | | 65,788 |
| Administration and accounting fees(Note 2) | 253,806 | | 149,232 | | 118,122 |
| Trustees’ and officers’ fees(Note 2) | 145,892 | | 50,883 | | 18,902 |
| Legal fees | 111,942 | | 41,075 | | 19,229 |
| Audit fees | 104,973 | | 51,647 | | 32,184 |
| Custodian fees(Note 2) | 81,513 | | 29,479 | | 10,150 |
| Registration and filing fees | 62,452 | | 31,666 | | 11,499 |
| Shareholder reporting fees | 46,439 | | 27,570 | | 25,914 |
| Other expenses | 51,676 | | 25,019 | | 20,699 |
| Total expenses before waivers and/or reimbursements | 12,946,289 | | 5,177,996 | | 1,751,357 |
| Waivers and/or reimbursements(Note 2) | (1,428,760) | | (540,828) | | (322,487) |
| Net expenses after waivers and/or reimbursements | 11,517,529 | | 4,637,168 | | 1,428,870 |
| Net investment loss | (2,517,022) | | (1,713,039) | | (374,281) |
| Net realized and unrealized gain/(loss) from investments: | | | | | |
| Net realized gain from non-affiliated investments | 109,932,642 | | 21,271,940 | | 16,114,567 |
| Net realized gain from affiliated investments | — | | 1,319,612 | | — |
| Net realized gain from swaps | 17,344,868(a) | | 18,970,542(a) | | 1,596,640(a) |
| Net realized gain from foreign currency transactions | 1,687 | | 522 | | 216 |
| Net change in unrealized appreciation on non-affiliated investments | 59,663,409 | | 10,905,315 | | 2,971,734 |
| Net change in unrealized appreciation on affiliated investments | — | | 23,879,129 | | — |
| Net change in unrealized appreciation/(depreciation) on swaps | (10,447,402)(a) | | 7,360,997(a) | | (4,198,890)(a) |
| Net change in unrealized depreciation on foreign currency translations | (1,228) | | (443) | | (129) |
| Net realized and unrealized gain on investments | 176,493,976 | | 83,707,614 | | 16,484,138 |
| Net increase in net assets resulting from operations | $173,976,954 | | $81,994,575 | | $16,109,857 |
| (a) | Primary risk exposure is equity contracts. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Operations (Continued)
For the Year Ended September 30, 2024
| | Gotham Index
Plus Fund | | Gotham Large
Value Fund | | Gotham Enhanced S&P
500 Index Fund |
| Investment income | | | | | |
| Dividends from non-affiliated investments | $6,227,256 | | $935,050 | | $318,005 |
| Dividends from affiliated investments | 2,905,961 | | — | | — |
| Interest | — | | 8,276 | | 3,341 |
| Less: taxes withheld | (3,747) | | — | | (14) |
| Total investment income | 9,129,470 | | 943,326 | | 321,332 |
| Expenses | | | | | |
| Interest expense | 6,920,050 | | 27,783 | | — |
| Advisory fees(Note 2) | 5,172,617 | | 290,979 | | 98,554 |
| Transfer agent fees(Note 2) | 569,967 | | 30,424 | | — |
| Administration and accounting fees(Note 2) | 210,367 | | 22,566 | | — |
| Trustees’ and officers’ fees(Note 2) | 144,015 | | 11,602 | | — |
| Registration and filing fees | 127,423 | | 27,901 | | — |
| Legal fees | 109,680 | | 14,172 | | — |
| Audit fees | 106,564 | | 26,150 | | — |
| Custodian fees(Note 2) | 105,516 | | 2,129 | | — |
| Shareholder reporting fees | 42,373 | | 23,084 | | — |
| Distribution fees (Investor Class Shares)(Note 2) | 39,003 | | — | | — |
| Support services fees | — | | — | | 29,568 |
| Other expenses | 42,292 | | 8,362 | | — |
| Total expenses before waivers and/or reimbursements | 13,589,867 | | 485,152 | | 128,122 |
| Waivers and/or reimbursements(Note 2) | (455,791) | | (166,391) | | (29,568) |
| Net expenses after waivers and/or reimbursements | 13,134,076 | | 318,761 | | 98,554 |
| Net investment income/(loss) | (4,004,606) | | 624,565 | | 222,778 |
| Net realized and unrealized gain/(loss) from investments: | | | | | |
| Net realized gain from non-affiliated investments | 31,693,331 | | 3,886,381 | | 2,031,381 |
| Net realized gain from affiliated investments | 1,846,880 | | — | | — |
| Net realized loss from swaps | (9,449,552)(a) | | — | | — |
| Net change in unrealized appreciation on non-affiliated investments | 58,508,836 | | 3,208,557 | | 3,601,009 |
| Net change in unrealized appreciation on affiliated investments | 84,881,802 | | — | | — |
| Net change in unrealized appreciation on swaps | 45,038,345(a) | | — | | — |
| Net realized and unrealized gain on investments | 212,519,642 | | 7,094,938 | | 5,632,390 |
| Net increase in net assets resulting from operations | $208,515,036 | | $7,719,503 | | $5,855,168 |
| (a) | Primary risk exposure is equity contracts. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Operations (Concluded)
For the Year Ended September 30, 2024
| | Gotham Hedged
Core Fund | | Gotham Defensive
Long 500 Fund | | Gotham Total
Return Fund | | Gotham Enhanced
500 Plus Fund |
| Investment income | | | | | | | |
| Dividends from non-affiliated investments | $158,020 | | $315,099 | | $— | | $106,568 |
| Dividends from affiliated investments | — | | — | | 239,956 | | — |
| Interest | — | | — | | 783 | | — |
| Less: taxes withheld | — | | — | | — | | (4) |
| Total investment income | 158,020 | | 315,099 | | 240,739 | | 106,564 |
| Expenses | | | | | | | |
| Dividends and fees on securities sold short(Note 1) | 52,585 | | — | | — | | 36,736 |
| Advisory fees(Note 2) | 43,488 | | 230,666 | | — | | 42,199 |
| Support services fees | 9,346 | | — | | — | | — |
| Administration and accounting fees(Note 2) | — | | 33,027 | | 40,596 | | 36,916 |
| Custodian fees(Note 2) | — | | 3,182 | | 10,005 | | 388 |
| Registration and filing fees | — | | 25,251 | | 20,837 | | 881 |
| Legal fees | — | | 9,698 | | 11,364 | | 7,642 |
| Audit fees | — | | 22,499 | | 22,840 | | 20,975 |
| Transfer agent fees(Note 2) | — | | 5,443 | | 9,065 | | 5,001 |
| Trustees’ and officers’ fees(Note 2) | — | | 6,293 | | 6,843 | | 3,097 |
| Shareholder reporting fees | — | | 24,010 | | 21,965 | | 22,605 |
| Interest expense | — | | 228,818 | | — | | — |
| Other expenses | — | | 16,100 | | 4,672 | | 8,935 |
| Total expenses before waivers and/or reimbursements | 105,419 | | 604,987 | | 148,187 | | 185,375 |
| Waivers and/or reimbursements(Note 2) | (27) | | (145,503) | | (148,187) | | (100,110) |
| Net expenses after waivers and/or reimbursements | 105,392 | | 459,484 | | — | | 85,265 |
| Net investment income/(loss) | 52,628 | | (144,385) | | 240,739 | | 21,299 |
| Net realized and unrealized gain/(loss) from investments: | | | | | | | |
| Net realized gain from non-affiliated investments | 1,219,846 | | 2,477,149 | | — | | 675,404 |
| Net realized gain from affiliated investments | — | | — | | 1,291,670 | | — |
| Net realized loss from securities sold short | (266,340) | | — | | — | | (139,025) |
| Net realized gain from swaps | — | | 1,515,491(a) | | — | | — |
| Distributions of realized gains from affiliated investments | — | | — | | 363,483 | | — |
| Net change in unrealized appreciation on non-affiliated investments | 998,669 | | 1,657,174 | | — | | 886,118 |
| Net change in unrealized appreciation on affiliated investments | — | | — | | 2,786,418 | | — |
| Net change in unrealized depreciation on securities sold short | (345,761) | | — | | — | | (257,691) |
| Net change in unrealized depreciation on swaps | — | | (1,117,804)(a) | | — | | — |
| Net realized and unrealized gain on investments | 1,606,414 | | 4,532,010 | | 4,441,571 | | 1,164,806 |
| Net increase in net assets resulting from operations | $1,659,042 | | $4,387,625 | | $4,682,310 | | $1,186,105 |
| (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 Absolute Return Fund | | Gotham Enhanced Return Fund |
| | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 | | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 |
| Net increase/(decrease) in net assets from operations: | | | | | | | |
| Net investment loss | $(2,517,022) | | $(1,946,384) | | $(1,713,039) | | $(1,957,422) |
| Net realized gains from investments, swaps and foreign currency transactions | 127,279,197 | | 44,375,380 | | 41,562,616 | | 28,616,102 |
| Net change in unrealized appreciation on investments, swaps and foreign currency translations | 49,214,779 | | 55,932,160 | | 42,144,998 | | 18,226,603 |
| Net increase in net assets resulting from operations | 173,976,954 | | 98,361,156 | | 81,994,575 | | 44,885,283 |
| Less dividends and distributions to shareholders from: | | | | | | | |
| Total distributable earnings: | | | | | | | |
| Institutional Class Shares | (31,350,533) | | — | | (17,945,586) | | (16,644,612) |
| Net decrease in net assets from dividends and distributions to shareholders | (31,350,533) | | — | | (17,945,586) | | (16,644,612) |
| Increase/(decrease) in net assets derived from capital share transactions (Note 4) | 18,373,330 | | (14,051,708) | | 25,839,911 | | (50,584,970) |
| Total increase/(decrease) in net assets | 160,999,751 | | 84,309,448 | | 89,888,900 | | (22,344,299) |
| Net assets | | | | | | | |
| Beginning of year | 626,813,460 | | 542,504,012 | | 184,400,102 | | 206,744,401 |
| End of year | $787,813,211 | | $626,813,460 | | $274,289,002 | | $184,400,102 |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
| | Gotham Neutral Fund | | Gotham Index Plus Fund |
| | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 | | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 |
| Net increase/(decrease) in net assets from operations: | | | | | | | |
| Net investment loss | $(374,281) | | $(409,748) | | $(4,004,606) | | $(1,583,104) |
| Net realized gains from investments, swaps and foreign currency transactions | 17,711,423 | | 4,687,454 | | 24,090,659 | | 23,677,652 |
| Net change in unrealized appreciation/(depreciation) on investments, swaps and foreign currency translations | (1,227,285) | | 3,768,703 | | 188,428,983 | | 80,291,278 |
| Net increase in net assets resulting from operations | 16,109,857 | | 8,046,409 | | 208,515,036 | | 102,385,826 |
| Less dividends and distributions to shareholders from: | | | | | | | |
| Total distributable earnings: | | | | | | | |
| Institutional Class Shares | — | | — | | (22,393,506) | | (7,642,982) |
| Investor Class Shares | N/A | | N/A | | (499,914) | | (201,731) |
| Net decrease in net assets from dividends and distributions to shareholders | — | | — | | (22,893,420) | | (7,844,713) |
| Increase/(decrease) in net assets derived from capital share transactions (Note 4) | 12,840,844 | | (10,345,208) | | 245,356,925 | | (37,538,108) |
| Total increase/(decrease) in net assets | 28,950,701 | | (2,298,799) | | 430,978,541 | | 57,003,005 |
| Net assets | | | | | | | |
| Beginning of year | 64,835,487 | | 67,134,286 | | 462,193,372 | | 405,190,367 |
| End of year | $93,786,188 | | $64,835,487 | | $893,171,913 | | $462,193,372 |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
| | Gotham Large Value Fund | | Gotham Enhanced S&P 500 Index Fund |
| | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 | | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 |
| Net increase in net assets from operations: | | | | | | | |
| Net investment income | $624,565 | | $682,202 | | $222,778 | | $229,090 |
| Net realized gains from investments | 3,886,381 | | 3,885,626 | | 2,031,381 | | 159,086 |
| Net change in unrealized appreciation on investments | 3,208,557 | | 1,653,630 | | 3,601,009 | | 2,622,884 |
| Net increase in net assets resulting from operations | 7,719,503 | | 6,221,458 | | 5,855,168 | | 3,011,060 |
| Less dividends and distributions to shareholders from: | | | | | | | |
| Total distributable earnings: | | | | | | | |
| Institutional Class Shares | (3,070,538) | | (3,164,154) | | (618,825) | | (1,174,057) |
| Net decrease in net assets from dividends and distributions to shareholders | (3,070,538) | | (3,164,154) | | (618,825) | | (1,174,057) |
| Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (3,573,353) | | (10,678,403) | | (2,338,822) | | 3,031,172 |
| Total increase/(decrease) in net assets | 1,075,612 | | (7,621,099) | | 2,897,521 | | 4,868,175 |
| Net assets | | | | | | | |
| Beginning of year | 32,824,211 | | 40,445,310 | | 18,126,504 | | 13,258,329 |
| End of year | $33,899,823 | | $32,824,211 | | $21,024,025 | | $18,126,504 |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Changes in Net Assets (Continued)
| | Gotham Hedged Core Fund | | Gotham Defensive Long 500 Fund |
| | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 | | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 |
| Net increase/(decrease) in net assets from operations: | | | | | | | |
| Net investment income/(loss) | $52,628 | | $57,058 | | $(144,385) | | $(111,621) |
| Net realized gains from investments, securities sold short and swaps | 953,506 | | 300,362 | | 3,992,640 | | 2,390,768 |
| Net change in unrealized appreciation on investments, securities sold short and swaps | 652,908 | | 594,309 | | 539,370 | | 737,984 |
| Net increase in net assets resulting from operations | 1,659,042 | | 951,729 | | 4,387,625 | | 3,017,131 |
| Less dividends and distributions to shareholders from: | | | | | | | |
| Total distributable earnings: | | | | | | | |
| Institutional Class Shares | (86,606) | | (524,367) | | — | | (51,435) |
| Net decrease in net assets from dividends and distributions to shareholders | (86,606) | | (524,367) | | — | | (51,435) |
| Decrease in net assets derived from capital share transactions (Note 4) | (2,039,650) | | (199,529) | | (2,511,653) | | (3,218,447) |
| Total increase/(decrease) in net assets | (467,214) | | 227,833 | | 1,875,972 | | (252,751) |
| Net assets | | | | | | | |
| Beginning of year | 6,673,810 | | 6,445,977 | | 16,399,364 | | 16,652,115 |
| End of year | $6,206,596 | | $6,673,810 | | $18,275,336 | | $16,399,364 |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Changes in Net Assets (Concluded)
| | Gotham Total Return Fund | | Gotham Enhanced 500 Plus Fund |
| | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 | | For the Year
Ended
September 30, 2024 | | For the Year
Ended
September 30, 2023 |
| Net increase in net assets from operations: | | | | | | | |
| Net investment income | $240,739 | | $156,274 | | $21,299 | | $25,959 |
| Net realized gains from investments, securities sold short and capital gain distributions from affiliated investments | 1,655,153 | | 835,067 | | 536,379 | | 97,743 |
| Net change in unrealized appreciation on investments and securities sold short | 2,786,418 | | 1,983,329 | | 628,427 | | 577,351 |
| Net increase in net assets resulting from operations | 4,682,310 | | 2,974,670 | | 1,186,105 | | 701,053 |
| Less dividends and distributions to shareholders from: | | | | | | | |
| Total distributable earnings: | | | | | | | |
| Institutional Class Shares | (1,448,501) | | (1,753,492) | | (193,783) | | (436,510) |
| Investor Class Shares* | — | | (254,381) | | N/A | | N/A |
| Net decrease in net assets from dividends and distributions to shareholders | (1,448,501) | | (2,007,873) | | (193,783) | | (436,510) |
| Increase/(decrease) in net assets derived from capital share transactions (Note 4) | (7,701,215) | | (1,147,943) | | 204,150 | | 240,305 |
| Total increase/(decrease) in net assets | (4,467,406) | | (181,146) | | 1,196,472 | | 504,848 |
| Net assets | | | | | | | |
| Beginning of year | 19,685,012 | | 19,866,158 | | 3,611,024 | | 3,106,176 |
| End of year | $15,217,606 | | $19,685,012 | | $4,807,496 | | $3,611,024 |
| * | Investor Class Shares were converted to Institutional Class Shares on January 30, 2023 (See Note 4). |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Statements of Cash Flow
September 30, 2024
| | Gotham Hedged Core Fund | | Gotham Enhanced 500 Plus Fund |
| Cash flows from operating activities: | | | |
| Net increase in net assets resulting from operations | $1,659,042 | | $1,186,105 |
| |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash provided by operating activities: | | | |
| Purchases of long-term portfolio investments | (15,842,756) | | (9,823,562) |
| Proceeds from disposition of long-term portfolio investments | 18,698,009 | | 9,803,558 |
| Purchases to cover securities sold short | (7,475,268) | | (3,198,990) |
| Proceeds from securities sold short | 6,689,637 | | 3,229,749 |
| Net realized gain on investments and investments sold short | (953,506) | | (536,379) |
| Net change in unrealized appreciation/(depreciation) on investments and investments sold short | (652,908) | | (628,427) |
| Decrease in receivable for investments sold | 92,835 | | 29,509 |
| Increase/(decrease) in dividends receivable | 1,534 | | (616) |
| Decrease in receivable from investment adviser | — | | 8,692 |
| Increase in prepaid expenses and other assets | — | | (866) |
| Decrease in payable for investments purchased | (87,959) | | (27,612) |
| Decrease in administration and accounting fees payable | — | | (965) |
| Decrease in payable for dividends and fees on securities sold short | (633) | | (516) |
| Decrease in payable to investment adviser | (439) | | — |
| Decrease in accrued expense payable | (91) | | (5,410) |
| Net cash provided by operating activities | 2,127,497 | | 34,270 |
| Cash flows from financing activities: | | | |
| Proceeds from shares sold | 70,256 | | 13,137 |
| Payment of shares redeemed | (2,196,512) | | (2,770) |
| Net cash provided by (used in) financing activities | (2,126,256) | | 10,367 |
| Net increase in cash and restricted cash | 1,241 | | 44,637 |
| Cash and restricted cash: | | | |
| Beginning of year | $115,679 | | $83,637 |
| End of year | $116,920 | | $128,274 |
| Reconciliation of restricted and unrestricted cash at the beginning of the year to the statements of assets and liabilities: | | | |
| Unrestricted Cash | $16,132 | | $46,314 |
| Restricted Cash | $99,547 | | $37,323 |
| Reconciliation of restricted and unrestricted cash at the end of the year to the statements of assets and liabilities: | | | |
| Unrestricted Cash | $104,626 | | $44,682 |
| Restricted Cash | $12,294 | | $83,592 |
| |
| Supplemental disclosure of cash flow information: | | | |
| Cash received during the year for financing charges | $15,095 | | $7,402 |
| Reinvestment of dividends | $86,606 | | $193,783 |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Absolute Return 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 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.
| | Institutional Class Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $19.39 | | $16.37 | | $16.73 | | $14.39 | | $15.01 |
| Net investment loss(1) | (0.08) | | (0.06) | | (0.04) | | (0.06) | | (0.06) |
| Net realized and unrealized gain/(loss) on investments | 5.89 | | 3.08 | | (0.32) | | 2.40 | | (0.56) |
| Total from investment operations | 5.81 | | 3.02 | | (0.36) | | 2.34 | | (0.62) |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net realized capital gains | (1.14) | | — | | — | | — | | — |
| Redemption fees | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) |
| Net asset value, end of year | $24.06 | | $19.39 | | $16.37 | | $16.73 | | $14.39 |
| Total investment return(3) | 31.53% | | 18.45% | | (2.15)% | | 16.26% | | (4.13)% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $787,813 | | $626,813 | | $542,504 | | $499,529 | | $505,989 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 1.80%(5) | | 1.79%(5)(6) | | 1.50% | | 1.50% | | 2.55%(7) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4)(8) | 2.02%(5) | | 2.02%(5)(9) | | 1.74% | | 1.77% | | 2.65%(7) |
| Ratio of net investment loss to average net assets (including dividend and interest expense) | (0.39)% | | (0.33)% | | (0.21)% | | (0.39)% | | (0.39)% |
| Portfolio turnover rate | 270% | | 250% | | 284% | | 210% | | 259% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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. |
| (4) | Revised for the year ended September 30, 2023. See Note 1 in the Notes to Financial Statements. |
| (5) | Expense ratio includes interest expense on collateral. Excluding such interest expense on collateral, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.50% and 1.50% for the years ended September 30, 2024 and 2023, respectively. |
| (6) | Previously 1.50%. See Note 1. |
| (7) | 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 waivers and/or reimbursements for the Fund would be 2.05% for the year ended September 30, 2020. |
| (8) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
| (9) | Previously 1.73%. See Note 1. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Enhanced Return Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $11.53 | | $9.90 | | $12.92 | | $10.21 | | $14.51 |
| Net investment loss(1) | (0.10) | | (0.10) | | (0.04) | | (0.04) | | (0.04) |
| Net realized and unrealized gain/(loss) on investments | 4.82 | | 2.54 | | (0.58) | | 2.77 | | (0.48) |
| Total from investment operations | 4.72 | | 2.44 | | (0.62) | | 2.73 | | (0.52) |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | — | | — | | — | | (0.02) | | — |
| Net realized capital gains | (1.13) | | (0.81) | | (2.40) | | — | | (3.78) |
| Total dividends and distributions to shareholders | (1.13) | | (0.81) | | (2.40) | | (0.02) | | (3.78) |
| Redemption fees | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) |
| Net asset value, end of year | $15.12 | | $11.53 | | $9.90 | | $12.92 | | $10.21 |
| Total investment return(3) | 44.53% | | 25.53% | | (8.04)% | | 26.73% | | (6.81)% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $274,289 | | $184,400 | | $206,744 | | $227,319 | | $236,725 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 2.07%(5) | | 2.09%(5)(6) | | 1.50% | | 1.50% | | 2.12%(7) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4)(8) | 2.32%(5) | | 2.36%(5)(9) | | 1.76% | | 1.79% | | 2.22%(7) |
| Ratio of net investment loss to average net assets (including dividend and interest expense) | (0.77)% | | (0.95)% | | (0.38)% | | (0.36)% | | (0.37)% |
| Portfolio turnover rate | 181% | | 222% | | 288%(10) | | 203% | | 213% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | Revised for the year ended September 30, 2023. See Note 1 in the Notes to Financial Statements. |
| (5) | Expense ratio includes interest expense on collateral. Excluding such interest expense on collateral, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.28% and 1.27% for the years ended September 30, 2024 and 2023, respectively. |
| (6) | Previously 1.27%. See Note 1. |
| (7) | 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 waivers and/or reimbursements for the Fund would be 2.06% for the year ended September 30, 2020. |
| (8) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
| (9) | Previously 1.55%. See Note 1. |
| (10) | Portfolio turnover rate excludes securities delivered from processing a redemption in-kind. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Neutral Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $11.69 | | $10.34 | | $9.32 | | $9.19 | | $10.35 |
| Net investment loss(1) | (0.06) | | (0.07) | | (0.02) | | (0.05) | | (0.09) |
| Net realized and unrealized gain/(loss) on investments | 2.77 | | 1.42 | | 1.04 | | 0.18 | | (1.07) |
| Total from investment operations | 2.71 | | 1.35 | | 1.02 | | 0.13 | | (1.16) |
| Redemption fees | 0.00(2) | | — | | 0.00(2) | | 0.00(2) | | 0.00(2) |
| Net asset value, end of year | $14.40 | | $11.69 | | $10.34 | | $9.32 | | $9.19 |
| Total investment return(3) | 23.18% | | 13.06% | | 10.94% | | 1.42% | | (11.21)% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $93,786 | | $64,835 | | $67,134 | | $40,168 | | $55,675 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 1.88%(5) | | 2.00%(5)(6) | | 1.50% | | 1.50% | | 2.79%(7) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4)(8) | 2.30%(5) | | 2.46%(5)(9) | | 1.94% | | 2.07% | | 2.90%(7) |
| Ratio of net investment loss to average net assets (including dividend and interest expense) | (0.49)% | | (0.61)% | | (0.23)% | | (0.53)% | | (0.95)% |
| Portfolio turnover rate | 427% | | 366% | | 408% | | 282% | | 356% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | Revised for the year ended September 30, 2023. See Note 1 in the Notes to Financial Statements. |
| (5) | Expense ratio includes interest expense on collateral. Excluding such interest expense on collateral, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.50% and 1.50% for the years ended September 30, 2024 and 2023, respectively. |
| (6) | Previously 1.50%. See Note 1. |
| (7) | 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 waivers and/or reimbursements for the Fund would be 2.09% for the year ended September 30, 2020. |
| (8) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
| (9) | Previously 1.96%. See Note 1. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Index Plus Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $21.39 | | $17.33 | | $20.30 | | $16.19 | | $15.18 |
| Net investment income/(loss)(1) | (0.15) | | (0.07) | | 0.02 | | 0.10 | | 0.14 |
| Net realized and unrealized gain/(loss) on investments | 7.71 | | 4.47 | | (1.84) | | 4.19 | | 1.09 |
| Total from investment operations | 7.56 | | 4.40 | | (1.82) | | 4.29 | | 1.23 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.14) | | — | | (0.10) | | (0.18) | | (0.22) |
| Net realized capital gains | (0.77) | | (0.34) | | (1.05) | | — | | — |
| Total dividends and distributions to shareholders | (0.91) | | (0.34) | | (1.15) | | (0.18) | | (0.22) |
| Redemption fees | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) |
| Net asset value, end of year | $28.04 | | $21.39 | | $17.33 | | $20.30 | | $16.19 |
| Total investment return(3) | 36.54% | | 25.62% | | (9.97)% | | 26.76% | | 8.14% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $876,163 | | $450,304 | | $394,850 | | $444,756 | | $394,773 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 1.96%(5) | | 1.84%(5)(6) | | 0.96% | | 1.13% | | 1.17%(7) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4)(8) | 2.03%(5) | | 1.94%(5)(9) | | 1.04% | | 1.22% | | 1.25%(7) |
| Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | (0.59)% | | (0.34)% | | 0.11% | | 0.55% | | 0.89% |
| Portfolio turnover rate | 126% | | 125% | | 169%(10) | | 158%(10) | | 224% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | Revised for the year ended September 30, 2023. See Note 1 in the Notes to Financial Statements. |
| (5) | Expense ratio includes interest expense on collateral. Excluding such interest expense on collateral, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 0.92% and 0.92% for the years ended September 30, 2024 and 2023, respectively. |
| (6) | Previously 0.92%. See Note 1. |
| (7) | 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 waivers and/or reimbursements for the Fund’s Institutional Class Shares would be 1.15% for the year ended September 30, 2020. |
| (8) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
| (9) | Previously 1.01%. See Note 1. |
| (10) | Portfolio turnover rate excludes securities delivered from processing a redemption in-kind. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Index Plus Fund 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 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.
| | Investor Class Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $21.27 | | $17.28 | | $20.23 | | $16.15 | | $15.13 |
| Net investment income/(loss)(1) | (0.21) | | (0.12) | | (0.03) | | 0.06 | | 0.10 |
| Net realized and unrealized gain/(loss) on investments | 7.66 | | 4.45 | | (1.82) | | 4.16 | | 1.10 |
| Total from investment operations | 7.45 | | 4.33 | | (1.85) | | 4.22 | | 1.20 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.08) | | — | | (0.05) | | (0.14) | | (0.18) |
| Net realized capital gains | (0.77) | | (0.34) | | (1.05) | | — | | — |
| Total dividends and distributions to shareholders | (0.85) | | (0.34) | | (1.10) | | (0.14) | | (0.18) |
| Redemption fees | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) |
| Net asset value, end of year | $27.87 | | $21.27 | | $17.28 | | $20.23 | | $16.15 |
| Total investment return(3) | 36.14% | | 25.29% | | (10.13)% | | 26.33% | | 7.94% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $17,009 | | $11,889 | | $10,340 | | $12,671 | | $10,278 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 2.20%(5) | | 2.09%(5)(6) | | 1.21% | | 1.38% | | 1.42%(7) |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4)(8) | 2.27%(5) | | 2.19%(5)(9) | | 1.30% | | 1.47% | | 1.50%(7) |
| Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | (0.84)% | | (0.59)% | | (0.14)% | | 0.30% | | 0.64% |
| Portfolio turnover rate | 126% | | 125% | | 169%(10) | | 158%(10) | | 224% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | Revised for the year ended September 30, 2023. See Note 1 in the Notes to Financial Statements. |
| (5) | Expense ratio includes interest expense on collateral. Excluding such interest expense on collateral, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.17% and 1.17% for the years ended September 30, 2024 and 2023, respectively. |
| (6) | Previously 1.17%. See Note 1. |
| (7) | 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 waivers and/or reimbursements for the Fund’s Investor Class Shares would be 1.40% for the year ended September 30, 2020. |
| (8) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
| (9) | Previously 1.26%. See Note 1. |
| (10) | Portfolio turnover rate excludes securities delivered from processing a redemption in-kind. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Large Value Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $13.81 | | $12.80 | | $16.71 | | $12.98 | | $13.29 |
| Net investment income(1) | 0.23 | | 0.25 | | 0.23 | | 0.20 | | 0.25 |
| Net realized and unrealized gain/(loss) on investments | 3.12 | | 1.78 | | (1.27) | | 3.76 | | (0.22) |
| Total from investment operations | 3.35 | | 2.03 | | (1.04) | | 3.96 | | 0.03 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.22) | | (0.14) | | (0.25) | | (0.23) | | (0.23) |
| Net realized capital gains | (1.11) | | (0.88) | | (2.62) | | — | | (0.11) |
| Total dividends and distributions to shareholders | (1.33) | | (1.02) | | (2.87) | | (0.23) | | (0.34) |
| Redemption fees | 0.00(2) | | — | | 0.00(2) | | — | | 0.00(2) |
| Net asset value, end of year | $15.83 | | $13.81 | | $12.80 | | $16.71 | | $12.98 |
| Total investment return(3) | 26.40% | | 15.96% | | (8.83)% | | 30.83% | | 0.04% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $33,900 | | $32,824 | | $40,445 | | $65,351 | | $70,003 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any | 0.82%(4) | | 0.75% | | 0.75% | | 0.75% | | 0.75% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 1.25%(4) | | 1.21% | | 1.09% | | 1.05% | | 1.03% |
| Ratio of net investment income to average net assets | 1.61% | | 1.82% | | 1.50% | | 1.29% | | 1.95% |
| Portfolio turnover rate | 330% | | 191% | | 290% | | 226% | | 406% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | Expense ratio includes interest expense. Excluding such interest expense, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 0.75% for the year ended September 30, 2024. |
| (5) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Enhanced S&P 500 Index Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $14.90 | | $13.20 | | $16.07 | | $12.86 | | $11.93 |
| Net investment income(1) | 0.19 | | 0.20 | | 0.20 | | 0.17 | | 0.21 |
| Net realized and unrealized gain/(loss) on investments | 4.81 | | 2.60 | | (1.96) | | 3.17 | | 1.14 |
| Total from investment operations | 5.00 | | 2.80 | | (1.76) | | 3.34 | | 1.35 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.23) | | (0.11) | | (0.17) | | (0.13) | | (0.15) |
| Net realized capital gains | (0.28) | | (0.99) | | (0.94) | | — | | (0.27) |
| Total dividends and distributions to shareholders | (0.51) | | (1.10) | | (1.11) | | (0.13) | | (0.42) |
| Redemption fees | — | | 0.00(2) | | 0.00(2) | | 0.00(2) | | 0.00(2) |
| Net asset value, end of year | $19.39 | | $14.90 | | $13.20 | | $16.07 | | $12.86 |
| Total investment return(3) | 34.43% | | 22.11% | | (12.25)% | | 26.17% | | 11.53% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $21,024 | | $18,127 | | $13,258 | | $15,569 | | $6,346 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any | 0.50% | | 0.50% | | 0.50% | | 0.50% | | 0.50% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 0.65% | | 0.65% | | 0.65% | | 1.12% | | 2.13% |
| Ratio of net investment income to average net assets | 1.13% | | 1.39% | | 1.31% | | 1.14% | | 1.75% |
| Portfolio turnover rate | 160% | | 152% | | 193% | | 178% | | 345% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Hedged Core Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $10.51 | | $9.84 | | $12.88 | | $11.33 | | $11.16 |
| Net investment income(1) | 0.10 | | 0.09 | | 0.09 | | 0.13 | | 0.13 |
| Net realized and unrealized gain/(loss) on investments | 2.96 | | 1.38 | | (0.84) | | 1.51 | | 0.70 |
| Total from investment operations | 3.06 | | 1.47 | | (0.75) | | 1.64 | | 0.83 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.11) | | (0.07) | | (0.17) | | (0.07) | | (0.17) |
| Net realized capital gains | (0.04) | | (0.73) | | (2.12) | | (0.02) | | (0.49) |
| Total dividends and distributions to shareholders | (0.15) | | (0.80) | | (2.29) | | (0.09) | | (0.66) |
| Redemption fees | 0.00(2) | | — | | — | | 0.00(2) | | — |
| Net asset value, end of year | $13.42 | | $10.51 | | $9.84 | | $12.88 | | $11.33 |
| Total investment return(3) | 29.45% | | 15.13% | | (8.37)% | | 14.56% | | 7.59% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $6,207 | | $6,674 | | $6,446 | | $8,177 | | $8,804 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 1.70% | | 1.75% | | 1.71% | | 1.66% | | 1.52% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4) | 1.70%(5) | | 1.75% | | 1.71% | | 2.10%(5) | | 3.47%(5) |
| Ratio of net investment income to average net assets (including dividend and interest expense) | 0.85% | | 0.84% | | 0.78% | | 1.07% | | 1.20% |
| Portfolio turnover rate | 211% | | 195% | | 218% | | 205% | | 267% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (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 waivers and/or reimbursements for the Fund would be 0.85%, 0.85%, 0.85%, 0.85% and 0.85% for the years ended September 30, 2024, 2023, 2022, 2021 and 2020, respectively. |
| (5) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Defensive Long 500 Fund Financial Highlights (Continued)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $14.46 | | $12.35 | | $12.87 | | $11.98 | | $13.20 |
| Net investment income/(loss)(1) | (0.14) | | (0.08) | | 0.03 | | 0.06 | | 0.14 |
| Net realized and unrealized gain/(loss) on investments | 4.35 | | 2.23 | | (0.46) | | 0.96 | | (1.17) |
| Total from investment operations | 4.21 | | 2.15 | | (0.43) | | 1.02 | | (1.03) |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | — | | (0.04) | | (0.09) | | (0.13) | | (0.08) |
| Net realized capital gains | — | | — | | — | | — | | (0.11) |
| Total dividends and distributions to shareholders | — | | (0.04) | | (0.09) | | (0.13) | | (0.19) |
| Redemption fees | 0.00(2) | | — | | — | | — | | 0.00(2) |
| Net asset value, end of year | $18.67 | | $14.46 | | $12.35 | | $12.87 | | $11.98 |
| Total investment return(3) | 29.11% | | 17.38% | | (3.41)% | | 8.65% | | (7.95)% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $18,275 | | $16,399 | | $16,652 | | $35,037 | | $54,675 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any (including dividend and interest expense)(4) | 2.69%(5) | | 2.44%(5)(6) | | 1.35% | | 1.35% | | 1.35% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(4)(7) | 3.54%(5) | | 3.18%(5)(8) | | 1.96% | | 1.78% | | 1.66% |
| Ratio of net investment income/(loss) to average net assets (including dividend and interest expense) | (0.85)% | | (0.56)% | | 0.23% | | 0.51% | | 1.11% |
| Portfolio turnover rate | 182% | | 208% | | 227% | | 163% | | 294% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (4) | Revised for the year ended September 30, 2023. See Note 1 in the Notes to Financial Statements. |
| (5) | Expense ratio includes interest expense on collateral. Excluding such interest expense on collateral, the ratio of expenses to average net assets including waivers and/or reimbursements for the Fund would be 1.35% and 1.35% for the years ended September 30, 2024 and 2023, respectively. |
| (6) | Previously 1.35%. See Note 1. |
| (7) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
| (8) | Previously 2.09%. See Note 1. |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Total Return Fund Financial Highlights (Continued)
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 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 Shares* |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $12.06 | | $11.45 | | $13.03 | | $11.70 | | $13.28 |
| Net investment income(1) | 0.18 | | 0.09 | | 0.11 | | 0.08 | | 0.11 |
| Net realized and unrealized gain/(loss) on investments | 3.01 | | 1.69 | | (1.04) | | 1.33 | | (0.91) |
| Total from investment operations | 3.19 | | 1.78 | | (0.93) | | 1.41 | | (0.80) |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.17) | | (0.07) | | (0.13) | | (0.08) | | (0.11) |
| Net realized capital gains | (0.72) | | (1.10) | | (0.52) | | (0.00)(2) | | (0.67) |
| Total dividends and distributions to shareholders | (0.89) | | (1.17) | | (0.65) | | (0.08) | | (0.78) |
| Redemption fees | — | | 0.00(3) | | — | | 0.00(3) | | 0.00(3) |
| Net asset value, end of year | $14.36 | | $12.06 | | $11.45 | | $13.03 | | $11.70 |
| Total investment return(4) | 28.01% | | 15.86% | | (7.87)% | | 12.17% | | (6.54)% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $15,218 | | $19,685 | | $17,280 | | $23,987 | | $25,967 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any | 0.00% | | 0.00% | | 0.00% | | 0.00% | | 0.00% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(5) | 0.85% | | 0.87% | | 0.72% | | 0.66% | | 0.59% |
| Ratio of net investment income to average net assets | 1.38% | | 0.74% | | 0.87% | | 0.68% | | 0.94% |
| Portfolio turnover rate | 5% | | 35% | | 9% | | 85% | | 55% |
| * | Investor Class Shares were converted to Institutional Class Shares on January 30, 2023 (See Note 4). |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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 reinvestments of dividends and distributions, if any. |
| (5) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Gotham Enhanced 500 Plus Fund Financial Highlights (Concluded)
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 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 Shares |
| | For the
Year Ended
September 30,
2024 | | For the
Year Ended
September 30,
2023 | | For the
Year Ended
September 30,
2022 | | For the
Year Ended
September 30,
2021 | | For the
Year Ended
September 30,
2020 |
| Per Share Operating Performance | | | | | | | | | |
| Net asset value, beginning of year | $12.27 | | $11.40 | | $13.91 | | $11.47 | | $11.86 |
| Net investment income(1) | 0.07 | | 0.09 | | 0.10 | | 0.07 | | 0.13 |
| Net realized and unrealized gain/(loss) on investments | 3.79 | | 2.38 | | (1.00) | | 2.50 | | 0.47 |
| Total from investment operations | 3.86 | | 2.47 | | (0.90) | | 2.57 | | 0.60 |
| Dividends and distributions to shareholders from: | | | | | | | | | |
| Net investment income | (0.11) | | (0.07) | | (0.07) | | (0.13) | | (0.14) |
| Net realized capital gains | (0.55) | | (1.53) | | (1.54) | | — | | (0.85) |
| Total dividends and distributions to shareholders | (0.66) | | (1.60) | | (1.61) | | (0.13) | | (0.99) |
| Redemption fees | — | | — | | — | | — | | — |
| Net asset value, end of year | $15.47 | | $12.27 | | $11.40 | | $13.91 | | $11.47 |
| Total investment return(2) | 32.85% | | 23.21% | | (8.30)% | | 22.56% | | 4.95% |
| Ratios/Supplemental Data | | | | | | | | | |
| Net assets, end of year (in 000s) | $4,807 | | $3,611 | | $3,106 | | $3,556 | | $2,891 |
| Ratio of expenses to average net assets with waivers, and/or reimbursements, if any(3) | 2.02% | | 2.15% | | 2.12% | | 2.06% | | 2.21% |
| Ratio of expenses to average net assets without waivers and/or reimbursements, if any(3)(4) | 4.39% | | 5.23% | | 4.44% | | 4.70% | | 5.04% |
| Ratio of net investment income to average net assets | 0.50% | | 0.76% | | 0.73% | | 0.50% | | 1.15% |
| Portfolio turnover rate | 167% | | 162% | | 191% | | 140% | | 263% |
| (1) | The selected per share data was calculated using the average shares outstanding method for the year. |
| (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. |
| (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 waivers and/or reimbursements for the Fund would be 1.15%, 1.15%, 1.15%, 1.15% and 1.15% for the years ended September 30, 2024, 2023, 2022, 2021 and 2020, respectively. |
| (4) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratios would have been as shown (See Note 2). |
The accompanying notes are an integral part of the financial statements.
GOTHAM FUNDS
Notes to Financial Statements
September 30, 2024
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, the Gotham Hedged Core Fund, the Gotham Defensive Long 500 Fund, the Gotham Total Return Fund and the Gotham Enhanced 500 Plus 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 Shares. The Gotham Index Plus Fund offers two classes of shares, Institutional Class Shares and Investor Class Shares. 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 |
| 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 |
All the Funds, except for Large Value, Enhanced S&P 500 Index 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. 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. Total Return seeks to achieve its investment objective by primarily investing in other investment companies advised or sub-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.
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 (“OTC”) 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 good faith by Gotham Asset Management, LLC (“Gotham” or “the Adviser”) as “valuation designee” under the oversight of the Trust's Board of Trustees. Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. The Adviser has adopted written policies and procedures for valuing securities and other assets in circumstances where market quotes are not readily available. In the event that market quotes are not readily available, and the security or asset cannot be valued pursuant to one of the valuation methods, the value of the security or asset will be determined in good faith by the Adviser pursuant to its policies and procedures. On a quarterly basis, the Adviser's fair valuation determinations will be reviewed by the Trust's Board of Trustees. 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
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
companies each business day. OTC investments (including swap agreements) are generally valued by approved pricing services that use evaluated prices from various observable market factors.
Fair Value Measurements — The inputs and valuation techniques used to measure fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:
• 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 Funds’ 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.
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: one long security was fair valued with an end of period value of $0, $0, and $0 held by the Absolute Return, Enhanced Return and Neutral, respectively. These securities are considered Level 3 as of and for the year ended September 30, 2024. Also, total return swaps with an end of period unrealized appreciation of $61,485,738, $42,771,615, $7,554,190, $160,673,593 and $3,378,680 were held by Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500, respectively. These securities are considered Level 2 as of and for the year ended September 30, 2024.
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 Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.
For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) require the Funds to present a reconciliation of the beginning to ending balances for reported market values that present changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. A reconciliation of Level 3 investments is presented only when the Funds had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to 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 net assets as of the end of the reporting period.
For the year ended September 30, 2024, there were no transfers in or out of Level 3.
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, Cash Equivalents and Restricted Cash — 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
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
deposits with a high quality financial institution in an amount that is in excess of federally insured limits. Certain Funds have restricted cash in the form of deposits at brokers for securities sold short positions.
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.
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. Dividends are recorded on the ex-dividend date. Distribution (12b-1) fees and shareholder 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, 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 Subchapter M of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”), and make the requisite distributions to such Fund's 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. The Funds’ maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and therefore, cannot be estimated; however, based on experience, the risk of material loss for such claims is considered remote.
The SEC adopted Rule 18f-4 (the “Derivatives Rule”) under the 1940 Act. The Derivatives Rule generally requires a fund to adopt a written derivatives risk management program with risk guidelines that must cover certain elements, but that will otherwise be tailored based on how a fund’s use of derivatives may affect its investment portfolio and overall risk profile. A fund’s derivatives risk management program must also include provisions for stress testing, backtesting, internal reporting and escalation, and program review elements.
The Derivatives Rule requires funds engaging in derivatives transactions to comply with an outer limit on fund leverage risk based on a fund’s value at risk (“VaR”). This outer limit is based on a relative VaR test that compares the fund’s VaR to the VaR of a designated reference portfolio for that fund, or, in the absence of an appropriate reference portfolio, to 20% of the value of the fund’s net assets.
The Derivatives Rule requires that a Fund’s Board of Directors approve the appointment of a person or persons to oversee the administration of a Fund’s derivatives risk management program (“Derivatives Risk Manager” or “DRM”). The Board has appointed a person or persons from the Fund’s investment adviser to serve as the DRM for the Program pursuant to Rule 18f-4. The DRM responsibilities include:
• Regular communication with the Investment Adviser with respect to the implementation of the Program;
• Completion and monitoring of a risk assessment for each Fund; and
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
• Periodic reporting to the Board.
Short Sales — All Funds except for Large Value and Enhanced S&P 500 Index 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 (“SEC”) and other applicable regulatory bodies with respect to coverage of short sales.
As of September 30, 2024, the following Funds 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 | $2,459,119 | | $4,112,855 | | $12,294 |
| Enhanced 500 Plus | 1,904,461 | | 3,012,822 | | 83,592 |
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 on 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 year ended September 30, 2024:
| | Dividends on
Securities Sold Short | | Rebate
(Income)/Fees |
| Hedged Core | $37,491 | | $(125,644) |
| Enhanced 500 Plus | 29,334 | | (86,443) |
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 year ended September 30, 2024:
| | Short Sales
(Deposits)
Proceeds | | Financing
Charges |
| Hedged Core | $2,431,270 | | $140,738 |
| Enhanced 500 Plus | 1,808,363 | | 93,845 |
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.
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
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 year ended September 30, 2024, only Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500 held total return swaps.
For the year ended September 30, 2024, the quarterly average notional value of the total return swaps for each Fund was as follows:
| | Notional Amount |
| Absolute Return | $(282,623,383) |
| Enhanced Return | (26,430,692) |
| Neutral | (59,758,607) |
| Index Plus | (98,595,149) |
| Defensive Long 500 | (2,827,424) |
Counterparty Risk — During the year ended September 30, 2024, Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500 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
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
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.
For both Hedged Core and Enhanced 500 Plus, the Funds may use prime brokers with respect to its shorting strategy, which involves counterparty risk, including the risk that a prime broker may default on its obligation or become insolvent and that the Funds may lose its collateral deposit or short sale proceeds.
Liquidity Risk — During the year ended September 30, 2024, Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500 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 year ended September 30, 2024, Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500 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 fails 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.
Collateral Requirements — During the year ended September 30, 2024, Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500 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. See interest expense on the Statements of Operations for related interest on collateral. 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.
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| | | | | | | | 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 | $61,485,738 | | $— | | $61,485,738 | | $— | | $(30,495,700) | | $30,990,038 |
| Enhanced Return | 42,771,615 | | — | | 42,771,615 | | — | | (41,150,000) | | 1,621,615 |
| Neutral | 7,554,190 | | — | | 7,554,190 | | — | | (5,000,000) | | 2,554,190 |
| Index Plus | 160,673,593 | | — | | 160,673,593 | | — | | (158,350,000) | | 2,323,593 |
| Defensive Long 500 | 3,378,680 | | — | | 3,378,680 | | — | | (3,378,680) | | — |
| | | | | | | | | | | | |
| * | 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. |
Revisions to Certain Prior Year Information — Included in the Financial Highlights for each of the Absolute Return, Enhanced Return, Neutral, Index Plus and Defensive Long 500 (collectively, the “Impacted Funds”) are revisions to correct an error which understated the ratio of expenses to average net assets (gross and net) for the year ended September 30, 2023. This error was due to interest expense incurred on collateral received from the Impacted Funds’ OTC swap transaction counterparty being incorrectly netted against dividend income earned on the Impacted Funds’ common stock investments. These revisions did not impact net assets, results of operations or total distributions and are not material to the financial statements taken as a whole.
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:
| Absolute Return(1) | 1.50% |
| Enhanced Return(1) | 1.50% |
| Neutral | 1.50% |
| Index Plus(1) | 1.00% |
| Large Value | 0.75% |
| Enhanced S&P 500 Index(2) | 0.50% |
| Hedged Core(2) | 0.70% |
| Defensive Long 500 | 1.35% |
| Total Return(3) | — |
| Enhanced 500 Plus | 1.00% |
| (1) | Gotham has contractually agreed to reduce the Fund’s annual investment advisory fee by the dollar amount of “total annual fund operating expenses after fee waivers” attributable to any Fund assets invested in other investment companies advised or sub-advised by Gotham (each an “underlying fund” and collectively, the “underlying funds”), and the amount of such reduction is calculated based on the Fund’s average daily assets invested in an underlying fund and the “total annual fund operating expenses after fee waivers” disclosed in such underlying fund’s “Annual Fund Operating Expenses” table in the summary section of an underlying fund’s currently effective prospectus. The effect of the reduction is intended to provide that Gotham’s aggregate direct and indirect compensation from the Fund and any underlying fund, respectively, does not exceed the annual investment advisory fee paid by the Fund, as shown in the table. |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| (2) | 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. |
| (3) | For Total Return (the “Fund”), Gotham is not entitled to receive an investment advisory fee on assets invested in investment companies advised or sub-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. |
For all Funds, except for Absolute Return, Enhanced Return, Index Plus and Enhanced S&P 500 Index, 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”). For Absolute Return, Enhanced Return, Index Plus and Enhanced S&P 500 Index, 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 “Other Expense Limitation”). Both the Expense Limitation and the Other 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 and Other Expense Limitation amounts, respectively, as a percentage of average daily net assets, in effect during the year ended September 30, 2024.
| | Institutional
Class Shares | | Investor
Class Shares | | Termination Date |
| Absolute Return | 0.00% | | N/A | | January 31, 2026 |
| Enhanced Return | 0.00% | | N/A | | January 31, 2026 |
| Neutral | 1.50% | | N/A | | January 31, 2026 |
| Index Plus | 0.15% | | 0.15% | | January 31, 2026 |
| Large Value | 0.75% | | N/A | | January 31, 2026 |
| Enhanced S&P 500 Index | 0.00% | | N/A | | January 31, 2026 |
| Hedged Core | 0.85% | | N/A | | January 31, 2026 |
| Defensive Long 500 | 1.35% | | N/A | | January 31, 2026 |
| Total Return(1) | 0.00% | | N/A | | January 31, 2026 |
| Enhanced 500 Plus | 1.15% | | N/A | | January 31, 2026 |
| (1) | Per the Expense Limitation agreement for the Fund, the expenses subject to the expense limitation are also exclusive of management fees, if any. |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
For the year ended September 30, 2024, investment advisory fees accrued and waivers were as follows:
| | Gross
Advisory Fee | | Waivers and/or
Reimbursements | | Net Advisory Fee/
(Reimbursement) |
| Absolute Return | $9,619,458 | | $(1,428,760) | | $8,190,698 |
| Enhanced Return | 2,861,457 | | (540,828) | | 2,320,629 |
| Neutral | 1,141,065 | | (322,487) | | 818,578 |
| Index Plus | 5,172,617 | | (455,791) | | 4,716,826 |
| Large Value | 290,979 | | (166,391) | | 124,588 |
| Enhanced S&P 500 Index | 98,554 | | (29,568) | | 68,986 |
| Hedged Core | 43,488 | | (27) | | 43,461 |
| Defensive Long 500 | 230,666 | | (145,503) | | 85,163 |
| Total Return | — | | (148,187) | | (148,187) |
| Enhanced 500 Plus | 42,199 | | (100,110) | | (57,911) |
For all Funds, except for Absolute Return, Enhanced Return, Neutral, Large Value, Enhanced S&P 500 Index and Defensive Long 500, 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 operating 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 September 30, 2024, the amounts of potential reimbursement from the Funds to the Adviser are as follows:
| | Expiration |
| | 09/30/2025 | | 09/30/2026 | | 09/30/2027 | | Total |
| Index Plus | | | | | | | |
| Institutional Class Shares | $402,809 | | $417,473 | | $445,431 | | $1,265,713 |
| Investor Class Shares | 10,996 | | 10,888 | | 10,360 | | 32,244 |
| Total Return | 174,499 | | 166,407 | | 148,187 | | 489,093 |
| Enhanced 500 Plus | 83,147 | | 106,046 | | 100,110 | | 289,303 |
The Funds have not recorded a commitment or contingent liability at September 30, 2024.
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.
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 Statements 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.
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
The Trust and the Underwriter are parties to an underwriting agreement. 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 average daily net assets of Index Plus's Investor Class shares.
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, to the Trust. Chenery Compliance Group, LLC (“Chenery”) provides the Trust with a Chief Compliance Officer and an Anti-Money Laundering Officer. JWFM and Chenery are compensated for their services provided to the Trust.
Investment in Affiliated Funds
The following table lists each issuer owned by Enhanced Return, Index Plus and 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 year ended September 30, 2024:
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| Enhanced Return | | | | | | | | | | | | | | | | | | |
| Name of Issuer | | Value at
09/30/23 | | Purchase
Cost | | Sales
Proceeds | | Net
Realized
Gain/(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
09/30/24 | | Shares
Held at
09/30/24 | | Dividend
Income | | Distributions
of Realized
Gains |
| Gotham 1000 Value ETF | | $40,905,876 | | $14,003,860 | | $10,961,912 | | $1,319,612 | | $9,063,617 | | $54,331,053 | | 2,190,000 | | $719,171 | | $— |
| Gotham Enhanced 500 ETF | | 42,652,080 | | 7,969,141 | | — | | — | | 14,815,512 | | 65,436,733 | | 2,073,000 | | 497,677 | | — |
| Total | | $83,557,956 | | $21,973,001 | | $10,961,912 | | $1,319,612 | | $23,879,129 | | $119,767,786 | | | | $1,216,848 | | $— |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| Index Plus | | | | | | | | | | | | | | | | | | |
| Name of Issuer | | Value at
09/30/23 | | Purchase
Cost | | Sales
Proceeds | | Net
Realized
Gain/(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
09/30/24 | | Shares
Held at
09/30/24 | | Dividend
Income | | Distributions
of Realized
Gains |
| Gotham Enhanced 500 ETF | | $214,689,245 | | $125,413,825 | | $25,615,880 | | $1,846,880 | | $84,881,802 | | $401,215,872 | | 12,710,300 | | $2,905,961 | | $— |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| Total Return | | | | | | | | | | | | | | | | | | |
| Name of Issuer | | Value at
09/30/23 | | Purchase
Cost | | Sales
Proceeds | | Net
Realized
Gain/(Loss) | | Change in
Unrealized
Appreciation/
(Depreciation) | | Value at
09/30/24 | | Shares
Held at
09/30/24 | | Dividend
Income | | Distributions
of Realized
Gains |
| Gotham 1000 Value ETF | | $5,762,776 | | $35,631 | | $2,415,077 | | $393,108 | | $859,464 | | $4,635,902 | | 186,866 | | $101,316 | | $— |
| Gotham Defensive Long 500 Fund | | 1,984,489 | | — | | 984,846 | | 348,337 | | 144,125 | | 1,492,105 | | 79,920 | | — | | — |
| Gotham Enhanced S&P 500 Index Fund | | 3,169,848 | | 107,307 | | 1,755,488 | | 386,064 | | 380,669 | | 2,288,400 | | 118,020 | | 48,441 | | 58,865 |
| Gotham Hedged Core Fund | | 2,913,476 | | 42,189 | | 1,388,833 | | 183,803 | | 498,608 | | 2,249,243 | | 167,604 | | 30,851 | | 11,338 |
| Gotham Large Value Fund | | 3,654,418 | | 636,764 | | 1,769,012 | | (221,865) | | 721,738 | | 3,022,043 | | 190,906 | | 59,348 | | 293,280 |
| Gotham Neutral Fund | | 1,998,012 | | 20,664 | | 884,516 | | 202,223 | | 181,814 | | 1,518,197 | | 105,430 | | — | | — |
| Total | | $19,483,019 | | $842,555 | | $9,197,772 | | $1,291,670 | | $2,786,418 | | $15,205,890 | | | | $239,956 | | $363,483 |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
3. Investment in Securities
For the year ended September 30, 2024, aggregated purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:
| | Purchases | | Sales |
| Absolute Return | $1,656,820,269 | | $1,670,738,569 |
| Enhanced Return | 412,846,510 | | 385,080,590 |
| Neutral | 315,951,781 | | 307,513,756 |
| Index Plus | 1,031,889,418 | | 795,631,759 |
| Large Value | 121,707,960 | | 127,684,326 |
| Enhanced S&P 500 Index | 31,106,764 | | 33,837,834 |
| Hedged Core | 23,172,520 | | 25,241,478 |
| Defensive Long 500 | 29,548,926 | | 31,875,864 |
| Total Return | 842,555 | | 9,197,773 |
| Enhanced 500 Plus | 9,777,631 | | 9,756,431 |
For the year ended September 30, 2024, the Funds had no purchases and sales of U.S. Government securities.
4. Capital Share Transactions
For years ended September 30, 2024 and 2023, transactions in capital shares (authorized shares unlimited) were as follows:
| | For the Year Ended
September 30, 2024 | | For the Year Ended
September 30, 2023 |
| | Shares | | Value | | Shares | | Value |
| Absolute Return: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 9,808,445 | | $209,198,858 | | 8,477,602 | | $155,573,132 |
| Reinvestments | 653,973 | | 12,458,179 | | — | | — |
| Redemption Fees* | — | | 1,080 | | — | | 447 |
| Redemptions | (10,045,853) | | (203,284,787) | | (9,293,665) | | (169,625,287) |
| Net increase/(decrease) | 416,565 | | $18,373,330 | | (816,063) | | $(14,051,708) |
| | | | | | | | |
| Enhanced Return: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 3,051,688 | | $40,257,718 | | 3,547,437 | | $37,676,157 |
| Reinvestments | 1,481,304 | | 16,398,034 | | 1,517,004 | | 15,822,357 |
| Redemption Fees* | — | | 14,737 | | — | | 24 |
| Redemptions | (2,389,058) | | (30,830,578) | | (9,962,634) | | (104,083,508) |
| Net increase/(decrease) | 2,143,934 | | $25,839,911 | | (4,898,193) | | $(50,584,970) |
| | | | | | | | |
| Neutral: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 1,839,500 | | $24,227,976 | | 890,177 | | $9,661,525 |
| Reinvestments | — | | — | | — | | — |
| Redemption Fees* | — | | 2,514 | | — | | — |
| Redemptions | (875,662) | | (11,389,646) | | (1,835,161) | | (20,006,733) |
| Net increase/(decrease) | 963,838 | | $12,840,844 | | (944,984) | | $(10,345,208) |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| | For the Year Ended
September 30, 2024 | | For the Year Ended
September 30, 2023 |
| | Shares | | Value | | Shares | | Value |
| | | | | | | | |
| Index Plus: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 13,294,207 | | $322,771,758 | | 3,228,802 | | $64,260,674 |
| Reinvestments | 595,463 | | 13,016,824 | | 274,450 | | 5,192,591 |
| Redemption Fees* | — | | 9,303 | | — | | 295 |
| Redemptions | (3,688,808) | | (91,359,122) | | (5,233,799) | | (106,179,078) |
| Net increase/(decrease) | 10,200,862 | | $244,438,763 | | (1,730,547) | | $(36,725,518) |
| Investor Class Shares | | | | | | | |
| Sales | 204,753 | | $4,922,033 | | 29,396 | | $591,271 |
| Reinvestments | 22,532 | | 490,529 | | 10,495 | | 197,825 |
| Redemption Fees* | — | | 219 | | — | | 8 |
| Redemptions | (176,075) | | (4,494,619) | | (79,384) | | (1,601,694) |
| Net increase/(decrease) | 51,210 | | $918,162 | | (39,493) | | $(812,590) |
| Total net increase/(decrease) | 10,252,072 | | $245,356,925 | | (1,770,040) | | $(37,538,108) |
| | | | | | | | |
| Large Value: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 2,326,239 | | $33,315,065 | | 223,208 | | $3,069,441 |
| Reinvestments | 233,726 | | 3,031,430 | | 229,612 | | 3,134,210 |
| Redemption Fees* | — | | 393 | | — | | — |
| Redemptions | (2,796,077) | | (39,920,241) | | (1,235,712) | | (16,882,054) |
| Net decrease | (236,112) | | $(3,573,353) | | (782,892) | | $(10,678,403) |
| | | | | | | | |
| Enhanced S&P 500 Index: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 228,239 | | $3,887,217 | | 349,659 | | $5,021,211 |
| Reinvestments | 40,464 | | 618,689 | | 87,143 | | 1,173,810 |
| Redemption Fees* | — | | — | | — | | 135 |
| Redemptions | (401,174) | | (6,844,728) | | (224,572) | | (3,163,984) |
| Net increase/(decrease) | (132,471) | | $(2,338,822) | | 212,230 | | $3,031,172 |
| | | | | | | | |
| Hedged Core: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 6,222 | | $70,256 | | 194 | | $1,941 |
| Reinvestments | 7,866 | | 86,606 | | 50,909 | | 524,367 |
| Redemption Fees* | — | | 67 | | — | | — |
| Redemptions | (186,760) | | (2,196,579) | | (71,179) | | (725,837) |
| Net decrease | (172,672) | | $(2,039,650) | | (20,076) | | $(199,529) |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| | For the Year Ended
September 30, 2024 | | For the Year Ended
September 30, 2023 |
| | Shares | | Value | | Shares | | Value |
| | | | | | | | |
| Defensive Long 500: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 32,646 | | $537,181 | | 238,867 | | $3,246,406 |
| Reinvestments | — | | — | | 3,676 | | 51,435 |
| Redemption Fees* | — | | 1,876 | | — | | — |
| Redemptions | (187,743) | | (3,050,710) | | (456,322) | | (6,516,288) |
| Net decrease | (155,097) | | $(2,511,653) | | (213,779) | | $(3,218,447) |
| | | | | | | | |
| Total Return: | | | | | | | |
| Institutional Class Shares+ | | | | | | | |
| Sales | 1,089 | | $13,000 | | 2,840 | | $33,377 |
| Reinvestments | 122,128 | | 1,443,551 | | 149,698 | | 1,746,981 |
| Redemption Fees* | — | | — | | — | | 18 |
| Redemptions | (695,322) | | (9,157,766) | | (122,476) | | (1,416,920) |
| Converted from Investor Class Shares | — | | — | | 92,912 | | 1,089,202 |
| Net increase/(decrease) | (572,105) | | $(7,701,215) | | 122,974 | | $1,452,658 |
| Investor Class Shares+ | | | | | | | |
| Sales | — | | $— | | 954 | | $11,950 |
| Reinvestments | — | | — | | 21,817 | | 254,381 |
| Redemption Fees* | — | | — | | — | | 1 |
| Redemptions | — | | — | | (156,265) | | (1,777,724) |
| Converted to Institutional Class Shares | — | | — | | (92,993) | | (1,089,209) |
| Net decrease | — | | $— | | (226,487) | | $(2,600,601) |
| Total net decrease | (572,105) | | $(7,701,215) | | (103,513) | | $(1,147,943) |
| | | | | | | | |
| Enhanced 500 Plus: | | | | | | | |
| Institutional Class Shares | | | | | | | |
| Sales | 904 | | $13,137 | | 862 | | $9,500 |
| Reinvestments | 15,806 | | 193,783 | | 39,432 | | 436,510 |
| Redemption Fees* | — | | — | | — | | — |
| Redemptions | (190) | | (2,770) | | (18,556) | | (205,705) |
| Net increase | 16,520 | | $204,150 | | 21,738 | | $240,305 |
| | | | | | | | |
| + | Investor Class Shares were converted to Institutional Class Shares on January 30, 2023. |
| * | There is a 1.00% redemption fee that may be charged on shares redeemed which have been held 30 days or less. The redemption fees are retained by each Fund for the benefit of the remaining shareholders and recorded as paid-in capital. |
Significant Shareholders
As of September 30, 2024, the Funds below had shareholders that held 10% or more of the total outstanding shares of each respective Fund. Transactions by these shareholders may have a material impact on each respective Fund.
| Neutral | |
| Affiliated Fund | 2% |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
| Large Value | |
| Affiliated Fund | 9% |
| Non-affiliated Shareholder | 10% |
| Enhanced S&P 500 Index | |
| Affiliated Fund | 11% |
| Non-affiliated Shareholder | 10% |
| Hedged Core | |
| Affiliated Fund | 36% |
| Non-affiliated Shareholder | 58% |
| Defensive Long 500 | |
| Affiliated Fund | 8% |
| Non-affiliated Shareholder | 76% |
| Total Return | |
| Affiliated Shareholders | 22% |
| Non-affiliated Shareholder | 52% |
| Enhanced 500 Plus | |
| Non-affiliated Shareholder | 96% |
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.
Distributions are determined in accordance with federal income tax regulations, which may differ in amount or character from net investment income and realized gains for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the components of net assets based on the tax treatment; temporary differences do not require reclassifications. Net assets were not affected by these adjustments. Permanent differences as of September 30, 2024, were primarily attributed to capitalized dividends on short sales, net operating loss write-off, non-deductible excise taxes paid, PFICs sold, redesignation of dividends paid and equalization utilized which were reclassified among the following accounts:
| | Total
Distributable
Earnings | | Paid-in-Capital |
| Enhanced Return | $503,255 | | $(503,255) |
| Neutral | 409,210 | | (409,210) |
| Index Plus | (158,853) | | 158,853 |
| Large Value | (1,496,121) | | 1,496,121 |
| Enhanced S&P 500 Index | (195,704) | | 195,704 |
| Hedged Core | (44,978) | | 44,978 |
| Defensive Long 500 | 118,453 | | (118,453) |
GOTHAM FUNDS
Notes to Financial Statements (Continued)
September 30, 2024
The tax character of distributions paid by the Funds during the year ended September 30, 2024, were as follows:
| | Ordinary
Income
Dividend | | Long-Term
Capital Gain
Dividend | | Return
of Capital |
| Absolute Return | $— | | $31,350,533 | | $— |
| Enhanced Return | — | | 17,945,586 | | — |
| Index Plus | — | | 22,893,420 | | — |
| Large Value | 516,778 | | 2,553,760 | | — |
| Enhanced S&P 500 Index | 315,423 | | 303,402 | | — |
| Hedged Core | 63,331 | | 23,275 | | — |
| Total Return | 279,950 | | 1,168,551 | | — |
| Enhanced 500 Plus | 33,366 | | 160,417 | | — |
The tax character of distributions paid by the Funds during the year ended September 30, 2023, were as follows:
| | Ordinary
Income
Dividend | | Long-Term
Capital Gain
Dividend | | Return
of Capital |
| Enhanced Return | $— | | $16,644,612 | | $— |
| Index Plus | — | | 7,844,713 | | — |
| Large Value | 465,370 | | 2,698,784 | | — |
| Enhanced S&P 500 Index | 120,259 | | 1,053,798 | | — |
| Hedged Core | 59,308 | | 465,059 | | — |
| Defensive Long 500 | 51,435 | | — | | — |
| Total Return | 110,266 | | 1,897,607 | | — |
| Enhanced 500 Plus | 18,308 | | 418,202 | | — |
Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.
As of September 30, 2024, 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 |
| Absolute Return | $— | | $— | | $121,844,820 | | $144,550,655 | | $(17,453,491) |
| Enhanced Return | — | | — | | 51,229,637 | | 88,562,137 | | (13,287,323) |
| Neutral | (53,482,993) | | — | | — | | 12,473,894 | | (282,472) |
| Index Plus | — | | — | | 18,676,514 | | 294,785,361 | | (5,644,373) |
| Large Value | — | | 258,820 | | 2,282,484 | | 4,758,751 | | — |
| Enhanced S&P 500 Index | — | | 267,238 | | 1,458,445 | | 5,365,840 | | — |
| Hedged Core | — | | 33,869 | | 808,359 | | 1,127,924 | | — |
| Defensive Long 500 | — | | — | | 190,966 | | 5,897,506 | | (115,948) |
| Total Return | — | | 27,150 | | 1,308,164 | | 3,181,119 | | — |
| Enhanced 500 Plus | — | | 15,047 | | 492,098 | | 1,024,475 | | — |
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 temporary differences as of September 30, 2024, were primarily attributed to wash sales, capital loss carryforward not yet utilized, deferral of loss on unsettled short sale transactions and amortization of organizational costs. Foreign currency and short-term capital gains are reported as ordinary income for federal income tax purposes.
As of September 30, 2024, the federal tax cost, aggregated gross unrealized appreciation and depreciation of securities held by the Funds were as follows:
GOTHAM FUNDS
Notes to Financial Statements (Concluded)
September 30, 2024
| | | Federal
Tax Cost | | Unrealized
Appreciation | | Unrealized
(Depreciation) | | Net Unrealized
Appreciation |
| Absolute Return | | $664,974,849 | | $195,949,994 | | $(112,884,730) | | $83,065,264 |
| Enhanced Return | | 214,480,586 | | 105,820,031 | | (60,029,401) | | 45,790,630 |
| Neutral | | 83,197,326 | | 20,108,786 | | (15,189,041) | | 4,919,745 |
| Index Plus | | 711,637,506 | | 362,144,854 | | (228,033,086) | | 134,111,768 |
| Large Value | | 28,836,297 | | 5,773,780 | | (1,015,029) | | 4,758,751 |
| Enhanced S&P 500 Index | | 15,473,698 | | 6,007,262 | | (641,422) | | 5,365,840 |
| Hedged Core | | 7,434,268 | | 1,785,834 | | (670,220) | | 1,115,614 |
| Defensive Long 500 | | 14,835,106 | | 7,454,058 | | (4,935,232) | | 2,518,826 |
| Total Return | | 12,024,771 | | 3,241,028 | | (59,909) | | 3,181,119 |
| Enhanced 500 Plus | | 5,360,443 | | 1,603,786 | | (354,879) | | 1,248,907 |
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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until October 1, 2024. For the year ended September 30, 2024, the Funds deferred to October 1, 2024 the following losses:
| | Late-Year Ordinary
Losses Deferral | | Short-Term Capital
Loss Deferral | | Long-Term Capital
Loss Deferral |
| Absolute Return | $1,745,552 | | $15,707,939 | | $— |
| Enhanced Return | 2,288,938 | | 10,998,385 | | — |
| Neutral | 282,472 | | — | | — |
| Index Plus | 5,644,373 | | — | | — |
| Defensive Long 500 | 115,948 | | — | | — |
Accumulated capital losses represent net capital loss carryforwards as of September 30, 2024 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, 2024, the following Funds had total capital loss carryforwards in the following amounts:
| | Capital Loss Carryforward |
| | Short-Term | | Long-Term |
| Neutral | $53,482,993 | | $— |
For the year ended September 30, 2024, the following Funds utilized capital losses as follows:
| | Capital Losses
Utilized |
| Neutral | $17,624,041 |
| Defensive Long 500 | 3,510,812 |
6. 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 subsequent events requiring recognition or disclosure in the financial statements.
GOTHAM FUNDS
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of FundVantage Trust and Shareholders of 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, Gotham Defensive Long 500 Fund, Gotham Total Return Fund and Gotham Enhanced 500 Plus Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds indicated in the table below (ten of the funds constituting FundVantage Trust, hereafter collectively referred to as the "Funds") as of September 30, 2024, and the related statements of operations, changes in net assets, and cash flows for Gotham Hedged Core Fund and Gotham Enhanced 500 Plus Fund for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of each of their operations, the changes in each of their net assets, the cash flows for Gotham Hedged Core Fund and Gotham Enhanced 500 Plus Fund, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
| Gotham Absolute Return Fund (1) |
| Gotham Enhanced Return Fund (1) |
| Gotham Neutral Fund (1) |
| Gotham Index Plus Fund (1) |
| Gotham Large Value Fund (1) |
| Gotham Enhanced S&P 500 Index Fund (1) |
| Gotham Hedged Core Fund (2) |
| Gotham Defensive Long 500 Fund (1) |
| Gotham Total Return Fund (1) |
| Gotham Enhanced 500 Plus Fund (2) |
| |
| (1) Statements of operations for the year ended September 30, 2024, the statements of changes in net assets for each of the two years in the period ended September 30, 2024 and financial highlights for each of the five years in the period ended September 30, 2024. |
| (2) Statements of operations and cash flows for the year ended September 30, 2024, the statements of changes in net assets for each of the two years in the period ended September 30, 2024 and financial highlights for each of the five years in the period ended September 30, 2024. |
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our
GOTHAM FUNDS
Report of Independent Registered Public Accounting Firm (Concluded)
procedures included confirmation of securities owned as of September 30, 2024 by correspondence with the custodians, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 9, 2024
We have served as the auditor of one or more investment companies in Gotham Asset Management LLC since 2011.
GOTHAM FUNDS
Shareholder Tax Information
(Unaudited)
Certain tax information regarding each Fund is required to be provided to shareholders based upon each Fund’s income and distributions for the taxable year ended September 30, 2024. The information and distributions reported here in may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2023. During the fiscal year ended September 30, 2024 the following dividends and distributions were paid by each of the Funds:
| | Ordinary
Income | | Long-Term
Capital Gain |
| Absolute Return | $— | | $31,350,533 |
| Enhanced Return | — | | 17,945,586 |
| Index Plus | — | | 22,893,420 |
| Large Value | 516,778 | | 2,553,760 |
| Enhanced S&P 500 Index | 315,423 | | 303,402 |
| Hedged Core | 63,331 | | 23,275 |
| Total Return | 279,950 | | 1,168,551 |
| Enhanced 500 Plus | 33,366 | | 160,417 |
Where appropriate, all designations are based on financial information available as of the date of this annual report and, accordingly, are subject to change. For each item, it is the intention of each Fund to designate the maximum amount permitted under the Internal Revenue Code of 1986, as amended, and the regulations thereunder.
Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended September 30, 2024 were designated as “qualified dividend income”, as defined in the Act, and are subject to reduced tax rates:
| Large Value | 100.00% |
| Enhanced S&P 500 Index | 91.72% |
| Hedged Core | 100.00% |
| Total Return | 96.09% |
| Enhanced 500 Plus | 100.00% |
The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for each Fund is as follows:
| Large Value | 100.00% |
| Enhanced S&P 500 Index | 91.73% |
| Hedged Core | 100.00% |
| Total Return | 93.90% |
| Enhanced 500 Plus | 100.00% |
The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:
| Large Value | 0.76% |
| Enhanced S&P 500 Index | 0.97% |
| Total Return | 0.90% |
| Enhanced 500 Plus | 0.49% |
The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:
| Enhanced S&P 500 Index | 100.00% |
| Total Return | 100.00% |
Because the Fund's fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2023. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.
GOTHAM FUNDS
Shareholder Tax Information (Continued)
(Unaudited)
Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by a Fund, if any.
In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.
Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in a Fund.
GOTHAM FUNDS
Other Information
(Unaudited)
Proxy Voting
Policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds 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
Each Fund 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 its reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at http://www.sec.gov.
GOTHAM FUNDS
Privacy Notice
(Unaudited)
The privacy of your personal financial information is extremely important to us. When you open an account with us, we collect a significant amount of information from you in order to properly invest and administer your account. We take very seriously the obligation to keep that information private and confidential, and we want you to know how we protect that important information.
We collect nonpublic personal information about you from applications or other forms you complete and from your transactions with us or our affiliates. We do not disclose information about you, or our former clients, to our affiliates or to service providers or other third parties, except as permitted by law. We share only the information required to properly administer your accounts, which enables us to send transaction confirmations, monthly or quarterly statements, financials and tax forms. Even within the Fund and its affiliated entities, a limited number of people who actually service accounts will have access to your personal financial information. Further, we do not share information about our current or former clients with any outside marketing groups or sales entities.
To ensure the highest degree of security and confidentiality, the Fund and its affiliates maintain various physical, electronic and procedural safeguards to protect your personal information. We also apply special measures for authentication of information you request or submit to us on our web site www.gothamfunds.com.
If you have questions or comments about our privacy practices, please call us at (877) 974-6852.
Investment Adviser
Gotham Asset Management, LLC
825 Third Avenue, 17th Floor
New York, NY 10022
Administrator
The Bank of New York Mellon
103 Bellevue Parkway
Wilmington, DE 19809
Transfer Agent
BNY Mellon Investment Servicing (US) Inc.
500 Ross Street, 154-0520
Pittsburgh, PA 15262
Principal Underwriter
Foreside Funds Distributors LLC
Three Canal Plaza, Suite 100
Portland, ME 04101
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
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Fund’s disclosure of remuneration items is included as part of the Annual Financials and Additional Information filed under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
At an in-person meeting held on June 17-18, 2024 (the “Meeting”), the Board of Trustees (the “Board” or “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 Gotham Asset Management, LLC (“Gotham” or the “Adviser”) and the Trust (the “Agreement”) on behalf of the Gotham Absolute Return Fund, Gotham Defensive Long 500 Fund, Gotham Enhanced 500 Plus Fund, Gotham Enhanced Return Fund, Gotham Enhanced S&P 500 Index Fund, Gotham Hedged Core Fund, Gotham Index Plus Fund, Gotham Large Value Fund, Gotham Neutral Fund and Gotham Total Return Fund (collectively, the “Gotham Funds”). At the Meeting, the Board considered the continuation of the Agreement with respect to each Gotham Fund for an additional one year period.
In determining whether to approve the Agreement, the Trustees, including the Independent Trustees, considered information provided by Gotham in response to a request for information in accordance with Section 15(c) of the 1940 Act (the “Gotham 15(c) Response”) regarding (i) the services performed and to be performed by Gotham for the Gotham Funds, (ii) the composition and qualifications of Gotham’s portfolio management staff, (iii) any potential or actual material conflicts of interest which may arise in connection with the management of the Gotham Funds, (iv) investment performance, (v) the financial condition of Gotham, (vi) brokerage selection procedures (including soft dollar arrangements, if any), (vii) the procedures for allocating investment opportunities between the Gotham Funds 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 effect on Gotham’s ability to service the Gotham Funds, and (x) compliance with the Gotham 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 Gotham 15(c) Response, the Trustees received additional information at Board meetings throughout the year covering matters such as the performance of each Gotham Fund compared against its Lipper Index and its benchmark; compliance with the Gotham Funds’ investment objectives, policies, strategy and limitations; the compliance of portfolio management personnel with applicable codes of ethics; and the adherence to pricing procedures as the Gotham Funds’ Valuation Designee appointed by the Board.
The Board considered additional information provided by representatives from Gotham invited to participate in the Meeting regarding Gotham’s history, performance, investment strategy, and compliance program. Representatives of Gotham 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 approval of the 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 Gotham Funds and Gotham, as provided by the terms of the Agreement, including the advisory fees under the Agreement, were fair and reasonable in light of the services provided, expenses incurred and such other matters as the Trustees considered relevant.
Based on the Gotham 15(c) Response, the Trustees concluded that (i) the nature, extent and quality of the services provided (or to be provided) by Gotham are appropriate and consistent with the terms of the Agreement, (ii) that the quality of those services has been, and continues to be, consistent with industry norms, (iii) the Gotham Funds are likely to benefit from the provision of those services, (iv) Gotham has sufficient personnel, with the appropriate skills and experience, to serve the Gotham 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 Gotham Funds is likely to continue under the Agreement.
The Trustees considered the investment performance for the Gotham Funds (as applicable) and Gotham. The Trustees reviewed historical performance charts which showed the performance of the Gotham Funds as compared to their respective benchmark indices and Refinitiv categories for the year-to-date, one-year, three-year, five-year, ten-year and since inception periods ended March 31, 2024, as applicable. The Trustees noted that they also considered performance reports provided at Board meetings throughout the year.
Gotham Absolute Return Fund. The Trustees noted that the Gotham Absolute Return Fund’s Institutional Class shares outperformed the HFRX Equity Hedge Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended March 31, 2024. They further noted that the Gotham Absolute Return Fund’s Institutional Class shares outperformed the S&P 500 Index for the year-to-date and three-year periods ended March 31, 2024, and underperformed for the one-year, five-year and ten-year periods ended March 31, 2024. The Trustees further noted that the Gotham Absolute Return Fund’s Institutional Class shares outperformed the Refinitiv Absolute Return Funds Median for the year-to-date, one-year, three-year, five-year and ten-year periods ended March 31, 2024.
Gotham Defensive Long 500 Fund. The Trustees noted that the Gotham Defensive Long 500 Fund’s Institutional Class shares outperformed the HFRX Equity Hedge Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended March 31, 2024. They further noted that the Gotham Defensive Long 500 Fund’s Institutional Class shares outperformed the S&P 500 Index for the year-to-date and three-year periods ended March 31, 2024, and underperformed for the one-year, five-year and ten-year periods ended March 31, 2024. The Trustees further noted that the Gotham Defensive Long 500 Fund’s Institutional Class shares outperformed the Refinitiv Alternative Long/Short Equity Funds Median for the year-to-date, one-year, three-year and ten-year periods ended March 31, 2024, and performed similarly for the five-year period ended March 31, 2024.
Gotham Enhanced 500 Plus Fund. The Trustees noted that the Gotham Enhanced 500 Plus Fund’s Institutional Class shares outperformed the S&P 500 Index for the year-to-date, one-year and three-year periods ended March 31, 2024, and underperformed for the five-year and since inception periods ended March 31, 2024. They further noted that the Gotham Enhanced 500 Plus Fund’s Institutional Class shares outperformed the S&P 500 Value Index for the year-to-date, one-year, three-year and since inception periods ended March 31, 2024, and underperformed for the five-year period ended March 31, 2024. The Trustees further noted that the Gotham Enhanced 500 Plus Fund’s Institutional Class shares outperformed the Refinitiv Alternative Long/Short Equity Funds Median for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024.
Gotham Enhanced Return Fund. The Trustees noted that the Gotham Enhanced Return Fund’s Institutional Class shares outperformed the S&P 500 Index for the year-to-date, one-year and three-year periods ended March 31, 2024, and underperformed for the five-year and since inception periods ended March 31, 2024. They further noted that the Gotham Enhanced Return Fund’s Institutional Class shares outperformed the Refinitiv Alternative Long/Short Equity Funds Median for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024.
Gotham Enhanced S&P 500 Index Fund. The Trustees noted that the Gotham Enhanced S&P 500 Index Fund’s Institutional Class shares outperformed the S&P 500 Index for the three-year and since inception periods ended March 31, 2024, and underperformed for the year-to-date, one-year and five-year periods ended March 31, 2024. They further noted that the Gotham Enhanced S&P 500 Index Fund’s Institutional Class shares outperformed the S&P 500 Value Index for the year-to-date, one-year, five-year and since inception periods ended March 31, 2024, and performed similarly for the three-year period ended March 31, 2024. The Trustees further noted that the Gotham Enhanced S&P 500 Index Fund’s Institutional Class shares outperformed the Refinitiv Large-Cap Core Funds Median for the three-year, five-year and since inception periods ended March 31, 2024, and underperformed for the year-to-date and one-year periods ended March 31, 2024.
Gotham Hedged Core Fund. The Trustees noted that the Gotham Hedged Core Fund’s Institutional Class shares outperformed the HFRX Equity Hedge Index for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024. They further noted that the Gotham Hedged Core Fund’s Institutional Class shares underperformed the S&P 500 Index for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024. The Trustees further noted that the Gotham Hedged Core Fund’s Institutional Class shares outperformed the Refinitiv Alternative Long/Short Equity Funds Median for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024.
Gotham Index Plus Fund. The Trustees noted that the Gotham Index Plus Fund’s Institutional Class shares outperformed the S&P 500 Index for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024. They further noted that the Gotham Index Plus Fund’s Institutional Class shares outperformed the Refinitiv Multi-Cap Core Funds Median for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024.
Gotham Large Value Fund. The Trustees noted that the Gotham Large Value Fund’s Institutional Class shares underperformed the S&P 500 Index for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024. They further noted that the Gotham Large Value Fund’s Institutional Class shares outperformed the S&P 500 Value Index for the year-to-date and since inception periods ended March 31, 2024, and underperformed for the one-year, three-year and five-year periods ended March 31, 2024. The Trustees further noted that the Gotham Large Value Fund’s Institutional Class shares outperformed the Refinitiv Multi-Cap Value Funds Median for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024.
Gotham Neutral Fund. The Trustees noted that the Gotham Neutral Fund’s Institutional Class shares outperformed the ICE BofA U.S. 3-Month T-Bill Index for the year-to-date, one-year, three-year, five-year and ten-year periods ended March 31, 2024. They further noted that the Gotham Neutral Fund’s Institutional Class shares outperformed the Refinitiv Alternative Equity Market Neutral Funds Median for the year-to-date, one-year, three-year and five-year periods ended March 31, 2024, and underperformed for the since inception period ended March 31, 2024.
Gotham Total Return Fund. The Trustees noted that the Gotham Total Return Fund’s Institutional Class shares outperformed the HFRX Equity Hedge Index for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024. They further noted that the Gotham Total Return Fund’s Institutional Class shares underperformed the S&P 500 Index for the year-to-date, one-year, three-year, five-year and since inception periods ended March 31, 2024. The Trustees further noted that the Gotham Total Return Fund’s Institutional Class shares outperformed the Refinitiv Alternative Long/Short Equity Funds Median for the year-to-date, one-year, three-year and since inception periods ended March 31, 2024, and underperformed for the five-year period ended March 31, 2024.
The Trustees concluded that the performance of each of the Gotham Funds, as applicable, 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 noted that the representatives of Gotham had provided information regarding its advisory fees and an analysis of these fees in relation to the services provided to the Gotham Funds and any other ancillary benefit resulting from Gotham’s relationship with the Gotham Funds. The Trustees also reviewed information regarding the fees Gotham charges to certain other clients and evaluated explanations provided by Gotham as to differences in fees charged to the Gotham Funds and other similarly managed accounts, where applicable. The Trustees also reviewed a peer comparison of advisory fees and total expenses for the Gotham Funds versus those funds in the Gotham Fund’s applicable Refinitiv category (the “Peer Group”). The Trustees concluded that the advisory fees and services provided by Gotham are consistent with those of other advisers that manage mutual funds with investment objectives, strategies and policies similar to those of the Gotham Funds as measured by the information provided by Gotham. The Board considered, among other data, the specific factors and related conclusion set forth below with respect to the Gotham Funds:
Gotham Absolute Return Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Absolute Return Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group.
Gotham Defensive Long 500 Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Defensive Long 500 Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
Gotham Enhanced 500 Plus Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Enhanced 500 Plus Fund’s Institutional Class shares were lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group.
Gotham Enhanced Return Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Enhanced Return Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
Gotham Enhanced S&P 500 Index Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Enhanced S&P 500 Index Fund’s Institutional Class shares were similar to and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
Gotham Hedged Core Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Hedged Core Fund’s Institutional Class shares were lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group.
Gotham Index Plus Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Index Plus Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group.
Gotham Large Value Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Large Value Fund’s Institutional Class shares were higher and lower than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group, respectively.
Gotham Neutral Fund. The Trustees noted that the contractual advisory fee and net total expense ratio for the Gotham Neutral Fund’s Institutional Class shares were higher than the median of the contractual advisory fee and net total expense ratio for those funds in its Peer Group.
Gotham Total Return Fund. The Trustees noted that the Gotham Total Return Fund is a “fund of funds,” and that there is no advisory fee in respect of assets invested in other funds advised by Gotham. The Trustees noted that the Gotham Total Return Fund does not collect an advisory fee because it invests only in other series of the Trust advised by Gotham.
The Trustees also discussed the limitations of the comparative expense information provided with respect to each Gotham Fund’s Peer Group, given the potential varying nature, extent and quality of the services provided by the advisors of other portfolios included in each of the Peer Groups. Based upon their review, the Trustees concluded that the respective advisory fees for the Gotham Funds were reasonable in light of the high quality of services received by the Funds from Gotham.
The Trustees considered the costs of the services provided by Gotham, the compensation and benefits received by Gotham in providing services to the Gotham Funds, its profitability and certain additional information related to Gotham’s financial condition. In addition, the Trustees considered any direct or indirect revenues received by affiliates of Gotham.
The Trustees considered the extent to which economies of scale may be realized relative to the fee levels as the 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 Funds increase because fixed expenses will be spread across a larger asset base. The Trustees also noted that the Funds’ advisory fees do not include “breakpoint” reductions in the advisory fee rates at specific asset levels but that Gotham has contractually agreed to waive fees and/or reimburse certain expenses of the Funds for the benefit of shareholders.
After consideration of all the factors, taking into consideration the information presented at the Meeting, the entire Board, including the Independent Trustees, unanimously approved the continuation of the 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.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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.
Item 16. Controls and Procedures.
| | (a) | The registrant’s principal executive and principal financial officer 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”)) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the 1940 Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR. |
| | (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 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
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 December 9, 2024 |
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 December 9, 2024 |
| |
| By (Signature and Title)* | | /s/ Christine S. Catanzaro |
| | Christine S. Catanzaro, Treasurer and |
| | Chief Financial Officer |
| | (principal financial officer) |
|
| Date December 9, 2024 |
| * | Print the name and title of each signing officer under his or her signature. |
